Comment Info: =================

General Comment:Please extend the comment period to 180 days to give ample time for organizations to write in. This is an important issue and it should be extended accordingly. Thank you very much!


[Federal Register Volume 78, Number 129 (Friday, July 5, 2013)]
[Notices]
[Pages 40470-40471]
[FR Doc No: 2013-16065]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 1

    Take notice that the Commission received the following exempt
wholesale generator filings:

    Docket Numbers: EG13-44-000.
    Applicants: Hazle Spindle, LLC.
    Description: Self-Certification of EG of Hazle Spindle, LLC.
    Filed Date: 6/24/13.
    Accession Number: 20130624-5205.
    Comments Due: 5 p.m. ET 7/15/13.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER10-1414-004; ER10-1406-005; ER10-1416-005; ER13-
1487-000; ER13-1488-000; ER13-1489-000.
    Applicants: Quantum Auburndale Power, LP, Auburndale Power
Partners, L.P., Lake Cogen Ltd., Pasco Cogen, Ltd.
    Description: Amendment to May 20, 2012 and May 13, 2013
Notification of Non-Material Change in Status and May 14, 2013 Tariff
Filings of the Quantum Entities.
    Filed Date: 6/19/13.
    Accession Number: 20130619-5126.
    Comments Due: 5 p.m. ET 7/10/13.

    Docket Numbers: ER12-673-002; ER12-672-002; ER10-1908-003; ER10-

1909-003; ER10-1910-003; ER10-1911-003; ER10-1533-004; ER10-2374-003;
ER12-674-002; ER12-670-002.
    Applicants: Brea Generation LLC, Brea Power II, LLC, Duquesne
Conemaugh LLC, Duquesne Keystone LLC, Duquesne Light Company, Duquesne
Power, LLC, Macquarie Energy LLC, Puget Sound Energy, Inc., Rhode
Island Engine Genco, LLC, Rhode Island LFG Genco, LLC.
    Description: Notice of Non-Material Change in Status of Brea
Generation LLC, et al.
    Filed Date: 6/24/13.
    Accession Number: 20130624-5211.
    Comments Due: 5 p.m. ET 7/15/13.

    Docket Numbers: ER13-1556-000.
    Applicants: Entergy Services, Inc.
    Description: Supplement to May 24, 2013 Entergy Services, Inc.
tariff filing of Service Agreements.
    Filed Date: 6/13/13.
    Accession Number: 20130613-5075.
    Comments Due: 5 p.m. ET 7/5/13.

    Docket Numbers: ER13-1759-000.
    Applicants: Wisconsin Electric Power Company.
    Description: Wisconsin Electric Rate Schedule No.128--WPS Letter of
Concurrence May 2013 to be effective 5/20/2013.
    Filed Date: 6/24/13.
    Accession Number: 20130624-5166.
    Comments Due: 5 p.m. ET 7/15/13.

    Docket Numbers: ER13-1760-000.
    Applicants: Wisconsin Electric Power Company.
    Description: Wisconsin Electric Rate Schedule No. 129--UPPCO Letter
of Concurrence May 2013 to be effective 5/20/2013.
    Filed Date: 6/24/13.
    Accession Number: 20130624-5167.
    Comments Due: 5 p.m. ET 7/15/13.

    Docket Numbers: ER13-1764-000.
    Applicants: NorthWestern Corporation.
    Description: (Resubmittal of 20130612-5133) Northwestern
Corporation submits Request for Waiver from requirement to file tariff
amendments implementing Order No. 1000 interregional planning and cost
allocation requirements for Northwestern's South Dakota division.
    Filed Date: 6/13/13.
    Accession Number: 20130613-5023.
    Comments Due: 5 p.m. ET 7/2/13.

