[Federal Register Volume 84, Number 168 (Thursday, August 29, 2019)]
[Notices]
[Pages 45557-45564]
[FR Doc No: 2019-18635]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86752; File No. SR-NYSEArca-2019-60]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To List and Trade Shares of the KFA Global
Carbon ETF Under NYSE Arca Rule 8.600-E

August 23, 2019.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on August 14, 2019, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade shares of the KFA Global
Carbon ETF under NYSE Arca Rule 8.600-E (``Managed Fund Shares''). 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
KFA Global Carbon ETF (``Fund'') under NYSE Arca Rule 8.600-E, which
governs the listing and trading of Managed Fund Shares \4\ on the
Exchange. The Fund will be an actively managed exchange-traded fund.
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    \4\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) (``1940 Act'') organized as an
open-end investment company or similar entity that invests in a
portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Investment Company Units,
listed and traded on the Exchange under NYSE Arca Rule 5.2-E(j)(3),
seeks to provide investment results that correspond generally to the
price and yield performance of a specific foreign or domestic stock
index, fixed income securities index or combination thereof.
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    The Shares will be offered by KraneShares Trust (the ``Trust''),
which was established as a Delaware statutory trust on February 3,
2012. The Trust is registered with the Securities and Exchange
Commission (``SEC'' or ``Commission'') as an open-end management
investment company.\5\
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    \5\ The Trust is registered under the 1940 Act. On June 11,
2019, the Trust filed with the Commission its registration statement
on Form N-1A under the Securities Act of 1933 (15 U.S.C. 77a), and
under the 1940 Act relating to the Fund (File Nos. 333-180870 and
811-22698) (``Registration Statement''). The description of the
operation of the Trust and the Fund herein is based, in part, on the
Registration Statement. In addition, the Commission has issued an
order upon which the Trust may rely, granting certain exemptive
relief under the 1940 Act. See Investment Company Act Release No.
32455 (January 27, 2017) (File No. 812-14675).
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    Krane Funds Advisors, LLC (``Krane'' or ``Adviser'') will serve as
the investment adviser to the Fund. Climate Finance Partners LLC
(``Sub-Adviser'') will serve as the non-discretionary investment sub-
adviser to the Fund. SEI Investments Global Funds Services
(``Administrator'') will serve as administrator for the Fund. SEI
Investments Distribution Co. (``Distributor''), an affiliate of the
Administrator, will serve as the Fund's distributor. Brown Brothers
Harriman & Co. (``BBH'') will serve as custodian and transfer agent for
the Fund.
    Commentary .06 to Rule 8.600-E provides that, if the investment
adviser to the investment company issuing Managed Fund Shares is
affiliated with a broker-dealer, such investment adviser shall erect
and maintain a ``fire wall'' between the investment adviser and the
broker-dealer with respect to access to information concerning the
composition and/or changes to such investment company portfolio.\6\ In
addition, Commentary .06 further requires that personnel who make
decisions on the open-end fund's portfolio composition must be subject
to procedures designed to prevent the use and dissemination of material
nonpublic information regarding the open-end fund's portfolio. The
Adviser and Sub-Adviser are not registered as broker-dealers, but the
Adviser is affiliated with broker-dealers, and has implemented and will
maintain a fire wall with respect to its broker-dealer affiliates
regarding access to information concerning the composition and/or
changes to the portfolio. In the event (a) the Adviser or Sub-Adviser
becomes registered as a broker-dealer or newly affiliated with a
broker-dealer, or (b) any new adviser or sub-adviser is a registered
broker-dealer or becomes affiliated with a broker-dealer, it will
implement and maintain a fire wall with respect to its relevant
personnel or its

broker-dealer affiliate regarding access to information concerning the
composition and/or changes to the portfolio, and will be subject to
procedures designed to prevent the use and dissemination of material
non-public information regarding such portfolio.
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    \6\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and its related personnel are
subject to the provisions of Rule 204A-1 under the Advisers Act
relating to codes of ethics. This Rule requires investment advisers
to adopt a code of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) adopted and implemented
written policies and procedures reasonably designed to prevent
violation, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
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KFA Global Carbon ETF
    According to the Registration Statement, the Fund will seek to
provide a total return that, before fees and expenses, exceeds that of
the IHS Markit Global Carbon Index (the ``Index'') over a complete
market cycle. The Index is designed to track the performance of liquid
carbon credit futures contracts (``Carbon Credit Futures'') maturing
within the next one to two calendar years.
    More specifically, the Index is designed to track, and the Fund
intends to invest in, Carbon Credit Futures issued under the European
Union Allowance (EUA), California Carbon Allowance (CCA), and Regional
Greenhouse Gas Initiative (RGGI) regimes. As of the last annual
rebalancing date, November 30, 2018, the weighting of Carbon Credit
Futures in the Index was, and the weighting of Carbon Credit Futures in
the Fund (including the Subsidiary (as defined below)) would have been,
as follows: \7\
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    \7\ According to the Registration Statement, although the Fund
seeks to maintain exposure to Carbon Credit Futures that are the
same as or similar to those included in the Index, the Fund and the
Subsidiary will be actively managed and will not be required to
replicate the performance of the Index or to invest in the specific
instruments in the Index. For example, the Fund may hold Carbon
Credit Futures with the same maturity and weightings as the Index,
or may select Carbon Credit Futures with a different month of
maturity, weight such Carbon Credit Futures differently than the
Index or invest in other futures contracts or options on futures
contracts in seeking to achieve its investment objective.
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 European Union Allowance (EUA)--65%
 California Carbon Allowance (CCA)--25%
 Regional Greenhouse Gas Initiative (RGGI)--10%

    Although, as described in more detail below, the Carbon Credit
Futures in the Index are physically settled futures contracts, the
Adviser does not anticipate that the Fund will hold the Carbon Credit
Futures until expiry or take or make delivery of any physical
commodities. Instead, the Adviser expects to roll each Carbon Credit
Future in the Fund's (or Subsidiary's (as defined below)) portfolio
approximately two weeks prior to expiry. Thus, the Adviser expects to
sell near to expiry Carbon Credit Futures and reinvest the proceeds in
new Carbon Credit Futures to achieve the Fund's investment objective.
    The Fund may hold cash and cash equivalents.\8\
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    \8\ For purposes of this filing, cash equivalents include the
securities included in Commentary .01(c) to NYSE Arca Rule 8.600-E.
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    The Fund will seek to exceed the performance of the Index through
the active management of a portfolio of debt instruments (other than
cash equivalents). The debt instruments in which the Fund intends to
invest include government securities and corporate or other non-
government fixed-income securities with maturities of up to 12 months.
    The Fund may invest in exchange-traded funds (``ETFs'') \9\ and
exchange-traded notes (``ETNs'').\10\
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    \9\ For purposes of this filing, ``ETFs'' are Investment Company
Units (as described in NYSE Arca Rule 5.2-E(j)(3)); Portfolio
Depositary Receipts (as described in NYSE Arca Rule 8.100-E); and
Managed Fund Shares (as described in NYSE Arca Rule 8.600-E). All
ETFs will be listed and traded in the U.S. on a national securities
exchange. While the Fund may invest in inverse ETFs, the Fund will
not invest in leveraged (e.g., 2X, -2X, 3X or -3X) ETFs.
    \10\ ETNs are securities as described in NYSE Arca Rule 5.2-
E(j)(6) (Equity Index-Linked Securities, Commodity-Linked
Securities, Currency-Linked Securities, Fixed Income Index-Linked
Securities, Futures-Linked Securities and Multifactor Index-Linked
Securities).
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    The Fund may invest up to 25% of its assets in a wholly-owned
subsidiary (the ``Subsidiary''). The Fund will utilize the Subsidiary
for purposes of investing in the Carbon Credit Futures. The Subsidiary
is a corporation operating under Cayman Islands law that is wholly-
owned and controlled by the Fund. The Subsidiary is advised by the
Adviser and sub-advised by the Sub-Adviser. The Subsidiary has the same
investment objective as the Fund and will follow the same investment
policies and restrictions as the Fund. Accordingly, the Subsidiary will
only invest in the same instruments as the Fund may invest in, as
discussed herein, including Carbon Credit Futures and cash and cash
equivalents as margin or collateral with respect to its Carbon Credit
Futures investments.
    The Fund will conduct foreign currency exchange transactions to the
extent necessary to purchase Carbon Credit Futures and convert proceeds
of sales of Carbon Credit Futures into U.S. Dollars. The Fund will
conduct such foreign currency transactions either on a spot (i.e.,
cash) basis at the spot rate prevailing in the foreign currency
exchange market, or through forwards and U.S. exchange-traded futures
on foreign currencies.
    The Exchange submits this proposal in order to allow the Fund to
hold listed derivatives, in particular Carbon Credit Futures, in a
manner that does not comply with Commentary .01(d)(2) to Rule 8.600-E,
as described below. Otherwise, the Fund will comply with all other
listing requirements of Commentary .01 to NYSE Arca Rule 8.600-E on an
initial and continued listing basis.
Description of the Index
    According to the Registration Statement, the Index utilizes a
rules-based methodology and is designed to track a portfolio of liquid,
accessible carbon credit futures contracts with ``physical delivery''
of emission allowances issued under ``cap and trade'' regimes.\11\
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    \11\ According to the Registration Statement, in a typical ``cap
and trade'' regime, a limit (or ``cap'') is set by a regulator, such
as a government entity or supranational organization, on the total
amount of specific greenhouse gases (``GHG''), such as CO2, that can
be emitted by regulated entities, such as manufacturers or energy
producers. The regulator then may issue or sell individual
``emission allowances'' to regulated entities. These emission
allowances are issued by the regulator to regulated entities, which
may then buy or sell (``trade'') the emission allowances on the open
market. The regulator may gradually reduce the market cap on
emission allowances, thereby increasing the value of such allowances
and forcing regulated entities to reduce their GHG emissions. A cap
on emission allowances available to the market supports the value of
those allowances and is intended to incentivize regulated entities
to reduce their GHG emissions, because they are permitted to sell
unneeded emission allowances for profit. Commodity futures contracts
linked to the value of emission allowances are known as carbon
credit futures.
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    The Index is provided by Markit Indices GmbH, a wholly-owned
subsidiary of IHS Markit Ltd. (the ``Index Provider''). The Index
Provider is not affiliated with the Fund or Krane.\12\ The Index
Provider determines the components and the relative weightings of the
components in the Index. The Index Provider may consult with the IHS
Markit Global Carbon Index Advisory Committee to review potential
changes to the Index rules and methodology. Any decision as to the
eligibility or ineligibility of a Carbon Credit Future will be
published and the Index rules will be updated accordingly. Additional
information about the Index is available on the Index Provider's
website, www.ihsmarkit.com.
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    \12\ The Index Provider is not a broker-dealer or affiliated
with a broker-dealer and has implemented procedures designed to
prevent the use and dissemination of material, nonpublic information
regarding the Index.
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    As of July 31, 2019, eligible components of the Index include
emission allowances issued under the European Union Emissions Trading
System (EUA),\13\ California Carbon

