[Federal Register: May 14, 2008 (Volume 73, Number 94)]
[Notices]
[Page 27878-27882]
[DOCID:fr14my08-114]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57801; File No. SR-NYSEArca-2008-31]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting
Accelerated Approval of Proposed Rule Change Relating to the Listing
and Trading of Shares of Twelve Actively Managed Exchange-Traded Funds
of the WisdomTree Trust

May 8, 2008.

I. Introduction

    On April 4, 2008, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange''),
through its wholly owned subsidiary, NYSE Arca Equities, Inc. (``NYSE
Arca Equities''), filed with the Securities and Exchange Commission
(``Commission''), pursuant to section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'')\1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to list and trade the shares of twelve actively
managed exchange-traded funds of the WisdomTree Trust (``Trust'')
pursuant to NYSE Arca Equities Rule 8.600 (Managed Fund Shares). The
proposed rule change was published for comment in the Federal Register
on April 21, 2008 for a 15-day comment period.\3\ The Commission
received no comments on the proposal. This order approves the proposed
rule change on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 57670 (April 15,
2008), 73 FR 21397.
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II. Description of the Proposal

    The Exchange proposes to list and trade the shares (``Shares'') of
the following twelve actively managed exchange-traded funds of the
Trust pursuant to NYSE Arca Equities Rule 8.600 (Managed Fund Shares):
(1) WisdomTree U.S. Current Income Fund (``Current Income Fund''); (2)
WisdomTree Dreyfus Australian Dollar Fund; (3) WisdomTree Dreyfus
Brazilian Real Fund; (4) WisdomTree Dreyfus British Pound Sterling
Fund; (5) WisdomTree Dreyfus Canadian Dollar Fund; (6) WisdomTree
Dreyfus Chinese Yuan Fund; (7) WisdomTree Dreyfus Euro Fund; (8)
WisdomTree Dreyfus Indian Rupee Fund; (9) WisdomTree Dreyfus Japanese
Yen Fund; (10) WisdomTree Dreyfus New Zealand Dollar Fund; (11)
WisdomTree Dreyfus South African Rand Fund; and (12) WisdomTree Dreyfus
South Korean Won Fund (``International Currency Income Funds,'' and
together with the

Current Income Fund, collectively, the ``Funds'').
    The Exchange proposes to list and trade the Shares of the Funds
pursuant to NYSE Arca Equities Rule 8.600, which governs the listing
and trading of Managed Fund Shares on the Exchange.\4\ Each Fund will
be an actively managed exchange-traded fund. The Shares will be offered
by the Trust, which was established as a Delaware statutory trust on
December 15, 2005 and is registered with the Commission as an
investment company.\5\
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    \4\ ``Managed Fund Shares'' are securities that: (1) Represent
an interest in a registered investment company (``Investment
Company'') organized as an open-end management investment company or
similar entity, that invests in a portfolio of securities selected
by the Investment Company's investment adviser consistent with the
Investment Company's investment objectives and policies; (2) are
issued in a specified aggregate minimum number in return for a
deposit of a specified portfolio of securities and/or a cash amount
with a value equal to the next determined net asset value (``NAV'');
and (3) when aggregated in the same specified minimum number, may be
redeemed at a holder's request, which holder will be paid a
specified portfolio of securities and/or cash with a value equal to
the next determined NAV. See NYSE Arca Equities Rule 8.600(c)(1)
(defining Managed Fund Shares). See also Securities Exchange Act
Release No. 57619 (April 4, 2008), 73 FR 19544 (April 10, 2008) (SR-
NYSEArca-2008-25) (approving, among other things, rules permitting
the listing and trading of Managed Fund Shares).
    \5\ See Post-Effective Amendment No. 14 to Registration
Statement on Form N-1A for the Trust (File Nos. 333-132380 and 811-
21864) (``Registration Statement'').
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Description of the Funds and the Shares

    WisdomTree Asset Management, Inc. (``WisdomTree Asset Management'')
is the investment adviser to each Fund.\6\ The Exchange represents that
WisdomTree Asset Management is not affiliated with any broker-dealer.
Mellon Capital Management serves as the sub-adviser for the Current
Income Fund. The Dreyfus Corporation serves as the sub-adviser to each
International Currency Income Fund. The Bank of New York is the
administrator, custodian, and transfer agent for each Fund. ALPS
Distributors, Inc. serves as the distributor for the Funds.\7\
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    \6\ WisdomTree Investments, Inc. (``WisdomTree Investments'') is
the parent company of WisdomTree Asset Management.
    \7\ The Exchange states that the Trust has received and been
granted by Commission order certain exemptive relief under the
Investment Company Act of 1940 (15 U.S.C. 80a-1) (``1940 Act''). In
compliance with Commentary .05 to NYSE Arca Equities Rule 8.600,
which applies to Managed Fund Shares based on an international or
global portfolio, the Trust's application for exemptive relief under
the 1940 Act states that the Funds will comply with the federal
securities laws in accepting securities for deposits and satisfying
redemptions with redemption securities, including that the
securities accepted for deposits and the securities used to satisfy
redemption requests are sold in transactions that would be exempt
from registration under the Securities Act of 1933.
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    The Current Income Fund. The Current Income Fund seeks to earn
current income while preserving capital and maintaining liquidity by
investing primarily in very short term, high-quality money market
securities denominated in U.S. dollars. Eligible investments include
commercial paper, time deposits and certificates of deposits, asset-
backed securities, government bills, government notes, corporate notes,
and repurchase agreements. The Current Income Fund intends to maintain
an average portfolio maturity of 90 days or less and will not purchase
any money market security with a remaining maturity of more than 397
calendar days.
    The International Currency Income Funds. Each of the WisdomTree
Dreyfus Australian Dollar Fund, British Pound Sterling Fund, Canadian
Dollar Fund, Euro Fund, and Japanese Yen Fund seeks (1) to earn current
income reflective of money market rates available to foreign investors
in the specified country or region, and (2) to maintain liquidity and
preserve capital measured in the currency of the specified country or
region. Each of these Funds intends to invest primarily in very short
term, investment grade money market securities denominated in the non-
U.S. currency specified in its name. Eligible investments include
short-term securities issued by non-U.S. governments, agencies, or
instrumentalities, bank debt obligations and time deposits, bankers'
acceptances, commercial paper, short-term corporate debt obligations,
mortgage-backed securities, and asset-backed securities.
    Each of the WisdomTree Dreyfus Brazilian Real Fund, Chinese Yuan
Fund, Indian Rupee Fund, New Zealand Dollar Fund, South African Rand
Fund, and South Korean Won Fund seeks (1) to earn current income
reflective of money market rates available to foreign investors in the
specified country, and (2) to provide exposure to changes in the value
of the designated non-U.S. currency relative to the U.S. dollar. Each
of these Funds intends to achieve exposure to the non-U.S. market
designated by its name using the following strategy. Each of the Funds
will invest primarily in short-term U.S. money market securities. In
addition, each such Fund will invest a smaller portion of its assets in
forward currency contracts and swaps\8\ designed to provide exposure to
exchange rates and/or money market instruments available to foreign
investors in the non-U.S. market designated in the Fund's name. The
combination of U.S. money market securities with forward currency
contracts and currency swaps is designed to create a position
economically similar to a money market instrument denominated in a non-
U.S. currency.\9\
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    \8\ A forward currency contract is an agreement to buy or sell a
specific currency at a future date at a price set at the time of the
contract. A currency swap is an agreement between two parties to
exchange one currency for another at a future rate.
    \9\ The Exchange states that each of these Funds may pursue its
objectives through direct investments in money market instruments
issued by entities in the applicable non-U.S. country and
denominated in the applicable non-U.S. currency when WisdomTree
Asset Management believes it is in the best interest of the Fund to
do so. The decision to secure exposure directly or indirectly will
be a function of, among other things, market accessibility, credit
exposure, and tax ramifications for foreign investors. If any of
these Funds pursues direct investment, eligible investments will
include short-term securities issued by the applicable foreign
government and its agencies or instrumentalities, bank debt
obligations and time deposits, bankers' acceptances, commercial
paper, short-term corporate debt obligations, mortgage-backed
securities, and asset-backed securities.
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    Each International Currency Income Fund generally will maintain a
weighted average portfolio maturity of 90 days or less and will not
purchase any money market instrument with a remaining maturity of more
than 397 calendar days. The Exchange represents that none of the Funds
will invest in non-U.S. equity securities.
    The Shares. Each Fund will issue and redeem Shares on a continuous
basis at NAV\10\ only in large blocks of shares, typically 50,000
shares or more (``Creation Units''), in transactions with authorized
participants. Each International Currency Income Fund may issue and
redeem Creation Units in exchange for a designated basket of non-U.S.
currency and an amount of U.S. dollar-denominated cash, a basket of
non-U.S. money market instruments and a designated amount of cash, or
simply a designated amount of cash. In addition, creations and
redemptions of the Current Income Fund and the WisdomTree Dreyfus
Brazilian Real Fund, Chinese Yuan Fund, Indian Rupee Fund, New Zealand
Dollar Fund, South African Rand Fund, and South Korean Won Fund would
usually occur in exchange for a basket of U.S. money market instruments
and/or a designated amount of cash. Once created, Shares of the Funds
will trade on the secondary