    Take notice that the Commission received the following electric
securities filings:

    Docket Numbers: ES13-32-000.
    Applicants: Upper Peninsula Power Company.
    Description: Application for Renewed Authorization to Issue Long-
Term Debt of Upper Peninsula Power Company.
    Filed Date: 6/24/13.
    Accession Number: 20130624-5207.
    Comments Due: 5 p.m. ET 7/15/13.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: June 25, 2013.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2013-16065 Filed 7-3-13; 8:45 am]
BILLING CODE 6717-01-P


OVERVIEW OF SPREADSHEETS AND ACCESS DATABASES USED FOR THE FINAL ECONOMIC IMPACT ANALYSES DCN CBI? Section Title/ Subject Contractor Description Source Links 37053 Y 25.3.1 CompCost._ Final. xls Abt Calculates annualized compliance costs and converts them to 2001 dollars. Compliance Cost Files None 37054 Y 25.3.1 MPCT_ Final. xls Abt Calculates financial impacts and estimates closures and output lost at each MP& M Phase I and Phase II facility. Survey Data and Compliance Cost Files $ CompCost_ Final. xls $ FacData_ Final. xls $ Import_ Final. xls $ Import_ P1. xls 37055 Y 25.3.1 Summary_ Final. xls Abt Pulls together data from various spreadsheets to calculate impacts, costs,

and cost effectiveness for each facility in the analysis. $ FacData_ Final. xls $ MPCT_ Final. xls $ I& S_ MPCT_ Final. xls $ RailMPCT_ Final. xls $ MuniMPCT_ Final. xls $ Removals. mdb 37056 Y 25.3.1 Import_ Final. xls Abt Updates Phase II survey data from 1994 and 1995 values to 1996 dollars using sector specific producer price indices and then averages data across all three years to create an average value in 1996 dollars. Phase II survey data PPI. mdb None 37057 Y 25.3.1 FacData_ Final. xls Abt Pulls together discharge status, weights, firm size, sector, and subcategory from various sources. Compliance Cost Files $ Small._ Final. xls $ MuniMPCT_ Final. xls $ RailMPCT_ Final. xls 37058 Y 25.3.1 RailMPCT_ Final. xls Abt Calculates financial impacts and output lost at each MP& M Railroad Operating Unit. Survey data and compliance costs. Survey Data and Compliance Cost Files $ CompCost_ Final. xls $ FacData_ Final. xls 37059 Y 25.3.1 I& S_ MPCT_ Final. xls Abt Calculates financial impacts and estimates closures and output lost at each MP& M Iron and Steel facility. Survey Data and Compliance Cost Files $ CompCost_ Final. xls $ FacData_ Final. xls 37060 Y 25.3.1 RevbySct_ Final. xls Abt Determines sector accounting for largest revenues for each facility. Phase 1, Phase 2, and Municipality survey data $ FacData_ Final. xls 37061 Y 25.3.1 RMA_ DATA. xls Abt Derives sector specific moderate impact thresholds. Data by SIC with Estimates 97. xls Risk Management Association, Annual Statement Studies $ SIC_ Key. xls 37062 Y 25.3.1 CompCost._ July. xls Abt Calculates annualized compliance costs and converts them to 2001 dollars based on the July, 2002 analysis. Compliance Cost Files None 37063 Y 25.3.1 MPCT_ July. xls Abt Calculates financial impacts and estimates closures and output lost at each MP& M Phase I and Phase II facility based on the July, 2002 analysis. Survey Data and Compliance Cost Files $ CompCost_ July. xls $ FacData_ July. xls 37064 Y 25.3.1 Summary_ July. xls Abt Pulls together data from various spreadsheets to calculate impacts, costs,