Allowance (CCA) \14\ and Regional Greenhouse Gas Initiative (RGGI) \15\
``cap and trade'' regimes. As the global carbon credit market grows,
additional liquid contracts may enter the Index, and the Fund may
invest in any additional Carbon Credit Futures that are the same as or
similar to those included in the Index.
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    \13\ The EUA allowance is based on the ICE Futures ECX CFI
Carbon Financial Instrument Futures Contract (``ECX CFI Futures'').
ECX CFI Futures are standardized contracts developed by the European
Climate Exchange (``ECX''). They are standardized contractual
instruments for futures on deliverable carbon equivalent emissions
allowances issued under the European Union Emissions Trading Scheme
(``EU ETS''), which are listed and admitted to trading on ICE
Futures Europe and the European Energy Exchange (EEX).
    \14\ CCA-CBL California Carbon Allowance Futures Contracts
(``California Contracts'') are listed and traded on ICE Futures U.S
and CME Globex (operated by CME Group, Inc. (``CME'')). The
California Contracts allow for trading of physically delivered
greenhouse gas emissions allowances. Each California Contract is an
allowance issued by the California Air Resources Board (or a linked
program) to emit one metric ton of CO2 equivalent under California
Assembly Bill 32 ``California Global Warming Solutions Act of 2006''
and its associated regulations, rules and amendments (collectively
the ``California Cap and Trade Program'').
    \15\ RGGI-Regional Greenhouse Gas Initiative Futures are traded
on ICE Futures U.S. They are monthly physically delivered contracts
on RGGI CO2 allowances.
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    The Fund's holdings in Carbon Credit Futures will comply with the
requirements of Commentary .01(d)(1) to Rule 8.600-E.\16\ EUA futures
are currently traded principally on ICE Futures Europe, and CCA futures
and RGGI futures are currently traded principally on ICE Futures US.
ICE Futures Europe, ICE Futures US and CME are members of the ISG.
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    \16\ Commentary .01(d)(1) to Rule 8.600-E provides that, with
respect to a fund's holdings in listed derivatives, in the
aggregate, at least 90% of the weight of such holdings invested in
futures, exchange-traded options, and listed swaps shall, on both an
initial and continuing basis, consist of futures, options, and swaps
for which the Exchange may obtain information via the Intermarket
Surveillance Group (``ISG'') from other members or affiliates of the
ISG or for which the principal market is a market with which the
Exchange has a comprehensive surveillance sharing agreement. (For
purposes of calculating this limitation, a portfolio's investment in
listed derivatives will be calculated as the aggregate gross
notional value of the listed derivatives).
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    The Adviser represents that, as of November 30, 2018, the initial
universe and weighting of Carbon Credit Futures in the Index was as
follows:
Regional Component--Europe, Middle East and Africa
 European Union Allowance (EUA)--65%
Regional Component--Americas
 California Carbon Allowance (CCA)--25%
 Regional Greenhouse Gas Initiative (RGGI)--10%

    The Adviser further represents that the Index allocated each of the
EUA and CCA allowances to two Carbon Credit Futures with different
expiration dates. Accordingly, according to the Adviser, the Fund's
allocations to EUA and CCA Carbon Credit Futures would similarly be to
at least four different contracts (e.g., two different contracts each
with two different expiry dates).
    The Commodities Futures Trading Commission (the ``CFTC'') has
adopted certain requirements that subject registered investment
companies and their advisers to regulation by the CFTC if a registered
investment company invests more than a prescribed level of its net
assets in CFTC-regulated futures, options and swaps, or if a registered
investment company markets itself as providing investment exposure to
such instruments. Due to the Fund's intended use of CFTC-regulated
futures above the prescribed levels, it will be a ``commodity pool''
under the Commodity Exchange Act.
    The Index is calculated on each full Securities Industry and
Financial Markets Association (SIFMA) recommended U.S. trading day and
the last calendar day of November. To convert the value of foreign
carbon credit futures contracts to U.S. dollars, the Index utilizes
foreign exchange spot rates from WM Reuters, using foreign exchange
rates as of 4:00 p.m. London time for any day the Index is calculated.
The Index was launched on July 25, 2019 with a base date of July 31,
2014 and a base value of 100. As of the most recent rebalancing date of
November 30, 2018, the Index included five futures contracts with
market capitalizations ranging from a minimum of $506 million for the
RGGI program to a maximum of $29.463 billion for the EUA program. The
average market capitalization of the futures of these programs was
$10.916 billion. The largest Regional Components in the Index were
Europe and the Americas (EUA (65%), CCA (25%) and RGGI (10%)).
Other Restrictions
    The Fund's and the Subsidiary's investments, including derivatives,
will be consistent with the Fund's investment objective and will not be
used to seek performance that is the multiple or inverse multiple
(e.g., 2X or -3X) of the Index.
Use of Derivatives by the Fund
    Investments in derivative instruments will be made in accordance
with the Fund's investment objective and policies.
    To limit the potential risk associated with such transactions, the
Fund will enter into offsetting transactions or segregate or
``earmark'' assets determined to be liquid by the Adviser in accordance
with procedures established by the Trust's Board of Trustees (the
``Board''). In addition, the Fund has included appropriate risk
disclosure in its offering documents, including leveraging risk.
Leveraging risk is the risk that certain transactions of the Fund,
including the Fund's use of derivatives, may give rise to leverage,
causing the Fund to be more volatile than if it had not been leveraged.
Impact on Arbitrage Mechanism
    The Adviser believes there will be minimal, if any, impact to the
arbitrage mechanism as a result of the Fund's use of derivatives. The
Adviser understands that market makers and participants should be able
to value derivatives as long as the positions are disclosed with
relevant information. The Adviser believes that the price at which
Shares of the Fund trade will continue to be disciplined by arbitrage
opportunities created by the ability to purchase or redeem Shares of
the Fund at their net asset value (``NAV''), which should ensure that
Shares of the Fund will not trade at a material discount or premium in
relation to their NAV.
    The Adviser does not believe there will be any significant impacts
to the settlement or operational aspects of the Fund's arbitrage
mechanism due to the use of derivatives.
Creation and Redemption of Shares
    According to the Registration Statement, the Trust will issue and
redeem Shares of the Fund only in ``Creation Units'' on a continuous
basis through the Distributor at the NAV next determined after receipt,
on any Business Day (as defined below), of an order in proper form. A
``Business Day'', as used herein, is any day on which the New York
Stock Exchange (``NYSE'') is open for business. A Creation Unit is
50,000 Shares. The size of a Creation Unit is subject to change.
Creation Units may be purchased and redeemed only by or through a
Depository Trust Company (``DTC'') Participant that has entered into an
Authorized Participant Agreement with the Distributor (an ``Authorized
Participant'').
Purchases of Creation Units
    The consideration for the purchase of Creation Units of the Fund
will consist of an in-kind deposit of a designated portfolio of
securities (or cash for all or any portion of such securities
(``Deposit Cash'') (collectively, the ``Deposit

