[Federal Register Volume 80, Number 21 (Monday, February 2, 2015)]
[Notices]
[Page 5559]
[FR Doc No: 2015-01858]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2014-N-1497]

Toxicological Principles for the Safety Assessment of Food
Ingredients; Public Meeting on Updates and Safety and Risk Assessment
Considerations; Extension of Comment Period

AGENCY: Food and Drug Administration, HHS.

ACTION: Notification of public meeting; request for comments; extension
of comment period.

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SUMMARY: The Food and Drug Administration (FDA or we) is extending the
comment period for the notification of public meeting and request for
comments that appeared in the Federal Register of October 30, 2014. The
notification requested comments on certain topics related to our
guidance titled ``Toxicological Principles for the Safety Assessment of
Food Ingredients,'' known less formally as the ``Redbook''. We are
taking this action in response to requests for an extension to allow
interested persons additional time to submit comments.

DATES: FDA is extending the comment period on the notification of
public meeting and request for comments published October 30, 2014 (79
FR 64603). Submit either electronic or written comments by May 11,
2015.

ADDRESSES: You may submit comments by any of the following methods:

Electronic Submissions

    Submit electronic comments in the following way:
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.

Written Submissions

    Submit written submissions in the following ways:
     Mail/Hand delivery/Courier (for paper submissions):
Division of Dockets Management (HFA-305), Food and Drug Administration,
5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
    Instructions: All submissions received must include the Docket No.
(FDA-2014-N-1497) for this rulemaking. All comments received may be
posted without change to http://www.regulations.gov, including any
personal information provided. For additional information on submitting
comments, see the ``Request for Comments'' heading of the SUPPLEMENTARY
INFORMATION section of this document.
    Docket: For access to the docket to read background documents or
comments received, go to http://www.regulations.gov and insert the
docket number, found in brackets in the heading of this document, into
the ``Search'' box and follow the prompts and/or go to the Division of
Dockets Management, Food and Drug Administration, 5630 Fishers Lane,
Rm. 1061, Rockville, MD 20852.

FOR FURTHER INFORMATION CONTACT: Jeremiah Fasano, Center for Food
Safety and Applied Nutrition (HFS-255), Food and Drug Administration,
5100 Paint Branch Pkwy., College Park, MD 20740,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Background

    In the Federal Register of October 30, 2014 (79 FR 64603), we
published a notification of public meeting and requested comments on
certain topics related to the Redbook. The Redbook provides guidance to
industry and other stakeholders (e.g., academia and other regulatory
groups) regarding the information used by FDA's Center for Food Safety
and Applied Nutrition to evaluate the safety of food additives and
color additives. The Redbook is intended to help interested parties
understand FDA's expectations regarding:
     Determining the human exposure that will occur from the
use of the ingredient in foods;
     Determining which toxicity studies are appropriate;
     Designing, conducting, and reporting the results of
toxicity studies; and
     Submitting the information to FDA as part of a safety
assessment.
    Comments on the Redbook will inform our future efforts on what
should be included, changed, or even excluded from the updated Redbook.
We are interested in expanding the scope of the Redbook to emphasize
the principles of safety and risk assessment that are shared across
different regulatory contexts for foods and cosmetics, while still
providing specific guidance for applying these principles in particular
contexts such as the requirements for premarket safety submissions or
for risk assessments conducted on foods and cosmetics already on the
market.
    We have received a request for a 90-day extension of the comment
period for the notification of public meeting and request for comments.
The request conveyed-concern that the current 90-day comment period
(which would otherwise expire on February 9, 2015) does not allow
sufficient time to develop meaningful or thoughtful responses to the
notification of public meeting and request for comments.
    We have considered the request and are extending the comment period
for 90 days, until May 10, 2015. We believe that a 90-day extension
allows adequate time for interested persons to submit comments without
significantly delaying further action on these important issues.

II. Request for Comments

    Interested persons may submit either electronic comments regarding
this document to http://www.regulations.gov or written comments to the
Division of Dockets Management (see ADDRESSES). It is only necessary to
send one set of comments. Identify comments with the docket number
found in brackets in the heading of this document. Received comments
may be seen in the Division of Dockets Management between 9 a.m. and 4
p.m., Monday through Friday, and will be posted to the docket at http://www.regulations.gov.

