[Federal Register Volume 81, Number 51 (Wednesday, March 16, 2016)]
[Notices]
[Page 14103]
[FR Doc No: 2016-05875]

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DEPARTMENT OF ENERGY

 Federal Energy Regulatory Commission

[Project No. 13465-002]

Henry County Conservation Department; Notice of Surrender of
Preliminary Permit

    Take notice that Henry County Conservation Department, permittee
for the proposed Oakland Mills Hydropower Project, filed a letter on
March 1, 2016, requesting that its successive preliminary permit be
surrendered. The permit was issued on April 3, 2013, and would have
expired on March 31, 2016.\1\ The project would have been located on
the Skunk River, near Tippecanoe Township, Henry County, Iowa.
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    \1\ 143 FERC ] 62,005 (2013).
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    The preliminary permit for Project No. 13465 will remain in effect
until the close of business, March 31, 2016. But, if the Commission is
closed on this day, then the permit remains in effect until the close
of business on the next day in which the Commission is open.\2\ New
applications for this site may not be submitted until after the permit
surrender is effective.
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    \2\ 18 CFR 385.2007(a)(2) (2015).

    Dated: March 10, 2016 .
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2016-05875 Filed 3-15-16; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register: November 23, 2009 (Volume 74, Number 224)]
[Notices]
[Page 61181-61182]
[DOCID:fr23no09-97]

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SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold a Closed Meeting on Monday, November
23, 2009 at 9 a.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matters also may be
present.
    The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c), (5), (7), (8), 9(B) and (10) and 17 CFR
200.402(a)(5), (7), (8), 9(ii) and (10), permit consideration of the
scheduled matter at the Closed Meeting.
    Commissioner Walter, as duty officer, voted to consider the item
listed for the Closed Meeting in a closed session, and determined that
no earlier notice thereof was possible.
    The subject matter of the Closed Meeting scheduled for Monday,
November 23, 2009 will be:

Institution and settlement of injunctive actions; and
Institution and settlement of administrative proceedings.

    At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have
been

added, deleted or postponed, please contact:
    The Office of the Secretary at<PHONE_NUMBER>.

    Dated: November 18, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-28125 Filed 11-19-09; 11:15 am]

BILLING CODE 8011-01-P


[Federal Register: April 14, 2009 (Volume 74, Number 70)]
[Notices]
[Page 17269-17270]
[DOCID:fr14ap09-125]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59720; File No. SR-NYSEAmex-2009-09]

Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Revise Fees
Payable by Member Organizations for Which the Exchange Is the
Designated Examining Authority

April 7, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on April 1, 2009, NYSE Amex LLC (``NYSE Amex Options'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The proposed rule change has been filed by the Exchange
pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(2)
thereunder,\4\ which renders the proposal effective upon filing with
the Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its Schedule of Fees and Charges for
Exchange Services. The text of the proposed rule change is available on
the Exchange's Web site at http://www.nyse.com, at the Exchange's
principal office 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
    NYSE Amex proposes to revise its fees payable by member
organizations for which the Exchange is the Designated Examining
Authority (``DEA'').
    Currently, this fee is set at $1,000 per month for firms engaged in
a public business and $275 per quarter for firms not engaged in a
public business. The Exchange also charges a $250 annual fee per trader
and a $100 annual FOCUS filing fee. Under the proposed structure, the
Exchange will eliminate the current fees and replace them with a fee of
$.00040 per dollar of gross revenue as reported on quarterly or annual
FOCUS Report Form X-17A-5. Commission revenue generated from the
conduct of a retail commodities future business will be excluded from
DEA fee calculation. Going forward, for purposes of establishing
minimum DEA fees, the Exchange will no longer distinguish among member
organizations on the basis of whether they are engaged in public
business and will instead categorize them based on whether or not they
are clearing firms. The minimum fee for non-clearing firms will be a
monthly fee of $275 ($825 per quarter) and the minimum fee for clearing
firms will be a monthly fee of $1,000 ($3,000 per quarter). The
revisions proposed in this filing make the Exchange's DEA fees
identical to those charged by the Chicago Board Options Exchange
(``CBOE'') and more reflective of the costs the Exchange incurs in
connection with its role as DEA.\5\
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    \5\ See Securities and Exchange Act Release No. 46062 (June 11,
2002), 67 FR 41552 (June 18, 2002) (notice of immediate
effectiveness of SR-CBOE-2001-66).
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2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act, in general, and Section 6(b)(4), in particular, in
that it provides for the equitable allocation of dues, fees and other
charges among its members and other market participants that use the
trading facilities of NYSE Amex Options. Under this proposal, all
members for which the Exchange is the DEA will be charged DEA fees at
the same rate based on gross revenue.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

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

    The proposed rule change is effective upon filing pursuant to
Section 19(b)(3)(A)(ii) of the Act and SEC Rule 19b-4(f)(2) thereunder
in that it establishes or changes a due, fee, or other charge imposed
only on members by the self-regulatory organization.
    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSEAmex-2009-09 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEAmex-2009-09. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written

communications relating to the proposed rule change between the
Commission and any person, other than those that may be withheld from
the public in accordance with the provisions of 5 U.S.C. 552, will be
available for inspection and copying in the Commission's Public
Reference Room on official business days between the hours of 10 a.m.
and 3 p.m. Copies of such filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly.
    All submissions should refer to File Number SR-NYSEAmex-2009-09 and
should be submitted on or before May 5, 2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-8421 Filed 4-13-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 85, Number 20 (Thursday, January 30, 2020)]
[Rules and Regulations]
[Pages 5327-5330]
[FR Doc No: 2020-00196]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R08-OAR-2019-0163; FRL-10003-37-Region 8]

Approval and Promulgation of Implementation Plans; State of
Montana; State Implementation Plan Revisions for Open Burning

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is approving a State
Implementation Plan (SIP) revision submitted by the State of Montana on

May 24, 2018. The revisions remove a prohibition on the open burning of
asbestos and asbestos-containing materials located in the SIP-approved
Administrative Rules of Montana (ARM) Title 17, chapter 8, subchapter 6
and the similar provision in the SIP-approved Lincoln County Air
Pollution Control Program. The revisions also remove a corresponding
cross-reference located in SIP-approved ARM Title 17, chapter 8,
subchapter 3 (concerning wood-waste burners). The EPA is taking this
action pursuant to the Clean Air Act (CAA).

DATES: This rule is effective on March 2, 2020.

ADDRESSES: The EPA has established a docket for this action under
Docket ID No. EPA-R08-OAR-2019-0163. All documents in the docket are
listed on the http://www.regulations.gov website. 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 through http://www.regulations.gov, or please contact the person identified in the
``For Further Information Contact'' section for additional availability
information.

FOR FURTHER INFORMATION CONTACT: Crystal Ostigaard, Air and Radiation
Division, EPA, Region 8, Mailcode 8ARD-IO, 1595 Wynkoop Street, Denver,
Colorado, 80202-1129,<PHONE_NUMBER><EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document ``we,'' ``us,'' and
``our'' means the EPA.

