[Federal Register Volume 81, Number 44 (Monday, March 7, 2016)]
[Notices]
[Pages 11828-11830]
[FR Doc No: 2016-04878]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2016-0002]

Final Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Final notice.

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SUMMARY: Flood hazard determinations, which may include additions or
modifications of Base Flood Elevations (BFEs), base flood depths,
Special Flood Hazard Area (SFHA) boundaries or zone designations, or
regulatory floodways on the Flood Insurance Rate Maps (FIRMs) and where
applicable, in the supporting Flood Insurance Study (FIS) reports have
been made final for the communities listed in the table below.
    The FIRM and FIS report are the basis of the floodplain management
measures that a community is required either to adopt or to show
evidence of having in effect in order to qualify or remain qualified
for participation in the Federal Emergency Management Agency's (FEMA's)
National Flood Insurance Program (NFIP). In addition, the FIRM and FIS
report are used by insurance agents and others to calculate appropriate
flood insurance premium rates for buildings and the contents of those
buildings.

DATES: The effective date of May 2, 2016 which has been established for
the FIRM and, where applicable, the supporting FIS report showing the
new or modified flood hazard information for each community.

ADDRESSES: The FIRM, and if applicable, the FIS report containing the
final flood hazard information for each community is available for
inspection at the respective Community Map Repository address listed in
the tables below and will be available online through the FEMA Map
Service Center at www.msc.fema.gov by the effective date indicated
above.

FOR FURTHER INFORMATION CONTACT: Luis Rodriguez, Chief, Engineering
Management Branch, Federal Insurance and Mitigation Administration,
FEMA, 500 C Street SW., Washington, DC 20472,<PHONE_NUMBER>, or
(email<EMAIL_ADDRESS>or visit the FEMA Map Information
eXchange (FMIX) online at www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency
(FEMA) makes the final determinations listed below for the new or
modified flood hazard information for each community listed.
Notification of these changes has been published in newspapers of local
circulation and 90 days have elapsed since that publication. The Deputy
Associate Administrator for Mitigation has resolved any appeals
resulting from this notification.
    This final notice is issued in accordance with section 110 of the
Flood Disaster Protection Act of 1973, 42 U.S.C. 4104, and 44 CFR part
67. FEMA has developed criteria for floodplain management in floodprone
areas in accordance with 44 CFR part 60.
    Interested lessees and owners of real property are encouraged to
review the new or revised FIRM and FIS report available at the address
cited below for each community or online through the FEMA Map Service
Center at www.msc.fema.gov.
    The flood hazard determinations are made final in the watersheds
and/or communities listed in the table below.

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

    Dated: February 4, 2016.
Roy E. Wright,
Deputy Associate Administrator for Insurance and Mitigation, Department
of Homeland Security, Federal Emergency Management Agency.
    I. Watershed-based studies:

------------------------------------------------------------------------
                                             Community map repository
               Community                             address
------------------------------------------------------------------------
                     Upper Choctawhatchee Watershed
             Coffee County, Alabama, and Incorporated Areas
                         Docket No.: FEMA-B-1461
------------------------------------------------------------------------
City of Enterprise.....................  City Hall, 501 South Main
                                          Street, Enterprise, AL 36330.
Town of New Brockton...................  Town Hall, 706 East McKinnon
                                          Street, New Brockton, AL
                                          36351.
Unincorporated Areas of Coffee County..  8 County Complex, 1065 East
                                          McKinnon Street, New Brockton,
                                          AL 36351.
------------------------------------------------------------------------
              Dale County, Alabama, and Incorporated Areas
                         Docket No.: FEMA-B-1461
------------------------------------------------------------------------
City of Daleville......................  City Hall, 740 South Daleville
                                          Avenue, Daleville, AL 36322.
City of Enterprise.....................  City Hall, 501 South Main
                                          Street, Enterprise, AL 36330.
City of Fort Rucker....................  Emergency Management Agency,
                                          453 Novosel Street, Building
                                          114, Fort Rucker, AL 36362.
City of Level Plains...................  City Hall, 1708 Joe Bruer Road,
                                          Daleville, AL 36322.
City of Midland City...................  City Hall, 1385 Hinton Waters
                                          Avenue, Midland City, AL
                                          36350.
City of Ozark..........................  City Hall, 275 North Union
                                          Avenue, Ozark, AL 36360.
Town of Ariton.........................  Town Hall, 6 East Main Street,
                                          Ariton, AL 36311.
Town of Clayhatchee....................  Town Hall, 1 West Main Street,
                                          Daleville, AL 36322.
Town of Newton.........................  Town Hall, 209 Oates Drive,
                                          Newton, AL 36352.
Town of Pinckard.......................  Town Hall, 1309 East Highway
                                          134, Pinckard, AL 36371.
Unincorporated Areas of Dale County....  Dale County Courthouse, 100
                                          East Court Square, Ozark, AL
                                          36360.
------------------------------------------------------------------------
             Geneva County, Alabama, and Incorporated Areas
                         Docket No.: FEMA-B-1461
------------------------------------------------------------------------
City of Geneva.........................  City Hall, 517 South Commerce
                                          Street, Geneva, AL 36340.
City of Hartford.......................  City Hall, 203 West Main
                                          Street, Hartford, AL 36344.
City of Slocomb........................  City Hall, 263 East Lawrence
                                          Harris Highway, Slocomb, AL
                                          36375.
Town of Coffee Springs.................  Town Office, 222 East Spring
                                          Street, Coffee Springs, AL
                                          36318.
Town of Malvern........................  Town Hall, 312 South Main
                                          Street, Malvern, AL 36349.
Unincorporated Areas of Geneva County..  Geneva County Emergency
                                          Management Agency, 200 South
                                          Commerce Street, Geneva, AL
                                          36340.
------------------------------------------------------------------------
             Houston County, Alabama, and Incorporated Areas
                         Docket No.: FEMA B-1461
------------------------------------------------------------------------
Unincorporated Areas of Houston County.  Houston County Engineer's
                                          Office, 2400 Columbia Highway,
                                          Dothan, AL 36303.
------------------------------------------------------------------------
                       East Nishnabotna Watershed
              Audubon County, Iowa, and Incorporated Areas
                         Docket No.: FEMA-B-1436
------------------------------------------------------------------------
City of Audubon........................  City Hall, 410 North Park
                                          Place, Audubon, IA 50025.
City of Brayton........................  City Hall, 202 County Trunk
                                          Road, Brayton, IA 50042.
City of Exira..........................  City Hall, 108 East Washington
                                          Street, Exira, IA 50076.
City of Gray...........................  Audubon County Courthouse, 318
                                          Leroy Street, Suite 4,
                                          Audubon, IA 50025.
City of Kimballton.....................  City Hall, 116 North Main
                                          Street, Kimballton, IA 51543.
Unincorporated Areas of Audubon County.  Audubon County Courthouse, 318
                                          Leroy Street, Suite 4,
                                          Audubon, IA 50025.
------------------------------------------------------------------------
             Montgomery County, Iowa, and Incorporated Areas
                         Docket No.: FEMA-B-1436
------------------------------------------------------------------------
City of Coburg.........................  Montgomery County Courthouse,
                                          105 East Coolbaugh Street, Red
                                          Oak, IA 51566.
City of Elliott........................  Clerk's Office, 409 Main
                                          Street, Elliott, IA 51532.
City of Grant..........................  Montgomery County Courthouse,
                                          105 East Coolbaugh Street, Red
                                          Oak, IA 51566.
City of Red Oak........................  City Hall, 601 North 6th
                                          Street, Red Oak, IA 51566.
City of Stanton........................  City Hall, 310 Broad Avenue,
                                          Stanton, IA 51573.
City of Villisca.......................  City Hall, 318 South 3rd
                                          Avenue, Villisca, IA 50864.
Unincorporated Areas of Montgomery       Montgomery County Courthouse,
 County.                                  105 East Coolbaugh Street, Red
                                          Oak, IA 51566.
------------------------------------------------------------------------
                        Lower Big Blue Watershed
              Gage County, Nebraska, and Incorporated Areas
                         Docket No.: FEMA-B-1459
------------------------------------------------------------------------
Unincorporated Areas of Gage County....  Gage County Highway Department,
                                          823 South 8th Street,
                                          Beatrice, NE 68310.