and cost effectiveness for each facility in the analysis based on the July,

2002 analysis. Compliance Cost and Loadings Files $ FacData_ July. xls $ MPCT_ July. xls $ I& S_ MPCT_ July. xls $ RailMPCT_ Julyl. xls $ MuniMPCT_ July. xls 37065 Y 25.3.1 FacData_ July. xls Abt Pulls together discharge status, weights, firm size, sector, and subcategory from various sources based on the July, 2002 analysis. Compliance Cost Files $ RailMPCT_ July. xls 37066 Y 25.3.1 RailMPCT_ July. xls Abt Calculates financial impacts and output lost at each MP& M Railroad Operating Unit. Survey data and compliance costs based on the July, 2002 analysis. Survey Data and Compliance Cost Files $ CompCost_ July. xls $ FacData_ July. xls 37067 Y 25.3.1 I& S_ MPCT_ July. xls Abt Calculates financial impacts and estimates closures and output lost at each MP& M Iron and Steel facility based on the July, 2002 analysis. Survey Data and Compliance Cost Files $ CompCost_ July. xls $ FacData_ July. xls 37068 Y 25.3.1 RevbySct_ July. xls Abt Determines sector accounting for largest revenues for each facility. Phase 1, Phase 2, and Municipality survey data $ FacData_ July. xls 37071 Y 25.3.2 Summary_ Zero. xls Abt Pulls together data from various spreadsheets to calculate impacts, costs, and cost effectiveness for each facility in the analysis using a zero cost passthrough assumption. Compliance Cost and Loading Files $ MPCT_ Zero. xls 37072 Y 25.3.2 MPCT_ Zero. xls Abt Calculates financial impacts and estimates closures and output lost at each MP& M Phase I and Phase II facility using a zero cost pass through assumption. Survey Data and Compliance Cost Files 37075 Y 25.3.3 New Source( doubled). xls Abt Calculates financial impacts on new sources assuming a two stage precipitation. Survey Data and Compliance Cost Files for New Sources 37076 Y 25.3.3 New Source( GMto433). xls Abt Calculates financial impacts on new general metals facilities assuming they would be required to meet the current Metal Finishing regulations ( 40 CFR part 433). Survey Data and Compliance Cost Files for New Sources 37077 Y 25.3.3 New Source. xls Abt Calculates financial impacts on new sources. Survey Data and Compliance Cost Files for New Sources 37080 Y 25.3.4 MuniMPCT_ Final. xls Abt Calculates financial impacts and output lost at each MP& M Municipal facility. Municipality survey data $ Mun_ Wgt1. xls $ Summary_ Final. xls $ CompCost_ Final. xls 37086 Y 25.3.6 FT_ MPCT_ Final. xls Abt Calculates foreign trade impacts from output lost on the MP& M industry and the U. S. Census trade data $ Summary_ Final. xls $ SIC_ Key. xls 37092 Y 25.3.7 Small_ Final. xls Abt Determines entity size using detailed data from MP& M Phase II long and short surveys, Phase I surveys and the Iron and Steel surveys. SBA_ MPM. xls None 37096 Y 25.3.8 Firm_ Final. xls Abt Calculates financial impacts on each firm that owns a MP& M facility in the analysis. SBA_ MPM. xls $ Summary_ Final. xls $ MPCT_ Final. xls $ I& S_ MPCT_ Final. xls $ RailMPCT_ Final. xls


[Federal Register: December 10, 2009 (Volume 74, Number 236)]
[Notices]
[Page 65528]
[DOCID:fr10de09-54]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER09-870-001]

Ameren Energy Marketing Company; Notice of Filing

December 3, 2009.
    Take notice that on November 24, 2009, Ameren Energy Marketing
Company filed an amendment to the compliance filing submitted on June
2, 2009, pursuant to the Federal Energy Regulatory Commission's
(Commission) Order issued May 11, 2009, Ameren Energy Marketing Co.,
127 FERC ] 61,131.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date.
Anyone filing a motion to intervene or protest must serve a copy of
that document on the Applicant and all the parties in this proceeding.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://
www.ferc.gov. Persons unable to file electronically should submit an
original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on December 15, 2009.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-29406 Filed 12-9-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 85, Number 136 (Wednesday, July 15, 2020)]
[Notices]
[Pages 42922-42925]
[FR Doc No: 2020-15211]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89274; File No. SR-NYSEArca-2020-62]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Its
Schedule of Fees and Charges To Adopt Listing and Annual Fees for
Actively Managed Proxy Shares Listed Under Rule 8.601-E and Managed
Portfolio Shares Listed Under Rule 8.900-E

