[Federal Register Volume 79, Number 19 (Wednesday, January 29, 2014)]
[Notices]
[Pages 4788-4793]
[FR Doc No: 2014-01661]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71377; File No. SR-NYSEArca-2013-132]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting
Approval of Proposed Rule Change, as Modified by Amendment Nos. 2 and 3
Thereto, To List and Trade Shares of Merk Hard Currency ETF Under NYSE
Arca Equities Rule 8.600

January 23, 2014.

I. Introduction

    On November 22, 2013, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to list and trade shares (``Shares'') of the Merk
Hard Currency ETF (``Fund'') of the Forum ETF Trust (``Trust''). The
proposed rule change was published for comment in the Federal Register
on December 11, 2013.\3\ On December 19, 2013, the Exchange (1)
submitted but subsequently withdrew Amendment No. 1 to the proposed
rule change, and (2) submitted Amendment No. 2 to the proposed rule
change. On January 10, 2014, the Exchange submitted Amendment No. 3 to
the proposed rule change.\4\ The Commission received no comments on the
proposal. This order grants approval of the proposed rule change, as
modified by Amendment Nos. 2 and 3 thereto.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 70994 (Dec. 5,
2013), 78 FR 75423 (``Notice'').
    \4\ In Amendment No. 2, the Exchange provided further
information regarding where pricing information for certain Fund
assets can be found and corrected certain cross references. In
Amendment No. 3, the Exchange clarified: (1) that the Fund will not
invest in any non-U.S. equity securities and that the Fund will not
invest in American Depositary Receipts, European Depositary
Receipts, Global Depositary Receipts (collectively referred to as
``depositary receipts''), New York Registered Shares, or American
Depositary Shares and removed all references thereto; and (2) where
pricing information for spot currency transactions can be found.
Because Amendment Nos. 2 and 3 do not materially affect the
substance of the proposed rule change or raise novel or unique
issues, Amendment Nos. 2 and 3 did not require notice and comment.
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II. Description of the Proposed Rule Change

    The Exchange proposes to list and trade Shares of the Fund under
NYSE Arca Equities Rule 8.600, which governs the listing and trading of
Managed Fund Shares. The Shares will be offered by the Trust,\5\ a
Delaware statutory trust that is registered with the Commission as an
open-end management investment company. Forum Investment Advisors, LLC
(``Investment Manager'') is the investment manager of the Fund. Merk
Investments, LLC (``Investment Adviser'') is the investment adviser of
the Fund.\6\ Foreside Fund Services LLC

is the Fund's principal underwriter and distributer of the Fund's
Shares. Atlantic Fund Administration, LLC, an affiliate of the
Investment Manager, serves as the administrator for the Fund. The Bank
of New York Mellon Corporation serves as custodian and transfer agent
for the Fund. The Exchange represents that neither the Investment
Manager nor the Investment Adviser is a broker-dealer or is affiliated
with a broker-dealer.\7\
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    \5\ The Trust is registered under the Investment Company Act of
1940 (``1940 Act''). On April 12, 2013, the Trust filed with the
Commission an amendment to its registration statement on Form N-1A
under the Securities Act of 1933 (``Securities Act'') and under the
1940 Act relating to the Fund (File Nos. 333-180250 and 811-22679)
(``Registration Statement''). In addition, the Exchange states that
the Trust has obtained certain exemptive relief under the 1940 Act.
See Investment Company Act Release No. 30549 (June 4, 2013) (File
No. 812-13915-01) (``Exemptive Order'').
    \6\ The Investment Adviser will be responsible for the day-to-
day portfolio management of the Fund and, as such, will make all
investment decisions for the Fund and is responsible for
implementing the Fund's investment strategy. The Investment Manager
will develop the overall investment program for the Fund (which
includes working with the Investment Adviser to define principal
investment strategies) and will be responsible for overseeing and
reporting to the Board of the Trust regarding the Investment
Adviser.
    \7\ See Commentary .06 to NYSE Arca Equities Rule 8.600. The
Exchange represents that, in the event that (a) the Investment
Manager or Investment Adviser becomes a registered broker-dealer or
becomes newly affiliated with a broker-dealer, or (b) any new
investment adviser is or becomes affiliated with a broker-dealer, it
will implement a fire wall with respect to its relevant personnel or
its broker-dealer affiliate, as the case may be, regarding access to
information concerning the composition of, or changes to, the
portfolio and will be subject to procedures designed to prevent the
use and dissemination of material, non-public information regarding
the portfolio.
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    The Exchange has made the following representations and statements
in describing the Fund and its investment strategies, including other
permitted portfolio holdings and investment restrictions.\8\
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    \8\ The Commission notes that additional information regarding
the Trust, the Fund, and the Shares, including investment
strategies, risks, net asset value (``NAV'') calculation, creation
and redemption procedures, fees, portfolio holdings, disclosure
policies, distributions, and taxes, among other information, is
included in the Notice and the Registration Statement, as
applicable. See Notice and Registration Statement, supra notes 3 and
5, respectively.
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Description of the Fund

