Supporting Statement for a Request for OMB Review under

the Paperwork Reduction Act

IDENTIFICATION OF THE INFORMATION COLLECTION

1(a)	Title and Number of the Information Collection

Title:	TSCA Section 5(a)(2) Significant New Use Rules for Existing
Chemicals

EPA ICR No.:  1188.08	OMB Control No.:  2070-0038

1(b)	Short Characterization

Section 5 of the Toxic Substances Control Act (TSCA), 15 U.S.C. 2604
(see Attachment 1), authorizes EPA to determine that a use of a chemical
substance is a “significant new use.”  EPA must make this
determination by rule after considering all relevant factors, including
those listed in TSCA section 5(a)(2).  Once EPA determines that a use of
a chemical substance is a significant new use, TSCA section 5(a)(1)(B)
requires persons to submit a notice to EPA at least 90 days before they
manufacture, import or process the substance for that use.  Regulations
implementing significant new uses appear at 40 CFR part 721 (see
Attachment 2).

Once EPA receives a significant new use rule (SNUR) notice, EPA may take
regulatory action under TSCA sections 5(e), 5(f), 6 or 7 to control the
activities for which it has received a SNUR notice.  If EPA does not
take action, TSCA section 5(g) requires EPA to explain in the Federal
Register its reasons for not taking action.

Persons who intend to export a substance identified in a proposed or
final SNUR are subject to the export notification provisions of TSCA
section 12(b).  The regulations that interpret TSCA section 12(b) appear
at 40 CFR part 707.

2.  NEED FOR AND USE OF THE COLLECTION

2(a)	Need/Authority for the Collection

TSCA section 5(a)(2) provides the Office of Pollution Prevention and
Toxics (OPPT) with the authority to monitor and control significant new
uses of existing chemical substances.  The factors considered by the
Administrator in determining a significant new use are:

1)	The projected volume of manufacturing and processing of a chemical
substance;

2)	The extent to which a use changes the type or form of exposure of
human beings or the environment to a chemical substance;

3)	The extent to which a use increases the magnitude and duration of
exposure of human beings or the environment to a chemical substance; and

4)	The reasonably anticipated manner and methods of manufacturing,
processing, distribution in commerce, and disposal of a chemical
substance.

Once the Administrator makes such a designation, the Agency proposes a
Significant New Use Rule (SNUR).  If a final rule is promulgated, a
person who intends to engage in a significant new use of a chemical
covered by a SNUR must notify EPA of his/her intentions.  This
notification, made via the Significant New Use Notice (SNUN), must occur
at least 90 days prior to commencing the new use of the identified
substance.  The required notice must be submitted on EPA’s
Premanufacture Notice (PMN) form.  The PMN form provides data on the
identity and use of, and possible exposures to, the chemical substance.
In addition, the PMN form provides test data plus descriptions of health
and environmental effects data based on the manufacture, processing,
use, distribution in commerce, and disposal of the chemical.

The Agency has 90 days to evaluate a SNUN once it has been received.
This evaluation focuses on the health and environmental effects of the
substance’s significant new use.  Should EPA find cause for concern,
the Agency can take regulatory action as per TSCA sections 5(e) and
5(f).  Likewise, the Agency may extend the evaluation period by up to 90
days with good cause.  If EPA takes no action at the end of the review
period, the submitter can engage in the intended new use without any
restrictions.

2(b)	Practical Utility/Users of the Data

EPA uses this information to evaluate the health and environmental
effects of the significant new use.  During the evaluation period EPA
can take further regulatory action pursuant to TSCA sections 5(e) and
5(f).  Under TSCA section 5(e), the Administrator may issue an order to
prohibit or limit the manufacture, import, processing, distribution in
commerce, use, or disposal of such substance.  TSCA section 5(f) allows
the Administrator to, among other things, prohibit or limit the
manufacture of the chemical substance, if the substance presents or will
present an unreasonable risk of injury to health or the environment.

To date EPA has promulgated SNURs on 352 existing chemicals.  Presented
in Attachment 6 are selected case history abstracts for some of these
substances.  These abstracts highlight the needs of a particular office
and the facts surrounding a substance.  This information when applied to
the Regulatory Selection Criteria has resulted in final SNURs.

NON-DUPLICATION, CONSULTATIONS AND OTHER COLLECTION CRITERIA

3(a)	Non-Duplication

EPA is the only Federal Agency that collects information on significant
new uses of chemical substances.  A notification of an intent to engage
in a significant new use serves two functions: as a notice, and as a
document that contains information about a chemical substance and
potential exposures to that substance.  The notification element is
unique to SNURs and therefore not obtainable elsewhere.  The chemical
information aspect will also contain unique information.  Only the
person who intends to commence a significant new use of a chemical
substance will know the potential for human and environmental exposures
to that substance, the quantity intended to be produced, imported, or
processed, and the manner in which the person will engage in the
significant new use.

A person submitting a significant new use notice is not required to
develop test data.  However, the person must submit data that are known
to or reasonably ascertainable by that person.  For published data the
submitter need only provide a literature citation (40 CFR
720.50(d)(3)(ii)).  For existing chemicals that are related to the
chemical substance that is the subject of the SNUR (e.g., impurities,
byproducts), neither the published data nor a literature citation need
be submitted.  Also, notices need not include information previously
submitted to EPA (unless the previously submitted information was
claimed confidential, in which case it must be resubmitted).

3(b)	Public Notice Required Prior to ICR Submission to OMB

Prior to submission to OMB, this ICR will be made available to the
public for comment through a Federal Register notice.  The public will
have 60 days to provide comments.  Any comments received will be given
consideration when completing the supporting statement that is submitted
to OMB.

3(c)	Consultations

In addition to the public notice and comment period required by the OMB
regulations that implement the Paperwork Reduction Act (see Section 3(b)
of this Supporting Statement), the OMB regulations, 5 CFR 1320.8(d)(1),
also require agencies to consult with potential ICR respondents and data
users about specific aspects of an ICR before the agency submits the ICR
to OMB for review and approval.  In accordance with this regulation and
based on OPPTS Regulatory Coordination Staff guidance, EPA will solicit
comments from nine potential ICR respondents and data users with respect
to the renewal of this ICR.

3(d)	Effects of Less Frequent Collection

Whenever a person intends to engage in a significant new use, they must
notify EPA.  This is an explicit requirement of TSCA.  TSCA section
5(a)(1)(B) states, “... no person may ... manufacture or process any
chemical substance for a use which the Administrator has determined ...
is a significant new use ... unless such person submits to the
Administrator ...  a notice ...”  The consequence of  less frequent
collection of information (i.e., requiring only the first person who
intends to engage in a significant new use to submit notice) is a
violation of TSCA and would allow manufacturers, importers and
processors to use a substance in a manner that EPA has determined may
cause significant adverse exposures to the substance without prior
notification to EPA.

3(e)	General Guidelines

This information collection activity is necessary to implement the
statutory requirements of TSCA section 5(a)(2) and is consistent with
the requirements of 5 CFR 1320.6.

3(f)	Confidentiality

Information provided in a significant new use notice may receive
confidential treatment.  TSCA section 14 allows a manufacturer, importer
or processor to designate submitted information as confidential business
information (CBI).  The Agency has developed a comprehensive system to
prevent the unauthorized disclosure of CBI.  This system includes
procedures for logging CBI in and out of designated locked file
cabinets, for photocopying and transmitting CBI, and for restricting
confidential information only to personnel with CBI security clearance.
No one is allowed access to CBI until they have received instructions
for handling CBI.

Special procedures also restrict access to computerized CBI.  These
security measures apply to CBI submitted by manufacturers as well as CBI
generated by EPA staff in the course of their review.  A wrongful
disclosure of CBI may result in either a fine or imprisonment.

3(g)	Sensitive Questions

This section is not applicable.  The information requested is not
sensitive in nature.

4.  THE RESPONDENTS AND THE INFORMATION REQUESTED

4(a)	Respondent NAICS Codes

Respondents affected by this collection activity are mainly NAICS
categories 325 - Chemicals and Allied Products Manufacturers and 32411-
Petroleum Refining.

4(b)	Information Requested

 (i) Data items, including record keeping requirements

Information submitted under this collection must include, insofar as it
is known to or reasonably ascertainable by the submitter, information
described in TSCA section 8(a)(2) (i.e., chemical identity, use, and
exposure data), as well as test data, and descriptions of other data
related to the effects on health and the environment of the manufacture,
processing, use, distribution in commerce, and disposal of the chemical
substance (TSCA section 5(d)).  After a notice has been received, EPA
has 90 days (extendable to 180 days) to evaluate the notice’s content.

 (ii) Respondent Activities

Only those persons who intend to engage in a significant new use of a
chemical substance must submit notice of their intentions to EPA.
Submitters are required to use the Premanufacture Notice (PMN) form (EPA
Form 7710-25; see Attachment 3), which was developed to facilitate the
information collection process for new chemical substances.

5.  THE INFORMATION COLLECTED - AGENCY ACTIVITIES, COLLECTION
METHODOLOGY, AND INFORMATION MANAGEMENT

5(a)	Agency Activities

A significant new use rule (SNUR) on an existing chemical substance is
the product of a process that is designed to develop the appropriate
information-gathering collection for a substance.  This process has
three major steps: Chemical Referral, Regulatory Selection, and
Regulation Development.

Step 1.  Chemical Referral:  EPA offices that have identified
information-gathering or follow-up monitoring needs for a particular
chemical may refer the substance to OPPT.  A systematic process has been
developed for receiving and handling chemical referrals.  Offices
referring substances are asked to prepare concise summaries of relevant
data.  This information is used to select a regulatory approach and for
rulemaking activities.

