[Federal Register Volume 80, Number 196 (Friday, October 9, 2015)]
[Notices]
[Pages 61249-61253]
[FR Doc No: 2015-25701]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76076; File No. SR-NASDAQ-2015-075]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order
Granting Approval of Proposed Rule Change, as Modified by Amendment
Nos. 1 and 2 Thereto, Relating to the Listing and Trading of Shares of
the First Trust SSI Strategic Convertible Securities ETF of First Trust
Exchange-Traded Fund IV

October 5, 2015.

I. Introduction

    On July 2, 2015, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'' or ``Exchange Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to list and trade shares
(``Shares'') of the First Trust SSI Strategic Convertible Securities
ETF of First Trust Exchange-Traded Fund IV (``Fund'') under Nasdaq Rule
5735 (``Managed Fund Shares''). The proposed rule change was published
for comment in the Federal Register on July 20, 2015.\3\ On September
2, 2015, pursuant to Section 19(b)(2) of the Act,\4\ the Commission
designated a longer period within which to either approve the proposed
rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to disapprove the proposed rule
change.\5\ On September 21, 2015, the Exchange filed Amendment No. 1 to
the proposed rule change,\6\ and on September 28, 2015, the Exchange
filed Amendment No. 2 to the proposed rule change.\7\ The Commission
received no comments on the proposal. This order grants approval of the
proposed rule change, as modified by Amendment Nos. 1 and 2 thereto.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 75447 (July 14,
2015), 80 FR 42847 (``Notice'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 75817, 80 FR 54351
(Sept. 9, 2015). The Commission determined that it was appropriate
to designate a longer period within which to take action on the
proposed rule change so that it has sufficient time to consider the
proposed rule change and the comments received. Accordingly, the
Commission designated October 16, 2015 as the date by which it
should approve, disapprove, or institute proceedings to determine
whether to disapprove the proposed rule change.
    \6\ In Amendment No. 1 to the proposed rule change, the Exchange
amended and replaced the filing, SR-NASDAQ-2015-075, in its
entirety.
    \7\ In Amendment No. 2 to the proposed rule change, as modified
by Amendment No. 1 thereto, the Exchange clarified the description
of the daily disclosure of the Fund's portfolio by deleting
references to ``commodity.'' Amendment Nos. 1 and 2 to the proposed
rule change are also available on the Commission's Web site at:
http://www.sec.gov/comments/sr-nasdaq-2015-075/nasdaq2015075.shtml.
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II. Description of the Proposal

    The Fund will be an actively-managed exchange-traded fund. The
Shares will be offered by the First Trust Exchange-Traded Fund IV
(``Trust''), which is registered with the Commission as an investment
company and has filed a registration statement on Form N-1A with the
Commission.\8\ First Trust Advisors L.P. will be the investment adviser
(``Adviser'') to the Fund. SSI Investment Management Inc. will serve as
investment sub-adviser (``Sub-Adviser'') to the Fund and provide day-
to-day portfolio management. First Trust Portfolios L.P.
(``Distributor'') will be the principal underwriter and distributor of
the Fund's Shares. Brown Brothers Harriman & Co. will act as the
administrator, accounting agent, custodian, and transfer agent to the
Fund.
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    \8\ See Post-Effective Amendment No. 120 to Registration
Statement on Form N-1A for the Trust, dated June 25, 2015 (File Nos.
333-174332 and 811-22559) (``Registration Statement''). The Exchange
notes that the Commission has issued an order, upon which the Trust
may rely, granting certain exemptive relief under the Investment
Company Act of 1940 (``1940 Act''). See Investment Company Act
Release No. 30029 (Apr. 10, 2012) (File No. 812-13795) (``Exemptive
Relief''). In addition, the Exchange notes that the Commission has
issued no-action relief, upon which the Trust may rely, regarding
the Fund's ability to invest in options contracts, futures
contracts, and swap agreements notwithstanding certain
representations in the application for the Exemptive Relief. See
Commission No-Action Letter from the Office of Exemptive
Applications/Office of Investment Company Regulation entitled,
``Derivatives Use by Actively-Managed ETFs'' (Dec. 6, 2012).
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    The Exchange has made the following representations and statements
in describing the Fund and its investment strategy, including the
Fund's portfolio holdings and investment restrictions.\9\
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    \9\ The Commission notes that additional information regarding
the Fund and the Shares, including investment strategies, risks,
creation and redemption procedures, fees, Fund holdings disclosure
policies, distributions, and taxes can be found in the Notice and
the Registration Statement, as applicable. See Notice and
Registration Statement, supra notes 3 and 8, respectively.
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A. The Exchange's Description of the Fund's Principal Investment
Policies

    According to the Exchange, the investment objective of the Fund
will be to seek total return. To achieve its objective, the Fund will
invest, under normal market conditions,\10\ at least

80% of its net assets (including investment borrowings) in the
following convertible securities: \11\ Convertible notes, bonds, and
debentures; convertible preferred securities; mandatory convertible
securities; \12\ contingent convertible securities; \13\ synthetic
convertible securities; \14\ corporate bonds and preferred securities
with attached warrants; \15\ and convertible Rule 144A securities \16\
(collectively, ``Convertible Securities'').\17\
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    \10\ The term ``under normal market conditions'' as used herein
includes, but is not limited to, the absence of adverse market,
economic, political or other conditions, including extreme
volatility or trading halts in the fixed income markets or the
financial markets generally; operational issues causing
dissemination of inaccurate market information; or force majeure
type events such as systems failure, natural or man-made disaster,
act of God, armed conflict, act of terrorism, riot or labor
disruption, or any similar intervening circumstance.
    \11\ Convertible securities are investment instruments that are
normally convertible or exchangeable into equity securities (which
are referred to as ``Underlying Securities'') or the cash equivalent
thereof. These equity-linked instruments offer the potential for
equity market participation with potential mitigated downside risk
in periods of equity market declines.
    \12\ Mandatory convertible securities are distinguished as a
subset of convertible securities because the conversion is not
optional and the conversion price is based solely upon the market
price of the underlying equity security. Mandatory convertible
securities automatically convert on maturity.
    \13\ Contingent convertible securities (which generally provide
for conversion under certain circumstances) are distinguished as a
subset of convertible securities. Similar to mandatory convertible
securities (and unlike traditional convertible securities), some
contingent convertible securities provide for mandatory conversion
under certain circumstances. In addition, various contingent
convertible securities may contain features that limit an investor's
ability to convert the security unless certain conditions are met.
    \14\ A synthetic convertible security will (i) consist of two or
more distinct securities whose economic characteristics, when taken
together, resemble those of traditional convertible securities
(i.e., an income-producing security and the right to acquire an
equity security through, for example, an option or a warrant) or
(ii) be an exchangeable or equity-linked security issued by a
broker-dealer, investment bank, or other financial institution with
proceeds going directly to the broker-dealer, investment bank, or
other financial institution, as applicable, that has economic
characteristics similar to those of traditional convertible
securities. The Exchange represents that the Fund's investments in
options will be limited to options that represent a component of a
synthetic convertible security, and any such options will be
exchange-listed. In addition, the Fund will limit its investments in
synthetic convertible securities to 10% of its net assets
(calculated at the time of investment).
    \15\ Other than warrants that represent a component of a
synthetic convertible security, the Fund's investments in warrants
will be limited to such attached warrants, and all such attached
warrants will be exchange-listed.
    \16\ Under normal market conditions, convertible Rule 144A
securities will have at the time of original issuance $100 million
or more principal amount outstanding to be considered eligible
investments.
    \17\ The Adviser expects that, under normal market conditions,
generally, for a Convertible Security to be considered as an
eligible investment, after taking into account such an investment,
at least 75% of the Fund's net assets that are invested in
Convertible Securities will be invested in Convertible Securities
that have at the time of original issuance $200 million or more par
amount outstanding.
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    According to the Exchange, the Sub-Adviser, through its investment
process, will attempt to identify attractive Convertible Securities
based on its positive view of the Underlying Security or its view of
the company's potential for credit improvement. The Sub-Adviser will
begin its investment process by evaluating a large universe of
available Convertible Securities and screening for liquidity and
convexity. Convexity is the ratio of upside move in the Convertible
Security in conjunction with appreciation of the Underlying Security
relative to the downside move in the Convertible Security in
conjunction with depreciation of the Underlying Security. The screening
process will rely on the Sub-Adviser's fundamental credit evaluation of
the issuers. This credit analysis will allow the Sub-Adviser to attempt
to identify the downside risk of the Convertible Security, assess the
value of the embedded equity, and understand the amount of
participation expected with a change in the price of the Underlying
Security.
    Once attractive Convertible Securities (i.e., Convertible
Securities that are most highly ranked, based on a ranking system
incorporating target characteristics) have been identified, the Sub-
Adviser will use fundamental equity analysis to determine which of the
attractive Convertible Securities it believes have a sound Underlying
Security with potential for increase in value. In conjunction with its
analysis, the Sub-Adviser will review the overall economic situation.
The Sub-Adviser will, at times, overweight or underweight different
economic sectors, market capitalizations, and credit quality exposures
relative to the available universe of Convertible Securities. The Sub-
Adviser may also adjust the sensitivity of the portfolio to movements
in the equity market and to interest rates based on the macroeconomic
outlook. The Fund may manage the market exposure defensively during
periods of market distress.
    The Fund will invest in Convertible Securities of any credit
quality (including unrated securities) and with effective or final
maturities of any length. Convertible Securities may be issued by
domestic or foreign entities.
    The Fund will hold debt securities (including, in the aggregate,
Convertible Securities and the debt securities described below) of at
least 13 non-affiliated issuers.