    The Fund's investment objective is to seek to profit from a rise in
hard currencies relative to the U.S. dollar. The Fund will be actively
managed and does not seek to replicate the performance of a specified
index. Under normal market conditions,\9\ the Fund will invest at least
80% of the value of its net assets (plus borrowings for investment
purposes) in a basket of hard currency-denominated investments composed
of high-quality, short-term \10\ debt instruments, physical gold, and
gold-related securities.\11\
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    \9\ The term ``under normal market conditions'' includes, but is
not limited to, the absence of adverse market, economic, political
or other conditions including extreme volatility or trading halts in
the fixed income markets or the financial markets generally;
operational issues causing dissemination of inaccurate market
information; or force majeure type events such as systems failure,
natural or man-made disaster, act of God, armed conflict, act of
terrorism, riot or labor disruption or any similar intervening
circumstance.
    \10\ According to the Exchange, the Fund will define ``short-
term'' based upon an instrument's remaining maturity period, not the
initial maturity period. For example, a twenty-year bond with three
months remaining until maturity will be considered to be a short-
term debt instrument.
    \11\ ``Gold-related securities'' are exchange-traded products
(``ETPs'') that invest directly in gold bullion. ETPs that hold
gold, physically or indirectly, are not regulated under the 1940 Act
and are not afforded the protections thereunder.
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    The term ``hard currencies'' is used to describe currencies of
countries pursuing what the Investment Adviser believes to be ``sound''
monetary policy and gold.\12\ Sound monetary policy is defined by the
Investment Adviser as a monetary policy providing an environment
fostering long-term price stability. The Investment Adviser considers
gold to be the only currency with intrinsic value and, as such,
qualifies as a hard currency.
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    \12\ Provided that the Investment Adviser deems the following
currencies to be backed by sound monetary policy, ``hard
currencies'' include, without limitation: Argentine Peso (ARS);
Australian Dollar (AUD); Brazilian Real (BRL); British Pound (GBP);
Canadian Dollar (CAD); Chilean Peso (CLP); Chinese Renminbi (CNY);
Colombian Peso (COP); Czech Koruna (CZK); Danish Krone (DKK); Euro
(EUR); Hong Kong Dollar (HKD); Hungarian Forint (HUF); Iceland Krona
(ISK); Indian Rupee (INR); Indonesian Rupiah (IDR); Israeli Shekel
(ILS); Japanese Yen (JPY); Malaysian Ringgit (MYR); Mexican Peso
(MXN); New Zealand Dollar (NZD); Norwegian Krone (NOK); Pakistani
Rupee (PKR); Peruvian New Sol (PEN); Philippine Peso (PHP); Polish
Zloty (PLN); Russian Ruble (RUB); Singapore Dollar (SGD); South
African Rand (ZAR); South Korean Won (KRW); Swedish Krona (SEK);
Swiss Franc (CHF); Taiwanese Dollar (TWD); Thai Baht (THB); Thai
Baht Onshore (THO); Turkish Lira (TRY); U.S. Dollar (USD); and
successor currencies of the aforementioned currencies, if any.
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    The term ``high-quality'' refers to debt instruments rated in the
top three ratings by a U.S. nationally recognized ratings service, or
that the Investment Adviser considers comparable in quality to debt
instruments rated in the top three ratings.\13\
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    \13\ In determining which instruments are comparable in quality
to instruments rated in the top three ratings, the Investment
Adviser will evaluate the relative creditworthiness of issuers and
the relative credit quality of debt issues. Consideration may be
given to an issuer's financial strength, capacity for timely payment
and ability to withstand adverse financial developments, as well as
any ratings assigned to other instruments issued by that issuer.
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    The Investment Adviser will determine currency allocations based on
an analysis of monetary policies pursued by central banks and economic
environments. The Investment Adviser will search for currencies that,
in the Investment Adviser's opinion, are backed by sound monetary
policy or gold. Once this determination has been made, money market or
other debt instruments will be selected to create a liquid portfolio of
short duration and high credit quality.
    The Fund will specifically seek the currency risk of select
countries pursuing what the Investment Adviser believes are sound
monetary policies. As long-term price stability is unlikely to be
achieved by most currencies, if any, the Investment Adviser will focus
on a country's monetary policy that fosters such stability. The
Investment Adviser will invest in a basket of hard currency-denominated
investments that may include physical gold and gold-related securities
to reduce the Fund's exposure to the risks of any one currency. The
Investment Adviser may adapt the currency allocations as its analysis
of monetary policies and economic environments evolves.
    The Investment Adviser may sacrifice yield in return for high
credit quality of debt securities. The Investment Adviser may limit or
exclude currencies if, in the Investment Adviser's opinion, the
potential for appreciation is not backed by sound monetary policy.
    If the Investment Adviser deems a currency crisis likely, it is
possible that the Fund will restrict its investments to a few
currencies that meet the Investment Adviser's investment criteria for
sound monetary policies and practices.