Step 2.  The Regulatory Selection Process - Referral and Review:  Once
an office has detailed its need for information, an information
collection approach is determined that best satisfies that office’s
needs.  The rulemaking options are: a TSCA section 8(a) reporting rule,
a TSCA section 8(c) call-in, a TSCA section 8(d) health and safety data
reporting rule, a TSCA section 5(a)(2) SNUR, or any combination of the
above.  It may also be determined that an alternative approach is more
appropriate (e.g., use of existing data sources, no data-gathering at
the present time, TSCA section 4 or 6 action, or referral to another
office for information-gathering under a different statutory authority).

Step 3.  Regulatory Development:  Prior to the development of a rule,
the recommended rulemaking approach must be reviewed by the referring
office and approved by the Office Director of OPPT.  If the
recommendation is approved, then the rulemaking process begins.

A SNUR is drafted only if it is an appropriate approach for a particular
substance that has received approval prior to the development of the
rule.  The proposal then undergoes intra-agency review, OMB review and
public comment.  Once a decision has been made to promulgate an
information collection rule, the next decision is to determine whether a
TSCA section 8(a) rule or a TSCA section 5 SNUR is most appropriate.
Attachment 5 identifies the selection criteria that are applied in
determining whether a TSCA section 8(a) rule or SNUR is proposed.

5(b)	Collection Methodology and Management

EPA has not been able to identify a more efficient, less expensive or
more flexible means of obtaining the required data and remain within the
constraints of TSCA.  There is no new technology applicable to the
collection of this information that would minimize the collection
burden.

To aid persons subject to this information collection, OPPT has set up a
TSCA Hotline that provides information regarding TSCA section 5(a)(2)
reporting as well as other regulatory information.  When Hotline staff
are unable to answer questions regarding TSCA section 5(a)(2), the
questions are referred to the OPPT Chemical Control Division (CCD) staff
for resolution.

5(c)	Small Entity Flexibility

All business, regardless of size, must comply with the requirements of
TSCA section 5.  However, OPPT has taken a number of steps intended to
minimize the burden placed on small business.  For instance, TSCA
section 26(d) established an Assistance Office to provide technical and
other nonfinancial assistance to manufacturers, importers and processors
of chemical substances and mixtures.  This office has established a
toll-free hotline, performs on-site field visits and consultations, and
has hired a contractor to assist small businesses, free of charge, in
complying with TSCA requirements.

5(d)	Collection Schedule

Whenever any person intends to engage in a significant new use of a
chemical substance, they are required to submit a notice of their
intentions to EPA not less than 90 days before beginning to manufacture,
import or process the substance for the intended use.

ESTIMATING THE BURDEN AND COST OF THE COLLECTION

This section presents estimates of the cost and burden associated with
the recordkeeping and reporting requirements for significant new use
rules for existing chemicals under TSCA Section 5(a)(2). The methodology
used to estimate the recordkeeping costs, reporting costs, and burden
for this ICR renewal is largely based on previous experience with SNURs,
and is largely consistent with the analysis presented in the supporting
statement prepared for the previous ICR. A summary of the steps employed
in this analysis is shown below:

 Step 1:	The total number of SNURs promulgated and SNUNs to be
submitted, on an annual basis and for the three year period during which
this ICR will be in effect, was projected. The estimate is based on the
Agency's experience with SNURs and submission of SNUNs from past
experience as well as EPA’s expectations for future actions. This step
appears in Section 4 of this analysis.

Step 2:	The average industry burden associated with recordkeeping,
reporting, and customer notification was estimated. The reporting burden
estimates used here are taken from an analysis performed in connection
with OPPT's amendments to its PMN program. This step appears in Section
5 of this analysis.

Step 3:	The unit costs for the different activities associated with
section 5(a)(2) were estimated next (e.g., submitting a SNUN). The costs
were derived by multiplying current estimates of unit labor costs by the
burden estimates presented in Step 2. This step appears in Section 6 of
this analysis.

Step 4:	Total industry costs and burden were computed by multiplying the
average burden and cost per activity by the expected number of
activities. This step appears in Section 7 of this analysis.

Step 5:	The final step estimates the cost to EPA. This step appears in
Section 8 of this analysis.

NUMBER OF SIGNIFICANT NEW USE NOTICES PROJECTED

During the years 2004-2007, EPA promulgated three existing chemical
SNURs under TSCA Section 5(a)(2).   However, EPA expects this activity
to increase over the next three year period as EPA initiates work under
its commitment under the Security and Prosperity Partnership (SPP) to
complete risk characterizations and take necessary actions on over 6,750
chemicals by 2012.   Therefore, EPA is estimating it will promulgate an
average of five existing chemical SNURs per year under TSCA Section
5(a)(2) during the time period covered by this ICR.

EPA may receive SNUNs as a result of SNURs   EPA develops SNURs for a
number of reasons, some based on findings from its new chemicals program
in order to bind manufacturers and processors of chemicals reviewed
under its Premanufacture Notice (PMN) review process to certain
requirements    SNURs are also developed under EPA’s existing chemical
program under TSCA Section 5(a)(2).  It is the latter SNURs that are
covered by this ICR, and therefore, only the SNUNs received based on
those SNURs are estimated here.

EPA’s experience is that in response to promulgation of well over
1,000 SNURs under both its new and existing chemicals programs, the
Agency receives on average only 10 SNUNs per year.  Of those SNUNs, only
a fraction are the result of SNURs promulgated under Section 5(a)(2).
For this ICR, however, EPA is estimating 10 SNURs per year.

TABLE 1

	ANTICIPATED NUMBER OF SNURs AND SNUNs

Year

Anticipated Number of SNURs

Anticipated Number of SNUNS

First Year

5

10

Second Year

5

10

Third Year

5

10

Three Year Totals

15

30

Given the uncertainty in projecting possible new uses for existing
chemicals, it is not possible to determine if a large or small number of
firms would be affected by any given SNUR, or whether any one firm might
engage in more than one new use. Thus, this analysis makes the
assumption that no firm submits more than one SNUN. The total number of
firms engaging in new uses cannot be estimated.

 	6(a)	Estimating Respondent Burden

A. Alternative Responses

The burden associated with a SNUR could involve a number of possible
industry responses. That is, when a SNUR is promulgated, a firm seeking
to engage in a new use for a subject chemical has five options regarding
possible courses of action that may generate reporting burden:

1)	The company could submit a SNUN. This option would be chosen by any
company not intending to abide by the provisions of the SNUR.

2)	A company can request an equivalency determination. This option would
be chosen if a manufacturer/importer had reason to believe that there
may be alternative methods not considered by EPA that provide equivalent
or superior protection from exposure or release of the subject chemical.

3)	The company can comply with the SNUR, ensuring that all provisions of
the SNUR are implemented in connection with the planned use of the
subject chemical.

4)	The company can request review of the SNUR for possible modification
or revocation.

5)	The company may simply decide to forgo the new use, avoiding
regulatory compliance activities altogether.

Additionally, under current regulations at 40 CFR 721.5(a)(2), all
manufacturers, processors, and importers of chemicals subject to SNURs
are subject to certain requirements regardless of whether they engage in
a significant new use unless certain information can be documented .
However, without prior knowledge of chemicals which would be the subject
of future SNURs, estimating the number of potentially affected entities
subject to 40 CFR 721.5(a)(2) is not possible.

The following section estimates the cost of submitting a SNUN (option 1)
and then discusses the other options.

B. Burden Estimates

TSCA Section 5(a)(2) imposes two requirements on industry. First,
manufacturers, processors, and importers of chemicals must choose among
the options mentioned above. This section presents estimates of
submitting SNUNs (i.e., the first option) and then briefly discusses the
other four options. Second, manufacturers, processors, and importers of
chemicals covered by SNURs will incur burden and costs to notify
customers of the hazards posed by the covered chemical.  Therefore, they
must first determine if their chemical is on the SNUR and then must
determine how to notify their customers.

Chemical Verification

When a SNUR is published, companies must review the rule to verify if
their chemical is subject to the rule.  During the 2004-2007 timeframe,
the majority of SNURs promulgated by the Agency under TSCA Section 5(a)
applied to new chemicals submitted to the Agency under the
Premanufacture Notice Program.  Only three SNURs applying to existing
chemicals were promulgated during the same time period.  The Agency
typically notifies the manufacturer(s) of chemicals subject to a SNUR
prior to its issuance.  Therefore it is estimated that no more than
0.167 hours (10 minutes) or of technical time per chemical is used to
verify if a chemical is

subject to the rule.  This is equivalent to 6.8 hours (0.167
hours/chemical x 41 chemicals/SNUR) per SNUR.

Submitting a SNUN

In submitting a SNUN, individuals at different occupational levels must
spend time on the required recordkeeping and reporting activities. In
estimating the burden required to prepare a SNUN, the analysis uses the
breakdown of activities and activity estimates as developed for the
premanufacture notification (PMN) baseline model in the Agency's
"Regulatory Impact Analysis of Amendments to Regulations for TSCA
Section 5 Premanufacture Notifications" (OPPT, 1994). The PMN reporting
cost estimates were used because SNUNs would be filed on the standard
PMN form. Table 2 presents EPA's estimate of respondent reporting burden
associated with the filing of a SNUN.

When submitting an SNUN, manufacturers must maintian records associated
with the SNUN for five years.  In keeping with the conservative
assumptions already employed, the high end of the range of reporting
burden hours (i.e., 113.25 hours) will be used in subsequent cost
calculations (see Section 6 below). The recordkeeping associated with
preparing and filing a SNUN is assumed to require five percent of the
time spent on reporting. Thus, 5.67 record keeping hours ([113.25
hours]*[5 percent]) will be spent in preparation of a SNUN. The average
industry burden per notice, then, is 118.92 hours (113.25 + 5.67).

