[Federal Register: November 26, 2007 (Volume 72, Number 226)]
[Notices]
[Page 65994-66002]
[DOCID:fr26no07-76]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56802; File No. SR-Amex-2007-53]

Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of a Proposed Rule Change, and Amendment Nos. 1 and 2
Thereto, Relating to the Listing and Trading of the GreenHaven
Continuous Commodity Index Fund

November 16, 2007.
    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 May 29, 2007, the American Stock Exchange LLC (``Amex'' 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

substantially prepared by the Exchange. On July 31, 2007, Amex filed
Amendment No. 1 to the proposed rule change, and on November 16, 2007,
Amex filed Amendment No. 2 to the proposed rule change. The Commission
is publishing this notice to solicit comments on the proposed rule
change, as amended, 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, pursuant to Commentary .07 to Amex Rule
1202, to list and trade shares of the GreenHaven Continuous Commodity
Index Fund (the ``Fund''). The text of the proposed rule change is
available at the Commission's Public Reference Room, at the Exchange,
and at http://www.amex.com.

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
    Pursuant to Commentary .07 to Amex Rule 1202, the Exchange may
approve for listing and trading trust issued receipts (``TIRs'')
investing in shares or securities (the ``Investment Shares'') that hold
investments in any combination of securities, futures contracts,
options on futures contracts, swaps, forward contracts, commodities or
portfolios of investments. Amex proposes to list for trading the shares
of the Fund (the ``Shares''), which represent beneficial ownership
interests in the Master Fund's net assets, consisting solely of the
common units of beneficial interest (``Master Fund Units'') of the
GreenHaven Continuous Commodity Index Tracking Master Fund (the
``Master Fund'').
    The investment objective of the Fund and the Master Fund is to
reflect the performance of the Continuous Commodity Total Return Index
(the ``Index'' or ``CCI-TR''), \3\ over time, less the expenses of the
operations of the Fund and the Master Fund. The Fund will pursue its
investment objective by investing substantially all of its assets in
the Master Fund. The Master Fund will pursue its investment objective
by investing in a portfolio of exchange-traded futures, each a
``Commodity Futures Contract,'' on the commodities comprising the Index
(``the Index Commodities''). The Master Fund will also hold cash and
United States Treasury securities for deposit with the Master Fund's
Commodity Broker as margin and other high credit quality short-term
fixed income securities. The Master Fund's portfolio is managed to
reflect the performance of the Index over time.
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    \3\ Reuters America LLC (``Reuters'') is the owner, publisher,
and custodian of CCI-TR which represents a total return version of
the original Commodity Research Bureau (CRB) Index. The Index is
widely viewed as a broad measure of overall commodity price trends
because of the diverse nature of the Index's constituent
commodities. The Index is calculated to produce an unweighted
geometric mean of the individual commodity price relatives, i.e., a
ratio of the current price to the base year average price. The base
year for the CCI-TR is 1982, with a starting value of 100.
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    The Master Fund will not be ``actively managed,'' but instead seeks
to track the performance of the CCI-TR. To maintain the correspondence
between the composition and weightings of the Index Commodities
comprising the Index, the Managing Owner may adjust the portfolio on a
daily basis to conform to periodic changes in the identity and/or
relative weighting of the Index Commodities. The Managing Owner will
also make adjustments and changes to the portfolio in the case of
significant changes to the Index. The Managing Owner is registered as a
commodity pool operator (``CPO'') and commodity trading advisor
(``CTA'') with the Commodity Futures Trading Commission (``CFTC'') and
is a member of the National Futures Association (``NFA'').
    The Exchange submits that Commentary .07 to Amex Rule 1202
accommodates the listing and trading of the Shares.

a. Introduction

    In January of 2006, the Commission approved Commentary .07 to Rule
1202, which expanded the ability of the Exchange to list and trade TIRs
based on a portfolio of underlying investments that may not be
``securities.'' \4\ In the instant proposal, the Exchange proposes to
list and trade the Shares pursuant to such Rule.
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    \4\ See Securities Exchange Act Release No. 53105 (January 11,
2006), 71 FR 3129 (January 19, 2006) (SR-Amex-2005-59).
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    Under Commentary .07(c) to Amex Rule 1202, the Exchange may list
and trade TIRs investing in Investment Shares \5\ such as the Shares.
The Shares will conform to the initial and continued listing criteria
under Commentary .07(d) to Amex Rule 1202. The Fund was formed as a
separate series of a Delaware statutory trust pursuant to a Certificate
of Trust and a Declaration of Trust and Trust Agreement among, CSC
Trust Company of Delaware, as trustee, and the Managing Owner and the
Limited Owner, as the holders of the Shares.\6\
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    \5\ Commentary .07(b)(1) to Amex Rule 1202 defines ``Investment
Shares'' as a security (a) that is issued by a trust, partnership,
commodity pool or other similar entity that invests in any
combination of futures contracts, options on futures contracts,
forward contracts, commodities, swaps or high credit quality short-
term fixed income securities or other securities; and (b) issued and
redeemed daily at net asset value in amounts correlating to the
number of receipts created and redeemed in a specified aggregate
minimum number.
    \6\ The Trust and the Funds will not be subject to registration
and regulation under the Investment Company Act of 1940 (the ``1940
Act'').
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    The Exchange notes that the Commission has permitted the listing
and trading on Amex of products linked to the performance of underlying
currencies and commodities.\7\
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    \7\ See, e.g., Securities Exchange Act Release Nos. 55632 (April
13, 2007), 72 FR 19987 (April 20, 2007) (SR-Amex-2006-112)
(approving the listing and trading of the United States Natural Gas
Fund, LP); 53582 (March 31, 2006), 71 FR 17510 (April 6, 2006) (SR-
Amex 2005-127) (approving the listing and trading of the United
States Oil Fund, LP); 53521 (March 20, 2006), 71 FR 14967 (March 24,
2006) (SR-Amex 2005-72) (approving the listing and trading of the
iShares Silver Trust); and 53105 (January 11, 2006), 71 FR 3129
(January 19, 2006) (SR-Amex 2006-53) (approving the listing and
trading of the DB Commodity Index Tracking Fund); 53059 (January 5,
2006), 71 FR 2072 (January 12, 2006) (SR-Amex 2005-128) (approving
the listing and trading of the Euro Currency Trust); 51058 (January
19, 2005), 70 FR 3749 (January 26, 2005) (SR-Amex 2004-38)
(approving the listing and trading of the iShares COMEX Gold Trust);
and 51446 (March 29, 2005), 70 FR 17272 (April 5, 2005) (SR-2005-32)
(approving the listing and trading of streetTRACKS Gold Shares). See
also Securities Exchange Act Release Nos. 55029 (December 29, 2006),
72 FR 806 (January 8, 2007) (SR-Amex 2006-76) (approving the listing
and trading of the DB Multi-Sector Commodity Trust); 54450
(September 14, 2006), 71 FR 55230 (September 21, 2006) (SR-Amex
2006-44) (approving the listing and trading of shares of the DB
Currency Index Value Fund); and 55292 (February 14, 2007), 72 FR
8406 (February 26, 2007) (SR-Amex 2006-86) (approving the listing
and trading of shares on DB U.S. Dollar Index Bullish Fund and the
PowerShares DB U.S. Dollar Index Bearish Fund).
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b. Description of the Index

