[Federal Register Volume 82, Number 182 (Thursday, September 21, 2017)]
[Notices]
[Pages 44241-44242]
[FR Doc No: 2017-20099]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. PE-2017-74]

Petition for Exemption; Summary of Petition Received

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of petition for exemption received.

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SUMMARY: This notice contains a summary of a petition seeking relief
from specified requirements of Federal Aviation Regulations. The
purpose of this notice is to improve the public's awareness of, and
participation in, this aspect of the FAA's regulatory activities.
Neither publication of this notice nor the inclusion or omission of
information in the summary is intended to affect the legal status of
the petition or its final disposition.

DATES: Comments on this petition must identify the petition docket
number involved and must be received on or before October 2, 2017.

ADDRESSES: Send comments identified by docket number FAA-2017-0875
using any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov and follow the online instructions for sending your
comments electronically.
     Mail: Send comments to Docket Operations, M-30; U.S.
Department of Transportation (DOT), 1200 New Jersey Avenue SE., Room
W12-140, West Building Ground Floor, Washington, DC 20590-0001.
     Hand Delivery or Courier: Take comments to Docket
Operations in Room W12-140 of the West Building Ground Floor at 1200
New Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.
     Fax: Fax comments to Docket Operations at<PHONE_NUMBER>.
    Privacy: In accordance with 5 U.S.C. 553(c), DOT solicits comments
from the public to better inform its rulemaking process. DOT posts
these comments, without edit, including any personal information the
commenter provides, to http://www.regulations.gov, as described in the
system of records notice (DOT/ALL-14 FDMS), which can be reviewed at
http://www.dot.gov/privacy.
    Docket: Background documents or comments received may be read at
http://www.regulations.gov at any time. Follow the online instructions
for accessing the docket or go to the Docket Operations in Room W12-140
of the West Building Ground Floor at 1200 New Jersey Avenue SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Mark Forseth, ANM-113, Federal
Aviation Administration, 1601 Lind Avenue SW., Renton, WA 98057-3356,
email<EMAIL_ADDRESS>phone<PHONE_NUMBER>; or Alphonso
Pendergrass, ARM-200, Office of Rulemaking, Federal Aviation
Administration, 800 Independence Avenue SW., Washington, DC 20591,
email<EMAIL_ADDRESS>phone<PHONE_NUMBER>.
    This notice is published pursuant to 14 CFR 11.85.

    Issued in Renton, Washington, on September 15, 2017.
Victor Wicklund,
Manager, Transport Standards Branch, Policy and Innovation Division,
Aircraft Certification Service.

Petition for Exemption

    Docket No.: FAA-2017-0875.
    Petitioner: The Boeing Company.
    Section of 14 CFR Affected: 25.1322(d)(1).
    Description of Relief Sought: Permit time-limited relief from the
requirement to ``prevent the presentation of an alert that is
inappropriate or unnecessary'' on Boeing Model 767-2C airplanes.

[FR Doc. 2017-20099 Filed 9-20-17; 8:45 am]
 BILLING CODE 4910-13-P


 MEMORANDUM

DATE:05/14/2015 FROM: 		Laura Farris/EPA Region 8 TO:CLEAN Power Plan for Existing Power Plants; Docket Id: OAR - 2013-0602 SUBJECT:	Center for the New Energy Economy's Western State's Meeting on 05/12  -  5/13/2015

SUMMARY:         Laura Farris attended the Center for the New Energy Economy's Western State's Meeting on 05/12  -  05/13/2015 to discuss the Clean Power Plan. The meeting was held in in Denver, Colorado. The Clean Power Plan was proposed on June 2, 2014.

ATTENDEES:

EPA Laura Farris, EPA Region 8 Debra Jordan, EPA Region 9 Kate Kelly, EPA Region 10

Other Stakeholders

First Name Last Name Organization Henry Darwin Arizona Department of Environmental Quality John LeSueur Arizona Corporation Commission Maureen Scott Arizona Corporation Commission Kelly Barr Salt River Project Kara Montalvo Salt River Project Barbara Sprungl Salt River Project Chas Spell Arizona Public Service Company Jeff Yockey Tucson Electric Power Co Edie Chang California Air Resources Board Melissa Jones California Energy Commission Brian  Turner California Public Utilities Commission Jeff Brown Pacific Gas & Electric Company Xantha Bruso Pacific Gas & Electric Company John Busterud Pacific Gas & Electric Company Ray Williams Pacific Gas & Electric Company William Allison Colorado Department of Public Health & Environment Chris Colclasure Colorado Department of Public Health & Environment Martha Rudolph Colorado Department of Public Health & Environment Lindsey Wedewer Colorado Energy Office Christopher Worley Colorado Energy Office Joshua Epel Colorado Public Utilities Commission Pam Patton Colorado Public Utilities Commission Andy Berger Tri-State Generation and Transmission Association Thomas Wos Tri-State Generation and Transmission Association Frank Prager Xcel Energy Jack Ihle Xcel Energy Scott Pugrud Idaho Office of Energy Resources Matt Wiggs Idaho Office of Energy Resources Kristine Raper Idaho Public Utilities Commission Julia Hilton Idaho Power Company David Klemp State of Montana Brad Johnson MT Public Service Commission Gordon Criswell PPL Montana William Thompson NorthWestern Energy David Emme Nevada Division of Environmental Protection Starla Lacy NV Energy Rita Bates New Mexico Environment Department Richard Goodyear New Mexico Environment Department Robert Hirasuna New Mexico Public Regulation Commission Sandy Jones New Mexico Public Regulation Commission Maureen Gannon PNM Resources Patrick O'Connell Public Service Company of New Mexico Tom Bachman North Dakota Department of Health David Glatt North Dakota Department of Health Abbie Krebsbach Montana-Dakota Utilities Co. Lyle Witham Basin Electric Power Cooperative Colin McConnaha Oregon Department of Environmental Quality Dick Pedersen Oregon Department of Environmental Quality Jessica Shipley Oregon Department of Energy John Savage Oregon Public Utility Commission Alisa Kaseweter Bonneville Power Administration Sunny Radcliffe Portland General Electric Brian Gustafson SD Department of Environment and Natural Resources Fred Carl Black Hills Corporation Jafar Karim Black Hills Corporation Tim Mordhorst Black Hills Corporation Tim Rogers Black Hills Corporation Mark Thoma Otter Tail Power Company Peter Ashcroft Utah Governor's Office of Energy Development Jeff Barrett Utah Governor's Office of Energy Development Glade Sowards State of Utah Division of Air Quality Jon Christensen Intermountain Power Service Corporation Chad Teply PacifiCorp Bill Drumheller Washington Department of Ecology Brad Cebulko Washington Utilities & Transportation Commission Philip Jones Washington Utilities & Transportation Commission Lorna Luebbe Puget Sound Energy Clint Kalich Avista Corporation Steven Dietrich Wyoming DEQ Todd Parfitt Wyoming DEQ Alan Minier Wyoming PSC Cathy Woollums Berkshire Hathaway Energy Vijay Satyal WECC Branden Sudduth WECC Jeffrey Gabler WESTAR Dan Johnson WESTAR Troy Timmons Western Governors' Association Maury Galbraith Western Interstate Energy Board Alaine Ginocchio Western Interstate Energy Board Tom Carr Western Interstate Energy Board Tom Curry M.J. Bradley & Associates Franz Litz Great Plains Institute Jonas Monast Nicholas Institute, Duke University John  Nielsen Western Resource Advocates Gabe Pacyniak Georgetown Climate Center Kate  Wilson The Cadmus Group Reuben Plantico WEST Associates Daniel Steinberg NREL Jeff Burks Energy Strategies Gibson Peters Energy Strategies Bill Ritter Center for the New Energy Economy Dennis Arfmann Center for the New Energy Economy Patrick Cummins Center for the New Energy Economy Jeff Lyng Center for the New Energy Economy Tom Plant Center for the New Energy Economy Jim Tarpey Center for the New Energy Economy