Principal Investments

    As noted above, under normal market conditions,\14\ the Fund will
invest at least 80% of the value of its net assets (plus borrowings for
investment purposes) in hard currency-denominated investments composed
of high-quality, short-term debt instruments,\15\ physical gold, and
gold-related securities.
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    \14\ See supra note 9.
    \15\ See supra note 10.
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    To try to reduce interest rate and credit risk to its portfolio,
the Fund will seek to maintain a weighted average portfolio maturity of
less than eighteen months, although the Fund may maintain a weighted
average portfolio maturity of greater than eighteen months at any given
time. In addition, the Fund will only buy money market or other short-
term debt instruments that are rated in the top three ratings by U.S.
nationally recognized ratings services or that the Investment Adviser
considers comparable in quality to instruments rated in the top three
ratings.\16\
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    \16\ See supra note 13.
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    The high quality, short term debt instruments in which the Fund
will primarily invest include: U.S. dollar- and non-U.S. dollar-
denominated money market instruments and similar securities; debt
obligations issued by the

U.S. and foreign national, provincial, state or municipal governments
or their political subdivisions or agencies, central banks, sovereign
entities, supranational organizations or special purpose entities
organized or backed by any of the foregoing entities (``Special Purpose
Entities''); debt instruments issued by U.S. and foreign corporations;
\17\ and debt obligations issued by entities that the Investment
Adviser considers to be comparable to entities in the categories
enumerated above.
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    \17\ The Fund will typically invest only in debt instruments
that the Investment Adviser deems to be sufficiently liquid at time
of investment. Generally, a debt instrument must have $100 million
(or an equivalent value if denominated in a currency other than U.S.
dollars) or more par amount outstanding and significant par value
traded to be considered sufficiently liquid at the time of
investment. The Fund may invest up to 25% of its total assets in
debt instrument having a lower par amount outstanding to the extent
the Investment Advisor determines such an investment to be
appropriate. In any such determination, the Investment Advisor will
evaluate the relative creditworthiness of issuers and the relative
credit quality of debt issues. Consideration may be given to an
issuer's financial strength, capacity for timely payment, and
ability to withstand adverse financial developments.
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    Money market instruments in which the Fund may invest include
short-term government securities, floating and variable-rate notes,
certificates of deposit, time deposits, bankers' acceptances,
commercial paper, and other short-term liquid instruments.
    Securities issued by the U.S. Government in which the Fund may
invest include short-term U.S. Treasury obligations and short-term debt
obligations. The Fund may also purchase certificates not issued by the
U.S. Department of the Treasury, which evidence ownership of future
interest, principal, or interest and principal payments on obligations
issued by the U.S. Department of the Treasury. The Fund may invest in
obligations issued or guaranteed by U.S. Government agencies.\18\ The
Fund may also invest in separated or divided U.S. government
securities.\19\ Foreign government securities may include direct
obligations, as well as obligations guaranteed by the foreign
government and obligations issued by Special Purpose Entities.
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    \18\ Obligations issued or guaranteed by U.S. Government
agencies include: (1) obligations issued or guaranteed by U.S.
Government agencies and instrumentalities that are backed by the
full faith and credit of the U.S. Government; and (2) securities
that are guaranteed by agencies or instrumentalities of the U.S.
Government but are not backed by the full faith and credit of the
U.S. Government.
    \19\ These instruments represent a single interest or principal
payment on a U.S. government security that has been separated from
all the other interest payments as well as the security itself.
While the components of such instruments are drawn from U.S.
government securities, separated or divided securities may be formed
by non-governmental institutions.
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    The Fund may invest in U.S. and foreign corporate debt obligations.
Corporate debt obligations include corporate bonds, debentures, notes,
commercial paper, and other similar corporate debt instruments. In
addition, the Fund also may invest in corporate debt securities
registered and sold in the U.S. by foreign issuers (sometimes called
Yankee bonds) and those sold outside the U.S. by foreign or U.S.
issuers (sometimes called Eurobonds).
    The Fund may invest in investment-grade debt securities and non-
investment-grade debt securities. Investment-grade means rated in the
top four long-term rating categories, or unrated and determined by the
Investment Adviser to be of comparable quality. The Fund may invest up
to 5% of its total assets in non-investment-grade debt securities,
including defaulted securities, however the Fund does not expect to
invest up to 5% in defaulted securities.
    The Fund may invest in physical gold and gold-related securities.
To the extent that the Fund invests in gold, it may do so by investing
directly in physical gold or indirectly by investing through U.S.-
listed ETPs \20\ that invest in gold bullion.
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    \20\ Such ETPs may include the following securities: Trust
Issued Receipts (as described in NYSE Arca Equities Rule 8.200) and
Commodity-Based Trust Shares (as described in NYSE Arca Equities
Rule 8.201). The Fund may invest in ETPs which are not registered
under the 1940 Act. The Fund may invest in ETPs sponsored by the
Investment Adviser or its affiliates.
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Other Investments