market in amounts less than a Creation Unit.
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    \10\ The NAV of each Fund's Shares generally is calculated once
daily Monday through Friday as of the close of regular trading on
the New York Stock Exchange LLC, generally 4 p.m. Eastern Time or
``ET.'' NAV per Share is calculated by dividing a Fund's net assets
by the number of Fund Shares outstanding. The Exchange states that
more information regarding the valuation of Fund investments in
calculating a Fund's NAV can be found in the Registration Statement.
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    More information regarding the Shares and the Funds, including
investment strategies, risks, creation and redemption procedures, fees,
portfolio holdings disclosure policies, distributions, and taxes can be
found in the Registration Statement.\11\
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    \11\ See supra note 5.
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Availability of Information

    The Funds' Web site (http://www.wisdomtree.com), which will be
publicly available prior to the public offering of the Shares, will
include a form of the Prospectus for each Fund that may be downloaded.
The Web site will include additional quantitative information updated
on a daily basis, including, for each Fund: (1) The prior business
day's reported NAV, mid-point of the bid/ask spread at the time of
calculation of such NAV (the ``Bid/Ask Price''),\12\ and a calculation
of the premium and discount of the Bid/Ask Price against the NAV; and
(2) data in chart format displaying the frequency distribution of
discounts and premiums of the daily Bid/Ask Price against the NAV,
within appropriate ranges, for each of the four previous calendar
quarters. On each business day, before commencement of the Core Trading
Session,\13\ the Trust will disclose on its Web site the identities and
quantities of the portfolio of securities and other assets (the
``Disclosed Portfolio'')\14\ held by each Fund that will form the basis
for the Fund's calculation of NAV at the end of the business day.\15\
The Web site information will be publicly available at no charge.
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    \12\ The Bid/Ask Price of a Fund is determined using the
midpoint of the highest bid and the lowest offer on the Exchange as
of the time of calculation of such Fund's NAV. The records relating
to Bid/Ask Prices will be retained by the Funds and their service
providers.
    \13\ The Core Trading Session is 9:30 a.m. to 4 p.m. ET.
    \14\ See NYSE Arca Equities Rule 8.600(c)(2) (defining the
Disclosed Portfolio for a series of Managed Fund Shares as the
identities and quantities of the securities and other assets held by
the Investment Company that will form the basis for the Investment
Company's calculation of NAV at the end of the business day).
    \15\ Under accounting procedures followed by the Funds, trades
made on the prior business day (``T'') will be booked and reflected
in the NAV on the current business day (``T+1''). Notwithstanding
the foregoing, portfolio trades that are executed prior to the
opening of the Exchange on any business day may be booked and
reflected in the NAV on such business day. Accordingly, the Funds
will be able to disclose at the beginning of the business day the
portfolio that will form the basis for the NAV calculation at the
end of the business day.
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    In addition, for each Fund, an estimated value, defined in Rule
8.600 as the Portfolio Indicative Value,\16\ will be updated and
disseminated by the Exchange at least every 15 seconds during the Core
Trading Session on the Exchange through the facilities of the
Consolidated Tape Association. The Exchange states that the
dissemination of the Portfolio Indicative Value, together with the
Disclosed Portfolio, will allow investors to determine the value of the
underlying portfolio of a Fund on a daily basis and to provide a close
estimate of that value throughout the trading day.
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    \16\ NYSE Arca Equities Rule 8.600(c)(3) (defining Portfolio
Indicative Value as the estimated indicative value of a Managed Fund
Share based on current information regarding the value of the
securities and other assets in the Disclosed Portfolio).
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    Information regarding market price and volume of the Shares is and
will be continually available on a real-time basis throughout the day
on brokers' computer screens and other electronic services. The
previous day's closing price and trading volume information will be
published daily in the financial section of newspapers. Quotation and
last-sale information for the Shares will be available via the
facilities of the Consolidated Tape Association.

Initial and Continued Listing

    The Exchange represents that the Shares will be subject to NYSE
Arca Equities Rule 8.600(d), which sets forth the initial and continued
listing criteria applicable to Managed Fund Shares.\17\ The Exchange
further represents that, for initial and/or continued listing, the
Shares must be in compliance with Rule 10A-3 under the Exchange
Act,\18\ as provided by NYSE Arca Equities Rule 5.3.
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    \17\ See also supra note 7 (describing the Funds' compliance
with Commentary .05 to NYSE Arca Equities Rule 8.600).
    \18\ 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 a Fund. The Shares of the Funds will be halted
if the ``circuit breaker'' parameters in NYSE Arca Equities Rule 7.12
are reached. 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 comprising the Disclosed Portfolio and/or
the financial instruments of a Fund; or (2) whether other unusual
conditions or circumstances detrimental to the maintenance of a fair
and orderly market are present. In addition, trading in the Shares will
be subject to NYSE Arca Equities Rule 8.600(d)(2)(D), which sets forth
circumstances under which Shares of a Fund may be halted.

Trading Rules

    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. The Shares will trade
on the NYSE Arca Marketplace from 4 a.m. to 8 p.m. ET in accordance
with NYSE Arca Equities Rule 7.34 (Opening, Core, and Late Trading
Sessions). The Exchange states that it has appropriate rules to
facilitate transactions in the Shares during all such trading sessions.
The minimum trading increment for the Shares on the Exchange will be
$0.01.