I. Background

    On October 15, 2019 (84 FR 55104), the EPA proposed to approve
revisions to the State of Montana's SIP that would remove a prohibition
on the open burning of asbestos and asbestos-containing materials
located in the SIP-approved ARM Title 17, chapter 8, subchapter 6 (ARM
located at 17.8.604(1)(w)) and the similar provision in the SIP-
approved Lincoln County Air Pollution Control Program (located at
75.1.405(2)(w)). The revision would also remove a corresponding cross-
reference located in SIP-approved ARM Title 17, chapter 8, subchapter 3
(concerning wood-waste burners) (reference located at 17.8.320(9)).
    We received four comments on our proposed rule. Section II of this
final rule provides a summary of the comments that were received and
our corresponding responses.

II. Response to Comments

    Comment: The first commenter discusses the general physical and
chemical characteristics of asbestos and the consequences to human
health when inhaled. In addition, the commenter provides a brief
discussion on where asbestos has been banned and that only a few
developed countries, including the United States, currently have no
ban. The commenter briefly mentions that the EPA has attempted to ban
asbestos but has faced lawsuits against this prohibition. Additionally,
the commenter provides brief information from a July 1, 2019 Reuters
article that claimed that several states filed a lawsuit against the
EPA to enact stricter requirements for asbestos. The commenter cites
Libby, Montana as a prime example of the consequences of having
asbestos in the air and provides a quote from the Asbestos.com website
that describes Libby, Montana as ``the site of one of America's worst
man-made environmental disasters.'' Furthermore, the commenter
reiterates that the EPA even declared a Public Health Emergency in 2008
in Libby, Montana, due to the asbestos dust from the mining of
vermiculite and only recently (2018) announced a decline in clean-up
efforts. The commenter concludes that the EPA should not approve the
revisions.
    Response: The EPA is concerned about the potential for adverse
health effects of asbestos based on established sound scientific data
indicating that asbestos is a known human carcinogen. Indeed, the
Agency administers several laws and regulations pertaining to asbestos,
see https://www.epa.gov/asbestos/asbestos-laws-and-regulations,
including the CAA. For example, the CAA requires that the EPA establish
national emission standards for hazardous air pollutants (NESHAP),
including asbestos. To that end, asbestos was one of the first
hazardous air pollutants regulated under the air toxics program,
currently found at 40 CFR part 61, subpart M. That regulation has been
amended several times, see https://www.epa.gov/stationary-sources-air-pollution/asbestos-national-emission-standards-hazardous-air-pollutants. Nevertheless, while the commenter raises concerns with
asbestos generally and with asbestos mining in Libby, Montana,
specifically, the comment does not identify any material issues
pertaining to the EPA's review of a SIP revision under the National
Ambient Air Quality Standards (NAAQS) program. Accordingly, the EPA is
finalizing its approval of Montana's SIP revision. The EPA notes,
nonetheless, that Montana is not removing the burning prohibitions from
state law and this action does not exempt any sources from compliance
with the national emission standards for asbestos in Subpart M.
    Comment: The second commenter discusses the general health effects
of asbestos reported from the World Health Organization and that, even
though the NESHAP have in place regulations on burning of asbestos
materials, the EPA should have as many regulations as possible to
discourage burning of this material. Additionally, the commenter
discusses that the safety of the City of Libby, neighboring states, and
the nation of Canada should have been considered to verify that these
populations were protected from harmful asbestos particulates.
Furthermore, the commenter mentions that particles from asbestos will
not remain as air pollution but could contaminate local water systems
(lakes, rivers, reservoirs, and groundwater). The commenter concludes
that the EPA should reject the revisions.
    Response: As discussed above, asbestos is regulated under several
EPA-administered laws and regulations, including the CAA's air toxics
program. The NESHAP regulates hazardous air pollutants (HAPs), which
are pollutants that are known or suspected to cause cancer or other
serious health effects; to that end, EPA has established national
emission standards for asbestos and certain asbestos-containing
materials in 40 CFR part 61, subpart M. Nevertheless, the comment does
not identify any CAA provisions that the commenter believes either the
EPA or the State failed to address with respect to interstate
emissions, international emissions, or water pollution, nor does the
comment identify any material issues pertaining to the EPA's review of
a SIP revision under the NAAQS program. Accordingly, the EPA is
finalizing its approval of Montana's SIP revision.
    Comment: The third commenter discusses the general consequences to
human health when asbestos is inhaled. The commenter also provides
information from the World Health Organization and the International
Labor Organization about global estimates that 125 million are exposed
to asbestos each year and 107,000 workers die every year from
occupational exposure to airborne asbestos, respectively. The commenter
concludes that the EPA should not approve the revisions.
    Response: As discussed above, the EPA is concerned about the
potential health risks associated with asbestos

and administers several laws and regulations pertaining to asbestos.
Nonetheless, the comment does not identify any material issues
pertaining to the EPA's review of a SIP revision under the NAAQS
program. Accordingly, the EPA is finalizing its approval of Montana's
SIP revision.
    Comment: The fourth commenter briefly discusses the consequences to
human health when asbestos is inhaled and provides a quote from the
American Cancer Society that the U.S. Occupational Health and Safety
Administration estimates that over a million American employees in
construction and general industries face asbestos exposure on the job.
Additionally, the commenter provides a quote from an article discussion
on mesothelioma settlements that the mass asbestos exposure from the
vermiculite mines in Libby resulted in two payouts: (1) 2011, $43
million settlement covering more than 1,300 miners and their estates;
and, (2) 2017, $25 million settlement to more than 1,000 people. The
commenter concludes that the State of Montana and the EPA are not
concerned with the dangers of asbestos, nor the consequences on public
health; therefore, the EPA should not approve the revisions.
    Response: As discussed above, the EPA is concerned about the
potential health risks associated with asbestos and administers several
laws and regulations pertaining to asbestos. Nonetheless, the comment
does not identify any material issues pertaining to the EPA's review of
a SIP revision under the NAAQS program. Accordingly, the EPA is
finalizing its approval of Montana's SIP revision.

III. Final Action

    We are finalizing our approval of the following revisions to the
Montana SIP that were submitted on May 24, 2018: (1) Removal of ARM
17.8.604(1)(w); (2) removal of the reference to ARM17.8.604(1)(w) in
ARM 17.8.320(9); and (3) removal of 75.1.405(2)(w) in the Lincoln
County Air Pollution Control Program.

IV. Incorporation by Reference

    In this document, the EPA is finalizing regulatory text that
includes incorporation by reference. In accordance with requirements of
1 CFR 51.5, the EPA is finalizing the incorporation by reference of the
SIP amendments described in Section I and III of this preamble. The EPA
has made, and will continue to make, these materials generally
available through www.regulations.gov and at the EPA Region 8 Office
(please contact the person identified in the FOR FURTHER INFORMATION
CONTACT section of this preamble for more information). Therefore,
these materials have been approved by the EPA for inclusion in the
State implementation plan, have been incorporated by reference by the
EPA into that plan, are fully federally enforceable under sections 110
and 113 of the CAA as of the effective date of the final rulemaking of
the EPA's approval, and will be incorporated by reference in the next
update to the SIP compilation.\1\
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    \1\ 62 FR 27968 (May 22, 1997).
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V. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the Act and applicable
Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, the EPA's role is to approve state choices,
provided that they meet the criteria of the Clean Air Act. Accordingly,
this action merely approves state law as meeting Federal requirements
and does not impose additional requirements beyond those imposed by
state law. For that reason, this action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Orders
12866 (58 FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21,
2011);
     Is not an Executive Order 13771 (82 FR 9339, February 2,
2017) regulatory action because SIP approvals are exempted under
Executive Order 12866;
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, described in the Unfunded Mandates
Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the CAA; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, the SIP is not approved to apply on any Indian
reservation land or in any other area where EPA or an Indian tribe has
demonstrated that a tribe has jurisdiction. In those areas of Indian
country, the rule does not have tribal implications and will not impose
substantial direct costs on tribal governments or preempt tribal law as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000).
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by March 30, 2020. Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this action for the purposes of
judicial review nor does it extend the time within which a petition for
judicial review may be filed, and shall not postpone the effectiveness
of such rule or action. This action may not be challenged later in
proceedings to enforce its requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Carbon monoxide,
Greenhouse gases, Incorporation by reference, Intergovernmental
relations, Lead, Nitrogen dioxide, Ozone, Particulate matter, Reporting
and recordkeeping requirements, Sulfur oxides, Volatile organic
compounds.