    In addition to the principal investments in hard currency-
denominated investments described above, the Fund may make certain
other investments. In addition to the U.S.-listed ETPs that the Fund
may use as an indirect investment in gold, the Fund may invest in other
ETPs, including exchange-traded funds (``ETFs'') \21\ and exchange
traded notes (``ETNs'').\22\
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    \21\ For purposes of this proposed rule change, ETFs are
securities that are registered pursuant to the 1940 Act such as
those listed and traded on the Exchange pursuant to NYSE Arca
Equities Rules 5.2(j)(3), 8.100, and 8.600.
    \22\ For purposes of this proposed rule change, ETNs are
securities that are registered pursuant to the Securities Act such
as those listed and traded on the Exchange pursuant to NYSE Arca
Equities Rule 5.2(j)(6).
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    The Fund may enter into repurchase agreements. If the Fund enters
into a repurchase agreement, it will maintain possession of the
purchased securities and any underlying collateral. The Fund may also
enter into reverse repurchase agreements. A counterparty to a reverse
repurchase agreement must be a primary dealer that reports to the
Federal Reserve Bank of New York or one of the largest 100 commercial
banks in the United States.
    While the Fund is permitted to invest in exchange-listed common and
preferred stock and warrants, the Exchange states that the Fund will
not generally invest in such assets. The Fund will not invest in any
non-U.S. equity securities.
    The Fund may invest in convertible securities, which include debt
securities, preferred stock, or other securities that may be converted
into, or exchanged for, a given amount of common stock of the same or a
different issuer during a specified period and at a specified price in
the future.
    The Fund may invest in variable amount master demand notes. All
variable amount master demand notes acquired by the Fund will be
payable within a prescribed notice period not to exceed seven days.
    The Fund may hold cash in bank deposits in foreign currencies. The
Fund may conduct foreign currency exchange transactions either on a
spot (cash) basis at the spot rate prevailing in the foreign exchange
market or by entering into a forward foreign currency contract. The
Fund may enter into forward contracts in order to ``lock in'' the
exchange rate between the currency it will deliver and the currency it
will receive for the duration of the contract.
    For the purpose of hedging, efficient portfolio management,
generating income, or enhancement of returns, the Fund may, from time
to time, enter into forward currency contracts,\23\ including currency
forwards and cross currency forwards. The Fund may enter into forward
currency contracts to hedge against risks arising from securities the
Fund owns or anticipates purchasing, or the U.S. dollar value of
interest and dividends paid on those securities.\24\ The Fund may
invest in a combination of forward currency contracts and U.S. dollar-
denominated instruments in an attempt to obtain an investment result

that is substantially the same as a direct investment in a foreign
currency-denominated instrument. For hedging purposes, the Fund may
invest in forward currency contracts to hedge either specific
transactions (transaction hedging) or portfolio positions (position
hedging).\25\
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    \23\ A forward currency contract is an obligation to purchase or
sell a specific currency at a future date, which may be any fixed
number of days from the date of the contract agreed upon by the
parties, at a price set at the time of the contract.
    \24\ To the extent the Fund retains various U.S. fixed-income
instruments to settle derivative contracts, the Investment Adviser
expects such instruments to generate income for the Fund. The value
of such investments (to the extent used to cover the Fund's net
exposure under the forward foreign currency contracts and similar
instruments) and forward contracts and other instruments that
provide investment exposure to currencies will be counted for
purposes of the Fund's 80% policy.
    \25\ The Investment Adviser seeks to mitigate counterparty risk
associated with forward currency contracts by employing multiple
brokers to execute trades and by monitoring the creditworthiness of
counterparties through analysis of credit ratings available through
U.S. nationally recognized ratings services.
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    In order to respond to adverse market, economic, political, or
other conditions, the Fund may assume a temporary defensive position
that is inconsistent with its principal investment strategies and
invest, without limitation, in cash or cash equivalents (including
commercial paper, certificates of deposit, banker's acceptances, and
time deposits) which may be U.S. dollar-denominated.

Investment Restrictions

    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
including Rule 144A securities deemed illiquid by the Investment
Adviser consistent with Commission guidance \26\ and master demand
notes. The Fund will monitor its portfolio liquidity on an ongoing
basis to determine whether, in light of current circumstances, an
adequate level of liquidity is being maintained, and will consider
taking appropriate steps in order to maintain adequate liquidity if,
through a change in values, net assets, or other circumstances, more
than 15% of the Fund's net assets are held in illiquid assets. Illiquid
assets include securities subject to contractual or other restrictions
on resale and other instruments that lack readily available markets as
determined in accordance with Commission staff guidance.
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    \26\ In reaching liquidity decisions, the Investment Adviser may
consider the following factors: the frequency of trades and quotes
for the security; the number of dealers wishing to purchase or sell
the security and the number of other potential purchasers; dealer
undertakings to make a market in the security; and the nature of the
security and the nature of the marketplace in which it trades (e.g.,
the time needed to dispose of the security, the method of soliciting
offers, and the mechanics of transfer).
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    The Fund may not purchase a security if, as a result, more than 25%
of its total assets would be invested in securities of issuers
conducting their principal business activities in the same industry.
For purposes of this limitation, there is no limit on investments in
U.S. government securities and repurchase agreements covering U.S.
government securities. With respect to foreign government securities,
the Fund treats each foreign government or sovereign as its own
industry.
    Although the Fund intends to invest in a variety of securities and
instruments, the Fund will be considered ``non-diversified' for the
purposes of the 1940 Act, which means that it may invest more of its
assets in the securities of a smaller number of issuers than if it were
a diversified fund.
    The Fund will use leveraged investment techniques only when the
Investment Adviser believes that leveraging and the returns available
to the Fund from investing the cash will provide investors with a
potentially higher return. Such leveraged investment techniques include
borrowing, repurchase agreements, reverse repurchase agreements, and
securities lending. The Fund will not invest in leveraged or inverse
leveraged ETPs. Such investments will not be used to enhance the
leverage of the Fund as a whole and will otherwise be consistent with
the Fund's investment objective.
    The Fund will not directly invest in options contracts, futures
contracts, or swap agreements. The Fund intends, for each taxable year,
to qualify for treatment as a ``regulated investment company'' under
Subchapter M of the Internal Revenue Code of 1986, as amended.\27\
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    \27\ 26 U.S.C. 851.
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III. Discussion and Commission's Findings