Surveillance

    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products (which will include
Managed Fund Shares) to monitor trading in the Shares. The Exchange
represents that these procedures are adequate to properly monitor
Exchange trading of the Shares in all trading sessions and to deter and
detect violations of Exchange rules and applicable federal securities
laws. The Exchange's current trading surveillance focuses on detecting
securities trading outside their normal patterns. When such situations
are detected, surveillance analysis follows and investigations are
opened, where appropriate, to review the behavior of all relevant
parties for all relevant trading violations. The Exchange states that
it may obtain information via the Intermarket Surveillance Group
(``ISG'') from other exchanges who are members or affiliate members of
ISG.\19\ In addition, the Exchange also has a general policy
prohibiting the distribution of material, non-public information by its
employees.
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    \19\ The Exchange notes that not all of the components of the
Disclosed Portfolio for each Fund may trade on exchanges that are
members or affiliate members of ISG.
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Information Bulletin

    Prior to the commencement of trading, the Exchange will inform its
ETP Holders \20\ in an Information Bulletin (``Bulletin'') of the
special characteristics and risks associated with trading the Shares.
Specifically, the

Bulletin will discuss the following: (1) The procedures for purchases
and redemptions of Shares in Creation Unit aggregations (and that
Shares are not individually redeemable); (2) NYSE Arca Equities Rule
9.2(a),\21\ which imposes a duty of due diligence on its ETP Holders to
learn the essential facts relating to every customer prior to trading
the Shares; (3) the risks involved in trading the Shares during the
Opening and Late Trading Sessions when an updated Portfolio Indicative
Value will not be calculated or publicly disseminated; (4) how
information regarding the Portfolio Indicative Value is disseminated;
(5) the requirement that ETP Holders deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; and (6) trading information. In
addition, the Bulletin will reference that the Fund is subject to
various fees and expenses described in the Registration Statement,
discuss any exemptive, no-action, and interpretive relief granted by
the Commission from any rules under the Act, and disclose that the NAV
for the Shares will be calculated after 4 p.m. ET each trading day.
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    \20\ ETP Holder refers to a sole proprietorship, partnership,
corporation, limited liability company, or other organization in
good standing that has been issued an Equity Trading Permit or
``ETP.'' An ETP Holder must be a registered broker or dealer
pursuant to Section 15 of the Act. See NYSE Arca Equities Rule
1.1(n).
    \21\ NYSE Arca Equities Rule 9.2(a) provides that an ETP Holder,
before recommending a transaction, must have reasonable grounds to
believe that the recommendation is suitable for the customer based
on any facts disclosed by the customer as to his other security
holdings and as to his financial situation and needs. Further, the
rule provides, with a limited exception, that prior to the execution
of a transaction recommended to a non-institutional customer, the
ETP Holder shall make reasonable efforts to obtain information
concerning the customer's financial status, tax status, investment
objectives, and any other information that the ETP Holder believes
would be useful to make a recommendation.
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III. Discussion and Commission's Findings

    The Commission has carefully reviewed the proposed rule change and
finds that it is consistent with the requirements of section 6 of the
Act \22\ and the rules and regulations thereunder applicable to a
national securities exchange.\23\ In particular, the Commission finds
that the proposal is consistent with section 6(b)(5) of the Act,\24\
which requires, among other things, that the Exchange's rules be
designed to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, to protect investors and the
public interest. The Commission notes that, for the Shares to be listed
and traded on the Exchange, such Shares must be in compliance with the
initial and continued listing requirements under NYSE Arca Equities
Rule 8.600.
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    \22\ 15 U.S.C. 78f.
    \23\ In approving this proposed rule change the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \24\ 15 U.S.C. 78f(b)(5).
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    The Commission believes that the proposal to list and trade the
Shares on the Exchange is consistent with section 11A(a)(1)(C)(iii) of
the Act,\25\ which sets forth Congress' finding that it is in the
public interest and appropriate for the protection of investors and the
maintenance of fair and orderly markets to assure the availability to
brokers, dealers, and investors of information with respect to
quotations for and transactions in securities. Quotations and last-sale
information for the Shares will be disseminated by means of the
facilities of the Consolidated Tape Association. In addition, the
Portfolio Indicative Value will be updated and disseminated at least
every 15 seconds during the Core Trading Session on the Exchange
through the facilities of the Consolidated Tape Association, and, on
each business day before commencement of the Core Trading Session, the
Trust will disseminate the Disclosed Portfolio on its Web site. The
Commission also notes that information regarding market price and
volume of the Shares is and will be continually available on a real-
time basis throughout the day on brokers' computer screens and other
electronic services, and the previous day's closing price and trading
volume information will be published daily in the financial section of
newspapers. Additionally, the following information will be available
on the Funds' Web site (http://www.wisdomtree.com), which will be
publicly accessible at no charge: (1) The prior business day's reported
NAV, the Bid/Ask Price, and a calculation of the premium and discount
of the Bid/Ask Price against the NAV; and (2) data in chart format
displaying the frequency distribution of discounts and premiums of the
daily Bid/Ask Price against the NAV, within appropriate ranges, for
each of the four previous calendar quarters.
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    \25\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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    Furthermore, the Commission believes that the proposal to list and
trade the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. The Commission notes that the Exchange is required to obtain a
representation from the Trust, prior to listing, 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.\26\
The Exchange may consider the suspension of trading in, or removal from
listing of, the Shares if the value of the Portfolio Indicative Value
is no longer calculated or available or the Disclosed Portfolio is not
made available to all market participants at the same time.\27\ In
addition, NYSE Arca Equities Rule 8.600(d)(2)(B)(ii) requires that the
Reporting Authority that provides the Disclosed Portfolio implement and
maintain, or be subject to, procedures designed to prevent the use and
dissemination of material non-public information regarding the actual
components of the portfolio. Lastly, the Commission notes that the
Exchange will halt trading in the Shares under the specific
circumstances set forth in NYSE Arca Equities Rule 8.600(d)(2)(D) and
that, if WisdomTree Asset Management becomes affiliated with a broker-
dealer, WisdomTree Asset Management must erect a firewall between it
and such broker-dealer with respect to access to information concerning
the composition and/or changes to the investment portfolio of the
Funds, in accordance with Commentary .07 to NYSE Arca Equities Rule
8.600.
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    \26\ See NYSE Arca Equities Rule 8.600(d)(1)(B).
    \27\ See NYSE Arca Equities Rule 8.600(d)(2)(C)(ii).
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    The Commission further believes that the trading rules and
procedures to which the Shares will be subject pursuant to this
proposal are consistent with the Act. The Exchange has represented that
the Shares are equity securities subject to Exchange's rules governing
the trading of equity securities.
    In support of this proposal, the Exchange has made the following
representations:
    1. The Shares will be subject to the initial and continued listing
criteria applicable to Managed Fund Shares and, for initial and/or
continued listing, the Shares must comply with Rule 10A-3 under the
Act,\28\ as provided by NYSE Arca Equities Rule 5.3.
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    \28\ 17 CFR 240.10A-3.
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    2. The Exchange's surveillance procedures are adequate to properly
monitor the trading of the Shares. Specifically, NYSE Arca will rely on
its existing surveillance procedures applicable to derivative products,
which will include Managed Fund Shares.\29\
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    \29\ The Commission notes that none of the Funds will invest in
non-U.S. equity securities and believes that the Exchange's proposed
rules and procedures are adequate with respect to the Shares.
However, the Commission notes that other proposed series of Managed
Fund Shares may require additional Exchange rules and procedures to
govern their listing and trading on the Exchange. For example, in
the case of a proposed series of Managed Fund Shares that are based
on a portfolio, at least in part, of non-U.S. equity securities,
rules relating to comprehensive surveillance sharing agreements and
quantitative initial and continued listing standards may be
required.