    Dated: December 31, 2019.
Debra Thomas,
Acting Regional Administrator, Region 8.

    40 CFR part 52 is amended as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

0
1. The authority citation for part 52 continues to read as follows:

    Authority: 42 U.S.C. 7401 et seq.

Subpart BB--Montana

0
2. In Sec.  52.1370, the table in paragraph (c) is amended by revising
the entries for ``17.8.320,'' ``17.8.604,'' and ``1660 Resolution.''
    The revisions read as follows:

Sec.  52.1370  Identification of plan.

* * * * *
    (c) * * *

----------------------------------------------------------------------------------------------------------------
                                                     State      EPA final rule     Final rule
        State citation            Rule title    effective date       date           citation         Comments
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
17.8.320.....................  Wood-waste       ..............       1/30/2020  [Insert Federal  Removed (1)(w).
                                Burners.                                         Register
                                                                                citation].

                                                  * * * * * * *
17.8.604.....................  Materials        ..............       1/30/2020  [Insert Federal  Removed cross-
                                Prohibited                                       Register         reference to
                                from Open                                        citation].       ARM17.8.604(1)
                                Burning.                                                          (w).

                                                  * * * * * * *
1660 Resolution..............  Lincoln County   ..............       1/30/2020  [Insert Federal  Removed
                                Health and                                       Register         75.1.405(2)(w)
                                Environment                                      citation].       .
                                Regulations.

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------

* * * * *

[FR Doc. 2020-00196 Filed 1-29-20; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 82, Number 13 (Monday, January 23, 2017)]
[Notices]
[Pages 7885-7891]
[FR Doc No: 2017-01297]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79793; File No. SR-NYSEArca-2016-177]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to the Listing and Trading of Shares
of the USCF Canadian Crude Oil Index Fund Under NYSE Arca Equities Rule
8.200

January 13, 2017.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on December 30, 2016, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the 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 the shares of the following
under NYSE Arca Equities Rule 8.200, Commentary .02 (``Trust Issued
Receipts''): USCF Canadian Crude Oil Index Fund. The proposed rule
change is available on the Exchange's Web site 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
following under NYSE Arca Equities Rule 8.200, Commentary .02, which
governs the listing and trading of Trust Issued Receipts: USCF Canadian
Crude Oil Index Fund (the ``Fund'').\4\
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    \4\ Commentary .02 to NYSE Arca Equities Rule 8.200 applies to
Trust Issued Receipts that invest in ``Financial Instruments.'' The
term ``Financial Instruments,'' as defined in Commentary .02(b)(4)
to NYSE Arca Equities Rule 8.200, means any combination of
investments, including cash; securities; options on securities and
indices; futures contracts; options on futures contracts; forward
contracts; equity caps, collars, and floors; and swap agreements.
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    The Fund is a new series of the United States Commodity Index Funds
Trust (the ``Trust'').\5\ The Fund is a commodity pool that
continuously issues common shares of beneficial interest that may be
purchased and sold on the Exchange. The Trust and the Fund are managed
and controlled by United States Commodity Funds LLC (``USCF'' or
``Sponsor''), which is registered as a commodity pool operator
(``CPO'') with the Commodity Futures Trading Commission (``CFTC'') and
is a member of the National Futures Association (``NFA''). Brown
Brothers Harriman & Co., Inc. will be the administrator and custodian
(``Administrator'' or ``Custodian'') for the Fund. ALPS Distributors,
Inc. will be the marketing agent (``Marketing Agent'') for the Fund.
---------------------------------------------------------------------------

    \5\ The Trust is registered under the Securities Act of 1933. On
June 16, 2016, the Trust filed with the Commission a registration
statement on Form S-1 under the Securities Act of 1933 (15 U.S.C.
77a) (``Securities Act'') relating to the Fund (File No. 333-212089)
(``Registration Statement''). The description of the operation of
the Trust and the Fund herein is based, in part, on the Registration
Statement.
---------------------------------------------------------------------------

    The Exchange notes that the Commission has previously approved the
listing and trading of other issues of Trust Issued Receipts based on
oil on the Exchange,\6\ trading on the Exchange of such issues pursuant
to unlisted trading privileges,\7\ and listing and trading of such
issues on the American Stock Exchange LLC (now, NYSE MKT, LLC).\8\
---------------------------------------------------------------------------

    \6\ See, e.g., Securities Exchange Act Release No. 58457
(September 3, 2008), 73 FR 52711 (September 10, 2008) (SR-NYSEArca-
2008-91).
    \7\ See, e.g., Securities Exchange Act Release No. 58163 (July
15, 2008), 73 FR 42391 (July 21, 2008) (SR-NYSEArca-2008-73).
    \8\ See, e.g., Securities Exchange Act Release No. 58161 (July
15, 2008), 73 FR 42380 (July 21, 2008) (SR-Amex-2008-39).
---------------------------------------------------------------------------

Investment Objective and Principal Investments of the Fund
    According to the Registration Statement, the investment objective
of the Fund is for the daily changes in percentage terms of its Shares'
per Share NAV to reflect the daily changes in percentage terms of the
Canadian Crude Excess Return Index (the ``CCIER'' or ``Index''), plus
interest income from the Fund's short-term fixed income holdings, less
the Fund's expenses.
    The CCIER is owned and maintained by Auspice Capital Advisors Ltd.
(``Auspice'') and is designed to measure the performance of the
Canadian crude oil market. It is calculated and tracked daily and
reported each trading day via major market data vendors.
    The Fund's investment strategy is designed to provide investors
with a means of investing indirectly in Canadian crude oil and to hedge
against movements in the spot price of Canadian crude oil.
Specifically, the CCIER reflects the returns that an investor would
expect to receive from

holding and rolling the futures contracts that comprise the Index.
    The CCIER targets an exposure that represents an approximately 3
month rolling position in the following nearby futures contracts: (i)
The ICE Crude Diff--TMX WCS 1B Index Future (ICE symbol: TDX) (the
``WCS Future''); and (ii) the ICE WTI Crude Future (ICE symbol: T) (the
``WTI Future''). The WCS Futures and WTI Futures that comprise the
CCIER are referred to herein as ``Benchmark Component Futures
Contracts''.
    The WCS Future is a monthly cash settled future based on the TMX
WCS (Western Canadian Select) Daily Weighted Average Price Index (``TMX
WCS 1b Index'') traded on ICE Futures Europe. The TMX WCS 1b Index is
expressed as a differential to the NYMEX WTI 1st Line Future (Calendar
Month Average).
    The WTI Future is the ICE West Texas Intermediate (WTI) Light Sweet
Crude Oil Futures Contract traded on ICE Futures Europe.\9\
---------------------------------------------------------------------------