The estimates shown in Table 2 are average burden levels. Thus, it is
entirely possible that certain respondents may incur burden above or
below the estimates shown above; nevertheless, EPA believes the upper
bound of the range of average burden hours to be an appropriate estimate
for the calculations performed in this analysis.

Alternative Options

Should a company choose to request an equivalency determination (i.e.,
the second option), or review for modification/revocation (i.e., the
fourth option), EPA estimates that a data collection and preparation
effort similar to that of a SNUN would be required, and thus the burden
is estimated to range up to 118.92 hours for these alternatives, the
same as for submitting a SNUN.

In complying with a SNUR, a company would incur costs to ensure all
provisions of the SNUR were implemented at the subject facility (i.e.,
the third option). Since the nature of such provisions will vary
depending on the significant new uses identified in each respective
SNUR, estimating burden at this time is not possible.

The final alternative for a company considering a significant new use of
a chemical which is the subject of a SNUR is to forgo the new use (i.e.,
the fifth option). In carrying out such a response, no direct regulatory
burden or costs would be incurred.

Customer Notification

 As noted above, unless manufacturers, processors, and importers of
chemicals subject to SNURs have either notified recipients of such
chemicals and all significant new uses, verified that knowledge of the
SNUR has been otherwise acquired by recipients, or verified that
recipients are unable to engage in significant new uses, manufacturers,
processors, and importers must file a SNUN. Since it is not expected
that all such entities will have complete knowledge of all uses of any
products subject to a SNUR, and because filing a SNUN could require
significantly more burden, it is assumed that manufacturers, processors,
and importers will most often choose to notify their customers of SNUR
regulatory activities. As this notification may be accomplished by
simply annotating an MSDS, EPA estimates the associated burden to be
about 1 hour of a technical employee's time per manufacturer, processor,
or importer per chemical.

TABLE 2

	UNIT REPORTING BURDEN ESTIMATES ASSOCIATED WITH FILING A SNUN,

	BY LABOR CATEGORY

Activity

Clerical Hours

Technical Hours

Managerial Hours

Total Hours

General information/ instructions

2 - 2.5

1.5 - 2

3 - 4

6.5 - 8.5

Chemical identity

1.5 - 2

3 - 6

1

5.5 - 9

Trade name ID

.25

.25

Byproducts/impurities identification

1

1

Production & marketing

data

1.5

2 - 3

3.5 - 4.5

Production volume

1

1

Category of use

3

3

Hazard information

3 - 4

3 - 4

Human exposure and

environmental release

2.5 - 3.5

6 - 7

8.5-10.5

Site information

14 - 16

14 - 16

Occupational exposure

13 - 14

13 - 14

Environmental release/ disposal

9 - 10

9 - 10

Sites controlled by others

2

10 - 12

2 - 2.5

14 - 16.5

List of attachments

2

6 - 8

1 - 1.5

9 - 11.5

Certification

.5

.5

Data submissions

.5

1.5 - 2

.5

2.5 - 3

Totals

12 - 14

66.25 - 79.25

16 - 20

94.25 - 113.25

Source: OPPT, 1994.

	6(b)	Estimating Respondent Costs

The unit costs of filing a SNUN are estimated by monetizing the labor
time spent preparing the SNUN and then adding any fixed costs associated
with filing a SNUN. This section derives these unit costs.

A. Wages

The basic methodology for estimating the industry wage rates used in
this analysis is presented in Appendix A.  Wage data used to develop the
basic industry wage rates are derived from the U.S. Department of Labor,
Bureau of Labor Statistics (BLS) for all goods-producing private
industries.  The annual salary estimates were adjusted to final-quarter
(December) 2003 dollars using the BLS Employment Cost Index (ECI) for
white-collar occupations for all private industries.

An overhead rate of 17 percent was applied to all wages based on
information provided by the chemical industry and chemical industry
trade associations.  Benefit rates were applied to wages as follows:
managerial, 47.7 percent; technical, 49.7 percent; and secretarial, 50.5
percent. Thus, total load factors are 64.7 percent for managerial labor,
66.7 percent for technical labor, and 67.5 percent for secretarial
labor. The estimated hourly wage rates are presented in Table 3. Details
on the calculation of the wage rates can be found in Appendix A.

	TABLE 3

	HOURLY WAGE AND LOAD RATES FOR INDUSTRY

Labor Category

Wage Rate

Managerial

$68.18

Technical

$55.44

Clerical

$27.47

			Note: Details on the calculation of these wages can be found in
Appendix A.

B. Summary of Unit Costs

Labor Costs

Chemical Verification

The Agency estimates that chemical verification will require 6.8 hours
per SNUR.    The total estimated cost per SNUR is estimated to be $377
(6.8 hours per SNUR x $55.44).

Costs for Submitting  a SNUN

Using these labor wage rates and the burden estimates presented above,
EPA estimates that the labor cost associated with filing a SNUN ranges
from $5,094 to $6,143. In addition, SNUN filers must pay a $2,500 user
fee to EPA. Thus, the total cost of filing a SNUN ranges from $7,594 to
$8,643.

	TABLE 4

	UNIT REPORTING BURDEN ESTIMATES ASSOCIATED WITH FILING A SNUN,

	BY LABOR CATEGORY

Hours

Wage Rate

Total Cost

Clerical

12-14

$27.47

$330-$385

Technical

66.25-79.25

$55.44

$3,673-$4,394

Managerial

16-20

$68.18

$1,091-$1,364

Totals

94.25-113.25

-

$5,094-$6,143

Costs for Record keeping

Record keeping requires 5.67 hours per SNUN.  Assuming that the record
keeping is performed by clerical staff, the costs for record keeping are
$156 [5.67 hours * $27.47 (clerical labor)

Alternative Responses

As noted in Section 4, five alternative responses to any particular SNUR
could be chosen by firms planning to engage in significant new uses of
subject chemicals.  Although EPA has not projected or quantified how
frequently these alternatives might be selected, the unit costs
associated with each option are discussed briefly below.

The estimated burden of requesting an equivalency determination (the
second option) or review for modification/revocation (the fourth option)
was judged to be similar to filing the SNUN; thus, total costs including
the EPA user fee were estimated to range from between $7,594 and $8,643.
 However, the firm may incur additional costs in developing the data
necessary to justify the alternative.  This option will be preferable to
compliance with the SNUR if the total cost of obtaining EPA approval of
a request is less than the costs of SNUR compliance.

Customer Notification

EPA assumes that the customer notification requirement will be handled
by technical labor. Section 5 of this analysis assumed that one hour of
labor per chemical would be required to perform the notification, thus
the unit cost of notification is estimated to be $55.44 (i.e., the
hourly wage for technical labor).   EPA estimates that each SNUR will
cover approximately 20 chemicals.  Furthermore, EPA assumes that there
are two manufacturers, processors, or importers per chemical.
Therefore, the burden per SNUR is estimated to be 40 hours per SNUR ([20
chemicals per SNUR]*[1 hour per manufacturer, processor, or importer]*[2
manufacturers, processors, or importers per chemical]), and the cost per
SNUR is equal to $2,218 [($55.44 per hour)*(40 hours per SNUR)].

	TABLE 5

	SUMMARY OF UNIT COSTS

Unit Cost

Estimated Cost

Chemical Verification

$377 per SNUR

Submitting a SNUN

Between $7,594  and $8,643 per SNUN

SNUN Record Keeping

$156 per SNUN

Notifying Customers

$2,218  per SNUR

Summary

Table 4 summarizes the unit costs estimated in this section. Reviewing a
SNUR to verify that a chemical is included is estimated to cost $377 per
SNUR.  Submitting a SNUN is estimated to cost between $7,594 and $8,643
per SNUN and notifying customers is estimated to cost $2,218 per SNUR.
As noted above, the upper bound cost for filing a SNUN ($8,643) will be
used in subsequent calculations.

TOTAL BURDEN AND COSTS TO INDUSTRY

This section provides estimates of the total burden and costs imposed by
the TSCA Section 5(a) requirements. These estimates can be divided into
three categories: chemical verification, submitting SNUNs and notifying
customers.

A. Verifying Chemicals

The total cost and burden imposed on industry by Section 5(a)(2)
requirements can be calculated by multiplying the unit burden and cost
estimates by the expected number of SNURs. As noted above, this analysis
assumes that EPA will promulgate five SNURs per year.  Total burden and
costs for chemical verification are presented in Tables 6 and 7.

	TABLE 6

	TOTAL INDUSTRY BURDEN ASSOCIATED WITH CHEMICAL VERIFICATION

Activity

Hours Per SNUR

SNURs per Year

Total hours

Chemical Verification

6.8

5

34

	TABLE 7

	TOTAL INDUSTRY COSTS ASSOCIATED WITH CHEMICAL VERIFICATION

SNURs Per Year

Cost Per SNUR

Total Annual Cost

Three Year Cost

5

$377

$1,885

$5,655

Note: Estimates may contain some rounding error caused by rounding
dollar values to the nearest whole dollar.

B. Submitting SNUNs

The total cost and burden imposed on industry by Section 5(a)(2)
requirements can be calculated by multiplying the unit burden and cost
estimates by the expected number of SNURs and SNUNs. As noted above,
this analysis assumes that EPA will promulgate five SNURs and receive
ten SNUNs per year.

Table 8 presents the total burden of submitting SNUNs. Section 5 of this
analysis estimated that the reporting requirements for submitting SNUNs
would impose 113.25 hours for each SNUN. An additional 5.67 hours are
assumed to be required to satisfy recordkeeping requirements. Thus, a
total of 118.92 hours are required for each SNUN. From Section 4 of this
analysis, EPA estimates that it will receive ten SNUNs per year. Thus,
the total burden imposed on industry is estimated to be 1,189.2 hours
annually, or 3,567.6 hours over a three year period.