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    3. Prior to the commencement of trading, the Exchange will inform
its members and member organizations in an Information Bulletin of the
following: (1) The procedures for purchases and redemptions of Shares
in Creation Unit aggregations (and that Shares are not individually
redeemable); (2) NYSE Arca Equities Rule 9.2(a), which imposes a duty
of due diligence on its ETP Holders to learn the essential facts
relating to every customer prior to trading the Shares; (3) the risks
involved in trading the Shares during the Opening and Late Trading
Sessions when an updated Portfolio Indicative Value will not be
calculated or publicly disseminated; (4) how information regarding the
Portfolio Indicative Value is disseminated; (5) the requirement that
ETP Holders deliver a prospectus to investors purchasing newly issued
Shares prior to or concurrently with the confirmation of a transaction;
and (6) trading information. In addition, the Information Bulletin will
reference that the Fund is subject to various fees and expenses
described in the Registration Statement, discuss any exemptive, no-
action, and interpretive relief granted by the Commission from any
rules under the Act, and disclose that the NAV for the Shares will be
calculated after 4:00 p.m. ET each trading day.
    This approval order is based on the Exchange's representations.
    The Commission finds good cause for approving the proposed rule
change before the 30th day after the date of publication of notice of
filing thereof in the Federal Register. The Commission notes that the
investment objectives of the Funds are similar to those applicable to
other Managed Fund Shares, the listing and trading of which the
Commission has previously approved for other national securities
exchanges.\30\ The Commission believes that accelerated approval of the
proposed rule change should provide additional choices for investors
in, and promote additional competition in the market for, Managed Fund
Shares. Therefore, the Commission finds good cause, consistent with
section 19(b)(2) of the Act, to approve the proposed rule change on an
accelerated basis.
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    \30\ See, e.g., Securities Exchange Act Release Nos. 57619
(April 4, 2008), 73 FR 19544 (April 10, 2008) (SR-NYSEArca-2008-25)
(approving, among other things, the listing and trading of shares of
the PowerShares Active Low Duration Portfolio, which seeks to exceed
the total return of the Lehman Brothers 1-3 Year U.S. Treasury Index
by investing, normally, at least 80% of its assets in a diversified
portfolio of U.S. government and corporate debt securities); and
57514 (March 17, 2008), 73 FR 15230 (March 21, 2008) (SR-Amex-2008-
02) (approving the listing and trading of shares of the Bear Stearns
Current Yield Fund, which seeks to invest primarily in short-term
debt obligations, including U.S. government securities, bank
obligations, corporate debt obligations, foreign bank obligations
(U.S. dollar denominated), foreign corporate debt obligations (U.S.
dollar denominated), and other financial instruments).
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IV. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\31\ that the proposed rule change (SR-NYSEArca-2008-31) be, and it
hereby is, approved on an accelerated basis.
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    \31\ 15 U.S.C. 78s(b)(2).

    \32\ 17 CFR 200.30-3(a)(12).
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    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-10724 Filed 5-13-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 83, Number 104 (Wednesday, May 30, 2018)]
[Notices]
[Page 24841]
[FR Doc No: 2018-11548]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. 2018-43]

Petition for Exemption; Summary of Petition Received; Vickers
Aircraft Company LTD

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice.

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

DATES: Comments on this petition must identify the petition docket
number and must be received on or before June 19, 2018.

ADDRESSES: Send comments identified by docket number FAA-2018-0227
using any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov and follow the online instructions for sending your
comments electronically.
     Mail: Send comments to Docket Operations, M-30; U.S.
Department of Transportation (DOT), 1200 New Jersey Avenue SE., Room
W12-140, West Building Ground Floor, Washington, DC 20590-0001.
     Hand Delivery or Courier: Take comments to Docket
Operations in Room W12-140 of the West Building Ground Floor at 1200
New Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.
     Fax: Fax comments to Docket Operations at<PHONE_NUMBER>.
    Privacy: In accordance with 5 U.S.C. 553(c), DOT solicits comments
from the public to better inform its rulemaking process. DOT posts
these comments, without edit, including any personal information the
commenter provides, to http://www.regulations.gov, as described in the
system of records notice (DOT/ALL-14 FDMS), which can be reviewed at
http://www.dot.gov/privacy.
    Docket: Background documents or comments received may be read at
http://www.regulations.gov at any time. Follow the online instructions
for accessing the docket or go to the Docket Operations in Room W12-140
of the West Building Ground Floor at 1200 New Jersey Avenue SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Brent Hart<PHONE_NUMBER>, Office of
Rulemaking, Federal Aviation Administration, 800 Independence Avenue
SW., Washington, DC 20591.
    This notice is published pursuant to 14 CFR 11.85.

    Issued in Washington, DC, on May 21, 2018.
Lirio Liu,
Executive Director, Office of Rulemaking.

Petition for Exemption

    Docket No.: FAA-2018-0227.
    Petitioner: Vickers Aircraft Company LTD.
    Section(s) of 14 CFR Affected: 21.181(a)(3)(i), 21.190(a), 43.3(c),
43.7(g), 61.89(c)(1), 61.303(a), 61.315(a), 61.411(a), 61.415(a),
61.429(b), and 65.107(b) and (c).
    Description of Relief Sought: Vickers Aircraft Company LTD seeks an
exemption to allow the Wave amphibious aircraft to be designed,
operated, and maintained under the regulations and standards that are
applicable to aircraft issued a special airworthiness certificate in
the light-sport category despite exceeding the maximum takeoff weight
under the definition of ``light sport aircraft'' set forth in 14 CFR
1.1 due to the incorporation of unique safety design features.

[FR Doc. 2018-11548 Filed 5-29-18; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 82, Number 130 (Monday, July 10, 2017)]
[Proposed Rules]
[Pages 31741-31742]
[FR Doc No: 2017-14317]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R05-OAR-2016-0603; FRL-9964-62-Region 5]

Air Plan Approval; Minnesota; Prevention of Significant
Deterioration

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: The Environmental Protection Agency (EPA) is proposing to
approve a revision to the Minnesota State Implementation Plan (SIP)
submitted on October 4, 2016. EPA is proposing to approve the state's
Prevention of Significant Deterioration (PSD) rules which incorporate
the Federal PSD rules by reference.

DATES: Comments must be received on or before August 9, 2017.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R05-
OAR-2016-0603 at http://www.regulations.gov, or via email to
<EMAIL_ADDRESS>For comments submitted at Regulations.gov,
follow the online instructions for submitting comments. Once submitted,
comments cannot be edited or removed from Regulations.gov. For either
manner of submission, 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. 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 http://www2.epa.gov/dockets/commenting-epa-dockets.

FOR FURTHER INFORMATION CONTACT: Rachel Rineheart, Environmental
Engineer, Air Permits Section, Air Programs Branch (AR-18J),
Environmental Protection Agency, Region 5, 77 West Jackson Boulevard,
Chicago, Illinois 60604,<PHONE_NUMBER><EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document whenever ``we,''
``us,'' or ``our'' is used, we mean EPA. This supplementary information
section is arranged as follows:

I. Review of State Submittal
II. Effects of Moving From Delegation to SIP Approved Program
III. What action is EPA taking?
IV. Incorporation by Reference
V. Statutory and Executive Order Reviews

I. Review of State Submittal

    Section 110(a)(2)(C) of the Clean Air Act (CAA) requires that each
SIP include a program to provide for the regulation of construction and
modification of stationary sources, including a permit program as
required by part C of subsection I of the CAA--Prevention of
Significant Deterioration of Air Quality. Specific plan requirements
for an approvable PSD SIP are provided in sections 160-169 of the CAA
and the implementing regulations at 40 CFR 51.166. The Federal PSD
program is codified at 40 CFR 52.21. Minnesota does not have an
approved PSD SIP at this time and has issued PSD permits pursuant to a
delegation of the Federal PSD rules at 40 CFR 52.21.
    On October 4, 2016, MPCA submitted a request to revise the
Minnesota SIP to include Minn. R. 7007.3000, which incorporates 40 CFR
52.21 by reference. MPCA provided further clarification with respect to
program implementation in a letter dated June 1, 2017. MPCA will not
implement 40 CFR 52.21(g), (s), (t) and (u). The provisions at 40 CFR
52.21(g), (s), (t) and (u) have no corresponding requirements in 40 CFR
51.166. 40 CFR 52.21(g) contains procedures by which states may request
EPA redesignate areas to different air quality classifications. The
authority to redesignate air quality classifications is an authority of
the EPA Administrator. The June 1, 2017, letter clarifies that MPCA
does not intend to implement this paragraph and that the authority to
implement the paragraph remains with the EPA Administrator. 40 CFR
52.21(s) requires a Federal action associated with a PSD project to be
coordinated with an associated Federal environmental impact statement.
Once a PSD program has been approved into the SIP, PSD permits will be
issued under state authority and will no longer be considered Federal
actions. 40 CFR 52.21(t) describes the process to resolve disputes over
a redesignation or a permit. This is an authority of the EPA
Administrator. The June 1, 2017, letter clarifies that MPCA does not
intend to implement this paragraph and that the authority to implement
the paragraph remains with the EPA Administrator. 40 CFR 52.21(u)
authorizes the Administrator to delegate the PSD program. The June 1,
2017, letter clarifies that MPCA does not intend to implement this
paragraph and that the authority to implement the paragraph remains
with the EPA Administrator. Finally, as described in the June 1, 2017,
clarification letter, the requirements in Minn. R. 7007.0700(B) for the
completeness review and Minn. R. 7007.0850, subp. 2 for public notice
requirements, which have already been approved into the SIP, will
supersede