    The CCI-TR, consisting of 17 commodity futures prices, offers
investors a broad benchmark for the

performance of the commodity sector. The 17 commodities are currently:
Corn, wheat, soybeans, live cattle, lean hogs, gold, silver, copper,
cocoa, coffee, sugar 11, cotton, orange juice, platinum, crude
oil, heating oil, and natural gas. The Index is intended to provide a
representation of broad trends in overall commodity prices, and was
originally calculated to produce a ratio of the current price to the
base year average price. The Index takes into account the economics of
rolling listed Commodity Futures Contracts forward to avoid delivery
and maintain exposure to Commodity Futures Contracts with the liquidity
characteristics of being exchange traded. The Index is generally viewed
as a broad measure of overall commodity price trends.
    As the Commodity Futures Contracts near expiration, they are
replaced by contracts that have a later expiration. For example, a
contract purchased and held in November 2006 may specify January 2007
expiration. As that contract nears expiration, it may be replaced by
selling the January 2007 contract and purchasing the contract expiring
in March 2007. This process is referred to as ``rolling.''
Historically, the prices of crude oil and heating oil have frequently
been higher for contracts with shorter-term expirations than for
contracts with longer-term expirations, which is referred to as
``backwardation.'' In these circumstances, absent other factors, the
sale of the January 2007 contract would take place at a price that is
higher than the price at which the March 2007 contract is purchased,
thereby creating a gain in connection with rolling. While crude oil and
heating oil have historically exhibited consistent periods of
backwardation, backwardation will likely not exist in these markets at
all times.
    Conversely, gold, corn, soybeans and wheat historically exhibit
``contango'' markets rather than backwardation, where the prices of
contracts are higher in the distant delivery months than in the nearer
delivery months due to the costs of long-term storage of a physical
commodity prior to delivery or other factors. Although gold, corn,
soybeans and wheat have historically exhibited consistent periods of
contango, it is not likely this will exist in these markets at all
times.
    The Index generally averages all futures prices six months forward,
up to a maximum of five delivery months per commodity. A minimum of two
delivery months, however, must be used to calculate the current price
if the second contract is outside the six-month window. Commodity
Futures Contracts in the delivery period are excluded from the
calculation. Although each of the 17 commodities is equally weighted,
the Index uses an average of the prices of the 17 commodities and an
average of those commodities across time within each commodity. Each
commodity is averaged across time (six-month period) and then these 17
component figures are averaged together. The continuous rebalancing
provided by this methodology means the Index constantly decreases
exposure to commodity markets gaining in value and increases exposure
to those markets declining in value to the diverse nature of its
constituent commodities.
    The following table reflects the index weights, of each Index
commodity:

------------------------------------------------------------------------
                                                           Index weight
                     Index commodity                         (percent)
------------------------------------------------------------------------
WTI Crude Oil...........................................            5.88
Heating Oil.............................................            5.88
Natural Gas.............................................            5.88
Corn....................................................            5.88
Wheat...................................................            5.88
Soybeans................................................            5.88
Live Cattle.............................................            5.88
Lean Hogs...............................................            5.88
Sugar...................................................            5.88
Cotton..................................................            5.88
Coffee..................................................            5.88
Cocoa...................................................            5.88
Orange Juice............................................            5.88
Gold....................................................            5.88
Silver..................................................            5.88
Platinum................................................            5.88
Copper..................................................            5.88
------------------------------------------------------------------------

    Calculating Total Return. The calculation of this index is
comprised of the daily changes in the CCI spot index, the roll yield
that is implied by rolling selected commodity futures contracts forward
to the next defined commodity contract on specific dates (Roll Dates),
and the 90 day T-Bill yield for a single day. The CCI-TR is calculated
using the following three variables:
     The CCI cash index and its daily return; The CCI is a
geometric average of the 17 commodities multiplied by a constant
factor.
    CCI = [Geometric Average (PRICES)/30.7766] x 0.8486 x 100.
     The second Friday in January, February, April, June,
August, and November are the roll dates for the CCI-TR. On these dates,
two sets of prices are considered; one from the expiring month contract
and another from the next contract month window. The ratio of the two
index values is the roll ratio. Each index value in the subsequent
contract month, is multiplied by the value of the ratio. The roll ratio
is determined on the roll date and then is multiplied to each of the
index values for that contract month. The index treated by multiplying
the CCI with the roll ratio is called the CCI--Roll Return Index or CCI
Continuous Contract Index. Roll Ratio = Index Value (nearby month)/
Index value (deferred Month), on the date.
     The CCI-TR had a starting value of 100 on January 1st
1982. This index is compounded daily by multiplying the previous day
value with change in CCI Index on that day and 90 days T-Bill yield for
a single day. On Mondays, the T-Bill yield for 3 days is used because
of the interest earned by the collateral over the weekend.
    CCI-TR = 100 x (1+ Continuous Daily Return + T-Bill return for one
day), beginning January 1, 1982.
    Continuous Daily return = [CCI Continuous Contract Index/CCI
Continuous Contract Index t-1].
    T-Bill return for one day = {[1/(1-(91/360) x T-Bill Rate t-1)]-(l/
91){time} -1.

c. Commodity Futures Contracts

    The prices of the Commodity Futures Contracts are volatile with
fluctuations expected to affect the value of the Shares. Commodity
Futures Contracts to be held by the Master Fund will be traded solely
on U.S. futures exchanges. The Commodity Futures Contracts to be
entered into by the Master Fund are listed and traded on organized and
regulated exchanges based on the various commodities comprising the
Index described above.