[Federal Register Volume 80, Number 153 (Monday, August 10, 2015)]
[Notices]
[Pages 47974-47976]
[FR Doc No: 2015-19538]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75601; File No. SR- NASDAQ-2015-087]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Allow Listed Companies To Opt in to Nasdaq's All-Inclusive Annual
Listing Fee

DATES: August 4, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on July 22, 2015, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III, below, which Items have been prepared by the 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\ 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

    Nasdaq proposes to allow listed companies not currently subject to
Nasdaq's all-inclusive annual listing fee to opt in to that fee program
for 2016. The text of the proposed rule change is available on the
Exchange's Web site at http://nasdaq.cchwallstreet.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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

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

1. Purpose
    Effective January 1, 2015, Nasdaq adopted an all-inclusive annual
listing fee, which simplifies billing and provides transparency and
certainty to companies as to the annual cost of listing.\3\ This new
fee structure was designed, primarily, to address customer complaints
about the number and in some cases the variable nature of certain of
Nasdaq's listing fees. It also provides benefits to Nasdaq, including
eliminating the multiple invoices that were sent to a company each year
and providing more certainty as to revenue.\4\
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    \3\ Securities Exchange Act Release No. 73647 (November 19,
2014), 79 FR 70232 (November 25, 2014) (SR-NASDAQ-2014-087).
    \4\ Id.
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    While this new fee structure will become operative for all listed
companies in 2018, listed companies were allowed to elect to be subject
to the all-inclusive annual listing fee effective January 1, 2015, and
were provided certain incentives to do so.\5\ Companies have reacted
favorably to the new fee program and these incentives.
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    \5\ See IM-5910-1(b)(1) and IM-5920-1(b)(1).
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    Nasdaq now proposes to allow currently listed companies that did
not previously opt in to the all-inclusive annual fee program to do so
effective January 1, 2016. In addition, Nasdaq proposes to offer
companies an incentive to opt in, similar to the incentive offered
companies that opted in to the all-inclusive annual fee program for
2015. Specifically, from July 22, 2015 until December 31, 2015, Nasdaq
will allow companies to opt in to the all-inclusive annual fee program
starting in 2016. Any company that does so will not be billed for the
listing of additional shares after it submits the opt-in form to
Nasdaq, regardless of when the shares were issued.\6\ In