Securities'')) and the Cash Component, which is an amount equal to the
difference between the aggregate NAV of a Creation Unit and the Deposit
Securities. Together, the Deposit Securities and the Cash Component
constitute the ``Fund Deposit.''
    The Custodian or the Administrator makes available through the
National Securities Clearing Corporation (``NSCC'') on each Business
Day, prior to the opening of the Exchange's Core Trading Session
(normally 9:30 a.m., Eastern time (``E.T.''), the list of names and the
required number of shares of each Deposit Security and Deposit Cash, as
applicable, and the estimated amount of the Cash Component to be
included in the current Fund Deposit. Such Fund Deposit is applicable,
subject to any adjustments as described below, in order to effect
purchases of Creation Units of the Fund until such time as the next-
announced Fund Deposit is made available.
    The Trust reserves the right to permit or require the substitution
of an amount of cash to replace any Deposit Security under specified
circumstances.
    Cash purchases of Creation Units will be effected in essentially
the same manner as in-kind purchases. The Authorized Participant will
pay the cash equivalent of the Deposit Securities as Deposit Cash plus
or minus the same Cash Component.
Placement of Purchase Orders
    To initiate an order for a Creation Unit, an Authorized Participant
must submit to the Distributor an irrevocable order in proper form to
purchase Shares of the Fund on a Business Day generally before the time
as of which that day's NAV is calculated. For a purchase order to be
processed based on the NAV calculated on a particular Business Day, the
purchase order must be received in proper form and accepted by the
Trust prior to the time as of which the NAV is calculated (``Cutoff
Time'').
Redemptions of Creation Units
    The consideration paid by the Fund for the redemption of Creation
Units consists of an in-kind basket of a designated portfolio of
securities (or cash for all or any portion of such securities
(``Redemption Cash'')) (collectively, the ``Fund Securities'') and the
Cash Component, which is an amount equal to the difference between the
aggregate NAV of a Creation Unit and the Fund Securities. Together, the
Fund Securities and the Cash Component constitute the ``Fund
Redemption.''
    The Custodian or the Administrator will make available through NSCC
on each Business Day, prior to the opening of the Exchange's Core
Trading Session, the list of names and the number of shares of each
Fund Security and Redemption Cash, as applicable, and the estimated
amount of the Cash Component to be included in the current Fund
Redemption. Such Fund Redemption will be applicable, subject to any
adjustments as described below, for redemptions of Creation Units of
the Fund until such time as the next-announced Fund Redemption is made
available. The delivery of Fund Shares will be settled through the DTC
system.
    The identity and number of shares of the Fund Securities change
pursuant to, among other matters, changes in the composition of the
Fund's portfolio and as rebalancing adjustments and corporate action
events are reflected from time to time. The composition of the Fund
Securities may not be the same as the Deposit Securities.
    The Trust reserves the right to permit or require the substitution
of an amount of cash to replace any Redemption Security under
circumstances specified in the Registration Statement.
    Cash redemptions of Creation Units will be effected in essentially
the same manner as in-kind redemptions. The Authorized Participant will
receive the cash equivalent of the Fund Securities as Redemption Cash
plus or minus the same Cash Component.\17\
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    \17\ The Adviser represents that, to the extent the Trust
effects the creation or redemption of Shares wholly or partially in
cash, such transactions will be effected in the same manner for all
Authorized Participants.
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Placement of Redemption Orders
    To initiate a redemption order for a Creation Unit, an Authorized
Participant must submit to the Distributor an irrevocable order in
proper form to redeem Shares of the Fund on a Business Day generally
before the time as of which that day's NAV is calculated. For a
redemption order to be processed based on the NAV calculated on a
particular Business Day, the order must be received in proper form and
accepted by the Trust prior to the time as of which the NAV is
calculated (``Cutoff Time''). A redemption request, if accepted by the
Trust, will be processed based on the NAV as of the next Cutoff Time.
Application of Generic Listing Requirements
    The Exchange is submitting this proposed rule change because the
portfolio for the Fund will not meet all of the ``generic'' listing
requirements of Commentary .01 to NYSE Arca Rule 8.600-E applicable to
the listing of Managed Fund Shares. Specifically, the Fund's portfolio
will meet all such requirements except for those set forth in
Commentary .01(d)(2) with respect to the Fund's and the Subsidiary's
investments in listed derivatives.\18\
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    \18\ Commentary .01(d)(2) to Rule 8.600-E provides that, with
respect to a fund's portfolio, the aggregate gross notional value of
listed derivatives based on any five or fewer underlying reference
assets shall not exceed 65% of the weight of the portfolio
(including gross notional exposures), and the aggregate gross
notional value of listed derivatives based on any single underlying
reference asset shall not exceed 30% of the weight of the portfolio
(including gross notional exposures).
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    In order to achieve its investment objective, under normal market
conditions,\19\ the aggregate gross notional value of Carbon Credit
Futures may, in certain circumstances, approach 100% of the Fund
(including gross notional values). As noted above, Commentary .01(d)(2)
to Rule 8.600-E prohibits the Fund from holding listed derivatives
based on any five or fewer underlying reference assets in excess of 65%
of the weight of the portfolio (including gross notional exposures).
The Exchange is proposing to allow the Fund to hold up to 100% of the
weight of its portfolio (including gross notional exposures) in listed
derivatives based on three underlying reference assets ((EUA, CCA and
RGGI) through its investment in Carbon Credit Futures.
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    \19\ The term ``normal market conditions'' is defined in NYSE
Arca Rule 8.600-E(c)(5).
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    As discussed below, although the Fund will hold a more limited
number of listed derivatives than allowed under Commentary .01(d)(2),
the Exchange believes that sufficient protections are in place to
protect against market manipulation of the Shares and Carbon Credit
Futures and otherwise satisfy the purposes of Rule 8.600-E. The
Exchange believes that Carbon Credit Futures are not subject to the
concentration risk that the rule is intended to address because of the
liquidity of such futures.\20\ The