Village of Barneston...................  Village Hall, 102 Grand Avenue,
                                          Barneston, NE 68309.
------------------------------------------------------------------------

    II. Non-watershed-based studies:

------------------------------------------------------------------------
                                             Community map repository
               Community                             address
------------------------------------------------------------------------
           Socorro County, New Mexico, and Incorporated Areas
                         Docket No.: FEMA B-1239
------------------------------------------------------------------------
City of Socorro........................  City Hall, 111 School of Mines
                                          Road, Socorro, NM 87801.
Navajo Nation..........................  Socorro County Annex Building,
                                          198 Neel Avenue, Socorro, NM
                                          87801.
Pueblo of Acoma........................  Realty and Natural Resources
                                          Offices, 33 A Pinsbaari Drive,
                                          Pueblo of Acoma, NM 87034.
Unincorporated Areas of Socorro County.  Socorro County Annex Building,
                                          198 Neel Avenue, Socorro, NM
                                          87801.
Village of Magdalena...................  City Hall, 108 North Main
                                          Street, Suite B, Magdalena, NM
                                          87825.
------------------------------------------------------------------------

[FR Doc. 2016-04878 Filed 3-4-16; 8:45 am]
 BILLING CODE 9110-12-P


market data vendors and broker-dealers.
    \96\ See supra note 94.
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    Additional information regarding the Fund and the Shares, including
investment strategies, risks, creation and redemption procedures, fees,
Fund holdings' disclosure policies, distributions and taxes will be
included in the Registration Statement. Investors will also be able to
obtain the SAI, the Fund's annual and semi-annual reports (together,
``Shareholder Reports''), and its Form N-CSR and Form N-SAR, filed
twice a year, except the SAI, which is filed at least annually. The
Fund's SAI and Shareholder Reports will be available free upon request
from the Fund, and those documents and the Form N-CSR and Form N-SAR
may be viewed on-screen or downloaded from the Commission's website at
www.sec.gov.
Initial and Continued Listing
    The Shares will be subject to Nasdaq Rule 5735, which sets forth
the initial and continued listing criteria applicable to Managed Fund
Shares. The Exchange represents that, for initial and continued
listing, the Fund must be in compliance with Rule 10A-3 \97\ under the
Act. 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.
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    \97\ See 17 CFR 240.10A-3.
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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. Nasdaq will halt trading in the
Shares under the conditions specified in Nasdaq Rules 4120 and 4121,
including the trading pauses under Nasdaq Rules 4120(a)(11) and (12).
Trading may be halted because of market conditions or for reasons that,
in the view of the Exchange, make trading in the Shares inadvisable.
These may include: (1) The extent to which trading is not occurring in
the securities and/or the other assets constituting 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 also will be subject to
Nasdaq Rule 5735(d)(2)(D), which sets forth circumstances under which
Shares of the Fund may be halted.
Trading Rules
    Nasdaq deems the Shares to be equity securities, thus rendering
trading in the Shares subject to Nasdaq's existing rules governing the
trading of equity

securities. Nasdaq will allow trading in the Shares from 4:00 a.m.
until 8:00 p.m., E.T. The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
Nasdaq Rule 5735(b)(3), the minimum price variation for quoting and
entry of orders in Managed Fund Shares traded on the Exchange is $0.01.
Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by both Nasdaq and
also FINRA on behalf of the Exchange, which are designed to detect
violations of Exchange rules and applicable federal securities
laws.\98\ 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.
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    \98\ 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.
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    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.
    FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares and the exchange-listed securities and
instruments held by the Fund (including exchange-listed equities and
Exchange-Traded Derivatives) with other markets and other entities that
are members of ISG \99\ and with which the Exchange has comprehensive
surveillance sharing agreements,\100\ and FINRA and the Exchange both
may obtain information regarding trading in the Shares, the exchange-
listed securities, derivatives and other instruments held by the Fund
from markets and other entities that are members of ISG, which include
securities and futures exchanges and swap execution facilities, or with
which the Exchange has in place a comprehensive surveillance sharing
agreement.\101\ Moreover, FINRA, on behalf of the Exchange, will be
able to access, as needed, trade information for most of the fixed
income securities held by the Fund through reporting on FINRA's TRACE
and, with respect to municipal securities, EMMA.
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    \99\ Exchange-listed securities and Exchange-Traded Derivatives
held by the Fund that are listed and traded on a non-ISG member
exchange or on an exchange with which the Exchange does not have a
comprehensive surveillance sharing agreement together are limited to
10% of the assets of the Fund.
    \100\ For a list of the current members of ISG, see http://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.
    \101\ As noted above, no more than 10% of the assets of the Fund
may be invested in Exchange-Traded Derivatives and exchange-listed
securities whose principal market is not a member of ISG or a market
with which the Exchange has a comprehensive surveillance sharing
agreement.
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    The majority of the Fund's investments in exchange-listed, equity
securities (i.e., Non-Convertible-Preferred Securities, Equity-Related
Warrants and ETFs) will constitute securities that trade in markets
that are members of ISG or are parties to a comprehensive surveillance
sharing agreement with the Exchange. Up to 10% of the Fund's assets may
be held in exchange-listed securities and Exchange-Traded Derivatives
that are listed and traded on markets that are not members of ISG or a
market with which the Exchange does not have 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 Circular
    Prior to the commencement of trading, the Exchange will inform its
members in an Information Circular of the special characteristics and
risks associated with trading the Shares. Specifically, the Information
Circular will discuss the following: (1) The procedures for purchases
and redemptions of Shares in Creation Units (and that Shares are not
individually redeemable); (2) Nasdaq Rule 2111A, which imposes
suitability obligations on Nasdaq members with respect to recommending
transactions in the Shares to customers; (3) how information regarding
the Intraday Indicative Value and the Disclosed Portfolio is
disseminated; (4) the risks involved in trading the Shares during the
Pre-Market and Post-Market Sessions when an updated Intraday Indicative
Value will not be calculated or publicly disseminated; (5) the
requirement that members deliver a prospectus to investors purchasing
newly issued Shares prior to or concurrently with the confirmation of a
transaction; and (6) trading information. The Information Circular will
also discuss any exemptive, no-action and interpretive relief granted
by the Commission from any rules under the Act.
    In addition, the Information Circular will advise members, prior to
the commencement of trading, of the prospectus delivery requirements
applicable to the Fund. Members purchasing Shares from the Fund for
resale to investors will deliver a prospectus to such investors. The
Information Circular will also discuss any exemptive, no-action and
interpretive relief granted by the Commission from any rules under the
Act.
    Additionally, the Information Circular will reference that the Fund
is subject to various fees and expenses described in the Registration
Statement. The Information Circular will also disclose the trading
hours of the Shares of the Fund and the applicable NAV calculation time
for the Shares. The Information Circular will disclose that information
about the Shares of the Fund will be publicly available on the Fund's
website.
Continued Listing Representations
    All statements and representations made in this filing regarding
(a) the description of the portfolio or reference assets, (b)
limitations on portfolio holdings or reference assets, (c)
dissemination and availability of the reference asset or intraday
indicative values, or (d) the applicability of Exchange listing rules
shall constitute continued listing requirements for listing the Shares
on the Exchange. In addition, the issuer has represented to the
Exchange that it will advise the Exchange of any failure by the Fund to
comply with the continued listing requirements, and, pursuant to its
obligations under Section 19(g)(1) of the Act, the Exchange will
monitor for compliance with the continued listing requirements. If the
Fund is not in compliance with the applicable listing requirements, the
Exchange will commence delisting procedures under the Nasdaq 5800
Series.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act in general and Section 6(b)(5) of the Act in particular
in that it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanism of a free and