the public participation requirements of 40 CFR 21.21(q).
    Minn. R. 7007.3000 incorporates 40 CFR 52.21, as amended, by
reference, and became effective on November 26, 2007, but was not
submitted to EPA for review and approval into the SIP at that time.
MPCA published its intent to submit Minn. R. 7007.3000 to EPA for
incorporation into the Minnesota SIP as the PSD program in the
Minnesota State Register on June 20, 2016. A 30-day comment period and
opportunity for a public hearing was provided. The public participation
requirements at Minn. R. 7007.0700(B) and 7007.0850, subp. 2, were
approved into the Minnesota SIP on May 24, 1995. (See 60 FR 27411.)
    Section 110(k)(3) of the CAA states that the Administrator ``shall
approve'' a submittal from a State if it ``meets all applicable
requirements'' of the CAA. EPA has reviewed Minn. R. 7007.3000, Minn.
R. 7007.0700(b) and Minn. R. 7007.0850, subp. 2, and has determined
that these rules meet the requirements of sections 160-169 of the CAA
and the requirements of 40 CFR 51.166.

II. Effects of Moving From Delegation to SIP Approved Program

    Upon approval of Minnesota's PSD SIP, EPA will continue to oversee
implementation of this program by reviewing and commenting upon draft
permits. EPA will continue to comment on any failure to follow the law,
as well as EPA's statutory and regulatory interpretations and
applicable guidance. If a final PSD permit still does not reflect
consideration of the relevant factors, EPA will deem the permit to be
not in conformance with the PSD requirements of the CAA and state's
SIP, and will consider appropriate enforcement action under sections
113 and 167 of the CAA to address the permit deficiency. However, there
are certain provisions that will no longer apply. These include
opportunity to appeal a decision to issue a PSD permit to EPA's
Environmental Appeals Board (EAB), consultation under section 7 of the
Endangered Species Act (ESA), and consultation under section 106 of the
National Historic Preservation Act (NHPA).
    Permits issued pursuant to a delegation are Federal actions. As
Federal actions, EPA is required to consult with the appropriate
agencies under section 7 of the ESA and section 106 of the NHPA on any
action that may affect a threatened or endangered species or historic
property respectively. If EPA approves the Minnesota PSD program into
the SIP, PSD permits will no longer be Federal actions; therefore,
consultation under ESA and NHPA will not occur. Sections 9 and 10 of
the ESA would still apply, and any project that could result in the
taking of a listed species would require a permit under section 10 of
the ESA. It would be the source's obligation to obtain the necessary
permit from the appropriate agency, which in the case of species listed
in Minnesota, would be the United States Fish and Wildlife Service.

III. What action is EPA taking?

    EPA is proposing to approve the request made by MPCA on October 4,
2016, to revise the Minnesota air rules in the Minnesota SIP. EPA is
proposing to approve Minn. R. 7007.3000 as meeting the requirements of
section 110 and sections 160-169 of the CAA, and the programmatic
requirements of 40 CFR part 51.166 for an approvable PSD program. The
approval will not apply to sources located within Indian country as
defined at 18 U.S.C. 1151.

IV. Incorporation by Reference

    In this rule, 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, EPA is proposing to incorporate by
reference Minn. R. 7007.3000 Prevention of Significant Deterioration of
Air Quality, effective November 26, 2007. EPA has made, and will
continue to make, these documents generally available through
www.regulations.gov, and/or at the EPA Region 5 Office (please contact
the person identified in the FOR FURTHER INFORMATION CONTACT section of
this preamble for more information).

V. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the CAA and applicable
Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, EPA's role is to approve state choices,
provided that they meet the criteria of the CAA. Accordingly, this
action merely approves state law as meeting Federal requirements and
does not impose additional requirements beyond those imposed by state
law. For that reason, this 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 CAA; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable 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 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, Carbon monoxide,
Incorporation by reference, Lead, Nitrogen dioxide, Ozone, Particulate
matter, Sulfur oxides, Volatile organic compounds.

    Dated: June 26, 2017.
Robert A. Kaplan,
Acting Regional Administrator, Region 5.
[FR Doc. 2017-14317 Filed 7-7-17; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 78, Number 139 (Friday, July 19, 2013)]
[Notices]
[Pages 43188-43189]
[FR Doc No: 2013-17288]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 7320-042]

Erie Boulevard Hydropower, L.P.; Notice of Application Tendered
for Filing With the Commission, Soliciting Additional Study Requests,
and Establishing Procedural Schedule for Relicensing and a Deadline for
Submission of Final Amendments

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection.
    a. Type of Application: New Major License.
    b. Project No.: 7320-042.
    c. Date Filed: July 1, 2013.
    d. Applicant: Erie Boulevard Hydropower, L.P.
    e. Name of Project: Chasm Hydroelectric Project.
    f. Location: On the Salmon River, in Franklin County, New York. No
federal lands are occupied by the project works or located within the
project boundary.
    g. Filed Pursuant to: Federal Power Act 16 U.S.C .791 (a)-825(r).
    h. Applicant Contact: Steven Murphy, Compliance Specialist,
Brookfield Renewable Power--New York West Operations, 33 West 1st
Street South, Fulton, NY, 13069;<PHONE_NUMBER>; email_
<EMAIL_ADDRESS>    i. FERC Contact: John Mudre at<PHONE_NUMBER>; or email at
<EMAIL_ADDRESS>    j. Cooperating agencies: Federal, state, local, and tribal agencies
with jurisdiction and/or special expertise with respect to
environmental issues that wish to cooperate in the preparation of the
environmental document should follow the instructions for filing such
requests described in item l below. Cooperating agencies should note
the Commission's policy that agencies that cooperate in the preparation
of the environmental document cannot also intervene. See, 94 FERC ]
61,076 (2001).
    k. Pursuant to section 4.32(b)(7) of 18 CFR of the Commission's
regulations, if any resource agency, Indian Tribe, or person believes
that an additional scientific study should be conducted in order to
form an adequate factual basis for a complete analysis of the
application on its merit, the resource agency, Indian Tribe, or person
must file a request for a study with the Commission not later than 60
days from the date of filing of the application, and serve a copy of
the request on the applicant.
    l. Deadline for filing additional study requests and requests for
cooperating agency status: August 30, 2013.
    All documents may be filed electronically via the Internet. See 18
CFR 385.2001(a)(1)(iii) and the instructions on the Commission's Web
site http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit
brief comments up to 6,000 characters, without prior registration,
using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact information at the
end of your comments. For assistance, contact FERC Online Support at
<EMAIL_ADDRESS>or toll-free at 1-866-208-3676, or for TTY,
(202) 502-8659. Although the Commission strongly encourages electronic
filing, documents may also be paper-filed. To paper-file, mail an
original and five copies to: Kimberly D. Bose, Secretary, Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    m. This application is not ready for environmental analysis at this
time.
    n. The existing Chasm Project consists of: (1) A 201-foot-long, 32-
foot-high maximum height concrete gravity-type dam having a spillway
section with crest elevation 1,283.8 feet mean sea level (msl). about
100 feet long, surmounted by 2-foot-high flashboards and having an
intake section with steel trash racks and headgates; (2) a reservoir
having a surface area of about 22 acres and a gross storage capacity of
74 acre-feet at normal pool elevation of 1,285.8 feet msl; (3) a 7-
foot-diameter welded steel pipeline approximately 3,355 feet in length
connecting to a 6-foot-diameter steel manifold pipeline just upstream
of the powerhouse; (4) a powerhouse containing three Francis-type
generating units having a total rated capacity of 3,350 kilowatts
operated under a 268-foot head and at a flow of 195 cubic feet per
second; (5) a 20-foot-wide, 850-foot-long tailrace; (6) a 4.2-megavolt
ampere, 2.4/34.5- kilovolt (kV) transformer; (7) a 410-foot-long, 34.5-
kV transmission line; and (8) appurtenant facilities.

