[Federal Register Volume 80, Number 239 (Monday, December 14, 2015)]
[Notices]
[Pages 77384-77392]
[FR Doc No: 2015-31328]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76590; File No. SR-NYSEArca-2015-93]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to Listing and Trading of Shares of
Cumberland Municipal Bond ETF Under NYSE Arca Equities Rule 8.600

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 Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 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 list and trade shares of the following
under NYSE Arca Equities Rule 8.600 (``Managed Fund Shares''):
Cumberland Municipal Bond ETF. The text of 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to list and trade shares (``Shares'') of the
following under NYSE Arca Equities Rule 8.600, which governs the
listing and trading of Managed Fund Shares:\4\ Cumberland Municipal
Bond ETF (the ``Fund''),\5\ a series of the ETFis Series Trust I
(``Trust'').\6\
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    \4\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) (``1940 Act'') organized as an
open-end investment company or similar entity that invests in a
portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Investment Company Units,
listed and traded on the Exchange under NYSE Arca Equities Rule
5.2(j)(3), seeks to provide investment results that correspond
generally to the price and yield performance of a specific foreign
or domestic stock index, fixed income securities index or
combination thereof.
    \5\ The Securities and Exchange Commission (``Commission'') has
approved listing and trading on the Exchange of a number of actively
managed funds under Rule 8.600. See, e.g., Securities Exchange Act
Release Nos. 69591 (May 16, 2013), 78 FR 30372 (May 22, 2013) (SR-
NYSEArca-2013-33) (order approving Exchange listing and trading of
International Bear ETF); 69061 (March 7, 2013), 78 FR 15990 (March
13, 2013) (SR-NYSEArca-2013-01) (order approving Exchange listing
and trading of Newfleet Multi-Sector Income ETF). The Commission has
approved for Exchange listing and trading shares of two actively
managed funds of the PIMCO ETF Trust that principally hold municipal
bonds. See Securities Exchange Act Release No. 60981 (November 10,
2009), 74 FR 59594 (November 18, 2009) (SR-NYSEArca-2009-79) (order
approving listing and trading of shares of the PIMCO Short-Term
Municipal Bond Strategy Fund and PIMCO Intermediate Municipal Bond
Strategy Fund). The Commission also has approved listing and trading
on the Exchange of shares of the SPDR Nuveen S&P High Yield
Municipal Bond Fund under Commentary .02 of NYSE Arca Equities Rule
5.2(j)(3). See Securities Exchange Act Release No.63881 (February 9,
2011), 76 FR 9065 (February 16, 2011) (SR-NYSEArca-2010-120).
    \6\ The Trust is registered under the 1940 Act. On May 20, 2015,
the Trust filed with the Commission an amendment to its registration
statement on Form N-1A under the Securities Act of 1933 (15 U.S.C.
77a) (``Securities Act''), and under the 1940 Act relating to the
Fund (File Nos. 333-187668 and 811-22819) (``Registration
Statement''). The description of the operation of the Trust and the
Fund herein is based, in part, on the Registration Statement. In
addition, the Commission has issued an order granting certain
exemptive relief to the Trust under the 1940 Act. See Investment
Company Act Release No. 30607 (July 23, 2013) (File No. 812-14080)
(``Exemptive Order'').
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    The investment adviser to the Fund will be Virtus ETF Advisers LLC
(the ``Adviser''). The Fund's sub-adviser will be Cumberland Advisors
Inc. (``Sub-Adviser''). Virtus ETF Solutions LLC will serve as the
Fund's operational administrator. ETF Distributors LLC will serve as
the distributor (the ``Distributor'') of Fund Shares on an agency
basis. The Bank of New York Mellon (the ``Administrator'') will serve
as the administrator, custodian, transfer agent and fund accounting
agent for the Fund.
    Commentary .06 to Rule 8.600 provides that, if the investment
adviser to the investment company issuing Managed Fund Shares is
affiliated with a broker-dealer, such investment adviser shall erect a
``fire wall'' between the investment adviser and the broker-dealer with
respect to access to information concerning the composition and/or
changes to such investment company portfolio.\7\ In addition,
Commentary .06 further requires that personnel who make decisions on
the open-end fund's portfolio composition must be subject to procedures
designed to prevent the use and dissemination of material nonpublic
information regarding the open-end fund's portfolio. The Adviser and
Sub-Adviser are not registered as broker-dealers. The Adviser (but not
the Sub-Adviser) is affiliated with one or more broker-dealers and the
Adviser has implemented and will maintain a fire wall with respect to
each such broker-dealer affiliate regarding access to information
concerning the composition and/or changes to the portfolio. In the
event (a) the Adviser or Sub-Adviser become registered broker-dealers
or newly affiliated with a broker-dealer, or (b) any new adviser or
sub-adviser is a registered broker-dealer or becomes affiliated with a
broker-dealer, it will implement a fire wall with respect to its
relevant personnel or its broker-dealer affiliate regarding access to
information concerning the composition and/or changes to the portfolio,
and will be subject to procedures designed to prevent the use and
dissemination of material non-public information regarding such
portfolio.
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    \7\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and Sub-Adviser and their related
personnel are subject to the provisions of Rule 204A-1 under the
Advisers Act relating to codes of ethics. This Rule requires
investment advisers to adopt a code of ethics that reflects the
fiduciary nature of the relationship to clients as well as
compliance with other applicable securities laws. Accordingly,
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under
the Advisers Act makes it unlawful for an investment adviser to
provide investment advice to clients unless such investment adviser
has (i) adopted and implemented written policies and procedures
reasonably designed to prevent violation, by the investment adviser
and its supervised persons, of the Advisers Act and the Commission
rules adopted thereunder; (ii) implemented, at a minimum, an annual
review regarding the adequacy of the policies and procedures
established pursuant to subparagraph (i) above and the effectiveness
of their implementation; and (iii) designated an individual (who is
a supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
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Description of the Fund
Principal Investments
    According to the Registration Statement, the Fund will seek to
provide a competitive level of current income exempt from federal
income tax, while preserving capital. The Fund, under normal market
conditions,\8\ will invest at least eighty percent (80%) of the Fund's
net assets in debt securities whose interest is, in the opinion of bond
counsel for the issuer at the time of issuance, exempt from U.S.
federal income tax (``Municipal Bonds''). The Sub-Adviser will invest
the Fund's assets using a barbell strategy, which means that the Sub-
Adviser will overweight the Fund's investments in Municipal Bonds with
maturities on the short and long ends of the fixed income yield curve,
while underweighting exposure to Municipal Bonds with intermediate
maturities.
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    \8\ The term ``under normal market conditions'' includes, but is
not limited to, the absence of extreme volatility or trading halts
in the fixed income markets or the financial markets generally;
operational issues causing dissemination of inaccurate market
information; or force majeure type events such as systems failure,
natural or man-made disaster, act of God, armed conflict, act of
terrorism, riot or labor disruption or any similar intervening
circumstance.
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    According to the Registration Statement, Municipal Bonds in which
the Fund may invest include one or more of the following:
     General obligation bonds, which are typically backed by
the full faith, credit, and taxing power of the issuer;
     revenue bonds, which are typically secured by revenues
generated by the issuer;
     discount bonds, which may be originally issued at a
discount to par value or sold at market price below par value;
     premium bonds, which are sold at a premium to par value;
     zero coupon bonds, which are issued at an original issue
discount, with the full value, including accrued interest, paid at
maturity; and
     private activity bonds, which are typically issued by or
on behalf of local or state government for the purpose of financing the
project of a private user.

