[Federal Register Volume 80, Number 179 (Wednesday, September 16, 2015)]
[Notices]
[Pages 55674-55683]
[FR Doc No: 2015-23284]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75900; File No. SR-NYSEArca-2015-76]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To List and Trade Shares of the Global Currency
Gold Fund Under NYSE Arca Equities Rule 8.201

September 11, 2015.
    Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on August 28, 2015, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``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 shares of the Global
Currency Gold Fund under NYSE Arca Equities Rule 8.201. The text of 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to list and trade (``Shares'') of the Global
Currency Gold Fund (the ``Fund''), a series of the Global Gold Currency
Trust (Trust''), under NYSE Arca Equities Rule 8.201.\4\ Under NYSE
Arca Equities Rule 8.201, the Exchange may propose to list and/or trade
pursuant to unlisted trading privileges (``UTP'') ``Commodity-Based
Trust Shares.'' \5\
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    \4\ On August 28, 2015, the Trust filed with the Commission a
registration statement on Form S-1 under the Securities Act of 1933
(``1933 Act'') relating to the Fund (File No. 333-206640)
(``Registration Statement''). The description of the operation of
the Trust and the Fund herein is based, in part, on the Registration
Statement.
    \5\ Commodity-Based Trust Shares are securities issued by a
trust that represent investors' discrete identifiable and undivided
beneficial ownership interest in the commodities deposited into the
Trust.
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    The Fund will not be registered as an investment company under the
Investment Company Act of 1940 \6\ and is not required to register
under such act.
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    \6\ 15 U.S.C. 80a-1.
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    The Sponsor of the Fund and the Trust will be WGC USA Asset
Management Company, LLC (the ``Sponsor'').\7\ BNY Mellon Asset
Servicing, a division of The Bank of New York Mellon, will be the
Fund's administrator (``Administrator''), transfer agent (``Transfer
Agent'') and custodian (``Custodian'') and will not be affiliated with
the Trust, the Fund or the Sponsor.
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    \7\ The Trust will be a Delaware statutory trust consisting of
multiple series, each of which will issue common units of beneficial
interest, which represent units of fractional undivided beneficial
interest in and ownership of such series. The term of the Trust and
each series will be perpetual (unless terminated earlier in certain
circumstances). The trustee for the Fund's trust (``Trustee'') will
be Delaware Trust Company, the sole trustee with respect to the
Fund.
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    The Commission has previously approved listing on the Exchange
under NYSE Arca Equities Rules 5.2(j)(5) and 8.201 of other precious
metals and gold-based commodity trusts, including the Merk Gold Trust;
\8\ ETFS Gold Trust,\9\ ETFS Platinum Trust \10\ and ETFS Palladium
Trust (collectively, the ``ETFS Trusts''); \11\APMEX Physical-1 oz.
Gold Redeemable Trust; \12\ Sprott Gold Trust; \13\ SPDR Gold Trust
(formerly, streetTRACKS Gold Trust); iShares Silver Trust; \14\ and
iShares COMEX Gold Trust.\15\ Prior to their listing on the Exchange,
the Commission approved listing of the streetTRACKS Gold Trust on the
New York Stock Exchange (``NYSE'') \16\ and listing of iShares COMEX
Gold Trust and iShares Silver Trust on the American Stock Exchange
LLC.\17\ In addition, the Commission has approved trading of the
streetTRACKS Gold Trust and iShares Silver Trust on the Exchange
pursuant to UTP.\18\
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    \8\ Securities Exchange Act Release No. 71378 (January 23,
2014), 79 FR 4786 (January 29, 2014) (SR-NYSEArca-2013-137).
    \9\ Securities Exchange Act Release No. 59895 (May 8, 2009), 74
FR 22993 (May 15, 2009) (SR-NYSEArca-2009-40).
    \10\ Securities Exchange Act Release No. 61219 (December 22,
2009), 74 FR 68886 (December 29, 2009) (SR-NYSEArca-2009-95).
    \11\ Securities Exchange Act Release No. 61220 (December 22,
2009), 74 FR 68895 (December 29, 2009) (SR-NYSEArca-2009-94).
    \12\ Securities Exchange Act Release No 66930 (May 7, 2012), 77
FR 27817 (May 11, 2012) (SR-NYSEArca-2012-18).
    \13\ Securities Exchange Act Release No. 61496 (February 4,
2010), 75 FR 6758 (February 10, 2010) (SR-NYSEArca-2009-113).
    \14\ See Securities Exchange Act Release No. 58956 (November 14,
2008), 73 FR 71074 (November 24, 2008) (SR-NYSEArca-2008-124)
(approving listing on the Exchange of the iShares Silver Trust)).
    \15\ See Securities Exchange Act Release No.56224 (August 8,
2007), 72 FR 45850 (August 15, 2007) (SR-NYSEArca-2007-76)
(approving listing on the Exchange of the streetTRACKS Gold Trust);
Securities Exchange Act Release No. 56041 (July 11, 2007), 72 FR
39114 (July 17, 2007) (SR-NYSEArca-2007-43) (order approving listing
on the Exchange of iShares COMEX Gold Trust).
    \16\ See Securities Exchange Act Release No. 50603 (October 28,
2004), 69 FR 64614 (November 5, 2004) (SR-NYSE-2004-22) (order
approving listing of streetTRACKS Gold Trust on NYSE).
    \17\ See Securities Exchange Act Release Nos. 51058 (January 19,
2005), 70 FR 3749 (January 26, 2005) (SR-Amex-2004-38) (order
approving listing of iShares COMEX Gold Trust on the American Stock
Exchange LLC); 53521 (March 20, 2006), 71 FR 14967 (March 24, 2006)
(SR-Amex-2005-72) (approving listing on the American Stock Exchange
LLC of the iShares Silver Trust).
    \18\ See Securities Exchange Act Release Nos. 53520 (March 20,
2006), 71 FR 14977 (March 24, 2006) (SR-PCX-2005-117) (approving
trading on the Exchange pursuant to UTP of the iShares Silver
Trust); 51245 (February 23, 2005), 70 FR 10731 (March 4, 2005) (SR-
PCX-2004-117) (approving trading on the Exchange of the streetTRACKS
Gold Trust pursuant to UTP).
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Operation of the Fund
    Gold bullion typically is priced and traded throughout the world in
U.S. dollars. The Fund has been established as an alternative to
traditional dollar-based gold investing. Although investors will
purchase shares of the Fund with U.S. dollars, the Fund is designed to
provide investors with the economic effect of holding gold in terms of
a specific basket of major, non-U.S. currencies, such as the euro,
Japanese yen and British pound (each, a ``Reference Currency''), rather
than the U.S. dollar. Specifically, the Fund will seek to track the
performance of the Global Gold Index (ex-USD), less Fund expenses. The
Global Gold Index (ex-USD), or the ``Index'', represents the daily
performance of a long position in physical gold and a short position in
each of the Reference Currencies.\19\ The