    o. A copy of the application is available for review at the
Commission in the Public Reference Room or may be viewed on the
Commission's Web site at http://www.ferc.gov using the ``eLibrary''
link. Enter the docket number excluding the last three digits in the
docket number field to access the document. For assistance, contact
FERC Online Support. A copy is also available for inspection and
reproduction at the address in item h above.
    You may also register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filings and issuances
related to this or other pending projects. For assistance, contact FERC
Online Support.
    p. Procedural schedule and final amendments: The application will
be processed according to the following preliminary Hydro Licensing
Schedule. Revisions to the schedule will be made as appropriate.

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

------------------------------------------------------------------------
Issue Notice of Acceptance..............   August 2013.
Issue Scoping Document 1 for comments...   September 2013.
Scoping Meetings and Environmental Site    October 2013.
 Review.
Comments on Scoping Document 1..........   November 2013.
Issue Scoping Document 2................   December 2003.
Issue Additional Information Request (if   December 2013.
 needed).
Issue notice of ready for environmental    January 2014.
 analysis.
Commission issues draft EA..............  May 2014.
Comments on draft EA due................  June 2014.
Commission issues final EA..............  October 2014.
------------------------------------------------------------------------

    Final amendments to the application must be filed with the
Commission no later than 30 days from the issuance date of the notice
of ready for environmental analysis.

    Dated: July 12, 2013.
Kimberly D. Bose,
Secretary.
[FR Doc. 2013-17288 Filed 7-18-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 80, Number 236 (Wednesday, December 9, 2015)]
[Notices]
[Pages 76615-76617]
[FR Doc No: 2015-30930]

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DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

Petition for Exemption From the Federal Motor Vehicle Theft
Prevention Standard; Jaguar Land Rover North America LLC

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

ACTION: Grant of petition for exemption.

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SUMMARY: This document grants in full the Jaguar Land Rover North
America LLC's, (Jaguar Land Rover) petition for an exemption of the
Jaguar XE vehicle line in accordance with 49 CFR part 543, Exemption
from Vehicle Theft Prevention Standard. This petition is granted
because the agency has determined that the antitheft device to be
placed on the line as standard equipment is likely to be as effective
in reducing and deterring motor vehicle theft as compliance with the
parts-marking requirements of 49 CFR part 541, Federal Motor Vehicle
Theft Prevention Standard (Theft Prevention Standard).

DATES: The exemption granted by this notice is effective beginning with
the 2017 model year (MY).

FOR FURTHER INFORMATION CONTACT: Ms. Carlita Ballard, Office of
International Policy, Fuel Economy and Consumer Programs, NHTSA, W43-
439, 1200 New Jersey Avenue SE., Washington, DC 20590. Ms. Ballard's
phone number is<PHONE_NUMBER>. Her fax number is<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: In a petition dated October 9, 2015, Jaguar
Land Rover requested an exemption from the parts-marking requirements
of the Theft Prevention Standard for the Jaguar XE vehicle line
beginning with MY 2017. The petition requested an exemption from parts-
marking pursuant to 49 CFR part 543, Exemption from Vehicle Theft
Prevention Standard, based on the installation of an antitheft device
as standard equipment for the entire vehicle line.
    Under 49 CFR part 543.5(a), a manufacturer may petition NHTSA to
grant an exemption for one vehicle line per model year. In its
petition, Jaguar Land Rover provided a detailed description and diagram
of the identity, design, and location of the components of the
antitheft device for the Jaguar XE vehicle line. Jaguar Land Rover
stated that the MY 2017 Jaguar XE vehicle line will be equipped with a
passive, transponder based, electronic engine immobilizer antitheft
device as standard equipment. Key components of its antitheft device
will include a power train control module (PCM), instrument cluster,
body control module (BCM), remote frequency receiver (RFR), remote
frequency actuator (RFA), immobilizer antenna unit (IAU), Smart Key,
and door control units (DCU). Jaguar Land Rover stated that its
antitheft device will also be installed with an audible and visual
perimeter alarm system as standard equipment. If unauthorized entry is
attempted by opening the vehicle's hood, trunk or doors, the alarm will
sound and the vehicle's exterior lights will flash. Jaguar Land Rover
also stated that the perimeter alarm system can be armed either with
the Smart Key or programmed to be passively armed.
    Jaguar Land Rover's submission is considered a complete petition as
required by 49 CFR 543.7, in that it meets the general requirements
contained in Sec.  543.5 and the specific content requirements of Sec.
543.6.
    The immobilizer device is automatically activated when the Smart
Key is removed from the vehicle. Deactivation occurs once the driver
approaches the vehicle by pulling on the driver's door handle or using
the Smart Key unlock button to unlock the doors. Jaguar Land Rover
stated that the Smart Key is programmed and synchronized to the vehicle
through the means of a unique identification key code and a randomly
generated secret code that is unique to each vehicle.
    In addressing the specific content requirements of Sec.  543.6,
Jaguar Land Rover provided information on the reliability and
durability of its proposed device. To ensure reliability and durability
of the device, Jaguar Land Rover conducted tests based on its own
specified standards. Jaguar Land Rover provided a detailed list of the
tests conducted (i.e., temperature and humidity cycling, high and low
temperature cycling, mechanical shock, random vibration, thermal
stress/shock tests, material resistance tests, dry heat, dust and fluid
ingress tests). Jaguar Land Rover stated that it believes that its
device is reliable and durable because it has complied with specified
requirements for each test. Jaguar Land Rover stated that reliability
and durability of its device is further supported by equipping its
vehicles with a key recognition sequence that has over a billion code
combinations with encrypted data that are secure against duplication.
Jaguar Land Rover stated that the coded data transfer between the
modules that will be installed on its XE vehicles use a unique, secure
identifier, a random number and a secure public algorithm. Jaguar Land
Rover further