    The Fund will have no target duration for its investment portfolio,
and the Sub-Adviser may target a shorter or longer average portfolio
duration based on the Sub-Adviser's forecast of interest rates and view
of fixed-income markets generally.\9\ The Sub-Adviser will generally
apply a heavier weight toward Municipal Bonds with shorter maturities
during periods of high interest rates and longer maturities during
periods of lower interest rates.\10\
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    \9\ Duration measures the interest rate sensitivity of a debt
security by assessing and weighting the present value of the
security's payment pattern. Generally, the longer the maturity, the
greater the duration and, therefore, the greater effect interest
rate changes have on the price of the security.
    \10\ The Adviser represents that, under normal market
conditions, no Municipal Bond held by the Fund will exceed 30% of
the Fund's net assets, and the five most heavily weighted Municipal
Bonds held by the Fund will not in the aggregate account for more
than 50% of the Fund's assets; and the Fund will hold Municipal
Bonds of a minimum of 13 non-affiliated issuers.
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    With respect to credit quality, under normal market conditions, at
least 90% of the Fund's assets invested in Municipal Bonds will be in
Municipal Bonds rated ``A'' or better by at least one major credit
rating agency or, if unrated, deemed to be of comparable quality by the
Sub-Adviser. From time to time, the Fund may concentrate (i.e., invest
more than 25% of its total assets) in particular sectors. The Fund may
sell investments for a variety of reasons, such as to adjust the
portfolio's average maturity, duration, or overall credit quality, or
to shift assets into and out of higher-yielding or lower-yielding
securities or certain sectors.
    According to the Registration Statement, under normal market
conditions, at least 80% of the Fund's income will be exempt from
federal income taxes. However, a significant portion of the Fund's
income could be derived from securities subject to the alternative
minimum tax.
Other Investments
    While the Fund, under normal market conditions, will invest at
least eighty percent (80%) of its assets in Municipal Bonds, as
described above, the Fund may invest its remaining assets in other
assets and financial instruments, as described below.
    The Fund may invest in equity securities, both directly and
indirectly through investment in shares of exchange-traded funds
(``ETFs''),\11\ other investment companies, and other types of
securities and instruments described below. The equity portion of the
Fund's portfolio may include common stocks traded on securities
exchanges or in the over-the-counter (``OTC'') market. In addition to
common stocks, the equity portion of the Fund's portfolio may also
include exchange-traded and OTC preferred stocks, and warrants.\12\
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    \11\ The ETFs in which the Fund may invest will be registered
under the 1940 Act and include Investment Company Units (as
described in NYSE Arca Equities Rule 5.2(j)(3)); Portfolio
Depositary Receipts (as described in NYSE Arca Equities Rule 8.100);
and Managed Fund Shares (as described in NYSE Arca Equities Rule
8.600). Such ETFs all will be listed and traded in the U.S. on
registered exchanges.
    \12\ With respect to its exchange-traded equity securities
investments, the Fund will normally invest in equity securities that
are listed and traded on a U.S. exchange or in markets that are
members of the Intermarket Surveillance Group (``ISG'') or parties
to a comprehensive surveillance sharing agreement with the Exchange.
In any case, not more than 10% of the net assets of the Fund in the
aggregate invested in equity securities (except for non-exchange-
traded investment company securities) will consist of equity
securities whose principal market is not a member of ISG or a market
with which the Exchange does not have a comprehensive surveillance
sharing agreement. See note 28, infra.
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    The Fund may purchase taxable municipal bonds when the Sub-Adviser
believes they offer opportunities for the Fund, or variable rate demand
notes (VRDNs) that pay interest monthly or quarterly based on a
floating rate that is reset daily or weekly based on an index of short-
term municipal rates.
    The Fund may invest in exchange-traded and OTC securities
convertible into common stock. Such securities include the following:
Convertible bonds and convertible preferred stocks.\13\
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    \13\ The criteria in note 11 above also will apply to exchange-
traded convertible preferred stocks and exchange-traded stocks into
which convertible bonds may be converted.
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    The Fund may invest directly and indirectly in cash equivalents,
namely, money market instruments that include the following: U.S.
Government obligations or corporate debt obligations (including those
subject to repurchase agreements); banker's acceptances \14\ and
certificates of deposit \15\ of domestic branches of banks, commercial
paper,\16\ and master notes.\17\
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    \14\ Banker's acceptances are time drafts drawn on and
``accepted'' by a bank. When a bank ``accepts'' such a time draft,
it assumes liability for its payment. When the Fund acquires a
banker's acceptance, the bank that ``accepted'' the time draft is
liable for payment of interest and principal when due. The banker's
acceptance carries the full faith and credit of such bank.
    \15\ A certificate of deposit is an unsecured, interest bearing
debt obligation of a bank.
    \16\ Commercial paper is an unsecured, short-term debt
obligation of a bank, corporation, or other borrower. Commercial
paper maturity generally ranges from two to 270 days and is usually
sold on a discounted basis rather than as an interest-bearing
instrument. The Fund will invest directly in commercial paper only
if it is rated in one of the top two rating categories by Moody's,
S&P or Fitch or, if not rated, is of equivalent quality in the
Adviser's opinion. Commercial paper may include master notes of the
same quality. Master notes are unsecured obligations which are
redeemable upon demand of the holder and which permit the investment
of fluctuating amounts at varying rates of interest.
    \17\ Master notes may be acquired by the Fund through the master
note program of the Fund's custodian bank.
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    In order to maintain sufficient liquidity, to implement investment
strategies or for temporary defensive purposes, the Fund may invest a
significant portion of its assets in shares of one or more money market
funds. Generally, money market mutual funds are registered investment
companies that seek to earn income consistent with the preservation of
capital and maintenance of liquidity by investing primarily in high
quality money market instruments.
    The Fund may invest in the securities of other investment companies
in compliance with Section 12(d)(1)(E), (F) and (G) of the 1940 Act and
the rules thereunder.\18\
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    \18\ 15 U.S.C. 80a-12(d)(1)(E), (F) and (G).
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    The Fund may write U.S. exchange-traded call and put options on
securities, ETFs or security indexes to seek income or may purchase or
write U.S. exchange-traded put or call options for hedging purposes.
    The Fund may purchase securities on a when-issued basis or for
settlement at a future date (forward commitment) if the Fund holds
sufficient liquid assets to meet the purchase price.
    Additionally, the Trust, on behalf of the Fund, has claimed an
exclusion from the definition of the term ``commodity pool operator''
pursuant to Rule 4.5 under the Commodity Exchange Act, as amended (the
``CEA''). Therefore, the Fund is not subject to regulation or
registration as a commodity pool operator under the CEA.
Investment Restrictions
    The Fund may, from time to time, take temporary defensive positions
that are inconsistent with its principal investment strategies in an
attempt to respond to adverse market, economic, political or other
conditions. In such circumstances, the Fund may also hold up to 100% of
its portfolio in cash and cash equivalent positions.