B. The Exchange's Description of the Fund's Non-Principal Investment
Policies

    The Fund may invest up to 20% of its net assets in short-term debt
securities and other short-term debt instruments described below, as
well as cash equivalents, or it may hold cash. Short-term debt
instruments are issued by issuers having a long-term debt rating of at
least A by Standard & Poor's Ratings Services (``S&P Ratings''),
Moody's Investors Service, Inc. (``Moody's'') or Fitch Ratings
(``Fitch'') and have a maturity of one year or less. The Fund may
invest in the following short-term debt instruments: (1) Fixed rate and
floating rate U.S. government securities, including bills, notes, and
bonds differing as to maturity and rates of interest, which are either
issued or guaranteed by the U.S. Treasury or by U.S. government
agencies or instrumentalities; (2) certificates of deposit issued
against funds deposited in a bank or savings and loan association; (3)
bankers' acceptances, which are short-term credit instruments used to
finance commercial transactions; (4) repurchase agreements,\18\ which
involve purchases of debt securities; (5) bank time deposits, which are
monies kept on deposit with banks or savings and loan associations for
a stated period of time at a fixed rate of interest; (6) commercial
paper, which is short-term unsecured promissory notes; \19\ and (7)
corporate debt obligations.
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    \18\ The Fund intends to enter into repurchase agreements only
with financial institutions and dealers believed by the Adviser or
the Sub-Adviser to present minimal credit risks in accordance with
criteria approved by the Board of Trustees of the Trust. The Adviser
or the Sub-Adviser will review and monitor the creditworthiness of
such institutions. The Adviser or the Sub-Adviser will monitor the
value of the collateral at the time the transaction is entered into
and at all times during the term of the repurchase agreement.
    \19\ The Fund may only invest in commercial paper rated A-1 or
higher by S&P Ratings, Prime-1 or higher by Moody's, or F1 or higher
by Fitch.
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    The Fund may invest up to 20% of its net assets in exchange-traded
notes (``ETNs'').
    The Fund may invest up to 20% of its net assets in exchange-listed
equity securities (``Equity Securities'').\20\ In addition to U.S.
exchange-listed equity securities of domestic issuers, Equity
Securities may include securities of foreign issuers that are listed on
U.S. or

foreign exchanges as well as investments in equity securities that are
in the form of American Depositary Receipts (``ADRs'') or Global
Depositary Receipts (``GDRs,'' and together with ADRs, ``Depositary
Receipts'').\21\
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    \20\ The Fund may hold Equity Securities either through direct
investment or upon conversion of a Convertible Security into its
corresponding Underlying Security (referred to as a ``Post-
Conversion Underlying Security'').
    \21\ The Fund will not invest in any unsponsored Depositary
Receipts. In addition, for the avoidance of doubt, the term ``Equity
Securities'' may include exchange-listed equity securities of
business development companies (``BDCs'').
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    The Fund may invest in exchange-listed equity index futures
contracts, in exchange-listed and over-the-counter (``OTC'') index
credit default swaps, and in forward foreign currency exchange
contracts; however, the Exchange represents that the Fund will limit
the aggregate notional value of its positions in these instruments
(calculated at the time of investment) to 20% of the value of its net
assets. The use of futures contracts may allow the Fund to obtain net
long or short exposures to selected equity indexes. Index credit
default swaps may be used to gain exposure to a basket of credit risk
by ``selling protection'' against default or other credit events, or to
hedge a broad market credit risk by ``buying protection.'' Forward
foreign currency exchange contracts may be used to protect the value of
the Fund's portfolio against uncertainty in the level of future
currency exchange rates.\22\ The Fund's investments in derivative
instruments will be consistent with the Fund's investment objective and
the 1940 Act and will not be used to seek to achieve a multiple or
inverse multiple of an index. The Fund will only enter into
transactions in OTC index credit default swaps and forward foreign
currency exchange contracts with counterparties that the Adviser or the
Sub-Adviser reasonably believes are capable of performing under the
applicable agreement.\23\
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    \22\ The Fund may also enter into foreign currency transactions
on a spot (i.e., cash) basis.
    \23\ The Fund will seek, where possible, to use counterparties,
as applicable, whose financial status is such that the risk of
default is reduced; however, the risk of losses resulting from
default is still possible. The Adviser or the Sub-Adviser will
evaluate the creditworthiness of counterparties on an ongoing basis.
In addition to information provided by credit agencies, the
Adviser's or Sub-Adviser's analysis will evaluate each approved
counterparty using various methods of analysis and may consider the
Adviser's or Sub-Adviser's past experience with the counterparty,
its known disciplinary history and its share of market
participation.
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C. The Exchange's Description of the Fund's Investment Restrictions