addition, the company will be billed for 2016 and 2017 based on the
lower of its then-current total shares outstanding or the total shares
outstanding reflected in information held by Nasdaq as of December 31,
2015.\7\ As such, the number of shares outstanding reflected in
information held by Nasdaq as of December 31, 2015, will be the maximum
number of shares used to determine the company's all-inclusive annual
listing fee until at least January 1, 2018.\8\ Nasdaq does not believe
that these incentives will have any adverse impact on the amount of
funds available for its regulatory programs.
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    \6\ In addition to incentivizing companies to elect to switch to
the all-inclusive annual fee program, this incentive may also reduce
confusion about the switch to the all-inclusive annual fee program
for some companies. Because listing of additional shares fees are
billed based on a company's public filings, share changes could be
billed after the company has opted in and potentially not until
2016, when the company believes it should not receive any further
listing of additional shares fee bills. While some of these
issuances would also be billed in 2015, Nasdaq believes that the
simplicity of ending billing of listing of additional shares fees on
the date the company opts-in offsets any potential revenue lost from
such bills. Share issuances already billed at the time the company
submits the opt-in form will not be forgiven.
    \7\ Under the ordinary operation of the existing rules,
companies are billed for 2016 based on the total shares outstanding
as of December 31, 2015. The incentive described will extend the use
of that number of total shares outstanding for purposes of
determining the company's 2017 bill. The number of shares
outstanding used to calculate annual fees for 2016 and 2017 may
include shares issued after the company has opted in to the all-
inclusive annual listing fee, if such shares are reflected in a
public filing or other information held by Nasdaq as of December 31,
2015.
    \8\ A company that opted in during 2014 is billed until December
31, 2017, based on the lower of its total shares outstanding at the
time of billing or the total shares outstanding reflected in
information held by Nasdaq as of December 31, 2014.
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    The proposed rule change also conforms certain language in IM-5920-
1 with the comparable provision of IM-5910-1 and [sic] clarifies that
total shares outstanding includes the aggregate number of all
securities outstanding for each class of listed equity securities.\9\
In addition, the proposed rule change modifies the fee schedule for
ADRs and the description of how fees are assessed on a foreign private
issuer to clarify that the all-inclusive annual fee is based not just
on ``shares'' but, like a domestic company, is based on the total of
all of the foreign private issuer's listed equity securities,
including, for example, ADRs and warrants, and such companies are not
charged separately for each individual equity security listed. Nasdaq
also proposes to make changes to the rule text to reflect that the all-
inclusive fee program has already become effective.
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    \9\ This is the same definition of total shares outstanding used
for the standard annual fee in Rule 5910(c)(4) and 5920(c)(6).
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2. Statutory Basis
    Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\10\ in general, and with
Sections 6(b)(4) and (5) of the Act,\11\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees, and
other charges among its members, issuers and other persons using its
facilities, and does not unfairly discriminate between customers,
issuers, brokers or dealers.
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    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(4) and (5).
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    Nasdaq believes that the proposed incentives offered to companies
that elect the all-inclusive annual listing fee starting in 2016 are
reasonable, equitable and not unfairly discriminatory. These incentives
are available equally to all companies and would provide the same
benefit to all companies that make the election. Moreover, no company
is required to opt in to the all-inclusive annual fee program under
this change. In addition, as noted above, Nasdaq will accrue benefits
from companies electing the all-inclusive annual listing fee structure,
including by eliminating the multiple invoices that are sent to a
company each year and providing more certainty as to revenue, and the
incentives are designed to help Nasdaq capture these benefits sooner,
which is a reasonable and non-discriminatory reason to provide the
incentives to companies. Companies that elected to be subject to the
all-inclusive fee during the initial opt-in period, effective for 2015,
would not be disadvantaged in that they receive the benefit of having
their fees calculated based on the maximum total shares outstanding as
of the earlier December 31, 2014, date applicable to companies that
opted in during 2014, and they received the benefits of the all-
inclusive annual fee program for 2015.
    The proposed changes to conform certain language in IM-5920-1 with
the comparable provision of IM-5910-1, clarify that for both domestic
and foreign issuers, total shares outstanding includes the aggregate
number of all securities outstanding for each class of listed equity
securities, and clarify that the fee charged a foreign private issuer
is based not just on ``shares'' but, like a domestic company, is based
on the total of all equity securities outstanding, are reasonable,
equitable and not unfairly discriminatory in that they clarify Nasdaq's
calculation of fees and conform the treatment for foreign private
issuers with that of domestic companies, allowing the aggregation of
all equity securities issued by the company.
    Finally, Nasdaq believes that the proposed incentives are
consistent with the investor protection objectives of Section 6(b)(5)
of the Act \12\ in that they are designed to promote just and equitable
principles of trade, to remove impediments to a free and open market
and national market system, and in general to protect investors and the
public interest. Specifically, the proposed change will not impact the
resources available for Nasdaq's listing compliance program, which
helps to assure that listing standards are properly enforced and
investors are protected.
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    \12\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    Nasdaq does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended. The market for
listing services is extremely competitive and listed companies may
freely choose alternative venues based on the aggregate fees assessed,
and the value provided by each listing. This rule proposal does not
burden competition with other listing venues, which are similarly free
to set their fees, but rather reflects the competition between listing
venues and will further enhance such competition. For these reasons,
Nasdaq does not believe that the proposed rule change will result in
any burden on competition for listings.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \13\ and paragraph (f) of Rule 19b-4
thereunder.\14\
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    \13\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \14\ 17 CFR 240.19b-4(f).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest; for the protection of investors; or
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2015-087 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2015-087. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2015-087 and should
be submitted on or before August 31, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-19538 Filed 8-7-15; 8:45 am]
 BILLING CODE 8011-01-P


The background papers on the candidate national program priorities are intended to initiate further discussion. When priorities are selected more detailed strategies with in depth background information, numerical targets, schedules, milestones and performance measures will be developed. ______________________________________________________________________________

December, 2003 Page 1 of 3 Proposed Priority: Asbestos Hazard Emergency Response Act/ Asbestos in Schools Many schools contain asbestos, which if disturbed or damaged, can release fibers into the environment which may cause severe health problems 15 30 years after exposure. As renovation, regular or special maintenance occurs at schools, the disturbance activity can release asbestos fibers into the school's indoor environment. Without adequate safeguards in place, friable asbestos fibers can circulate through the school's heating, ventilation and air conditioning ( HVAC) system  causing severe respiratory illness and cancer.

In 1986, the Asbestos Hazard Emergency Response Act [ AHERA; Asbestos Containing Materials in Schools, 40 Code of Federal Regulations ( CFR) Part 763, Subpart E] was signed into law. The law requires the local education agency, usually the local school district or non profit private school, to designate and train a person to oversee asbestos related activities in the school system, inspect every school building for friable and non friable asbestos, prepare a management plan that outlines where and how asbestos is to be managed in each school, consult with accredited professionals to identify and carry out appropriate asbestos control measures, notify the public about the management plan and their opportunity to inspect the plan, and keep records of all asbestos activities. Many schools are unaware of these regulatory requirements.

Some examples of asbestos containing materials found in schools:

Taping Compounds ( thermal) Laboratory Hoods/ Table Tops Electric Wiring Insulation Cement Wallboard Laboratory Gloves HVAC Duct Insulation Heating and Electrical Ducts Acoustical Plaster Boiler Insulation Asphalt Floor Tile Decorative Plaster Caulking/ Putties Vinyl Floor Tile Joint/ Spackling Compounds Textured Paints & Coatings Vinyl Sheet Flooring Fire Doors Electrical Panel Partitions Wallboard Chalkboards Spray Applied Insulation Ceiling Tiles & Lay in Panels Vinyl Wall Coverings Blown in Insulation Adhesives Pipe Insulation ( corrugated air cell, block, etc.)