open market and, in general, to protect investors and the public
interest.
    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 Nasdaq Rule 5735. The
Exchange represents that trading in the Shares will be subject to the
existing trading surveillances, administered by both the Exchange and
FINRA, on behalf of the Exchange, which are designed to deter and
detect violations of Exchange rules and applicable federal securities
laws and are adequate to properly monitor trading in the Shares in all
trading sessions.
    Paragraph (g) of Rule 5735 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 and maintain
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's portfolio. In addition, paragraph
(g) further requires that personnel who make decisions on the
investment company's portfolio composition must be subject to
procedures designed to prevent the use and dissemination of material,
non-public information regarding the investment company's portfolio.
    Rule 5735(g) is similar to Nasdaq Rule 5705(b)(5)(A)(i); however,
paragraph (g) in connection with the establishment and maintenance of a
``fire wall'' between the investment adviser and the broker-dealer
reflects the applicable investment company's portfolio, not an
underlying benchmark index, as is the case with index-based funds.
Neither the Manager nor any of the Sub-Advisers is a broker-dealer, but
each is affiliated with the Distributor, a broker-dealer, and has
implemented and will maintain a fire wall with respect to its broker-
dealer affiliate regarding access to information concerning the
composition and/or changes to the portfolio.
    In addition, personnel who make decisions on the Fund's portfolio
composition will be subject to procedures designed to prevent the use
and dissemination of material non-public information regarding the
Fund's portfolio. In the event (a) the Manager or any of the Sub-
Advisers registers as a broker-dealer or becomes newly affiliated with
a broker-dealer, or (b) any new investment adviser or any new sub-
adviser to the Fund is a registered broker-dealer or becomes affiliated
with another broker-dealer, it will implement and maintain a fire wall
with respect to its relevant personnel and/or such broker-dealer
affiliate, as applicable, regarding access to information concerning
the composition and/or changes to the Fund's portfolio and will be
subject to procedures designed to prevent the use and dissemination of
material non-public information regarding such portfolio.
    The Fund's investments, including derivatives, will be consistent
with the Fund's investment objectives, applicable legal requirements
\102\ and will not be used for the purpose of seeking leveraged returns
or performance that is the multiple or inverse multiple of a benchmark
(although derivatives may have embedded leverage). Although the Fund
will be permitted to borrow as permitted under the 1940 Act, it will
not be operated as a ``leveraged ETF,'' i.e., it will not be operated
in a manner designed to seek leveraged returns or a multiple or inverse
multiple of the performance of an underlying reference index.\103\ The
Fund may engage in frequent and active trading of portfolio investments
to achieve its investment objective.
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    \102\ As noted above, the Fund will limit its investments in
illiquid securities or other illiquid assets to an aggregate amount
of 15% of its net assets (calculated at the time of investment), as
required by the Commission.
    \103\ As noted above, the Fund will not invest in leveraged,
inverse or inverse leveraged ETFs.
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    The Exchange believes that, notwithstanding that the Fund would not
meet all of the ``generic'' listing requirements of Nasdaq Rule
5735(b)(1), the Fund will not be subject to manipulation, the
investments of the Fund will be able to be monitored and surveilled by
the Exchange and risks will be mitigated by alternative limits imposed
by the Exchange and by the voluntary limits imposed by the Fund (see
supra ``Investment Restrictions''). As a result, it is in the public
interest to approve listing and trading of Shares of the Fund on the
Exchange pursuant to the requirements set forth herein. Deviations from
the generic requirements are necessary for the Fund to achieve its
investment objective in a cost-effective manner that maximizes
investors' returns and to manage the risks associated with its
investments, and the Exchange proposes that the Fund will be required
to comply with alternative requirements that are customized to address
the objectives of Section 6(b)(5) of the Act, as described herein.
Further, the strategy and investments of the Fund are substantially
similar to those of other ETFs previously approved by the Commission,
which have operated safely and without disrupting the market for
several years.\104\
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    \104\ See, e.g., Securities Exchange Act Release Nos. 66321
(February 3, 2012) 77 FR 6850 (February 9, 2012) (SR-NYSEArca-2011-
95) (granting approval for the listing of shares of the PIMCO Total
Return Exchange Traded Fund); 72666 (July 24, 2014) (granting
approval to the use of derivatives by the PIMCO Total Return
Exchange Traded Fund); and 76719 (December 21, 2015) (granting
approval for the listing of shares of the Guggenheim Total Return
Bond ETF).
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    The Fund will not comply with the requirements in Nasdaq Rule
5735(b)(1) regarding the use of aggregate gross notional value of
derivatives when calculating the weight of such derivatives or the
exposure that such derivatives provide to underlying reference assets,
including the requirements in Rules 5735(b)(1)(D)(i),
5735(b)(1)(D)(ii), 5735(b)(1)(E) and 5735(b)(1)(F).\105\ Instead, the
Exchange proposes that, except as otherwise provided herein, for the
purposes of any applicable requirements under Nasdaq Rule 5735(b)(1),
and any alternative requirements proposed by the Exchange, the Fund
will use the mark-to-market value of its derivatives in calculating the
weight of such derivatives or the exposure that such derivatives
provide to their reference assets.\106\ The Exchange believes that this
alternative requirement is appropriate because the mark-to-market value
is a more accurate measurement of the actual exposure incurred by the
Fund in connection with a derivatives position.\107\
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    \105\ See supra notes 67-70.
    \106\ See supra note 71.
    \107\ As previously noted, the mark-to-market approach is
consistent with the valuation methodology for derivatives for asset
coverage purposes advocated by the Commission in proposed Rule 18f-4
under the 1940 Act. See Derivatives Rule Proposing Release. In a
white paper published by staff of the Division of Economic and Risk
Analysis of the SEC (``DERA'') in connection with the proposal of
Rule 18f-4 under the 1940 Act, the staff of DERA noted that a
derivative's notional amount does not accurately reflect the risk of
the derivative. See Daniel Deli, Paul Hanouna, Christof Stahel, Yue
Tang and William Yost, Use of Derivatives by Registered Investment
Companies (December 2015) at 10 (``On the other hand, there are
drawbacks to using notional amounts. First, because of differences
in expected volatilities of the underlying assets, notional amounts
of derivatives across different underlying asset generally do not
represent the same unit of risk. For example, the level of risk
associated with a $100 million notional of a S&P500 index futures is
not equivalent to the level of risk of a $100 million notional of
interest rate swaps, currency forwards or commodity futures.'').
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    The Fund will not comply with the requirement that securities
comprising at least 90% of the fixed income weight of the Fund's
portfolio meet one of the criteria in Nasdaq Rule 5735(b)(1)(B)(iv) in
respect to its investments in ABS/