    The Fund may not invest 25% or more of the value of its total
assets in securities of issuers in any one industry. This restriction
does not apply to obligations issued or guaranteed by the U.S.
government or its agencies or instrumentalities or to securities of
other investment companies.\24\
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    \24\ See Form N-1A, Item 9. The Commission has taken the
position that a fund is concentrated if it invests more than 25% of
the value of its total assets in any one industry. See, e.g.,
Investment Company Act Release No. 9011 (Oct. 30, 1975), 40 FR 54241
(Nov. 21, 1975).
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    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
including Rule 144A securities deemed illiquid by the Adviser or the
Sub-Adviser.\25\ The Fund will monitor its portfolio liquidity on an
ongoing basis to determine whether, in light of current circumstances,
an adequate level of liquidity is being maintained, and will consider
taking appropriate steps in order to maintain adequate liquidity if,
through a change in values, net assets, or other circumstances, more
than 15% of the Fund's net assets are held in illiquid assets. Illiquid
assets include securities subject to contractual or other restrictions
on resale and other instruments that lack readily available markets as
determined in accordance with Commission staff guidance.\26\
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    \25\ In reaching liquidity decisions, the Adviser and the Sub-
Adviser may consider the following factors: The frequency of trades
and quotes for the security; the number of dealers wishing to
purchase or sell the security and the number of other potential
purchasers; dealer undertakings to make a market in the security;
and the nature of the security and the nature of the marketplace in
which it trades (e.g., the time needed to dispose of the security,
the method of soliciting offers, and the mechanics of transfer).
    \26\ The Commission has stated that long-standing Commission
guidelines have required open-end funds to hold no more than 15% of
their net assets in illiquid securities and other illiquid assets.
See Investment Company Act Release No. 28193 (Mar. 11, 2008), 73 FR
14618 (Mar. 18, 2008), footnote 34. See also Investment Company Act
Release No. 5847 (Oct. 21, 1969), 35 FR 19989 (Dec. 31, 1970)
(Statement Regarding ``Restricted Securities''); Investment Company
Act Release No. 18612 (Mar. 12, 1992), 57 FR 9828 (Mar. 20, 1992)
(Revisions of Guidelines to Form N-1A). A fund's portfolio security
is illiquid if it cannot be disposed of in the ordinary course of
business within seven days at approximately the value ascribed to it
by the fund. See Investment Company Act Release No. 14983 (Mar. 12,
1986), 51 FR 9773 (Mar. 21, 1986) (adopting amendments to Rule 2a-7
under the 1940 Act); Investment Company Act Release No. 17452 (Apr.
23, 1990), 55 FR 17933 (Apr. 30, 1990) (adopting Rule 144A under the
Securities Act of 1933).
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III. Discussion and Commission Findings

    After careful review, the Commission finds that the Exchange's
proposal to list and trade the Shares is consistent with the Exchange
Act and the rules and regulations thereunder applicable to a national
securities exchange.\27\ In particular, the Commission finds that the
proposed rule change is consistent with Section 6(b)(5) of the Exchange
Act,\28\ which requires, among other things, that the Exchange's rules
be designed to promote just and equitable principles of trade, to
remove impediments to and perfect the mechanism of a free and open
market and a national market system, and, in general, to protect
investors and the public interest. The Commission also finds that the
proposal to list and trade the Shares on the Exchange is consistent
with Section 11A(a)(1)(C)(iii) of the Exchange Act,\29\ which sets
forth the finding of Congress that it is in the public interest and
appropriate for the protection of investors and the maintenance of fair
and orderly markets to assure the availability to brokers, dealers, and
investors of information with respect to quotations for and
transactions in securities.
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    \27\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \28\ 15 U.S.C. 78f(b)(5).
    \29\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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    Quotation and last sale information for the Shares will be
available via Nasdaq proprietary quote and trade services, as well as
in accordance with the Unlisted Trading Privileges and the Consolidated
Tape Association (``CTA'') plans for the Shares. Quotation and last
sale information for U.S. exchange-listed equity securities will be
available from the exchanges on which they are traded as well as in
accordance with any applicable CTA plans. On each business day, before
commencement of trading in Shares in the Regular Market Session \30\ on
the Exchange, the Fund will disclose on its Web site the identities and
quantities of the portfolio of securities and other assets (the
``Disclosed Portfolio'' as defined in Nasdaq Rule 5735(c)(2)) held by
the Fund that will form the basis for the Fund's calculation of net
asset value (``NAV'') at the end of the business day.\31\ The NAV of
the