Universe and Types of Facilities: The number and type of schools operating in the United States potentially subject to the Toxic Substance Control Act ( TSCA) AHERA program:

Table 1: Type and Total Number of Schools in United States Table 2: Pupil Enrollment Totals by Type of School PUBLIC SCHOOLS 91,06 2 PUBLIC SCHOOLS 46,534,687 PRIVATE SCHOOLS 27,40 2 PRIVATE SCHOOLS 5,076,120 The background papers on the candidate national program priorities are intended to initiate further discussion. When priorities are selected more detailed strategies with in depth background information, numerical targets, schedules, milestones and performance measures will be developed. ______________________________________________________________________________

December, 2003 Page 2 of 3 CATHOLIC SCHOOLS 8,144 CATHOLIC SCHOOLS 2,500,416 CHARTER SCHOOLS 2,357 CHARTER SCHOOL 579,880 Table 3: Number of Teachers by Type of School PUBLIC SCHOOLS 2,887,000 PRIVATE SCHOOLS 397,000 CATHOLIC SCHOOLS 144,642 CHARTER SCHOOLS 36,019 Geographic Range Nationwide.

Key Pollutants and Risk Factors Asbestos is a generic name given to six minerals that contain separable, long, and thin fibers. These processed fibers are quite small ( 1,200x smaller than a human hair) and light weight. When released from asbestos containing material, the fibers have the ability to remain aloft for many hours, increasing the chance that someone will inhale the fibers. The properties of asbestos fibers make it a versatile and cost effective material. It is used where high tensile strength is required, has chemical and thermal stability, high flexibility, and low electrical conductivity.

Asbestos fibers can cause serious health problems. If inhaled, they can disrupt the normal functioning of the lungs. Three specific diseases  asbestosis, lung cancer and mesothelioma have been linked to asbestos exposure. The danger is not knowing what level of exposure to asbestos fibers will cause these diseases to occur years later. The best protection is to minimize human exposure to asbestos fibers, thereby reducing the risk of future adverse health effects. EPA has concluded that there is no safe level of exposure to asbestos fibers.

Noncompliance Information Compliance and enforcement activities undertaken by EPA and the States in the early 1990s have given way to various stages of non compliance today. These stages of noncompliance can be attributable to the minimal compliance and enforcement presence in the school community these past several years and the failure of school management to maintain the Designated Person position. One school group of special concern is charter schools. Beginning in the early 1990s charter schools have become an education alternative to regular public schools. Many charter schools operate from previous used school buildings, office buildings or any other building available at low or no cost to the charter school. These buildings often contain environmental hazards, such as asbestos. Many of these charter schools were started long after EPA's original The background papers on the candidate national program priorities are intended to initiate further discussion. When priorities are selected more detailed strategies with in depth background information, numerical targets, schedules, milestones and performance measures will be developed. ______________________________________________________________________________

December, 2003 Page 3 of 3 compliance assessment and enforcement were reduced.

As an example of charter school noncompliance, EPA Region V developed a two prong compliance strategy for charter schools within their Region. In 2001, the Region sent letters to 359 charter schools operating in the Region alerting the school administrators of their responsibility to comply with the AHERA program. Additional information was sent to several state charter associations as well as state education departments as a means of reaching the charter school audience. With each contact, regional staff offered to make a presentation at any meeting that would reach charter school officials. In mid 2002, the region moved on to phase two, compliance monitoring and assessment. Nine charter schools were evaluated and all nine were in noncompliance. The violations ranged from failure to have a management plan, identify a Designated Person, monitoring and training.

In October 2003, Region 2 filed a complaint with Puerto Rico education officials for violations of AHERA. The Region conducted inspections at five schools. At each school, EPA determined that there was a release of fibers from already damaged asbestos containing materials, asbestoscontaining materials made friable by inadequately trained personnel, or removed asbestos for which documentation could not verify the asbestos was properly removed. In addition, Region 2 and Puerto Rico Dept. of Education staff did an additional 170 follow up inspections and spotchecks During these inspections it was revealed that required inspection, training and awareness programs were not being implemented.

The Inspector General has reviewed the AHERA program in Region III ( 2000) and Region IV ( 2002) and reported that current resources are inadequate to perform a reasonable number of compliance inspections to determine whether school districts are complying with the AHERA regulations.


[Federal Register Volume 77, Number 66 (Thursday, April 5, 2012)]
[Notices]
[Pages 20660-20666]
[FR Doc No: 2012-8149]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66696; File No. SR-NYSEArca-2012-24]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to Listing and Trading of
AdvisorShares Global Echo ETF Under NYSE Arca Equities Rule 8.600

March 30, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Exchange Act'' or ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that, on March 16, 2012, NYSE Arca, Inc. (``Exchange''
or ``NYSE Arca'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been substantially prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade the following under NYSE
Arca Equities Rule 8.600 (``Managed Fund Shares''): AdvisorShares
Global Echo ETF. The text of the proposed rule change is available at
the Exchange, www.nyse.com, and 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: \3\ AdvisorShares Global
Echo ETF (``Fund'').\4\ The Shares