Index is designed to measure daily gold bullion returns as though an
investor had invested in Gold in terms of the Reference Currencies
reflected in the Index. (The Index is described in more detail below
under the heading ``Description of the Index''.)
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    \19\ ``Gold'' means gold bullion meeting the requirements of
London Good Delivery Standards. London Good Delivery Standards are
the specifications for weight dimensions, fineness (or purity),
identifying marks and appearance set forth in ``The Good Delivery
Rules for Gold and Silver Bars'' published by the London Bullion
Markets Association (``LBMA'').
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    The U.S. dollar value of an investment in Shares of the Fund would
therefore be expected to increase when both the price of Gold goes up
and the value of the U.S. dollar increases against the value of the
Reference Currencies (as weighted in the Index). Conversely, the U.S.
dollar value of an investment would be expected to decrease when the
price of Gold goes down and the value of the U.S. dollar decreases
against the value of the Reference Currencies (as weighted in the
Index). If Gold increases and the value of the U.S. dollar decreases
against the value of the Reference Currencies, or vice versa, the net
impact of these changes will determine the value of the Shares of the
Fund on a daily basis.\20\
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    \20\ For additional information regarding the gold bullion
market, gold futures exchanges, and regulation of the global gold
market, see, e.g., Securities Exchange Act Release Nos. 59895 (May
8, 2009), 74 FR 22993 (May 15, 2009) (SR-NYSEArca-2009-40) (order
approving Exchange listing and trading of the ETFS Gold Trust); and
66627 (March 20, 2012), 77 FR 27817 (May 11, 2012) (SR-NYSEArca-
2012-18) (order approving Exchange listing and trading of the APMEX
Physical-1 oz. Gold Redeemable Trust).
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    The Fund is a passive investment vehicle and is designed to track
the performance of the Index regardless of: (i) The value of Gold or
any Reference Currency; (ii) market conditions; and (iii) whether the
Index is increasing or decreasing in value. The Fund's holdings
generally will consist entirely of Gold. Substantially all of the
Fund's Gold holdings will be delivered by Authorized Participants
(defined below) in exchange for Fund Shares. The Fund will not hold any
of the Reference Currencies. The Fund generally will not hold U.S.
dollars (except from time to time in very limited amounts to pay
expenses). The Fund's Gold holdings will not be managed and the Fund
will not have any investment discretion.
    The Fund's net asset value (``NAV'') will go up or down each
Business Day based primarily on two factors.\21\ The first is the
change in the price of Gold measured in U.S. dollars from the prior
Business Day. This drives the value of the Fund's Gold holdings
measured in U.S. dollars up (as Gold prices increase) or down (as Gold
prices fall). The second is the change in the value of the Reference
Currencies against the U.S. dollar from the prior Business Day. This
drives the value of the Fund's Gold holdings measured in the Reference
Currencies up (when the value of the U.S. dollar against the Reference
Currencies increases) or down (when the value of the U.S. dollar
against the Reference Currencies declines). The value of Gold and the
Reference Currencies are based on publicly available, transparent
prices--for Gold, the LBMA Gold Price PM (defined below), for
currencies, the WM Reuters rates.
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    \21\ A Business Day with respect to the Fund is any day the
Exchange is open for trading. A Business Day with respect to the
Index generally is any day on which (i) LBMA Gold prices are
established and (ii) banks are scheduled to be open in the principal
financial center of the jurisdiction in which each Reference
Currency is the lawful currency.
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    Because the Fund generally will hold only Gold bullion (and not
U.S. dollars or the Reference Currencies), the economic impact of
changes to the value of the Reference Currencies against the U.S.
dollar from day to day is reflected in the Fund by moving an amount of
Gold ounces of equivalent value in or out of the Fund. Therefore, the
Fund will seek to track the performance of the Index by entering into a
transaction each Business Day with the Gold Delivery Provider pursuant
to which Gold is moved in or out of the Fund.\22\ The terms of this
transaction are set forth in a written contract between the Fund and
the Gold Delivery Provider referred to as the ``Gold Delivery
Agreement.'' Pursuant to the terms of the Gold Delivery Agreement, the
Fund will deliver Gold to, or receive Gold from, the Gold Delivery
Provider each Business Day. The amount of Gold transferred will be
equivalent to the Fund's profit or loss as if the Fund had exchanged
the Reference Currencies, in the proportion in which they are reflected
in the Index, for U.S. dollars in an amount equal to the Fund's
declared holdings of Gold on such day. If there is a currency gain
(i.e., the value of the U.S. dollar against the Reference Currencies
increases), the Fund will receive Gold. If there is a currency loss
(i.e., the value of the U.S. dollar against the Reference Currencies
decreases), the Fund will deliver Gold.\23\ In this manner, the value
of the Gold held by the Fund will be adjusted to reflect the daily
change in the value of the Reference Currencies against the U.S.
dollar. The Gold Delivery Agreement requires Gold ounces equal to the
value of the Gold Delivery Amount to be delivered to the custody
account of the Fund or Gold Delivery Provider, as applicable.
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    \22\ The Gold Delivery Provider will be a national banking
association. The Gold Delivery Provider will be chartered and
subject to regulation by the Office of the Comptroller of the
Currency, a bureau of the United States Department of the Treasury
and will be a member of the Federal Reserve System. The Gold
Delivery Provider will not be affiliated with the Trust, the Fund,
the Sponsor, the Trustee, the Administrator, the Transfer Agent, the
Custodian or the Index Provider (defined below).
    \23\ If the applicable currency exchange rates did not change
from one day to the next, or the net impact of such changes was
zero, then the Fund would neither deliver nor receive Gold pursuant
to the Gold Delivery Agreement.
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    The Fund does not intend to enter into any other Gold transactions
other than with the Gold Delivery Provider as described in the Gold
Delivery Agreement (except that the Fund may sell Gold to cover Fund
expenses), and the Fund does not intend to hold any Reference Currency
or enter into any currency transactions.
Description of the Index
    The Index is maintained and calculated by a major third-party data
and index provider (the ``Index Provider''). The Index Provider has
licensed the Index to the Sponsor for use in connection with the Trust
and the Fund. The Index Provider will not be affiliated with the Fund's
trust, the Fund, the Sponsor, the trustee for the Fund's trust, the
Administrator, the Transfer Agent, the Custodian or Gold Delivery
Provider. The Index Provider is not affiliated with a broker-dealer.
The Index Provider has adopted policies and procedures designed to
prevent the spread of material non-public information about the Index
and maintains ``fire walls'' around the personnel who have access to
information concerning changes and adjustments to the Index.
    The description of the strategy and methodology underlying the
Index, which will be identified and described in the Registration
Statement, is based on rules formulated by the Index Provider (the
``Index Rules''). The Index Rules, which will be described in the
Registration Statement, will govern the calculation and constitution of
the Index and other decisions and actions related to its maintenance.
The Index is described as a ``notional'' or ``synthetic'' portfolio or
strategy because there is no actual portfolio of assets to which any
person is entitled or in which any person has any ownership interest.
The Index references certain assets (i.e., Gold and the Reference
Currencies), the performance of which will be used as a reference point
for calculating the daily performance of the Index (the ``Index

Level''). The Index seeks to track the daily performance of a long
position in physical Gold and a short position in each of the Reference
Currencies (as weighted in the Index). If the Gold Price (as defined
below) increases and the Reference Currencies depreciate against the
U.S. dollar, the Index Level will increase. Conversely, if the Gold
Price decreases and the Reference Currencies appreciate against the
U.S. dollar, the Index Level will decrease. In certain cases, the
appreciation of the Gold Price or the depreciation of one or more of
the Reference Currencies may be offset by the appreciation of one or
more of the Reference Currencies or the depreciation of the Gold Price,
as applicable. The net impact of these changes determines the Index
Level on a daily basis.
    The Index values Gold on a daily basis using the ``Gold Price.''
The Gold Price generally is the LBMA Gold Price PM (though other
sources may be used if the LBMA Gold Price PM is delayed or
unavailable). The ``LBMA Gold Price'' means the price per troy ounce of
Gold stated in U.S. dollars as set via an electronic auction process
run twice daily at 10:30 a.m. and 3:00 p.m., London time each Business
Day as calculated and administered by ICE Benchmark Administration
Limited (``IBA'') and published by LBMA on its Web site. The ``LBMA
Gold Price PM'' is the 3:00 p.m. LBMA Gold Price. IBA, an independent
specialist benchmark administrator, provides the price platform,
methodology and the overall administration and governance for the LBMA
Gold Price.
    As noted herein, the term ``Reference Currencies'' refers to the
major, non-U.S. currencies referenced by the Index. Each Reference
Currency is expressed in terms of a number of foreign currency units
relative to one U.S. dollar (e.g., a number of Japanese yen per one
U.S. dollar) or in terms of a number of U.S. dollars per one unit of
the reference currency (e.g., a number of U.S. dollars per one euro).
    The Index weights its exposure to each Reference Currency based on
the Triennial Central Bank Survey of foreign exchange turnover (the
``FX Liquidity Survey'') as conducted by the Monetary and Economic
Department of the Bank of International Settlements (``BIS''). Every
three years, the BIS reviews turnover in the foreign exchange markets
and publishes its preliminary results in September and final results in
December. The BIS last published its FX Liquidity Survey in September
2013. The Index references the summary results of the most recent FX
Liquidity Survey to determine which currencies are Reference Currencies
and the weight of those Reference Currencies in the Index. The most
liquid Reference Currencies are more heavily weighted in the Index.
    The Index currently references European Union euro (``euro'' or
``EUR''), the Japanese yen (``JPY'' or yen''), the British pound
(``GBP''), the Australian dollar (``AUD''), the Swiss franc (``CHF''),
the Canadian dollar (``CAD'') and the New Zealand dollar (``NZD'')
(each of which is measured against U.S. dollars). The three most
heavily weighted currencies referenced in the Index and their
respective weights as of April 20, 2015 were the euro (approximately
38%), yen (approximately 26%) and GBP (approximately 13%).
    Index values generally are calculated using the published WMR Spot
Rate (``Spot Rate'') as of 4:00 p.m., London time associated with each
Reference Currency, subject to adjustments as described below (though
other rates may be used if the Spot Rate is delayed or unavailable).
The ``Spot Rate'' is the rate at which a Reference Currency can be
exchanged for U.S. dollars on an immediate basis, subject to the
applicable settlement cycle. Thus, if an investor wanted to convert
U.S. dollars into euros, the investor could enter into a spot
transaction at the Spot Rate (subject to the bid/ask) and would receive
euros in a number of days, depending on the settlement cycle of that
currency. Generally, the settlement of a ``spot'' transaction is two
currency business days (except in the case of Canadian dollars, which
settle on the next business day). The following table sets forth the
Reference Currencies (each of which is measured against U.S. dollars),
the applicable ``Reuters Page'' for each Spot Rate referenced by the
Index and the market convention for quoting such currency.