    Dated: January 27, 2015.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2015-01858 Filed 1-30-15; 8:45 am]
BILLING CODE 4164-01-P


Response to Comments for EPA ICR Number 0107.12, OMB Control Number 2060-0096: Stationary Source Compliance and Enforcement Information Reporting (Renewal)

EPA published a Federal Register Notice (FRN), on June 7, 2018, to propose the renewal of its Information Collection Request pertaining to the reporting of Clean Air Act stationary source compliance and enforcement information from delegated agencies into EPA's Integrated Compliance Information System Air module (ICIS-Air).  In the FRN, EPA proposed no changes to the reporting requirements agreed to in the previous triennial ICR renewal cycle.

Summary of Comments Received on Violation Report Options

In the June 2018 FRN, EPA sought comment from delegated agencies and the public on possible changes to violation reporting based on a series of discussions between several States and EPA related to how compliance history is displayed within EPA's Enforcement and Compliance History Online (ECHO) website. These changes were discussed in a joint February 2018 ECOS-EPA paper that was included in the FRN docket.

EPA received five responses related to its request for comment on possible changes to violation reporting. Three state agencies, one local agency, and one state consortium commented. All five supported the status quo default display of federally reportable violations based on determination date, and none expressed support for adding additional Minimum Data Requirements related to violation dates. The consortium expressed support for all of the other violation display changes proposed in the ECOS-EPA paper. One state and the consortium also expressed support for the paper's proposal to offer two options for the voluntary display of additional dates related to reported violations.

EPA Response to Violation Reporting Comments

As EPA received no comments recommending that these additional dates be added to the current reporting requirements, EPA plans to move forward with the State-EPA proposal to offer state/local agencies the option to choose to explicitly opt-in to one of the two voluntary display options. EPA will develop language to explain to ECHO users, in plain English, any differences in how violations are displayed in ECHO.  That language will be crafted with input from ECOS and State agency representatives.

Comment Received Regarding Timely Reporting of Stack/Performance Tests

A [state] commenter asserted that the EPA requirement for the timeliness of reporting the results of stack tests or performance tests (within 120 days of the conclusion of the test) continues to be burdensome and unrealistic. The commenter noted that the volume of stack tests conducted as a result of SIPs, NSPS, and NESHAP continues to increase. Federal regulations allow sources 60 days to submit test reports from completion of a test. In these situations, delegated agency only have the remaining 60 days to review, quality assure, and report the test results to ICIS-Air. The ability to review, quality assure, and report accurate test results in a timely manner is not practicable given the competing priorities and limited resources of delegated agencies. The commenter further argued that reporting test results without sufficient State review or quality assuring the tests can result in inaccurate reporting or the need to revise previous results, and asserted that delegated agencies need sufficient time after stack test results are received to review, quality assure, and report accurate test results.

EPA Response to Comment on Timely Stack/Performance Test Reporting

The EPA recognizes the need for delegated agencies to have sufficient time to review stack test reports and accurately report the test results to ICIS-Air. The Agency previously revised the reporting requirements to extend the timeframe for reporting the date and results of stack/performance tests.  Since EPA regulations give sources 60 days from the conclusion of a test to submit the results to their delegated agency, reporting agencies have at least an additional 60 days to review the test results. Reporting agencies have 120 days (four months) to report both the stack test date and results.

EPA believes this extended reporting period strikes a reasonable balance in providing sufficient time to review/report test results while accounting for the importance of public access to data, transparency, and the need to timely bring about compliance if the test results identify issues of concern.  A review of the data reported into ICIS-Air indicates that the timely reporting of the stack/performance test date and results continues to improve and delegated agencies are largely reporting within the 120 day timeframe.