will be offered by AdvisorShares Trust (``Trust''), a statutory trust
organized under the laws of the State of Delaware and registered with
the Commission as an open-end management investment company.\5\ The
investment adviser to the Fund is AdvisorShares Investments, LLC
(``Adviser''). The Fund's sub-advisers (``Sub-Advisers'' and each a
``Sub-Adviser''), which provide day-to-day portfolio management of the
Fund, are First Affirmative Financial Network LLC; Reynders, McVeigh
Capital Management, LLC; Baldwin Brothers Inc.; and Community Capital
Management Inc.
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    \3\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) (``1940 Act'') organized as an
open-end investment company or similar entity that invests in a
portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Investment Company Units,
listed and traded on the Exchange under NYSE Arca Equities Rule
5.2(j)(3), seeks to provide investment results that correspond
generally to the price and yield performance of a specific foreign
or domestic stock index, fixed income securities index or
combination thereof.
    \4\ The Commission has previously approved listing and trading
on the Exchange of a number of actively managed funds under Rule
8.600. See, e.g., Securities Exchange Act Release Nos. 57801 (May 8,
2008), 73 FR 27878 (May 14, 2008) (SR-NYSEArca-2008-31) (order
approving Exchange listing and trading of twelve actively-managed
funds of the WisdomTree Trust); 60460 (August 7, 2009), 74 FR 41468
(August 17, 2009) (SR-NYSEArca-2009-55) (order approving listing of
Dent Tactical ETF); 63076 (October 12, 2010), 75 FR 63874 (October
18, 2010) (SR-NYSEArca-2010-79) (order approving Exchange listing
and trading of Cambria Global Tactical ETF); 63802 (January 31,
2011), 76 FR 6503 (February 4, 2011) (SR-NYSEArca-2010-118) (order
approving Exchange listing and trading of the SiM Dynamic Allocation
Diversified Income ETF and SiM Dynamic Allocation Growth Income
ETF).
    \5\ The Trust is registered under the 1940 Act. On July 15,
2011, the Trust filed with the Commission Post-Effective Amendment
No. 32 to Form N-1A under the Securities Act of 1933 (15 U.S.C.
77a), and under the 1940 Act relating to the Fund (File Nos. 333-
157876 and 811-22110) (``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. 29291 (May 28,
2010) (File No. 812-13677) (``Exemptive Order'').
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    Foreside Fund Services, LLC (``Distributor'') is the principal
underwriter and distributor of the Fund's Shares. The Bank of New York
Mellon Corporation serves as the administrator (``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.\6\ In addition,
Commentary .06 further requires that personnel who make decisions on
the open-end fund's portfolio composition must be subject to procedures
designed to prevent the use and dissemination of material non-public
information regarding the open-end fund's portfolio. Commentary .06 to
Rule 8.600 is similar to Commentary .03(a)(i) and (iii) to NYSE Arca
Equities Rule 5.2(j)(3); however, Commentary .06 in connection with the
establishment of a ``fire wall'' between the investment adviser and the
broker-dealer reflects the applicable open-end fund's portfolio, not an
underlying benchmark index, as is the case with index-based funds.
Neither the Adviser nor the Sub-Advisers are affiliated with a broker-
dealer. In the event (a) the Adviser or the Sub-Advisers become newly
affiliated with a broker-dealer, or (b) any new adviser or sub-adviser
becomes affiliated with a broker-dealer, it will implement a fire wall
with respect to such broker-dealer regarding access to information
concerning the composition and/or changes to the portfolio, 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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    \6\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (``Advisers
Act''). As a result, the Adviser and Sub-Advisers 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.
---------------------------------------------------------------------------

Description of the Fund
    According to the Registration Statement, the Fund will seek to
achieve long-term capital appreciation with an emphasis on absolute
(positive) returns and low sensitivity to traditional financial market
indices, such as the S&P 500 Index, over a full market cycle. The Fund
will seek to achieve its investment objective by investing under normal
market circumstances \7\ at least 80% of its total assets in the
following securities: U.S. exchange-listed equity securities; \8\
American Depository Receipts (``ADRs''); \9\ fixed income securities
(including municipal bonds); and exchange-traded products (``Underlying
ETPs'') \10\ that provide diversified exposure to various asset classes
and market segments.
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    \7\ The term ``under normal market circumstances'' includes, but
is not limited to, the absence of extreme volatility or trading
halts in the equities or 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.
    \8\ The Fund may invest in equity securities of domestic and
foreign companies, including common stocks, preferred stocks,
warrants to acquire common stock, securities convertible into common
stock, and investments in master limited partnerships.
    \9\ The Fund generally will invest in sponsored ADRs, but it may
invest up to 10% of total assets in unsponsored ADRs.
    \10\ Underlying ETPs include Investment Company Units (as
described in NYSE Arca Equities Rule 5.2(j)(3)); Index-Linked
Securities (as described in NYSE Arca Equities Rule 5.2(j)(6));
Portfolio Depositary Receipts (as described in NYSE Arca Equities
Rule 8.100); Trust Issued Receipts (as described in NYSE Arca
Equities Rule 8.200); Commodity-Based Trust Shares (as described in
NYSE Arca Equities Rule 8.201); Currency Trust Shares (as described
in NYSE Arca Equities Rule 8.202); Commodity Index Trust Shares (as
described in NYSE Arca Equities Rule 8.203); Trust Units (as
described in NYSE Arca Equities Rule 8.500); Managed Fund Shares (as
described in NYSE Arca Equities Rule 8.600); and closed-end funds.
The Underlying ETPs all will be listed and traded in the U.S. on
registered exchanges. The Fund may invest in the securities of
Underlying ETPs registered under the 1940 Act consistent with the
requirements of Section 12(d)(1) of the 1940 Act, or any rule,
regulation, or order of the Commission or interpretation thereof.
The Fund will only make such investments in conformity with the
requirements of Section 817 of the Internal Revenue Code of 1986.
The Underlying ETPs in which the Fund may invest will primarily be
index-based exchange-traded funds that hold substantially all of
their assets in securities representing a specific index.
---------------------------------------------------------------------------

    The Fund will be a multi-manager, multi-strategy, broadly
diversified, actively managed exchange-traded fund with a focus on
``Sustainable Investing.'' Sustainable Investing generally refers to an
investment methodology that takes into consideration economic,
environmental, technology, and a variety of social factors when making
investment decisions. Accordingly, the Fund is designed as a core
allocation that proactively seeks Sustainable Investment-themed
investment opportunities that may socially and environmentally benefit
the earth, with a focus on water, clean energy, community development,
innovation, and other sustainable themes across asset classes.
Sustainable Investment themes that the Fund may pursue include, but are
not limited to, the following: economic themes (corporate governance,
risk and crisis management, community investment, energy efficiency,
food, green building); environmental themes (air, water, earth);
technology themes (mobility, renewable energy, technology, and access);
and social themes (human health, such as occupational health and
safety).
    The Fund will seek to achieve its investment objective by
allocating a portion of the Fund's assets to each of the Fund's Sub-
Advisers who will employ their respective investment