	TABLE 8

	TOTAL INDUSTRY BURDEN ASSOCIATED WITH SUBMITTING SNUNs

Activity

Hours Per SNUN

SNUNs per Year

Total hours

Reporting

113.25

10

1,132.5

Recordkeeping

5.67

10

56.7

Total Annual Burden

118.92

10

1,189.2

Three Year Burden

-

-

3,567.6

The total cost of submitting SNUNs is presented in Table 9. Section 6 of
this analysis estimated that submitting SNUNs will cost affected parties
$8,643 per SNUN. Assuming 10 SNUNs per year (see Section 4) implies a
total annual cost of $86,430 ([10 SNUNs]*[$86,430 per SNUN]) and a three
year cost of $259,290 ([$86,430 per year]*[3 years]).

	TABLE 9

	TOTAL INDUSTRY COSTS ASSOCIATED WITH SUBMITTING SNUNs

SNUNs Per Year

Cost Per SNUN

Total Annual Cost

Three Year Cost

10

$8,643

$86,430

$259,290

Note: Estimates may contain some rounding error caused by rounding
dollar values to the nearest whole dollar.

	C. Customer Notification

Table 10 presents estimates of the customer notification burden and
costs. EPA estimates that burden for customer notification is 82 hours
per SNUR.  EPA estimates that 5

SNURs will be promulgated per year.  The annual burden associated with
customer notification is estimated to be 200 hours (40 hours/SNUR * 5
SNURs/year).  The three year burden is estimated to be 600 hours.

The cost of customer notification is estimated by multiplying the burden
hours by the unit cost of notification. Section 6 assumed that
notification would be accomplished using technical labor, valued at
$55.44 per hour. Thus, the total annual cost of customer notification is
$11,088 and the three year cost is $33,264.

	TABLE 10

	ESTIMATED BURDEN AND COST FOR CUSTOMER NOTIFICATION

Cost element

Value/Estimate

Burden

Chemicals per SNUR [a]

20

Hours per manufacturers/processors/importers [b]

1.0

Manufacturers/processors/importers per chemical [c]

2

SNURs per year [d]

5

Total annual burden [e] = [a]*[b]*[c]*[d]

200

Three year burden [f] = 3*[e]

600

Cost

Cost per hour [g]

$55.44

Total annual cost [h] = [e]*[g]

$11,088

Three year cost [j] = 3*[h]

$33,246

C. Summary of Industry Costs

The total estimated industry burden associated with SNURs is equal to
the total of chemical verification burden (34 annually), reporting and
record keeping burden (1,189 hours annually) plus the total customer
notification burden (200 hours annually) which is equal to 1,423 hours
annually.  The associated cost is estimated to be $99,403 annually.
Over a three-year period, the burden is estimated to be 4,269 hours and
costs are estimated to be $298,209.

	6(c)	Estimating Agency Burden and Cost

EPA will incur costs associated with the promulgation of SNURs and the
processing of SNUNs. The previous ICR estimated that the cost for
issuing a SNUR can be as high as $35,082 in 2003 dollars.  The Office of
Personnel Management reports that federal salaries increased by 11.57
percent (Washington, D.C. salary including locality adjustment) from
2003 to 2007 (Office of Personnel Management, 2008).   The annual salary
for EPA staff used for calculations of Agency costs is an average of the
OPM year 2007 annual salaries for GS-12 Steps 1 and 10 for Washington,
DC -- $66,767 and $86,801, respectively, or $76,784.  Multiplying by an
assumed loading factor of 1.6 to reflect fringe benefits and overhead
(Office of Policy Planning and Evaluation, 1992), the loaded annual
salary of EPA staff was calculated to be $122,854. Dividing the wage by
a 12 person-months/year results in $10,238/person-month.  Consistent
with the previous ICR, it is estimated that it will take 3.94
person-months of EPA staff time to develop a final SNUR.   Therefore,
the wage per person-month ($10,238) multiplied by a 3.94
person-months/SNUR yields an EPA cost per SNUR of $40,338.

EPA(s costs to review and process SNUNs are assumed to be the same as
EPA costs to review PMNs.  These costs are estimated at $4,778 per case.
 The Agency actions required, full-time equivalent (FTE) staff needs,
and extramural costs such as for contractor support are derived in
Appendix B from EPA(s analysis of the Agency costs of processing PMN
submissions (RIB, 1994), with updates to 2007 dollars.

Using the estimates of annual SNUR promulgation and SNUR notice
submissions presented above, EPA's estimated costs are presented in
Table 11. Promulgating SNURs and processing SNUNs are estimated to cost
the Agency $126,261 annually and $378,783 for three years. The Agency
may also incur a cost for modifying a SNUR if submitted data indicate a
need for such an action.  Costs to perform such a modification have not
been estimated.

	TABLE 11

	AGENCY COSTS

Activity

Number Per Year

Cost Per Action

Annual Cost

Three Year Cost

SNURs

5	$40,338	$201,690	$605,070

SNUNs	10	$4,778	$47,780	$143,340

Totals 	15	$45,116	$249,470	$748,410

Note: Estimates may contain some rounding error caused by rounding
dollar values to the nearest whole dollar.

6(d)	Reasons for Change in Burden

Since the last clearance, annual industry burden estimates have
increased by 562 hours, from 861 hours to 1,423 hours. This change
results from updating estimates based upon an anticipated increase in
the number of SNURs promulgated from three to five per year and an
increase in the estimated number of SNUNs received from five to ten per
year.  Additionally, estimated number of chemicals per SNUR is estimated
to fall from 41 to 20.  All of these changes are adjustments.

	Regulatory Flexibility Analysis

Section 5(a)(c) affects new uses of chemicals and requires those
interested in engaging in such a use to notify the Agency of his/her
intentions.  Because the rule only covers uses which a small business
intends to undertake, a small business is not expected to immediately be
affected by the SNUR unless it is considering such a use in the future.
 Although there may be some small businesses that may decide to
participate in SNUR related activities associated with certain
chemicals, it is impossible to estimate the number at this time.
Additionally, the Agency has received few SNUNs related to existing
chemical SNURs in the past, suggesting that few, if any small businesses
would be affected.  This, coupled with the low unit costs associated
with filing a SNUN, suggests that the overall impact will be low for any
business which may choose to file a SNUN or notify customers of SNUR
activity.  These costs are not differentiated between small and large
businesses.

	6(e)	Burden Statement

The annual public burden for this collection of information, which is
approved under OMB Control No. 2070-0038, is estimated to be 118.9 hours
per response.  According to the Paperwork reduction Act, (burden( means
the total time, effort, or financial resources expended by persons to
generate, maintain, retain, or disclose or provide information to or for
a Federal agency.  For this collection it includes the time needed to
review instructions; develop, acquire, install and utilize technology
and systems for the purposes of collecting, validating, and verifying
information, processing and maintaining information, and disclosing and
providing information; adjust the existing ways to comply with any
previously applicable instructions and requirements; train personnel to
be able to respond to a collection of information; search data sources;
complete and review the collection of information ; and transmit or
otherwise disclose the information.  An agency may not conduct or
sponsor, and a person is not required to respond to, a collection of
information unless it displays a currently valid OMB control number.
The OMB control number for this information collection appears above.
In addition, the OMB control numbers for EPA’s regulation, after
initial display in the final rule, are listed in 40 CFR part 9.

  SEQ CHAPTER \h \r 1    SEQ CHAPTER \h \r 1 To comment on the
Agency’s need for this information, the accuracy of the provided
burden estimates, and any suggested methods for minimizing respondent
burden, including the use of automated collection techniques, EPA has
established a public docket for this ICR under Docket ID No.
EPA-HQ-OPPT-2008-0220.  The docket is available for public viewing at
the Pollution Prevention and Toxics Docket in the EPA Docket Center
(EPA/DC).  The EPA/DC Public Reading Room is located in the EPA West
Building, Room 3334, 1301 Constitution Ave., NW., Washington, DC.  The
EPA/DC Public Reading Room is open from 8:30 a.m. to 4:30 p.m., Monday
through Friday, excluding legal holidays.  The telephone number for the
EPA/DC Public Reading Room is<PHONE_NUMBER>, and the telephone number
for the Pollution Prevention and Toxics Docket is<PHONE_NUMBER>.  An
electronic version of the public docket is available through the Federal
Docket Management System (FDMS) at     HYPERLINK
"http://www.regulations.gov"  www.regulations.gov .  Use FDMS to submit
or view public comments, access the index listing of the contents of the
public docket, and to access those documents in the public docket that
are available electronically.  Once in the system, select “search,”
then key in the docket ID number identified above.  Also, you can send
comments to the Office of Information and Regulatory Affairs, Office of
Management and Budget, 725 17th Street, NW, Washington, DC 20503,
Attention: Desk Office for EPA.  Please include the EPA Docket ID No.
EPA-HQ-OPPT-2008-0220 and OMB control number 2070-0038 in any
correspondence.

REFERENCES

BLS, 2008a.  Bureau of Labor Statistics.  Employment Cost Index, Total
Compensation: White-Collar Occupations (Series ID: ECS11102I), ,
http://data.bls.gov/cgi-bin/srgate, extracted February 29, 2008.

BLS, 2008b.  Bureau of Labor Statistics.  Employer Costs for Employee
Compensation - December 2003: Private industry, goods-producing workers
by occupational group, wages and total benefits (Series IDs
CCU420000112000D, CCU420000111000D, CCU420000114000D, CCU430000112000D,
CCU430000111000D, CCU430000114000D), http://data.bls.gov/cgi-bin/srgate,
extracted February 29, 2008.