Comment Received on Reporting on Part 61 NESHAP Minor Facilities

A state commented during the previous ICR renewal cycle that Part 61 NESHAP Minor facilities should exclude 40 CFR 61.145 asbestos demolition and renovation activities. The state said that the sources are far too numerous, that EPA spends very few resources on compliance and enforcement of these sources, and also that EPA spends little time reviewing States compliance and enforcement activities associated with asbestos demolition and renovation activities. Further, the state said that EPA should not include Part 61 NESHAP Minor facilities subject to 40 CFR 61.145 asbestos demolition and renovation activities as a Minimum Data Requirement (MDR) under this ICR. EPA had responded during the previous ICR renewal that it would consider excluding sources only subject to Subpart M from reporting, and that if EPA determined these sources can be excluded, EPA would issue a memo to effect this change. The state commenter asserted that it is not aware that EPA ever considered excluding these sources, nor is the state aware that EPA ever issued a memo to effect the change. The state therefore askedEPA to reconsider excluding 40 CFR 61.145 asbestos demolition and renovation activities from the ICR.

EPA Response to Comment on Reporting of Part 61 NESHAP Minors

Given the potential significant impact to public health from non-compliance with the Asbestos NESHAP, retaining sufficient expertise and having access to a minimum level of data is essential to effectively addressing important issues related to asbestos demolition and renovation.  Asbestos is a significant threat to human health.  It may increase the risk of lung cancer, mesothelioma, and asbestosis. The health hazards of asbestos fibers and the resulting increased risk of disease is well documented in workers exposed in a variety of occupations. In addition to occupational exposures, people may be exposed to asbestos in their communities or their homes.

Therefore, to have effective communication and to maintain a collaborative partnership when conducting asbestos activities within resource constraints, it is necessary for EPA and the reporting agencies to maintain a transparent sharing of information and data exchange.  EPA will not, at this time, revisit the federally reportable universe as the currently included sources, particularly Asbestos NESHAP minor sources, can have a significant impact on the environment and public health.  However, to address the reporting associated with the Asbestos NESHAP and to determine how best to handle data being collected, EPA is working to reduce the reporting burden.  For example, 40 CFR 61.145 requires notice of demolition and renovation.  EPA is currently developing less burdensome electronic reporting software for states to use to report such notices.


[Federal Register: December 31, 2007 (Volume 72, Number 249)]
[Notices]
[Page 74388-74392]
[DOCID:fr31de07-105]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57029; File No. SR-NYSEArca-2007-68]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Order Granting Accelerated Approval of Proposed Rule Change as
Modified by Amendment No. 1 Thereto To Trade Shares of the GreenHaven
Continuous Commodity Index Fund Pursuant to Unlisted Trading Privileges

December 21, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on July 16, 2007, NYSE Arca, Inc. (``Exchange''), through its wholly
owned subsidiary NYSE Arca Equities, Inc. (``NYSE Arca Equities''),
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been substantially prepared by the Exchange. On December 21, 2007,
the Exchange filed Amendment No. 1 to the proposed rule change. The
Commission is publishing this notice to solicit comments on the
proposed rule change, as modified by Amendment No. 1, from interested
persons and to approve the amended proposal on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 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, through its wholly-owned subsidiary NYSE Arca
Equities, proposes to trade pursuant to unlisted trading privileges
(``UTP'') shares (``Shares'') of the GreenHaven Continuous Commodity
Index Fund (``Fund'') pursuant to Commentary .02 to NYSE Arca Equities
Rule 8.200. The text of the proposed rule change is available at http://www.nyse.com
, the Exchange's principal office, and 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 Exchange 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 III below. The Exchange 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