Exchange notes that the exchange markets for Carbon Credit Futures are
highly liquid, and therefore believes that trading in such futures is
not readily susceptible to manipulation. In addition, at least 90% of
the weight of listed derivatives utilized by the Fund would be traded
on exchanges that are members of the ISG or with which the Exchange has
in place a comprehensive surveillance sharing agreement, and Carbon
Credit Credit Futures are currently traded on ISG markets.\21\
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    \20\ The Adviser represents that these are currently the largest
and most liquid futures markets on carbon offset credits: (1) Carbon
Credit Futures on EUA: 1,269,401,000 contracts with open interest at
a price of $23.21 as of November 30, 2018 translating to a $29.463
billion market capitalization. In addition, the average annual
trading volume as of that date was $98.856 billion (with
approximately $89 billion consisting of Carbon Credit Futures with
December expirations). (2) Carbon Credit Futures on CCA: 178,800,000
contracts with open interest at a price of $15.55 as of November 30,
2018 translates to a $2.780 billion market capitalization. In
addition, the average annual trading volume as of that date was
$2.39 billion (with approximately $1.25 billion consisting of Carbon
Credit Futures with December expirations). 3) Carbon Credit Futures
on RGGIs: 94,000,000 contracts with open interest at a price of
$5.38 as of November 30, 2018 translates to a $506 million market
capitalization. In addition, the average annual trading volume as of
that date was $250 million (with approximately $182.9 million
consisting of Carbon Credit Futures with December expirations).
Source: https://www.theice.com/microsite/usenvironmentalmonthlymarketreport.
    \21\ The Exchange notes that the Commission has approved
proposed rule changes by a national securities exchange to list and
trade series of Managed Fund Shares that may hold listed derivatives
on underlying reference assets that may not comply with provisions
similar to those in Commentary .01(d)(2) to Rule 8.600-E. See, e.g.,
Securities Exchange Act Release Nos. 80529 (April 26, 2017), 82 FR
20506 (May 2, 2017) (SR-BatsBZX-2017-14) (Order Granting Approval of
a Proposed Rule Change to List and Trade Shares of the Amplify
YieldShares Oil Hedged MLP Fund under BZX Rule 14.11(i)); 82906
(March 20, 2018), 83 FR 12992 (March 26, 2018) (SR-CboeBZX-2017-012)
(Order Approving a Proposed Rule Change, as Modified by Amendment
No. 2, to List and Trade Shares of the LHA Market State[supreg]
Tactical U.S. Equity ETF under Rule 14.11(i)); 83014 (April 9,
2018), 83 FR 16150 (April 13, 2018) (SR-CboeBZX-2017-023) (Notice of
Filing of Amendment No. 2 and Order Granting Accelerated Approval of
a Proposed Rule Change, as Modified by Amendment No. 2, to List and
Trade Shares of the iShares Gold Strategy ETF Under Exchange Rule
14.11(i)); 83146 (May 1, 2018), 83 FR 20103 (May 7, 2018) (SR-
CboeBZX-2018-029) (Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change to Allow the Horizons Cadence Hedged US
Dividend Yield ETF, a Series of the Horizons ETF Trust I, to Hold
Listed Options Contracts in a Manner that Does Not Comply with Rule
14.11(i), Managed Fund Shares). See also, Securities Exchange Act
Release No. 85701 (April 22, 2019), 84 FR 17902 (April 26, 2019)
(SR-CboeBZX-2019-016) (Notice of Filing of Amendment No. 1 and Order
Granting Accelerated Approval of a Proposed Rule Change, as Modified
by Amendment No. 1, to Allow the JPMorgan Core Plus Bond ETF of the
J.P. Morgan Exchange-Traded Fund Trust to Hold Certain Instruments
in a Manner that May Not Comply with Rule 14.11(i), Managed Fund
Shares).
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    The Exchange notes that the Commission has previously approved
listing and trading on the Exchange under NYSE Arca Rule 8.204-E
(Commodity Futures Trust Shares) of a trust with the investment
objective of providing investment results that correspond generally to
the performance of a basket of exchange-traded futures contracts for
carbon equivalent emissions allowances issued under the European Union
Emissions Trading Scheme (``EU ETS'').\22\
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    \22\ See Securities Exchange Act Release No. 57838, (May 20,
2008), 73 FR 30649 (May 28, 2008) (SR-NYSEArca-2008-09) (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 AirShares EU Carbon Allowances Fund). The EU ETS is a ``cap
and trade'' emissions trading program instituted by the European
Union, in furtherance of the joint commitment of its member states
under the Kyoto Protocol to achieve certain reductions in their
emissions of greenhouse gases. The net assets of the AirShares EU
Carbon Allowances Fund were to consist of long positions in ICE
Futures ECX Carbon Financial Instrument Futures Contracts consisting
of standardized contractual instruments for futures on deliverable
EUAs issued under the EU ETS and developed by the European Climate
Exchange.
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    Other than Commentary .01(d)(2) to Rule 8.600-E, as described
above, the Fund's portfolio will meet all other requirements of Rule
8.600-E.
Availability of Information
    The Fund's website (www.kraneshares.com) will include the
prospectus for the Fund that may be downloaded. The Fund's website will
include additional quantitative information updated on a daily basis
including, for the Fund, (1) daily trading volume, the prior business
day's reported closing price, NAV and midpoint of the bid/ask spread at
the time of calculation of such NAV (the ``Bid/Ask Price''),\23\ and a
calculation of the premium and discount of the Bid/Ask Price against
the NAV, and (2) data in chart format displaying the frequency
distribution of discounts and premiums of the daily Bid/Ask Price
against the NAV, within appropriate ranges, for each of the four
previous calendar quarters. On each business day, before commencement
of trading in Shares in the Core Trading Session on the Exchange, the
Fund will disclose on its website the Disclosed Portfolio as defined in
NYSE Arca Rule 8.600-E(c)(2) that forms the basis for the Fund's
calculation of NAV at the end of the business day.\24\
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    \23\ The Bid/Ask Price of the Fund's Shares will be determined
using the mid-point of the highest bid and the lowest offer on the
Exchange as of the time of calculation of the Fund's NAV. The
records relating to Bid/Ask Prices will be retained by the Fund and
its service providers.
    \24\ Under accounting procedures followed by the Fund, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T+1''). Accordingly, the Fund
will be able to disclose at the beginning of the business day the
portfolio that will form the basis for the NAV calculation at the
end of the business day.
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    On a daily basis, the Fund will disclose the information required
under NYSE Arca Rule 8.600-E(c)(2) to the extent applicable. The
website information will be publicly available at no charge.
    In addition, a basket composition file, which includes the security
names and share quantities, if applicable, required to be delivered in
exchange for the Fund's Shares, together with estimates and actual cash
components, will be publicly disseminated daily prior to the opening of
the Exchange via the NSCC. The basket represents one Creation Unit of
the Fund. Authorized Participants may refer to the basket composition
file for information regarding financial instruments that may comprise
the Fund's basket on a given day.
    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's Shareholder Reports, and the Fund's
Forms N-CSR and Forms N-SAR, filed twice a year. The Fund's SAI and
Shareholder Reports will be available free upon request from the Trust,
and those documents and the Form N-CSR, Form N-PX, Form N-CEN and Form
N-PORT (formerly Forms N-Q and N-SAR) may be viewed on-screen or
downloaded from the Commission's website at www.sec.gov.
    Intra-day and the closing settlement price information regarding
Carbon Credit Futures and U.S. exchange-traded futures on currencies
will be available from the exchange on which such instruments are
traded and from major market data vendors. Spot currency prices and
price information regarding currency forwards, debt instruments (other
than cash equivalents) and cash equivalents also will be available from
major market data vendors. Additionally, the Trade Reporting and
Compliance Engine (``TRACE'') of the Financial Industry Regulatory
Authority (``FINRA'') will be a source of price information for certain
fixed income securities to the extent transactions in such securities
are reported to TRACE.\25\ Price information regarding U.S. government
securities and other cash equivalents generally may be obtained from
brokers and dealers who make markets in such securities or through
nationally recognized pricing services through subscription agreements.
The Index price is available via Bloomberg and Reuters. The Index
methodology and constituent list of the Reference Benchmark is
available via IHS Markit's website (https://indices.ihsmarkit.com).
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    \25\ Broker-dealers that are FINRA member firms have an
obligation to report transactions in specified debt securities to
TRACE to the extent required under applicable FINRA rules.
Generally, such debt securities will have at issuance a maturity
that exceeds one calendar year. For fixed income securities that are
not reported to TRACE, (i) intraday price quotations will generally
be available from broker-dealers and trading platforms (as
applicable) and (ii) price information will be available from feeds
from market data vendors, published or other public sources, or
online information services, as described above.
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    Quote and last-sale information for ECX CFI Futures, California
Futures and RGGI-Regional Greenhouse Gas Initiative Futures, other
futures contracts and options on futures are widely disseminated
through major market data vendors. ICE Futures US,

ICE Futures Europe and CME also provide delayed futures information on
current and past trading sessions and market news on their respective
websites.
    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.
    Quotation and last sale information for the Shares, ETFs and ETNs
will be available via the Consolidated Tape Association (``CTA'') high-
speed line. In addition, the Portfolio Indicative Value (``PIV''), as
defined in NYSE Arca Rule 8.600-E(c)(3), will be widely disseminated by
one or more major market data vendors at least every 15 seconds during
the Core Trading Session.
Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of the Fund.\26\ Trading in Shares of the Fund
will be halted if the circuit breaker parameters in NYSE Arca Rule
7.12-E have been reached. Trading also may be halted because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares inadvisable. Trading in the Fund's Shares also
will be subject to Rule 8.600-E(d)(2)(D) (``Trading Halts'').
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    \26\ See NYSE Arca Rule 7.12-E.
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Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4:00 a.m. to 8:00 p.m., E.T. in
accordance with NYSE Arca Rule 7.34-E (Early, Core, and Late Trading
Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Rule 7.6-E, 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.
    With the exception of the requirements of Commentary .01(d)(2)
(with respect to listed derivatives) to Rule 8.600-E as described above
in ``Application of Generic Listing Requirements,'' the Shares of the
Fund will conform to the initial and continued listing criteria under
NYSE Arca Rule 8.600-E. Consistent with NYSE Arca Rule 8.600-
E(d)(2)(B)(ii), the Adviser will 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
Fund's portfolio. The Exchange represents that, for initial and
continued listing, the Fund will be in compliance with Rule 10A-3 \27\
under the Act, as provided by NYSE Arca Rule 5.3-E. A minimum of
100,000 Shares will be outstanding at the commencement of trading on
the Exchange. The Exchange will obtain a representation from the issuer
of the Shares that the NAV per Share will be calculated daily and that
the NAV and the Disclosed Portfolio will be made available to all
market participants at the same time. The Fund's investments will be
consistent with its investment goal and will not be used to provide
multiple returns of a benchmark or to produce leveraged returns.
---------------------------------------------------------------------------

    \27\ 17 CFR 240.10A-3.
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Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by FINRA on behalf
of the Exchange, or by regulatory staff of the Exchange, which are
designed to detect violations of Exchange rules and applicable federal
securities laws. 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.\28\
---------------------------------------------------------------------------

    \28\ 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, ETFs, ETNs, U.S.
exchange-traded futures on foreign currency and Carbon Credit Futures
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 such securities and financial
instruments from such markets and other entities.\29\ In addition, the
Exchange may obtain information regarding trading in such securities
and financial instruments from markets and other entities that are
members of ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement. In addition, FINRA, on behalf of the
Exchange, is able to access, as needed, trade information for certain
fixed income securities held by the Fund reported to FINRA's TRACE.
---------------------------------------------------------------------------