Fund will be determined as of the close of trading (normally 4:00 p.m.,
E.T.) on each day the New York Stock Exchange is open for business.\32\
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. Pricing information for Exchange-Listed
Convertible Securities; ETNs; Depositary Receipts, BDCs, Post-
Conversion Underlying Securities, and other Equity Securities;
exchange-listed equity index futures contracts; and exchange-listed
index credit default swaps will be available from the applicable
listing exchange and from major market data vendors. Pricing
information for OTC Convertible Securities (including convertible
notes, bonds, and debentures; convertible preferred securities;
mandatory convertible securities; contingent convertible securities;
synthetic convertible securities; corporate bonds and preferred
securities with attached warrants; \33\ and convertible Rule 144A
securities); Short-Term Debt Instruments (including short-term U.S.
government securities, commercial paper, bankers' acceptances, and
short-term corporate debt obligations, all as set forth under ``Other
Investments of the Fund''); repurchase agreements; OTC index credit
default swaps; and forward foreign currency exchange contracts will be
available from major broker-dealer firms or major market data vendors
or pricing services. The Fund's Web site will include a form of the
prospectus for the Fund and additional data relating to NAV and other
applicable quantitative information.
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    \30\ See Nasdaq Rule 4120(b)(4) (describing the three trading
sessions on the Exchange: (1) Pre-Market Session from 4:00 a.m. to
9:30 a.m., E.T.; (2) Regular Market Session from 9:30 a.m. to 4:00
p.m. or 4:15 p.m., E.T.; and (3) Post-Market Session from 4:00 p.m.
or 4:15 p.m. to 8:00 p.m., E.T.).
    \31\ On a daily basis, the Fund will disclose on the Fund's Web
site the following information regarding each portfolio holding, as
applicable to the type of holding: Ticker symbol, CUSIP number or
other identifier, if any; a description of the holding (including
the type of holding, such as the type of swap); the identity of the
security, index, or other asset or instrument underlying the
holding, if any; for options, the option strike price; quantity held
(as measured by, for example, par value, notional value, or number
of shares, contracts, or units); maturity date, if any; coupon rate,
if any; effective date, if any; market value of the holding; and
percentage weighting of the holding in the Fund's portfolio.
    \32\ NAV will be calculated for the Fund by taking the market
price of the Fund's total assets, including interest or dividends
accrued but not yet collected, minus all liabilities, and dividing
this amount by the total number of Shares outstanding.
    \33\ Although the attached warrants will be exchange-listed, for
purposes of obtaining pricing information, these Convertible
Securities will typically be treated as single non-exchange-listed
instruments.
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    The Commission further believes that the proposal to list and trade
the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. The Exchange will obtain a representation from the issuer of
the Shares that the NAV per Share will be calculated daily and that the
NAV and the Disclosed Portfolio will be made available to all market
participants at the same time. Trading in the Shares will be halted
under the conditions specified in Nasdaq Rules 4120 and 4121, including
the trading pause provisions under Nasdaq Rules 4120(a)(11) and (12).
Trading 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,\34\ and trading in the Shares will be subject to Nasdaq
Rule 5735(d)(2)(D), which sets forth circumstances under which trading
in the Shares may be halted. The Exchange states that it has a general
policy prohibiting the distribution of material, non-public information
by its employees. Further, the Commission notes that the Reporting
Authority \35\ that provides the Disclosed Portfolio must implement and
maintain, or be subject to, procedures designed to prevent the use and
dissemination of material, non-public information regarding the actual
components of the portfolio.\36\ In addition, the Exchange states that
neither the Adviser nor the Sub-Adviser is a broker-dealer, although
the Adviser is affiliated with the Distributor, a broker-dealer. The
Adviser has implemented a fire wall with respect to its affiliation
with the Distributor regarding access to information concerning the
composition of or changes to the portfolio, and personnel who make
decisions on the Fund's portfolio composition will be subject to
procedures designed to prevent the use and dissemination of material
non-public information regarding the Fund's portfolio. The Exchange
represents that trading in the Shares will be subject to the existing
trading surveillances, administered by both Nasdaq and also the
Financial Industry Regulatory Authority (``FINRA'') on behalf of the
Exchange, and that these surveillances are designed to detect
violations of Exchange rules and applicable federal securities
laws.\37\ The Exchange further represents that these procedures are
adequate to properly monitor Exchange trading of the Shares in all
trading sessions and to deter and detect violations of Exchange rules
and applicable federal securities laws. Moreover, prior to the
commencement of trading, the Exchange states that it will inform its
members in an Information Circular of the special characteristics and
risks associated with trading the Shares.
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    \34\ These reasons may include: (1) The extent to which trading
is not occurring in the securities or the other assets constituting
the Disclosed Portfolio of the Fund; or (2) whether other unusual
conditions or circumstances detrimental to the maintenance of a fair
and orderly market are present. With respect to trading halts, the
Exchange may consider all relevant factors in exercising its
discretion to halt or suspend trading in the Shares.
    \35\ Nasdaq Rule 5730(c)(4) defines ``Reporting Authority.''
    \36\ See Nasdaq Rule 5735(d)(2)(B)(ii).
    \37\ The Exchange states that FINRA surveils trading on the
Exchange pursuant to a regulatory services agreement and that the
Exchange is responsible for FINRA's performance under this
regulatory services agreement.
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    The Exchange represents that the Shares are deemed to be equity
securities, thus rendering trading in the Shares subject to the
Exchange's existing rules governing the trading of equity securities.
In support of this proposal, the Exchange has also made the following
representations:
    (1) The Shares will be subject to Rule 5735, which sets forth the
initial and continued listing criteria applicable to Managed Fund
Shares.
    (2) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (3) FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares and the exchange-traded securities and
instruments held by the Fund (including Exchange-Listed Convertible
Securities; ETNs; Depositary Receipts, BDCs, Post-Conversion Underlying
Securities, and other Equity Securities; exchange-listed equity index
futures contracts; and exchange-listed index credit default swaps) with
other markets and other entities that are members of the Intermarket
Surveillance Group (``ISG''),\38\ and FINRA may obtain trading
information regarding trading in the Shares and the exchange-traded
securities and instruments held by the Fund from these markets and
other entities. In addition, the Exchange may obtain information
regarding trading in the Shares and the exchange-traded securities and
instruments held by the Fund from markets and other entities that are
members of ISG, which includes securities and futures exchanges, or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.
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    \38\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio may trade on markets that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.
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    (4) Prior to the commencement of trading, the Exchange will inform
its members in an Information Circular of the special characteristics
and risks associated with trading the Shares.

Specifically, the Information Circular will discuss the following: (a)
The procedures for purchases and redemptions of Shares in creation
units (and that Shares are not individually redeemable); (b) Nasdaq
Rule 2111A, which imposes suitability obligations on Nasdaq members
with respect to recommending transactions in the Shares to customers;
(c) how information regarding the Intraday Indicative Value is
disseminated; (d) the risks involved in trading the Shares during the
Pre-Market and Post-Market Sessions when an updated Intraday Indicative
Value will not be calculated or publicly disseminated; (e) the
requirement that members deliver a prospectus to investors purchasing
newly issued Shares prior to or concurrently with the confirmation of a
transaction; and (f) trading information.
    (5) For initial and continued listing, the Fund must be in
compliance with Rule 10A-3 under the Act.\39\
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    \39\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (6) Under normal market conditions, the Fund will invest at least
80% of its total assets in Convertible Securities.
    (7) The Adviser expects that, under normal market conditions,
generally, for a Convertible Security to be considered as an eligible
investment, after taking into account such an investment, at least 75%
of the Fund's net assets that are invested in Convertible Securities
will be invested in Convertible Securities that will have at the time
of original issuance $200 million or more par amount outstanding.
    (8) At least 90% of the Fund's net assets that are invested in
Exchange-Listed Convertible Securities; ETNs; Depositary Receipts,
BDCs, Post-Conversion Underlying Securities, and other Equity
Securities; exchange-listed equity index futures contracts; and
exchange-listed index credit default swaps (in the aggregate) will be
invested in investments that trade in markets that are members of ISG
or are parties to a comprehensive surveillance sharing agreement with
the Exchange. Further, at least 90% of the Underlying Securities
corresponding to the pre-conversion Convertible Securities held by the
Fund (measured by par value) will trade in markets that are members of
ISG or parties to a comprehensive surveillance sharing agreement with
the Exchange.
    (9) The Fund's investments in options will be limited to options
that represent a component of a synthetic convertible security, and any
such options will be exchange-listed. The Fund will limit its
investments in synthetic convertible securities to 10% of its net
assets (calculated at the time of investment).
    (10) The Fund may invest in exchange-listed equity index futures
contracts, in exchange-listed and OTC index credit default swaps, and
in forward foreign currency exchange contracts; however, the Fund will
limit the aggregate notional value of its positions in these
instruments (calculated at the time of investment) to 20% of the value
of its net assets.
    (11) The Fund intends to enter into repurchase agreements only with
financial institutions and dealers believed by the Adviser or the Sub-
Adviser to present minimal credit risks in accordance with criteria
approved by the Board of Trustees of the Trust. The Adviser or the Sub-
Adviser will review and monitor the creditworthiness of such
institutions. The Adviser or the Sub-Adviser will monitor the value of
the collateral at the time the transaction is entered into and at all
times during the term of the repurchase agreement.
    (12) The Fund may only invest in commercial paper rated A-1 or
higher by S&P Ratings, Prime-1 or higher by Moody's or F1 or higher by
Fitch.
    (13) Under normal market conditions, convertible Rule 144A
securities will have at the time of original issuance $100 million or
more principal amount outstanding to be considered eligible
investments.
    (14) The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
including Rule 144A securities deemed illiquid by the Adviser or the
Sub-Adviser.\40\ The Fund will monitor its portfolio liquidity on an
ongoing basis to determine whether, in light of current circumstances,
an adequate level of liquidity is being maintained, and will consider
taking appropriate steps in order to maintain adequate liquidity if,
through a change in values, net assets, or other circumstances, more
than 15% of the Fund's net assets are held in illiquid assets.
---------------------------------------------------------------------------

    \40\ In reaching liquidity decisions, the Adviser and the Sub-
Adviser may consider the following factors: The frequency of trades
and quotes for the security; the number of dealers wishing to
purchase or sell the security and the number of other potential
purchasers; dealer undertakings to make a market in the security;
and the nature of the security and the nature of the marketplace in
which it trades (e.g., the time needed to dispose of the security,
the method of soliciting offers and the mechanics of transfer).
---------------------------------------------------------------------------