1. Purpose
    Pursuant to Commentary .02 to NYSE Arca Equities Rule 8.200, the
Exchange may approve for listing and trading trust-issued receipts
(``TIRs'') investing in shares or securities (``Investment Shares'')
that hold investments in any combination of futures contracts, options
on futures contracts, forward contracts, commodities, swaps or high-
credit-quality short-term fixed income securities or other securities.
The Exchange proposes to trade the Shares pursuant to UTP under
Commentary .02 to NYSE Arca Equities Rule 8.200. The Shares represent
beneficial ownership interests in the net assets of the GreenHaven
Continuous Commodity Index Tracking Master Fund (``Master Fund''),
consisting solely of the common units of beneficial interest (``Master
Fund Units''). The Commission has approved a proposed rule change to
list and trade the Shares on the American Stock Exchange LLC
(``Amex'').\3\
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    \3\ See Securities Exchange Act Release No. 56969 (December 14,
2007), 72 FR 72424 (December 20, 2004) (SR-Amex-2007-53) (``Amex
Order''). See also Securities Exchange Act Release No. 56802
(November 16, 2007), 72 FR 65994 (November 26, 2007) (SR-Amex-2007-
53) (``Amex Proposal'').
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    The investment objective of the Fund and the Master Fund is to
reflect the performance of the Continuous Commodity Total Return Index
(``Index'' or ``CCI-TR'') \4\ over time, less the expenses of the
operations of the Fund and the Master Fund. The Fund will pursue its
investment objective by investing substantially all of its assets in
the Master Fund. The Master Fund will pursue its investment objective
by investing in a portfolio of exchange-traded futures contracts
(``Commodity Futures Contracts'') on the commodities comprising the
Index (``Index Commodities''). The Master Fund will also hold cash and
U.S. Treasury securities for deposit with the Master Fund's Commodity
Broker as margin and other high-credit-quality short-term fixed income
securities. The Master Fund's portfolio is managed to reflect the
performance of the Index over time.\5\
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    \4\ Reuters America LLC (``Reuters'') is the owner, publisher,
and custodian of CCI-TR, which represents a total return version of
the original Commodity Research Bureau (``CRB'') Index. The Index is
widely viewed as a broad measure of overall commodity price trends
because of the diverse nature of the Index's constituent
commodities. The CCI-TR consists of 17 commodity futures prices. The
17 commodities are currently: corn, wheat, soybeans, live cattle,
lean hogs, gold, silver, copper, cocoa, coffee, sugar 11,
cotton, orange juice, platinum, crude oil, heating oil, and natural
gas. The Index is calculated to produce an unweighted geometric mean
of the individual commodity price relatives, i.e., a ratio of the
current price to the base year average price. The base year for the
CCI-TR is 1982, with a starting value of 100.
    \5\ The Funds will not be subject to registration and regulation
under the Investment Company Act of 1940 (``1940 Act'').
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    The Master Fund will not be ``actively managed,'' but instead will
seek to track the performance of the CCI-TR. To maintain the
correspondence between the composition and weightings of the Index
Commodities comprising the Index, GreenHaven Commodity Services LLC
(``Managing Owner'') \6\ may adjust the portfolio on a daily basis to
conform to periodic changes in the identity and/or relative weighting
of the Index Commodities. The Managing Owner will also make adjustments
and changes to the portfolio in the case of significant changes to the
Index.
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    \6\ GreenHaven Commodity Services LLC, a Delaware limited
liability company, will serve as the Managing Owner of the Fund and
the Master Fund. The Managing Owner will serve as the commodity pool
operator (``CPO'') and commodity trading advisor (``CTA'') of the
Fund and the Master Fund. The Managing Owner is registered as a CPO
and CTA with the Commodity Futures Trading Commission (``CFTC'') and
is a member of the National Futures Association (``NFA'').
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Dissemination and Availability of Information About the Underlying
Index, Underlying Futures Contracts and the Shares
    According to the Amex Proposal, Reuters is the owner, publisher,
and custodian of CCI-TR, which represents a total return version of the
ninth revision (as of 1995) of the original Commodity Research Bureau
(CRB) Index. Values of the underlying Index are computed by Reuters and
widely disseminated every 15 seconds during Amex's trading hours, which
correspond to the Exchange's Core Trading Session.\7\ CCI-TR is
calculated