    \29\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that certain Index components
and holdings of the Fund may not be listed or traded on ISG
exchanges.
---------------------------------------------------------------------------

    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
    All statements and representations made in this filing regarding
(a) the description of the portfolio or reference assets, (b)
limitations on portfolio holdings or reference assets, 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 issuer must notify 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
Equity Trading Permit Holders in an Information Bulletin (``Bulletin'')
of the special characteristics and risks associated with trading the
Shares. Specifically, the Bulletin will discuss the following: (1) The
procedures for purchases and redemptions of Shares in Creation Unit
aggregations (and that Shares are not individually redeemable); (2)
NYSE Arca Rule 9.2-E(a), which imposes a duty of due diligence on its
Equity Trading Permit Holders to learn the essential facts relating to
every customer prior to trading the Shares; (3)

the risks involved in trading the Shares during the Early and Late
Trading Sessions when an updated PIV will not be calculated or publicly
disseminated; (4) how information regarding the PIV and the Disclosed
Portfolio is disseminated; (5) the requirement that Equity Trading
Permit Holders deliver a prospectus to investors purchasing newly
issued Shares prior to or concurrently with the confirmation of a
transaction; and (6) trading information.
    In addition, the Bulletin will reference that the Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Act. The
Bulletin will also disclose that the NAV for the Shares will be
calculated after 4:00 p.m., E.T. each trading day.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \30\ 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.
---------------------------------------------------------------------------

    \30\ 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 8.600-E
notwithstanding that the Fund will not comply with the requirement in
Commentary .01(d)(2) to Rule 8.600-E, as described herein.
    The Exchange believes that sufficient protections are in place to
protect against market manipulation of the Shares and Carbon Credit
Futures due to, among other matters (a) the liquidity and market
capitalization of the Carbon Credit Futures, EUAs, CCAs and RGGIs,\31\
(b) the competitive quoting process for Carbon Credit Futures, EUAs,
CCAs and RGGIs, (c) the significant liquidity in the market for Carbon
Credit Futures, EUAs, CCAs and RGGIs that results in a well-established
price discovery process that provides meaningful guideposts for their
pricing, and (d) surveillance by the Exchange and FINRA designed to
detect violations of the federal securities laws and self-regulatory
organization rules. The Carbon Credit Futures, EUAs, CCAs and RGGIs
trade in competitive auction markets with price, quote transparency and
arbitrage opportunities. Further, the Exchange believes that because
the assets in the Fund's portfolio will be acquired in extremely liquid
and highly regulated markets, the Shares are less readily susceptible
to manipulation.
---------------------------------------------------------------------------

    \31\ See note 20, supra.
---------------------------------------------------------------------------

    The Exchange believes that these factors, coupled with the highly
regulated Carbon Credit Futures, EUA, CCA and RGGI markets, are
sufficiently great to deter fraudulent and market manipulation. The
Exchange also believes that such liquidity is sufficient to support the
creation and redemption mechanism.
    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 or FINRA, on behalf of the Exchange, or
both, will communicate as needed regarding trading in the Shares, ETFs,
ETNs, U.S. exchange-traded futures on foreign currency and Carbon
Credit Futures 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 such
securities and financial instruments from such markets and other
entities. In addition, the Exchange may obtain information regarding
trading in such securities and financial instruments from markets and
other entities that are members of ISG or with which the Exchange has
in place a comprehensive surveillance sharing agreement. In addition,
FINRA, on behalf of the Exchange, is able to access, as needed, trade
information for certain fixed income securities held by the Fund
reported to FINRA's TRACE. The Adviser and Sub-Adviser are not
registered as broker-dealers, but the Adviser is affiliated with
broker-dealers, and has implemented and will maintain a fire wall with
respect to its broker-dealer affiliates regarding access to information
concerning the composition and/or changes to the portfolio.
    The Exchange notes that the Commission has previously approved
listing and trading on the Exchange under NYSE Arca Rule 8.204-E
(Commodity Futures Trust Shares) of a trust with the investment
objective of providing investment results that correspond generally to
the performance of Carbon Credit Futures on EUAs.\32\ Other than cash
and cash equivalents, the AirShares Trust sought investment exposure
exclusively to Carbon Credit Futures on EUAs. Thus, the Commission has
already considered and approved for listing a product with the same
types of assets in which the Fund will invest.
---------------------------------------------------------------------------

    \32\ See note 22, supra.
---------------------------------------------------------------------------

    The Exchange notes that the Commission has approved proposed rule
changes by a national securities exchange to list and trade series of
Managed Fund Shares that may hold listed derivatives on underlying
reference assets that may not comply with provisions similar to those
in Commentary .01(d)(2) to Rule 8.600-E.\33\ In addition, the Exchange
believes that the listing and trading of Shares of the Fund would
further an interest in the U.S. maintaining a competitive position in
the global securities markets, which requires that U.S. participants
respond to new developments and encourage the development of new
products. Innovative financial vehicles such as the Fund will provide
investors greater access to U.S. markets. By providing a wide range of
investors with a U.S. exchange-traded security that invests in Carbon
Credit Futures, the Exchange believes that the listing of the Fund will
benefit both investors and the markets.
---------------------------------------------------------------------------

    \33\ See note 21, supra.
---------------------------------------------------------------------------

    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares that the NAV per Share will be calculated daily and that the NAV
and the Disclosed Portfolio will be made available to all market
participants at the same time. In addition, a large amount of
information will be publicly available regarding the Fund and the
Shares, thereby promoting market transparency. Intra-day and the
closing settlement price information regarding Carbon Credit Futures
and U.S. exchange-traded futures on currencies will be available from
the exchange on which such instruments are traded and from major market
data vendors. Spot currency prices and price information regarding
currency forwards, debt instruments (other than cash equivalents) and
cash equivalents also will be available from major market data vendors.
Additionally, FINRA's TRACE will be a source of price information for
certain fixed income securities to the extent transactions in such
securities are reported to TRACE. Price information regarding U.S.
government securities and other cash equivalents generally may be
obtained from brokers and dealers who make

markets in such securities or through nationally recognized pricing
services through subscription agreements. The Index price is available
via Bloomberg. The Index methodology and constituent list of the
Reference Benchmark is available via IHS Markit's website.
    Quote and last-sale information for ECX CFI Futures, California
Futures and RGGI-Regional Greenhouse Gas Initiative Futures are widely
disseminated through major market data vendors. ICE Futures US, ICE
Futures Europe also provide delayed futures information on current and
past trading sessions and market news on their respective websites.
    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.
    Quotation and last sale information for the Shares, ETFs and ETNs
will be available via the CTA high-speed line. In addition, the PIV, as
defined in NYSE Arca Rule 8.600-E(c)(3), will be widely disseminated by
one or more major market data vendors at least every 15 seconds during
the Core Trading Session.
    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit Holders in an Information Bulletin of the special
characteristics and risks associated with trading the Shares. Trading
in Shares of the Fund will be halted if the circuit breaker parameters
in NYSE Arca Rule 7.12-E have been reached or because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares inadvisable. Trading in the Shares will be
subject to NYSE Arca Rule 8.600-E (d)(2)(D), which sets forth
circumstances under which Shares of the Fund may be halted. In
addition, as noted above, investors will have ready access to
information regarding the Fund's holdings, NAV, the PIV, the Disclosed
Portfolio, and quotation and last sale information for the Shares.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an actively-managed exchange-traded product that, through permitted use
of an increased level of listed derivatives above that currently
permitted by the generic listing requirements of Commentary .01(d)(2)
to NYSE Arca Rule 8.600-E, 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 have ready access to information
regarding the Fund's holdings, the PIV, the Disclosed Portfolio, and
quotation and last sale information for the Shares.

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 purpose of the Act. The Exchange notes that the
proposed rule change will facilitate the listing and trading of an
additional type of actively-managed exchange-traded product that will
enhance competition among market participants, to the benefit of
investors and the marketplace.

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

    No written comments were 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 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 the 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-2019-60 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-2019-60. 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-2019-60 and should be submitted
on or before September 19, 2019.
---------------------------------------------------------------------------

    \34\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-18635 Filed 8-28-19; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: January 13, 2009 (Volume 74, Number 8)]
[Notices]
[Page 1755-1756]
[DOCID:fr13ja09-116]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. PE-2009-03]

Petition for Exemption; Summary of Petition Received

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of petition for exemption received.

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

SUMMARY: This notice contains a summary of a petition seeking relief
from specified requirements of 14 CFR.

The purpose of this notice is to improve the public's awareness of, and
participation in, this aspect of FAA's regulatory activities. Neither
publication of this notice nor the inclusion or omission of information
in the summary is intended to affect the legal status of the petition
or its final disposition.