Private MBS.\108\ Instead, ABS/Private MBS will be limited to 20% of
the weight of the fixed income portion of the Fund's portfolio.\109\
The Exchange proposes, in the alternative, to require the Fund to
ensure that all of the investments in the fixed income portion of the
Fund's portfolio, other than ABS/Private MBS, comply with the 90%
requirement in Nasdaq Rule 5735(b)(1)(B)(iv).\110\ The Exchange
believes that this alternative limitation is appropriate because Nasdaq
Rule 5735(b)(1)(B)(iv) does not appear to be designed for structured
finance vehicles such as ABS/Private MBS, and the overall weight of
ABS/Private MBS held by the Fund will be limited to 20% of the fixed
income portion of the Fund's portfolio, as described above. As
discussed above, although ABS/Private MBS will be excluded for the
purposes of compliance with Nasdaq Rule 5735(b)(1)(B)(iv), the Fund's
portfolio is consistent with the statutory standard as a result of the
diversification provided by the investments and the Sub-Adviser's
selection process, which closely monitors investments to ensure
maintenance of credit and liquidity standards and relies on the higher
investment levels in these instruments during periods of U.S. economic
strength.
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    \108\ See supra note 73.
    \109\ See supra note 74.
    \110\ For purposes of this requirement, the weight of the Fund's
exposure to any fixed income securities referenced in derivatives
shall be calculated based on the mark-to-market value of such
derivatives. CDOs, in which the Fund invests, would comply with the
90% requirement in Nasdaq Rule 5735(b)(1)(B)(iv) but would be
limited in amount to 10% of the Fund's total assets. The Exchange
believes that the 10% limit on the Fund's holdings in CDOs will help
to ensure that the Fund maintains a diversified portfolio and will
mitigate the risk of manipulation.
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    As discussed above, the Exchange has determined to make an
exception solely in respect of the Fund such that CDOs will not be
deemed to be included in the definition of ABS for purposes of the
limitation in Nasdaq Rule 5735(b)(1)(B)(v) and, as a result, will not
be subject to the restriction on aggregate holdings of ABS/Private MBS
contained in such Rule, which limits such holdings to no more than 20%
of the weight of the fixed income portion of the Fund's portfolio.
However, the Fund's holdings in CDOs will be limited such that they do
not account, in the aggregate, for more than 10% of the total assets of
the Fund. The Exchange believes that the 10% limit on the Fund's
holdings in CDOs will help to ensure that the Fund maintains a
diversified portfolio and will mitigate the risk of manipulation.
    The Exchange has classified bank loans as Debt for purposes of this
proposed rule change and not as ``fixed income securities'' as they are
classified in Nasdaq Rule 5735(b)(1)(B). As a result, the Fund's
investments in bank loans will comply with the limitations or
restrictions applicable to the Fund's investments in Debt as set forth
herein with respect to such holdings and not with the restrictions for
fixed income securities set forth in Nasdaq Rule 5735(b)(1)(B)(i)-
(v).\111\ The Exchange believes that this approach is appropriate given
that the ``generic'' listing requirements in Nasdaq Rule 5735(b)(1)(B)
generally appear to be tailored to fixed income instruments that are
``securities'', as defined in the Act, rather than loans and other debt
instruments that are not characterized as ``securities'' under
applicable case law.
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    \111\ For a listing of such restrictions, see supra ``Investment
Restrictions.''
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    The Fund will not meet the equity requirements in Nasdaq Rule
5735(b)(1)(A) with respect to Non-Convertible Preferred Securities,
Work Out Securities and warrants.\112\ Instead, the Exchange proposes
that (i) the Fund's investment in convertible fixed income and
preferred securities shall be limited to 20% of the Fund's portfolio;
and (ii) the weight of Non-Convertible Preferred Securities, Work Out
Securities and Equity-Related Warrants in the Fund's portfolio shall
together not exceed 15% of the Fund's assets. The Exchange believes
that these alternative limitations are appropriate in light of the fact
that the Non-Convertible Preferred Securities, Equity Related Warrants
and Work Out Securities are providing debt-oriented exposures or are
received in connection with the Fund's previous investment in Debt or
fixed income securities, and all of the other equity securities held by
the Fund will comply with the requirements of Nasdaq Rule
5735(b)(1)(A).\113\
---------------------------------------------------------------------------

    \112\ As noted above, convertible fixed income securities
(including CoCos) and convertible preferred securities are treated
as fixed income securities for purposes of this proposed rule
change. See supra ``Application of Generic Listing Requirements''
section (ii) and note 80.
    \113\ Other equities consist of ETFs (including money market
ETFs) that provide exposure to fixed income securities, Debt and
other Principal Investments. The weight of such ETFs in the Fund's
portfolio shall not be limited. As noted above, Fixed-Income Related
Warrants are treated as fixed income securities for purposes of this
proposed rule change and will be subject to and comply with the
generic listing requirements for fixed-income securities, rather
than the generic listing requirements for equity securities. See
supra note 23.
---------------------------------------------------------------------------

    The Fund will not meet the requirement in Nasdaq Rule 5735(b)(1)(E)
that no more than 20% of the assets in the Fund's portfolio may be
invested in over-the-counter derivatives. Instead, the Exchange
proposes that there shall be no limit on the Fund's investment in
Interest Rate and Currency Derivatives, and the weight of all OTC
Derivatives other than Interest Rate and Currency Derivatives shall not
exceed 10% of the Fund's Assets. For purposes of this 10% limit on OTC
Derivatives, the weight of such OTC Derivatives will be calculated
based on the mark-to-market value of such OTC Derivatives. The Exchange
believes that this exception for Interest Rate and Currency
Derivatives, which is generally consistent with the requirement in a
previous filing for the listing of an ETF approved by the
Commission,\114\ is appropriate in light of the fact that Interest Rate
and Currency Derivatives are among the most liquid investment
instruments (including not only derivatives but also securities) in the
market \115\ (and the instruments are even more liquid than most non-
government or government-guaranteed securities). Based on the data
compiled by the Sub-Adviser in respect to its liquidity policy, these
derivatives are among the most liquid investment instruments traded. In
addition, most Interest Rate Derivatives traded by the Fund are
centrally cleared by regulated clearing firms, and Interest Rate and
Currency Derivatives are subject to trade reporting,\116\ and other

robust regulation.\117\ Given the size of the trading market and the
regulatory oversight of the markets, the Exchange believes that
Interest Rate and Currency Derivatives are not readily subject to
manipulation. The Exchange also believes that allowing the Fund to risk
manage its portfolio through the use of Interest Rate and Currency
Derivatives without limit is necessary to allow the Fund to achieve its
investment objective and protect investors.
---------------------------------------------------------------------------

    \114\ See Securities Exchange Act Release No. 80657 (May 11,
2017), 82 FR 22702 (May 17, 2017) (SR-NYSEArca-2017-09) (approving
up to 50% of the fund's assets (calculated on the basis of aggregate
gross notional value) to be invested in over-the-counter derivatives
that are used to reduce currency, interest rate, or credit risk
arising from the fund's investments, including forwards, over-the-
counter options, and over-the-counter swaps).
    \115\ Trading in foreign exchange markets averaged $5.1 trillion
per day in April 2016, and 67% of this trading activity was in
derivatives contracts such as currency or foreign exchange forwards,
options and swaps (with the other 33% consisting of spot
transactions). See Bank for International Settlements, Triennal
[sic] Central Bank Survey, Foreign Exchange Turnover in April 2016,
available at http://www.bis.org/publ/rpfx16fx.pdf (accessed November
2017). Trading in OTC interest rate derivatives averaged $2.7
trillion per day in April 2016. See Bank for International
Settlements, Triennal [sic] Central Bank Survey, OTC Interest Rate
Derivatives Turnover in April 2016, available at http://www.bis.org/publ/rpfx16ir.pdf (accessed November 2017).
    \116\ Transactions in Interest Rate and Currency Derivatives are
required to be reported to a swap data repository, and transactions
in Interest Rate Derivatives and certain Currency Derivatives (i.e.,
Currency Derivatives that are not excluded from the definition of a
``swap'', as described below) are also publicly reported pursuant to
rules issued by the CFTC. See 17 CFR parts 43, 45 and 46. Pursuant
to Section 1(a)(47)(E) of the CEA and a related determination by the
Department of the Treasury, Excluded Currency Derivatives are
excluded from the definition of a ``swap'' under the CEA. See
Determination of Foreign Exchange Swaps and Foreign Exchange
Forwards Under the Commodity Exchange Act, 77 FR 69694 (Nov. 20,
2012). However, as noted above, transactions in such Excluded
Currency Derivatives are required to be reported to a swap data
repository, but they are not subject to the public reporting
requirements.
    \117\ Interest Rate Derivatives and Currency Derivatives other
than Excluded Currency Derivatives are comprehensively regulated as
swaps under the CEA and regulations issued thereunder by the CFTC
and other federal financial regulators. See, e.g., 17 CFR part 23
(capital and margin requirements for swap dealers, business conduct
standards for swap dealers, and swap documentation requirements); 17
CFR part 50 (clearing requirements for swaps). While Excluded
Currency Derivatives are not subject to all swap regulations, they
are subject to the ``business conduct standards'' adopted by the
CFTC pursuant to the CEA. See Section 1(a)(47)(E) of the CEA;
Determination of Foreign Exchange Swaps and Foreign Exchange
Forwards Under the Commodity Exchange Act, 77 FR 69694 (Nov. 20,
2012).
---------------------------------------------------------------------------