stated that since the Jaguar XE vehicle line will utilize a push button
vehicle ignition, it does not have a conventional mechanical key barrel
which would allow for forcible bypass of the key-locking system.
    Jaguar Land Rover stated that there will be three methods of system
operation for its XE vehicle line. Specifically, operation of the
engine is accomplished when either the Smart Key is automatically
detected by the vehicle, the vehicle is unlocked using the Smart Key
unlock button or by using the emergency key blade. Jaguar Land Rover
stated that automatic detection of the Smart key method occurs when
authentication of the correct Smart Key via a low frequency to remote
frequency challenge response sequence occurs after the driver/operator
approaches the vehicle, pulls the driver's door handle, and unlocks the
doors. When the driver presses the ignition start button, a search
begins to find and authenticate the Smart Key within the vehicle
interior. Jaguar Land Rover stated that if this is successful, the
information is passed through a coded data transfer to the BCM via the
RFA. Then, the BCM will pass the valid key status to the instrument
cluster, send the ``key valid'' message to the PCM, initiate a coded
data transfer and authorize the engine to start. Method two of
unlocking the vehicle with the Smart Key unlock button occurs when the
driver approaches the vehicle; presses the Smart Key unlock button and
unlocks the doors. Jaguar Land Rover stated that once the driver
presses the ignition start button, the operation process is the same as
method one. Jaguar Land Rover stated that if the Smart Key has a
discharged or damaged battery, the driver/operator can use method three
of removing an emergency key blade from the Smart Key to unlock the
doors. After using this method, once the driver presses the ignition
start button, a search begins to find and authenticate the Smart Key
within the vehicle interior. If this is unsuccessful, the Smart Key
needs to be docked under the foot well lamp on the driver's side knee
bolster. Once the Smart Key is placed in the correct position and the
ignition start button is pressed again, the BCM and Smart Key enter a
coded data exchange via the immobilizer antenna unit. The BCM passes
the valid key status to the instrument cluster, via a code data
transfer, and then the BCM sends the ``key valid'' message to the PCM
initiating a coded data transfer. If successful, the engine will start
the vehicle.
    Jaguar Land Rover stated that the Jaguar XE is a new vehicle line
and therefore theft rate data is not available. Jaguar Land Rover
further stated that its immobilizer antitheft device is substantially
similar to the antitheft device installed on the Jaguar XF-Type, Land
Rover Discovery Sport, Jaguar F-Type, Jaguar XJ, and the Land Rover
Range Rover Evoque vehicle lines which have all been granted parts-
marking exemptions by the agency. Jaguar Land Rover stated that based
on MY 2012 theft information published by NHTSA, the Jaguar Land Rover
vehicles equipped with immobilizers had a combined theft rate of 0.81
per thousand vehicles, which is below NHTSA's overall theft rate of
1.13 thefts per thousand vehicles. Using an average of 3 MYs data
(2011-2013), NHTSA's theft rates for the Jaguar XF-Type, Jaguar XJ and
the Land Rover Range Rover Evoque are 0.7237, 1.1466 and 0.4495
respectfully. Theft data for the Jaguar F-Type and the Land Rover
Discovery Sport is not available. Jaguar Land Rover believes these low
theft rates demonstrate the effectiveness of the immobilizer device.
Additionally, Jaguar Land Rover notes a Highway Loss Data Institute
news release (July 19, 2000) showing approximately a 50% reduction in
theft for vehicles installed with an immobilizer device. The agency
agrees that the device is substantially similar to devices installed on
other vehicle lines for which the agency has already granted exemptions
    Based on the supporting evidence submitted by Jaguar Land Rover on
its device, the agency believes that the antitheft device for the
Jaguar XE vehicle line is likely to be as effective in reducing and
deterring motor vehicle theft as compliance with the parts-marking
requirements of the Theft Prevention Standard (49 CFR 541). The agency
concludes that the device will provide the five types of performance
listed in Sec.  543.6(a)(3): Promoting activation; attract attention to
the efforts of an unauthorized person to enter or move a vehicle by
means other than a key; preventing defeat or circumvention of the
device by unauthorized persons; preventing operation of the vehicle by
unauthorized entrants; and ensuring the reliability and durability of
the device.
    Pursuant to 49 U.S.C. 33106 and 49 CFR 543.7 (b), the agency grants
a petition for exemption from the parts-marking requirements of Part
541 either in whole or in part, if it determines that, based upon
substantial evidence, the standard equipment antitheft device is likely
to be as effective in reducing and deterring motor vehicle theft as
compliance with the parts-marking requirements of Part 541. The agency
finds that Jaguar Land Rover has provided adequate reasons for its
belief that the antitheft device for the Jaguar XE vehicle line is
likely to be as effective in reducing and deterring motor vehicle theft
as compliance with the parts-marking requirements of the Theft
Prevention Standard (49 CFR part 541). This conclusion is based on the
information Jaguar Land Rover provided about its device.
    For the foregoing reasons, the agency hereby grants in full Jaguar
Land Rover's petition for exemption for the Jaguar XE vehicle line from
the parts-marking requirements of 49 CFR part 541. The agency notes
that 49 CFR part 541, Appendix A-1, identifies those lines that are
exempted from the Theft Prevention Standard for a given model year. 49
CFR part 543.7(f) contains publication requirements incident to the
disposition of all Part 543 petitions. Advanced listing, including the
release of future product nameplates, the beginning model year for
which the petition is granted and a general description of the
antitheft device is necessary in order to notify law enforcement
agencies of new vehicle lines exempted from the parts-marking
requirements of the Theft Prevention Standard. If Jaguar Land Rover
decides not to use the exemption for this line, it must formally notify
the agency. If such a decision is made, the line must be fully marked
according to the requirements under 49 CFR parts 541.5 and 541.6
(marking of major component parts and replacement parts).
    NHTSA notes that if Jaguar Land Rover wishes in the future to
modify the device on which this exemption is based, the company may
have to submit a petition to modify the exemption. Part 543.7(d) states
that a Part 543 exemption applies only to vehicles that belong to a
line exempted under this part and equipped with the antitheft device on
which the line's exemption is based. Further, Part 543.9(c)(2) provides
for the submission of petitions ``to modify an exemption to permit the
use of an antitheft device similar to but differing from the one
specified in that exemption.''
    The agency wishes to minimize the administrative burden that Part
543.9(c)(2) could place on exempted vehicle manufacturers and itself.
The agency did not intend in drafting Part 543 to require the
submission of a modification petition for every change to the
components or design of an antitheft device. The significance of many
such changes could be de minimis. Therefore, NHTSA suggests that if the
manufacturer contemplates making any changes, the effects of which
might be characterized as de

minimis, it should consult the agency before preparing and submitting a
petition to modify.

    Issued in Washington, DC under authority delegated in 49 CFR
1.95.
Raymond R. Posten,
Associate Administrator for Rulemaking.
[FR Doc. 2015-30930 Filed 12-8-15; 8:45 am]
BILLING CODE 4910-59-P


"Johansson, Robert"<EMAIL_ADDRESS> 07/10/2007 05:17 PM

To

Marjorie Jones/RTP/USEPA/US@EPA

cc

Ron Evans/RTP/USEPA/US@EPA

Subject

RE: Can we hold 9am Thurs to talk first time?

Sounds like a plan.

Cheers,

Rob

________________________________________________

Robert Johansson, Ph.D.

OMB/OIRA/NREA

725 17th St. NW, Room 10202

Washington, DC 20503

(P)<PHONE_NUMBER>

(F)<PHONE_NUMBER>

(E<EMAIL_ADDRESS>

-----Original Message-----

From<EMAIL_ADDRESS> <EMAIL_ADDRESS> Sent: Tuesday, July 10, 2007 5:16 PM

To: Johansson, Robert

Cc<EMAIL_ADDRESS> Subject: Can we hold 9am Thurs to talk first time?

Rob:  we've got some competing things here tomorrow.  Can we talk with

you (Margo, Patrick?) on Thursday at 9am.

If we have further issues to discuss after that, we can set a follow up

chat -- maybe even later that day.

Margie

Marjorie C. Jones

Office of Air Quality Planning & Standards

Air Benefit and Cost Group, Mail Code C439-02

Health and Environmental Impacts Division

RTP, NC 27711

voice:<PHONE_NUMBER>

fax:<PHONE_NUMBER>

Shipping/receiving: 4930 Old Page Rd.

Durham, NC 27709


[Federal Register Volume 76, Number 226 (Wednesday, November 23, 2011)]
[Notices]
[Pages 72470-72472]
[FR Doc No: 2011-30192]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65769; File No. SR-BX-2011-074]

 Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Simplify the $1 Strike Price Interval Program

November 17, 2011.
    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 November 7, 2011, NASDAQ OMX BX, Inc. (the ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
prepared by the Exchange. The Exchange has designated the proposed rule
change as constituting a non-controversial rule change under Rule 19b-
4(f)(6) under the Act,\3\ which renders the proposal effective upon
filing with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend Chapter IV, Section 6 (Series of
Options Contracts Open for Trading) of the Rules of the Boston Options
Exchange Group, LLC (``BOX'') to simplify the $1 Strike Price Interval
Program (``Program'').