    \9\ ICE Futures Europe, NYMEX and other futures exchanges on
which the Fund may trade listed futures contracts are referred to
collectively as ``Futures Exchanges''.
---------------------------------------------------------------------------

    The Fund will seek to achieve its investment objective by first
entering into cash-settled over-the-counter (``OTC'') total return swap
and forward transactions intended to replicate the return of the CCIER
(``OTC Derivatives Contracts'', as described further below) and,
second, to the extent market conditions are more favorable for such
futures as compared to OTC Derivatives Contracts, investing in the
Benchmark Component Futures Contracts that underlie the CCIER. It will
support these investments by holding the amounts of its margin,
collateral and other requirements relating to these obligations in
short-term obligations of the United States of two years or less
(``Treasuries''), cash and cash equivalents.
    Third, if constrained by regulatory requirements or in view of
market conditions or if one or more of the other Benchmark Component
Futures Contracts is not available, the Fund may next invest in
exchange traded futures contracts that are economically identical or
substantially similar to the Benchmark Component Futures Contracts,
e.g., futures contracts that are based on changes in the price of WTI
oil traded on the Chicago Mercantile Exchange (``CME'').
    When, in view of regulatory requirements and market conditions, the
Fund has invested to the fullest extent possible in the OTC Derivatives
Contracts and exchange-traded futures contracts, the Fund may then
invest in other OTC derivative contracts and/or other contracts and
instruments based on the Benchmark Component Futures Contracts or on
the price of the crude oil underlying the Benchmark Component Futures
Contracts, such as cash-settled options, cleared swap contracts and
swap contracts other than cleared swap contracts.\10\
---------------------------------------------------------------------------

    \10\ The Benchmark Component Futures Contracts, other exchange-
traded futures contracts that are economically identical or
substantially similar to the Benchmark Component Futures Contracts
and other contracts and instruments based on the Benchmark Component
Futures Contracts, are referred to collectively as ``Other Crude
Oil-Related Investments'', and together with OTC Derivatives
Contracts, ``Crude Oil Interests''.
---------------------------------------------------------------------------

    Market conditions that USCF currently anticipates could cause the
Fund to invest in Other Crude Oil-Related Investments include those
allowing the Fund to obtain greater liquidity, to execute transactions
with more favorable pricing, or if the Fund or USCF exceeds position
limits or accountability levels established by an exchange.
    The Fund will seek to achieve its investment objective by investing
so that the average daily percentage change in the Fund's NAV for any
period of 30 successive valuation days will be within plus/minus 10
percent (10%) of the average daily percentage change in the CCIER over
the same period. The Sponsor believes that market arbitrage
opportunities will cause daily changes in the Fund's Share price on the
NYSE Arca on a percentage basis to closely track the daily changes in
the Fund's per Share NAV on a percentage basis. The Sponsor also
believes that the net effect of this expected relationship and the
expected relationship described above between the Fund's per Share NAV
and the CCIER will be that the daily changes in the price of the Fund's
Shares on the NYSE Arca on a percentage basis will closely track the
daily changes in the CCIER on a percentage basis, plus interest income
from the Fund's short-term fixed income holdings, less the Fund's
expenses.\11\
---------------------------------------------------------------------------

    \11\ While the Fund is composed of, and is therefore a measure
of, the prices of the OTC Derivatives Contracts based upon futures
comprising the CCIER, there is expected to be a reasonable degree of
correlation between the CCIER and the cash or spot prices of the
commodities underlying the Benchmark Component Futures Contracts;
but the Fund's investment objective is not for its NAV or market
price of Shares to equal, in dollar terms, the spot prices of the
commodities underlying the Benchmark Component Futures Contracts or
the prices of any particular group of futures contracts.
---------------------------------------------------------------------------

    The Fund will not seek to achieve its stated investment objective
over a period of time greater than one day. This is because natural
market forces called contango and backwardation can impact the total
return on an investment in the Fund's Shares relative to a hypothetical
direct investment in crude oil commodities and, in the future, it is
likely that the relationship between the market price of the Fund's
Shares and changes in the spot prices of the underlying commodities
will continue to be so impacted by contango and backwardation.
OTC Derivatives Contracts
    According to the Registration Statement, the Fund will primarily
invest in OTC Derivatives Contracts that are based on Benchmark
Component Futures Contracts and, in the opinion of the Sponsor, are
traded in sufficient volume to permit the ready taking and liquidation
of positions. Such OTC Derivatives Contracts, as well as all other
Other Crude Oil-Related Investments that are OTC derivatives, will be
``swaps'' for purposes of Title VII of the Dodd-Frank Wall Street
Reform and Consumer Protection Act that fall within the jurisdiction of
the Commodity Futures Trading Commission.
    The OTC Derivatives Contracts will be entered between two parties,
outside of public exchanges, in private contracts. Unlike the exchange-
traded Benchmark Component Futures Contracts, each party to an OTC
Derivatives Contract bears credit risk with respect to the other party.
To reduce such credit risk, the Fund will generally enter into an
agreement with each counterparty based on the Master Agreement
published by the International Swaps and Derivatives Association, Inc.
(``ISDA'') that provides for the netting of overall exposure between
counterparties.\12\ In accordance with the terms and conditions of the
Fund's ISDA Master Agreement, pursuant to which the Fund's OTC
Derivatives Contracts will be entered into, the Fund will be entitled
to increase or decrease its notional exposure to the CCIER from time to
time, to among other things, manage Share purchases and reinvestment of
distributions, Fund Share redemptions and market repurchases of Shares,
and

meet other liquidity needs. Reducing notional exposure may be achieved
through different methods, including the use of offsetting forwards and
partial terminations of OTC Derivatives Contracts.
---------------------------------------------------------------------------

    \12\ The ISDA Master Agreement allows for parties to calculate
and settle their obligations under the agreement on a ``net basis''
with a single payment. Consequently, the Sponsor's current
obligations (or rights) under a swap or forward agreement are
generally only equal to the net amount to be paid or received under
the agreement based on the relative values of such obligations (or
rights). In addition, in connection with the Master Agreements, the
Sponsor will enter into ISDA Credit Support Annexes (``CSAs'') with
its counterparties to mitigate counterparty credit exposure.
---------------------------------------------------------------------------

    The Sponsor will assess or review, as appropriate, the
creditworthiness of each potential or existing counterparty to an OTC
Derivatives Contract pursuant to guidelines approved by the Sponsor's
board. In respect of the OTC Derivatives Contracts, the Fund will have
the ability to replace a counterparty or engage additional
counterparties at any time.
    The daily marked-to-market value of an OTC Derivatives Contract
will be based upon the performance of a notional investment in the
CCIER. In turn, the performance of the CCIER will be based upon the
performance of the underlying Benchmark Component Futures Contracts.
Under the CSAs, the parties will be required to determine the mark-to-
market value of the OTC Derivative Contract(s) on a daily basis.
Subject to a minimum transfer amount, the party that is ``out of the
money'' would transfer collateral in the form of cash or U.S.
Treasuries to its counterparty to cover the exposure under the OTC
Derivative Contract.
    The Fund may also enter into multiple OTC Derivatives Contracts for
the purpose of achieving its investment objective. If an OTC
Derivatives Contract is terminated, the Fund may either pursue the same
or other alternative investment strategies with an acceptable
counterparty, or make direct investments in the Benchmark Component
Futures Contracts or other investments that provide a similar return to
investing in the Benchmark Component Futures Contracts.
    The Fund may also enter into certain transactions where an OTC
component is exchanged for a corresponding futures contract (an
``Exchange for Related Position'' or ``EFRP'' transaction).\13\ The
Fund may also employ spreads or straddles in its trading to mitigate
the differences in its investment portfolio and its goal of tracking
the price of the Benchmark Component Futures Contracts.\14\
---------------------------------------------------------------------------