    (15) The Fund will only enter into transactions in OTC index credit
default swaps and forward foreign currency exchange contracts with
counterparties that the Adviser or the Sub-Adviser reasonably believes
are capable of performing under the applicable agreement, and the Fund
will seek, where possible, to use counterparties whose financial status
is such that the risk of default is reduced.
    (16) The Fund's investments in derivative instruments will be
consistent with the Fund's investment objective and the 1940 Act and
will not be used to seek to achieve a multiple or inverse multiple of
an index.
    (17) A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange.
    This approval order is based on all of the Exchange's
representations, including those set forth above and in Amendment Nos.
1 and 2 to the proposal, and the Exchange's description of the Fund.
    For the foregoing reasons, the Commission finds that the proposed
rule change, as modified by Amendment Nos. 1 and 2 thereto, is
consistent with Section 6(b)(5) of the Act \41\ and the rules and
regulations thereunder applicable to a national securities exchange.
---------------------------------------------------------------------------

    \41\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\42\ that the proposed rule change (SR-NASDAQ-2015-075), as
modified by Amendment Nos. 1 and 2 thereto, be, and it hereby is,
approved.
---------------------------------------------------------------------------

    \42\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\43\
---------------------------------------------------------------------------

    \43\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-25701 Filed 10-8-15; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 158 (Friday, August 15, 2014)]
[Notices]
[Pages 48140-48141]
[FR Doc No: 2014-19451]

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ENVIRONMENTAL PROTECTION AGENCY

[ER-FRL-9016-5]

Environmental Impact Statements; Notice of Availability

    Agency: Office of Federal Activities, General Information (202)
564-7146 or http://www.epa.gov/compliance/nepa/.

Weekly receipt of Environmental Impact Statements
Filed 08/04/2014 Through 08/08/2014
Pursuant to 40 CFR 1506.9.

Notice

    Section 309(a) of the Clean Air Act requires that EPA make public
its comments on EISs issued by other Federal agencies. EPA's comment
letters on EISs are available at: http://www.epa.gov/compliance/nepa/eisdata.html.

EIS No. 20140221, Draft EIS, USFS, ID, Pocatello, Midnight, and Michaud
Allotment Management Plan Revisions, Comment Period Ends: 11/12/2014,
Contact: Jeffery Hammes<PHONE_NUMBER>.
EIS No. 20140222, Draft EIS, NRC, TN, Generic-License Renewal of
Nuclear Plants Regarding Sequoyah Nuclear Plant, Units 1 and 2, Comment
Period Ends: 09/29/2014, Contact: David Drucker<PHONE_NUMBER>.
EIS No. 20140223, Draft EIS, FERC, 00, Algonquin Incremental Market
Project, Comment Period Ends: 09/29/2014, Contact: Magdalene Suter 202-
502-6463.
EIS No. 20140224, Draft EIS, FERC, PR, Aguirre Offshore GasPort
Project, Comment Period Ends: 09/29/2014, Contact: Gertrude Johnson
202-502-6692.
EIS No. 20140225, Final EIS, USFS, CA, Tule River Reservation
Protection Project, Review Period Ends: 09/22/2014, Contact: Richard
Stevens<PHONE_NUMBER>.
EIS No. 20140226, Final EIS, USACE, NC, Bogue Banks Coastal Storm
Damage Reduction, Review Period Ends: 09/15/2014, Contact: Eric K.
Gasch<PHONE_NUMBER>.
EIS No. 20140227, Final EIS, DOE, NY, Champlain Hudson Power Express
Transmission Line Project (DOE/EIS-0447), Review Period Ends: 09/15/
2014, Contact: Brian Mills<PHONE_NUMBER>.
EIS No. 20140228, Draft EIS, FTA, CA, Redlands Passenger Rail Project,
Comment Period Ends: 09/29/2014, Contact: Dominique Paukowits 415-744-
2735.
EIS No. 20140229, Final EIS, DOE, LA, Adoption--Cameron Liquefaction
Project, Contact: John Anderson<PHONE_NUMBER>.

    The U.S. Department of Energy (DOE) has adopted the U.S. Federal
Energy Regulatory Commission's final EIS 20140133, filed with
USEPA 04/30/2014. DOE was a cooperating agency and recirculation of the
document is not necessary under Section 1306.3(c) of the CEQ
Regulations.

Amended Notices

EIS No. 20140217, Draft Supplement, NNSA, TN, Production of Tritium in
a Commercial Light Water Reactor, Comment Period Ends: 09/22/2014,
Contact: Curtis Chambellan<PHONE_NUMBER>.

    Revision to the FR Notice Published on 08/08/2014; Comment Period
End Date should read 09/22/2014.

    Dated: August 12, 2014.
Cliff Rader,
Director, NEPA Compliance Division, Office of Federal Activities.
[FR Doc. 2014-19451 Filed 8-14-14; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: March 9, 2010 (Volume 75, Number 45)]
[Rules and Regulations]
[Page 10664-10666]
[DOCID:fr09mr10-5]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2009-0609; Directorate Identifier 2009-NM-037-AD;
Amendment 39-16222; AD 2010-05-12]
RIN 2120-AA64

Airworthiness Directives; Bombardier Model DHC-8-102, DHC-8-103,
DHC-8-106, DHC-8-201, and DHC-8-202 Series Airplanes

AGENCY: Federal Aviation Administration (FAA), Department of
Transportation (DOT).

ACTION: Final rule.

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

SUMMARY: We are adopting a new airworthiness directive (AD) for the
products listed above. This AD results from mandatory continuing
airworthiness information (MCAI) originated by an aviation authority of
another country to identify and correct an unsafe condition on an
aviation product. The MCAI describes the unsafe condition as:

    During a puncture voltage test of the aluminum-loaded paint on
an in-service DHC-8 aircraft, conducted to validate an SFAR 88
[Special Federal Aviation Regulation No. 88] related task,
Bombardier Aerospace (BA) discovered that the top wing fuel tank
skin between Yw171.20 and Yw261.00 was painted with a non-aluminized
enamel coating * * *.
    With this type of paint application, it is possible that, in the
worst case scenario, a lightning strike could puncture the wing skin
and create an ignition source in the fuel tank.

Ignition sources inside fuel tanks, in combination with flammable fuel
vapors, could result in fuel tank explosions and consequent loss of the
airplane. We are issuing this AD to require actions to correct the
unsafe condition on these products.

DATES: This AD becomes effective April 13, 2010.
    The Director of the Federal Register approved the incorporation by
reference of a certain publication listed in this AD as of April 13,
2010.

ADDRESSES: You may examine the AD docket on the Internet at http://
www.regulations.gov or in person at the U.S. Department of
Transportation, Docket Operations, M-30, West Building Ground Floor,
Room W12-140, 1200 New Jersey Avenue, SE., Washington, DC.