July 9, 2020.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on June 30, 2020, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \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 amend its Schedule of Fees and Charges to
adopt listing and annual fees for Actively Managed Proxy Shares listed
under Rule 8.601-E and Managed Portfolio Shares listed under Rule
8.900-E. The proposed rule change is available on the Exchange's
website at www.nyse.com, at the principal office of the Exchange, and
at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend its Schedule of Fees and Charges to
adopt listing and annual fees for Actively Managed Proxy Shares listed
under recently adopted Rule 8.601-E and Managed Portfolio Shares listed
under Rule 8.900-E (collectively, ``Fund Shares'').
    The proposed changes respond to the current extremely competitive
environment for ETP listings in which issuers can readily favor
competing venues or transfer their listings if they deem fee levels at
a particular venue to be excessive, or discount opportunities available
at other venues to be more favorable. As described below, the Exchange
does not propose different pricing for Fund Shares. Rather, the
Exchange proposes to incorporate Fund Shares into the existing listing
and annual fees charged by the Exchange for Exchange Traded Products
(``ETPs'').\4\
---------------------------------------------------------------------------

    \4\ ``Exchange Traded Products'' are defined in footnote 3 of
the current Schedule of Fees and Charges. The Exchange proposes to
modify the definition to include Actively Managed Proxy Shares
listed under Rule 8.601-E and Managed Portfolio Shares listed under
Rule 8.900-E.
---------------------------------------------------------------------------

    The proposed changes are designed to incentivize issuers to list
new Fund Shares, transfer existing products to the Exchange, and
maintain listings on the Exchange, which the Exchange believes will
enhance competition both among issuers and listing venues, to the
benefit of investors.
    The Exchange proposes to implement the fee changes effective June
30, 2020.
Proposed Rule Change
    On June 29, 2020, the Commission approved Rule 8.601-E regarding
Exchange listing and trading of Active Proxy Portfolio Shares.\5\ On
April 15, 2020, the Commission issued a notice of filing and immediate
effectiveness of the Exchange's proposed rule change to adopt NYSE Arca
Rule 8.900-E regarding Exchange listing and trading of Managed
Portfolio Shares.\6\ In order