----------------------------------------------------------------------------------------------------------------
            Index commodity                        Exchange                           Time traded
----------------------------------------------------------------------------------------------------------------
WTI Crude Oil..........................  New York Mercantile          9 a.m.-2:30 p.m. In addition, NYMEX ACCESS
Heating Oil............................   Exchange (``NYMEX'').        [reg], an electronic trading system, is
                                                                       open for price discovery on the Benchmark
                                                                       Futures Contract each Monday through
                                                                       Thursday at 3:15 p.m. ET through the
                                                                       following morning at 9:50 a.m. E.T., and
                                                                       on Friday from 3:15 p.m. to 5:15 p.m. and
                                                                       from 7 p.m. Sunday night until Monday
                                                                       morning 9:50 a.m. ET.
Natural Gas............................

Corn...................................  Chicago Board of Trade       9:30 a.m.-1:15 p.m. Electronic trading is
                                          (``CBOT'').                  from 6:30 p.m.-6 a.m. and 9:30 a.m.-1:15
                                                                       p.m.
Wheat..................................  CBOT.......................  9:30 a.m.-1:15 p.m. Electronic trading is
                                                                       from 6:32 p.m.-6 a.m. and 9:30 a.m.-1:15
                                                                       p.m.
Soybeans...............................  CBOT.......................  9:30 a.m.-1:15 p.m. Electronic trading is
                                                                       from 6:31 p.m.-6 a.m. and 9:30 a.m.-1:15
                                                                       p.m.
Live Cattle............................  Chicago Mercantile Exchange  9:05-1 p.m.
                                          (``CME'').
Lean Hogs..............................  CME........................  9:10-1 p.m.
Sugar No. 11...........................  New York Board of Trade      8:10 a.m. to 12:30 p.m.; pre-open
                                          (``NYBOT'').                 commences at 8 a.m.; closing period
                                                                       commences at 11:58 a.m. Electronic
                                                                       trading has a pre-opening trading session
                                                                       from 8 p.m. of prior day until 1:30 a.m.
                                                                       and then 1:30 a.m. through 3:15 p.m.
Cotton.................................  NYBOT......................  10:30 a.m. to 2:15 p.m.; pre-open
                                                                       commences at 10:20 a.m.; closing period
                                                                       commences at 2:14 p.m. Electronic trading
                                                                       has a pre-opening trading session from 8
                                                                       p.m. of prior day until 1:30 a.m. and
                                                                       then 1:30 a.m. through 3:15 p.m.
Coffee.................................  NYBOT......................  8:30 a.m. to 12:30 p.m.; pre-open
                                                                       commences at 8:20 a.m.; closing period
                                                                       commences at 12:28 p.m. Electronic
                                                                       trading has a pre-opening trading session
                                                                       from 8 p.m. of prior day until 1:30 a.m.
                                                                       and then 1:30 a.m. through 3:15 p.m.
Cocoa..................................  NYBOT......................  8 a.m.--11:50 a.m. Pre-Open commences at
                                                                       7:50 a.m.; closing period commences at
                                                                       11:45 a.m. Electronic trading has a pre-
                                                                       opening trading session from 8 p.m. of
                                                                       prior day until 1:30 a.m. and then 1:30
                                                                       a.m. through 3:15 p.m.
Orange Juice...........................  NYBOT......................  10 a.m. to 1:30 p.m.; pre-open commences
                                                                       at 9:50 a.m.; pre-close commences at 1:15
                                                                       p.m.; closing period commences at 1:29
                                                                       p.m. Electronic trading has a pre-opening
                                                                       trading session from 6:45 a.m. until 7
                                                                       a.m. and then 7 a.m. through 3:15 p.m.
Gold...................................  NYMEX......................  8:20 p.m.-1:30 p.m.
Silver.................................  NYMEX......................  8:25 a.m.-1:25 p.m.
Platinum...............................  NYMEX......................  8:20 a.m.-1:05 p.m.
Copper.................................  NYMEX......................  8:10 a.m.-1 p.m.
----------------------------------------------------------------------------------------------------------------