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       Reference currency \24\               Reuters page                Market convention for quotation
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EUR/USD..............................  USDEURFIX=WM...........  Number of USD per one EUR.
USD/JPY..............................  USDJPYFIX=WM...........  Number of JPY per one USD.
GBP/USD..............................  USDGBPFIX=WM...........  Number of USD per one GBP.
AUD/USD..............................  USDAUDFIX=WM...........  Number of USD per one AUD.
USD/CHF..............................  USDCHFFIX=WM...........  Number of CHF per one USD.
USD/CAD..............................  USDCADFIX=WM...........  Number of CAD per one USD.
USD/HKD..............................  USDHKDFIX=WM...........  Number of HKD per one USD.
USD/SEK..............................  USDSEKFIX=WM...........  Number of SEK per one USD.
NZD/USD..............................  USDNZDFIX=WM...........  Number of USD per one NZD.
USD/NOK..............................  USDNOKFIX=WM...........  Number of NOK per one USD.
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    Settlement in most spot currency transactions is two currency
business days after the trade date. A ``tomorrow-next trade'' arises
when a person does not want to settle the transaction and receive the
currency within that timeframe. A ``tomorrow next forward point'' or
``t/n forward point'' is the number of basis points associated with
rolling a currency position that would otherwise settle ``tomorrow'' so
that the position would settle on the ``next'' day. Since the Index
does not take actual delivery of the Reference Currencies, Index values
are calculated using a tomorrow next forward rate which is combined
with the Spot Rate.
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    \24\ The Index is governed by an Index rule that provides that
only the currencies that constitute the top 90% of currencies based
on FX turnover as described in the triennial BIS FX Liquidity Survey
are included in the Index. After the 2007 BIS FX Liquidity Survey,
HKD, SEK and NOK were in the Index because they were in the top 90%
of FX turnover. As of the 2013 BIS FX Liquidity Survey, however, the
Index was rebalanced and these three currencies dropped out because
they were no longer in the top 90% of FX turnover. After the release
of the 2016 BIS FX Liquidity Survey, and the subsequent rebalancing
of the Index, the currencies that appear in the Index will be those
currencies that are in the top 90% of FX turnover based on the
results of the 2016 BIS FX Liquidity Survey.
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    In general, the Index is calculated by the Index Provider each
Business Day, unless there is a ``Market Disruption Event'' or
``Extraordinary Event'' as described below.
The Gold Delivery Agreement
    The Fund has entered into a written contract with the Gold Delivery
Provider. Subject to the terms of the Gold Delivery Agreement, on a
daily basis, the Gold Delivery Provider will (i)

calculate the Gold Delivery Amount and (ii) deliver Gold ounces equal
to the U.S. dollar value of the Gold Delivery Amount into or out of the
Fund. The Gold Delivery Amount is the amount of Gold ounces to be
delivered into or out of the Fund on a daily basis to reflect price
movements in the Reference Currencies against the U.S. dollar from the
prior Business Day (assuming no Market Disruption Event or
Extraordinary Event has occurred or is continuing as described in more
detail below).
    The starting point for the calculation of the Gold Delivery Amount
is the daily change in the exchange rate of the Reference Currencies,
in their respective Index weights, against the U.S. dollar. The Gold
Delivery Amount is calculated, in simplest terms, by applying this rate
to the dollar value of Gold bullion held by the Fund. The result of
this calculation is an amount in U.S. dollars which reflects how the
Fund's Gold holdings would have performed if such holdings had been
denominated in the Reference Currencies instead of the U.S. dollar.
This dollar amount is converted into a number of ounces of Gold based
on the published price of Gold, which amount is the Gold Delivery
Amount for the Fund.
    Specifically, the Gold Delivery Provider will determine the effect
of changes in the daily value of the Reference Currencies against the
U.S. dollar by calculating the change in the Spot Rate of the Reference
Currencies in their respective Index weights against the U.S. dollar
from the prior Business Day. The Gold Delivery Provider may use other
rates if the Spot Rate is delayed or unavailable as set forth in the
Gold Delivery Agreement. The resultant U.S. dollar amount is referred
to as the ``FX PnL per Ounce.'' The Gold Delivery Provider generally
will make this calculation shortly after the Reference Currency prices
are published at the ``WMR FX Fixing Time,'' which is generally at 4:00
p.m., London Time.
    The FX PnL per Ounce is then multiplied by the number of Shares
outstanding on such Business Day (without giving effect to any creation
or redemption orders accepted for such Business Day) and the amount of
Gold (in ounces) associated with each Share. For these purposes Gold is
valued at the Gold Price (i.e., the LBMA Gold Price PM, though the Gold
Delivery Provider may use other sources if the LBMA Gold Price PM is
delayed or unavailable, as set forth in the Gold Delivery Agreement).
This calculation produces an amount in U.S. dollars equal to how the
Fund's Gold holdings would have performed if such holdings had been
denominated in the Reference Currencies instead of the U.S. dollar.
This amount is referred to as the ``Net FX PnL Amount.''
    The Net FX PnL Amount is converted into a number of ounces of Gold
based on the next available Gold Price and is adjusted downward by a
small amount to reflect the market cost to the Gold Delivery Provider
of effectuating the transactions that allow it to provide the Fund with
the Gold Delivery Amount (which amount is based on each Business Day's
changing size of the Fund's Gold holdings, changing gold prices, and
changing prices of the Reference Currencies). The resultant total is
the Gold Delivery Amount.
    If the Gold Delivery Amount is a positive number (meaning that the
Fund has experienced a currency gain on the notional currency short
positions), the Gold Delivery Provider will transfer to the Fund's
custody account an amount of Gold (in ounces) equal to the U.S. dollar
value of the Gold Delivery Amount. If the Gold Delivery Amount is a
negative number (meaning that the Fund has experienced a currency loss
on the notional currency short positions), the Fund will transfer to
the Gold Delivery Provider's custody account an amount of Gold (in
ounces) equal to the U.S. dollar value of the Gold Delivery Amount.
    The Gold Delivery Agreement also specifies how the amount of Gold
representing a Creation Unit \25\ is determined and delivered in
creation and redemption transactions, as described further below under
the heading ``Creation and Redemption of Fund Shares.''
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    \25\ A Creation Unit is a block of 25,000 Shares. Multiple
blocks of 25,000 Shares are called ``Creation Units.''
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Market Disruption and Extraordinary Events
    From time to time, unexpected events may cause the calculation of
the Index and/or the operation of the Fund to be disrupted. These
events are expected to be relatively rare. Though expected to be rare,
there can be no guarantee these events will not occur. These events are
referred to as either ``Market Disruption Events'' or ``Extraordinary
Events'' depending largely on their significance and potential impact
to the Index and Fund. Market Disruption Events and Extraordinary
Events include disruptions in the trading of Gold or the Reference
Currencies, delays or disruptions in the publication of the LBMA Gold
Price or the Spot Rate and unusual market or other events. For example,
market conditions or other events which result in a material limitation
in, or a suspension of, the trading of physical Gold generally would be
considered Market Disruption Events, as would material disruptions or
delays in the determination or publication of the LBMA Gold Price PM.
Similarly, market conditions which prevent, restrict or delay the Gold
Delivery Provider's ability to convert a Reference Currency to U.S.
dollars or deliver a Reference Currency through customary channels
generally would be considered Market Disruption Events, as would
material disruptions or delays in the determination or publication of
the Spot Rate. The occurrence of a Market Disruption Event for five
consecutive Business Days generally would be considered an
Extraordinary Event for the Index and Fund.
Consequences of a Market Disruption or Extraordinary Event
    On any Business Day in which a Market Disruption Event or
Extraordinary Event has occurred or is continuing, the Index Provider
generally will not calculate the Index and the Gold Delivery Provider
generally will not calculate the Net FX PnL of the Fund or the Gold
Delivery Amount. As a result, on these days the Fund may temporarily
suspend the acceptance of orders to create or redeem Creation Units of
Fund Shares and the Gold Delivery Provider generally will not deliver
Gold ounces equal in value to the Gold Delivery Amount to or from the
Fund. In addition, the Fund may use alternate pricing sources to
calculate NAV during the occurrence of any Market Disruption or
Extraordinary event.\26\
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    \26\ The Exchange may suspend trading in the Shares in the event
the Sponsor suspends the right of redemptions.
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The London Gold Bullion Market
    Although the market for physical gold is global, most over-the-
counter, or ``OTC'', trades are cleared through London. In addition to
coordinating market activities, the LBMA acts as the principal point of
contact between the market and its regulators. A primary function of
the LBMA is its involvement in the promotion of refining standards by
maintenance of the ``London Good Delivery Lists,'' which are the lists
of LBMA accredited melters and assayers of gold. The LBMA also
coordinates market clearing and vaulting, promotes good trading
practices and develops standard documentation.
    The term ``loco London'' refers to gold bars physically held in
London that