EPAB, 1999.  Economic Analysis of Expedited Significant New Use Rules
for 41 Chemical

 Substances and  Background Support Document for Economic Analysis of
Significant New

 Use Rules.   Washington, DC: U.S.EPA/OPPT/EETD/EPAB, July 20, 1999. EPA
Docket

 Office of Personnel Management (OPM), 2008.  Salary Tables 2003-DCB,
2004-DCB, 2005-DCB, 2006-DCB, 2007-DCB.   www.opm.gov.

Office of Policy, Planning, and Evaluation (OPPE), 1992.  Instructions
for Preparing Information Collection Requests (ICRs). Washington, DC:
U.S. EPA, June 1, 1992.

Office of Pollution Prevention and Toxics (OPPT), 1994. Regulatory
Impact Analysis of Amendments to Regulations for TSCA Section 5
Premanufacture Notifications.

RIB, 1994.  Regulatory Impacts Branch.  Regulatory Impact Analysis of
Amendments to Regulations for TSCA Section 5 Premanufacture
Notifications.  Washington, DC: U.S. EPA/OPPT/EETD/RIB, September 9,
1994.

Rice, 2002.  Cody Rice. Wage Rates for Economic Analysis of the Toxics
Release Inventory Program.  Washington, DC: U.S.EPA/OPPT/EETD/EPAB, June
10, 2002.

Shapiro, Michael, 1984. (Review of Agency SNUR Costs(, Memorandum to
Susan Hazen, Office of Toxic Substances, November 16.

USEPA, 1985. Response times and Labor Costs Final Data Element List
Comprehensive Assessment Information Rule, April 30, pp. 94-106.

     TSCA section 5(e) allows the Administrator to prohibit or limit the
manufacture, import, processing, distribution in commerce, use, or
disposal of the substance when the substance may present an unreasonable
risk.  TSCA section 5(f) allows the Administrator to use a TSCA section
6 regulation to prohibit or limit the manufacture of the substance when
the substance will present an unreasonable risk.

Unless manufacturers, processors, and importers of chemicals subject to
SNURs have either notified recipients of such chemicals and all
significant new uses, verified that knowledge of the SNUR has been
otherwise acquired by recipients, or verified that recipients are unable
to engage in significant new uses, manufacturers, processors, and
importers must file a SNUN

     The burden estimates presented in Table 2 differ from the PMN
Amendments analysis, which were based on a Chemical Manufacturers
Association survey, only in that burden for researching synonyms and
generic chemical names was not included in this analysis. This is
because subject chemicals would be existing chemicals, and such
information would already be known.

     The assumption that there are two manufacturers, processors, or
importers per chemical follows from previous ICRs for these
requirements.

     In deriving the totals for this analysis, EPA uses the upper bound
estimates for the number of hours and the cost of submitting SNUNs.

     This percentage increase is composed of four annual increases: a
4.42 percent increase in 2004, a 3.71 percent increase in 2005, a 3.44
percent increase in 2006, and a 3.44 percent increase in 2007. (Office
of Personnel Management, 2008).

     The 3.94 person-months estimate is from a memorandum from Michael
Shapiro, Economics and Technology Division, to Susan Hazen, Office of
Toxic Substances (Shapiro, 1984).

- PAGE  21 -


[Federal Register Volume 86, Number 171 (Wednesday, September 8, 2021)]
[Notices]
[Pages 50385-50391]
[FR Doc No: 2021-19293]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92840; File No. SR-NYSEArca-2021-73]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To List and Trade Shares of the Franklin
Responsibly Sourced Gold ETF Under NYSE Arca Rule 8.201-E

September 1, 2021.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on August 23, 2021, NYSE Arca, Inc. (``NYSE Arca'' or
``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
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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade shares of the Franklin
Responsibly Sourced Gold ETF under NYSE Arca Rule 8.201-E. The proposed
change is available on the Exchange's website at www.nyse.com, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

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

1. Purpose
    The Exchange proposes to list and trade shares (``Shares'') of the
Franklin Responsibly Sourced Gold ETF (the ``Fund''), under NYSE Arca
Rule 8.201-E.\4\ The Fund is a series of the Franklin Templeton
Holdings Trust, a Delaware statutory trust (the ``Trust''). Under NYSE
Arca Rule 8.201-E, the Exchange may propose to list and/or trade
Commodity-Based Trust Shares pursuant to unlisted trading privileges
(``UTP'').\5\
---------------------------------------------------------------------------

    \4\ On April 22, 2021, the Trust submitted to the Commission its
confidential draft registration statement on Form S-1 (the
``Registration Statement'') under the Securities Act of 1933 (15
U.S.C. 77a) (the ``Securities Act''). The Jumpstart Our Business
Startups Act, enacted on April 5, 2012, added Section 6(e) to the
Securities Act. Section 6(e) of the Securities Act provides that an
``emerging growth company'' may confidentially submit to the
Commission a draft registration statement for confidential, non-
public review by the Commission staff prior to public filing,
provided that the initial confidential submission and all amendments
thereto shall be publicly filed not later than 21 days before the
date on which the issuer conducts a road show, as such term is
defined in Securities Act Rule 433(h)(4), or 15 days prior to
anticipated effectiveness in the case of an issuer who will not
conduct a road show. An emerging growth company is defined in
Section 2(a)(19) of the Securities Act as an issuer with less than
$1,070,000,000 total annual gross revenues during its most recently
completed fiscal year. The Fund meets the definition of an emerging
growth company and consequently has submitted its Form S-1
Registration Statement on a confidential basis with the Commission.
The Registration Statement in not yet effective and the Shares will
not trade on the Exchange until such time that the Registration
Statement is effective.
    \5\ Commodity-Based Trust Shares are securities issued by a
trust that represent investors' discrete identifiable and undivided
beneficial ownership interest in the commodities deposited into the
trust.
---------------------------------------------------------------------------

    The Fund will not be registered as an investment company under the
Investment Company Act of 1940, as amended,\6\ and is not required to
register under such act. The Fund is not a commodity pool for purposes
of the Commodity Exchange Act, as amended.\7\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 80a-1.
    \7\ 17 U.S.C. 1.
---------------------------------------------------------------------------

    The Sponsor of the Fund is Franklin Holdings, LLC, a Delaware
limited liability company. BNY Mellon Asset Servicing, a division of
The Bank of New York Mellon (``BNYM''), serves as the Fund's
administrator (the ``Administrator'') and transfer agent (the
``Transfer Agent''). Delaware Trust Company, a subsidiary of the
Corporation Service Company serves as trustee of the Trust (the
``Trustee''). J.P. Morgan Chase Bank, N.A., London branch is the
custodian of the Fund's Gold Bullion (as defined in the Registration
Statement) (the ``Gold Custodian'').\8\ BNYM will serve as the
custodian of the Fund's cash, if any (the ``Cash Custodian'').
---------------------------------------------------------------------------

    \8\ The Gold Custodian is responsible for safekeeping the Fund's
gold pursuant to the Allocated Gold Account Agreement and the
Unallocated Gold Account Agreement. The Gold Custodian will
facilitate the transfer of gold in and out of the Fund through (i)
the unallocated gold accounts it may maintain for each Authorized
Participant (as defined below) or unallocated gold accounts that may
be maintained for an Authorized Participant by another London
Precious Metals Clearing Limited clearing bank, and (ii) the
unallocated and allocated gold accounts it will maintain for the
Fund. The Gold Custodian is responsible for allocating specific bars
of gold to the Fund Allocated Account. As used herein, ``Fund
Allocated Account'' means the allocated gold account of the Trust
established with the Gold Custodian on behalf of the Fund by the
Allocated Gold Account Agreement, to be used to hold gold that is
transferred from the Fund Unallocated Account to be held by the Fund
in allocated form; the ``Fund Unallocated Account'' means the
unallocated gold account of the Trust established with the Gold
Custodian on behalf of the Fund by the Unallocated Gold Account
Agreement, to be used to facilitate the transfer of gold in and out
of the Fund. The Gold Custodian will provide the Fund with regular
reports detailing the gold transfers into and out of the Fund
Unallocated Account and the Fund Allocated Account and identifying
the gold bars held in the Fund Allocated Account.
---------------------------------------------------------------------------

    The Commission has previously approved listing on the Exchange
under NYSE Arca Rules 5.2-E(j)(5) and 8.201-E of other precious metals
and gold-based commodity trusts, including the GraniteShares Gold
MiniBAR Trust; \9\ GraniteShares Gold Trust; \10\ Merk Gold Trust; \11\
ETFS Gold Trust; \12\ ETFS Platinum Trust \13\ and ETFS Palladium Trust
(collectively, the ``ETFS Trusts''); \14\ APMEX Physical-1 oz. Gold
Redeemable Trust; \15\ Sprott Gold Trust; \16\ SPDR Gold Trust
(formerly the streetTRACKS Gold Trust); \17\ iShares Silver Trust; \18\
iShares COMEX Gold Trust; \19\ and Long Dollar Gold Trust.\20\ Prior to
their listing on the Exchange, the Commission approved listing of the
streetTRACKS Gold Trust on the New York Stock Exchange (``NYSE'') \21\
and listing of iShares COMEX Gold Trust and iShares Silver Trust on the
American Stock Exchange LLC.\22\ In addition, the Commission has
approved trading of the streetTRACKS Gold Trust and iShares Silver
Trust on the Exchange pursuant to UTP.\23\
---------------------------------------------------------------------------