d. Structure of the Funds

    Fund and Master Fund. The Fund and Master Fund are statutory trusts
formed pursuant to the Delaware Statutory Trust Act and will issue
units of beneficial interest or shares that represent units of
fractional undivided beneficial interest in and ownership of the
respective Fund, or Master Fund. Unless terminated earlier, the Fund
and Master Fund are of a perpetual duration. The investment objective
of the Fund, through its investment in the Master Fund, is to reflect
the performance of the Index, over time, less the expenses of the Fund
and the Master Fund's overall operations. The Fund will pursue its
investment objective by investing substantially all of its assets in
the Master Fund in a master-feeder structure. The Fund will hold no
investment assets other than Master Fund Units. The Master Fund will be
wholly-owned by the Fund and the Managing Owner. Each Share issued by
the Fund will correlate with a Master Fund Unit issued by the Master
Fund and held by the Fund.\8\
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    \8\ See infra at note 9.
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    The Master Fund will invest in a portfolio of Commodity Futures
Contracts on the Index Commodities. In addition, the Master Funds will
also hold cash and U.S. Treasury securities for deposit with futures
commission merchants (``FCM'') as margin and other high credit quality
short-term fixed income securities.
    Trustee. CSC Trust Company of Delaware (the ``Trustee'') is the
sole trustee of the Fund and the Master Fund. The Trustee delegated to
the Managing Owner certain of the power and authority to manage the
business and affairs of the Fund and the Master Fund and has duties and
liabilities to the Fund and the Master Fund.
    Managing Owner. GreenHaven Commodity Services LLC, a Delaware
limited liability company, will serve as Managing Owner of the Fund and
the Master Fund. The Managing Owner will serve as the commodity pool
operator and commodity trading advisor of the Fund and the Master Fund.
The Managing Owner is registered as a commodity pool operator and
commodity trading advisor with the Commodity Futures Trading
Commission, or the CFTC, and with the National Futures Association, or
the NFA. As a registered commodity pool operator and commodity trading
advisor, with respect to both the Fund and the Master Fund, the
Managing Owner is required to comply with various regulatory
requirements under the Commodity Exchange Act and the rules and
regulations of the CFTC and the NFA, including investor protection
requirements, antifraud prohibitions, disclosure requirements, and
reporting and recordkeeping requirements.
    Commodity Broker or Clearing Broker. Fimat (the ``Commodity
Broker'' or the ``Clearing Broker'') will execute and clear the Master
Fund's Commodity Futures Contract transactions and will perform certain
administrative services for the Master Fund. The Commodity Broker is
registered with the CFTC as a FCM and is a member of the NFA in such
capacity.
    Administrator. The Bank of New York is the administrator for all of
the Funds and the Master Funds (the ``Administrator''). The
Administrator will perform or supervise the performance of services
necessary for the operation and administration of the Fund and the
Master Fund. These services include, but are not limited to, receiving
and processing orders from Authorized Participants (as defined below)
to create and redeem Baskets, accounting, net asset value (``NAV'') \9\

calculations and other fund administrative services.
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    \9\ For the Master Fund, the NAV is the total assets of the
Master Fund less total liabilities of the Master Fund, determined on
the basis of generally accepted accounting principles. NAV per
Master Fund Unit is calculated by dividing by the number of
outstanding units of the Master Fund. The NAV per Share will be the
same because of the one-to-one correlation between the Shares and
the Master Fund Units.
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    Distributor. ALPS Distributor, Inc., is the distributor for both
the Fund and the Master Fund (the ``Distributor''). The Distributor
will assist the Managing Owner and the Administrator with certain
functions and duties relating to the creation and redemption of
Baskets, including receiving and processing orders from Authorized
Participants to create and redeem Baskets, coordinating the processing
of such orders and related functions and duties. The Distributor shall
also review and file marketing materials with the Financial Industry
Regulatory Authority, field investor calls, distribute prospectuses and
consult with the Managing Owner and its affiliates in connection with
marketing and sales strategies.

e. Product Description

    Creation and Redemption of Shares. Issuances of the Shares will be
made only in one or more blocks of 50,000 Shares, each a Basket (the
``Basket'' or ``Basket Aggregation''). The Fund will issue and redeem
the Shares on a continuous basis, by or through participants that have
entered into participant agreements (each, an ``Authorized
Participant'') \10\ with the Managing Owner at the NAV per Share next
determined after an order to purchase the Shares is received in proper
form. Following issuance, the Shares will be traded on the Exchange
similar to other equity securities. The Shares will be registered in
book entry form through DTC.
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    \10\ An ``Authorized Participant'' is a person, who at the time
of submitting to the trustee an order to create or redeem one or
more Baskets, (i) is a registered broker-dealer, (ii) is a
Depository Trust Company (``DTC'') participant (such as a bank,
broker, dealer and trust company) or is an Indirect Participant
(i.e., someone who maintains either directly or indirectly, a
custodial relationship with a DTC participant) and (iii) has in
effect a valid participant agreement, which sets forth the
procedures for the creation and redemption of Baskets of Shares and
for the delivery of cash required for such creations or redemptions.
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    Baskets will be issued in exchange for a cash amount equal to the
NAV per Share times 50,000 Shares (the ``Basket Amount''). The Basket
Amount will be determined on each business day by the Administrator.
Authorized Participants that wish to purchase a Basket must transfer
the Basket Amount to the Administrator (the ``Cash Deposit Amount'').
Authorized Participants that wish to redeem a Basket will receive cash
in exchange for each Basket surrendered in an amount equal to the NAV
per Basket (the ``Cash Redemption Amount''). The Commodity Broker will
be the custodian for the Master Fund and responsible for safekeeping
the Master Fund's assets.
    All purchase orders must be placed by 10 a.m., New York time. The
Basket will be issued at noon on the business day (T+1) immediately
following the purchase order date at the Basket Amount as of the later
of the closing time on the Exchange or the last to close futures
exchange on which the Master Fund's assets are traded.\11\ The Basket
Amount necessary for the creation of a Basket will change from day to
day. On each day that the Exchange is open for regular trading, the
Administrator will adjust the Cash Deposit Amount as appropriate to
reflect the prior day's NAV per Share (as described below) and accrued
expenses. The Administrator will determine the Cash Deposit Amount for
a given business day by multiplying the NAV per Share by the number of
Shares in each Basket (50,000).
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    \11\ The Master Fund is permitted to invest its assets in those
futures contracts traded on futures exchanges that either have a
comprehensive surveillance sharing agreement with the Exchange or
are either SRO members or affiliate members of the Intermarket
Surveillance Group (``ISG'').
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    Likewise, all redemption orders must be placed by 10 a.m., New York
time. The Shares will not be individually redeemable but will only be
redeemable in Baskets. To redeem, an Authorized Participant will be
required to accumulate enough Shares to constitute a Basket (i.e.,
50,000 shares). Upon the surrender of the Shares, the Administrator
will deliver to the redeeming Authorized Participant the Cash
Redemption Amount. The Authorized Participant is required to pay a
transaction fee to the Fund of $500 per order to create or redeem
Baskets.
    On each business day, the Administrator will make available
immediately prior to the opening of trading on Amex via the facilities
of the CTA, the most recent Basket Amount for the creation of a Basket.
The Exchange will disseminate at least every 15 seconds throughout the
trading day, via the CTA, an amount representing on a per Share basis,
the current value of the Basket Amount. It is anticipated that the
deposit of the Cash Deposit Amount in exchange for a Basket will be
made primarily by institutional investors, arbitrageurs, and the
Exchange specialist. Baskets are then separable upon issuance into
identical Shares that will be listed and traded on the Exchange.\12\
The Shares are expected to be traded on the Exchange by professionals,
as well as institutional and retail investors. Thus, the Shares may be
acquired in two ways: (1) Through a deposit of the Cash Deposit Amount
with the Administrator during normal business hours by Authorized
Participants; or (2) through a purchase on the Exchange by investors.
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    \12\ The Shares are separate and distinct from the shares of the
Master Funds consisting primarily of Commodity Futures Contracts on
the Index Commodities. The Exchange expects that the number of
outstanding Shares will increase and decrease as a result of
creations and redemptions of Baskets.
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    Net Asset Value. Shortly after 4:00 p.m. ET each business day, the
Administrator will determine the NAV for the Fund, utilizing the
current settlement value of each Commodity Futures Contract held by the
Master Fund. At or about 4 p.m. ET each business day, the Administrator
will determine the Basket Amounts for orders placed by Authorized
Participants that day. Thus, although Authorized Participants may place
valid orders to purchase Shares throughout the trading day until 10
a.m. ET, the actual Basket Amounts are determined at 4 p.m. ET or
shortly thereafter.
    Shortly after 4 p.m. ET each business day, the Administrator, Amex
and Managing Owner will disseminate the NAV per Share and the Basket
Amount (for orders placed during the day). The Basket Amount and the
NAV per Share are communicated by the Administrator to all Authorized
Participants via facsimile or electronic mail message and the NAV per
Share will be available on the Managing Owner's Web site at http://www.Greenhavenllc.com.
\13\ Amex will also disclose the NAV per Share