    After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of Section 6 of the Act \28\
and the rules and regulations thereunder applicable to a national
securities exchange.\29\ In particular, the Commission finds that the
proposal is consistent with Section 6(b)(5) of the Act,\30\ which
requires, among other things, that the Exchange's rules be designed 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 notes that the Fund and the Shares must comply
with the initial and continued listing criteria in NYSE Arca Equities
Rule 8.600 for the Shares to be listed and traded on the Exchange.
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    \28\ 15 U.S.C. 78f.
    \29\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \30\ 15 U.S.C. 78f(b)(5).
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    The Commission finds that the proposal to list and trade the Shares
on the Exchange is consistent with Section 11A(a)(1)(C)(iii) of the
Act,\31\ 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. Quotation and last-
sale information for the Shares and underlying U.S. exchange-traded
equities, including, without limitation, ETPs (including ETFs and
ETNs), common and preferred stock, and warrants, will be available via
the Consolidated Tape Association (``CTA'') high-speed line. Quotation
information from brokers and dealers or pricing services will be
available for spot currency transactions, forwards, fixed income
securities, other money market instruments, and repurchase and reverse
repurchase agreements held by the Fund. Price information for the
Fund's portfolio securities and other instruments is generally readily
available through major market data vendors, automated quotation
systems, published or other public sources and, for listed securities,
the securities exchange on which they are listed and traded. 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, such as Reuters and Bloomberg.\32\
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    \31\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \32\ According to the Exchange, Reuters and Bloomberg provide at
no charge on their Web sites delayed information regarding the spot
price of gold, 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. ICAP plc provides an
electronic trading platform called EBS for the trading of spot gold,
as well as a feed of live streaming prices to Reuters and Moneyline
Telerate subscribers. The Exchange also states that 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, such as The Wall Street Journal. In
addition, the daily London noon Fix is publicly available at no
charge at www.thebulliondesk.com.
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    On each business day, before commencement of trading of Shares in
the Core Trading Session on the Exchange, the Fund will disclose on its
Web site the identities and quantities of the portfolio of securities
and other assets (``Disclosed Portfolio'') held by the Fund and that
will form the basis for the Fund's calculation of NAV at the

end of the business day.\33\ In addition, the Portfolio Indicative
Value, as defined in NYSE Arca Equities Rule 8.600(c)(3), that will be
based upon the current value for the components of the Disclosed
Portfolio, will be widely disseminated at least every 15 seconds during
the Core Trading Session by one or more major market data vendors.\34\
The Fund will calculate its NAV as of the close of trading on the
Exchange (normally 4:00 p.m., Eastern Time) on each weekday except on
days when the Exchange is closed.\35\ Information regarding market
price and trading volume of the Shares will be continually available on
a real-time basis throughout the day on brokers' computer screens and
other electronic services. Information regarding the previous day's
closing price and trading volume information for the Shares will be
published daily in the financial section of newspapers. The Web site
for the Fund will include a form of the prospectus for the Fund and
additional data relating to NAV and other applicable quantitative
information.
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    \33\ On a daily basis, the Fund will disclose for each portfolio
security and other financial instrument of the Fund the following
information: ticker symbol (if applicable), name or description of
security and financial instrument, number of shares or dollar value
of securities and financial instruments held in the portfolio, and
percentage weighting of securities and financial instruments in the
portfolio. The Web site information will be publicly available at no
charge.
    \34\ According to the Exchange, several major market data
vendors display or make widely available Portfolio Indicative Values
taken from CTA or other data feeds.
    \35\ According to the Exchange, the Fund will value securities
for which market quotations are readily available at current market
value, except for money market instruments with a maturity of sixty
days or less, which may be valued at amortized cost. Securities for
which market quotations are readily available, such as exchange-
listed common stock and preferred stock and warrants, will be valued
using the last reported sales price provided by independent pricing
services as of the close of trading on the Exchange. In the absence
of sales, such securities will be valued at the mean of the last bid
and ask prices. Non-exchange-traded securities for which quotations
are readily available will be valued at the mean between the current
bid and ask prices. Debt securities, including master demand notes
and convertible securities, may be valued at prices supplied by the
Fund's pricing agents based on broker or dealer-supplied valuations
or matrix pricing, a method of valuing securities by reference to
the value of other securities with similar characteristics such as
rating, interest rate, and maturity. Forward currency contracts will
be valued at the mean of bid and ask prices for the time period
interpolated from rates reported by an independent pricing service
for proximate time periods. Spot currency transactions will normally
be valued on the basis of quotes obtained from brokers and dealers
or pricing services using data reflecting the earlier closing of the
principal markets for those assets. Repurchase agreements and
reverse repurchase agreements will generally be valued at par. Gold
will generally be valued at prices supplied by the Fund's pricing
agents based on the spot price for an ounce of gold. Investments in
open-end registered investment companies will be valued at their
NAV, and investments in other ETPs will be valued using market
prices.
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    The Commission further believes that the proposal to list and trade
the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. The Exchange will obtain a representation from the issuer of
the Shares that the NAV per Share will be calculated daily and that the
NAV and the Disclosed Portfolio will be made available to all market
participants at the same time. Trading in Shares of the Fund will be
halted if the circuit breaker parameters in NYSE Arca Equities Rule
7.12 have been reached or because of market conditions or for reasons
that, in the view of the Exchange, make trading in the Shares
inadvisable,\36\ and trading in the Shares will be subject to NYSE Arca
Equities Rule 8.600(d)(2)(D), which sets forth additional circumstances
under which Shares of the Fund may be halted. The Exchange states that
it has a general policy prohibiting the distribution of material, non-
public information by its employees. Consistent with NYSE Arca Equities
Rule 8.600(d)(2)(B)(ii), the Reporting Authority must implement and
maintain, or be subject to, procedures designed to prevent the use and
dissemination of material, non-public information regarding the actual
components of the Fund's portfolio. In addition, the Exchange states
that neither the Investment Manager nor the Investment Adviser is a
broker-dealer or is affiliated with a broker-dealer.\37\ 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.\38\ The Exchange further 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 applicable federal securities laws. Moreover, prior
to the commencement of trading, the Exchange states that it will inform
its Equity Trading Permit Holders in an Information Bulletin of the
special characteristics and risks associated with trading the Shares.
---------------------------------------------------------------------------