    \13\ In the most common type of EFRP transaction entered into by
the Fund, the OTC component is the purchase or sale of one or more
baskets of the Fund's Shares, as described below.
    \14\ The Fund would use a spread when it chooses to take
simultaneous long and short positions in futures written on the same
underlying asset, but with different delivery months.
---------------------------------------------------------------------------

Creation and Redemption of Shares
    According to the Registration Statement, the Fund will create and
redeem Shares from time to time, in one or more ``Creation Baskets'' or
``Redemption Baskets''. The creation and redemption of baskets will
only be made in exchange for delivery to the Fund or the distribution
by the Fund of the amount of Treasuries and/or cash represented by the
baskets being created or redeemed, the amount of which will be equal to
the combined NAV of the number of Shares included in the baskets being
created or redeemed determined as of 4:00 p.m. Eastern Time (``E.T.'')
on the day the order to create or redeem baskets is properly received.
    ``Authorized Participants'' are the only persons that may place
orders to create and redeem baskets. Authorized Participants must be
(1) registered broker dealers or other securities market participants,
such as banks and other financial institutions, that are not required
to register as broker-dealers to engage in securities transactions
described below, and (2) Depository Trust and Clearing Participants.
    On any business day, an Authorized Participant may place an order
with the Marketing Agent to create one or more baskets. By placing a
purchase order, an Authorized Participant agrees to deposit Treasuries,
cash or a combination of Treasuries and cash with the Trust.
    The total deposit required to create each basket (``Creation Basket
Deposit'') is the amount of Treasuries and/or cash that is in the same
proportion to the total assets of the Fund (net of estimated accrued
but unpaid fees, expenses and other liabilities) on the purchase order
date as the number of Shares to be created under the purchase order is
in proportion to the total number of Shares outstanding on the purchase
order date. The amount of cash deposit required is the difference
between the aggregate market value of the Treasuries required to be
included in a Creation Basket Deposit as of 4:00 p.m. E.T. on the date
the order to purchase is properly received and the total required
deposit.
    The procedures by which an Authorized Participant can redeem one or
more baskets mirror the procedures for the creation of baskets. On any
business day, an Authorized Participant may place an order with the
Marketing Agent to redeem one or more baskets. Redemption orders must
be placed by 10:30 a.m. E.T. or the close of regular trading on the
NYSE Arca, whichever is earlier.
    The Sponsor may, in its discretion, suspend the right of
redemption, or postpone the redemption settlement date, (1) for any
period during which NYSE Arca or any of the futures exchanges upon
which a Benchmark Component Futures Contract is traded is closed other
than customary weekend or holiday closings, or trading on NYSE Arca or
such futures exchanges is suspended or restricted, (2) for any period
during which an emergency exists as a result of which delivery,
disposal or evaluation of Treasuries is not reasonably practicable, or
(3) for such other period as the Sponsor determines to be necessary for
the protection of the shareholders.
Calculating Per Share NAV
    According to the Registration Statement, the Fund's per Share NAV
will be calculated by taking the current market value of its total
assets; subtracting any liabilities; and dividing that total by the
total number of outstanding Shares.
    The Administrator will calculate the NAV of the Fund once each NYSE
Arca trading day. The NAV for a normal trading day will be released
after 4:00 p.m. E.T. Trading during the Core Trading Session on the
NYSE Arca typically closes at 4:00 p.m. E.T. The Administrator will use
the updated value of the CCIER calculated shortly after the
determination by the relevant Futures Exchanges of the closing prices
of the Benchmark Component Futures Contracts (determined at the earlier
of the close of such exchange or 2:30 p.m. E.T.) for the contracts
traded on the Futures Exchanges, but calculate or determine the value
of all other investments of the Fund using market quotations, if
available, or other information customarily used to determine the fair
value of such investments as of the earlier of the close of the NYSE
Arca or 4:00 p.m. E.T. Other information customarily used in
determining fair value includes information consisting of market data
in the relevant market supplied by one or more third parties including,
without limitation, relevant rates, prices, yields, yield curves,
volatilities, spreads, correlations or other market data in the
relevant market; or information of the types described above from
internal sources if that information is of the same type used by the
Fund in the regular course of their business for the valuation of
similar transactions. Third parties supplying quotations or market data
may include, without limitation, dealers in the relevant markets, end-
users of the relevant product, information vendors, brokers and other
sources of market information.
    Derivatives for which market quotes are readily available will be
valued at market value. Local closing prices will be used for all
instrument valuation purposes. Swaps traded on exchanges will use the
applicable exchange closing price where available.