and Basket Amount on its Web site.
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    \13\ If the NAV per Share is not disseminated to all market
participants at the same time, the Exchange will halt trading in the
Shares of a Fund.
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    In calculating the NAV per Share the Administrator will value all
Commodity Futures Contracts based on that day's settlement price.
However, if a futures contract on a trading day cannot be liquidated
due to the operation of daily limits or other rules of an exchange upon
which such futures contract is traded, the settlement price on the most
recent trading day on which such Commodity Futures contract could have
been liquidated will be used in determining the Fund's NAV per Share.
Accordingly, the Administrator will typically use that day's futures
settlement price for determining NAV per Share. When calculating NAV
per Share, the Administrator will value the Commodity Futures Contracts
held by the Master Fund on the basis of their then current market
value.
    The Exchange believes that the Shares will not trade at a material
discount or

premium to the Commodities Futures Contracts held by the Fund based on
potential arbitrage opportunities. The arbitrage process, in this case,
provides an opportunity to profit from the differences in prices of the
same or similar securities or futures contracts, increases the
efficiency of the markets, and serves to prevent potentially
manipulative efforts. If the price of a Share deviates enough from the
Indicative Fund Value (discussed below) on a per Share basis to create
a material discount or premium, an arbitrage opportunity is created,
allowing the arbitrageur to either buy Shares at a discount and
immediately short the component future contracts of the CCI-TR Index or
sell Shares short at a premium and buy the component futures contracts
of the CCI-TR Index. Due to the fact that the Shares can be created and
redeemed only in Basket Aggregations at NAV, the Exchange submits that
arbitrage opportunities should provide a mechanism to mitigate the
effect of any premiums or discounts that may exist from time to time.

f. Dissemination of the Index and Underlying Contract Information

    Reuters America LLC is the owner, publisher and custodian of CCI-
TR, which represents a total return version of the ninth revision (as
of 1995) of the original Commodity Research Bureau (CRB) Index. Values
of the underlying Index are computed by Reuters America LLC and widely
disseminated every 15 seconds during the day.
    CCI-TR is calculated to offer investors a representation of the
investable returns that an investor should expect to receive by
attempting to replicate the CCI index by buying the respective
commodity futures and collateralizing their investment with United
States Government securities (i.e., 90-day T-Bills). The CCI-TR takes
into account the economics of rolling listed commodity futures forward
to avoid delivery and maintain exposure in liquid contracts. To achieve
the objectives of the index, Reuters has established rules for
calculation of the index. Specifically, only settlement and last-sale
prices are used in the Index's calculation, bids and offers are not
recognized--including limit-bid and limit-offer price quotes. Where no
last-sale price exists, typically in the more deferred contract months,
the previous days' settlement price is used.
    The Managing Owner represents that it will seek to arrange to have
the Index calculated and disseminated on a daily basis through a third
party if the Index Sponsor ceases to calculate and disseminate the
Index. If, however, the Managing Owner is unable to arrange the
calculation and dissemination of the Index, the Exchange will undertake
to delist the Shares.
    The disseminated value of the Index will not reflect changes to the
prices of the Index Commodities between the close of trading of the
various Commodity Futures Contracts and the close of trading at Amex at
4:15 p.m. ET. In addition, Reuters and the Exchange on their respective
Web sites will also provide any adjustments or changes to the Index.
    The daily settlement prices for each of the Commodity Futures
Contracts held by the Master Fund are publicly available on the NYBOT,
NYMEX, CME and CBOT Web sites.\14\ In addition, various data vendors
and news publications publish futures prices and data. The Exchange
represents that futures contract quotes and last sale information for
the Commodity Futures Contracts on the Index Commodities is widely
disseminated through a variety of market data vendors worldwide,
including Bloomberg and Reuters. In addition, the Exchange further
represents that complete real-time data for such Commodity Futures
Contracts is available by subscription from Reuters and Bloomberg. The
various futures exchanges also provide delayed futures information on
current and past trading sessions and market news free of charge on
their respective Web sites. The specific contract specifications for
each Commodity Futures Contract are also available from the various
futures exchanges on their Web sites as well as other financial
informational sources.

g. Availability of Information Regarding the Shares

    The Web sites for the Fund and/or the Exchange, which are publicly
accessible at no charge, will contain the following information: (a)
The current NAV per Share daily and the prior business day's NAV per
Share and the reported closing price; (b) the mid-point of the bid-ask
price\15\ in relation to the NAV per Share as of the time it is
calculated (the ``Bid-Ask Price''); (c) calculation of the premium or
discount of such price against the NAV per Share; (d) data in chart
form displaying the frequency distribution of discounts and premiums of
the Bid-Ask Price against the NAV per Share, within appropriate ranges
for each of the four previous calendar quarters; (e) the Prospectus;
and (f) other applicable quantitative information.
---------------------------------------------------------------------------

    \14\ See http://www.nybot.com, http://www.nymex.com, http://www.cme.com, and http://www.cbot.com.