    \36\ These reasons may include: (1) the extent to which trading
is not occurring in the securities or the financial instruments
composing the Disclosed Portfolio of the Fund; or (2) whether other
unusual conditions or circumstances detrimental to the maintenance
of a fair and orderly market are present. With respect to trading
halts, the Exchange may consider all relevant factors in exercising
its discretion to halt of suspend trading in the Shares of the Fund.
    \37\ See supra note 7 and accompanying text. The Exchange states
that an investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (``Advisers
Act''). As a result, the Investment Manager, the Investment Adviser,
and their related personnel are subject to the provisions of Rule
204A-1 under the Advisers Act relating to codes of ethics. This Rule
requires investment advisers to adopt a code of ethics that reflects
the fiduciary nature of the relationship to clients as well as
compliance with other applicable securities laws. Accordingly,
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under
the Advisers Act makes it unlawful for an investment adviser to
provide investment advice to clients unless the investment adviser
has (i) adopted and implemented written policies and procedures
reasonably designed to prevent violation, by the investment adviser
and its supervised persons, of the Advisers Act and the Commission
rules adopted thereunder; (ii) implemented, at a minimum, an annual
review regarding the adequacy of the policies and procedures
established pursuant to subparagraph (i) above and the effectiveness
of their implementation; and (iii) designated an individual (who is
a supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
    \38\ The Exchange states that FINRA surveils trading on the
Exchange pursuant to a regulatory services agreement and that the
Exchange is responsible for FINRA's performance under this
regulatory services agreement.
---------------------------------------------------------------------------

    The Exchange represents that the Shares are deemed to be equity
securities, thus rendering trading in the Shares subject to the
Exchange's existing rules governing the trading of equity securities.
In support of this proposal, the Exchange has made representations,
including the following:
    (1) The Shares will be subject to NYSE Arca Equities Rule 8.600,
which sets forth the initial and continued listing criteria applicable
to Managed Fund Shares.
    (2) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (3) The Exchange represents that its 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
and applicable federal securities laws
    (4) FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares and underlying equity securities
(including, without limitation, ETPs (including ETFs and ETNs), common
and preferred stock and warrants, and any other exchange-traded
products) with other markets and other entities that are members of the
Intermarket Surveillance Group (``ISG''),

and FINRA, on behalf of the Exchange, may obtain trading information
regarding trading in the Shares and underlying equity securities
(including, without limitation, ETPs (including ETFs and ETNs), common
and preferred stock and warrants, and any other exchange-traded
products) from such markets and other entities. In addition, the
Exchange may obtain information regarding trading in the Shares and
underlying equity securities (including, without limitation, ETPs
(including ETFs and ETNs), common and preferred stock and warrants, and
any other exchange-traded products) from markets that are members of
ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement. The ETPs (including ETFs and ETNs),
common and preferred stock, and warrants in which the Fund may invest
all will be listed and traded on an exchange which is a member of ISG
or with which the Exchange has in place a comprehensive surveillance
sharing agreement. In addition, FINRA, on behalf of the Exchange, is
able to access, as needed, trade information for certain fixed income
securities held by the Fund reported to FINRA's Trade Reporting and
Compliance Engine.
    (5) Prior to the commencement of trading, the Exchange will inform
its Equity Trading Permit Holders in an Information Bulletin of the
special characteristics and risks associated with trading the Shares.
Specifically, the Information Bulletin will discuss the following: (a)
The procedures for purchases and redemptions of Shares in creation unit
aggregations (and that Shares are not individually redeemable); (b)
NYSE Arca Equities Rule 9.2(a), which imposes a duty of due diligence
on its Equity Trading Permit Holders to learn the essential facts
relating to every customer prior to trading the Shares; (c) the risks
involved in trading the Shares during the Opening and Late Trading
Sessions when an updated Portfolio Indicative Value will not be
calculated or publicly disseminated; (d) how information regarding the
Portfolio Indicative Value is disseminated; (e) the requirement that
Equity Trading Permit Holders deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; and (f) trading information.
    (6) For initial and continued listing, the Fund must be in
compliance with Rule 10A-3 under the Act,\39\ as provided by NYSE Arca
Equities Rule 5.3.
---------------------------------------------------------------------------