meet the specifications for weight, dimensions, fineness (or purity),
identifying marks (including the assay stamp of a LBMA acceptable
refiner) and appearance set forth in ``The Good Delivery Rules for Gold
and Silver Bars'' published by the LBMA. Gold bars meeting these
requirements are known as ``London Good Delivery Bars.'' All of the
gold held by the Fund will be London Good Delivery Bars meeting the
specifications for weight, dimensions, fineness (or purity),
identifying marks and appearance of gold bars as set forth in ``The
Good Delivery Rules for Gold and Silver Bars'' published by the LBMA.
    The unit of trade in London is the troy ounce, whose conversion
between grams is: 1,000 grams = 32.1507465 troy ounces and 1 troy ounce
= 31.1034768 grams. A London Good Delivery Bar is acceptable for
delivery in settlement of a transaction on the OTC market. Typically
referred to as 400-ounce bars, a London Good Delivery Bar must contain
between 350 and 430 fine troy ounces of gold, with a minimum fineness
(or purity) of 995 parts per 1,000 (99.5%), be of good appearance and
be easy to handle and stack. The fine gold content of a gold bar is
calculated by multiplying the gross weight of the bar (expressed in
units of 0.025 troy ounces) by the fineness of the bar.
The LBMA Gold Price
    IBA hosts a physically settled, electronic and tradeable auction
process that provides a market-based platform for buyers and sellers to
trade physical spot Gold. The final auction price is used and published
to the market as the ``LBMA Gold Price benchmark.'' The LBMA Gold Price
is set twice daily at 10:30 a.m., London time and 3:00 p.m., London
time in three currencies: U.S. dollars, euro and British pounds. The
LBMA Gold Price is a widely used benchmark for the physical spot price
of Gold and is quoted by various financial information sources.
    Participants in the IBA auction process submit anonymous bids and
offers which are published on screen and in real-time. Throughout the
auction process, aggregated Gold bids and offers are updated in real-
time with the imbalance calculated and the price updated every 45
seconds until the buy and sell orders are matched. When the net volume
of all participants falls within a pre-determined tolerance the auction
is deemed complete and the applicable LBMA Gold Price is published.
Information about the auction process (such as aggregated bid and offer
volumes) will be immediately available after the auction on the IBA's
Web site.
    The LBMA Gold Price replaced the widely used ``London Gold Fix'' as
of March 20, 2015.
The Gold Futures Markets
    Although the Fund will not invest in gold futures information about
the gold futures market is relevant as such markets contribute to, and
provide evidence of, the liquidity of the overall market for Gold.
    The most significant gold futures exchange is COMEX, part of the
CME Group, Inc., which began to offer trading in gold futures contracts
in 1974. TOCOM (Tokyo Commodity Exchange) is another significant
futures exchange and has been trading gold since 1982. Trading on these
exchanges is based on fixed delivery dates and transaction sizes for
the futures and options contracts traded. Trading costs are negotiable.
As a matter of practice, only a small percentage of the futures market
turnover ever comes to physical delivery of the gold represented by the
contracts traded. Both exchanges permit trading on margin. Both COMEX
and TOCOM operate through a central clearance system and in each case,
the clearing organization acts as a counterparty for each member for
clearing purposes. Gold futures contracts also are traded on the
Shanghai Gold Exchange and the Shanghai Futures Exchange.
    The global gold markets are overseen and regulated by both
governmental and self-regulatory organizations. In addition, certain
trade associations have established rules and protocols for market
practices and participants.
Net Asset Value
    The Administrator will determine the NAV of Shares of the Fund each
Business Day, unless there is a Market Disruption Event or
Extraordinary Event. The NAV of Shares of the Fund is the aggregate
value of the Fund's assets (which include gold payable, but not yet
delivered, to the Fund) less its liabilities (which include accrued but
unpaid fees and expenses). The NAV of the Fund will be calculated based
on the price of Gold per ounce applied against the number of ounces of
Gold owned by the Fund. The number of ounces of Gold held by the Fund
is adjusted up or down on a daily basis to reflect the U.S. dollar
value of currency gains or losses based on changes in the value of the
Reference Currencies against the U.S. dollar. The number of ounces of
Gold held by the Fund also reflects the amount of Gold delivered into
(or out of) the Fund on a daily basis by Authorized Participants (as
described below) creating and redeeming Shares. In determining the
Fund's NAV, the Administrator generally will value the Gold held by the
Fund based on the LBMA Gold Price PM for an ounce of Gold (though other
sources may be used if the LBMA Gold Price PM is delayed or
unavailable). Although the Fund will not hold the Reference Currencies,
the Gold Delivery Provider generally will value the Reference
Currencies based on the rates in effect as of the WMR FX Fixing Time,
which is generally at 4:00 p.m., London Time (though other prices may
be used if the 4:00 p.m. rate is delayed or unavailable). The
Administrator will also determine the NAV per Share, which equals the
NAV of the Fund, divided by the number of outstanding Shares. Unless
there is a Market Disruption Event or Extraordinary Event, NAV
generally will be calculated as of 4:00 p.m., London time.
Creation and Redemption of Shares
    The Fund expects to create and redeem Shares but only in Creation
Units (a Creation Unit equals a block of 25,000 Shares or more). The
creation and redemption of Creation Units requires the delivery to the
Fund (or the distribution by the Fund in the case of redemptions) of
the amount of Gold and any cash, if any, represented by the Creation
Units being created or redeemed. The total amount of Gold and cash, if
any, required for the creation of Creation Units will be based on the
combined NAV of the number of Creation Units being created or redeemed.
The initial amount of Gold required for deposit with the Fund to create
Shares is 10,000 ounces per Creation Unit. The number of ounces of Gold
required to create a Creation Unit or to be delivered upon redemption
of a Creation Unit will gradually decrease over time. This is because
the Shares comprising a Creation Unit will represent a decreasing
amount of Gold due to the sale of the Fund's Gold to pay the expenses.
Creation Units may be created or redeemed only by ``Authorized
Participants'' (as described below), who may be required to pay a
transaction fee for each order to create or redeem Creation Units as
will be set forth in the Registration Statement. Authorized
Participants may sell to other investors all or part of the Shares
included in the Creation Units they purchase from the Fund.
Creation Procedures--Authorized Participants
    Authorized Participants are the only persons that may place orders
to create

and redeem Creation Units. To become an Authorized Participant, a
person must enter into a Participant Agreement. All Gold bullion must
be delivered to the Fund and distributed by the Fund in unallocated
form through credits and debits between an Authorized Participant's
unallocated account (``Authorized Participant Unallocated Account'')
and the Fund's unallocated account (``Fund Unallocated Account'')
(except for Gold delivered to or from the Gold Delivery Provider
pursuant to the Gold Delivery Agreement). All Gold bullion must be of
at least a minimum fineness (or purity) of 995 parts per 1,000 (99.5%)
and otherwise conform to the rules, regulations practices and customs
of the LBMA, including the specifications for a London Good Delivery
Bar.
    On any Business Day, an Authorized Participant may place an order
with the Fund to create one or more Creation Units. Purchase orders
must be placed by 10:00 a.m., Eastern time (``E.T.'') or the close of
regular trading on NYSE Arca, whichever is earlier. The day on which
the Fund receives a valid purchase order is the purchase order date. By
placing a purchase order, an Authorized Participant agrees to deposit
Gold with the Fund, or a combination of Gold and cash, if any, as
described below.\27\ Prior to the delivery of Creation Units for a
purchase order, the Authorized Participant must also have wired to the
Fund the non-refundable transaction fee due for the purchase order.
---------------------------------------------------------------------------