    \15\ The bid-ask price of Shares is determined using the highest
bid and lowest offer as of the time of calculation of the NAV.
---------------------------------------------------------------------------

    As described above, the NAV per Share will be calculated and
disseminated daily. Amex will disseminate for the Fund on a daily basis
by means of CTA/CQ High Speed Lines information with respect to the
corresponding Indicative Fund Value (as discussed below), recent NAVs
per Share and Shares outstanding. The Exchange will also make available
on its Web site daily trading volume of the Shares, closing prices of
the Shares, and the NAV per Share. The closing price and settlement
prices of the Commodity Futures Contracts held by the Master Fund are
also readily available from the NYMEX, CBOT, CME and NYBOT, automated
quotation systems, published or other public sources, or on-line
information services such as Bloomberg or Reuters. In addition, the
Exchange will provide a hyperlink on its Web site at http://www.amex.com to the CCI's Web site at http://www.crbtrader.com.

h. Dissemination of Indicative Fund Value

    As noted above, the Administrator calculates and disseminates, once
each trading day, the NAV per Share to market participants. The
Exchange represents that it will obtain a representation (prior to
listing of the Funds) from the Trust that the NAV per Share will be
calculated daily and made available to all market participants at the
same time. In addition, the Administrator causes to be made available
on a daily basis the corresponding Cash Deposit Amounts to be deposited
in connection with the issuance of the respective Shares. In addition,
other investors can request such information directly from the
Administrator, and such information will be provided upon request.
    In order to provide updated information relating to the Fund for
use by investors, professionals and persons wishing to create or redeem
the Shares, the Exchange will disseminate through the facilities of
CTA, an updated Indicative Fund Value (the ``Indicative Fund Value'')
for the Fund. The respective Indicative Fund Value will be disseminated
on a per Share basis at least every 15 seconds during regular Amex
trading hours of 9:30 a.m. to 4:15 p.m. ET. The Indicative Fund Value
will be calculated based on the cash required for creations and
redemptions (i.e., NAV x 50,000) for the Fund adjusted to reflect the
price changes of the Commodity Futures Contracts and the holdings of
U.S. Treasury securities and other high credit quality short-term fixed
income securities.

    The Indicative Fund Value will not reflect price changes to the
price of an underlying commodity between the close of trading of the
futures contract at the relevant futures exchange and the close of
trading on Amex at 4 p.m. ET. The value of a Share may accordingly be
influenced by non-concurrent trading hours between Amex and the various
futures exchanges on which the futures contracts based on the Index
commodities are traded. While the Shares will trade on Amex from 9 a.m.
to 4 p.m. ET, the trading hours for each of the Index commodities
underlying the futures contracts will vary as previously noted.
    While the market for futures trading for each of the Index
commodities is open, the Indicative Fund Value can be expected to
closely approximate the value per Share of the Basket Amount. However,
during Amex trading hours when the futures contracts have ceased
trading, spreads and resulting premiums or discounts may widen, and
therefore, increase the difference between the price of the Shares and
the NAV of the Shares. Indicative Fund Value on a per Share basis
disseminated during Amex trading hours should not be viewed as a real
time update of the NAV, which is calculated only once a day.
    The Exchange believes that dissemination of the Indicative Fund
Value based on the cash amount required for a Basket Aggregation
provides additional information that is not otherwise available to the
public and is useful to professionals and investors in connection with
the Shares trading on the Exchange or the creation or redemption of the
Shares.

i. Termination Events

    The Fund will be terminated if any of the following circumstances
occur: (1) The filing of a certificate of dissolution or revocation of
the Managing Owner's charter (subject to 90-day notice period) or upon
the withdrawal, removal, adjudication or admission of bankruptcy or
insolvency of the Managing Owner, or an event of withdrawal, subject to
exceptions; (2) the occurrence of any event which would make unlawful
the continued existence of the Trust or any Fund, as the case may be;
(3) the event of the suspension, revocation or termination of the
Managing Owner's registration as a CPO, or membership as a CPO with the
NFA, subject to certain conditions; (4) the Trust or any Fund, as the
case may be, becomes insolvent or bankrupt; (5) shareholders holding
Shares representing at least 75% of the Fund NAV (excluding the Shares
of the Managing Owner) notify the Managing Owner that they wish to
dissolve the Trust; (6) the determination of the Managing Owner that
the aggregate net assets of the Fund in relation to the operating
expenses of the Fund make it unreasonable or imprudent to continue the
business of the Fund, or, in the exercise of its reasonable discretion,
the determination by the Managing Owner to dissolve the Trust because
the aggregate net asset value of the Trust as of the close of business
on any business day declines below $10 million; (7) the Trust or any
Fund becoming required to register as an investment company under the
1940 Act; or (8) DTC is unable or unwilling to continue to perform its
functions, and a compatible replacement is unavailable.
    If not terminated earlier, the Fund will endure perpetually. Upon
termination of the Fund, holders of the Shares will surrender their
Shares and receive from the Administrator, in cash, their portion of
the value of the Fund.

j. Criteria for Initial and Continued Listing

    The Fund will be subject to the criteria in Commentary .07(d) of
Amex Rule 1202 for initial and continued listing of the Shares.
    The Fund will accept subscriptions for Shares in Baskets from
Authorized Participants at $30.00 per Share ($1.5 million per Basket)
during an initial offering period commencing with the initial effective
date of the prospectus, and terminating no later than the 90th day
following such date, unless (i) the subscription minimum is reached
before that date and the Managing Owner determines to end the initial
offering period early, or (ii) that date is extended by the Managing
Owner for up to an additional 90 days.
    The Exchange believes that the anticipated minimum number of Shares
outstanding at the start of trading is sufficient to provide adequate
market liquidity and to further the objectives of the Fund.
    The Exchange represents that, for the initial and continued
listing, the Shares must be in compliance with Section 803 of the Amex
Company Guide and Rule 10A-3 under the Act.