FOR FURTHER INFORMATION CONTACT: Kyle Williams, Aerospace Engineer,
Avionics and Flight Test Branch, ANE-172, FAA, New York Aircraft
Certification Office, 1600 Stewart Avenue, Suite 410, Westbury, New
York 11590; telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Discussion

    We issued a notice of proposed rulemaking (NPRM) to amend 14 CFR
part 39 to include an AD that would apply to the specified products.
That NPRM was published in the Federal Register on July 6, 2009 (74 FR
31891). That NPRM proposed to correct an unsafe condition for the
specified products. The MCAI states:

    During a puncture voltage test of the aluminum-loaded paint on
an in-service DHC-8 aircraft, conducted to validate an SFAR 88
[Special Federal Aviation Regulation No. 88] related task,
Bombardier Aerospace (BA) discovered that the top wing fuel tank
skin between Yw171.20 and Yw261.00 was painted with a non-aluminized
enamel coating due to a misinterpretation of the painting
instructions in the Structural Repair Manual (SRM).
    With this type of paint application, it is possible that, in the
worst case scenario, a lightning strike could puncture the wing skin
and create an ignition source in the fuel tank.

Ignition sources inside fuel tanks, in combination with flammable fuel
vapors, could result in fuel tank explosions and consequent loss of the
airplane. Required actions include performing a functional check of the
dielectric properties of the fuel tank skin for aluminum-loaded primer
and aluminum-loaded enamel coating. For airplanes on which the
aluminum-loaded primer and aluminum-loaded enamel coating have been
properly applied, the required actions include restoring the protective
finish on the areas where the surface finish was removed. For airplanes
on which the aluminum-loaded primer and aluminum-loaded enamel coating
have not been applied or have not been properly applied, the required
actions include stripping the affected wing skin surfaces to bare metal
and applying alodine coating to those areas, performing a detailed
visual inspection of the stripped areas for any sign of corrosion or
deterioration of the protective alodine coating and re-applying the
protective alodine coating, and painting the affected wing skin
surfaces with aluminum-loaded primer and aluminum-loaded enamel
coating. You may obtain further information by examining the MCAI in
the AD docket.

Comments

    We gave the public the opportunity to participate in developing
this AD. We considered the comment received.

Request To Extend Compliance Time

    Mesa Airlines asks that the compliance time in the NPRM be extended
to correspond with certain compliance times specified in related AD
2008-13-09, Amendment 39-15572 (73 FR 47029, August 13, 2008), which
requires revising the Airworthiness Limitations Section (ALS) of the
Instructions for Continued Airworthiness to incorporate certain fuel
system limitations.
    Mesa Airlines states that the compliance time for fuel systems
limitations (FSL) Task FSL-07 (a functional check of the aluminum
loaded primer and enamel on the wing skin) is 18,000 flight hours or
108 months, with a repetitive interval not to exceed 18,000 flight
hours. Mesa Airlines notes that AD 2008-13-09 set the initial
inspections for that task at 6,000 flight hours or 36 months, with a
repetitive interval not to exceed 18,000 flight hours, which
corresponds with its heavy maintenance checks. Mesa Airlines adds that
the NPRM makes no mention of the related AD or compliance times in that
AD, and the compliance time specified in the NPRM is within 18 months
after the effective date of the AD.
    Mesa Airlines states that the proposed compliance time constraint
will require it to do massive rescheduling to move its current
inspections forward approximately 254 days, and adds that this will
cause an undue burden. Mesa Airlines adds that the NPRM is to be
accomplished in accordance with Bombardier Service Bulletin 8-57-46,
Revision A, dated February 6, 2009, which states that it contains a
procedure that is a fuel tank safety-critical item and is classified as
a Critical Design Configuration Control Limitations (CDCCL); that CDCCL
is FSL-07, which was added by AD 2008-13-09.
    We do not agree that the compliance time should be extended. AD
2008-13-09 was issued to mandate the FSL tasks identified as part of
the fuel system safety assessment. Task FSL-07 was identified as
necessary to ensure that the aluminum-loaded primer and enamel is
protecting the fuel tank skin from burn-through during lightning

strikes. Since no in-service deterioration or non-compliance of the
coating was identified at that time, an appropriate compliance time and
phase-in schedule was mandated to align the FSL task with major
maintenance checks. Further investigation revealed that unclear
instructions and misinterpretation of the structural repair manual led
to a newly painted airplane having coating that was lacking in aluminum
powder and thus failed to meet the requirement of Task FSL-07. In light
of this, Transport Canada Civil Aviation (TCCA) determined that the
compliance time for correcting this unsafe condition should be reduced
and issued Canadian AD CF-2009-05 (referred to in the `Related
Information' section of the NPRM) as a result. In addition, comparison
of the calendar-based compliance time in AD 2008-13-09 and the NPRM
show that higher-time airplanes will need to perform the functional
test of the dielectric properties five-and-a-half months earlier versus
the 254 days asserted by Mesa Airlines. Therefore, this AD requires
accomplishing Task FSL-07 at an earlier compliance time than the
compliance time required by AD 2008-13-09. We have made no change to
the AD in this regard.
    We have added a new paragraph (f)(6) to this AD to give credit for
accomplishing the corresponding actions in AD 2008-13-09, which meets
the compliance requirements specified in this AD.

Explanation of Change Made to This AD

    We have revised the ``Alternative Methods of Compliance (AMOCs)''
paragraph in this AD to clarify the point of contact as the Program
Manager, Continuing Operational Safety, New York Aircraft Certification
Office.

Conclusion

    We reviewed the relevant data, considered the comment received, and
determined that air safety and the public interest require adopting the
AD with the change described previously. We also determined that this
change will not increase the economic burden on any operator or
increase the scope of the AD.

Differences Between This AD and the MCAI or Service Information

    We have reviewed the MCAI and related service information and, in
general, agree with their substance. But we might have found it
necessary to use different words from those in the MCAI to ensure the
AD is clear for U.S. operators and is enforceable. In making these
changes, we do not intend to differ substantively from the information
provided in the MCAI and related service information.
    We might also have required different actions in this AD from those
in the MCAI in order to follow our FAA policies. Any such differences
are highlighted in a NOTE within the AD.

Costs of Compliance

    We estimate that this AD will affect 22 products of U.S. registry.
We also estimate that it will take about 24 work-hours per product to
comply with the basic requirements of this AD. The average labor rate
is $80 per work-hour. Based on these figures, we estimate the cost of
this AD to the U.S. operators to be $42,240, or $1,920 per product.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. ``Subtitle VII: Aviation
Programs,'' describes in more detail the scope of the Agency's
authority.
    We are issuing this rulemaking under the authority described in
``Subtitle VII, Part A, Subpart III, Section 44701: General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this AD will not have federalism implications
under Executive Order 13132. This AD will not have a substantial direct
effect on the States, on the relationship between the national
government and the States, or on the distribution of power and
responsibilities among the various levels of government.
    For the reasons discussed above, I certify this AD:
    1. Is not a ``significant regulatory action'' under Executive Order
12866;
    2. Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979); and
    3. Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.
    We prepared a regulatory evaluation of the estimated costs to
comply with this AD and placed it in the AD docket.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://
www.regulations.gov; or in person at the Docket Operations office
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. The AD docket contains the NPRM, the regulatory evaluation,
any comments received, and other information. The street address for
the Docket Operations office (telephone<PHONE_NUMBER>) is in the
ADDRESSES section. Comments will be available in the AD docket shortly
after receipt.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

Adoption of the Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA amends 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new AD:

2010-05-12 Bombardier, Inc. (Formerly de Havilland, Inc.): Amendment
39-16222. Docket No. FAA-2009-0609; Directorate Identifier 2009-NM-
037-AD.