to specify pricing for Fund Shares, the Exchange proposes the following
changes to the Schedule of Fees and Charges.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 89185 (June 29,
2020) (SR-NYSEArca-2019-95).
    \6\ See Securities Exchange Act Release No. 88648 (April 15,
2020), 85 FR 22200 (April 21, 2020) (SR-NYSEArca-2020-32).
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Listing Fees
    Listing fees for ETPs are set forth in section 5.a of the Schedule
of Fees and Charges. Currently, with the exception of various products
defined as ``Generically-Listed Exchange Traded Products,'' the
Exchange charges a $7,500 listing fee. The Exchange currently does not
charge a listing fee for listing products pursuant to Rule 19b-4(e)
under the Act if they satisfy all criteria--referred to as ``generic''
listing criteria--in the applicable Exchange ETP rule.\7\
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    \7\ The Schedule of Fees and Charges refers to these as
``Generically-Listed Exchange Traded Products.'' ``Generically-
Listed Exchange Traded Products'' currently include Investment
Company Units, Portfolio Depositary Receipts, Managed Fund Shares,
Exchange-Traded Fund Shares listed under Rule 5.2-E(j)(8), and
Currency Trust Shares that are listed on the Exchange pursuant to
Rule 19b-4(e) under the Act, and for which a proposed rule change
pursuant to Section 19(b) of the Act is not required to be filed
with the Commission.
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    The Exchange proposes to include Fund Shares in the definition of
``Exchange Traded Products'' in footnote 3 of the Schedule of Fees and
Charges and as referenced in section 5.a thereto. Accordingly, because
Fund Shares are not subject to Exchange listing pursuant to Rule 19b-
4(e) under the Act and are not Generically-Listed Exchange Traded
Products, Fund Shares will be subject to a listing fee of $7,500.
    The Exchange believes that, for purposes of listing fees, it would
be appropriate to treat Fund Shares like other Exchange Traded Products
that are not ``Generically-Listed Exchange Traded Products'' and charge
a listing fee of $7,500 because doing so would correlate the listing
fee applicable to an issuer of ETPs to the resources required to list
and maintain those ETPs on the Exchange. Specifically, Commentary .01
to Rule 8.601-E and Rule 8.900-E(b)(1) require that the Exchange file
separate proposals under Section 19(b) of the Act before listing and
trading a series of Active Proxy Portfolio Shares or Managed Portfolio
Shares, respectively. As such, Fund Shares will require additional time
and resources by Exchange staff to prepare and review rule filings and
to communicate with issuers and Commission staff in connection
therewith necessary for ETPs listed and traded pursuant to a rule
change.
Annual Fees
    Annual fees for ETPs are based on the number of shares outstanding
per issuer.\8\ Currently, as set forth in section 6.a of the Schedule
of Fees and Charges, the Exchange charges the following annual fees for
listed ETPs (including Exchange-Traded Fund Shares listed under Rule
5.2-E(j)(8) that track an Index), with the exception of Managed Fund
Shares and Managed Trust Securities:
---------------------------------------------------------------------------

    \8\ Annual fees are assessed each January in the first full
calendar year following the year of listing. The aggregate total
shares outstanding is calculated based on the total shares
outstanding as reported by the fund issuer or fund ``family'' in its
most recent periodic filing with the Commission or other publicly
available information. Annual fees apply regardless of whether any
of these funds are listed elsewhere.

------------------------------------------------------------------------
          Number of shares outstanding (each issue)           Annual fee
------------------------------------------------------------------------
Less than 25 million........................................      $7,500
25 million up to 49,999,999.................................      10,000
50 million up to 99,999,999.................................      15,000
100 million up to 249,999,999...............................      20,000
250 million up to 499,999,999...............................      25,000
500 million and over........................................      30,000
------------------------------------------------------------------------

    As set forth in section 6.b. of the Schedule of Fees and Charges,
the Exchange charges the following annual fees for Managed Fund Shares,
Managed Trust Securities and Exchange-Traded Fund Shares listed under
Rule 5.2-E(j)(8) that do not track an Index:

------------------------------------------------------------------------
          Number of shares outstanding (each issue)           Annual fee
------------------------------------------------------------------------
Less than 25 million........................................     $10,000
25 million up to 49,999,999.................................      12,500
50 million up to 99,999,999.................................      20,000
100 million up to 249,999,999...............................      25,000
250 million and over........................................      30,000
------------------------------------------------------------------------

    The Exchange proposes to charge annual fees for Fund Shares that
track how the Exchange currently charges annual fees for Managed Fund
Shares, Managed Trust Securities and Exchange-Traded Fund Shares listed
under Rule 5.2-E(j)(8) that do not track an Index. Accordingly, because
Fund Shares, under the current Exchange listing rules, are more akin to
Managed Fund Shares and Exchange-Traded Fund Shares that do not track
an Index, the Exchange proposes to charge the annual fees set forth in
section 6.b of the Schedule of Fees and Charges.
    The Exchange believes that charging Fund Shares the same current
annual fees applicable to Managed Fund Shares, Managed Trust Securities
and Exchange-Traded Fund Shares that do not track an Index would be
appropriate because those relatively higher annual fees (compared to
``Generically-Listed Exchange Traded Products'') better correlate with
higher Exchange costs associated with similar actively managed products
such as Managed Fund Shares, Managed Trust Securities, and Exchange-
Traded Fund Shares that do not track an Index, including costs related
to issuer services, listing administration, product development and
regulatory oversight.
    Finally, as noted above, the Exchange proposes to add Fund Shares
to current footnote 3 which defines the term ``Exchange Traded
Products'' for purposes of the Schedule of Fees and Charges.
    Each of the proposed changes described above is not otherwise
intended to address other issues, and the Exchange is not aware of any
significant problems that market participants would have in complying
with the proposed changes.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\9\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\10\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(4) & (5).
---------------------------------------------------------------------------