k. Original and Annual Listing Fees

    The Amex original listing fee applicable to the listing of the Fund
is $5,000. In addition, the annual listing fee applicable under Section
141 of the Amex Company Guide will be based upon the year-end aggregate
number of shares in the Fund outstanding at the end of each calendar
year.

l. Disclosure

    The Exchange, in an Information Circular (described below)
distributed to Exchange members and member organizations, will inform
members and member organizations, prior to commencement of trading, of
the prospectus delivery requirements applicable to the Fund. The
Exchange notes that investors purchasing Shares directly from the Fund
(by delivery of the corresponding Cash Deposit Amounts) will receive a
prospectus. Amex members purchasing Shares from the Administrator for
resale to investors will deliver a prospectus to such investors.

m. Purchase and Redemptions in the Basket Amount

    In the Information Circular (described below), members and member
organizations will be informed that procedures for purchases and
redemptions of Shares in the Basket Amount are described in the
Prospectus and that Shares are not individually redeemable but are
redeemable only in Baskets or multiples thereof.

n. Trading Rules

    The Shares are equity securities subject to Amex Rules governing
the trading of equity securities, including, among others, rules
governing priority, parity and precedence of orders, specialist
responsibilities and account opening and customer suitability (Rule
411). Initial equity margin requirements of 50% will apply to
transactions in the Shares. Shares will trade on Amex until 4:15 p.m.
ET each business day and will trade in a minimum price variation of
$0.01 pursuant to Amex Rule 127-AEMI. Trading rules pertaining to odd-
lot trading in Amex equities (Rule 205-AEMI) will also apply.
    Amex Rule 154-AEMI (c)(ii) provides that stop and stop limit orders
to buy or sell a security the price of which is derivatively priced
based upon another security or index of securities, may be elected by a
quotation, as set forth in subparagraphs(c)(ii)(1)-(4) of Rule 154-
AEMI.
    Amex Rule 126A-AEMI complies with Rule 611 of Regulation NMS which
requires, among other things, that the Exchange adopt and enforce
written policies and procedures that are reasonably designed to prevent
trade through of protected quotations.\16\
---------------------------------------------------------------------------

    \16\ See Securities Exchange Act Release No. 54552 (September
29, 2006), 71 FR 59546 (October 10, 2006) (SR-Amex-2005-104).
---------------------------------------------------------------------------

    Specialist transactions of the Shares made in connection with the
creation and redemption of Shares will not be

subject to the prohibitions of Amex Rule 190(a).\17\ The Shares will
generally be subject to the Exchange's stabilization rule (Amex Rule
170), except that specialists may buy on ``plus ticks'' and sell on
``minus ticks,'' in order to bring the Shares into parity with the
underlying commodity or commodities and/or futures contract price.
Commentary .07(f) to Amex Rule 1202 sets forth this limited exception
to Amex Rule 170.
---------------------------------------------------------------------------

    \17\ See Commentary .05 to Amex Rule 190.
---------------------------------------------------------------------------

    The Exchange's surveillance procedures for the Shares will be
similar to those used for other TIRs and exchange-traded funds and will
incorporate and rely upon existing Amex surveillance procedures
governing options and equities.
    The trading of the Shares will be subject to certain conflict of
interest provisions set forth in Commentary .07(e) to Amex Rule 1202.

o. Suitability

    The Information Circular (described below) will inform members and
member organizations of the characteristics of the Fund and of
applicable Exchange rules, as well as of the requirements of Amex Rule
411 (Duty to Know and Approve Customers).
    The Exchange notes that pursuant to Amex Rule 411, members and
member organizations are required in connection with recommending
transactions in the Shares to have a reasonable basis to believe that a
customer is suitable for the particular investment given reasonable
inquiry concerning the customer's investment objectives, financial
situation, needs, and any other information known by such member.

p. Information Circular

    Amex will distribute an information circular to its members in
connection with the trading of the Shares (``Information Circular'').
The Information Circular will discuss the special characteristics and
risks of trading this type of security, such as currency fluctuation
risk. Specifically, the Information Circular, among other things, will
discuss what the Shares are, how a Basket is created and redeemed, the
requirement that members and member firms deliver a prospectus to
investors purchasing the Shares prior to or concurrently with the
confirmation of a transaction, applicable Amex rules, dissemination
information, trading information and applicable suitability rules. The
Information Circular will also explain that the Fund is subject to
various fees and expenses described in the Registration Statement. The
Information Circular will also reference the fact that the CFTC has
regulatory jurisdiction over the trading of Commodity Futures
Contracts.
    The Information Circular will also notify members and member
organizations about the procedures for purchases and redemptions of
Shares in Baskets, and that Shares are not individually redeemable but
are redeemable only in one or more Baskets. The Information Circular
will advise members of their suitability obligations with respect to
recommended transactions to customers in the Shares. The Information
Circular will also discuss any relief, if granted, by the Commission or
the staff from any rules under the Act.
    The Information Circular will disclose that the trading hours of
the Shares will be from 9:30 a.m. to 4:15 p.m. ET and that the NAV for
the Shares will be calculated shortly after 4 p.m. ET each trading day.
Information about the Shares and the Index will be publicly available
on Amex's Web site and the Fund's Web site.

q. Surveillance

    The Exchange represents that its surveillance procedures are
adequate to properly monitor the trading of the Shares and to deter and
detect violations of applicable rules. Specifically, the Exchange will
rely on its existing surveillance procedures applicable to TIRs,
Portfolio Depository Receipts and Index Fund Shares, which the Exchange
states have been deemed adequate under the Act. The Exchange currently
has in place comprehensive surveillance sharing agreements with ICE
Futures, LME and NYMEX for the purpose of providing information in
connection with trading in or related to futures contracts traded on
their respective exchanges comprising the Indexes. The Exchange also
notes that CBOE, CME and NYBOT are members of the Intermarket
Surveillance Group (``ISG''). As a result, the Exchange asserts that
market surveillance information is available from relevant futures
exchanges, if necessary, due to regulatory concerns that may arise in
connection with the Commodity Futures Contracts.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with section 6 of the Act \18\ in general, and furthers the objectives
of section 6(b)(5) \19\ in particular in that it is 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 for a free and open market and a national market system, and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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.