    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
consistent with Commission guidance. The Fund will monitor its
portfolio liquidity on an ongoing basis to determine whether, in light
of current circumstances, an adequate level of liquidity is being
maintained, and will consider taking appropriate steps in order to
maintain adequate liquidity if, through a change in values, net assets,
or other circumstances, more than 15% of the Fund's net assets are held
in illiquid assets. Illiquid assets include securities subject to
contractual or other restrictions on resale and other instruments that
lack readily available markets as determined in accordance with
Commission staff guidance.\19\
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    \19\ The Commission has stated that long-standing Commission
guidelines have required open-end funds to hold no more than 15% of
their net assets in illiquid securities and other illiquid assets.
See Investment Company Act Release No. 28193 (March 11, 2008), 73 FR
14618 (March 18, 2008), footnote 34. See also, Investment Company
Act Release No. 5847 (October 21, 1969), 35 FR 19989 (December 31,
1970) (Statement Regarding ``Restricted Securities''); Investment
Company Act Release No. 18612 (March 12, 1992), 57 FR 9828 (March
20, 1992) (Revisions of Guidelines to Form N-1A). A fund's portfolio
security is illiquid if it cannot be disposed of in the ordinary
course of business within seven days at approximately the value
ascribed to it by the fund. See Investment Company Act Release No.
14983 (March 12, 1986), 51 FR 9773 (March 21, 1986) (adopting
amendments to Rule 2a-7 under the 1940 Act); Investment Company Act
Release No. 17452 (April 23, 1990), 55 FR 17933 (April 30, 1990)
(adopting Rule 144A under the 1933 Act).
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    The Fund will seek to qualify for treatment as a regulated
investment company under the Internal Revenue Code of 1986.\20\
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    \20\ 26 U.S.C. 851.
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    The Fund's investments will be consistent with its investment
objective and will not be used to provide multiple returns of a
benchmark or to produce leveraged returns.
Creation and Redemption of Shares
    According to the Registration Statement, the Trust will issue and
sell Shares of the Fund only in ``Creation Units'' on a continuous
basis through the Distributor, at their net asset value (``NAV'') next
determined after receipt, on any business day, for an order received in
proper form. All orders to create Creation Units must be placed for one
or more Creation Unit size aggregations of Shares (50,000 Shares per
Creation Unit). The Creation Unit size is subject to change. Cash
creations will be the default mechanism for creation of Shares.
    However, the Fund will retain the ability to utilize an in-kind
mechanism for creation of Shares, upon approval of the Distributor. In
such case, the consideration for purchase of a Creation Unit of the
Fund generally will consist of an in-kind deposit of ``Deposit
Securities'' for each Creation Unit constituting a substantial
replication, or a representation, of the securities included in the
Fund's portfolio and a ``Cash Component'' computed as described below.
Together, the Deposit Securities and the Cash Component constitute the
``Fund Deposit'', which represents the minimum initial and subsequent
investment amount for a Creation Unit of the Fund. The Cash Component
is an amount equal to the difference between the NAV of the Shares (per
Creation Unit) and the market value of the Deposit Securities. If the
Cash Component is a positive number (i.e., the NAV per Creation Unit
exceeds the market value of the Deposit Securities), the Cash Component
will be such positive amount. If the Cash Component is a negative
number (i.e., the NAV per Creation Unit is less than the market value
of the Deposit Securities), the Cash Component will be such negative
amount, and the creator will be entitled to receive cash from the Fund
in an amount equal to the Cash Component. The Cash Component serves the
function of compensating for any differences between the NAV per
Creation Unit and the market value of the Deposit Securities.
    The Administrator, through the National Securities Clearing
Corporation (``NSCC''), will make available on each business day,
immediately prior to the opening of business on the Exchange (currently
9:30 a.m., Eastern Time), the list of the names and the required number
of Shares of each Deposit Security to be included in the current Fund
Deposit (based on information at the end of the previous business day)
for the Fund. Such Fund Deposit will be applicable, subject to any
adjustments as described below, in order to effect creations of
Creation Units of the Fund until such time as the next-announced
composition of the Deposit Securities is made available.
    The identity and number of Shares of the Deposit Securities
required for the Fund Deposit for the Fund will change as rebalancing
adjustments and corporate action events occur from time to time. In
addition, the Trust reserves the right to permit or require the
substitution of an amount of cash--i.e., a ``cash in lieu'' amount--to
be added to the Cash Component to replace any Deposit Security that may
not be available in sufficient quantity for delivery, that may not be
eligible for transfer or that may not be eligible for trading by an
``Authorized Participant'' (as described below) or the investor for
which it is acting.
    In addition to the list of names and numbers of securities
constituting the current Deposit Securities of the Fund Deposit, the
Administrator, through NSCC, also will make available on each business
day the estimated Cash Component, effective through and including the
previous business day, per outstanding Creation Unit of the Fund.
Procedures for Creation of Creation Units
    To be eligible to place orders to create a Creation Unit of the
Fund, an entity must be (i) a ``Participating Party'', i.e., a broker-
dealer or other participant in the clearing process through the
Continuous Net Settlement System of NSCC (the ``Clearing Process'') or
a clearing agency that is registered with the Commission, or (ii) a
Depositary Trust Company (``DTC'') Participant and, in each case, must
have executed an agreement with the Trust, the Distributor and the
Administrator with respect to creations and redemptions of Creation
Units (``Participant Agreement''). A Participating Party and DTC
Participant are collectively referred to as an ``Authorized
Participant''.
    All orders to create Creation Units must be received by the
Distributor no later than the close of the regular trading session on
the Exchange (ordinarily 4:00 p.m., Eastern Time), in each case on the
date such order is placed in order for the creation of Creation Units
to be effected based on the NAV of Shares of the Fund as next
determined on such date after receipt of the order in proper form.
Redemption of Creation Units
    Shares may be redeemed only in Creation Units at their NAV next
determined after receipt of a redemption request in proper form by the
Distributor and the Fund through the Administrator and only on a
business day. Cash redemptions will be the default mechanism for
redemptions of Shares.
    However, the Fund will retain the ability to utilize an in-kind
mechanism for redemption of Shares, upon approval of the Distributor.
In such case, the redemption proceeds for a Creation Unit generally
consist of Deposit Securities, as announced by the Administrator on the
business day of the request for redemption received in proper form,
plus cash in an amount equal to the difference between the NAV of the
Shares being redeemed, as next determined after a receipt of a request
in proper form, and the value of the

Deposit Securities (the ``Cash Redemption Amount''), less a redemption
transaction fee. In the event that the Deposit Securities have a value
greater than the NAV of the Shares, a compensating cash payment equal
to the differential is required to be made by or through an Authorized
Participant by the redeeming shareholder.
    With respect to the Fund, the Administrator, through NSCC, will
make available immediately prior to the opening of business on the
Exchange (currently 9:30 a.m., Eastern Time) on each business day, the
Deposit Securities that will be applicable (subject to possible
amendment or correction) to redemption requests received in proper form
on that day. Deposit Securities received on redemption may not be
identical to Deposit Securities which are applicable to creations of
Creation Units.
    If it is not possible to effect deliveries of the Deposit
Securities, the Trust may in its discretion exercise its option to
redeem such shares in cash, and the redeeming beneficial owner will be
required to receive its redemption proceeds in cash. In addition, an
investor may request a redemption in cash which the Fund may, in its
sole discretion, permit.\21\ In either case, the investor will receive
a cash payment equal to the NAV of its Shares based on the NAV of
Shares of the Fund next determined after the redemption request is
received in proper form (minus a redemption transaction fee and
additional charge for requested cash redemptions, to offset the Trust's
brokerage and other transaction costs associated with the disposition
of Deposit Securities). The Fund may also, in its sole discretion, upon
request of a shareholder, provide such redeemer a portfolio of
securities which differs from the exact composition of the Deposit
Securities but does not differ in NAV.
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    \21\ The Adviser represents that, to the extent the Trust
effects the creation or redemption of Shares in cash, such
transactions will be effected in the same manner for all Authorized
Participants.
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    The right of redemption may be suspended or the date of payment
postponed with respect to the Fund (1) for any period during which the
Exchange is closed (other than customary weekend and holiday closings);
(2) for any period during which trading on the Exchange is suspended or
restricted; (3) for any period during which an emergency exists as a
result of which disposal of the Shares of the Fund or determination of
the Shares' NAV is not reasonably practicable; or (4) in such other
circumstance as is permitted by the Commission.
Net Asset Value
    The NAV per Share for the Fund will be computed by dividing the
value of the net assets of the Fund (i.e., the value of its total
assets less total liabilities) by the total number of Shares
outstanding, rounded to the nearest cent. Expenses and fees, including
the management fee, will be accrued daily and taken into account for
purposes of determining NAV. The NAV of the Fund will be determined as
of the close of the regular trading session on the Exchange (ordinarily
4:00 p.m., Eastern Time) on each day that the Exchange is open. Any
assets or liabilities denominated in currencies other than the U.S.
dollar will be converted into U.S. dollars at the current market rates
on the date of valuation as quoted by one or more sources.
    The pricing and valuation of portfolio securities will be
determined in good faith in accordance with procedures approved by, and
under the direction of, the Trust's Board of Trustees (``Board''). In
determining the value of the Fund's assets, equity securities will be
generally valued at market using quotations from the primary market in
which they are traded. Debt securities (other than short-term
investments) will be valued on the basis of broker quotes or valuations
provided by a pricing service, which in determining value will utilize
information regarding recent sales, market transactions in comparable
securities, quotations from dealers, and various relationships between
securities. Other assets, such as accrued interest, accrued dividends
and cash also will be included in determining the NAV. The Fund
normally will use third party pricing services to obtain portfolio
security prices.
    Municipal Bonds, money market instruments, convertible bonds and
VRDNs will generally be valued at bid prices received from independent
pricing services as of the announced closing time for trading in fixed-
income instruments in the respective market.
    Exchange-traded equity securities, including common stocks, ETFs,
preferred stocks, convertible preferred stocks and warrants, will be
valued at market value, which will generally be determined using the
last reported official closing or last trading price on the exchange or
market on which the security is primarily traded at the time of
valuation or, if no sale has occurred, at the last quoted bid price on
the primary market or exchange on which they are traded. If market
prices are unavailable or the Fund believes that they are unreliable,
or when the value of a security has been materially affected by events
occurring after the relevant market closes, the Fund will price those
securities at fair value as determined in good faith using methods
approved by the Trust's Board.
    Equity securities traded in the OTC market, including common
stocks, preferred stocks, and warrants, will be valued at the last
reported sale price on the valuation date. OTC traded convertible
preferred stocks will be valued based on price quotations obtained from
a broker-dealer who makes markets in such securities or other
equivalent indications of value provided by a third-party pricing
service. Securities of non-exchange-traded investment company
securities registered under the 1940 Act, including money market funds,
will be valued at NAV.
    Option contracts will be valued at their most recent sale price on
the applicable exchange. If no such sales are reported, these contracts
will be valued at their most recent bid price.
    To the extent the assets of the Fund are invested in other open-end
investment companies that are registered under the 1940 Act, the Fund's
NAV will be calculated based upon the NAVs reported by such registered
open-end investment companies.
    Securities and assets for which market quotations are not readily
available or which cannot be accurately valued using the Fund's normal
pricing procedures will be valued by the Trust's Fair Value Pricing
Committee at fair value as determined in good faith under policies
approved by the Board. Fair value pricing may be used, for example, in
situations where (i) portfolio securities, such as securities with
small capitalizations, are so thinly traded that there have been no
transactions for that security over an extended period of time; (ii) an
event occurs after the close of the exchange on which a portfolio
security is principally traded that is likely to change the value of
the portfolio security prior to the Fund's NAV calculation; (iii) the
exchange on which the portfolio security is principally traded closes
early; or (iv) trading of the particular portfolio security is halted
during the day and does not resume prior to the Fund's NAV calculation.
The Board will monitor and evaluate the Fund's use of fair value
pricing, and periodically reviews the results of any fair valuation
under the Trust's policies.