DATE: Comments on this petition must identify the petition docket
number involved and must be received on or before January 23, 2009.

ADDRESSES: You may send comments identified by Docket Number FAA-2008-
1145 using any of the following methods:
     Government-wide Rulemaking Web site: Go to http://
www.regulations.gov and follow the instructions for sending your
comments electronically.
     Mail: Send comments to the Docket Management Facility;
U.S. Department of Transportation (DOT), 1200 New Jersey Avenue, SE.,
West Building Ground Floor, Room W12-140, Washington, DC 20590.
     Fax: Fax comments to the Docket Management Facility at
202-493-2251.
     Hand Delivery: Bring comments to the Docket Management
Facility in Room W12-140 of the West Building Ground Floor at 1200 New
Jersey Avenue, SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
    Privacy: We will post all comments we receive, without change, to
http://www.regulations.gov, including any personal information you
provide. Using the search function of our docket Web site, anyone can
find and read the comments received into any of our dockets, including
the name of the individual sending the comment (or signing the comment
for an association, business, labor union, etc.). You may review DOT's
complete Privacy Act Statement in the Federal Register published on
April 11, 2000 (65 FR 19477-78).
    Docket: To read background documents or comments received, go to
http://www.regulations.gov at any time or to the Docket Management
Facility in Room W12-140 of the West Building Ground Floor at 1200 New
Jersey Avenue, SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Maria G. Delgado, ANM-113, (425) 227-
2775, FAA, Transport Airplane Directorate, 1601 Lind Ave., SW., Renton,
Washington 98057-3356; or Ralen Gao, ARM-200,<PHONE_NUMBER>, FAA,
Office of Rulemaking, 800 Independence Ave., SW., Washington, DC 20591.
    This notice is published pursuant to 14 CFR 11.85.

    Issued in Washington, DC, on December 7, 2009.
Pamela Hamilton-Powell,
Director, Office of Rulemaking.

Petition for Exemption

    Docket No.: FAA-2008-1145.
    Petitioner: L-3 Communications Integrated Systems.
    Section of 14 CFR Affected: 14 CFR 26.47.
    Description of Relief Sought: The petitioner requests an exemption
from the requirements of Sec.  26.47 for a Boeing Model 777-200
airplane, modified in accordance with certain supplemental type
certificates (STCs). Section 26.47 requires holders of, and applicants
for, an STC to develop damage tolerance data for airplane alterations
and repairs. Section 26.47 is intended to apply to airplanes operating
under parts 121 or 129. The airplanes, which the petitioner is seeking
exemption for, are not currently operating in the United States under
parts 121 or 129, nor is there any plan to do so in the future.

[FR Doc. E9-384 Filed 1-12-09; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register: March 20, 2009 (Volume 74, Number 53)]
[Notices]
[Page 11944-11946]
[DOCID:fr20mr09-64]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2008-0416; FRL-8383-5]

Diiodomethyl p-tolyl sulfone (Amical 48), Busan 77, Organic
Esters of Phosphoric Acid Reregistration Eligibility Decisions; Notice
of Availability

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: This notice announces the availability of EPA's Reregistration
Eligibility Decision (RED) for the pesticides Diiodomethyl p-tolyl
sulfone (Amical 48), Busan 77, and Organic Esters of Phosphoric Acid,
and opens a public comment period on these documents. The Agency's risk
assessments and other related documents also are available in the
Diiodomethyl p-tolyl sulfone (Amical 48), Busan 77, and Organic Esters
of Phosphoric Acid Dockets. Diiodomethyl p-tolyl sulfone is used as an
algaecide, bactericide, and fungicide for materials and wood
preservation. Busan 77 is used to control of algae in swimming pools,
hot tubs, whirlpools and fountains without fish. It is also registered
to control growth of algae, bacteria, and fungi in recirculating
cooling towers, industrial air washing systems, and as a materials
preservative in metal cutting fluids. Organic Esters of Phosphoric Acid
is used primarily as a fungicide and bacteriostat, with the main use
site being a material preservative for carpet backings. Some other use
sites include paint, textiles, vinyl products, polymeric laminates, and
epoxy flooring and tile. EPA has reviewed Diiodomethyl p-tolyl sulfone
(Amical 48), Busan 77, and Organic Esters of Phosphoric Acid through
the public participation process that the Agency uses to involve the
public in developing pesticide reregistration and tolerance
reassessment decisions. Through these programs, EPA is ensuring that
all pesticides meet current health and safety standards.

DATES: Comments must be received on or before May 19, 2009.

ADDRESSES: Submit your comments, identified by docket identification
(ID) number for Diiodomethyl p-tolyl sulfone, EPA-HQ-OPP-2007-1151; for
Busan 77, EPA-HQ-OPP-2007-0834; and for Organic Esters of Phosphoric
Acid, EPA-HQ-OPP-2007-1166 by one of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the on-line instructions for submitting comments.
     Mail: Office of Pesticide Programs (OPP) Regulatory Public
Docket (7502P), Environmental Protection Agency, 1200 Pennsylvania
Ave., NW., Washington, DC 20460-0001.
     Delivery: OPP Regulatory Public Docket (7502P),
Environmental Protection Agency, Rm. S-4400, One Potomac Yard (South
Bldg.), 2777 S. Crystal Dr., Arlington, VA. Deliveries are only
accepted during the Docket's normal hours of operation (8:30 a.m. to 4
p.m., Monday through Friday, excluding legal holidays). Special
arrangements should be made for deliveries of boxed information. The

Docket Facility telephone number is<PHONE_NUMBER>.
    Instructions: Direct your comments to docket ID number for
Diiodomethyl p-tolyl sulfone, EPA-HQ-OPP-2007-1151; for Busan 77, EPA-
HQ-OPP-2007-0834; and for Organic Esters of Phosphoric Acid, EPA-HQ-
OPP-2007-1166. EPA's policy is that all comments received will be
included in the docket without change and may be made available on-line
at http://www.regulations.gov, including any personal information
provided, unless the comment includes information claimed to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Do not submit information that you
consider to be CBI or otherwise protected through regulations.gov or e-
mail. The regulations.gov website is an ``anonymous access'' system,
which means EPA will not know your identity or contact information
unless you provide it in the body of your comment. If you send an e-
mail comment directly to EPA without going through regulations.gov,
your e-mail address will be automatically captured and included as part
of the comment that is placed in the docket and made available on the
Internet. If you submit an electronic comment, EPA recommends that you
include your name and other contact information in the body of your
comment and with any disk or CD-ROM you submit. If EPA cannot read your
comment due to technical difficulties and cannot contact you for
clarification, EPA may not be able to consider your comment. Electronic
files should avoid the use of special characters, any form of
encryption, and be free of any defects or viruses.
    Docket: All documents in the docket are listed in the docket index
available in regulations.gov. To access the electronic docket, go to
http://www.regulations.gov, select ``Advanced Search,'' then ``Docket
Search.'' Insert the docket ID number where indicated and select the
``Submit'' button. Follow the instructions on the regulations.gov
website to view the docket index or access available documents.
Although listed in the index, some information is not publicly
available, e.g., CBI or other information whose disclosure is
restricted by statute. Certain other material, such as copyrighted
material, is not placed on the Internet and will be publicly available
only in hard copy form. Publicly available docket materials are
available either in the electronic docket at http://
www.regulations.gov, or, if only available in hard copy, at the OPP
Regulatory Public Docket in Rm. S-4400, One Potomac Yard (South Bldg.),
2777 S. Crystal Dr., Arlington, VA. The hours of operation of this
Docket Facility are from 8:30 a.m. to 4 p.m., Monday through Friday,
excluding legal holidays. The Docket Facility telephone number is (703)
305-5805.

FOR FURTHER INFORMATION CONTACT: For Diiodomethyl p-tolyl sulfone
(Amical 48), contact: Kathryn Avivah Jakob, Antimicrobials Division
(7510P), Office of Pesticide Programs, Environmental Protection Agency,
1200 Pennsylvania Ave., NW., Washington, DC 20460-0001; telephone
number:<PHONE_NUMBER>; fax number:<PHONE_NUMBER>; e-mail address:
<EMAIL_ADDRESS>    For Busan 77, contact: ShaRon Carlisle, Antimicrobials Division
(7510P), Office of Pesticide Programs, Environmental Protection Agency,
1200 Pennsylvania Ave., NW., Washington, DC 20460-0001; telephone
number:<PHONE_NUMBER>; fax number:<PHONE_NUMBER>; e-mail address:
<EMAIL_ADDRESS>    For Organic Esters of Phosphoric Acid, contact: Heather Garvie,
Antimicrobials Division (7510P), Office of Pesticide Programs,
Environmental Protection Agency, 1200 Pennsylvania Ave., NW.,
Washington, DC 20460-0001; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this Action Apply to Me?