    With respect to specific derivatives, futures will generally be
valued at the settlement price of the relevant exchange. A total return
swap on the CCIER will be valued at the publicly available CCIER price.
The CCIER, in turn, is determined by the applicable index calculation
agent, which generally values the commodities underlying the Index at
the last reported sale price.
Indicative Fund Value
    In addition, in order to provide updated information relating to
the Fund for use by investors and market professionals, the NYSE Arca
will calculate and disseminate throughout the Core Trading Session on
each trading day an updated Indicative Fund Value (``IFV''). The IFV
will be calculated by using the prior day's closing NAV per Share of
the Fund as a base and updating that value throughout the trading day
to reflect changes in the most recently reported trade prices for the
Benchmark Component Futures Contracts as reported by Bloomberg, L.P. or
another reporting service.
    The IFV will be disseminated on a per Share basis every 15 seconds
during regular NYSE Arca Core Trading Session hours of 9:30 a.m. E.T.
to 4:00 p.m. E.T. The normal trading hours of the ICE Exchange ends
prior to the close of the Core Trading Session on NYSE Arca. As a
result, there will be a gap in time at the beginning and/or the end of
each day during which the Fund's Shares are traded on the NYSE Arca,
but real-time futures exchange trading prices for Benchmark Component
Futures Contracts traded on the ICE Exchange are not available. During
such gaps in time the IFV will be calculated based on the end of day
price of such Benchmark Component Futures Contracts from Futures
Exchanges immediately preceding trading session. In addition, Other
Crude Oil-Related Investments and Treasuries held by the Fund will be
valued by the Administrator, using rates and points received from
client-approved third party vendors (such as Reuters and WM Company)
and advisor quotes. These investments will not be included in the IFV.
The IFV will be available through on-line information services.
    With respect to specific derivatives: Total return swaps may be
valued intraday using the underlying asset price, or another proxy as
determined to be appropriate by a third party market data provider.
Exchange listed options may be valued intraday using the relevant
exchange data, or another proxy as determined to be appropriate by a
third party market data provider.
Availability of Information
    The NAV for the Fund's Shares will be disseminated daily to all
market participants at the same time. The intraday, closing prices, and
settlement prices of the Benchmark Component Futures Contracts will be
readily available from automated quotation systems, published or other
public sources, or major market data vendors.
    Complete real-time data for the Benchmark Component Futures
Contracts is available by subscription from major market data vendors.
ICE Futures also provides delayed futures information on current and
past trading sessions and market news free of charge on its Web site.
The specific contract specifications for the Benchmark Component
Futures Contracts are also available on such Web site, as well as other
financial informational sources. Quotation and last-sale information
regarding the Shares will be disseminated through the facilities of the
CTA. In addition, the Fund's Web site, www.uscfinvestments.com, will
display the applicable end of day closing NAV. The daily holdings of
the Fund will be available on the Fund's Web site. The Fund's total
portfolio composition will be disclosed each business day that the NYSE
Arca is open for trading, on the Fund's Web site. The Web site
disclosure of portfolio holdings will be made daily and will include,
as applicable, (i) the composite value of the total portfolio, (ii) the
name, percentage weighting, and value of OTC Derivatives Contracts and
each Benchmark Component Futures Contract, (iii) the name and value of
each Treasury security and cash equivalent, and (iv) the amount of cash
held in the Fund's portfolio. The Fund's Web site will be publicly
accessible at no charge. This Web site disclosure of the portfolio
composition of the Fund will occur at the same time as the disclosure
by the Sponsor of the portfolio composition to Authorized Participants
so that all market participants will be provided portfolio composition
information at the same time. Therefore, the same portfolio information
will be provided on the public Web site as well as in electronic files
provided to Authorized Participants. Accordingly, each investor will
have access to the current portfolio composition of the Fund through
the Fund's Web site.
    Intra-day price information for exchange-traded derivative
instruments will be available from the applicable exchange and from
major market data vendors. Intra-day price information for OTC options,
forwards, and OTC derivative instruments will be available from major
market data vendors. Intraday and closing price information for
exchange-traded options and futures will be available from the
applicable exchange and from major market data vendors. In addition,
intra-day price information for U.S. exchange-traded options is
available from the Options Price Reporting Authority.
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.\15\ Trading in Shares of the Fund
will be halted if the circuit breaker parameters in NYSE Arca Equities
Rule 7.12 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.
---------------------------------------------------------------------------

    \15\ See NYSE Arca Equities Rule 7.12.
---------------------------------------------------------------------------

    The Exchange may halt trading during the day in which an
interruption to the dissemination of the IFV or the value of the Index
occurs. If the interruption to the dissemination of the IFV, or the
value of the Index persists past the trading day in which it occurred,
the Exchange will halt trading no later than the beginning of the
trading day following the interruption. In addition, if the Exchange
becomes aware that the NAV with respect to the Shares is not
disseminated to all market participants at the same time, it will halt
trading in the Shares until such time as the NAV is available to all
market participants.
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 a.m. to 8 p.m. E.T. in accordance with
NYSE Arca Equities Rule 7.34 (Opening, 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 Equities Rule 7.6, 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.
    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.200. The trading of the Shares
will be subject to NYSE Arca Equities Rule 8.200,

Commentary .02(e), which sets forth certain restrictions on Equity
Trading Permit (``ETP'') Holders acting as registered Market Makers in
Trust Issued Receipts to facilitate surveillance. The Exchange
represents that, for initial and/or continued listing, the Fund will be
in compliance with Rule 10A-3 \16\ under the Act, as provided by NYSE
Arca Equities Rule 5.3. A minimum of 100,000 Shares will be outstanding
at the commencement of trading on the Exchange.
---------------------------------------------------------------------------

    \16\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances administered by the Exchange, as
well as cross-market surveillances administered by the Financial
Industry Regulatory Authority (``FINRA'') on behalf of the Exchange,
which are designed to detect violations of Exchange rules and
applicable federal securities laws.\17\ 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.
---------------------------------------------------------------------------

    \17\ 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 and the Benchmark
Component Futures Contracts with other markets and other entities that
are members of the ISG, and the Exchange or FINRA, on behalf of the
Exchange, or both, may obtain trading information regarding trading in
the Shares and the Benchmark Component Futures Contracts from such
markets and other entities. In addition, the Exchange may obtain
information regarding trading in the Shares and the Benchmark Component
Futures Contracts from markets and other entities that are members of
ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement (``CSSA'').\18\
---------------------------------------------------------------------------

    \18\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Fund may trade on markets that are members of ISG or with which the
Exchange has in place a CSSA. The Exchange has in place a CSSA with
ICE Futures Europe.
---------------------------------------------------------------------------

    Not more than 10% of the net assets of the Fund in the aggregate
invested in futures contracts shall consist of futures contracts whose
principal market is not a member of the ISG or is a market with which
the Exchange does not have a comprehensive surveillance sharing
agreement.
    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 portfolios, and (b) limitations on portfolio
holdings or reference assets shall constitute continued listing
requirements for listing the Shares on the Exchange.
    The issuer has represented to the Exchange that it will advise the
Exchange of any failure by the Fund to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the Act, the Exchange will monitor for compliance with the
continued listing requirements. If the Fund is not in compliance with
the applicable listing requirements, the Exchange will commence
delisting procedures under NYSE Arca Equities Rule 5.5(m).
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin of the special characteristics
and risks associated with trading the Shares. Specifically, the
Information Bulletin will discuss the following: (1) The risks involved
in trading the Shares during the Opening and Late Trading Sessions when
an updated IFV will not be calculated or publicly disseminated; (2) the
procedures for purchases and redemptions of Shares in Creation Baskets
and Redemption Baskets (and that Shares are not individually
redeemable); (3) NYSE Arca Equities Rule 9.2(a), which imposes a duty
of due diligence on its ETP Holders to learn the essential facts
relating to every customer prior to trading the Shares; (4) how
information regarding the IFV is disseminated; (5) that a static IFV
will be disseminated, between the close of trading on the CME and the
close of the NYSE Arca Core Trading Session; (6) the requirement that
ETP Holders deliver a prospectus to investors purchasing newly issued
Shares prior to or concurrently with the confirmation of a transaction;
and (7) trading information.
    In addition, the Information Bulletin will advise ETP Holders,
prior to the commencement of trading, of the prospectus delivery
requirements applicable to the Fund. The Exchange notes that investors
purchasing Shares directly from the Fund will receive a prospectus. ETP
Holders purchasing Shares from the Fund for resale to investors will
deliver a prospectus to such investors. The Information Bulletin will
also discuss any exemptive, no-action, and interpretive relief granted
by the Commission from any rules under the Act. In addition, the
Information Bulletin will reference that the Fund is subject to various
fees and expenses described in the Registration Statement. The
Information Bulletin will also reference that the CFTC has regulatory
jurisdiction over the trading of Benchmark Component Futures Contracts
and the OTC Derivatives Contracts.
    The Information Bulletin will also disclose the trading hours of
the Shares that the NAV for the Shares will be calculated after 4:00
p.m. E.T. each trading day. The Information Bulletin will disclose that
information about the Shares will be publicly available on the Fund's
Web site.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \19\ 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.
---------------------------------------------------------------------------