    \9\ Securities Exchange Act Release No. 84257 (September 21,
2018), 83 FR 48877 (September 27, 2018) (SR-NYSEArca-2018-55).
    \10\ Securities Exchange Act Release No. 81077 (July 5, 2017),
82 FR 32024 (July 11, 2017) (SR-NYSEArca-2017-55).
    \11\ Securities Exchange Act Release No. 71378 (January 23,
2014), 79 FR 4786 (January 29, 2014) (SR-NYSEArca-2013-137).
    \12\ Securities Exchange Act Release No. 59895 (May 8, 2009), 74
FR 22993 (May 15, 2009) (SR-NYSEArca-2009-40).
    \13\ Securities Exchange Act Release No. 61219 (December 22,
2009), 74 FR 68886 (December 29, 2009) (SR-NYSEArca-2009-95).
    \14\ Securities Exchange Act Release No. 61220 (December 22,
2009), 74 FR 68895 (December 29, 2009) (SR-NYSEArca-2009-94).
    \15\ Securities Exchange Act Release No 66930 (May 7, 2012), 77
FR 27817 (May 11, 2012) (SR-NYSEArca-2012-18).
    \16\ Securities Exchange Act Release No. 61496 (February 4,
2010), 75 FR 6758 (February 10, 2010) (SR-NYSEArca-2009-113).
    \17\ See Securities Exchange Act Release No. 56224 (August 8,
2007), 72 FR 45850 (August 15, 2007) (SR-NYSEArca-2007-76).
    \18\ See Securities Exchange Act Release No. 58956 (November 14,
2008), 73 FR 71074 (November 24, 2008) (SR-NYSEArca-2008-124)
(approving listing on the Exchange of the iShares Silver Trust).
    \19\ See Securities Exchange Act Release No. 56224 (August 8,
2007), 72 FR 45850 (August 15, 2007) (SR-NYSEArca-2007-76)
(approving listing on the Exchange of the streetTRACKS Gold Trust);
Securities Exchange Act Release No. 56041 (July 11, 2007), 72 FR
39114 (July 17, 2007) (SR-NYSEArca-2007-43) (order approving listing
on the Exchange of iShares COMEX Gold Trust).
    \20\ See Securities Exchange Act Release No. 79518 (December 9,
2016), 81 FR 90876 (December 15, 2016) (SR-NYSEArca-2016-84) (order
approving listing and trading of shares of the Long Dollar Gold
Trust).
    \21\ See Securities Exchange Act Release No. 50603 (October 28,
2004), 69 FR 64614 (November 5, 2004) (SR-NYSE-2004-22) (order
approving listing of streetTRACKS Gold Trust on the NYSE).
    \22\ See Securities Exchange Act Release Nos. 51058 (January 19,
2005), 70 FR 3749 (January 26, 2005) (SR-Amex-2004-38) (order
approving listing of iShares COMEX Gold Trust on the American Stock
Exchange LLC); 53521 (March 20, 2006), 71 FR 14967 (March 24, 2006)
(SR-Amex-2005-72) (approving listing on the American Stock Exchange
LLC of the iShares Silver Trust).
    \23\ See Securities Exchange Act Release Nos. 53520 (March 20,
2006), 71 FR 14977 (March 24, 2006) (SR-PCX-2005-117) (approving
trading on the Exchange pursuant to UTP of the iShares Silver
Trust); 51245 (February 23, 2005), 70 FR 10731 (March 4, 2005) (SR-
PCX-2004-117) (approving trading on the Exchange of the streetTRACKS
Gold Trust pursuant to UTP).
---------------------------------------------------------------------------

    The Exchange represents that the Shares satisfy the requirements of
NYSE Arca Rule 8.201-E and thereby qualify for listing on the
Exchange.\24\
---------------------------------------------------------------------------

    \24\ With respect to the application of Rule 10A-3 (17 CFR
240.10A-3) under the Act, the Fund relies on the exemption contained
in Rule 10A-3(c)(7).

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

Operation of the Trust and Fund \25\
---------------------------------------------------------------------------

    \25\ The description of the operation of the Trust, the Fund,
the Shares, and the gold market contained herein are based, in part,
on the Registration Statement. See note 4, supra.
---------------------------------------------------------------------------

    The investment objective of the Fund will be for the Shares to
reflect the performance of the price of gold bullion, less the expenses
of the Fund's operations. Shares of the Fund will represent units of
fractional undivided beneficial interest in and ownership of the net
assets of the Fund.
    The Fund seeks to predominantly hold responsibly sourced gold
bullion, defined as London Good Delivery gold bullion bars produced
after January 2012 in accordance with London Bullion Market
Association's (``LBMA'') Responsible Gold Guidance (the ``Guidance'').
From time to time, in certain circumstances a portion of the Fund's
assets may include pre-2012 LBMA gold bullion (i.e., London Good
Delivery gold bars produced prior to January 2012 which was not subject
to the Guidance), including, for example, due to availability
constraints. In those circumstances, the Gold Custodian will seek to
replace any pre-2012 LBMA gold bullion in the Fund Allocated Account
with LBMA good delivery bars produced after January 2012 as soon as is
practicable.
    The Guidance is a mandatory governance framework for the
responsible sourcing of gold applicable to LBMA approved good delivery
refiners that is designed to promote the integrity of the global supply
chain for the wholesale gold markets. Among other things, the Guidance
includes measures to address environmental issues, avoid materials from
conflict-afflicted areas, and combat money laundering, financing of
terrorism, and human rights abuses, including child labor. The Guidance
requires each LBMA good delivery refinery to undergo a comprehensive
audit, at least annually, in order to confirm compliance with the
LBMA's minimum requirements related to the responsible sourcing of gold
and to publicly report results (audits are made available on the LBMA
website). The audits, among other aspects, focus on the refiner's
management systems and controls, and whether they are robust and
appropriate to addressing the refiner's risk profile. Additional
information regarding the LBMA's efforts to promote ethical sourcing of
gold and a copy of the current version of the Guidance is available at
https://www.lbma.org.uk/responsible-sourcing.
    The Fund will not trade in gold futures, options, or swap contracts
on any futures exchange or over-the-counter (``OTC''). The Fund will
not hold or trade in commodity futures contracts, ``commodity
interests,'' or any other instruments regulated by the Commodity
Exchange Act. The Fund's Cash Custodian may hold cash proceeds from
gold sales and other cash received by the Fund.
    The Shares are intended to constitute a simple and cost-efficient
means of gaining investment benefits similar to those of holding gold
bullion directly, by providing investors an opportunity to participate
in the responsibly sourced gold market through an investment in the
Shares, instead of the traditional means of purchasing, storing and
insuring gold.
Operation of the Gold Market
    The global gold trading market consists of OTC transactions in
spot, forwards, and options and other derivatives, together with
exchange-traded futures and options.
    The OTC gold market includes spot, forward, and option and other
derivative transactions conducted on a principal-to-principal basis.
While this is a global, nearly 24-hour per day market, its main centers
are London, New York, and Zurich.
    According to the Registration Statement, most OTC market trades are
cleared through London. The LBMA plays an important role in setting OTC
gold trading industry standards. A London Good Delivery Bar (as
described below), which is acceptable for delivery in settlement of any
OTC transaction, will be acceptable for delivery to the Fund, as
discussed below.
    The most significant gold futures exchange is COMEX, operated by
Commodities Exchange, Inc., a subsidiary of New York Mercantile
Exchange, Inc., and a subsidiary of the Chicago Mercantile Exchange
Group (the ``CME Group''). Other commodity exchanges include the Tokyo
Commodity Exchange (``TOCOM''), the Multi Commodity Exchange of India
(``MCX''), the Shanghai Futures Exchange, the Shanghai Gold Exchange,
ICE Futures US (the ``ICE''), and the Dubai Gold & Commodities
Exchange. The CME Group and ICE are members of the Intermarket
Surveillance Group (``ISG'').
The London Gold Bullion Market
    According to the Registration Statement, most trading in physical
gold is conducted on the OTC market and is predominantly cleared
through London. In addition to coordinating market activities, the LBMA
acts as the principal point of contact between the market and its
regulators. A primary function of the LBMA is its involvement in the
promotion of refining standards by maintenance of the ``London Good
Delivery Lists,'' which are the lists of LBMA accredited melters and
assayers of gold. The LBMA also coordinates market clearing and
vaulting, promotes good trading practices and develops standard
documentation.
    The term ``loco London'' refers to gold bars physically held in
London that meet the specifications for weight, dimensions, fineness
(or purity), identifying marks (including the assay stamp of an LBMA
acceptable refiner), and appearance set forth in the good delivery
rules promulgated by the LBMA from time to time. Gold bars meeting
these requirements are known as ``London Good Delivery Bars.''
    The unit of trade in London is the troy ounce, whose conversion
between grams is: 1,000 grams = 32.1507465 troy ounces and 1 troy ounce
= 31.1034768 grams. A London Good Delivery Bar is acceptable for
delivery in settlement of a transaction on the OTC market. Typically
referred to as 400-ounce bars, a London Good Delivery Bar must contain
between 350 and 430 fine troy ounces of gold, with a minimum fineness
(or purity) of 995 parts per 1,000 (99.5%), be of good appearance and
be easy to handle and stack. The fine gold content of a gold bar is
calculated by multiplying the gross weight of the bar (expressed in
units of 0.025 troy ounces) by the fineness of the bar.
Creation and Redemption of Shares
    According to the Registration Statement, the Fund will create and
redeem Shares on a continuous basis in one or more Creation Units. A
Creation Unit equals a block of 50,000 Shares. The Fund will issue
Shares in Creation Units to certain authorized participants
(``Authorized Participants'') on an ongoing basis. Each Authorized
Participant must be a registered broker-dealer or other securities
market participant such as a bank or other financial institution which
is not required to register as a broker-dealer to engage in securities
transactions, a participant in The Depository Trust Company (``DTC''),
and have entered into an agreement with the Administrator (the
``Participant Agreement''), and has established an unallocated gold
account with the Gold Custodian or another London Precious Metals
Clearing Limited clearing bank.
    Creation Units may be created or redeemed only by Authorized
Participants. The creation and redemption of Creation Units is only