    \27\ The Sponsor anticipates that in the ordinary course of the
Fund's operations cash generally will not be part of any Creation
Unit.
---------------------------------------------------------------------------

    The total deposit of Gold (and cash, if any) required to create
each Creation Unit is referred to as the ``Creation Unit Gold Delivery
Amount.'' The Creation Unit Gold Delivery Amount is the number of
ounces of Gold required to be delivered to the Fund by an Authorized
Participant in connection with a creation order for a single Creation
Unit.\28\ The Creation Unit Gold Delivery Amount will be determined on
the Business Day following the date such creation order is accepted. It
is calculated by multiplying the number of Shares in a Creation Unit by
the number of ounces of Gold (at the LBMA Gold Price PM) associated
with Fund Shares on the Business Day the creation order is accepted. In
addition, because the Gold Delivery Amount for the Fund does not
reflect creation order transactions (see the section herein entitled
``The Gold Delivery Agreement''), the Creation Unit Gold Delivery
Amount is required to reflect the Gold Delivery Amount associated with
such creation order. This amount is determined on the Business Day
following the date such creation order is accepted. Finally, because
the additional Gold submitted in connection with the creation order
will increase the amount of Gold subject to the Gold Delivery
Agreement, the Creation Unit Gold Delivery Amount reflects the notional
cost to the Gold Delivery Provider of resizing (i.e., increasing) its
Gold positions so that it can fulfill its obligations under the Gold
Delivery Agreement.
---------------------------------------------------------------------------

    \28\ The ``Creation Unit Gold Delivery Amount'' is also used to
refer to the number of ounces of Gold to be paid by the Fund to an
Authorized Participant in connection with the redemption of a
Creation Unit. See ``Redemption Procedures--Authorized
Participants'' herein.
---------------------------------------------------------------------------

    An Authorized Participant who places a purchase order is
responsible for crediting its Authorized Participant Unallocated
Account with the required Gold deposit amount by the end of the second
Business Day in London following the purchase order date. Upon receipt
of the Gold deposit amount, the Custodian, after receiving appropriate
instructions from the Authorized Participant and the Fund, will
transfer on the third Business Day following the purchase order date
the Gold deposit amount from the Authorized Participant Unallocated
Account to the Fund Unallocated Account and the Administrator will
direct the Depository Trust Company (``DTC'') to credit the number of
Creation Units ordered to the Authorized Participant's DTC account. The
expense and risk of delivery, ownership and safekeeping of Gold until
such Gold has been received by the Fund will be borne solely by the
Authorized Participant. If Gold is to be delivered other than as
described above, the Sponsor is authorized to establish such procedures
and to appoint such custodians and establish such custody accounts as
the Sponsor determines to be desirable.
    Acting on standing instructions given by the Fund, the Custodian
will transfer the Gold deposit amount from the Fund Unallocated Account
to the Fund's allocated account by allocating to the allocated account
specific bars of Gold from unallocated bars which the Custodian holds
or instructing a subcustodian to allocate specific bars of Gold from
unallocated bars held by or for the subcustodian. The Gold bars in an
allocated Gold account are specific to that account and are identified
by a list which shows, for each Gold bar, the refiner, assay or
fineness, serial number and gross and fine weight. Gold held in the
Fund's allocated account is the property of the Fund and is not traded,
leased or loaned under any circumstances.
    The Custodian will use commercially reasonable efforts to complete
the transfer of Gold to the Fund's allocated account prior to the time
by which the Administrator is to credit the Creation Unit to the
Authorized Participant's DTC account; if, however, such transfers have
not been completed by such time, the number of Creation Units ordered
will be delivered against receipt of the Gold deposit amount in the
Fund's unallocated account, and all Shareholders will be exposed to the
risks of unallocated Gold to the extent of that Gold deposit amount
until the Custodian completes the allocation process.
Redemption Procedures--Authorized Participants
    The procedures by which an Authorized Participant can redeem one or
more Creation Units mirror the procedures for the creation of Creation
Units. On any Business Day, an Authorized Participant may place an
order with the Fund to redeem one or more Creation Units. Redemption
orders must be placed by 10:00 a.m. or the close of regular trading on
NYSE Arca, whichever is earlier. A redemption order so received is
effective on the date it is received in satisfactory form by the Fund.
An Authorized Participant may be required to pay a transaction fee per
order to create or redeem Creation Units as will be set forth in the
Registration Statement.
    The redemption distribution from the Fund consists of a credit in
the amount of the Creation Unit Gold Delivery Amount to the Authorized
Participant Unallocated Account of the redeeming Authorized
Participant. The Creation Unit Delivery Amount for redemptions is the
number of ounces of Gold held by the Fund associated with the Shares
being redeemed plus, or minus, the cash redemption amount (if any). The
Sponsor anticipates that in the ordinary course of the Fund's
operations there will be no cash distributions made to Authorized
Participants upon redemptions. In addition, because the Gold to be paid
out in connection with the redemption order will decrease the amount of
Gold subject to the Gold Delivery Agreement, the Creation Unit Gold
Delivery Amount reflects the cost to the Gold Delivery Provider of
resizing (i.e., decreasing) its positions so that it can fulfill its
obligations under the Gold Delivery Agreement.
    The redemption distribution due from the Fund is delivered to the
Authorized Participant on the third Business Day following the
redemption order date if,