Effective Date

    (a) This airworthiness directive (AD) becomes effective April
13, 2010.

Affected ADs

    (b) None.

Applicability

    (c) This AD applies to Bombardier Model DHC-8-102, DHC-8-103,
DHC-8-106, DHC-8-201, and DHC-8-202 series airplanes; certificated
in any category; serial numbers 003 through 663 inclusive.

Subject

    (d) Air Transport Association (ATA) of America Code 57: Wings.

Reason

    (e) The mandatory continuing airworthiness information (MCAI)
states:

    During a puncture voltage test of the aluminum-loaded paint on
an in-service DHC-8 aircraft, conducted to validate an SFAR 88
[Special Federal Aviation Regulation No. 88] related task,
Bombardier Aerospace (BA) discovered that the top wing

fuel tank skin between Yw171.20 and Yw261.00 was painted with a non-
aluminized enamel coating due to a misinterpretation of the painting
instructions in the Structural Repair Manual (SRM).
    With this type of paint application, it is possible that, in the
worst case scenario, a lightning strike could puncture the wing skin
and create an ignition source in the fuel tank.

Ignition sources inside fuel tanks, in combination with flammable
fuel vapors, could result in fuel tank explosions and consequent
loss of the airplane. Required actions include performing a
functional check of the dielectric properties of the fuel tank skin
for aluminum-loaded primer and aluminum-loaded enamel coating. For
airplanes on which the aluminum-loaded primer and aluminum-loaded
enamel coating have been properly applied, the required actions
include restoring the protective finish on the areas where the
surface finish was removed. For airplanes on which the aluminum-
loaded primer and aluminum-loaded enamel coating have not been
applied or have not been properly applied, the required actions
include stripping the affected wing skin surfaces to bare metal and
applying alodine coating to those areas, performing a detailed
visual inspection of the stripped areas for any sign of corrosion or
deterioration of the protective alodine coating and re-applying the
protective alodine coating, and painting the affected wing skin
surfaces with aluminum-loaded primer and aluminum-loaded enamel
coating.

Actions and Compliance

    (f) Unless already done, do the following actions.
    (1) For airplanes on which Bombardier Modification 8/0024 has
not been done: Within 18 months after the effective date of this AD,
perform a functional check of the dielectric properties of the fuel
tank skin between Yw171.20 and Yw261.00 of the upper and lower wing
for aluminum-loaded primer and aluminum-loaded enamel coating, in
accordance with the Accomplishment Instructions of Bombardier
Service Bulletin 8-57-46, Revision A, dated February 6, 2009.
    (2) For airplanes on which Bombardier Modification 8/0024 has
been done: Within 18 months after the effective date of this AD,
perform a functional check of the dielectric properties of the fuel
tank skin between Yw171.20 and Yw261.00 of the upper wing for
aluminum-loaded primer and aluminum-loaded enamel coating, in
accordance with the Accomplishment Instructions of Bombardier
Service Bulletin 8-57-46, Revision A, dated February 6, 2009.
    (3) If the functional check required by paragraph (f)(1) or
(f)(2) of this AD indicates that the aluminum-loaded primer and
aluminum-loaded enamel coating have been properly applied, as
defined in the Accomplishment Instructions of Bombardier Service
Bulletin 8-57-46, Revision A, dated February 6, 2009: Before further
flight, restore the protective finish on the areas where the surface
finish was removed for the functional check, in accordance with the
Accomplishment Instructions of Bombardier Service Bulletin 8-57-46,
Revision A, dated February 6, 2009.
    (4) If the functional check required by paragraph (f)(1) or
(f)(2) of this AD indicates that the aluminum-loaded primer and
aluminum-loaded enamel coating have not been applied or have not
been properly applied, as defined in the Accomplishment Instructions
of Bombardier Service Bulletin 8-57-46, Revision A, dated February
6, 2009: Perform the actions required by paragraphs (f)(4)(i),
(f)(4)(ii), and (f)(4)(iii) of this AD, in accordance with the
Accomplishment Instructions of Bombardier Service Bulletin 8-57-46,
Revision A, dated February 6, 2009.
    (i) Before further flight, strip the affected wing skin surfaces
to bare metal and apply alodine coating to those areas, in
accordance with Bombardier Service Bulletin 8-57-46, Revision A,
dated February 6, 2009.
    (ii) Within 90 flight hours after performing the actions
required by paragraph (f)(4)(i) of this AD, and thereafter at
intervals not to exceed 90 flight hours: Perform a detailed visual
inspection of the stripped areas for any sign of corrosion or
deterioration of the protective alodine coating, and re-apply the
protective alodine coating, in accordance with Bombardier Service
Bulletin 8-57-46, Revision A, dated February 6, 2009.
    (iii) Within 3 months after performing the actions required by
paragraph (f)(1) or (f)(2) of this AD, as applicable: Paint the
affected wing skin surfaces with aluminum-loaded primer and
aluminum-loaded enamel coating, in accordance with Bombardier
Service Bulletin 8-57-46, Revision A, dated February 6, 2009.
    (5) Accomplishment of the actions required by paragraph (f)(1)
or (f)(2) of this AD, as applicable, before the effective date of
this AD, in accordance with Bombardier Service Bulletin 8-57-46,
dated September 29, 2008, is acceptable for compliance with the
corresponding requirements of this AD.
    (6) Accomplishment of the actions required by paragraph (f)(1)
or (f)(2) of this AD, as applicable, in accordance with AD 2008-13-
09, Amendment 39-15572, is acceptable for compliance with the
corresponding requirements of this AD, provided the actions are done
within the applicable compliance times specified in this AD.

FAA AD Differences

    Note 1: This AD differs from the MCAI and/or service information
as follows: No differences.

Other FAA AD Provisions

    (g) The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager, New
York Aircraft Certification Office, ANE-170, FAA, has the authority
to approve AMOCs for this AD, if requested using the procedures
found in 14 CFR 39.19. Send information to ATTN: Program Manager,
Continuing Operational Safety, FAA, New York ACO, 1600 Stewart
Avenue, Suite 410, Westbury, New York 11590; telephone<PHONE_NUMBER>;
fax<PHONE_NUMBER>. Before using any approved AMOC on any airplane to
which the AMOC applies, notify your principal maintenance inspector
(PMI) or principal avionics inspector (PAI), as appropriate, or
lacking a principal inspector, your local Flight Standards District
Office. The AMOC approval letter must specifically reference this
AD.
    (2) Airworthy Product: For any requirement in this AD to obtain
corrective actions from a manufacturer or other source, use these
actions if they are FAA-approved. Corrective actions are considered
FAA-approved if they are approved by the State of Design Authority
(or their delegated agent). You are required to assure the product
is airworthy before it is returned to service.
    (3) Reporting Requirements: For any reporting requirement in
this AD, under the provisions of the Paperwork Reduction Act (44
U.S.C. 3501 et seq.), the Office of Management and Budget (OMB) has
approved the information collection requirements and has assigned
OMB Control Number 2120-0056.

Related Information

    (h) Refer to Canadian Airworthiness Directive CF-2009-05, dated
January 29, 2009; and Bombardier Service Bulletin 8-57-46, Revision
A, dated February 6, 2009; for related information.