    The Fund will not comply with the requirement in Nasdaq Rule
5735(b)(1)(D)(i) that at least 90% of the weight of the Fund's holdings
in futures, exchange-traded options, and listed swaps shall, on both an
initial and continuing basis, consist of futures, options, and swaps
for which the Exchange may obtain information via the ISG from other
members or affiliates of the ISG, or for which the principal market is
a market with which the Exchange has a comprehensive surveillance
sharing agreement. Instead, the Exchange proposes that no more than 10%
of the assets of the Fund will be invested in Exchange-Traded
Derivatives and exchange-listed securities whose principal market is
not a member of ISG or is not a market with which the Exchange has a
comprehensive surveillance sharing agreement. For purposes of this 10%
limit, the weight of such Exchange-Traded Derivatives will be
calculated based on the mark-to-market value of such Exchange-Traded
Derivatives. The Exchange believes that this alternative limitation is
appropriate because the overall limit on Exchange-Traded Derivatives
and exchange-listed securities whose principal market is not a member
of ISG or is a market with which the Exchange does not have a
comprehensive surveillance sharing agreement will still be low relative
to the overall size of the Fund.
    The Fund will not comply with the requirement in Nasdaq Rule
5735(b)(1)(D)(ii) that the aggregate gross notional value of listed
derivatives based on any five or fewer underlying reference assets
shall not exceed 65% of the weight of the Fund's portfolio (including
gross notional exposures), and the aggregate gross notional value of
listed derivatives based on any single underlying reference asset shall
not exceed 30% of the weight of the Fund's portfolio (including gross
notional exposures). Instead, the Exchange proposes that the Fund will
comply with the concentration requirements in Nasdaq Rule
5735(b)(1)(D)(ii) except with respect to the Fund's investment in
Eurodollar and G-7 Sovereign Futures and Options. The Fund may maintain
significant positions in Eurodollar and G-7 Sovereign Futures and
Options, and such investments will not be subject to the concentration
limits provided in Nasdaq Rule 5735(b)(1)(D)(ii). For purposes of this
[sic] requirements, the weight of the applicable Exchange-Traded
Derivatives will be calculated based on the mark-to-market value of
such Exchange-Traded Derivatives. The Manager has indicated that
obtaining exposure to these investments through futures contracts is
often the most cost efficient method to achieve such exposure. The
Exchange notes that Eurodollar and G-7 Sovereign Futures and Options
are highly liquid investments \118\ and are not subject to the same
concentration risks as Exchange-Traded Derivatives referencing other
assets because of such liquidity. Further, the Exchange notes that the
significantly diminished risk of Treasury Securities is reflected in
their exclusion from the concentration requirements applicable to fixed
income securities in Nasdaq Rule 5735(b)(1)(B)(ii). The Exchange
proposes that the Fund will comply with the concentration requirements
in Nasdaq Rule 5735(b)(1)(D)(ii) except with respect to the Fund's
investment in Eurodollar and G-7 Sovereign Futures and Options. The
Exchange believes that this alternative limitation is appropriate to
provide the Fund with sufficient flexibility and because of the highly
liquid and transparent nature of Eurodollar and G-7 Sovereign Futures
and Options. Further, as described above, the G-7 Sovereign Futures and
Options in which the Fund invests will be listed on an exchange that is
an ISG

member or an exchange with which the Exchange has a comprehensive
surveillance sharing agreement.
---------------------------------------------------------------------------

    \118\ See CME Group, Interest Rate Futures Liquidity Metrics
Reach New Highs (October 6, 2017), available at http://www.cmegroup.com/education/interest-rates-liquidity-metrics-reach-new-highs.html (accessed November 2017) (providing statistics
regarding liquidity and open interest in futures and options on
eurodollars and Treasury Securities, including that during the first
three quarters of 2017, eurodollar futures and options traded
through CME Group had an average daily open interest of
approximately 53 million contracts and futures and options on
Treasury Securities had an average daily open interest of
approximately 15 million contracts); The Montreal Exchange,
Statistics for Interest Rate Derivatives, Index Derivatives and
Equity Derivatives (September 2017), available at https://www.m-x.ca/f_stat_en/1709_stats_en.pdf (accessed November 2017) (providing
statistics regarding liquidity and open interest in futures and
options on Canadian sovereign debt, including that, as of September
2017, the open interest in futures and options on Canadian sovereign
debt traded on The Montreal Exchange was approximately 560,000
contracts); Eurex Exchange, Benchmark Fixed Income Derivatives,
available at https://www.eurexchange.com/blob/115654/4c51e4b8bc77355475b3b6f46afc0ef1/data/factsheet_eurex_benchmark_fixed_income_derivatives.pdf (accessed
November 2017) (providing statistics regarding liquidity and open
interest in futures and options on German sovereign debt, including
that, as of July 2015, the open interest in futures on German
sovereign debt traded on Eurex was approximately 3,000,000 contracts
and the open interest in options on German sovereign debt futures
traded on Eurex was approximately 3,000,000 contracts); Eurex
Exchange, Eurex Exchange Euro-BTP Futures, Italian Government Bond
Futures, available at http://www.eurexchange.com/blob/115624/6a1281939d15ddbab960af40da6f11dc/data/factsheet_eurex_euro_btp_futures_on_italian_government_bonds.pdf
(accessed November 2017) (providing statistics regarding liquidity
and open interest in futures on Italian sovereign debt, including
that the open interest peaks in 2017 for futures on long-term and
short-term Italian sovereign debt traded on Eurex was approximately
450,000 and 270,000 contracts, respectively); Eurex Exchange, Euro-
OAT Derivatives, French Government Bond Futures and Options,
available at http://www.eurexchange.com/blob/115652/48198ec577f7b3b0ac44d4c5a39ed0de/data/factsheet_eurex_euro_oat_futures_on_french_government_bonds.pdf
(accessed November 2017) (providing statistics regarding liquidity
and open interest in futures on French sovereign debt, including
that, as of July 2017, the open interest in futures on long-term
French sovereign debt traded on Eurex was approximately 600,000
contracts); Intercontinental Exchange, Gilt Futures Overview,
available at https://www.theice.com/publicdocs/futures/Gilt_Futures_Overview.pdf (accessed November 2017) (providing
statistics regarding liquidity and open interest in futures on
British sovereign debt, including that, as of the third quarter of
2014, the open interest in futures on long-term British sovereign
debt traded on the Intercontinental Exchange was approximately
400,000 contracts); Osaka Exchange, Japanese Government Bond Futures
& Options, available at http://www.jpx.co.jp/english/derivatives/products/jgb/jgb-futures/tvdivq0000003n94-att/JGB_FUT_OP_E.pdf
(accessed November 2017) (providing statistics regarding liquidity
and open interest in futures and options on Japanese sovereign debt,
including that as of July 2016, the open interest in futures on 10-
year Japanese sovereign debt traded on the Osaka Exchange was
approximately 80,000 contracts). The Exchange also notes that the
Commission has previously granted exemptions under the Act to
facilitate the trading of futures on sovereign debt issued by each
of the Group of Seven countries (among other countries) and that
such exemptions were based in part on the Commission's assessment of
the sufficiency of the credit ratings and liquidity of such
sovereign debt. See 17 CFR 240.3a12-8; Securities Exchange Act
Release No. 41453 (May 26, 1999), 64 FR 29550 (June 2, 1999).
---------------------------------------------------------------------------