strategies to generate absolute returns over a full market cycle.
Generally, a full market cycle consists of a bull market followed by a
bear market and a return to a bull market, or vice versa. Initially, an
equal proportion of the Fund's assets will be allocated to each Sub-
Adviser to obtain the desired exposure to the strategies described
below. The allocation among Sub-Advisers will vary over time in
response to a variety of factors including prevailing market
conditions. The Adviser has designated First Affirmative Financial
Network, LLC to allocate and monitor the allocation of the Fund's
assets to each Sub-Adviser to ensure that the Fund's portfolio
maintains the proper investment exposure to seek to achieve its
investment objective. Each Sub-Adviser will seek to identify and invest
either directly or indirectly through other Underlying ETPs in
securities of companies that are making a positive impact in the world
and reflect Sustainable Investment themes, including corporate
sustainability. The Fund's investments in companies that practice
corporate sustainability will provide an additional layer of
diversification because such investments are designed to increase long-
term shareholder value. Companies focused on corporate sustainability
also can provide more attractive risk return profiles for investors,
and can leverage various other Sustainable Investment themes.
    The Fund may take both long and short positions in any of these
investments. The Fund may invest up to 65% (and intends to always
invest at least 15%) of its net assets in domestic and foreign fixed
income securities. The Fund may invest in securities of any
capitalization range and may employ one or more investment styles (from
growth to value) at any time as necessary to seek to achieve the Fund's
investment objective.
    Each Sub-Adviser will determine whether to buy or sell an
investment for the Fund's portfolio by applying one or more of the
following strategies:
Core Strategies
    [cir] Fixed Income Strategies. Fixed income strategies consist of
investment strategies that invest primarily in debt securities of
domestic and foreign governments, agencies, instrumentalities,
municipalities and companies of all maturities and qualities (including
``junk bonds'' and up to 15% of total assets in defaulted debt
securities), TIPS (Treasury Inflation Protected Securities), and
Underlying ETPs that provide exposure to fixed income securities or
strategies. 85% or more of the Fund's investments in fixed income
strategies will be in investment grade debt securities. Debt securities
of foreign governments are sometimes referred to as sovereign debt
obligations and may be issued or guaranteed by foreign governments or
their agencies. The Fund may invest up to 10% of total assets in
mortgage-backed securities or other asset-backed securities.\11\ Fixed
income strategies also may involve hedging through the use of
investments in other Underlying ETPs to enhance risk-adjusted return.
---------------------------------------------------------------------------

    \11\ This limitation does not apply to securities issued or
guaranteed by federal agencies and/or U.S. government sponsored
instrumentalities, such as the Government National Mortgage
Administration (``GNMA''), the Federal Housing Administration
(``FHA''), the Federal National Mortgage Association (``FNMA''), and
the Federal Home Loan Mortgage Corporation (``FHLMC'').
---------------------------------------------------------------------------

    [cir] Equity Strategies. Equity strategies will consist of both
domestic and international/emerging markets strategies. The domestic
equity strategies will seek to invest in securities of companies that
the Sub-Advisers believe will outperform other equity securities over
the long term.\12\ The international/emerging markets equity strategies
will seek to invest in securities of undervalued international
companies through ADRs that provide the Fund with exposure to
businesses outside of the U.S. and that are attractively priced
relative to their economic fundamentals. Both U.S. and international
investments will be selected using fundamental analysis of factors such
as earnings, cash flows, and valuations based upon them, and will be
diversified among the economic and industry sectors in the S&P
500[supreg] Index, the Morgan Stanley Capital International (``MSCI'')
All Country World Index, MSCI Europe, Australasia and Far East Index,
and MSCI Emerging Markets Index.
---------------------------------------------------------------------------

    \12\ Telephone conference between Michael Cavalier, Chief
Counsel, NYSE Euronext and Kristie Diemer, Special Counsel, Division
of Trading and Markets, Commission, on March 28, 2012, confirmed
domestic equities strategies will apply to all Sub-Advisers.
---------------------------------------------------------------------------

Alternative Strategies
    [cir] Long/Short and Hedging Strategies. Alternative strategies
will consist of strategies that combine short sales of equities
(including shares of Underlying ETPs) or purchase of shares of inverse
Underlying ETPs. As such, long/short strategies may utilize securities
that seek to track indexes on markets, sectors, strategies, and/or
industries to hedge against potential adverse movements in security
prices. The Fund may implement multiple variations of long/short and
hedging strategies. The basic long/short equity strategies generally
will seek to increase net long exposure in a bull market and decrease
net long exposure, by holding high concentrations in cash or investing
100% short in a bear market.
Other Investments
    The Fund may enter into repurchase agreements with financial
institutions, which may be deemed to be loans. The Fund will follow
certain procedures designed to minimize the risks inherent in such
agreements. These procedures will include effecting repurchase
transactions only with large, well-capitalized, and well-established
financial institutions whose condition will be continually monitored by
the Sub-Advisers. In addition, the value of the collateral underlying
the repurchase agreement will always be at least equal to the
repurchase price, including any accrued interest earned on the
repurchase agreement. The Fund may enter into reverse repurchase
agreements without limit as part of the Fund's investment strategy.
Reverse repurchase agreements involve sales by the Fund of portfolio
assets concurrently with an agreement by the Fund to repurchase the
same assets at a later date at a fixed price.
    The Fund, or Underlying ETPs in which it invests, may invest in
U.S. government securities and U.S. Treasury zero-coupon bonds. The
Fund, or Underlying ETPs in which it invests, may invest in shares of
real estate investment trusts (``REITs'').
    Diversification. The Fund may not (i) with respect to 75% of its
total assets, purchase securities of any issuer (except securities
issued or guaranteed by the U.S. Government, its agencies or
instrumentalities or shares of investment companies) if, as a result,
more than 5% of its total assets would be invested in the securities of
such issuer; or (ii) acquire more than 10% of the outstanding voting
securities of any one issuer.\13\
---------------------------------------------------------------------------

    \13\ The diversification standard is set forth in Section
5(b)(1) of the 1940 Act.
---------------------------------------------------------------------------

    Concentration. The Fund may not invest 25% or more of its total
assets in the securities of one or more issuers conducting their
principal business activities in the same industry or group of
industries. This limitation does not apply to investments in securities
issued or guaranteed by the U.S. Government, its agencies or
instrumentalities, or shares of investment companies. The Fund will not
invest 25% or more of its total assets

in any investment company that so concentrates.\14\
---------------------------------------------------------------------------