to offer investors a representation of the investable returns that an
investor should expect to receive by attempting to replicate the CCI
index by buying the respective commodity futures and collateralizing
their investment with U.S. Government securities (i.e., 90-day T-
Bills). The CCI-TR takes into account the economics of rolling listed
commodity futures forward to avoid delivery and maintain exposure in
liquid contracts. To achieve the objectives of the index, Reuters has
established rules for calculation of the Index. Specifically, only
settlement and last-sale prices are used in the Index's calculation;
bids and offers are not recognized--including limit-bid and limit-offer
price quotes. Where no last-sale price exists, typically in the more
deferred contract months, the previous days' settlement price is used.
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    \7\ The Shares will trade on the NYSE Arca Marketplace as set
forth in NYSE Arca Equities Rule 7.34(a), which provides that
exchange-traded funds shall trade from 4 a.m. to 8 p.m. Eastern time
(``ET'') (including the Opening Trading Session (4 a.m. to 9:30 a.m.
ET), the Core Trading Session (9:30 a.m. to 4:15 p.m. ET), and the
Late Trading Session (4:15 p.m. to 8 p.m. ET).
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    According to the Amex Proposal, the Managing Owner represents that
it will seek to arrange to have the Index calculated and disseminated
on a daily basis through a third party if the Index Sponsor ceases to
calculate and disseminate the Index. If, however, the Managing Owner is
unable to arrange the calculation and dissemination of the Index, the
Amex has represented in the Amex Proposal that it will undertake to
delist the Shares. In such event, the Exchange would cease trading the
Shares.
    The disseminated value of the Index will not reflect changes to the
prices of the Index Commodities between the close of trading of the
various Commodity Futures Contracts and the close of trading of the
Core Trading Session at the Exchange at 4:15 p.m. ET as well as the
Exchange's Opening Session and Late Trading Session. In addition,
Reuters and Amex on their respective Web sites will provide any
adjustments or changes to the Index.
    The daily settlement prices for each of the Commodity Futures
Contracts held by the Master Fund are publicly available on the NYBOT,
New York Mercantile Exchange (``NYMEX''), Chicago Mercantile Exchange
(``CME''), and Chicago Board of Trade (``CBOT'') Web sites.\8\ In
addition, various data vendors and news publications publish futures
prices and data. Futures contract quotes and last-sale information for
the Commodity Futures Contracts on the Index Commodities is widely
disseminated through a variety of market data vendors worldwide,
including Bloomberg and Reuters. In addition, complete real time data
for the Commodity Futures Contracts is available by subscription from
Reuters and Bloomberg. The various futures exchanges also provide
delayed futures information on current and past trading sessions and
market news free of charge on their respective Web sites. The contract
specifications for each Commodity Futures Contract are also available
from the various futures exchanges on their Web sites as well as other
financial informational sources.
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    \8\ See http://www.nybot.com, www.nymex.com, www.cme.com, and

http://www.cbot.com.

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    The Web site for the Fund and/or Amex, which are publicly
accessible at no charge, will contain the following information: (1)
The current NAV per Share daily and the prior business day's NAV per
Share and the reported closing price; (2) the midpoint of the bid-ask
price \9\ in relation to the NAV as of the time the NAV per Share is
calculated (``Bid-Asked Price''); (3) calculation of the premium or
discount of such price against the NAV; (4) data in chart form
displaying the frequency distribution of discounts and premiums of the
Bid-Ask Price against the NAV per Share, within appropriate ranges for
each of the four previous calendar quarters; (5) the Prospectus; and
(6) other applicable quantitative information.
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    \9\ The bid-ask price is determined using the highest bid and
lowest offer as of the time of calculation of the NAV.
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    According to the Amex Proposal, Amex will disseminate for the Fund
on a daily basis by means of CTA/CQ High Speed Lines information with
respect to the corresponding Indicative Fund Value (as discussed
below), the recent NAV per Share and the number of Shares outstanding.
Amex will also make available on its Web site daily trading volume of
the Shares, closing prices of the Shares, and the NAV per Share. The
closing prices and settlement prices of the Commodity Futures Contracts
held by the Master Fund are also readily available from the NYMEX,
CBOT, CME, and NYBOT; automated quotation systems; published or other
public sources; or on-line information services such as Bloomberg or
Reuters. In addition, Amex represented in the Amex Proposal that it
will provide a hyperlink on its Web site at http://www.amex.com to the CCI-

TR's Web site at http://www.crbtrader.com.