    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 every Business
Day that the Fund is traded, 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 will be publicly
available regarding the Fund and the Shares, thereby promoting market
transparency.
    Moreover, the Intraday Indicative Value, available on the Nasdaq
Information LLC proprietary index data service, will be widely
disseminated by one or more major market data vendors at least every 15
seconds during the Exchange's Regular Market Session. On each Business
Day, before commencement of trading in the Shares in the Regular Market
Session on the Exchange, the Fund will disclose on its website the
Disclosed Portfolio of the Fund that will form the basis for the Fund's
calculation of NAV at the end of the Business Day. 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. Information regarding market price and trading
volume of the Shares will be continually available on a real-time basis
throughout the Business Day on brokers' computer screens and other
electronic services. Quotation and last sale information for the Shares
will be available via Nasdaq proprietary quote and trade services, as
well as in accordance with the Unlisted Trading Privileges and the CTA
plans for the Shares and for the following U.S. securities, to the
extent they are exchange-listed: Work Out Securities, Non-Convertible
Preferred Securities, warrants, convertible fixed income and
convertible preferred securities and ETFs. Price information for U.S.
exchange-listed options will be available via the Options Price
Reporting Authority and for other U.S. Exchange-Traded Derivatives will
be available from the applicable listing exchange and from major market
data vendors. Price information for restricted securities will be
available from major market data vendors, broker-dealers and trading
platforms, as well as for most fixed income securities sold in
transactions under Rule 144A under the Securities Act, from TRACE and
EMMA. Money Market Funds are typically priced once each Business Day
and their prices will be available through the applicable fund's
website or from major market data vendors.
    For other exchange-listed securities (to be comprised primarily of
ETFs, warrants and structured notes and which may include exchange-
listed securities of both U.S. and non-U.S. issuers), equities traded
in the over-the-counter market (including Work Out Securities and Non-
Convertible Preferred Securities), Exchange-Traded Derivatives
(including U.S. or foreign), OTC Derivatives, Debt and fixed income
securities (including convertible fixed income and convertible
preferred securities), and the small number of Securitized Products
that are not reported to TRACE, intraday price quotations will
generally be available from broker-dealers and trading platforms (as
applicable). TRACE will be a source of price information for most of
the U.S. dollar denominated corporate bonds,\119\ GSE-sponsored
securities, Securitized Products and other U.S. dollar denominated
fixed income securities in which the Fund invests.\120\ Intraday and
other price information related to foreign government securities, Money
Market Funds, and other cash equivalents that are traded over-the-
counter and other Non-TRACE Eligible Securities as well as prices for
Treasury Securities, CDOs, commercial mortgage-backed securities, or
CMOs purchased through transactions that do not qualify for periodic
dissemination by FINRA \121\ will be available through major market
data vendors, such as Bloomberg, Markit, IDC and Thomson Reuters, which
can be accessed by APs and other investors. EMMA will be a source of
price information for municipal bonds. Pricing for repurchase
transactions and reverse repurchase agreements entered into by the Fund
are not publicly reported. Prices are determined by negotiation at the
time of entry with counterparty brokers, dealers and banks.
---------------------------------------------------------------------------

    \119\ Broker-dealers that are FINRA member firms have an
obligation to report transactions in specified debt securities to
TRACE to the extent required under applicable FINRA rules.
Generally, such debt securities will have at issuance a maturity
that exceeds one calendar year. For fixed income securities that are
not reported to TRACE, (i) intraday price quotations will generally
be available from broker-dealers and trading platforms (as
applicable) and (ii) price information will be available from feeds
from market data vendors, published or other public sources, or
online information services, as described above.
    \120\ Broker-dealers that are FINRA member firms have an
obligation to report transactions in TRACE-Eligible Securities to
TRACE. For the definition of ``TRACE-Eligible Security,'' see FINRA
Rule 6710(a).
    \121\ See supra note 94.
---------------------------------------------------------------------------

    The Fund's website will include a form of the prospectus for the
Fund and additional data relating to NAV and other applicable
quantitative information. Moreover, prior to the commencement of
trading, the Exchange will inform its members in an Information
Circular of the special characteristics and risks associated with
trading the Shares. Trading in the Shares of the Fund will be halted
under the conditions specified in Nasdaq Rules 4120 and 4121 or because
of market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable, and trading in the Shares will
be subject to Nasdaq Rule 5735(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 Intraday 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 ETF that will enhance
competition among market participants, to the benefit of investors and
the marketplace.
    For the above reasons, the Exchange believes the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act.

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. The Exchange believes that
the proposed rule change will facilitate the listing and trading of an
additional type of actively-managed ETF 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 either solicited or received.

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 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 such 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 protected]. Please include
File Number SR-NASDAQ-2018-080 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-2018-080. 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 website (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 website 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. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NASDAQ-2018-080, and should be submitted
on or before November 26, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\122\
---------------------------------------------------------------------------

    \122\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-24068 Filed 11-2-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 196 (Wednesday, October 12, 2022)]
[Notices]
[Page 61642]
[FR Doc No: 2022-22096]

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SECURITIES AND EXCHANGE COMMISSION

[TM-270-650; OMB Control No. 3235-0700]

Submission for OMB Review; Comment Request; Extension: Rule 18a-4

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736

    Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget (``OMB'') a request for approval of extension of the
previously approved collection of information provided for in Rule 18a-
4 (17 CFR 240.18a-4), under the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) (``Exchange Act'').
    Rule 18a-4 establishes segregation requirements for cleared and
non-cleared security-based swap transactions, which applies to non-
broker-dealer security-based swap dealers (``SBSDs'') (i.e., bank SBSDs
and nonbank stand-alone SBSDs), as well as notification requirements
for non-broker-dealer SBSDs and major security-based swap participants
(``MSBSPs'').
    The aggregate annual burden for all respondents is estimated to be
7,647 hours. The aggregate annual cost burden for all respondents is
estimated to be $2,667.
    An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
    The public may view background documentation for this information
collection at the following website: www.reginfo.gov. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent by November 14, 2022 to (i)
[email protected] and (ii) David Bottom,
Director/Chief Information Officer, Securities and Exchange Commission,
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending
an email to: [email protected].

    Dated: October 5, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-22096 Filed 10-11-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 205 (Monday, October 24, 2011)]
[Notices]
[Pages 65736-65737]
[FR Doc No: 2011-27326]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2011-N-0002]

Psychopharmacologic Drugs Advisory Committee; Notice of Meeting

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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    This notice announces a forthcoming meeting of a public advisory
committee of the Food and Drug Administration (FDA). The meeting will
be open to the public.
    Name of Committee: Psychopharmacologic Drugs Advisory Committee.
    General Function of the Committee: To provide advice and
recommendations to the Agency on FDA's regulatory issues.
    Date and Time: The meeting will be held on December 12, 2011, from
8 a.m. to 5 p.m.
    Location: The Marriott Inn and Conference Center, University of
Maryland University College (UMUC), The Ballroom, 3501 University Blvd.
East, Adelphi, MD 20783. The conference center's telephone number is
301-985-7300.
    Contact Person: Philip Bautista, Center for Drug Evaluation and
Research, Food and Drug Administration, 10903 New Hampshire Ave., Bldg.
31, rm. 2417, Silver Spring, MD 20993-0002,<PHONE_NUMBER>, Fax: 301-847-
8533, e-mail<EMAIL_ADDRESS>or FDA Advisory Committee Information
Line, 1-800-741-8138<PHONE_NUMBER> in the Washington, DC area), and
follow the

prompts to the desired center or product area. Please call the
Information Line for up-to-date information on this meeting. A notice
in the Federal Register about last minute modifications that impact a
previously announced advisory committee meeting cannot always be
published quickly enough to provide timely notice. Therefore, you
should always check the Agency's Web site and call the appropriate
advisory committee hot line/phone line to learn about possible
modifications before coming to the meeting.
    Agenda: The committee will discuss safety and efficacy issues with
new drug application (NDA) 022549, ADASUVE (loxapine) inhalation
powder, Alexza Pharmaceuticals, Inc., for the acute treatment of
agitation associated with schizophrenia or bipolar I disorder in
adults. Particular issues for discussion are concerns regarding
pulmonary safety.
    FDA intends to make background material available to the public no
later than 2 business days before the meeting. If FDA is unable to post
the background material on its Web site prior to the meeting, the
background material will be made publicly available at the location of
the advisory committee meeting, and the background material will be
posted on FDA's Web site after the meeting. Background material is
available at http://www.fda.gov/AdvisoryCommittees/Calendar/default.htm. Scroll down to the appropriate advisory committee link.
    Procedure: Interested persons may present data, information, or
views, orally or in writing, on issues pending before the committee.
Written submissions may be made to the contact person on or before
November 28, 2011. Oral presentations from the public will be scheduled
between approximately 1 p.m. and 2 p.m. Those individuals interested in
making formal oral presentations should notify the contact person and
submit a brief statement of the general nature of the evidence or
arguments they wish to present, the names and addresses of proposed
participants, and an indication of the approximate time requested to
make their presentation on or before November 17, 2011. Time allotted
for each presentation may be limited. If the number of registrants
requesting to speak is greater than can be reasonably accommodated
during the scheduled open public hearing session, FDA may conduct a
lottery to determine the speakers for the scheduled open public hearing
session. The contact person will notify interested persons regarding
their request to speak by November 18, 2011.
    Persons attending FDA's advisory committee meetings are advised
that the Agency is not responsible for providing access to electrical
outlets.
    FDA welcomes the attendance of the public at its advisory committee
meetings and will make every effort to accommodate persons with
physical disabilities or special needs. If you require special
accommodations due to a disability, please contact Philip Bautista at
least 7 days in advance of the meeting.
    FDA is committed to the orderly conduct of its advisory committee
meetings. Please visit our Web site at http://www.fda.gov/AdvisoryCommittees/AboutAdvisoryCommittees/ucm111462.htm for procedures
on public conduct during advisory committee meetings.
    Notice of this meeting is given under the Federal Advisory
Committee Act (5 U.S.C. app. 2).