The Proposed Change Is Reasonable
    As discussed above, the Exchange operates in a highly competitive
market for the listing of ETPs. Specifically, ETP issuers can readily
favor competing venues or transfer listings if they deem fee levels at
a particular venue to be excessive, or discount opportunities available
at other venues to be more favorable. The Commission has repeatedly
expressed its preference for competition over regulatory intervention
in determining prices, products, and services in the securities
markets. Specifically, in Regulation NMS, the Commission highlighted
the importance of market forces in determining prices and SRO revenues
and also recognized that current regulation of the market system ``has
been remarkably successful in promoting market competition in its
broader forms that are most important to investors and listed
companies.'' \11\
---------------------------------------------------------------------------

    \11\ See Regulation NMS, 70 FR at 37499.
---------------------------------------------------------------------------

    The Exchange believes that the ongoing competition among the
exchanges with respect to new listings and the transfer of existing
listings among competitor exchanges demonstrates that issuers can
choose different listing markets in response to fee changes.
Accordingly, competitive

forces constrain exchange listing and annual fees. Stated otherwise,
changes to exchange listing and annual fees can have a direct effect on
the ability of an exchange to compete for new listings.
    Given this competitive environment, the proposal represents a
reasonable attempt to establish pricing for ETPs listed under Rule
8.601-E and Rule 8.900-E.
    The Exchange currently does not charge listing fees for ETPs that
satisfy generic listing criteria set forth in its rules. Products that
list without a rule filing do not entail the additional time and
resources required for ETPs that require a rule filing. However, as
noted above, Commentary .01 to Rule 8.601-E and Rule 8.900-E (b)(1)
require that the Exchange file separate proposals under Section 19(b)
of the Act before listing and trading a series of Active Proxy
Portfolio Shares or Managed Portfolio Shares, respectively. As such, in
contrast to ETPs for which the Exchange is not required to file a
proposal under Section 19(b) of the Act, the listing and trading of
Fund Shares will require additional time and resources by Exchange
staff to prepare and review rule filings and to communicate with
issuers and Commission staff in connection therewith necessary for Fund
Shares listed and traded pursuant to a rule change. Accordingly, the
Exchange believes the $7,500 listing fee proposed for Fund Shares is
reasonable in that it is the same as the listing fee for other ETPs
that are not ``Generically-Listed Exchange Traded Products.''
    Annual fees for ETPs are based on the number of shares outstanding
per issuer, and then are further differentiated based on whether the
ETP is index based or not, with higher annual fees for ETPs that are
not based on an index. The Exchange believes that it is reasonable to
charge annual fees for Fund Shares based on that same differentiation.
The Exchange believes that charging Fund Shares the current annual fees
applicable to Managed Fund Shares and Managed Trust Securities, which
are also actively managed products, as well as Exchange-Traded Fund
Shares that do not track an index, would be reasonable because those
annual fees better correlate with the higher Exchange costs for listing
and trading Fund Shares, including costs related to issuer services,
listing administration, product development and regulatory oversight.
The Proposal Is an Equitable Allocation of Fees
    The Exchange believes its proposal equitably allocates its fees
among its market participants. In the prevailing competitive
environment, issuers can readily favor competing venues or transfer
listings if they deem fee levels at a particular venue to be excessive,
or discount opportunities available at other venues to be more
favorable.
    The Exchange believes that, for purposes of listing fees, it would
be appropriate to treat Fund Shares like other Exchange Traded Products
that are not ``Generically-Listed Exchange Traded Products'' and charge
a listing fee of $7,500 because doing so would correlate the listing
fee applicable to an issuer of ETPs to the resources required to list
and maintain those ETPs on the Exchange. Fund Shares will incur
additional time and resources required by Exchange staff to prepare and
review rule filings and to communicate with issuers and Commission
staff in connection therewith necessary for ETPs listed and traded
pursuant to a rule change.