by 9:00 a.m., E.T. on such third Business Day, the Fund's DTC account
has been credited with the Creation Units to be redeemed. If the
Administrator's DTC account has not been credited with all of the
Creation Units to be redeemed by such time, the redemption distribution
is delivered to the extent of whole Creation Units received. Any
remainder of the redemption distribution is delivered on the next
Business Day to the extent of remaining whole Creation Units received
if the Administrator receives the fee applicable to the extension of
the redemption distribution date which the Administrator may, from time
to time, determine and the remaining Creation Units to be redeemed are
credited to the Administrator's DTC account by 9:00 a.m., E.T. on such
next Business Day. Any further outstanding amount of the redemption
order will be cancelled. The Administrator is also authorized to
deliver the redemption distribution notwithstanding that the Creation
Units to be redeemed are not credited to the Administrator's DTC
account by 9:00 a.m., Eastern time (``E.T.'') on the third Business Day
following the redemption order date if the Authorized Participant has
collateralized its obligation to deliver the Creation Units through
DTC's book entry system on such terms as the Sponsor and the
Administrator may from time to time agree upon.
    The Custodian transfers the redemption Gold amount from the Fund's
allocated account to the Fund's unallocated account and, thereafter, to
the redeeming Authorized Participant's Authorized Participant
Unallocated Account.
    The Fund may, in its discretion, suspend the right of redemption,
or postpone the redemption settlement date for: (1) Any period during
which NYSE Arca is closed other than customary weekend or holiday
closings, or trading on NYSE Arca is suspended or restricted; (2) any
period during which an emergency exists as a result of which delivery,
disposal or evaluation of Gold is not reasonably practicable; or (3)
such other period as the Fund or Sponsor determines to be necessary for
the protection of the Shareholders.
    The Fund will reject a redemption order if (i) the order is not in
proper form as described in the Participant Agreement, (ii) the
fulfillment of the order, in the opinion of its counsel, might be
unlawful, (iii) the order would have adverse tax consequences to the
Fund or its Shareholders or (iv) circumstances outside the control of
the Administrator, the Sponsor or the Custodian make the redemption,
for all practical purposes, not feasible to process.
Secondary Market Trading
    While the Fund's investment objective is for the Shares to reflect
the performance of Gold bullion in terms of the Reference Currencies
reflected in the Index, less the expenses of the Fund, the Shares may
trade in the secondary market at prices that are lower or higher
relative to their NAV per Share. The amount of the discount or premium
in the trading price relative to the NAV per Share may be influenced by
non-concurrent trading hours between the NYSE Arca and the COMEX,
London, Zurich and Singapore. While the Shares will trade on NYSE Arca
until 8:00 p.m., E.T., liquidity in the global gold market will be
reduced after the close of the COMEX at 1:30 p.m., E.T. As a result,
during this time, trading spreads, and the resulting premium or
discount, on the Shares may widen.
Fund Expenses
    The Sponsor will receive an annual fee equal to 0.50% of the daily
NAV of the Fund. In return the Sponsor will be responsible for the
payment of the ordinary fees and expenses of the Fund, including the
Administrator's fee, the Custodian's fee, the Gold Delivery Provider's
fee, and the Index Provider's fee. This will be the case regardless of
whether the ordinary expenses of the Fund exceed 0.50% of the daily NAV
of the Fund. The Sponsor's fee is expected to be the only ordinary
recurring expense of the Fund.
Availability of Information Regarding Gold and Reference Currency
Prices
    Currently, the Consolidated Tape Plan does not provide for
dissemination of the spot price of a commodity, such as gold, or the
spot price of the Reference Currencies, over the Consolidated Tape.
However, there will be disseminated over the Consolidated Tape the last
sale price for the Shares, as is the case for all equity securities
traded on the Exchange (including exchange-traded funds). In addition,
there is a considerable amount of information about gold and currency
prices and gold and currency markets available on public Web sites and
through professional and subscription services.
    Investors may obtain on a 24-hour basis gold pricing information
based on the spot price for an ounce of Gold and pricing information
for the Reference Currencies from various financial information service
providers, such as Reuters and Bloomberg.
    Reuters and Bloomberg, for example, provide at no charge on their
Web sites delayed information regarding the spot price of Gold and last
sale prices of Gold futures, as well as information about news and
developments in the gold market. Reuters and Bloomberg also offer a
professional service to subscribers for a fee that provides information
on Gold prices directly from market participants. Complete real-time
data for Gold futures and options prices traded on the COMEX are
available by subscription from Reuters and Bloomberg. There are a
variety of other public Web sites providing information on gold,
ranging from those specializing in precious metals to sites maintained
by major newspapers. In addition, the LBMA Gold Price is publicly
available at no charge at www.lbma.org.uk.
    In addition, Reuters and Bloomberg, for example, provide at no
charge on their Web sites delayed information regarding the spot price
of each Reference Currency, as well as information about news and
developments in the currency markets. Reuters and Bloomberg also offer
a professional service to subscribers for a fee that provides
information on currency transactions directly from market participants.
Complete real-time data for currency transactions are available by
subscription from Reuters and Bloomberg. There are a variety of other
public Web sites providing information about the Reference Currencies
and currency transactions, ranging from those specializing in currency
trading to sites maintained by major newspapers.
Availability of Information
    The Fund Web site will provide an intraday indicative value
(``IIV'') per share for the Shares updated every 15 seconds, as
calculated by the Exchange or a third party financial data provider
during the Exchange's Core Trading Session (9:30 a.m. to 4:00 p.m.,
E.T. The IIV will be calculated based on the amount of Gold required
for creations and redemptions and (i) a price of Gold derived from
updated bids and offers indicative of the spot price of Gold, and (ii)
intra-day exchange rates for each Reference Currency against the U.S.
dollar.\29\ The Fund Web site will also provide the Creation Basket
Deposit and the NAV of the Fund as calculated each Business Day by the
Sponsor.
---------------------------------------------------------------------------

    \29\ The IIV on a per Share basis disseminated during the Core
Trading Session should not be viewed as a real-time update of the
NAV, which is calculated once a day.
---------------------------------------------------------------------------

    In addition, the Web site for the Fund will contain the following
information, on a per Share basis, for the Fund: (a)

The mid-point of the bid-ask price \30\ at the close of trading in
relation to the NAV as of the time the NAV is calculated (``Bid/Ask
Price''), and a calculation of the premium or discount of such price
against such NAV; and (b) data in chart format displaying the frequency
distribution of discounts and premiums of the Bid/Ask Price against the
NAV, within appropriate ranges, for each of the four previous calendar
quarters. The Web site for the Fund will also provide the Fund's
prospectus, as well as the two most recent reports to stockholders.
Finally, the Fund Web site will provide the last sale price of the
Shares as traded in the U.S. market. In addition, the Exchange will
make available over the Consolidated Tape quotation information,
trading volume, closing prices and NAV for the Shares from the previous
day. The LBMA Gold Price is publicly available at no charge at
www.lbma.org.uk. The Index value will be calculated daily using the
daily LBMA Gold Price PM and the Spot Rate as of 4:00 p.m., London
time. The Index value will be available from major market data vendors.
The FX PnL per Ounce, the Net FX PnL Amount, and the Gold Delivery
Amount will be available from the Fund's Web site.
---------------------------------------------------------------------------

    \30\ The bid-ask price of the Trust is determined using the
highest bid and lowest offer on the Consolidated Tape as of the time
of calculation of the closing day NAV.
---------------------------------------------------------------------------

Criteria for Initial and Continued Listing
    The Fund will be subject to the criteria in NYSE Arca Equities Rule
8.201(e) for initial and continued listing of the Shares.
    A minimum of 100,000 Shares will be required to be outstanding at
the start of trading. The minimum number of shares required to be
outstanding is comparable to requirements that have been applied to
previously listed shares of the Sprott Physical Gold Trust, ETFS
Trusts, streetTRACKS Gold Trust, the iShares COMEX Gold Trust, and the
iShares Silver Trust. The Exchange believes that the anticipated
minimum number of Shares outstanding at the start of trading is
sufficient to provide adequate market liquidity.
Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Fund subject to the Exchange's existing rules
governing the trading of equity securities. Trading in the Shares on
the Exchange will occur in accordance with NYSE Arca Equities Rule
7.34(a). The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions. As provided in NYSE Arca
Equities Rule 7.6, Commentary .03, the minimum price variation
(``MPV'') for quoting and entry of orders in equity securities traded
on the NYSE Arca Marketplace is $0.01, with the exception of securities
that are priced less than $1.00 for which the MPV for order entry is
$0.0001.
    Further, NYSE Arca Equities Rule 8.201 sets forth certain
restrictions on ETP Holders acting as registered Market Makers in the
Shares to facilitate surveillance. Pursuant to NYSE Arca Equities Rule
8.201(g), an ETP Holder acting as a registered Market Maker in the
Shares is required to provide the Exchange with information relating to
its trading in the underlying gold, related futures or options on
futures, or any other related derivatives. Commentary .04 of NYSE Arca
Equities Rule 6.3 requires an ETP Holder acting as a registered Market
Maker, and its affiliates, in the Shares to establish, maintain and
enforce written policies and procedures reasonably designed to prevent
the misuse of any material nonpublic information with respect to such
products, any components of the related products, any physical asset or
commodity underlying the product, applicable currencies, underlying
indexes, related futures or options on futures, and any related
derivative instruments (including the Shares).
    As a general matter, the Exchange has regulatory jurisdiction over
its ETP Holders and their associated persons, which include any person
or entity controlling an ETP Holder. A subsidiary or affiliate of an
ETP Holder that does business only in commodities or futures contracts
would not be subject to Exchange jurisdiction, but the Exchange could
obtain information regarding the activities of such subsidiary or
affiliate through surveillance sharing agreements with regulatory
organizations of which such subsidiary or affiliate is a member.
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares. Trading on the Exchange in the Shares may be
halted because of market conditions or for reasons that, in the view of
the Exchange, make trading in the Shares inadvisable. These may
include: (1) The extent to which conditions in the underlying gold
market have caused disruptions and/or lack of trading, or (2) whether
other unusual conditions or circumstances detrimental to the
maintenance of a fair and orderly market are present. In addition,
trading in Shares will be subject to trading halts caused by
extraordinary market volatility pursuant to the Exchange's ``circuit
breaker'' rule.\31\ The Exchange will halt trading in the Shares if the
NAV of the Trust is not calculated or disseminated daily. The Exchange
may halt trading during the day in which an interruption occurs to the
dissemination of the IIV, as described above. If the interruption to
the dissemination of the IIV persists past the trading day in which it
occurs, the Exchange will halt trading no later than the beginning of
the trading day following the interruption.
---------------------------------------------------------------------------