    Dated: October 18, 2011.
Jill Hartzler Warner,
Acting Associate Commissioner for Special Medical Programs.
[FR Doc. 2011-27326 Filed 10-21-11; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register Volume 86, Number 206 (Thursday, October 28, 2021)]
[Proposed Rules]
[Pages 59682-59684]
[FR Doc No: 2021-23538]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R09-OAR-2021-0620; FRL-9188-01-R9]

Air Plan Approval; California; Ventura County Air Pollution
Control District

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: The Environmental Protection Agency (EPA) is proposing to
approve revisions to the Ventura County Air Pollution Control District
(VCAPCD) portion of the California State Implementation Plan (SIP).
These revisions concern emissions of volatile organic compounds (VOCs)
from surface cleaning and degreasing operations, and from batch loaded
vapor degreasing operations. We are proposing to approve changes to
SIP-approved local rules to regulate these emission sources under the
Clean Air Act (CAA or the Act). We are taking comments on this proposal
and plan to follow with a final action.

DATES: Comments must be received on or before November 29, 2021.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R09-
OAR-2021-0620 at https://www.regulations.gov. For comments submitted at
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, please contact the person identified in
the FOR FURTHER INFORMATION CONTACT section. For the full EPA public
comment policy, information about CBI or multimedia submissions, and
general guidance on making effective comments, please visit https://www.epa.gov/dockets/commenting-epa-dockets. If you need assistance in a
language other than English or if you are a person with disabilities
who needs a reasonable accommodation at no cost to you, please contact
the person identified in the FOR FURTHER INFORMATION CONTACT section.

FOR FURTHER INFORMATION CONTACT: Robert Schwartz or Doris Lo, EPA
Region IX, 75 Hawthorne St., San Francisco, CA 94105. By phone: (415)
972-3959 or by email at [email protected].

SUPPLEMENTARY INFORMATION: Throughout this document, ``we,'' ``us'' and
``our'' refer to the EPA.

Table of Contents

I. The State's Submittal
    A. What rules did the State submit?
    B. Are there other versions of these rules?
    C. What is the purpose of the submitted rule revisions?
II. The EPA's Evaluation and Action
    A. How is the EPA evaluating the rules?
    B. Do the rules meet the evaluation criteria?
    C. The EPA's Recommendations To Further Improve the Rules
    D. Public Comment and Proposed Action
III. Incorporation by Reference
IV. Statutory and Executive Order Reviews

I. The State's Submittal

A. What rules did the State submit?

    Table 1 lists the rules addressed by this proposal with the dates
that they were adopted by the local air agency and submitted by the
California Air Resources Board (CARB).

                                            Table 1--Submitted Rules
----------------------------------------------------------------------------------------------------------------
                                                                                Revised and
            Local agency                Rule No.              Rule title              adopted        Submitted
----------------------------------------------------------------------------------------------------------------
VCAPCD.............................            74.6  Surface Cleaning and             11/10/2020      07/26/2021
                                                      Degreasing.
VCAPCD.............................          74.6.1  Batch Loaded Vapor               11/10/2020      07/26/2021
                                                      Degreasers.
----------------------------------------------------------------------------------------------------------------

    On September 25, 2021, the EPA determined that the submittal for
VCAPCD Rule 74.6 and Rule 74.6.1 met the completeness criteria in 40
CFR part 51 Appendix V, which must be met before formal EPA review.

B. Are there other versions of these rules?

    We approved earlier versions of Rule 74.6 and Rule 74.6.1 into the
SIP on October 25, 2005.\1\ The VCAPCD adopted revisions to the SIP-
approved versions on November 10, 2020, and CARB submitted them to us
on July 26, 2021. If we take final action to approve the November 10,
2020 versions of Rule 74.6 and Rule 74.6.1, these versions will replace
the previously approved versions of these rules in the SIP.
---------------------------------------------------------------------------

    \1\ 70 FR 61561.
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C. What is the purpose of the submitted rule revisions?

    Emissions of VOCs contribute to the production of ground-level
ozone and smog, which harm human health and the environment. Section
110(a) of the CAA requires states to submit regulations that control
VOC emissions. The District revised Rule 74.6 to contain more stringent
solvent cleaning VOC limits, remove an inappropriate exemption for
sources covered by a National Emission Standards for Hazardous Air
Pollutants (NESHAP) standard, and to add several housekeeping updates.
Rule 74.6.1 was revised to include more stringent requirements for
alternative cleaning systems, recordkeeping, and test methods; to
remove an inappropriate exemption for sources covered by a NESHAP
standard, and to add several housekeeping updates. The EPA's technical
support document (TSD) has more information about these rules.

II. The EPA's Evaluation and Action

A. How is the EPA evaluating the rules?

    Rules in the SIP must be enforceable (see CAA section 110(a)(2)),
must not interfere with applicable requirements concerning attainment
and reasonable further progress or other CAA requirements (see CAA
section 110(l)), and must not modify certain SIP control requirements
in nonattainment areas without ensuring equivalent or greater emissions
reductions (see CAA section 193).
    Generally, SIP rules must require reasonably available control
technology (RACT) for each category of sources covered by a Control
Techniques Guidelines (CTG) document as well as each major source of
VOCs in ozone nonattainment areas classified as Moderate or above (see
CAA section 182(b)(2)). The VCAPCD regulates an ozone nonattainment
area classified as a Serious nonattainment area for the 2008 and 2015
8-hour ozone national ambient air quality standards (40 CFR 81.305).
Therefore, these rules must implement RACT.
    Guidance and policy documents that we used to evaluate
enforceability, revision/relaxation and rule stringency requirements
for the applicable criteria pollutants include the following:

1. ``State Implementation Plans; General Preamble for the
Implementation of Title I of the Clean Air Act Amendments of 1990,''
57 FR 13498 (April 16, 1992); 57 FR 18070 (April 28, 1992).
2. ``Issues Relating to VOC Regulation Cutpoints, Deficiencies, and
Deviations,'' EPA, May 25, 1988 (the Bluebook, revised January 11,
1990).
3. ``Guidance Document for Correcting Common VOC & Other Rule
Deficiencies,'' EPA Region 9, August 21, 2001 (the Little Bluebook).
4. ``Control of Volatile Organic Emissions from Solvent Metal
Cleaning,'' EPA-450/2-77-022, November 1977.
5. ``Control Techniques Guidelines for Industrial Cleaning
Solvents,'' EPA-453/R-06-001, September 2006.

B. Do the rules meet the evaluation criteria?

    These rules meet CAA requirements and are consistent with relevant
guidance regarding enforceability, RACT, and SIP revisions. The
District revised Rule 74.6 to contain more stringent solvent cleaning
VOC limits and to remove an inappropriate exemption for sources covered
by a NESHAP standard. Rule 74.6.1 was revised to include more stringent
requirements for alternative cleaning systems, recordkeeping, and test
methods, and to remove an inappropriate exemption for sources covered
by a NESHAP standard. The TSD has more information on our evaluation.