    \39\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (7) The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
including Rule 144A securities deemed illiquid by the Investment
Adviser consistent with Commission guidance, and master demand notes.
    (8) The Fund will only buy money market or other short-term debt
instruments that are rated in the top three ratings by U.S. nationally
recognized ratings services or that the Investment Adviser considers
comparable in quality to instruments rated in the top three ratings.
The Fund may only invest up to 5% of its total assets in non-
investment-grade debt securities.
    (9) If the Fund enters into a repurchase agreement, it will
maintain possession of the purchased securities and any underlying
collateral. A counterparty to a reverse repurchase agreement must be a
primary dealer that reports to the Federal Reserve Bank of New York or
one of the largest 100 commercial banks in the United States.
    (10) The Fund will not invest in: (a) Any non-U.S. equity
securities; (b) options contracts, futures contracts, or swap
agreements; and (c) leveraged or inverse leveraged ETPs.
    (11) The Fund will typically invest only in debt instruments that
the Investment Adviser deems to be sufficiently liquid at time of
investment. Generally a debt instrument must have $100 million (or an
equivalent value if denominated in a currency other than U.S. dollars)
or more par amount outstanding and significant par value traded to be
considered sufficiently liquid at the time of investment. The Fund may
invest up to 25% of its total assets in debt instruments having a lower
par amount outstanding to the extent the Investment Advisor determines
such an investment to be appropriate. In any such determination, the
Investment Advisor will evaluate the relative creditworthiness of
issuers and the relative credit quality of debt issues. Consideration
may be given to an issuer's financial strength, capacity for timely
payment, and ability to withstand adverse financial developments.
    (12) A minimum of 100,000 Shares of the Fund will be outstanding at
the commencement of trading on the Exchange.
    This approval order is based on all of the Exchange's
representations, including those set forth above and in the Notice, and
the Exchange's description of the Funds.
    For the foregoing reasons, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act \40\ and the
rules and regulations thereunder applicable to a national securities
exchange.
---------------------------------------------------------------------------

    \40\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\41\ that the proposed rule change (SR-NYSEArca-2013-132), as
modified by Amendment Nos. 2 and 3 thereto, be, and it hereby is,
approved.
---------------------------------------------------------------------------

    \41\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\42\
---------------------------------------------------------------------------

    \42\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2014-01661 Filed 1-28-14; 8:45 am]
BILLING CODE 8011-01-P


Printed from

Fuel doping: Govt to rework pricing formula for ethanol

23 Dec 2009, 0126 hrs IST, Prabha Jagannathan, ET Bureau

NEW DELHI: In an urgent bid to revive the mandatory blending of 5%
ethanol with petrol, the Centre is gearing up to rework the formula for
pricing

ethanol in order to activate the ethanol supply tenders from sugar
factories to OMCs (Oil Marketing Companies. The new formula is likely to
include a “Take or Pay” clause which amounts to 10% to the total
supply value.

Food minister Sharad Pawar indicated on Tuesday at the 75th annual AGM
of the Indian Sugar Mills Association (ISMA) that he planned to put the
new formula—this is being worked out in consultation with the sugar
companies—before the Cabinet soon to ensure that 5% mandatory ethanol
doping of petrol was started imminently.

“We (industry and government) have reached a broad agreement on the
matter which will be announced very soon and pave the way for the
success of the 5% blending programme. Only after this can the government
have the confidence to embark on higher percentage of ethanol
blending,” he told industry honchos today.

Also, a new export policy for sugar may be on the anvil which ensures
that the world’s largest consumer of sugar—India is currently the
toast of the global sugar market for its desperate and high priced sugar
buys against an acute cane shortage at home—has a “continuous
presence in the international market” A sustained market presence is
expected to allow the country to gain through timely and reasonably
priced exports and imports.

The carrots, though, ended there. Indicating that the Centre would take
hard penal action against the industry on mis-reporting or
under-reporting the cane acreage in their area. “We have decided to
strictly penalise factories for late and incorrect reporting of figures
to the Directorate of Sugar,” Mr Pawar held.

Turning the tables on the industry over highly incorrect sugar
production figures for 2008-09, which resulted in acute sugar shortage,
high domestic prices and expensive imports, Mr Pawar stressed
“...industry itself was way off in production estimates and the ISMA
president spoke of a 190 lakh tonnes of sugar in 2008-09 this time last
year...such incorrect estimation often leads to delayed and incorrect
policy decisions.”