    \19\ 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 Equities Rule
8.200. 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, and Benchmark Component Futures Contracts with

other markets and other entities that are members of the ISG, and the
Exchange or FINRA, on behalf of the Exchange, or both, may obtain
trading information regarding trading in the Shares and Benchmark
Component Futures Contracts from such markets and other entities. In
addition, the Exchange may obtain information regarding trading in the
Shares and Benchmark Component Futures Contracts from markets and other
entities that are members of ISG or with which the Exchange has in
place a CSSA.
    Not more than 10% of the net assets of the Fund in the aggregate
invested in futures contracts shall consist of futures contracts whose
principal market is not a member of the ISG or is a market with which
the Exchange does not have a CSSA. 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 intraday, closing prices, and settlement prices of the Benchmark
Component Futures Contracts will be readily available from the
applicable Futures Exchanges' Web sites, automated quotation systems,
published or other public sources, or on-line information services.
    Complete real-time data for the Benchmark Component Futures
Contracts is available by subscription from on-line information
services. The Futures Exchanges also provide delayed futures
information on current and past trading sessions and market news free
of charge on their Web sites. The specific contract specifications for
the Benchmark Component Futures Contracts are also available on such
Web sites, as well as other financial informational sources.
Information regarding exchange-traded cash-settled options and cleared
swap contracts will be available from the applicable exchanges and
major market data vendors. Quotation and last-sale information
regarding the Shares will be disseminated through the facilities of the
CTA. In addition, the Fund's Web site, will display the applicable end
of day closing NAV. The Fund's total portfolio composition will be
disclosed each business day that the NYSE Arca is open for trading, on
the Fund's Web site. The Web site disclosure of portfolio holdings will
be made daily and will include, as applicable, (i) the composite value
of the total portfolio, (ii) the name, percentage weighting, and value
of OTC Derivatives Contracts and each Benchmark Component Futures
Contract, (iii) the name and value of each Treasury security and cash
equivalent, and (iv) the amount of cash held in the Fund's portfolio.
The Fund's disclosure of derivative positions will include information
that market participants can use to value these positions intraday.
    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 Equities Rule 7.12 have been reached or because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares inadvisable
    The proposed rule change is designed to promote just and equitable
principles of trade and to perfect the mechanism of a free and open
market and, in general, to protect investors and the public interest in
that it will facilitate the listing and trading of an additional type
of issue of Trust Issued Receipts based on oil that will enhance
competition among market participants, to the benefit of investors and
the marketplace. As noted above, the Exchange has in place surveillance
procedures 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.

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 exchange-traded product that primarily hold
derivatives and futures contracts and 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 within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove 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-2016-177 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-2016-177. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 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; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make

available publicly. All submissions should refer to File Number SR-
NYSEArca-2016-177 and should be submitted on or before February 13,
2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
---------------------------------------------------------------------------

    \20\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-01297 Filed 1-19-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 135 (Monday, July 15, 2019)]
[Notices]
[Pages 33796-33798]
[FR Doc No: 2019-14894]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86333; File No. SR-NYSEAMER-2019-26]

Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Rule 7.37E To Update a Rule Cross Reference

July 9, 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 June 25, 2019, NYSE American LLC (``NYSE American'' 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes to amend Rule 7.37E to update a rule cross
reference. The proposed rule 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 amend Rule 7.37E to update a rule cross
reference. The Exchange also proposes a non-substantive amendment to
update the title of the rule from ``Order Execution and Ranking'' to
``Order Execution and Routing.'' The title ``Order Execution and
Routing'' is consistent with the text of the rule and conforms to the
title of similar rules of the Exchange's affiliated exchanges.\4\
---------------------------------------------------------------------------

    \4\ See, e.g., NYSE Arca, Inc. Rule 7.37-E (Order Execution and
Routing) and NYSE National, Inc. Rule 7.37 (Order Execution and
Routing).
---------------------------------------------------------------------------

    Rule 7.37E(b)(7) provides that electronically-entered requests to
cancel or reduce in size MOC Orders or LOC orders in New York Stock
Exchange LLC (``NYSE'') listed securities will be rejected if entered
after the times specified in NYSE Rules 123C(3)(b) and Supplementary
Material .40 to that rule. The NYSE recently amended its rules to
support the transition of NYSE-listed securities to the Pillar trading
platform.\5\ Among other things, when NYSE transitions NYSE-listed
securities to the Pillar trading platform, the NYSE Rule 7.35 Series
will govern auctions on the NYSE and NYSE Rule 123C will no longer be
applicable.\6\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 85962 (May 29,
2019), 84 FR 26188 (June 5, 2019) (SR-NYSE-2019-05) (Approval
Order).
    \6\ The NYSE has announced that, subject to rule approvals, the
NYSE will begin transitioning NYSE-listed securities to Pillar on
August 5, 2019, available here: https://www.nyse.com/publicdocs/nyse/markets/nyse/Revised_Pillar_Migration_Timeline.pdf. The NYSE
will publish by separate Trader Update a complete symbol migration
schedule.
---------------------------------------------------------------------------

    The Exchange proposes to amend Rule 7.37E(b)(7)(C) to update the
cross reference to the NYSE rule that will be applicable when NYSE-
listed securities transition to the Pillar trading platform. Instead of
cross referencing NYSE Rule 123C(3)(b) and Supplementary Material .40
to that rule, the Exchange proposes to cross reference NYSE Rule
7.35(a)(7), which defines the term ``Closing Auction Imbalance Freeze
Time.'' As provided for in NYSE Rule 7.35B(f)(2), the NYSE will begin
limiting the circumstances when a MOC or LOC Order may be cancelled or
reduced in size beginning at that Closing Auction Imbalance Freeze
Time. These NYSE Pillar rules are substantively the same as current
NYSE Rule 123C(3)(b) as both sets of rules use the same cut-off time
for when the NYSE begins restricting the circumstances when a MOC or
LOC Order may be cancelled or reduced in size, i.e., ten minutes before
the scheduled end of trading.
    The proposed amended rule text will provide as follows (deleted
text in brackets, new text underlined):

[GRAPHIC] [TIFF OMITTED] TN15JY19.000

    The Exchange will implement these proposed rule changes on the same
schedule that the NYSE transitions NYSE-listed securities to the Pillar
trading platform. In other words, the current rule will remain
operative for NYSE-listed securities until such time that they
transition to NYSE's Pillar trading platform.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''),\7\ in general, and
furthers the objectives of Section 6(b)(5),\8\ in particular, because
it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, to remove impediments to, and perfect the
mechanism of, a free and open market and a national market system and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change to amend Rule
7.37E would remove impediments to and perfect the mechanism of a free
and open market and a national market system because it would update
the Exchange's rules to cross reference the NYSE rule that would be
applicable when the NYSE transitions its listed securities to the
Pillar trading platform. The proposed rule change does not propose any
new or novel functionality because the NYSE Pillar rules provide for
the same cut-off time and circumstances for cancelling or reducing in
size MOC or LOC Orders as provided for in NYSE Rule 123C(3)(b) and
Supplementary Material .40 to that rule. The Exchange therefore
believes that the proposed rule change, including the change to the
title of Rule 7.37E, would protect investors and the public interest,
in general, because it is designed to promote transparency and clarity
in Exchange rules.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
not designed to address any competitive issues, but rather, would
update Rule 7.37E to update a cross reference to the NYSE rule that
would be applicable when the NYSE transitions its listed securities to
the Pillar trading platform and update the title to conform to the text
of the rule. The Exchange therefore believes that the proposed rule
change is designed to promote transparency and clarity in Exchange
rules.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \11\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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-NYSEAMER-2019-26 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-NYSEAMER-2019-26. 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-NYSEAMER-2019-26 and should
be submitted on or before August 5, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

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

Vanessa A. Countryman,
Secretary.
[FR Doc. 2019-14894 Filed 7-12-19; 8:45 am]
 BILLING CODE 8011-01-P


			  UNITED STATES OF AMERICA

		        DEPARTMENT OF TRANSPORTATION

			  OFFICE OF THE SECRETARY

			          WASHINGTON, D.C.