C. The EPA's Recommendations To Further Improve the Rules

    We recommend that the District revise Rule 74.6 to contain
consistent record retention requirements of at least five years in all
applicable provisions of the rule. The TSD includes additional
recommendations for the next time the local agency modifies the rules.

D. Public Comment and Proposed Action

    As authorized in section 110(k)(3) of the Act, the EPA proposes to
fully approve the submitted rules because they fulfill all relevant
requirements. We will accept comments from the public on this proposal
until November 29, 2021.

III. Incorporation by Reference

    In this rule, the EPA is proposing to include in a final EPA rule
regulatory text that includes incorporation by reference. In accordance
with requirements of 1 CFR 51.5, the EPA is proposing to incorporate by
reference the VCAPCD rules described in Table 1 of this preamble. The
EPA has made, and will continue to make, these materials available
through https://www.regulations.gov and at the EPA Region IX Office
(please contact the persons identified in the FOR FURTHER INFORMATION
CONTACT section of this preamble for more information).

IV. Statutory and Executive Order Reviews

    Under the Clean Air Act, the Administrator is required to approve a
SIP submission that complies with the provisions of the Act and
applicable federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, the EPA's role is to approve state
choices, provided that they meet the criteria of the Clean Air Act.
Accordingly, this proposed action merely proposes to approve state law
as meeting federal requirements and does not impose additional
requirements beyond those imposed by state law. For that reason, this
proposed action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Orders
12866 (58 FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21,
2011);

     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the Clean Air Act; and
     Does not provide the EPA with the discretionary authority
to address disproportionate human health or environmental effects with
practical, appropriate, and legally permissible methods under Executive
Order 12898 (59 FR 7629, February 16, 1994).
    In addition, the SIP is not approved to apply on any Indian
reservation land or in any other area where the EPA or an Indian tribe
has demonstrated that a tribe has jurisdiction. In those areas of
Indian country, the rule does not have tribal implications and will not
impose substantial direct costs on tribal governments or preempt tribal
law as specified by Executive Order 13175 (65 FR 67249, November 9,
2000).

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Intergovernmental relations, Ozone, Reporting and
recordkeeping requirements, Volatile organic compounds.
    Authority: 42 U.S.C. 7401 et seq.

    Dated: October 23, 2021.
Deborah Jordan,
Acting Regional Administrator, Region IX.
[FR Doc. 2021-23538 Filed 10-27-21; 8:45 am]
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[Federal Register Volume 86, Number 49 (Tuesday, March 16, 2021)]
[Notices]
[Pages 14425-14426]
[FR Doc No: 2021-05385]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #1

    Take notice that the Commission received the following exempt
wholesale generator filings:

    Docket Numbers: EG21-105-000.
    Applicants: Elara Energy Project, LLC.
    Description: Elara Energy Project, LLC submits Notice of Self-
Certification of Exempt Wholesale Generator Status.
    Filed Date: 3/4/21.
    Accession Number: 20210304-5214.
    Comments Due: 5 p.m. ET 3/25/21.

    Docket Numbers: EG21-106-000.
    Applicants: Taygete Energy Project II, LLC.
    Description: Notice of Self-Certification of Exempt Wholesale
Generator Status of Taygete Energy Project II, LLC.
    Filed Date: 3/10/21.
    Accession Number: 20210310-5068.
    Comments Due: 5 p.m. ET 3/31/21.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER10-2034-007; ER15-190-016; ER18-490-000.
    Applicants: Duke Energy Renewable Services, LLC, Duke Energy
Indiana, LLC.
    Description: Supplement to December 18, 2020 Triennial Market Power
Analysis for Central Region of Duke Companies.
    Filed Date: 3/4/21.
    Accession Number: 20210304-5210.
    Comments Due: 5 p.m. ET 3/25/21.

    Docket Numbers: ER18-126-001; ER16-2019-005.
    Applicants: AL Solar A, LLC, Five Points Solar Park LLC.
    Description: Notice of Non-Material Change in Status of AL Solar A,
LLC, et al.
    Filed Date: 3/9/21.
    Accession Number: 20210309-5195.
    Comments Due: 5 p.m. ET 3/30/21.

    Docket Numbers: ER21-1176-000.
    Applicants: Delta's Edge Solar, LLC.
    Description: Delta's Edge Solar, LLC submits Supplemental
Information Regarding the Application for Market Based Rate Authority.
    Filed Date: 2/25/21.
    Accession Number: 20210225-5221.
    Comments Due: 5 p.m. ET 3/18/21.

    Docket Numbers: ER21-1249-001.
    Applicants: Vineyard Reliability LLC.
    Description: Tariff Amendment: Vineyard_Rel_MBRA_App_Supp to be
effective 3/5/2021.
    Filed Date: 3/10/21.
    Accession Number: 20210310-5000.
    Comments Due: 5 p.m. ET 3/24/21.

    Docket Numbers: ER21-1310-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Tariff Cancellation: Notice of Cancellation of ISA, SA
No. 4730; Queue No. AC1-039 to be effective 4/26/2021.
    Filed Date: 3/9/21.
    Accession Number: 20210309-5166.
    Comments Due: 5 p.m. ET 3/30/21.

    Docket Numbers: ER21-1312-000.
    Applicants: New York State Electric & Gas Corporation, New York
Independent System Operator, Inc.
    Description: Sec.  205(d) Rate Filing: 205: NYISO-NYSEG Joint LGIA
2487 among NYISO, NYSEG, Baron Winds to be effective 2/24/2021.
    Filed Date: 3/10/21.
    Accession Number: 20210310-5051.
    Comments Due: 5 p.m. ET 3/31/21.

    Docket Numbers: ER21-1314-000.
    Applicants: Tri-State Generation and Transmission Association, Inc.
    Description: Sec.  205(d) Rate Filing: Amendment to Service
Agreement No. 849 to be effective 2/11/2021.
    Filed Date: 3/10/21.
    Accession Number: 20210310-5091.
    Comments Due: 5 p.m. ET 3/31/21.

    Docket Numbers: ER21-1315-000.
    Applicants: Midcontinent Independent System Operator Inc., American
Transmission Company LLC.
    Description: Sec.  205(d) Rate Filing: 2021-03-10_SA 2775 ATC-
Marshfield 1st Rev CFA to be effective 5/10/2021.
    Filed Date: 3/10/21.
    Accession Number: 20210310-5106.
    Comments Due: 5 p.m. ET 3/31/21.

    Docket Numbers: ER21-1316-000.
    Applicants: Louisville Gas and Electric Company.
    Description: Sec.  205(d) Rate Filing: EKPC Bullitt County CIAC
Agreement to be effective 3/10/2021.
    Filed Date: 3/10/21.
    Accession Number: 20210310-5138.
    Comments Due: 5 p.m. ET 3/31/21.

    Docket Numbers: ER21-1317-000.
    Applicants: Kentucky Utilities Company.
    Description: Sec.  205(d) Rate Filing: KU Concurrence EKPC Bullitt
County CIAC Agreement to be effective 3/10/2021.
    Filed Date: 3/10/21.
    Accession Number: 20210310-5139.
    Comments Due: 5 p.m. ET 3/31/21.

    Take notice that the Commission received the following public
utility holding company filings:

    Docket Numbers: PH21-8-000.
    Applicants: Greenidge Generation Holdings Inc., Atlas Capital
Resources (A9-Parallel) LP.
    Description: Greenidge Generation Holdings Inc. et al., submits
FERC-65-A Exemption Notification.
    Filed Date: 3/9/21.
    Accession Number: 20210309-5194.
    Comments Due: 5 p.m. ET 3/30/21.

    The filings are accessible in the Commission's eLibrary system
(https://elibrary.ferc.gov/idmws/search/fercgensearch.asp) by querying
the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: March 10, 2021.
Kimberly D. Bose,
Secretary.
[FR Doc. 2021-05385 Filed 3-15-21; 8:45 am]
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