    This action is directed to the public in general, and may be of
interest to a wide range of stakeholders including environmental, human
health, and agricultural advocates; the chemical industry; pesticide
users; and members of the public interested in the sale, distribution,
or use of pesticides. Since others also may be interested, the Agency
has not attempted to describe all the specific entities that may be
affected by this action. If you have any questions regarding the
applicability of this action to a particular entity, consult the person
listed under FOR FURTHER INFORMATION CONTACT.

B. What Should I Consider as I Prepare My Comments for EPA?

    1.  Submitting CBI. Do not submit this information to EPA through
regulations.gov or e-mail. Clearly mark the part or all of the
information that you claim to be CBI. For CBI information in a disk or
CD-ROM that you mail to EPA, mark the outside of the disk or CD-ROM as
CBI and then identify electronically within the disk or CD-ROM the
specific information that is claimed as CBI. In addition to one
complete version of the comment that includes information claimed as
CBI, a copy of the comment that does not contain the information
claimed as CBI must be submitted for inclusion in the public docket.
Information so marked will not be disclosed except in accordance with
procedures set forth in 40 CFR part 2.
    2. Tips for preparing your comments. When submitting comments,
remember to:
    i. Identify the document by docket ID number and other identifying
information (subject heading, Federal Register date and page number).
     ii. Follow directions. The Agency may ask you to respond to
specific questions or organize comments by referencing a Code of
Federal Regulations (CFR) part or section number.
    iii. Explain why you agree or disagree; suggest alternatives and
substitute language for your requested changes.
    iv. Describe any assumptions and provide any technical information
and/or data that you used.
    v. If you estimate potential costs or burdens, explain how you
arrived at your estimate in sufficient detail to allow for it to be
reproduced.
    vi. Provide specific examples to illustrate your concerns and
suggest alternatives.
    vii. Explain your views as clearly as possible, avoiding the use of
profanity or personal threats.
    viii. Make sure to submit your comments by the comment period
deadline identified.

II. Background

A. What Action is the Agency Taking?

    Under section 4 of the Federal Insecticide, Fungicide, and
Rodenticide Act (FIFRA), EPA is reevaluating existing pesticides to
ensure that they meet current scientific and regulatory standards. EPA
has completed a REDs for the pesticides, Diiodomethyl p-tolyl sulfone
(Amical 48), Busan 77, and Organic Esters of Phosphoric Acid under
section 4(g)(2)(A) of FIFRA. Diiodomethyl p-tolyl sulfone (Amical 48)
is used as a materials preservative. The following materials contain
Diiodomethyl p-tolyl sulfone (Amical 48) as a materials preservative:
Paints, air duct coatings, fire-retardant coatings, pigment
dispersions, inks, emulsions and extender slurries, adhesives, caulks,
sealants, rubbers and plastics, textiles, leather, pulp and paper
slurries, paper/paperboard, and wetlap. Diiodomethyl p-tolyl sulfone
(Amical 48) is also used for the preservation of wood. Busan 77 is used
to control of algae in swimming

pools, hot tubs, whirlpools and fountains without fish. It is also
registered to control growth of algae, bacteria, and fungi in
recirculating cooling towers, industrial air washing systems, and as a
materials preservative in metal cutting fluids. Organic Esters of
Phosphoric Acid is used primarily as a fungicide and bacteriostat, with
the main use site being a material preservative for carpet backings.
Some other use sites include paint, textiles, vinyl products, polymeric
laminates, and epoxy flooring and tile. EPA has determined that the
data base to support reregistration is substantially complete and that
products containing Diiodomethyl p-tolyl sulfone (Amical 48), Busan 77,
and Organic Esters of Phosphoric Acid are eligible for reregistration,
provided the risks are mitigated either in the manner described in the
REDs or by another means that achieves equivalent risk reduction. Upon
submission of any required product specific data under section
4(g)(2)(B) of FIFRA and any necessary changes to the registration and
labeling (either to address concerns identified in the REDs or as a
result of product specific data), EPA will make a final reregistration
decision under section 4(g)(2)(C) of FIFRA for products containing
Diiodomethyl p-tolyl sulfone (Amical 48), Busan 77, and Organic Esters
of Phosphoric Acid.
    EPA is applying the principles of public participation to all
pesticides undergoing reregistration and tolerance reassessment. The
Agency's Pesticide Tolerance Reassessment and Reregistration; Public
Participation Process, published in the Federal Register on May 14,
2004, (69 FR 26819) (FRL-7357-9) explains that in conducting these
programs, EPA is tailoring its public participation process to be
commensurate with the level of risk, extent of use, complexity of
issues, and degree of public concern associated with each pesticide.
Due to its uses, risks, and other factors, Diiodomethyl p-tolyl sulfone
(Amical 48), Busan 77, and Organic Esters of Phosphoric Acid were
reviewed through the modified 4-Phase process. Through this process,
EPA worked extensively with stakeholders and the public to reach the
regulatory decisions for Diiodomethyl p-tolyl sulfone (Amical 48),
Busan 77, and Organic Esters of Phosphoric Acid.
    The reregistration program is being conducted under congressionally
mandated time frames, and EPA recognizes the need both to make timely
decisions and to involve the public. The Agency is issuing the
Diiodomethyl p-tolyl sulfone (Amical 48), Busan 77, and Organic Esters
of Phosphoric Acid REDs for public comment. This comment period is
intended to provide an additional opportunity for public input and a
mechanism for initiating any necessary amendments to the RED. All
comments should be submitted using the methods in ADDRESSES, and must
be received by EPA on or before the closing date. These comments will
become part of the Agency Dockets for Diiodomethyl p-tolyl sulfone
(Amical 48), Busan 77, and Organic Esters of Phosphoric Acid. Comments
received after the close of the comment period will be marked ``late.''
EPA is not required to consider these late comments.
    The Agency will carefully consider all comments received by the
closing date and will provide a Response to Comments Memorandum in the
Docket and regulations.gov. If any comment significantly affects the
document, EPA also will publish an amendment to the RED in the Federal
Register. In the absence of substantive comments requiring changes, the
Diiodomethyl p-tolyl sulfone (Amical 48), Busan 77, and Organic Esters
of Phosphoric Acid REDs will be implemented as it is now presented.

B. What is the Agency's Authority for Taking this Action?

    Section 4(g)(2) of FIFRA, as amended, directs that, after
submission of all data concerning a pesticide active ingredient, the
Administrator shall determine whether pesticides containing such active
ingredient are eligible for reregistration, before calling in product
specific data on individual end-use products and either reregistering
products or taking other ``appropriate regulatory action.''

List of Subjects

    Environmental protection, Pesticides and pests, Antimicrobials,
Diiodomethyl p-tolyl sulfone (Amical 48), Busan 77, Organic Esters of
Phosphoric Acid.

    Dated: January 5, 2009.
Joan Harrigan-Farrelly,
Director, Antimicrobials Division, Office of Pesticide Programs.
[FR Doc. E9-6140 Filed 3-19-09; 8:45 am]

BILLING CODE 6560-50-S


	INDEX TO DOCKET EPA-R09-OAR-2012-0228

	HAWAII INFRASTRUCTURE STATE IMPLEMENTATION PLAN FINAL RULE

CATEGORY I	NOTICE OF FINAL RULEMAKING

Final Rule, “Approval and Promulgation of State Implementation Plans;
Hawaii; Infrastructure Requirements for the 1997 8-Hour Ozone and the
1997 and 2006 Fine Particulate Matter National Ambient Air Quality
Standards” signed March 27, 2012 (pre-publication version).

Final Index To Docket EPA-OAR-2012-0228 for Hawaii Infrastructure State
Implementation Plan Final Rule.

Final Index To Docket EPA-OAR-2012-0228 for Hawaii Infrastructure State
Implementation Plan Proposed Rule.

Submittal from the Hawaii State Department of Health, Environmental
Management Division, Clean Air Branch, to Jared Blumenfeld, Regional
Administrator, US EPA Region 9, dated December 14, 2011.

EPA Region IX, Technical Support Document: Evaluation of 2011 Hawaii
Infrastructure SIP for 1997 Ozone; 1997 Particulate Matter; and 2006
Particulate Matter NAAQS, dated March 2012.

CATEGORY II	INCORPORATION BY REFERENCE DOCUMENTS

[Reserved]

CATEGORY III	OFFICIAL PUBLIC COMMENT ON THE NPRM

[Reserved]

CATEGORY IV	OTHER DOCUMENTS

Letter from Bruce Anderson, Deputy Director for Environmental Health,
Hawaii State Department of Health, regarding US EPA/DOH Delegation
Agreement, to David Howekamp, Director, Air Management Division, EPA
Region 9, dated January 03, 1989.

Delegation Agreement between US EPA and the Hawaii State Department of
Health, dated January 5, 1989.

Memorandum issued by William T. Harnett, Director, Air Quality Policy
Division, "Guidance on SIP Elements Required Under Sections 110(a)(1)
and (2) for the 2006 24-Hour Fine Particle (PM2.5) National Ambient Air
Quality Standards (NAAQS)," dated September 25, 2009.