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
    This filing is based on a rule change submitted by the Chicago
Board Options Exchange, Inc. (``CBOE'') previously approved by the
Commission, and a rule change by the International Securities Exchange,
LLC. (``ISE'') effective and operative upon its filing.\4\
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    \4\ See Securities Exchange Act Release Nos. 65383 (September
22, 2011) 76 FR 60107 (September 28, 2011) (Order Approving SR-CBOE-
2011-040) and 65384 (September 22, 2011) 76 FR 60574 (September 29,
2011) (SR-ISE-2011-059).
---------------------------------------------------------------------------

    In 2004, the Commission issued an order permitting the
establishment of the Program on BOX on a pilot basis.\5\ At that time,
the underlying stock had to close at $20 on the previous trading day in
order to qualify for the Program. The range of available $1 strike
price intervals was limited to a range between $3 and $20 and no strike
price was permitted that was greater than $5 from the underlying
stock's closing price on the previous trading day. Series in $1 strike
price intervals were not permitted within $0.50 an existing strike. In
addition, BOX was limited to selecting five (5) classes and reciprocal
listing was permitted. Furthermore, LEAPS in $1 strike price intervals
were not permitted for classes selected to participate in the Program.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 49292 (February 20,
2004) 69 FR 8993 (February 26, 2004) (SR-BSE-2004-01).
---------------------------------------------------------------------------

    The pilot program has been renewed on BOX on a yearly basis and in
2008, the Commission granted permanent approval of the Program.\6\ At
that time, the Program was expanded to increase the upper limit of the
permissible strike price range from $20 to $50. In addition, the number
of class selections per exchange was increased from five (5) to ten
(10). Since the Program was made permanent, the number of class
selections per exchange has been increased from ten (10) classes to 55
classes \7\ and subsequently increased from 55 classes to 150
classes.\8\
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 57302 (February 11,
2008) 73 FR 8913 (February 15, 2008) (SR-BSE-2008-08).
    \7\ See Securities Exchange Act Release No. 59589 (March 17,
2009) 74 FR 12408 (March 24, 2009) (SR-BX-2009-016).
    \8\ See Securities Exchange Act Release No. 62553 (July 22,
2010) 75 FR 44826 (July 29, 2010) (SR-BX-2010-50).
---------------------------------------------------------------------------

Amendments To Simplify Non-LEAPS Rule Text
    The most recent expansion of the Program was approved by the
Commission in early 2011 and increased the number of $1 strike price
intervals permitted within the $1 to $50 range.\9\ This expansion was a
proposal of another exchange and the Exchange submitted its filing for
competitive reasons. This expansion, however, has resulted in very
lengthy rule text that is complicated and difficult to understand. BOX
believes that the proposed changes to simplify the rule text of the
Program will benefit market participants since the Program will be
easier to understand and will maintain the expansions made to the
Program in early 2011. Through the current proposal, the Exchange also
hopes to make administration of the Program easier, e.g., system
programming efforts. To simply the rules of the Program and, as a
proactive attempt to mitigate any unintentional listing of improper
strikes, the Exchange is proposing the following streamlining
amendments:
---------------------------------------------------------------------------

    \9\ See Securities Exchange Act Release No. 63774 (January 25,
2011) 76 FR 5628 (February 1, 2011) (SR-BX-2011-06).
---------------------------------------------------------------------------

     When the price of the underlying stock is equal to or less
than $20, permit $1 strike price intervals with an exercise price up to
100% above and 100% below the price of the underlying stock.
    [cir] However, the above restriction would not prohibit the listing
of at least five (5) strike prices above and below the price of the
underlying stock per expiration month in an option class.
    [cir] For example, if the price of the underlying stock is $2, BOX
would be permitted to list the following series: $1, $2, $3, $4, $5, $6
and $7.
     When the price of the underlying stock is greater than
$20, permit $1 strike price intervals with an exercise price up to 50%
above and 50% below the price of the underlying security up to $50.
     For the purpose of adding strikes under the Program, the
``price of the underlying stock'' shall be measured in the same way as
``the price of the underlying security'' is as set forth in Chapter IV,
Section 6(b)(i) of the BOX Rules.
     Prohibit the listing of additional series in $1 strike
price intervals if the underlying stock closes at or above $50 in its
primary market and provide that additional series in $1 strike price
intervals may not be added until the underlying stock closes again
below $50.
Amendments To Simplify LEAPS Rule Text
    The early 2011 expansion of the Program permitted for some limited
listing of LEAPS in $1 strike price intervals for classes that
participate in the Program. The Exchange is proposing to maintain the
expansion as to LEAPS, but simplify the language and provide examples
of the simplified rule text. These changes are set forth subparagraph
(v) to Supplementary Material .02(b).
    For stocks in the Program, BOX may list one $1 strike price
interval between each standard $5 strike interval, with the $1 strike
price interval being $2 above the standard strike for each interval
above the price of the underlying stock, and $2 below the standard
strike for each interval below the price of the underlying stock (``$2
wings''). For example, if the price of the underlying stock is $24.50,
BOX may list the following standard strikes in $5 intervals: $15, $20,
$25, $30 and $35. Between these standard $5 strikes, BOX may list the
following $2 wings: $18, $27 and $32.
    In addition, BOX may list the $1 strike price interval which is $2
above the standard strike just below the underlying price at the time
of listing. In the above example, since the standard strike just below
the underlying price ($24.50) is $20, BOX may list a $22 strike. BOX
may add additional long-term options series strikes as the price of the
underlying stock moves, consistent with the OLPP.
Non-Substantive Amendments to Rule Text
    The early 2011 expansion of the Program prohibited the listing of
$2.50 strike price intervals for classes that participate in the
Program. This prohibition applies to non-LEAP and LEAPS. The Exchange
proposes to maintain this prohibition and codify it in Supplementary
Material .02(a) (Program Description).
    For ease of reference, the Exchange is proposing to add the
headings ``$1 Strike Price Interval Program,'' ``Program Description,''
``Initial and Additional Series'' and ``LEAPS'' to Supplementary
Material .02.
    The Exchange is proposing to more accurately reflect the nature of
the Program and is proposing to make stylistic changes throughout
Supplementary Material .02 by adding the phrase ``price interval.''
Lastly, the Exchange is making technical changes to Supplementary
Material .02, e.g., replacing the words ``security'' and ``issue'' with
the word ``stock.''
    The Exchange represents that it has the necessary systems capacity
to support the increase in new options series that will result from the
proposed streamlining changes to the Program.

2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder and, in particular, the requirements of Section
6(b) of the Act.\10\ Specifically, the Exchange believes the proposed
rule change is consistent with the Section 6(b)(5) \11\ requirements
that the rules of an exchange be designed to promote just and equitable
principles of trade, to prevent fraudulent and manipulative acts, to
remove impediments to and to perfect the mechanism for a free and open
market and a national market system, and, in general, to protect
investors and the public interest. In particular, the proposed rule
change seeks to reduce investor confusion and to simplify the
provisions of the $1 Strike Price Interval Program.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
    \11\ 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 not necessary or appropriate in
furtherance of the purposes of the Act.

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

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change does not significantly
affect the protection of investors or the public interest, does not
impose any significant burden on competition, and, by its terms, does
not become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6) thereunder.\13\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    The Exchange has requested that the Commission waive the 30-day
operative delay. The Commission believes that waiver of the operative
delay is consistent with the protection of investors and the public
interest. The proposed rule change is substantially similar to $1
Strike Price Program rules in place at other exchanges, so the
Commission's action will allow the Exchange to implement these changes
without undue delay. Therefore, the Commission designates the proposal
operative upon filing.\14\
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    \14\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-BX-2011-074 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BX-2011-074. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
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 publicly available. All
submissions should refer to File Number SR-BX-2011-074 and should be
submitted on or before December 14, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority. \15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-30192 Filed 11-22-11; 8:45 am]
BILLING CODE 8011-01-P