Availability of Information
    The Fund's Web site (www.cumberetfs.com), which will be publicly
available prior to the public offering of Shares, will include a form
of the prospectus for the Fund that may be downloaded. The Fund's Web
site will include additional quantitative information updated on a
daily basis, including, for the Fund, (1) daily trading volume, the
prior business day's reported closing price, NAV and mid-point of the
bid/ask spread at the time of calculation of such NAV (the ``Bid/Ask
Price''),\22\ and a calculation of the premium and discount of the Bid/
Ask Price against the NAV, and (2) data in chart format displaying the
frequency distribution of discounts and premiums of the daily Bid/Ask
Price against the NAV, within appropriate ranges, for each of the four
previous calendar quarters. On each business day, before commencement
of trading in Shares in the Core Trading Session on the Exchange, the
Fund's Web site will disclose the Disclosed Portfolio that will form
the basis for the Fund's calculation of NAV at the end of the business
day.\23\
---------------------------------------------------------------------------

    \22\ The Bid/Ask Price of the Fund's Shares will be determined
using the mid-point of the highest bid and the lowest offer on the
Exchange as of the time of calculation of the Fund's NAV. The
records relating to Bid/Ask Prices will be retained by the Fund and
its service providers.
    \23\ Under accounting procedures followed by the Fund, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T+1''). Accordingly, the Fund
will be able to disclose at the beginning of the business day the
portfolio that will form the basis for the NAV calculation at the
end of the business day.
---------------------------------------------------------------------------

    The Fund will disclose on the Fund's Web site the following
information regarding each portfolio holding, as applicable to the type
of holding: Ticker symbol, CUSIP number or other identifier, if any; a
description of the holding (including the type of holding); the
identity of the security, index or other asset or instrument underlying
the holding, if any; for options, the option strike price; quantity
held (as measured by, for example, par value, notional value or number
of shares, contracts or units); maturity date, if any; coupon rate, if
any; effective date, if any; market value of the holding; and the
percentage weighting of the holding in the Fund's portfolio. The Web
site information will be publicly available at no charge.
    In addition, a basket composition file, which includes the security
names and share quantities, if applicable, required to be delivered in
exchange for the Fund's Shares, together with estimates and actual cash
components, will be publicly disseminated daily prior to the opening of
the Exchange via the NSCC. The basket represents one Creation Unit of
the Fund. The NAV of Shares of the Fund will normally be determined as
of the close of the regular trading session on the Exchange (ordinarily
4:00 p.m., Eastern Time) on each business day. Authorized Participants
may refer to the basket composition file for information regarding
securities and financial instruments that may comprise the Fund's
basket on a given day.
    The approximate value of the Fund's investments on a per-Share
basis, the Indicative Intra-Day Value (``IIV''), will be disseminated
every 15 seconds during the Exchange Core Trading Session. The IIV
should not be viewed as a ``real-time'' update of NAV because the IIV
will be calculated by an independent third party and may not be
calculated in the exact same manner as NAV, which will be computed
daily.
    The IIV for the Fund will be calculated by dividing the ``Estimated
Fund Value'' as of the time of the calculation by the total number of
outstanding Shares. ``Estimated Fund Value'' is the sum of the
estimated amount of cash held in the Fund's portfolio, the estimated
amount of accrued interest owing to the Fund and the estimated value of
the securities held in the Fund's portfolio, minus the estimated amount
of the Fund's liabilities. The IIV will be calculated based on the same
portfolio holdings disclosed on the Fund's Web site. In determining the
estimated value for each of the component securities, the IIV will use
last sale, market prices or other methods that would be considered
appropriate for pricing securities held by registered investment
companies.
    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's shareholder reports, and its Form N-
CSR and Form N-SAR, filed twice a year. The Trust's SAI and Shareholder
Reports will be available free upon request from the Trust, and those
documents and the Form N-CSR and Form N-SAR may be viewed on-screen or
downloaded from the Commission's Web site at www.sec.gov. Information
regarding market price and trading volume of the Shares will be
continually available on a real-time basis throughout the day on
brokers' computer screens and other electronic services. Information
regarding the previous day's closing price and trading volume
information for the Shares will be published daily in the financial
section of newspapers.
    Quotation and last sale information for the Shares and the
underlying U.S. exchange-traded equity securities will be available via
the Consolidated Tape Association (``CTA'') high-speed line, and from
the national securities exchange on which they are listed. Price
information regarding non-U.S. exchange-traded equity securities held
by the Fund will be available from the exchanges trading such assets.
    Quotation information from brokers and dealers or pricing services
will be available for Municipal Bonds, taxable municipal bonds,
convertible bonds, VRDNs, and cash equivalents. Price information for
investment company securities (other than ETFs) will be available from
the applicable investment company's Web site and from market data
vendors. Price information for OTC equity securities will be available
from major market data vendors. Pricing information regarding each
asset class in which the Fund will invest will generally be available
through nationally recognized data service providers through
subscription agreements. Quotation and last sale information for
exchange-traded options will be available via the Options Price
Reporting Authority and from the applicable U.S. options exchange. In
addition, the IIV, (which is the Portfolio Indicative Value, as defined
in NYSE Arca Equities Rule 8.600(c)(3)), will be widely disseminated at
least every 15 seconds during the Core Trading Session by one or more
major market data vendors.\24\ The dissemination of the IIV, together
with the Disclosed Portfolio, will allow investors to determine the
value of the underlying portfolio of the Fund on a daily basis and will
provide a close estimate of that value throughout the trading day.
---------------------------------------------------------------------------

    \24\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available IIVs
taken from CTA or other data feeds.
---------------------------------------------------------------------------

Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of the Fund.\25\ Trading in Shares of the Fund
will be halted if the circuit breaker parameters in NYSE Arca Equities
Rule 7.12 have been reached. Trading also may be halted because of
market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable. These may include: (1) The
extent to which trading is not occurring in the securities and/or the
financial instruments comprising the Disclosed Portfolio of the Fund;
or (2) whether other unusual conditions or circumstances detrimental to
the maintenance of a fair and orderly market are present. Trading in
the Shares will be subject to NYSE Arca

Equities Rule 8.600(d)(2)(D), which sets forth circumstances under
which Shares of the Fund may be halted.
---------------------------------------------------------------------------

    \25\ See NYSE Arca Equities Rule 7.12, Commentary .04.
---------------------------------------------------------------------------

Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4 a.m. to 8 p.m., Eastern Time in
accordance with NYSE Arca Equities Rule 7.34 (Opening, Core, and Late
Trading Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Equities Rule 7.6, Commentary .03, the minimum price
variation (``MPV'') for quoting and entry of orders in equity
securities traded on the NYSE Arca Marketplace is $0.01, with the
exception of securities that are priced less than $1.00 for which the
MPV for order entry is $0.0001.
    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. Consistent with NYSE Arca
Equities Rule 8.600(d)(2)(B)(ii), the Adviser will implement and
maintain, or be subject to, procedures designed to prevent the use and
dissemination of material non-public information regarding the actual
components of the Fund's portfolio. The Exchange represents that, for
initial and/or continued listing, the Fund will be in compliance with
Rule 10A-3 \26\ under the Act, as provided by NYSE Arca Equities Rule
5.3. A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange. The Exchange will obtain a
representation from the issuer of the Shares that the NAV per Share
will be calculated daily and that the NAV and the Disclosed Portfolio
\27\ as defined in NYSE Arca Equities Rule 8.600(c)(2) will be made
available to all market participants at the same time. The Fund's
investments will be consistent with the Fund's investment objective and
will not be used to enhance leverage.
---------------------------------------------------------------------------

    \26\ 17 CFR 240.10A-3.
    \27\ The term ``Disclosed Portfolio'' is defined in NYSE Arca
Equities Rule 8.600(c)(2).
---------------------------------------------------------------------------

Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by the Financial
Industry Regulatory Authority (``FINRA'') on behalf of the Exchange, or
by regulatory staff of the Exchange, which are designed to detect
violations of Exchange rules and applicable federal securities laws.
The Exchange represents that these procedures are adequate to properly
monitor Exchange trading of the Shares in all trading sessions and to
deter and detect violations of Exchange rules and federal securities
laws applicable to trading on the Exchange.\28\
---------------------------------------------------------------------------

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

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.\29\
---------------------------------------------------------------------------

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

    FINRA, on behalf of the Exchange, or regulatory staff of the
Exchange, will communicate as needed regarding trading in the Shares,
options and certain exchange-traded equity securities with other
markets and other entities that are members of the ISG, and FINRA, on
behalf of the Exchange, or regulatory staff of the Exchange, may obtain
trading information regarding trading in the Shares, options and
certain exchange-traded equity securities from such markets and other
entities. In addition, the Exchange may obtain information regarding
trading in the Shares, options and certain exchange-traded equity
securities from markets and other entities that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement. In addition, FINRA, on behalf of the Exchange, is
able to access, as needed, trade information for certain fixed income
securities held by the Fund reported to FINRA's Trade Reporting and
Compliance Engine (``TRACE''). FINRA also can access data obtained from
the Municipal Securities Rulemaking Board (``MSRB'') relating to
municipal bond trading activity for surveillance purposes in connection
with trading in the Shares.
    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit Holders in an Information Bulletin (``Bulletin'')
of the special characteristics and risks associated with trading the
Shares. Specifically, the Bulletin will discuss the following: (1) The
procedures for purchases and redemptions of Shares in Creation Unit
aggregations (and that Shares are not individually redeemable); (2)
NYSE Arca Equities Rule 9.2(a), which imposes a duty of due diligence
on its Equity Trading Permit Holders to learn the essential facts
relating to every customer prior to trading the Shares; (3) the risks
involved in trading the Shares during the Opening and Late Trading
Sessions when an updated IIV will not be calculated or publicly
disseminated; (4) how information regarding the IIV and the Disclosed
Portfolio is disseminated; (5) the requirement that Equity Trading
Permit Holders deliver a prospectus to investors purchasing newly
issued Shares prior to or concurrently with the confirmation of a
transaction; and (6) trading information.
    In addition, the Bulletin will reference that the Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Act. The
Bulletin will also disclose that the NAV for the Shares will be
calculated after 4:00 p.m., Eastern Time each trading day.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \30\ that an exchange have rules that
are designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \30\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Equities Rule
8.600. The Exchange has in place surveillance procedures that are
adequate to properly monitor trading in the Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities

laws. FINRA, on behalf of the Exchange, or regulatory staff of the
Exchange, will communicate as needed regarding trading in the Shares,
options and certain exchange-traded equity securities with other
markets and other entities that are members of the ISG, and FINRA, on
behalf of the Exchange, or regulatory staff of the Exchange, may obtain
trading information regarding trading in the Shares, options and
certain exchange-traded equity securities from such markets and other
entities. In addition, the Exchange may obtain information regarding
trading in the Shares, options and certain exchange-traded equity
securities from markets and other entities that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement. In addition, FINRA, on behalf of the Exchange, is
able to access, as needed, trade information for certain fixed income
securities held by the Fund reported to TRACE. FINRA also can access
data obtained from the MSRB relating to municipal bond trading activity
for surveillance purposes in connection with trading in the Shares. The
Fund may not purchase or hold illiquid assets if, in the aggregate,
more than 15% of its net assets would be invested in illiquid assets.
The Adviser and Sub-Adviser are not registered as broker-dealers but
the Adviser is affiliated with one or more broker-dealers and has
implemented and will maintain a fire wall with respect to each such
broker-dealer affiliate regarding access to information concerning the
composition and/or changes to the portfolio.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares that the NAV per Share will be calculated daily and that the NAV
and the Disclosed Portfolio will be made available to all market
participants at the same time. In addition, a large amount of
information is publicly available regarding the Fund and the Shares,
thereby promoting market transparency. Quotation and last sale
information for the Shares and the underlying U.S. exchange-traded
equity securities will be available via the CTA high-speed line, and
from the national securities exchange on which they are listed. The
Fund will disclose on the Fund's Web site the following information
regarding each portfolio holding, as applicable to the type of holding:
Ticker symbol, CUSIP number or other identifier, if any; a description
of the holding (including the type of holding); the identity of the
security, index or other asset or instrument underlying the holding, if
any; for options, the option strike price; quantity held (as measured
by, for example, par value, notional value or number of shares,
contracts or units); maturity date, if any; coupon rate, if any;
effective date, if any; market value of the holding; and the percentage
weighting of the holding in the Fund's portfolio. Moreover, prior to
the commencement of trading, the Exchange will inform its Equity
Trading Permit Holders in an Information Bulletin of the special
characteristics and risks associated with trading the Shares. Trading
in Shares of the Fund will be halted if the circuit breaker parameters
in NYSE Arca Equities Rule 7.12 have been reached or because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares inadvisable. Trading in the Shares will be
subject to NYSE Arca Equities Rule 8.600(d)(2)(D), which sets forth
circumstances under which Shares of the Fund may be halted. In
addition, as noted above, investors will have ready access to
information regarding the Fund's holdings, the IIV, the Disclosed
Portfolio, and quotation and last sale information for the Shares.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of actively-managed exchange-traded product that
principally holds municipal bonds and that will enhance competition
among market participants, to the benefit of investors and the
marketplace. As noted above, the Exchange has in place surveillance
procedures relating to trading in the Shares and may obtain information
via ISG from other exchanges that are members of ISG or with which the
Exchange has entered into a comprehensive surveillance sharing
agreement. In addition, as noted above, investors will have ready
access to information regarding the Fund's holdings, the IIV, the
Disclosed Portfolio, and quotation and last sale information for the
Shares.

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

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

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

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

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

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

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the 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-2015-93 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-2015-93. 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 on official
business days between 10:00 a.m. and 3:00 p.m. 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-2015-93 and should
be submitted on or before January 4, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
---------------------------------------------------------------------------

    \31\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-31328 Filed 12-11-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 63 (Friday, April 1, 2011)]
[Notices]
[Pages 18264-18265]
[FR Doc No: 2011-7689]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.

Extension:
    Rule 15c2-11; SEC File No. 270-196; OMB Control No. 3235-0202.

    Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the existing
collection of information provided for in Rule 15c2-11, (17 CFR
240.15c2-11), under the Securities Exchange Act of 1934 (15 U.S.C. 78a
et seq.). The Commission plans to submit this existing collection of
information to the Office of Management and Budget for extension and
approval.
    On September 13, 1971, effective December 13, 1971 (see 36 FR
18641, September 18, 1971), the Commission adopted Rule 15c2-11 (``Rule
15c2-11'' or ``Rule'') under the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) to regulate the initiation or resumption of
quotations in a quotation medium by a broker-dealer for over-the-
counter (``OTC'') securities. The Rule was designed primarily to
prevent certain manipulative and fraudulent trading schemes that had
arisen in connection with the distribution and trading of unregistered
securities issued by shell companies or other companies having
outstanding but infrequently traded securities. Subject to certain
exceptions, the Rule prohibits brokers-dealers from publishing a
quotation for a security, or submitting a quotation for publication, in
a quotation medium unless they have reviewed specified information
concerning the security and the issuer.
    Based on information provided by Financial Industry Regulatory
Authority, Inc. (``FINRA''), in the 2010 calendar year, FINRA received
approximately 1,798 applications from broker-dealers to initiate or
resume publication of covered OTC securities in the OTC Bulletin Board
and/or the Pink Sheets or other quotation mediums. We estimate that (i)
41% of the covered OTC securities were issued by reporting issuers,
while the other 59% were issued by non-reporting issuers, and (ii) it
will take a broker-dealer about 4 hours to review, record and retain
the information pertaining to a reporting issuer, and about 8 hours to
review, record and retain the information pertaining to a non-reporting
issuer.
    We therefore estimate that broker-dealers who initiate or resume
publication of quotations for covered OTC securities of reporting
issuers will require 2,949 hours (1,798 x 41% x 4) to review, record
and retain the information required by the Rule. We estimate that
broker-dealers who initiate or resume publication of quotations for
covered OTC securities of non-reporting issuers will require 8,487
hours (1,798 x 59% x 8) to review, record and retain the information
required by the Rule. Thus, we estimate the total annual burden hours
for broker-dealers to initiate or resume publication of quotations of
covered OTC securities to be 11,436 hours (2,949 + 8,487). The
Commission believes that these 11,436 hours would be completed by staff
working at a rate of $40 per hour.\1\
---------------------------------------------------------------------------

    \1\ See Appendix C, SIFMA Office Salaries Data--Sept. 2007 for
General Clerk national hourly rate.
---------------------------------------------------------------------------

    Subject to certain exceptions, the Rule prohibits brokers-dealers
from publishing a quotation for a security, or submitting a quotation
for publication, in a quotation medium unless they have reviewed
specified information concerning the security and the issuer. The
broker-dealer must also make the information reasonably available upon
request to any person expressing an interest in a proposed transaction
in the security with such broker or dealer. The collection of
information that is submitted to FINRA for review and approval is
currently not available to the public from FINRA.
    Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed

collection of information; (c) ways to enhance the quality, utility,
and clarity of the information on respondents; and (d) ways to minimize
the burden of the collection of information on respondents, including
through the use of automated collection techniques or other forms of
information technology. Consideration will be given to comments and
suggestions submitted in writing within 60 days of this publication.
    The Commission may not conduct or sponsor a collection of
information unless it displays a currently valid control number. No
person shall be subject to any penalty for failing to comply with a
collection of information subject to the PRA that does not display a
valid Office of Management and Budget (OMB) control number.
    Please direct your written comments to: Thomas Bayer, Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, Virginia 22312 or
send an e-mail to<EMAIL_ADDRESS>
    Dated: March 28, 2011.
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-7689 Filed 3-31-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: January 8, 2008 (Volume 73, Number 5)]
[Notices]
[Page 1341-1342]
[DOCID:fr08ja08-57]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 1864-083]

Upper Peninsula Power Company; Notice of Application and
Soliciting Comments, Motions To Intervene, and Protests

December 28, 2007.
    Take notice that the following application has been filed with the
Commission and is available for public inspection:
    a. Application Type: Shoreline Management Plan (SMP).
    b. Project No.: 1864-083.
    c. Date Filed: November 29, 2007.
    d. Applicant: Upper Peninsula Power Company (UPPCO).
    e. Name of Project: Bond Falls Hydroelectric Project.
    f. Location: The project is located on the Ontonagon River in
Ontonagon and Gogebic Counties, Michigan, and Vilas County, Wisconsin,
and partially on lands within the Ottawa National Forest.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791(a)-825(r).
    h. Applicant Contact: Shawn C. Puzen, Environmental Consultant,
Integrys Business Support, LLC, 700 North Adams Street, P.O. Box 19001,
Green Bay, WI 54307-9001,<PHONE_NUMBER>.
    i. FERC Contact: Any questions on this notice should be addressed
to Lesley Kordella at<PHONE_NUMBER>, or by e-mail:
<EMAIL_ADDRESS>
    j. Deadline for filing comments and/or motions: January 29, 2008.
    All documents (original and eight copies) should be filed with:
Kimberly D. Bose, Secretary, Federal Energy Regulatory Commission,
DHAC, PJ-12.1, 888 First Street, NE., Washington, DC 20426. Please
reference the project number (P-1864-083) on any comments or motions
filed. Comments and motions filed need to carefully specify the
appropriate project number in order to avoid confusion with the SMP's
concurrently filed by UPPCO for four other projects (see item k below).
Comments, protests and interventions may be filed electronically via
the Internet in lieu of paper. See, 18 CFR 385.2001(a)(1)(iii) and the
instructions on the Commission's web site under the ``e-Filing'' link.
The Commission strongly encourages electronic filings.
    k. Description of Proposal: UPPCO filed a proposed SMP for the Bond
Falls Project to address the land use pressures and potential impacts
anticipated from the sale of adjacent non-project lands to residential
real estate developers. The project includes the Bond Falls, Bergland,
Cisco, and Victoria impoundments; the SMP applies only to the Bond
Falls and Victoria impoundments. UPPCO is also requesting articles 416
(recreation plan) and 413 (buffer zone plan) of the license be amended.
SMP's for the Au Train Project (P-10856-061), the Cataract Project (P-
10854-080), the Escanaba Project (P-2506-144), and the Prickett Project
(P-2402-108) were filed concurrently with the SMP for the Bond Falls
Project, and are being noticed separately by the Commission.
    l. This filing is available for review at the Commission in the
Public Reference Room or may be viewed on the Commission's Web site at
http://www.ferc.gov using the ``eLibrary'' link. Enter the docket

number excluding the last three digits in the docket number field to
access the document. For assistance, contact FERC Online Support at
<EMAIL_ADDRESS>or call toll-free 1-866-208-3676, or for

TTY, call<PHONE_NUMBER>.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions to Intervene--Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214. In determining the appropriate action to take, the Commission
will consider all protests or other comments filed, but only those who
file a motion to intervene in accordance with the

Commission's Rules may become a party to the proceeding. Any comments,
protests, or motions to intervene must be received on or before the
specified comment date for the particular application.
    o. Filing and Service of Responsive Documents--Any filings must
bear in all capital letters the title ``COMMENTS'', ``RECOMMENDATIONS
FOR TERMS AND CONDITIONS'', ``PROTEST'', or ``MOTION TO INTERVENE'', as
applicable, and the Project Number of the particular application to
which the filing refers. A copy of any motion to intervene must also be
served upon each representative of the Applicant specified in the
particular application.
    p. Agency Comments--Federal, state, and local agencies are invited
to file comments on the described application. A copy of the
application may be obtained by agencies directly from the Applicant. If
an agency does not file comments within the time specified for filing
comments, it will be presumed to have no comments. One copy of an
agency's comments must also be sent to the Applicant's representatives.

 Kimberly D. Bose,
Secretary.
 [FR Doc. E8-73 Filed 1-7-08; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 107 (Tuesday, June 6, 2017)]
[Notices]
[Page 26091]
[FR Doc No: 2017-11623]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OAR-2014-0471; FRL-9962-65-OAR]
RIN 2060-AS26

Granting Petitions To Add n-Propyl Bromide to the List of
Hazardous Air Pollutants

AGENCY: Environmental Protection Agency.

ACTION: Notice, extension of comment period.

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

SUMMARY: On January 9, 2017, the Environmental Protection Agency (EPA)
published a draft notice of the rationale for granting petitions to add
n-propyl bromide (nPB), also known as 1-bromopropane (1-BP) (Chemical
Abstract Service No. 106-94-5), to the list of hazardous air pollutants
contained in section 112(b)(1) of the Clean Air Act. In this notice,
the EPA is extending the comment period on the draft notice until
October 1, 2017. The EPA received a timely request to extend the
comment period from March 10, 2017, to October 1, 2017, in order to
allow for the review of data and information that would otherwise
become available after the close of the comment period. On March 6,
2017, as an initial response, the EPA made an interim extension of the
comment period by 90 days until June 8, 2017. The EPA is now granting
the request in full and extending the comment period until October 1,
2017.