made in exchange for the delivery to the Fund or the distribution by
the Fund of the amount of gold represented by the Creation Units being
created or redeemed. The amount of gold required to be delivered to the
Fund in connection with any creation, or paid out upon redemption, is
based on the combined NAV of the number of Shares included in the
Creation Units being created or redeemed as determined on the day the
order to create or redeem Creation Units is properly received and
accepted. Orders must be placed by 3:59:59 p.m. New York time. The day
on which the Administrator receives a valid purchase or redemption
order is the order date. Creation Units may only be issued or redeemed
on a day that the Exchange is open for regular trading.
    According to the Registration Statement, the total deposit required
to create each Creation Unit, or a Creation Unit Gold Delivery Amount,
is an amount of gold and cash, if any, that is in the same proportion
to the total assets of the Fund (net of estimated accrued expenses and
other liabilities) on the date the order to purchase is properly
received as the number of Shares to be created under the purchase order
is in proportion to the total number of Shares outstanding on the date
the order is received. An Authorized Participant who places a purchase
order is responsible for transferring the Creation Unit Gold Delivery
Amount to the Fund Unallocated Account. Upon receipt, the Administrator
will direct DTC to credit the number of Creation Units ordered to the
Authorized Participant's DTC account. The Gold Custodian will transfer
the Creation Unit Gold Delivery Amount from the Fund Unallocated
Account to the Fund Allocated Account by allocating to the Fund
Allocated Account specific bars of gold which the Gold Custodian holds,
or instructing a sub-custodian to allocate specific bars of gold held
by or for the sub-custodian.
    The redemption distribution from the Fund consists of a credit to
the redeeming Authorized Participant's unallocated account in the
amount of the Creation Unit Gold Delivery Amount. The Creation Unit
Gold Delivery Amount for redemptions is the number of ounces of gold
held by the Fund to be paid out upon redemption of a Creation Unit. The
Gold Custodian will transfer the redemption amount from the Fund
Allocated Account to the Fund Unallocated Account and, thereafter, to
the redeeming Authorized Participant's unallocated account.
Net Asset Value
    To determine the Fund's NAV, the Administrator will value the gold
held by the Fund on the basis of the LBMA Gold Price PM, as published
by the ICE Benchmark Administration Limited (the ``IBA''). IBA operates
electronic auctions for spot, unallocated loco London gold, providing a
market-based platform for buyers and sellers to trade. The auctions are
run at 10:30 a.m. and 3:00 p.m. London time for gold. The final auction
prices are published to the market as the LBMA Gold Price AM and the
LBMA Gold Price PM, respectively.
    The Administrator will calculate the NAV on each day the Exchange
is open for regular trading, at the earlier LBMA Gold Price PM for the
day or 12:00 p.m. New York time. If no LBMA Gold Price (AM or PM) is
made on a particular evaluation day or if the LBMA Gold Price PM has
not been announced by 12:00 p.m. New York time on a particular
evaluation day, the next most recent LBMA Gold Price AM or PM will be
used in the determination of the NAV, unless the Sponsor determines
that such price is inappropriate to use as the basis for such
determination.
    Once the value of the gold has been determined, the Administrator
will subtract all estimated accrued expenses and other liabilities of
the Fund from the total value of the gold and all other assets of the
Fund. The resulting figure is the NAV. The Administrator will determine
the NAV per Share by dividing the NAV of the Fund by the number of
Shares outstanding as of the close of trading on the Exchange.
Availability of Information Regarding Gold
    Currently, the Consolidated Tape Plan does not provide for
dissemination of the spot price of a commodity such as gold over the
Consolidated Tape. However, there will be disseminated over the
Consolidated Tape the last sale price for the Shares, as is the case
for all equity securities traded on the Exchange (including exchange-
traded funds). In addition, there is a considerable amount of
information about gold and gold markets available on public websites
and through professional and subscription services.
    Investors may obtain gold pricing information on a 24-hour basis
based on the spot price for an ounce of gold from various financial
information service providers, such as Reuters and Bloomberg.
    Reuters and Bloomberg, for example, provide at no charge on their
websites delayed information regarding the spot price of gold and last
sale prices of gold futures, as well as information about news and
developments in the gold market. Reuters and Bloomberg also offer a
professional service to subscribers for a fee that provides information
on gold prices directly from market participants. Complete real-time
data for gold futures and options prices traded on the COMEX are
available by subscription from Reuters and Bloomberg. There are a
variety of other public websites providing information on gold, ranging
from those specializing in precious metals to sites maintained by major
newspapers. In addition, the LBMA Gold Price is publicly available at
no charge at www.lbma.org.uk.
Availability of Information
    The intraday indicative value (``IIV'') per Share for the Shares
will be disseminated by one or more major market data vendors. The IIV
will be calculated based on the amount of gold held by the Fund and a
price of gold derived from updated bids and offers indicative of the
spot price of gold.\26\
---------------------------------------------------------------------------

    \26\ The IIV on a per Share basis disseminated during the
Exchange's Core Trading Session, as defined in NYSE Arca Rule 7.34-
E, should not be viewed as a real-time update of the NAV, which is
calculated once a day.
---------------------------------------------------------------------------

    The Fund's website will contain the following information, on a per
Share basis: (a) The Official Closing Price \27\ and a calculation of
the premium or discount of such Official Closing Price against the
Fund's NAV; and (b) data in chart format displaying the frequency
distribution of discounts and premiums of the Official Closing Price
against the NAV, within appropriate ranges, for each of the four
previous calendar quarters. The website for the Fund will also provide
its prospectus. In addition, information regarding market price and
trading volume of the Shares will be continually available on a real-
time basis throughout the day on brokers' computer screens and other
electronic services. Information regarding the previous day's closing
price and trading volume information for the Shares will be published
daily in the financial section of newspapers.
---------------------------------------------------------------------------

    \27\ The term ``Official Closing Price'' is defined in NYSE Arca
Rule 1.1(ll) as the reference price to determine the closing price
in a security for purposes of Rule 7-E Equities Trading, and the
procedures for determining the Official Closing Price are set forth
in that rule.
---------------------------------------------------------------------------

Criteria for Initial and Continued Listing
    The Fund will be subject to the criteria in NYSE Arca Rule 8.201-
E(e) for initial and continued listing of the Shares.
    A minimum of 100,000 Shares will be required to be outstanding at
the start of trading, which is equivalent to 1,384 fine ounces of gold
or approximately $2,500,000 as of July 22, 2021. The Exchange believes
that the anticipated minimum number of Shares outstanding

at the start of trading is sufficient to provide adequate market
liquidity.
Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Fund subject to the Exchange's existing rules
governing the trading of equity securities. Trading in the Shares on
the Exchange will occur in accordance with NYSE Arca Rule 7.34-E(a).
The Exchange has appropriate rules to facilitate transactions in the
Shares during all trading sessions. As provided in NYSE Arca Rule 7.6-E
Commentary .03, the minimum price variation (``MPV'') for quoting and
entry of orders in equity securities traded on the NYSE Arca
Marketplace is $0.01, with the exception of securities that are priced
less than $1.00, for which the MPV for order entry is $0.0001.
    Further, NYSE Arca Rule 8.201-E sets forth certain restrictions on
ETP Holders acting as registered Market Makers in the Shares to
facilitate surveillance. Under NYSE Arca Rule 8.201-E(g), an ETP Holder
acting as a registered Market Maker in the Shares is required to
provide the Exchange with information relating to its trading in the
underlying gold, any related futures or options on futures, or any
other related derivatives. Commentary .04 of NYSE Arca Rule 11.3-E
requires an ETP Holder acting as a registered Market Maker, and its
affiliates, in the Shares to establish, maintain and enforce written
policies and procedures reasonably designed to prevent the misuse of
any material nonpublic information with respect to such products, any
components of the related products, any physical asset or commodity
underlying the product, applicable currencies, underlying indexes,
related futures or options on futures, and any related derivative
instruments (including the Shares).
    As a general matter, the Exchange has regulatory jurisdiction over
its ETP Holders and their associated persons, which include any person
or entity controlling an ETP Holder. To the extent the Exchange may be
found to lack jurisdiction over a subsidiary or affiliate of an ETP
Holder that does business only in commodities or futures contracts, the
Exchange could obtain information regarding the activities of such
subsidiary or affiliate through surveillance sharing agreements with
regulatory organizations of which such subsidiary or affiliate is a
member.
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares. Trading on the Exchange in the Shares 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 conditions in the underlying gold
market have caused disruptions and/or lack of trading, or (2) whether
other unusual conditions or circumstances detrimental to the
maintenance of a fair and orderly market are present. In addition,
trading in Shares will be subject to trading halts caused by
extraordinary market volatility pursuant to the Exchange's ``circuit
breaker'' rule.\28\ The Exchange will halt trading in the Shares if the
NAV of the Fund is not calculated or disseminated daily. The Exchange
may halt trading during the day in which an interruption occurs to the
dissemination of the IIV, as described above. If the interruption to
the dissemination of the IIV persists past the trading day in which it
occurs, the Exchange will halt trading no later than the beginning of
the trading day following the interruption.
---------------------------------------------------------------------------

    \28\ See NYSE Arca Rule 7.12-E.
---------------------------------------------------------------------------

Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances administered by the Exchange, as
well as cross-market surveillances administered by the Financial
Industry Regulatory Authority Inc. (``FINRA''), on behalf of the
Exchange, which are designed to detect violations of Exchange rules and
applicable federal securities laws.\29\ The Exchange represents that
these procedures are adequate to properly monitor Exchange trading of
the Shares in all trading sessions and to deter and detect violations
of Exchange rules and federal securities laws applicable to trading on
the Exchange.
---------------------------------------------------------------------------

    \29\ FINRA conducts cross-market surveillances on behalf of the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares with other
markets and other entities that are members of the ISG, and the
Exchange or FINRA, on behalf of the Exchange, or both, may obtain
trading information regarding trading in the Shares from such markets
and other entities. In addition, the Exchange may obtain information
regarding trading in the Shares from markets and other entities that
are members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.\30\
---------------------------------------------------------------------------

    \30\ For a list of the current members of ISG, see
www.isgportal.org.
---------------------------------------------------------------------------

    Also, pursuant to NYSE Arca Rule 8.201-E(g), the Exchange is able
to obtain information regarding trading in the Shares and the
underlying gold through ETP Holders acting as registered Market Makers,
in connection with such ETP Holders' proprietary or customer trades
through ETP Holders which they effect on any relevant market.
    In addition, the Exchange also has a general policy prohibiting the
improper distribution of material, non-public information by its
employees.
    All statements and representations made in this filing regarding
(a) the description of the portfolio, (b) limitations on portfolio
holdings or reference assets, or (c) the applicability of Exchange
listing rules specified in this rule filing shall constitute continued
listing requirements for listing the Shares of the Fund on the
Exchange.
    The Trust has represented to the Exchange that it will advise the
Exchange of any failure by the Fund to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the Act, the Exchange will monitor for compliance with the
continued listing requirements. If the Fund is not in compliance with
the applicable listing requirements, the Exchange will commence
delisting procedures under NYSE Arca Rule 5.5-E(m).
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin of the special characteristics
and risks associated with trading the Shares. Specifically, the
Information Bulletin will discuss the following: (1) The procedures for
purchases and redemptions of Shares in Creation Units (including noting
that Shares are not individually redeemable); (2) NYSE Arca Rule 9.2-
E(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) how information regarding the IIV is disseminated; (4) the

requirement that ETP Holders deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; (5) the possibility that trading spreads
and the premium or discount on the Shares may widen as a result of
reduced liquidity of gold trading during the Core and Late Trading
Sessions after the close of the major world gold markets; and (6)
trading information. For example, the Information Bulletin will advise
ETP Holders, prior to the commencement of trading, of the prospectus
delivery requirements applicable to the Fund. The Exchange notes that
investors purchasing Shares directly from the Fund will receive a
prospectus. ETP Holders purchasing Shares from the Fund for resale to
investors will deliver a prospectus to such investors.
    In addition, the Information Bulletin will reference that the Fund
is subject to various fees and expenses as will be described in the
Registration Statement. The Information Bulletin will also reference
the fact that there is no regulated source of last sale information
regarding physical gold, that the Commission has no jurisdiction over
the trading of gold as a physical commodity, and that the CFTC has
regulatory jurisdiction over the trading of gold futures contracts and
options on gold futures contracts.
    The Information Bulletin will also discuss any relief, if granted,
by the Commission or the staff from any rules under the Act.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \31\ that an exchange have rules that
are designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \31\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Rule 8.201-E. The
Exchange has in place surveillance procedures that are adequate to
properly monitor trading in the Shares in all trading sessions and to
deter and detect violations of Exchange rules and applicable federal
securities laws. The Exchange may obtain information via ISG from other
exchanges that are members of ISG or with which the Exchange has
entered into a comprehensive surveillance sharing agreement.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that there is a considerable amount of gold price and gold market
information available on public websites and through professional and
subscription services. Investors may obtain on a 24-hour basis gold
pricing information based on the spot price for an ounce of gold from
various financial information service providers. Current spot prices
also are generally available with bid/ask spreads from gold bullion
dealers. In addition, the Fund's website will provide pricing
information for gold spot prices and the Shares. Market prices for the
Shares will be available from a variety of sources including brokerage
firms, information websites and other information service providers.
The NAV of the Fund will be published on each day that the NYSE Arca is
open for regular trading and will be posted on the Fund's website. The
IIV relating to the Shares will be widely disseminated by one or more
major market data vendors at least every 15 seconds during the Core
Trading Session. In addition, the LBMA Gold Price is publicly available
at no charge at www.lbma.org.uk. The Fund's website will also provide
its prospectus, as well as the two most recent reports to stockholders.
In addition, information regarding market price and trading volume of
the Shares will be continually available on a real-time basis
throughout the day on brokers' computer screens and other electronic
services. Information regarding the previous day's closing price and
trading volume information for the Shares will be published daily in
the financial section of newspapers.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of exchange-traded product that will enhance
competition among market participants, to the benefit of investors and
the marketplace. As noted above, the Exchange has in place surveillance
procedures relating to trading in the Shares and may obtain information
via ISG from other exchanges that are members of ISG or with which the
Exchange has entered into a comprehensive surveillance sharing
agreement. In addition, as noted above, investors will have ready
access to information regarding gold pricing.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes the
proposed rule change will enhance competition by accommodating Exchange
trading of an additional exchange-traded product relating to physical
gold.

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

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

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

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2021-73 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2021-73. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's

internet website (http://www.sec.gov/rules/sro.shtml). Copies of the
submission, all subsequent amendments, all written statements with
respect to the proposed rule change that are filed with the Commission,
and all written communications relating to the proposed rule change
between the Commission and any person, other than those that may be
withheld from the public in accordance with the provisions of 5 U.S.C.
552, will be available for website viewing and printing in the
Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2021-73 and should be submitted
on or before September 29, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
---------------------------------------------------------------------------

    \32\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-19293 Filed 9-7-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 192 (Tuesday, October 4, 2011)]
[Notices]
[Page 61376]
[FR Doc No: 2011-25575]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID: FEMA-2011-0021]

NIMS Public Works Resources: Typed Resource Definitions (FEMA
508-7)

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice of availability; request for comment.

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

SUMMARY: The Federal Emergency Management Agency (FEMA) is requesting
public comments on the NIMS Public Works Resources: Typed Resource
Definitions (FEMA 508-7).

DATES: Comments must be received by November 3, 2011.

ADDRESSES: Comments must be identified by Docket ID FEMA-2011-0021 and
may be submitted by one of the following methods:
    Federal eRulemaking Portal: http://www.regulations.gov. Follow the
instructions for submitting comments. Please note that this proposed
policy is not a rulemaking and the Federal eRulemaking Portal is being
utilized only as a mechanism for receiving comments.
    Mail/Hand Delivery/Courier: Office of Chief Counsel, Federal
Emergency Management Agency, Room 840, 500 C Street, SW., Washington,
DC 20472.

FOR FURTHER INFORMATION CONTACT: Mike Forgy, Branch Chief; 999 E
Street, NW., Washington, DC 20463;<PHONE_NUMBER> (phone);
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Public Participation

    Instructions: All submissions received must include the agency name
and docket ID. Regardless of the method used for submitting comments or
material, all submissions will be posted, without change, to the
Federal eRulemaking Portal at http://www.regulations.gov, and will
include any personal information you provide. Therefore, submitting
this information makes it public. You may wish to read the Privacy Act
notice, which can be viewed by clicking on the ``Privacy Notice'' link
in the footer of http://www.regulations.gov.
    You may submit your comments and material by the methods specified
in the ADDRESSES section. Please submit your comments and any
supporting material by only one means to avoid the receipt and review
of duplicate submissions.
    Docket: The proposed policy is available in docket ID FEMA-2011-
0021. For access to the docket to read background documents or comments
received, go to the Federal eRulemaking Portal at http://www.regulations.gov. Submitted comments may also be inspected at FEMA,
Office of Chief Counsel, Room 840, 500 C Street, SW., Washington, DC
20472.

II. Background

    The National Incident Management System (NIMS) provides a
consistent nationwide template to enable Federal, State, Tribal, and
local governments, nongovernmental organizations, and the private
sector to work together to prevent, protect against, respond to,
recover from, and mitigate the effects of incidents, regardless of
cause, size, location, or complexity. The Federal Emergency Management
Agency (FEMA) is requesting public comments on the NIMS Public Works
Resources: Typed Resource Definitions (FEMA 508-7). This document
supports the Resource Management Component of NIMS. Emergency
management and incident response activities require carefully managed
resources (personnel, teams, facilities, equipment, and/or supplies) to
meet incident needs. Utilization of the standardized resource
management concepts such as typing, inventorying, organizing, and
tracking will facilitate the dispatch, deployment, and recovery of
resources before, during, and after an incident.
    Resource typing is defined as categorizing, by capability, the
resources requested, deployed, and used in incidents. Resource users at
all levels use these standards to identify and inventory resources.
Resource kinds may be divided into subcategories (e.g. Public Works) to
define more precisely the capabilities needed to meet specific
requirements.
    FEMA seeks comment on the proposed policy. Based on the comments
received, FEMA may make appropriate revisions to the proposed policy.
Although FEMA will consider any comments received in the drafting of
the final policy, FEMA will not provide a response to comments
document. When or if FEMA issues a final policy, FEMA will publish a
notice of availability in the Federal Register and make the final
policy available at http://www.regulations.gov and it will be posted to
the NIMS Resource Center at http://www.fema.gov/nims. The final policy
will not have the force or effect of law.

    Authority: 6 U.S.C. 312; Homeland Security Presidential
Directive (HSPD)--5.

    Dated: September 20, 2011.
W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2011-25575 Filed 10-3-11; 8:45 am]
BILLING CODE 9111-46-P