    \31\ See NYSE Arca Equities Rule 7.12.
---------------------------------------------------------------------------

Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading 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.\32\ 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. 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.
---------------------------------------------------------------------------

    \32\ FINRA surveils trading on the Exchange pursuant to a
regulatory services agreement. The Exchange is responsible for
FINRA's performance under this regulatory services agreement.
---------------------------------------------------------------------------

    FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares with other markets and other entities
that are members of the ISG, and FINRA, on behalf of the Exchange, may
obtain trading information regarding trading in the Shares from such
markets and other entities. In addition, the Exchange may obtain
information regarding trading in the Shares from markets and other
entities that are members of ISG or with which the Exchange has in
place a comprehensive surveillance sharing agreement.\33\
---------------------------------------------------------------------------

    \33\ For a list of the current members of ISG, see
www.isgportal.org.
---------------------------------------------------------------------------

    Also, pursuant to NYSE Arca Equities Rule 8.201(g), the Exchange is
able to obtain information regarding trading in the Shares and the
underlying gold, gold futures contracts, options on gold futures, or
any other gold derivative, through ETP Holders acting as

registered Market Makers, in connection with such ETP Holders'
proprietary or customer trades through ETP Holders which they effect on
any relevant market. In addition, the Exchange also has a general
policy prohibiting the distribution of material, non-public information
by its employees.
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin of the special characteristics
and risks associated with trading the Shares. Specifically, the
Information Bulletin will discuss the following: (1) The procedures for
purchases and redemptions of Shares in Baskets (including noting that
Shares are not individually redeemable); (2) NYSE Arca Equities Rule
9.2(a), which imposes a duty of due diligence on its ETP Holders to
learn the essential facts relating to every customer prior to trading
the Shares; (3) how information regarding the IIV is disseminated; (4)
the requirement that ETP Holders deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; (5) the possibility that trading spreads
and the resulting premium or discount on the Shares may widen as a
result of reduced liquidity of gold trading during the Core and Late
Trading Sessions after the close of the major world gold markets; and
(6) trading information. For example, the Information Bulletin will
advise ETP Holders, prior to the commencement of trading, of the
prospectus delivery requirements applicable to the Fund. The Exchange
notes that investors purchasing Shares directly from the Fund (by
delivery of the Creation Basket Deposit) will receive a prospectus. ETP
Holders purchasing Shares from the Fund for resale to investors will
deliver a prospectus to such investors.
    In addition, the Information Bulletin will reference that the Fund
is subject to various fees and expenses as will be described in the
Registration Statement. The Information Bulletin will also reference
the fact that there is no regulated source of last sale information
regarding physical gold, that the Commission has no jurisdiction over
the trading of gold as a physical commodity, and that the CFTC has
regulatory jurisdiction over the trading of gold futures contracts and
options on gold futures contracts.
    The Information Bulletin will also discuss any relief, if granted,
by the Commission or the staff from any rules under the Act.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under section 6(b)(5) \34\ 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.
---------------------------------------------------------------------------

    \34\ 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
8.201. The Exchange has in place surveillance procedures that are
adequate to properly monitor trading in the Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. The Exchange may obtain information
via ISG from other exchanges that are members of ISG or with which the
Exchange has entered into a comprehensive surveillance sharing
agreement.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that there is a considerable amount of gold price and gold market
information available on public Web sites and through professional and
subscription services. Investors may obtain on a 24-hour basis gold
pricing information based on the spot price for an ounce of gold from
various financial information service providers. Investors may obtain
gold pricing information based on the spot price for an ounce of gold
from various financial information service providers. Current spot
prices also are generally available with bid/ask spreads from gold
bullion dealers. In addition, the Fund's Web site will provide pricing
information for gold spot prices and the Shares. Market prices for the
Shares will be available from a variety of sources including brokerage
firms, information Web sites and other information service providers.
The NAV of the Fund will be published by the Sponsor on each day that
the NYSE Arca is open for regular trading and will be posted on the
Fund's Web site. The IIV relating to the Shares will be widely
disseminated by one or more major market data vendors at least every 15
seconds during the Core Trading Session. In addition, the LBMA Gold
Price is publicly available at no charge at www.lbma.org.uk. The Fund's
Web site will also provide the Fund's prospectus, as well as the two
most recent reports to stockholders. In addition, the Exchange will
make available over the Consolidated Tape quotation information,
trading volume, closing prices and NAV for the Shares from the previous
day.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of exchange-traded product that will enhance
competition among market participants, to the benefit of investors and
the marketplace. As noted above, the Exchange has in place surveillance
procedures relating to trading in the Shares and may obtain information
via ISG from other exchanges that are members of ISG or with which the
Exchange has entered into a comprehensive surveillance sharing
agreement. In addition, as noted above, investors will have ready
access to information regarding gold pricing.

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

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

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

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

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) by order approve or disapprove 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-2015-76 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-2015-76. 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 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-NYSEArca-2015-76, and should
be submitted on or before October 7, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\35\
---------------------------------------------------------------------------

    \35\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-23284 Filed 9-15-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: March 27, 2006 (Volume 71, Number 58)]
[Notices]
[Page 15237-15238]
[DOCID:fr27mr06-102]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53503; SR-DTC-2006-01]

Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to the Participant Exchange System

March 16, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on January 19, 2006, The
Depository Trust Company (``DTC'') 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
primarily by DTC. 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).
---------------------------------------------------------------------------

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

    Under the proposed rule change, DTC will disable its Participant
Exchange (``PEX'') buy-in functionality for the National Securities
Clearing Corporation's (``NSCC'') Continuous Net Settlement (``CNS'')
buy-ins on or about February 10, 2006.

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

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

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

    Between 2003 and 2005, DTC made several rule filings to establish
and enhance its SMART/Track service.\2\ In rule filing SR-DTC-2005-19,
DTC added the SMART/Track for Buy-Ins service that provides automated
communication, warehousing, and tracking of various types of buy-in
related notices.\3\ As part of that filing, DTC announced that the
SMART/Track for Buy-Ins service would replace the buy-in functionality
of DTC's PEX platform.
    Under this proposed rule change, DTC will disable the PEX
functionality for NSCC's CNS buy-ins on or about February 10, 2006.\4\
Accordingly, DTC participants and NSCC CNS users must register for the
SMART/Track for Buy-Ins service. DTC has been assisting its
participants and CNS users in this regard.
---------------------------------------------------------------------------

    \2\ Securities Exchange Act Release Nos. 50029 (July 15, 2004),
69 FR 43870 (July 22, 2004) (Universal Hub, Stock Loan notification
service); 50887 (Dec. 20, 2004), 69 FR 77802 (Dec. 28, 2004)
(Corporate Action Liability Notification Service); 52104 (July 21,
2005), 70 FR 43730 (July 28, 2005) (SMART/Track for Agency Lending
Disclosure); and 53032 (Dec. 28, 2005), 71 FR 1457 (Jan. 9, 2006)
(SMART/Track for Buy-Ins) [SR-DTC-2005-19].
    \3\ Securities Exchange Act Release No. 53032 supra note 2.
    \4\ DTC and NSCC have notified their respective participants of
this action. DTC Important Notice B9049-06 (Jan. 19, 2006)
available online at http://www.dtc.org/impNtc/ope/ope_9049-06.pdf;

NSCC Important Notice A6189 (Jan. 19, 2006), available
online at http://www.nscc.com/impnot/notices/notice2006/a6189.pdf.

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

    The PEX buy-in functionality for buy-ins other than NSCC CNS buy-
ins (i.e. NYSE, AMEX, NASD, and NSCC Balance Order buy-ins) and for
Municipal Securities Rulemaking Board closeouts will remain active
until the final phase of SMART/Track for Buy-Ins is implemented, which
is currently anticipated to happen in June 2006. When that happens, all
PEX buy-in functionality will be disabled pursuant to a rule filing
that DTC will file at that time.\5\ DTC and NSCC will notify their
participants of the exact date of such termination through Important
Notices.
---------------------------------------------------------------------------

    \5\ PEX will remain a DTC service for other functions not
related to buy-ins.
---------------------------------------------------------------------------

    DTC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \6\ and the rules and
regulations thereunder because it is consistent with DTC's obligation
to safeguard securities and funds in its custody or control.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

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

    DTC does not believe that the proposed rule change will have any
impact or impose any burden on competition.