    The proposed annual fees for Fund Shares are equitable because the
proposed increased annual fees would apply uniformly to all issuers.
Moreover, the proposed fees would be equitably allocated among issuers
because issuers would continue to qualify for the annual fee based on
the number of shares outstanding and under criteria applied uniformly
to all such issuers.
    The proposal neither targets nor will it have a disparate impact on
any particular category of market participant. The proposed listing and
annual fees would be applicable to all existing and potential issuers
of Fund Shares uniformly and in equal measure.
The Proposal Is Not Unfairly Discriminatory
    The Exchange believes that the proposal is not unfairly
discriminatory. In the prevailing competitive environment, issuers are
free to list elsewhere if they believe that alternative venues offer
them better value.
    The Exchange believes it is not unfairly discriminatory to apply to
Fund Shares the same fees applicable to Managed Fund Shares, Managed
Trust Securities and Exchange-Traded Fund Shares that do not track an
index because the proposed fees would be offered on an equal basis to
all issuers listing Fund Shares on the Exchange. Moreover, the proposed
listing and annual fees for Fund Shares would apply to issuers in the
same manner as the current listing and annual fees for ETPs, including
Managed Fund Shares, Managed Trust Securities and Exchange-Traded Fund
Shares that do not track an index.
    Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
    For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act,\12\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the Exchange believes
that the proposed changes would encourage competition because it would
establish listing and annual fees for Fund Shares, thereby encouraging
issuers to develop and list additional products on the Exchange that
the Exchange believes will enhance competition both among issuers and
listing venues, to the benefit of investors. The proposal also ensures
that the fees charged by the Exchange accurately reflect the services
provided and benefits realized by listed issuers. The market for
listing services is extremely competitive. Issuers have the option to
list their securities on these alternative venues based on the fees
charged and the value provided by each listing exchange. Because
issuers have a choice to list their securities on a different national
securities exchange, the Exchange does not believe that the proposed
fee changes impose a burden on competition.
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    \12\ 15 U.S.C. 78f(b)(8).
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    Intramarket Competition. The proposed changes are designed to
attract additional listings to the Exchange by establishing listing and
annual fees for ETPs listed under new rules. The Exchange believes that
the proposed changes would continue to incentivize issuers to develop
and list new products, transfer existing products to the Exchange, and
maintain listings on the Exchange. The proposed fees would apply to all
issuers equally, and, as such, the proposed change would not impose a
disparate burden on competition among market participants on the
Exchange.
    Intermarket Competition. The Exchange operates in a highly
competitive listings market in which issuers can readily choose
alternative listing venues. In such an environment, the Exchange must
adjust its fees and discounts to remain competitive with other
exchanges competing for the same listings. Because competitors are free
to

modify their own fees and discounts in response, and because issuers
may readily adjust their listing decisions and practices, the Exchange
does not believe its proposed fee change can impose any burden on
intermarket competition. As such, the proposal is a competitive
proposal designed to enhance pricing competition among listing venues
and implement pricing for Fund Shares to reflect the revenue and
expenses associated with listing on the Exchange.

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

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

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \13\ of the Act and subparagraph (f)(2) of Rule
19b-4 \14\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \15\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \15\ 15 U.S.C. 78s(b)(2)(B).
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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-2020-62 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-2020-62. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2020-62 and should be submitted
on or before August 5, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-15211 Filed 7-14-20; 8:45 am]
BILLING CODE 8011-01-P