    \14\ See Form N-1A, Item 9. The Commission has taken the
position that a fund is concentrated if it invests more than 25% of
the value of its total assets in any one industry. See, e.g.,
Investment Company Act Release No. 9011 (October 30, 1975), 40 FR
54241 (November 21, 1975).
---------------------------------------------------------------------------

    The Fund will not purchase illiquid securities.\15\ Further, in
accordance with the Exemptive Order, the Fund will not invest in
options, futures, or swaps. The Fund's investments will be consistent
with the Fund's investment objective and will not be used to enhance
leverage.
---------------------------------------------------------------------------

    \15\ A fund's portfolio security is illiquid if it cannot be
disposed of in the ordinary course of business within seven days at
approximately the value ascribed to it by the fund. See Investment
Company Act Release No. 14983 (March 12, 1986), 51 FR 9773 (March
21, 1986) (adopting amendments to Rule 2a-7 under the 1940 Act);
Investment Company Act Release No. 17452 (April 23, 1990), 55 FR
17933 (April 30, 1990) (adopting Rule 144A under the Securities Act
of 1933).
---------------------------------------------------------------------------

    Except for Underlying ETPs that may hold non-U.S. issues, the Fund
will not otherwise invest in non-U.S. issues.
    To respond to adverse market, economic, political, or other
conditions, the Fund may invest 100% of its total assets, without
limitation, in high-quality debt securities and money market
instruments either directly or through Underlying ETPs. The Fund may be
invested in these instruments for extended periods, depending on the
Sub-Advisers' assessment of market conditions. These debt securities
and money market instruments include shares of other mutual funds,
commercial paper, certificates of deposit, bankers' acceptances, U.S.
Government securities, repurchase agreements, and bonds that are BBB or
higher. While the Fund is in a defensive position, the opportunity to
achieve its investment objective will be limited.
Creations and Redemptions
    The Fund will issue and redeem Shares on a continuous basis at the
net asset value (``NAV'') only in a large specified number of shares
called a ``Creation Unit.'' The Shares are ``created'' at their NAV by
market makers, large investors, and institutions only in block-size
Creation Units of at least 50,000 Shares. A ``creator'' will enter into
an authorized participant agreement (``Participant Agreement'') with
the Distributor or use a Depository Trust Company (``DTC'') participant
who has executed a Participant Agreement (``Authorized Participant''),
and deposit into the Fund a portfolio of securities closely
approximating the holdings of the Fund and a specified amount of cash,
together totaling the NAV of the Creation Unit(s), in exchange for
50,000 Shares of the Fund (or multiples thereof).
    Shares may be redeemed only in Creation Units at their NAV next
determined after receipt of a redemption request in proper form by a
Fund through the Administrator and only on a business day. The
redemption proceeds for a Creation Unit generally will consist of a
portfolio of securities closely approximating the holdings of the Fund
and a specified amount of cash, 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 such portfolio of securities. Orders
to create and redeem Shares must be placed with the Administrator by 3
p.m., Eastern Time (``E.T.'').
Net Asset Value
    The NAV per Share of 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 of the
Fund outstanding, rounded to the nearest cent. Expenses and fees,
including without limitation, the management, administration, and
distribution fees, will be accrued daily and taken into account for
purposes of determining NAV. The NAV per Share for the Fund will be
calculated by the Administrator and determined as of the close of the
regular trading session on the New York Stock Exchange (``NYSE'')
(ordinarily 4 p.m., E.T.) on each day that the NYSE is open.
    In computing the Fund's NAV, the Fund's securities holdings will be
valued based on their last readily available market price. Price
information on listed securities, including Underlying ETPs, will be
taken from the exchange where the security is primarily traded.
Securities regularly traded in an over-the-counter market will be
valued at the latest quoted sales price on the primary exchange or
national securities market on which such securities are traded.
Securities not listed on an exchange or national securities market, or
securities in which there was no last reported sales price, will be
valued at the most recent bid price. Other portfolio securities and
assets for which market quotations are not readily available will be
valued based on fair value as determined in good faith by the Sub-
Advisers in accordance with procedures adopted by the Fund's Board of
Trustees.
    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. The Exchange represents
that, for initial and/or continued listing, the Fund will be in
compliance with Rule 10A-3 under the Exchange Act,\16\ 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 will be made available to all market
participants at the same time.
---------------------------------------------------------------------------

    \16\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Availability of Information
    The Fund's Web site (www.advisorshares.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 (``Bid/Ask
Price''),\17\ 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 will disclose on its Web site the Disclosed Portfolio as defined
in NYSE Arca Equities Rule 8.600(c)(2) that will form the basis for the
Fund's calculation of NAV at the end of the business day.\18\
---------------------------------------------------------------------------

    \17\ The Bid/Ask Price of the Fund is 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.
    \18\ 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.
---------------------------------------------------------------------------

    On a daily basis, the Adviser will disclose on the Fund's Web site
for each portfolio security or other financial instrument of the Fund
the following information: ticker symbol (if applicable), name of
security or financial instrument, number of shares

or dollar value of other securities and financial instruments held in
the portfolio, and percentage weighting of the security or financial
instrument in the 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 required to be delivered in exchange for
Fund Shares, together with estimates and actual cash components, will
be publicly disseminated daily prior to the opening of the NYSE via the
National Securities Clearing Corporation. The basket represents one
Creation Unit of the Fund.
    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 are 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. Price information for the ADRs, debt and equity
securities held by the Fund, including foreign equity securities, and
Underlying ETPs will be available through major market data vendors or
securities exchanges listing and trading such securities. Quotation and
last-sale information for the Shares will be available via the
Consolidated Tape Association (``CTA'') high-speed line. In addition,
the Portfolio Indicative Value, as defined in NYSE Arca Equities Rule
8.600(c)(3), will be widely disseminated by one or more major market
data vendors at least every 15 seconds during the Core Trading
Session.\19\ The dissemination of the Portfolio Indicative Value,
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.
---------------------------------------------------------------------------