Issued by the Department of Transportation on July 3, 2006

NOTICE OF ACTION TAKEN -- DOCKET OST-2001-8772

________________________________________________________________________
________________________________________________________

This serves as notice to the public of the action described below, taken
by the Department official indicated (no additional confirming order
will be issued in this matter).

Applicant: El Al Israel Airlines, Ltd.  & Delta Air Lines, Inc.
Date Filed: June 9, 2006

Relief requested:  Exemption from 49 U.S.C. section 41301 to permit El
Al to conduct scheduled foreign air transportation of persons, property
and mail, between a point or points in Israel, on the one hand, and
Tampa, FL and Las Vegas, NV, on the other hand; on a codeshare basis by
placing its LY* code on flights operated between New York, NY and Tampa,
FL and New York, NY and Las Vegas, NV pursuant to its codeshare
arrangement with Delta; and amended Statement of Authorization under 14
CFR Part 212 to permit Delta to carry the code of El Al on Delta’s
scheduled flights between New York, and Tampa and New York and Las
Vegas.

If renewal, date and citation of last action:  New authority amends
authority granted September 19, 2005, in this docket

Applicant representatives:  Sametta C. Barnett<PHONE_NUMBER> & John E.
Gillick<PHONE_NUMBER>

DOT Analyst:  Shelita A. Smith<PHONE_NUMBER>

Responsive pleadings:  None filed

DISPOSITION

Action:  Approved						Action date: July 3, 2006

Effective dates of exemption authority granted:  June 3, 2006 – June
3, 2007

Effective dates of statement of authorization granted: June 3, 2006 –
Indefinite, subject to code-share conditions

Basis for approval (bilateral agreement/reciprocity):  The authority
granted is consistent with the ad referendum agreement signed on January
10, 2001, amending the U.S.-Israel Air Transport Agreement.

Except to the extent exempted/waived, this authority is subject to the
terms, conditions, and limitations indicated:

  X    Standard exemption conditions (attached)           X    Foreign
air carrier permit   (Order 86-3-58)

   X   Code-share conditions previously imposed in this Docket

Special conditions/Partial grant/Denial basis/Remarks:

Action taken by:  Paul L. Gretch, Director

		   Office of International Aviation

________________________________________________________________________
________________________________________________________

Under authority assigned by the Department in its regulations, 14 CFR
Part 385, we found that (1) the applicant is qualified to perform the
proposed operations; (2) our action was consistent with Department
policy; (3) grant of the authority was consistent with the public
interest; and (4) grant of the authority would not constitute a major
regulatory action under the Energy Policy and Conservation Act of 1975.
To the extent not granted/deferred/dismissed, we denied

all requests in the referenced Docket.  We may amend, modify, or revoke
the authority granted in this Notice at any time without hearing at our
discretion.

Persons entitled to petition the Department for review of the action set
forth in this Notice under the Department’s regulations, 14 CFR §
385.30, may file their petitions within seven (7) days after the date of
issuance of this Notice.  This action was effective when taken, and the
filing of a petition for review will not alter such effectiveness.

An electronic version of this document is available on the World Wide
Web at:

  HYPERLINK "http://dms.dot.gov//reports/reports_aviation.asp"
http://dms.dot.gov//reports/reports_aviation.asp

Foreign Carrier Exemption Conditions

In the conduct of the operations authorized, the foreign carrier
applicant(s) shall:

(1)  Not conduct any operations unless it holds a currently effective
authorization from its homeland for such operations, and it has filed a
copy of such authorization with the Department;

(2)  Comply with all applicable requirements of the Federal Aviation
Administration, including, but not limited to, 14 CFR Parts 129, 91, and
36, and with all applicable U.S. Government requirements concerning
security, including, but not limited to, 49 CFR Part 1546 or 1550, as
applicable.  To assure compliance with all applicable U.S. Government
requirements concerning security, the holder shall, before commencing
any new service (including charter flights) from a foreign airport that
would be the holder’s last point of departure for the United States,
contact its International Principal Security Inspector (IPSI) to advise
the IPSI of its plans and to find out whether the Transportation
Security Administration has determined that security is adequate to
allow such airport(s) to be served;

(3)  Comply with the requirements for minimum insurance coverage
contained in 14 CFR Part 205, and, prior to the commencement of any
operations under this authority, file evidence of such coverage, in the
form of a completed OST Form 6411, with the Federal Aviation
Administration’s Program Management Branch (AFS-260), Flight Standards
Service (any changes to, or termination of, insurance also shall be
filed with that office);

(4)  Not operate aircraft under this authority unless it complies with
operational safety requirements at least equivalent to Annex 6 of the
Chicago Convention;

(5)  Conform to the airworthiness and airman competency requirements of
its Government for international air services;

(6)  Except as specifically exempted or otherwise provided for in a
Department Order, comply with the requirements of 14 CFR Part 203,
concerning waiver of Warsaw Convention liability limits and defenses;

(7)  Agree that operations under this authority constitute a waiver of
sovereign immunity, for the purposes of 28 U.S.C. 1605(a), but only with
respect to those actions or proceedings instituted against it in any
court or other tribunal in the United States that are: (a)  based on its
operations in international air transportation that, according to the
contract of carriage, include a point in the United States as a point of
origin, point of destination, or agreed stopping place, or for which the
contract of carriage was purchased in the United States; or (b)  based
on a claim under any international agreement or treaty cognizable in any
court or other tribunal of the United States.  In this condition, the
term "international air transportation" means "international
transportation" as defined by the Warsaw Convention, except that all
States shall be considered to be High Contracting Parties for the
purpose of this definition;

(8)  Except as specifically authorized by the Department, originate or
terminate all flights to/from the United States in its homeland;

(9)  Comply with the requirements of 14 CFR Part 217, concerning the
reporting of scheduled, nonscheduled, and charter data;

(10) If charter operations are authorized, except as otherwise provided
in the applicable aviation agreement, comply with the Department's rules
governing charters (including 14 CFR Parts 212 and 380); and

(11) Comply with such other reasonable terms, conditions, and
limitations required by the public interest as may be prescribed by the
Department, with all applicable orders or regulations of other U.S.
agencies and courts, and with all applicable laws of the United States.

This authority shall not be effective during any period when the holder
is not in compliance with the conditions imposed above.  Moreover, this
authority cannot be sold or otherwise transferred without explicit
Department approval under Title 49 of the U.S. Code.

 We note that El Al sought authority for a two-year period.  However, as
is our usual practice on conferring exemption authority in the
circumstances presented, we are limiting the term of authority to one
year.  El Al may, of course seek renewal of this authority in accordance
with the Department’s regulations.

05/2004