DATES: The public comment period for the draft notice published in the
Federal Register on January 9, 2017 (82 FR 2354), is being extended.
Written comments must be received on or before October 1, 2017.

ADDRESSES: Comments. Submit your comments, identified by Docket ID No.
EPA-HQ-OAR-2014-0471, at http://www.regulations.gov. Follow the online
instructions for submitting comments. Once submitted, comments cannot
be edited or removed from Regulations.gov. The EPA may publish any
comment received to its public docket. Do not submit electronically any
information you consider to be Confidential Business Information (CBI)
or other information whose disclosure is restricted by statute.
Multimedia submissions (audio, video, etc.) must be accompanied by a
written comment. The written comment is considered the official comment
and should include discussion of all points you wish to make. The EPA
will generally not consider comments or comment contents located
outside of the primary submission (i.e., on the Web, cloud, or other
file sharing system). For additional submission methods, the full EPA
public comment policy, information about CBI or multimedia submissions,
and general guidance on making effective comments, please visit http://www2.epa.gov/dockets/commenting-epa-dockets.

FOR FURTHER INFORMATION CONTACT: For questions about this proposed
action, contact Ms. Elineth Torres, Sector Policies and Programs
Division (D205-02), Office of Air Quality Planning and Standards,
Environmental Protection Agency, Research Triangle Park, North Carolina
27711; telephone number:<PHONE_NUMBER>; email address:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The EPA is granting the request for
extension of time to provide the public additional opportunity to
review and consider the Toxics Release Inventory (TRI) data for nPB,
which becomes available in late July 2017, when preparing comments on
this draft notice. The EPA has decided to extend the public comment
period until October 1, 2017.

    Dated: May 10, 2017.
Stephen Page,
Director, Office of Air Quality Planning and Standards.
[FR Doc. 2017-11623 Filed 6-5-17; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 87, Number 240 (Thursday, December 15, 2022)]
[Notices]
[Page 76617]
[FR Doc No: 2022-27200]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER23-568-000]

Big Cypress Solar, LLC; Supplemental Notice That Initial Market-
Based Rate Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding of
Big Cypress Solar, LLC's application for market-based rate authority,
with an accompanying rate tariff, noting that such application includes
a request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE, Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is December 29, 2022.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically may mail similar pleadings to
the Federal Energy Regulatory Commission, 888 First Street NE,
Washington, DC 20426. Hand delivered submissions in docketed
proceedings should be delivered to Health and Human Services, 12225
Wilkins Avenue, Rockville, Maryland 20852.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://www.ferc.gov) using
the ``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. At this time,
the Commission has suspended access to the Commission's Public
Reference Room, due to the proclamation declaring a National Emergency
concerning the Novel Coronavirus Disease (COVID-19), issued by the
President on March 13, 2020. For assistance, contact the Federal Energy
Regulatory Commission at [email protected] or call toll-free,
(886) 208-3676 or TYY,<PHONE_NUMBER>.

    Dated: December 9, 2022.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2022-27200 Filed 12-14-22; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 83, Number 248 (Friday, December 28, 2018)]
[Notices]
[Pages 67292-67293]
[FR Doc No: 2018-28213]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2007-D-0369]

Product-Specific Guidance for Linaclotide; Draft Guidance for
Industry; Availability

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice of availability.

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

SUMMARY: The Food and Drug Administration (FDA, the Agency, or we) is
announcing the availability of a draft guidance for industry on generic
linaclotide oral capsules, entitled ``Draft Guidance on Linaclotide.''
The draft guidance, when finalized, will provide product-specific
recommendations on, among other things, the design of bioequivalence
(BE) studies to support abbreviated new drug applications (ANDAs) for
linaclotide oral capsules.

DATES: Submit either electronic or written comments on the draft
guidance by February 26, 2019 to ensure that the Agency considers your
comment on this draft guidance before it begins work on the final
version of the guidance.

ADDRESSES: You may submit comments on any guidance at any time as
follows:

Electronic Submissions

    Submit electronic comments in the following way:
     Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Comments submitted
electronically, including attachments, to https://www.regulations.gov
will be posted to the docket unchanged. Because your comment will be
made public, you are solely responsible for ensuring that your comment
does not include any confidential information that you or a third party
may not wish to be posted, such as medical information, your or anyone
else's Social Security number, or confidential business information,
such as a manufacturing process. Please note that if you include your
name, contact information, or other information that identifies you in
the body of your comments, that information will be posted on https://www.regulations.gov.
     If you want to submit a comment with confidential
information that you do not wish to be made available to the public,
submit the comment as a written/paper submission and in the manner
detailed (see ``Written/Paper Submissions'' and ``Instructions'').

Written/Paper Submissions

    Submit written/paper submissions as follows:
     Mail/Hand Delivery/Courier (for written/paper
submissions): Dockets Management Staff (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
     For written/paper comments submitted to the Dockets
Management Staff, FDA will post your comment, as well as any
attachments, except for information submitted, marked and identified,
as confidential, if submitted as detailed in ``Instructions.''
    Instructions: All submissions received must include the Docket No.
FDA-2007-D-0369 for ``Draft Guidance on Linaclotide.'' Received
comments will be placed in the docket and, except for those submitted
as ``Confidential Submissions,'' will be publicly viewable at https://www.regulations.gov or at the Dockets Management Staff office between 9
a.m. and 4 p.m., Monday through Friday.
     Confidential Submissions--To submit a comment with
confidential information that you do not wish to be made publicly
available, submit your comments only as a written/paper submission. You
should submit two copies total. One copy will include the information
you claim to be confidential with a heading or cover note that states
``THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.'' The Agency will
review this copy, including the claimed confidential information, in
its consideration of comments. The second copy, which will have the
claimed confidential information redacted/blacked out, will be
available for public viewing and posted on https://www.regulations.gov.
Submit both copies to the Dockets Management Staff. If you do not wish
your name and contact information to be made publicly available, you
can provide this information on the cover sheet and not in the body of
your comments and you must identify this information as
``confidential.'' Any information marked as ``confidential'' will not
be disclosed except in accordance with 21 CFR 10.20 and other
applicable disclosure law. For more information about FDA's posting of
comments to public dockets, see 80 FR 56469, September 18, 2015, or
access the information at: https://www.gpo.gov/fdsys/pkg/FR-2015-09-18/pdf/2015-23389.pdf.
    Docket: For access to the docket to read background documents or
the electronic and written/paper comments received, go to https://www.regulations.gov and insert the docket number, found in brackets in
the

heading of this document, into the ``Search'' box and follow the
prompts and/or go to the Dockets Management Staff, 5630 Fishers Lane,
Rm. 1061, Rockville, MD 20852.
    You may submit comments on any guidance at any time (see 21 CFR
10.115(g)(5)).
    Submit written requests for single copies of the draft guidance to
the Division of Drug Information, Center for Drug Evaluation and
Research, Food and Drug Administration, 10001 New Hampshire Ave.,
Hillandale Building, 4th Floor, Silver Spring, MD 20993-0002. Send one
self-addressed adhesive label to assist that office in processing your
requests. See the SUPPLEMENTARY INFORMATION section for electronic
access to the draft guidance document.

FOR FURTHER INFORMATION CONTACT: Wendy Good, Center for Drug Evaluation
and Research, Food and Drug Administration, 10903 New Hampshire Ave.,
Bldg. 75, Rm. 4714, Silver Spring, MD 20993-0002,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Background

    In the Federal Register of June 11, 2010 (75 FR 33311), FDA
announced the availability of a guidance for industry entitled
``Bioequivalence Recommendations for Specific Products,'' which
explained the process that would be used to make product-specific
guidances available to the public on FDA's website at https://www.fda.gov/Drugs/GuidanceComplianceRegulatoryInformation/Guidances/default.htm.
    As described in that guidance, FDA adopted this process to develop
and disseminate product-specific guidances and to provide a meaningful
opportunity for the public to consider and comment on the guidances.
This notice announces the availability of a draft guidance for generic
linaclotide oral capsules.
    FDA initially approved new drug application 202811 for LINZESS
(linaclotide) oral capsules in August 2012. We are now issuing a draft
guidance for industry on linaclotide oral capsules (``Draft Guidance on
Linaclotide'').
    In July 2016, Hyman, Phelps & McNamara, PC (``Hyman Phelps''), on
behalf of Allergan plc submitted a citizen petition requesting, among
other things, that FDA refuse to receive and refuse to approve any
ANDAs seeking approval to market a generic version of LINZESS unless,
among other things, certain BE criteria are met. (Docket No. FDA-2016-
P-1962, available at https://www.regulations.gov). FDA is separately
responding to Hyman Phelps's citizen petition today as well.
    The draft guidance is being issued consistent with FDA's good
guidance practices regulation (21 CFR 10.115). The draft guidance, when
finalized, will represent the current thinking of FDA on the design of
BE studies to support ANDAs for linaclotide oral capsules. It does not
establish any rights for any person and is not binding on FDA or the
public. You can use an alternative approach if it satisfies the
requirements of the applicable statutes and regulations. This guidance
is not subject to Executive Order 12866.