    \19\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available
Portfolio Indicative Values published on CTA or other data feeds.
---------------------------------------------------------------------------

    Additional information regarding the Trust and the Shares,
including investment strategies, risks, creation and redemption
procedures, fees, portfolio holdings disclosure policies,
distributions, and taxes is included in the Registration Statement. All
terms relating to the Fund that are referred to, but not defined in,
this proposed rule change are defined in the Registration Statement.
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.\20\ 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.
---------------------------------------------------------------------------

    \20\ 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., E.T. in accordance
with NYSE Arca Equities Rule 7.34 (Opening, Core, and Late Trading
Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Equities Rule 7.6, Commentary .03, the minimum price
variation (``MPV'') for quoting and entry of orders in equity
securities traded on the NYSE Arca Marketplace is $0.01, with the
exception of securities that are priced less than $1.00 for which the
MPV for order entry is $0.0001.
Surveillance
    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products (which include Managed
Fund Shares) to monitor trading in the Shares. The Exchange represents
that these procedures are adequate to properly monitor Exchange trading
of the Shares in all trading sessions and to deter and detect
violations of Exchange rules and applicable federal securities laws.
    The Exchange's current trading surveillance focuses on detecting
securities trading outside their normal patterns. When such situations
are detected, surveillance analysis follows and investigations are
opened, where appropriate, to review the behavior of all relevant
parties for all relevant trading violations.
    The Exchange may obtain information via the Intermarket
Surveillance Group (``ISG'') from other exchanges that are members of
ISG or with which the Exchange has entered into a comprehensive
surveillance sharing agreement.\21\ All equity securities, Underlying
ETPs, and sponsored ADRs held by the Fund will be listed on securities
exchanges, all of which are members of ISG.
---------------------------------------------------------------------------

    \21\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for the Fund may trade on markets that are
members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
---------------------------------------------------------------------------

    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit (``ETP'') Holders in an Information Bulletin
(``Bulletin'') of the special characteristics and risks associated with
trading the Shares. Specifically, the Bulletin will discuss the
following: (1) The procedures for purchases and redemptions of Shares
in Creation Unit aggregations (and that Shares are not individually
redeemable); (2) NYSE Arca Equities Rule 9.2(a), which imposes a duty
of due diligence on its ETP Holders to learn the essential facts
relating to every customer prior to trading the Shares; (3) the risks
involved in trading the Shares during the Opening and Late Trading
Sessions when an updated Portfolio Indicative Value will not be
calculated or publicly disseminated; (4) how information regarding the
Portfolio Indicative Value is disseminated; (5) the requirement that
ETP Holders deliver a prospectus to investors purchasing newly issued
Shares prior to or concurrently with the confirmation of a transaction;
and (6) trading information.
    In addition, the Bulletin will reference that the Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the

Commission from any rules under the Exchange Act. The Bulletin will
also disclose that the NAV for the Shares will be calculated after 4
p.m., E.T. each trading day.
2. Statutory Basis
    The basis under the Exchange Act for this proposed rule change is
the requirement under Section 6(b)(5) \22\ 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.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Equities Rule
8.600. The Exchange has in place surveillance procedures that are
adequate to properly monitor trading in the Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. The Exchange may obtain information
via ISG from other exchanges that are members of ISG or with which the
Exchange has entered into a comprehensive surveillance sharing
agreement. Price information for the ADRs, debt and equity securities
held by the Fund, including foreign equity securities, and Underlying
ETPs will be available through major market data vendors or securities
exchanges listing and trading such securities. All equity securities,
Underlying ETPs, and sponsored ADRs held by the Fund are listed on
securities exchanges, all of which are members of ISG. The listing and
trading of such securities is subject to rules of the exchanges on
which they are listed and traded, as approved by the Commission. The
Fund will not purchase illiquid securities. Further, the Fund will not
invest in options, futures, or swaps. The Fund's investments will be
consistent with the Fund's investment objective and will not be used to
enhance leverage. Except for Underlying ETPs that may hold non-U.S.
issues and for ADRs, the Fund will not otherwise invest in non-U.S.
issues.
    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 will be available via the CTA high-speed
line. In addition, the Portfolio Indicative Value will be widely
disseminated at least every 15 seconds during the Core Trading Session
by one or more major market data vendors. On each business day, before
commencement of trading in Shares in the Core Trading Session on the
Exchange, the Fund will disclose on its Web site the Disclosed
Portfolio that will form the basis for the Fund's calculation of NAV at
the end of the business day. On a daily basis, the Adviser will
disclose for each portfolio security or other financial instrument of
the Fund the following information: ticker symbol (if applicable), name
of security or financial instrument, number of shares or dollar value
of other securities and financial instruments held in the portfolio,
and percentage weighting of the security or financial instrument in the
portfolio. The Web site for the Fund will include a form of the
prospectus for the Fund that may be downloaded, and additional data
relating to NAV and other applicable quantitative information, updated
on a daily basis. Moreover, prior to the commencement of trading, the
Exchange will inform its ETP Holders in an Information Bulletin of the
special characteristics and risks associated with trading the Shares.
Trading in Shares of the Fund will be halted if the circuit breaker
parameters in NYSE Arca Equities Rule 7.12 have been reached or because
of market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable. 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 Portfolio Indicative
Value, the Disclosed Portfolio, and quotation and last-sale information
for the Shares.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of actively-managed exchange-traded product that
will enhance competition among market participants, to the benefit of
investors and the marketplace. As noted above, the Exchange has in
place surveillance procedures relating to trading in the Shares and may
obtain information via ISG from other exchanges that are members of ISG
or with which the Exchange has entered into a comprehensive
surveillance sharing agreement. In addition, as noted above, investors
will have ready access to information regarding the Fund's holdings,
the Portfolio Indicative Value, the Disclosed Portfolio, and quotation
and last-sale information for the Shares.

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

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

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

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

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

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2012-24 on the subject line.

Paper Comments

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

    All submissions should refer to File Number SR-NYSEArca-2012-24.
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 a.m. and 3 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-2012-24 and should be submitted on or before
April 26, 2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-8149 Filed 4-4-12; 8:45 am]
BILLING CODE 8011-01-P