Technical System Audit Report, Hawaii Department of Health Ambient Air
Quality Monitoring Program, June 01, 2011.

Submittal from the Hawaii State Department of Health, Environmental
Management Division, Clean Air Branch, of the State of Hawaii 2011 Air
Monitoring Network Plan, to Matthew Lakin, Manager, Air Quality Analysis
Office, US EPA Region 9, dated July 01, 2011.

Letter from Matthew Lakin, Manager, Air Quality Analysis Office, US EPA
Region 9, regarding the approval of the State of Hawaii 2011 Air
Monitoring Network Plan, to Wilfred Nagamine, Manager, Hawaii State
Department of Health, Environmental Management Division, Clean Air
Branch, dated October 31, 2011.

Proposed Consent Decree, National Parks Conservation Association, et al.
v. Jackson, No. 1:11–cv–1548 (D.D.C.), lodged on November 9, 2011.

Settlement Agreement between the Administrator of the United States
Environmental Protection Agency and Sierra Club and WildEarth Guardians,
dated November 30, 2011.

Air Quality System Quicklook report, dated January 30, 2012, summarizing
24-hour and annual PM2.5 monitoring data collected at monitoring
stations in Hawaii from 2006 through 2011.

Air Quality System Quicklook report, dated January 30, 2012, summarizing
8-hour ozone monitoring data collected at monitoring stations in Hawaii
from 2006 through 2011.

EPA Region IX, Air Division, Technical Support Document for EPA's Notice
of Rulemaking for the Hawaii State Implementation Plan, Hawaii
Administrative Rules Title 11 Department of Health Chapter 60.1 Air
Pollution Control, dated January, 2012.

EPA Region IX, Technical Support Document for EPA's Notice of Proposed
Rulemaking for the Hawaii State Implementation Plan: Minor New Source
Review Program, March 12, 2012.

Consent Decree, National Parks Conservation Association, et al. v.
Jackson, No. 1:11–cv–01548 (D.D.C.), filed on March 30, 2012.

CATEGORY V	FEDERAL REGISTER NOTICES

39 FR 34536, “Amended Approval and Promulgation of Implementation
Plans,” Sept. 26, 1974.

43 FR 26410, “1977 Clean Air Act; Prevention of Significant Air
Quality Deterioration State Implementation Plans; Requirements,” June
19, 1978.

45 FR 52741, “Amended Prevention Of Significant Air Quality
Deterioration,” Aug. 7, 1980.

46 FR 40512, “Final Rule to approved an air quality surveillance plan
as a revision to the Hawaii SIP,” Final Rule, August 10, 1981.

50 FR 28553, “State Implementation Plans for Visibility; New Source
Review and Monitoring Strategy; Final Rule,” July 12, 1985.

51 FR 40676, “Amended Approval and Promulgation of Implementation
Plans,” Nov. 7, 1986.

52 FR 45137, “Protection of Visibility from Sources in Attainment
Areas,” Nov. 24, 1987.

58 FR 51735, “Executive Order 12866,” October 4, 1993.

59 FR 7629, “Executive Order 12898,” February 16, 1994.

61 FR 38664, “Correction of Implementation Plans; American Samoa,
Arizona, California, Hawaii, and Nevada State Implementation Plans,”
July 25, 1996.

62 FR 19885, “Executive Order 13045,” April 23, 1997.

62 FR 34641, “Correction of Implementation Plans; American Samoa,
Arizona, California, Hawaii, and Nevada State Implementation Plans,”
June 27, 1997.

62 FR 38652, “National Ambient Air Quality Standards for Particulate
Matter,” July 18, 1997.

62 FR 38856, “National Ambient Air Quality Standards for Ozone,”
July 18, 1997.

64 FR 35714, “Regional Haze Regulations,” July 1, 1999.

64 FR 43255, “Executive Order 13132,” August 10, 1999.

65 FR 67249, “Executive Order 13175,” November 9, 2000.

66 FR 28355, “Executive Order 13211,” May 22, 2001.

66 FR 62945, “Clean Air Act Full Approval of the Operating Permits
Program; State of Hawaii,” December 4, 2001.

67 FR 4540, “Prevention of Significant Deterioration (PSD) and
Nonattainment New Source Review (NSR): Baseline Emissions Determination,
Actual-to-Future-Actual Methodology, Plant wide Applicability
Limitations, Clean Units, Pollution Control Projects,” December 31,
2002.

68 FR 11322, “Amended Prevention Of Significant Air Quality
Deterioration,” Mar. 10, 2003.

68 FR 74488, “Amended Prevention Of Significant Air Quality
Deterioration,” Dec. 24, 2003.

69 FR 41431, “Final Rule to amendment to the state’s air quality
surveillance network as a revision to the Hawaii SIP,” July 9, 2004.

69 FR 67062, “Corrections to the California State Implementation
Plan,” November 16, 2004.

70 FR 25162, “Rule To Reduce Interstate Transport of Fine Particulate
Matter and Ozone (Clean Air Interstate Rule); Revisions to Acid Rain
Program; Revisions to the NOx SIP Call,” May 12, 2005.

71 FR 61144, “National Ambient Air Quality Standards for Particulate
Matter,” October 17, 2006.

72 FR 19804, “Clean Air Act Full Approval of Revisions to the State of
Hawaii Operating Permit Program,” April 20, 2007.

72 FR 32526, “Prevention of Significant Deterioration (PSD) and
Nonattainment New Source Review (NSR): Removal of Vacated Elements,”
June 13, 2007.

73 FR 16205, “Completeness Findings for Section 110(a) State
Implementation Plans for the 8-hour Ozone NAAQS,” March 27, 2008.

73 FR 62902, “Completeness Findings for Section 110(a) State
Implementation Plans Pertaining to the Fine Particulate Matter (PM2.5)
NAAQS,” October 22, 2008.

74 FR 2392, “Finding of Failure To Submit State Implementation Plans
Required by 1999 Regional Haze Rule,” January 15, 2009.

74 FR 57051, “Approval and Promulgation of Implementation Plans;
Corrections to the Arizona and Nevada State Implementation Plans,”
November 3, 2009.

75 FR 32673,”Finding of Failure To Submit Section 110 State
Implementation Plans for Interstate Transport for the 2006 National
Ambient Air Quality Standards for Fine Particulate Matter,” June 9,
2010.

75 FR 42342, “Approval and Disapproval and Promulgation of Air Quality
Implementation Plans; Colorado; Revisions to Regulation 1,” July 21,
2010.

75 FR 42344, “Approval and Disapproval and Promulgation of Air Quality
Implementation Plans; Colorado; Revisions to Regulation 1,” July 21,
2010.

76 FR 21639, “Finding of Substantial inadequacy of Implementation
Plan; Call for Utah State Implementation Plan Revision,” April 18,
2011.

76 FR 4540, “Approval and Disapproval and Promulgation of Air Quality
Implementation Plans; Colorado; Revisions to Regulation 1,” January
26, 2011.

76 FR 55577, “Findings of Failure To Submit a Complete State
Implementation Plan for Section 110(a) Pertaining to the 2006 Fine
Particulate Matter (PM2.5) NAAQS,” September 8, 2011.

77 FR 21913, “Approval and Promulgation of State Implementation Plans;
Hawaii; Infrastructure Requirements for the 1997 8-Hour Ozone and the
1997 and 2006 Fine Particulate Matter National Ambient Air Quality
Standards,” April 12, 2012.

77 FR 24148, “Revision to the Hawaii State Implementation Plan, Minor
New Source Review Program,” April 23, 2012.

77 FR 24160, “Revisions to the Hawaii State Implementation Plan,”
April 23, 2012.

77 FR 25111 “Revisions to the Hawaii State Implementation Plan,”
April 27, 2012.

77 FR 25084, “Revisions to the Hawaii State Implementation Plan,”
April 27, 2012.

77 FR 31692, “Approval and Promulgation of Implementation Plans; State
of Hawaii; Regional Haze Federal Implementation Plan,” May 29, 2012.

Proposed Rule, “Approval and Promulgation of State Implementation
Plans; Hawaii; Infrastructure Requirements for the 1997 8-Hour Ozone and
the 1997 and 2006 Fine Particulate Matter National Ambient Air Quality
Standards” signed March 27, 2012 (pre-publication version).

Revisions to the Hawaii State Implementation Plan, Proposed rule, signed
February 1, 2012 (pre-publication version).

Revisions to the Hawaii State Implementation Plan, Direct final rule,
signed February 1, 2012 (pre-publication version).

“Revision to the Hawaii State Implementation Plan, Minor New Source
Review Program,” Proposed rule, signed March 20, 2012 (pre-publication
version).

“Revision to the Hawaii State Implementation Plan, Minor New Source
Review Program, Direct Final Rule,” signed March 20, 2012
(pre-publication version).

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