II. Electronic Access

    Persons with access to the internet may obtain the draft guidance
at either https://www.fda.gov/Drugs/GuidanceComplianceRegulatoryInformation/Guidances/default.htm or
https://www.regulations.gov.

    Dated: December 19, 2018.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2018-28213 Filed 12-27-18; 8:45 am]
 BILLING CODE 4164-01-P


[Federal Register Volume 84, Number 153 (Thursday, August 8, 2019)]
[Proposed Rules]
[Pages 38911-38912]
[FR Doc No: 2019-16844]

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

National Highway Traffic Safety Administration

49 CFR Part 576

[Docket No. NHTSA-2019-0035]
RIN 2127-AL81

Record Retention Requirement; Proposed Rule; Correction

AGENCY: National Highway Traffic Safety Administration (NHTSA),
Department of Transportation (DOT).

ACTION: Proposed rule; correction

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SUMMARY: The National Highway Traffic Safety Administration (NHTSA)
published a document in the Federal Register of May 15, 2019, proposing
changes to NHTSA's records retention requirements. The document
contained outdated information that is now being updated along with
other minor corrections.

DATES: August 8, 2019.

ADDRESSES: You may submit written comments to the docket number
identified in the heading of this document by any of the following
methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the online instructions for submitting
comments.
     Mail: Docket Management Facility, U.S. Department of
Transportation, West Building Ground Floor, Rm. W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery or Courier: U.S. Department of
Transportation, West Building Ground Floor, Rm. W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590 between 9 a.m. and 5 p.m. ET,
Monday through Friday, except Federal holidays.
     Fax:<PHONE_NUMBER>.
    Regardless of how you submit your comments, please be sure you
mention the docket number of this document located at the top of this
notice in your correspondence.
    You may call the Docket at<PHONE_NUMBER>.
    Note that all comments received will be posted without change to
http://www.regulations.gov, including any personal information
provided. Please see the Privacy Act discussion below.
    Privacy Act: Anyone is able to search the electronic form of all
comments received into 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. 65 FR 19477-78.
    Confidential Information: If you wish to submit any information
under a claim of confidentiality, you should submit two copies of your
complete submission, including the information you claim to be
confidential business information, and one copy with the claimed
confidential business information deleted from the document, to the
Chief Counsel, NHTSA, at the address given below under FOR FURTHER
INFORMATION CONTACT. In addition, you should submit two copies, from
which you have deleted the claimed confidential business information,
to Docket Management at the address given above under ADDRESSES. When
you send a comment containing information claimed to be confidential
business information, you should follow the procedures set forth in 49
CFR part 512 and include a cover letter setting forth the information
specified in our confidential business information regulation. 49 CFR
part 512.
    Docket: For access to the docket to read background documents or
comments received, go to http://www.regulations.gov and follow the
online instructions for accessing the dockets or go to the street
address listed above.

FOR FURTHER INFORMATION CONTACT: Thomas Healy, Trial Attorney, Office
of the Chief Counsel, National Highway Traffic Safety Administration,
1200 New Jersey Avenue SE, Washington, DC 20590 (telephone: 202-366-
2992).

SUPPLEMENTARY INFORMATION:

Correction

    This notice is to correct citations included in a notice of
proposed rulemaking published in the Federal Register on May 15, 2019,
on amendments to the record retention requirements (84 FR 21741). NHTSA
is correcting the following text in the Federal Register Document
Number 2019-09844.
    On page 21741, in first paragraph of the third column, correct ``we
have determined that a ten-year records retention requirement would
ensure that the agency's investigative needs are meet without
unnecessarily burdening manufacturers of motor vehicles and
equipment.'' to ``we have determined that a ten-year records retention
requirement would ensure that the agency's investigative needs are met
without unnecessarily burdening manufacturers of motor vehicles and
equipment.''
    On page 21742, in the third paragraph of the second column, correct
``The average age of the United States light vehicle fleet has been
trending upward reaching 11.6 years in 2016'' to ``The average age of
the United States light vehicle fleet has been trending upward reaching
11.7 years in 2017.''
    Again on page 21742, correct corresponding footnote 2 ``Vehicles
Getting Older: Average Age of Light Cars and Trucks in U.S. Rises Again
in 2016 to 11.6 Years, HIS Markit Says, IHS Markit (Nov. 22, 2016),
https://news.ihsmarkit.com/press-release/automotive/vehicles-getting-older-average-age-lightcars-and-trucks-us-rises-again-201 (last visited
Sept. 19, 2018)'' to ``America's Cars and Trucks are Getting Older,
Business Insider (Aug. 22, 2018), https://www.businessinsider.com/americas-cars-and-trucks-are-getting-older-2018-8 (last visited April
26, 2019).''
    Yet again on page 21742, correct footnote 3, ``Average Age of
Automobiles and Trucks in Use, 1970-1999, Fed. Highway Admin., https://www.fhwa.dot.gov/ohim/onh00/line3.htm (last visited Sept. 19, 2018).
From 1977 to 2017 the average of medium and heavy duty trucks increased
from 11.6 years to 17.3 years and the average age of recreational
vehicles increased from 4.5 years to 15.8 years. See Average Age of
Automobiles and Trucks in Operation in the United States, Bureau of
Transp. Statistics, https://www.bts.gov/content/average-age-automobiles-and-trucks-operation-united-states (last visited Sept. 19,
2018).'' to ``Average Age of Automobiles and Trucks in Use, 1970-1999,
Fed.

Highway Admin., https://www.fhwa.dot.gov/ohim/onh00/line3.htm (last
visited April 26, 2019). From 1977 to 2017, the average of medium and
heavy duty trucks increased from 11.6 years to 17.3 years and the
average age of recreational vehicles increased from 4.5 years to 15.8
years. See Average Age of Automobiles and Trucks in Operation in the
United States, Bureau of Transp. Statistics, https://www.bts.gov/content/average-age-automobiles-and-trucks-operation-united-states
(last visited April 26, 2019).''
    Again on page 21742, correct footnote 4, ``Average age of cars on
U.S. roads breaks record, USA Today (July 29, 2015), http://www.usatoday.com/story/money/2015/07/29/new-car-sales-soaring-but-cars-getting-older-too/30821191/ (last visited May 11, 2018) (citing an IHS
Automotive study).'' to ``Average age of cars on U.S. roads breaks
record, USA Today (July 29, 2015), http://www.usatoday.com/story/money/2015/07/29/new-car-sales-soaring-but-cars-getting-older-too/30821191/
(last visited April 26, 2019) (citing an IHS Automotive study).''
    On page 21743, in the first column, correct ``At the time, NHTSA
determined that the costs of extending the records requirement to eight
years outweigh the benefits'' to ``At the time, NHTSA determined that
the costs of extending the records requirement to eight years
outweighed the benefits.''
    Again on page 21743, correct footnote 13, ``Child restraint system
manufacturers are not required to report property the number of damage
claims they received and tire manufacturers are only required to report
the number of property damage claims and warranty adjustments.'' to
``Child restraint system manufacturers are not required to report the
number of property damage claims they received and tire manufacturers
are only required to report the number of property damage claims and
warranty adjustments.''

    Issued in Washington, DC, under authority delegated in 49 CFR
1.95 and 501.5.
Heidi Renate King,
Deputy Administrator.
[FR Doc. 2019-16844 Filed 8-7-19; 8:45 am]
 BILLING CODE 4910-59-P