Material Incorporated by Reference

    (i) You must use Bombardier Service Bulletin 8-57-46, Revision
A, dated February 6, 2009, to do the actions required by this AD,
unless the AD specifies otherwise.
    (1) The Director of the Federal Register approved the
incorporation by reference of this service information under 5
U.S.C. 552(a) and 1 CFR part 51.
    (2) For service information identified in this AD, contact
Bombardier, Inc., 400 C[ocirc]te-Vertu Road West, Dorval,
Qu[eacute]bec H4S 1Y9, Canada; telephone<PHONE_NUMBER>; fax 514-855-
7401; e-mail<EMAIL_ADDRESS>Internet http://
www.bombardier.com.
    (3) You may review copies of the service information at the FAA,
Transport Airplane Directorate, 1601 Lind Avenue, SW., Renton,
Washington. For information on the availability of this material at
the FAA, call<PHONE_NUMBER> or<PHONE_NUMBER>.
    (4) You may also review copies of the service information that
is incorporated by reference at the National Archives and Records
Administration (NARA). For information on the availability of this
material at NARA, call<PHONE_NUMBER>, or go to: http://
www.archives.gov/federal_register/code_of_federal_regulations/
ibr_locations.html.

    Issued in Renton, Washington, on February 24, 2010.
Jeffrey E. Duven,
Acting Manager, Transport Airplane Directorate, Aircraft Certification
Service.
[FR Doc. 2010-4652 Filed 3-8-10; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 78, Number 141 (Tuesday, July 23, 2013)]
[Notices]
[Page 44179]
[FR Doc No: 2013-17597]

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SECURITIES AND EXCHANGE COMMISSION

Submission for OMB Review; Comment Request

Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.

Extension:
    Form S-8; OMB Control No. 3235-0066, SEC File No. 270-66.

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget this request for extension of the previously approved
collection of information discussed below.
    Form S-8 (17 CFR 239.16b) under the Securities Act of 1933 (15
U.S.C. 77a et seq.) is the primary registration statement used by
eligible registrants to register securities to be issuers in connection
with an employee benefit plan. Form S-8 provides verification of
compliance with securities law requirements and assures the public
availability and dissemination of such information. The likely
respondents will be companies. The information must be filed with the
Commission on occasion. Form S-8 is a public document. All information
provided is mandatory. We estimate that Form S-8 takes approximately 24
hours per response to prepare and is filed by approximately 2,200
respondents. In addition, we estimate that 50% of the preparation time
(12 hours) is completed in-house by the filer for a total annual
reporting burden of 26,400 hours (12 hours per response x 2,200
responses)
    An agency may conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a currently
valid control number.
    The public may view the background documentation for this
information collection at the following Web site, www.reginfo.gov.
Comments should be directed to: (i) Desk Officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503, or by sending an email to<EMAIL_ADDRESS>and (ii) Thomas Bayer, Director/Chief Information
Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100
F Street NE., Washington, DC 20549, or send an email to<EMAIL_ADDRESS>Comments must be submitted to OMB within 30 days of
this notice.

    Dated: July 17, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-17597 Filed 7-22-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 136 (Friday, July 15, 2016)]
[Notices]
[Page 46077]
[FR Doc No: 2016-16800]

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ENVIRONMENTAL PROTECTION AGENCY

[ER-FRL-9028-1]

Environmental Impact Statements; Notice of Availability

    Responsible Agency: Office of Federal Activities, General
Information<PHONE_NUMBER> or http://www2.epa.gov/nepa.

Weekly receipt of Environmental Impact Statements (EISs) Filed 07/05/
2016 Through 07/08/2016
Pursuant to 40 CFR 1506.9.

Notice

    Section 309(a) of the Clean Air Act requires that EPA make public
its comments on EISs issued by other Federal agencies. EPA's comment
letters on EISs are available at: http://www.epa.gov/compliance/nepa/eisdata.html.

EIS No. 20160153, Final, Caltrans, CA, High Desert Corridor, Review
Period Ends: 08/15/2016, Contact: Ron Kosinski<PHONE_NUMBER>
EIS No. 20160154, Final, NPS, MA, Herring River Restoration Project,
Review Period Ends: 08/15/2016, Contact: Mark Husbands<PHONE_NUMBER>
EIS No. 20160155, Final, FTA, MN, Bottineau Light Rail Transit Metro
Blue Line Extension, Review Period Ends: 08/15/2016, Contact: Maya
Sarna<PHONE_NUMBER>
EIS No. 20160156, Draft, FRA, TX, Texas-Oklahoma Passenger Rail Study
Service-Level, Comment Period Ends: 08/29/2016, Contact: Melissa
Hatcher<PHONE_NUMBER>
EIS No. 20160157, Final, USN, WA, Land-Water Interface and Service Pier
Extension at Naval Base Kitsap Bangor, Review Period Ends: 08/15/2016,
Contact: Robin Senner<PHONE_NUMBER>
EIS No. 20160158, Draft, MARAD, USCG, LA, Port Delfin LNG Project
Deepwater Port Application, Comment Period Ends: 08/29/2016, Contact:
Roddy C. Bachman<PHONE_NUMBER>

    The U.S. Coast Guard and the Maritime Administration are joint lead
agencies for the above project.

EIS No. 20160159, Draft, FERC, OH, NEXUS Gas Transmission Project and
Texas Eastern Appalachian Lease Project, Comment Period Ends: 08/29/
2016, Contact: Joanne Wachholder<PHONE_NUMBER>
EIS No. 20160160, Final, BR, CA, Mendota Pool Bypass and Reach 2B
Improvements Project, Review Period Ends: 08/15/2016, Contact: Becky
Victorine<PHONE_NUMBER>
EIS No. 20160161, Final, USACE, WA, Puget Sound Nearshore Ecosystem
Restoration, Review Period Ends: 08/15/2016, Contact: Nancy C. Gleason
206-764-6577
EIS No. 20160162, Final, USFS, MT, Telegraph Vegetation Project, Review
Period Ends: 08/15/2016, Contact: Sharon Scott<PHONE_NUMBER>
EIS No. 20160163, Final, DOE, LA, ADOPTION--Lake Charles Liquefaction
Project, Contact: John Anderson<PHONE_NUMBER>

    The U.S. Department of Energy (DOE) has adopted the Federal Energy
Regulatory Commission's Final EIS #20150233 filed 08/14/2015 with EPA.
DOE was a cooperating agency, therefore recirculation of the document
is not necessary under Section 1506.3(b) of the CEQ Regulations.

Amended Notices

EIS No. 20160085, Draft, USFWS, WY, Eagle Take Permits for the
Chokecherry and Sierra Madre Phase I Wind Energy Project, Comment
Period Ends: 07/29/2016, Contact: Louise Galiher<PHONE_NUMBER>

    Revision to FR Notice Published 04/29/2016; The U.S. Fish and
Wildlife Service has reopened the comment period to end 07/29/2016
EIS No. 20160115, Draft, DOD, Other, Continental United States (CONUS)
Interceptor Site, Comment Period Ends: 08/17/2016, Contact: Christopher
Johnson<PHONE_NUMBER>

    Revision to FR Notice Published 06/03/2016; Extending Comment
Period from 07/18/2016 to 08/17/2016

    Dated: July 12, 2016.
Karin Leff,
Acting Director, NEPA Compliance Division, Office of Federal
Activities.
[FR Doc. 2016-16800 Filed 7-14-16; 8:45 am]
BILLING CODE 6560-50-P