    The Bank of New York (``Administrator'') calculates and
disseminates, once each trading day, the NAV per Share to market
participants. Amex has represented that it will obtain a representation
(prior to listing of the Fund) from the Trust that the NAV per Share
will be calculated daily and made available to all market participants
at the same time. In addition, the Administrator causes to be made
available on a daily basis the corresponding cash deposit amounts to be
deposited in connection with the issuance of the respective Shares. In
addition, other investors can request such information directly from
the Administrator, and which will be provided upon request.
    To provide updated information relating to the Fund for use by
investors, professionals, and persons wishing to create or redeem the
Shares, Amex will disseminate, through the facilities of CTA, an
updated Indicative Fund Value for the Fund, according to the Amex
Proposal. The Indicative Fund Value will be disseminated on a per-Share
basis at least every 15 seconds from 9:30 a.m. to 4:15 p.m. ET. The
Indicative Fund Value will be calculated based on the cash required for
creations and redemptions (i.e., NAV x 50,000) for the Fund adjusted to
reflect the price changes of the Commodity Futures Contracts and the
holdings of U.S. Treasury securities and other high-credit-quality
short-term fixed income securities.
    The Indicative Fund Value will not reflect changes to the price of
an underlying commodity between the close of trading of futures
contracts at the relevant futures exchanges and the close of trading of
the Core Trading Session on the Exchange at 4:15 p.m. ET. The
Indicative Fund Value will also not reflect changes to the price of an
underlying commodity in the Opening Trading Session and the Late
Trading Session. The value of a Share may accordingly be influenced by
non-concurrent trading hours between Exchange and the various futures
exchanges on which the futures contracts based on the Index commodities
are traded. While the Shares will trade on the Exchange from 4 a.m. to
8 p.m. ET, the trading hours for each of the Index commodities
underlying the futures contracts will vary.
    While the markets for futures trading for each of the Index
commodities is open, the Indicative Fund Value can be expected to
closely approximate the value per-Share of the corresponding Basket
Amount. However, during Exchange trading hours when the Commodity
Futures Contracts have ceased trading, spreads and resulting premiums
or discounts may widen and, therefore, increase the difference between
the price of the Shares and the NAV of the Shares. The Indicative Fund
Value on a per-Share basis disseminated

during the Exchange's Core Trading Session, Opening Trading Session,
and Late Trading Session should not be viewed as a real-time update of
the NAV, which is calculated only once a day.
UTP Trading Criteria
    The Exchange represents that it will cease trading the Shares of
the Fund if: (1) The listing market stops trading the Shares because of
a regulatory halt similar to a halt based on NYSE Arca Equities Rule
7.12 or a halt because the Indicative Fund Value or the value of the
Index is no longer available at least every 15 seconds; or (2) the
listing market delists the Shares. Additionally, the Exchange may cease
trading the Shares if such other event shall occur or condition exists
which in the opinion of the Exchange makes further dealings on the
Exchange inadvisable. UTP trading in the Shares is also governed by the
trading halts provisions of NYSE Arca Equities Rule 7.34 relating to
temporary interruptions in the calculation or wide dissemination of the
Intraday Indicative Value (which would encompass the Indicative Fund
Value) or the value of the underlying index.
Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4 a.m. to 8 p.m. ET. The Exchange has
appropriate rules to facilitate transactions in the Shares during all
trading sessions.
    The trading of the Shares will be subject to Commentary .02(e)(1)-
(4) to NYSE Arca Equities Rule 8.200, which sets forth certain
restrictions on ETP Holders acting as registered Market Makers in TIRs
that invest in Investment Shares to facilitate surveillance. See
``Surveillance'' below for more information.
    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 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 trading is not occurring in the underlying Commodity Futures
Contracts, 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 could be halted pursuant to the
Exchange's ``circuit breaker'' rule \10\ or by the halt or suspension
of trading of the underlying Commodity Futures Contracts.
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    \10\ See NYSE Arca Equities Rule 7.12.
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Surveillance
    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products to monitor trading in the
Shares. 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.
    The Exchange's current trading surveillance focuses on detecting
when securities trade outside their normal patterns. 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.
    Commentary .02(e)(1) to NYSE Arca Equities Rule 8.200 requires that
the ETP Holder acting as a registered Market Maker in the Shares
provide the Exchange with information relating to its trading in the
underlying physical asset or commodity, related futures or options on
futures, or any other related derivatives. Commentary .02(e)(4) to NYSE
Arca Equities Rule 8.200 prohibits the ETP Holder acting as a
registered Market Maker in the Shares from using any material nonpublic
information received from any person associated with an ETP Holder or
employee of such person regarding trading by such person or employee in
the underlying physical asset or commodity, related futures or options
on futures, or any other related derivative (including the Shares). In
addition, Commentary .02(e)(1) to NYSE Arca Equities Rule 8.200
prohibits the ETP Holder acting as a registered Market Maker in the
Shares from being affiliated with a market maker in the underlying
physical asset or commodity, related futures or options on futures, or
any other related derivative unless adequate information barriers are
in place, as provided in NYSE Arca Equities Rule 7.26. Commentary
.02(e)(2)-(3) to NYSE Arca Equities Rule 8.200 requires that Market
Makers handling the Shares provide the Exchange with all the necessary
information relating to their trading in the underlying physical assets
or commodities, related futures contracts and options thereon, or any
other derivative.
    The Exchange may obtain information via the Intermarket
Surveillance Group (``ISG'') from other exchanges who are members or
affiliates of the ISG.\11\ In addition, the Exchange has an Information
Sharing Agreement in place with NYMEX for the purpose of providing
information in connection with trading in or related to futures
contracts traded on the NYMEX.
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    \11\ For a list of the current members and affiliate members of
ISG, see http://www.isgportal.com. CBOT, CME, and NYBOT are members