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

    DTC has not solicited or received written comments relating to the
proposed rule change. DTC will notify the Commission of any written
comments it receives.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(iii) \7\ of the Act and Rule 19b-4(f)(4) \8\ thereunder
because it effects a change in an existing service of DTC that does not
adversely affect the safeguarding of securities or funds in DTC's
control or for which DTC is responsible and does not significantly
affect DTC's or its participants' respective rights or obligations. 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.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \8\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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 No. SR-DTC-2006-01 on the subject line.

Paper Comments

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

All submissions should refer to File No. SR-DTC-2006-01. 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 Section, 100 F Street, NE.,
Washington, DC 20549. Copies of such filing also will be available for
inspection and copying at DTC's principal office and on DTC's Web site
at <http://www.dtc.org/impNtc/mor/index.html. 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 No. SR-DTC-2006-01 and should be
submitted on or before April 17, 2006.
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
Nancy M. Morris,
Secretary.
[FR Doc. E6-4345 Filed 3-24-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 87, Number 129 (Thursday, July 7, 2022)]
[Rules and Regulations]
[Pages 40445-40446]
[FR Doc No: 2022-14453]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2022-0500]
RIN 1625-AA00

Safety Zone; Henderson Harbor, Henderson Harbor, NY

AGENCY: Coast Guard, Department of Homeland Security (DHS).

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary safety zone for
navigable waters within a 140-yard radius of a fireworks barge on
Henderson Harbor, Henderson Harbor, NY. The safety zone is necessary to
restrict usage by persons and vessels to protect personnel, vessels,
and the marine environment from potential hazards created by the
fireworks display. Entry of persons or vessels into this safety zone is
prohibited unless authorized by the Captain of the Port Buffalo or his
designated representative.

DATES: This rule is effective from 8:45 p.m. through 10 p.m. on July
30, 2022.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to https://www.regulations.gov, type USCG-
2022-0500 in the ``SEARCH'' box and click ``SEARCH.'' Next, in the
Document Type column, select ``Supporting & Related Material.''

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email LTJG William Kelley, Chief of Waterways Management Sector
Buffalo, U.S. Coast Guard; telephone<PHONE_NUMBER>, email [email protected].

SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
Sec.  Section
U.S.C. United States Code

II. Background Information and Regulatory History

    The Coast Guard is issuing this temporary rule without prior notice
and opportunity to comment pursuant to authority under section 4(a) of
the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because doing so would be impracticable. This
safety zone must be established by July 30, 2022, in order to protect
the public and vessels from the hazards associated with a fireworks
display with an expected fall-out area over the water.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this rule effective less than 30 days after
publication in the Federal Register. Delaying the effective date would
be contrary to the rule's objectives of protecting the public and
vessels on the navigable waters in the vicinity of the fireworks
display.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority in 46 U.S.C.
70034 (previously 33 U.S.C. 1231). The Captain of the Port Buffalo
(COTP) has determined that potential hazards associated with the
fireworks display occurring on July 30, 2022 will be a safety concern
for anyone within a 140-yard radius of the barge. This rule is
necessary to protect personnel, vessels, and the marine environment in
the navigable waters within a 140-yard radius of the fireworks barge
before, during, and immediately after the scheduled event.

IV. Discussion of the Rule

    This rule establishes a safety zone from 8:45 p.m. through 10 p.m.
on July 30, 2022. The safety zone will cover all navigable waters
within 140 yards of a barge in Henderson Harbor located approximately
1,100 yards north of the town boat ramp located on the southern shore
of Henderson Harbor in Henderson Harbor, NY. The duration of the zone
is intended to protect personnel, vessels, and the marine environment
in these navigable waters before, during, and after the scheduled
fireworks display. No vessel or person will be permitted to enter the
safety zone without obtaining permission from the COTP Buffalo or his
designated representative.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive orders, and we
discuss First Amendment rights of protestors.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. This rule has not been designated a ``significant
regulatory action,'' under Executive Order 12866. Accordingly, this
rule has not been reviewed by the Office of Management and Budget
(OMB).
    This regulatory action determination is based on the size,
location, duration, and time-of-day of the safety zone. Vessel traffic
will be able to safely transit around this safety zone which would
impact a small designated area of Henderson Harbor for less than 2
hours during the evening when vessel traffic is normally low. Moreover,
the Coast Guard would issue a Broadcast Notice to Mariners via VHF-FM
marine channel 16 about the safety zone, and the rule would allow
vessels to seek permission to enter the safety zone.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as
amended, requires Federal agencies to consider the potential impact of
regulations on

small entities during rulemaking. The term ``small entities'' comprises
small businesses, not-for-profit organizations that are independently
owned and operated and are not dominant in their fields, and
governmental jurisdictions with populations of less than 50,000. The
Coast Guard certifies under 5 U.S.C. 605(b) that this rule will not
have a significant economic impact on a substantial number of small
entities.
    While some owners or operators of vessels intending to transit the
safety zone may be small entities, for the reasons stated in section
V.A above, this rule will not have a significant economic impact on any
vessel owner or operator.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
call or email the person listed in the FOR FURTHER INFORMATION CONTACT
section.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Governments

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the National Government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes.

E. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

F. Environment

    We have analyzed this rule under Department of Homeland Security
Directive 023-01, Rev. 1, associated implementing instructions, and
Environmental Planning COMDTINST 5090.1 (series), which guide the Coast
Guard in complying with the National Environmental Policy Act of 1969
(42 U.S.C. 4321-4370f), and have determined that this action is one of
a category of actions that do not individually or cumulatively have a
significant effect on the human environment. This rule involves a
safety zone lasting only 1 hour and 15 minutes that will prohibit entry
within 140 yards of a fireworks barge. It is categorically excluded
from further review under paragraph L60(a) of Appendix A, Table 1 of
DHS Instruction Manual 023-01-001-01, Rev. 1. A Record of Environmental
Consideration (REC) supporting this determination is available in the
docket. For instructions on locating the docket, see the ADDRESSES
section of this preamble.

G. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to call or email the person listed in the FOR
FURTHER INFORMATION CONTACT section to coordinate protest activities so
that your message can be received without jeopardizing the safety or
security of people, places or vessels.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority:  46 U.S.C. 70034, 70051; 33 CFR 1.05-1, 6.04-1, 6.04-
6, and 160.5; Department of Homeland Security Delegation No.
00170.1, Revision No. 01.2.

0
2. Add Sec.  165.T09-0500 to read as follows:

Sec.  165.T09-0500   Safety Zone; Henderson Harbor, Henderson Harbor,
NY.

    (a) Location. The following area is a safety zone: All waters of
Henderson Harbor, from surface to bottom, encompassing a 140 yard
radius of position 43[deg]51'33'' N, 076[deg]12'24'' W. These
coordinates are based on World Geodetic System 84 (WGS 84).
    (b) Definitions. As used in this section, designated representative
means a Coast Guard Patrol Commander, including a Coast Guard coxswain,
petty officer, or other officer operating a Coast Guard vessel and a
Federal, State, and local officer designated by or assisting the
Captain of the Port Buffalo (COTP) in the enforcement of the safety
zone.
    (c) Regulations. (1) Under the general safety zone regulations in
subpart C of this part, you may not enter the safety zone described in
paragraph (a) of this section unless authorized by the COTP Buffalo or
his designated representative.
    (2) To seek permission to enter, contact the COTP Buffalo or his
designated representative by telephone at<PHONE_NUMBER>. Those in the
safety zone must comply with all lawful orders or directions given to
them by the COTP Buffalo or his designated representative.
    (d) Enforcement period. This safety zone will be enforced from 8:45
p.m. through 10 p.m. on July 30, 2022.

    Dated: June 29, 2022.
M.I. Kuperman,
Captain, U.S. Coast Guard, Captain of the Port Buffalo.
[FR Doc. 2022-14453 Filed 7-6-22; 8:45 am]
BILLING CODE 9110-04-P