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

    The Exchange did not receive any written comments on the proposed
rule change.

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

    Within 35 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 such proposed rule change, or
    B. institute proceedings to determine whether the proposed rule
change should be disapproved.
    The Commission is considering granting accelerated approval of the
proposed rule change at the end of a 15-day comment period.\20\
---------------------------------------------------------------------------

    \20\ Amex requested accelerated approval of this proposed rule
change prior to the 30th day after the date of publication of the
notice of the filing thereof.
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-Amex-2007-53 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-Amex-2007-53. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, 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 inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such 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-Amex-2007-53 and should be
submitted on or before December 11, 2007.
---------------------------------------------------------------------------

    \21\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-22909 Filed 11-23-07; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 10 (Tuesday, January 17, 2012)]
[Notices]
[Pages 2344-2345]
[FR Doc No: 2012-727]

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

DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[DOT Docket No. NHTSA-2011-0045]

Paperwork Reduction Act of 1995

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

ACTION: Request for public comment on proposed collection of
information.

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

SUMMARY: In compliance with the Paperwork Reduction Act of 1995 (PRA)
(44 U.S.C. 3501 et seq.), on March 30, 2011 (76 FR 17746) the agency
published a 60-day notice in the Federal Register soliciting public
comment on the proposed information collection abstracted below.
    In further compliance with the PRA, the agency now publishes this
second notice announcing the submission of its proposed collection to
the Office of Management and Budget (OMB) for review and notifying the
public about how to submit comments on the proposed collection to OMB
during the 30-day comment period.

DATES: Comments must be submitted on or before February 16, 2012.

ADDRESSES: Comments must refer to the docket notice numbers cited at
the beginning of this notice and be submitted to Docket Management,
Room PL-401, 400 Seventh Street SW., Washington, DC 20590. Please
identify the proposed collection of information for which a comment is
provided, by referencing its OMB clearance Number. It is requested, but
not required, that 2 copies of the comment be provided. The Docket
Section is open on weekdays from 10 a.m. to 5 p.m.

FOR FURTHER INFORMATION CONTACT: Ann Burton, NHTSA 1200 New Jersey
Avenue SE., W46-492, NTI-200, Washington, DC 20590. Ms. Burton's
telephone number is<PHONE_NUMBER>. Please identify the relevant
collection of information by referring to its OMB Control Number.

SUPPLEMENTARY INFORMATION: Under the Paperwork Reduction Act of 1995,
before an agency submits a proposed collection of information to OMB
for approval, it must first publish a document in the Federal Register
providing a 60-day public comment period and otherwise consult with
members of the public and affected agencies concerning each proposed
collection of information. The OMB has promulgated regulations
describing what must be included in such a document. Under OMB's
regulation (at 5 CFR 1320.8(d)), an agency must ask for public comment
on the following:
    i. Whether the proposed collection of information is necessary for
the proper performance of the functions of the agency, including
whether the information will have practical utility;
    ii. The accuracy of the agency's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used;
    iii. How to enhance the quality, utility, and clarity of the
information to be collected;
    iv. How to minimize the burden of the collection of information on
those who are to respond, including the use of appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g. permitting electronic
submission of responses.
    In compliance with these requirements, NHTSA asks for public
comments on the following proposed collections of information:
    (1) Title: 23 CFR, 1200.10(d), Uniform Safety Program Cost Summary
Form for Highway Safety Plan.
    OMB Number: 2127-0003.
    Type of Request: Extension of a currently approved collection.
    Affected Public: For the Highway Cost Summary, the public is 50
States, District of Columbia, Puerto Rico, American Samoa, Guam,
Northern Marianas, the Virgin Islands and Bureau of Indian Affairs.
    Abstract: Each State shall have a highway safety program approved
by the Secretary, designed to reduce traffic accidents and deaths,
injuries, and property damage resulting there from. Such program shall
be in accordance with uniform guidelines promulgated by the Secretary
to improve driver performance, and to improve pedestrian performance,
motorcycle safety and bicycle safety. Under this program, States submit
the Highway Safety Program and other documentation explaining how they
intend to use the grant funds. In order to account for funds expended
under these priority areas and other program areas, States are required
to submit a Program Cost Summary. The Program Cost Summary is completed
to reflect the State's proposed Allocation of funds (including

carry-forward funds) by program area, based on the projects and
activities identified in the Highway Safety Plan.
    Estimated Annual Burden: 570.
    Estimated Number of Respondents: 57.
    (2) Title: 23 CFR, 1345, Occupant Protection Incentive Grant--
Section 405.

    OMB Number: 2127-0600.
    Affected Public: For Section 405, the public is 50 States, District
of Columbia, Puerto Rico, American Samoa, Guam, Northern Marianas and
the Virgin Islands.
    Type of Request: Extension of a currently approved collection.
    Abstract: An occupant protection incentive grant is available to
states that can demonstrate compliance with at least four of six
criteria. Demonstration of compliance requires submission of copies of
relevant seat belt and child passenger protection statutes plan and/or
reports on statewide seat belt enforcement and child seat education
programs and possibly some traffic court records. In addition, States
eligible to receive grant funds must submit a Program Cost Summary
(Form 217), allocating section 405 funds to occupant protection
programs.
    Estimated Annual Burden: 1,736.
    Estimated Number of Respondents: 56.
    Comments are invited on: Whether the proposed collection of
information is necessary for the proper performance of the functions of
the Department, including whether the information will have practical
utility; the accuracy of the Department's estimate of the burden of the
proposed information collection; ways to enhance the quality, utility
and clarity of the information to be collected; and ways to minimize
the burden of the collection of information on respondents, including
the use of automated collection techniques or other forms of
information technology.

Mary D. Gunnels,
Associate Administrator, Regional Operations and Program Delivery.
[FR Doc. 2012-727 Filed 1-13-12; 8:45 am]
BILLING CODE 4910-59-P