of ISG.
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    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 (and that Shares are not
individually redeemable); (2) NYSE Arca Equities Rule 9.2(a),\12\ 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 Indicative Fund Value 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 risks involved in
trading the Shares during the Opening and Late Trading Sessions when an
updated indicative fund value will not be calculated or publicly
disseminated; and (6) trading information.
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    \12\ NYSE Arca Equities Rule 9.2(a) provides that an ETP Holder,
before recommending a transaction, must have reasonable grounds to
believe that the recommendation is suitable for the customer based
on any facts disclosed by the customer as to his other security
holdings and as to his financial situation and needs. Further, the
rule provides, with a limited exception, that prior to the execution
of a transaction recommended to a non-institutional customer, the
ETP Holder shall make reasonable efforts to obtain information
concerning the customer's financial status, tax status, investment
objectives, and any other information that it believes would be
useful to make a recommendation.
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    In addition, the Bulletin will reference that the Fund is subject
to various fees and expenses described in the registration statement
for the Fund.
    The Bulletin will also reference the fact that there is no
regulated source of last-sale information regarding physical
commodities, that the Commission has no jurisdiction over the trading
of commodity futures contracts, and that the CFTC has regulatory
jurisdiction

over the trading of commodity futures contracts.
    The Bulletin will also discuss any exemptive, no-action, or
interpretive relief granted by the Commission from Section 11(d)(1) of
the Act \13\ and certain rules under the Act, including Rule 10b-10,
Rule 14e-5, Rule 10b-17, Rule 11d1-2, Rules 15c1-5 and 15c1-6, and
Rules 101 and 102 of Regulation M under the Act.
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    \13\ 15 U.S.C. 78k(d)(1).
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    The Bulletin will also disclose that the NAV for the Shares will be
calculated after 4 p.m. Eastern time each trading day.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\14\ in general, and Section 6(b)(5),\15\
in particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
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    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
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    In addition, the Exchange believes that the proposed rule change is
consistent with Rule 12f-5 under the Act \16\ because it deems the
Shares to be equity securities, thus rendering the Shares subject to
the Exchange's rules governing the trading of equity securities.
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    \16\ 17 CFR 240.12f-5.
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B. Self-Regulatory Organization's Statement on Burden on Competition

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

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

    Written comments on the proposed rule change were neither solicited
nor received.

III. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send an e-mail to<EMAIL_ADDRESS>Please include

File No. SR-NYSEArca-2007-68 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 Number SR-NYSEArca-2007-68. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments,

all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2007-68 and should
be submitted on or before January 22, 2008.

IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change

    After careful review, the Commission finds that the proposed rule
change, as amended, is consistent with the requirements of the Act and
the rules and regulations thereunder applicable to a national
securities exchange.\17\ In particular, the Commission finds that the
proposed rule change is consistent with Section 6(b)(5) of the Act,\18\
which requires that an exchange have rules designed, among other
things, to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and in general to protect investors and the
public interest. The Commission believes that this proposal should
benefit investors by increasing competition among markets that trade
the Shares.
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    \17\ In approving this rule change, the Commission notes that it
has considered the proposal's impact on efficiency, competition, and
capital formation. See 15 U.S.C. 78c(f).
    \18\ 15 U.S.C. 78f(b)(5).
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    In addition, the Commission finds that the proposal is consistent
with Section 12(f) of the Act,\19\ which permits an exchange to trade,
pursuant to UTP, a security that is listed and registered on another
exchange.\20\ The Commission notes that it previously approved the
listing and trading of the Shares on Amex.\21\ The Commission also
finds that the proposal is consistent with Rule 12f-5 under the
Act,\22\ which provides that an exchange shall not extend UTP to a
security unless the exchange has in effect a rule or rules providing
for transactions in the class or type of security to which the exchange
extends UTP. The Exchange has represented that it meets this
requirement because it deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities.
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    \19\ 15 U.S.C. 78l(f).
    \20\ Section 12(a) of the Act, 15 U.S.C. 78l(a), generally
prohibits a broker-dealer from trading a security on a national
securities exchange unless the security is registered on that
exchange pursuant to Section 12 of the Act. Section 12(f) of the Act
excludes from this restriction trading in any security to which an
exchange ``extends UTP.'' When an exchange extends UTP to a
security, it allows its members to trade the security as if it were
listed and registered on the exchange even though it is not so
listed and registered.
    \21\ See supra note 3.
    \22\ 17 CFR 240.12f-5.
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    The Commission further believes that the proposal is consistent
with Section 11A(a)(1)(C)(iii) of the Act,\23\ which sets forth
Congress' finding that it is in the public interest and appropriate for
the protection of investors and the maintenance of fair and orderly
markets to assure the availability to brokers, dealers, and investors
of information with respect to quotations for and transactions in
securities. Quotations for and last-sale information regarding the
Shares are disseminated through the facilities of the CTA. The Exchange
represents that values of the underlying Index are computed by Reuters
and

widely disseminated every 15 seconds. Furthermore, the Indicative Fund
Value for the Fund will be updated on a per-Share basis and published
via the facilities of the CTA/CQ High Speed Lines on a 15-second
delayed basis throughout the Exchange's Core Trading Session. The
Exchange also represents that Amex will disseminate information with
regard to the recent NAV per Share and Shares outstanding on a daily
basis by means of the CTA/CQ High Speed Lines.
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    \23\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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    The Commission also believes that the Exchange's trading halt rules
are reasonably designed to prevent trading in the Shares when
transparency is impaired. If the listing market halts trading when the
Indicative Fund Value is not being calculated or disseminated, the
Exchange would halt trading in the Shares. The Exchange has represented
that it would follow the procedures with respect to trading halts set
forth in NYSE Arca Equities Rule 7.34.
    The Commission notes that, if the Shares should be delisted by the
listing exchange, the Exchange would no longer have authority to trade
the Shares pursuant to this order.
    In support of this proposal, the Exchange has made the following
representations:
    1. The Exchange's surveillance procedures are adequate to properly
monitor Exchange trading of the Shares in all trading sessions and to
deter and detect violations of Exchange rules.
    2. Prior to the commencement of trading, the Exchange would inform
its ETP Holders in an Information Bulletin of the special
characteristics and risks associated with trading the Shares.
    3. The Information Bulletin also would discuss the requirement that
ETP Holders deliver a prospectus to investors purchasing newly issued
Shares prior to or concurrently with the confirmation of a transaction.
    4. Trading in the Shares will be subject to Commentary .02(e)(1)-
(4) to NYSE Arca Equities Rule 8.200, which sets forth certain
restrictions on ETP Holders acting as registered Market Makers in TIRs
that invest in Investment Shares to facilitate surveillance.
    This approval order is based on these representations.
    The Commission finds good cause for approving this proposal before
the thirtieth day after the publication of notice thereof in the
Federal Register. As noted previously, the Commission previously found
that the listing and trading of the Shares on Amex is consistent with
the Act. The Commission presently is not aware of any regulatory issue
that should cause it to revisit that finding or would preclude the
trading of the Shares on the Exchange pursuant to UTP. Therefore,
accelerating approval of this proposal should benefit investors by
creating, without undue delay, additional competition in the market for
the Shares.

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\24\ that the proposed rule change (SR-NYSEArca-2007-68), as
amended, be and it hereby is, approved on an accelerated basis.
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    \24\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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    \25\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E7-25368 Filed 12-28-07; 8:45 am]

BILLING CODE 8011-01-P