The government’s urgency to kickstart the 5% ethanol blending
programme (EBP) is also because the requirement of ethanol has shot up
from around 800 million litres annually to over 850 m litres in the
course of the delay (since 2006) in implementation.

Tenders from OMCs for ethanol buys have been kept in abeyance thus far
after a difference in the price of the commodity, ranging between Rs
27/litre and Rs 21.50/litre. Most sugarcos are reluctant to supply at
this rate to OMCs against a background of acute sugarcane supply
shortage and higher processing costs per unit to factories.

“The cost of petrol is Rs 23 a litre and the blending of ethanol
obtained at a price any higher may be uneconomical for OMCs,” an
industry monitor acknowledged. But sugarcos maintain that a steady
government policy ensures normal sugarcane output annually and that
ethanol should be priced in the context of high fuel efficiency, lower
exchequer spends on oil imports, especially given crude price
volatility.

There have, meanwhile, also been reports of some Maharashtra based
non-sugar companies defaulting on their obligations to OMCs. Defaults,
however, have reportedly been on account of these companies being unable
to enter into sustained supply contracts for a year or more as demanded
by OMCs. “Mr Pawar held “Defaulting creates doubts in the minds of
ethanol users...look, instead, at the long term picture of continuous
demand at a fixed price even inyears fo surplus sugarcane and sugar
production.”

The minister said that the governmetn could consider relaxing the SCO to
allow direct coversion of sugarcane juice to ethanol in cane an sugar
supply surplus years “as a possible solution” to resolve problems of
cyclicality in the sector. “This is of special concern to us,” he
said.


[Federal Register: February 9, 2006 (Volume 71, Number 27)]
[Notices]
[Page 6798]
[DOCID:fr09fe06-88]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549.

Extension:
    Rule 19d-2; SEC File No. 270-204; OMB Control No. 3235-0205.

    Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission
(``Commission'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
    Rule 19d-2 under the Securities Exchange Act of 1934 (the ``Act'')
prescribes the form and content of applications to the Commission by
persons desiring stays of final disciplinary sanctions and summary
action of self-regulatory organizations (``SROs'') for which the
Commission is the appropriate regulatory agency.
    It is estimated that approximately 30 respondents will utilize this
application procedure annually, with a total burden of 90 hours, based
upon past submissions. The staff estimates that the average number of
hours necessary to comply with the requirements of Rule 19d-2 is 3
hours.
    Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information collected; and (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
    Please direct your written comments to R. Corey Booth, Director/
Chief Information Officer, Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549.

    Dated: January 31, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6-1784 Filed 2-8-06; 8:45 am]

BILLING CODE 8010-01-P


Name:           THORNTON JAMES R
Title:
Organization:   NORTHROP GRUMMAN NEWPORT NEWS
Date:           20030317
Address1:
Address2:
City:           NEWPORT NEWS
State:          VA
Zip Code:       23607
Docket Number:  S030
Exhibit Number: 7-12
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Safety Standards for Cranes and Derricks

The Occupational Safety and Health Administration is planning to establish a Crane and Derrick Negotiated Rulemaking Advisory Committee (C-DAC) under the Negotiated Rulemaking Act (NRA) and the Federal Advisory Committee Act (FACA). The Committee will include representatives of parties who would be significantly affected by the final rule.

On July 16, 2002, OSHA published a Federal Register notice of intent to establish a negotiated rulemaking committee (67 FR 46612) and requested nominations for membership. In the current Federal Register notice OSHA is asking for comments on the proposed list of fifty-five nominations.  The list can be found in the complete notice.

Please note that you may not attach materials such as studies or journal articles to your electronic comments. If you wish to include such materials, you must submit three copies to the OSHA Docket Office at the address listed above. When submitting such materials to the OSHA Docket Office, clearly identify your electronic comments by name, date, subject, and Docket Number, so that we can attach the materials to your electronic comments.

Online comments must be received by March 31, 2003 COB EST.  If you wish to commit online on the proposed list of Committee members, please enter your submission in the box below.  Thank you for your interest in worker safety and health.

I would appreciate the Agencies  reconsideration of Thomas W. Chamberlin for membership on the Negotiated Rulemaking Committee for Safety Standards and Cranes. By his absence, I strongly believe that the Agency is missing the input of a vital stakeholder that will ensure a quality standard. My review of the proposed committee members suggests that a participant from the Navy Nuclear Crane Progran, and furthermore, a representative from the Department of Defense is missing. These are extremely important stakeholders who must be included in the process. This necessary not only from a technical standpoint, but also with consideration for homeland security issues.Mr. Chamberlin is highly qualified to bring his expertise to the Committee in this reagrd. Since we are technically not able to append files to this correspondence, I request that you refer back to our original submission for a copy of his biograpical information.I thnak you in advance for your consideration. If you have any questions, please e-mail or contact me at<PHONE_NUMBER>.


[Federal Register: September 21, 2006 (Volume 71, Number 183)]
[Notices]
[Page 55229-55230]
[DOCID:fr21se06-84]

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SECURITIES AND EXCHANGE COMMISSION

Release No. 34-54442; File No. SR-Amex-2006-80]

Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of Proposed Rule Change To Amend Rule 777 Regarding
Depository Eligibility

September 14, 2006.
    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 August 21, 2006, the American Stock Exchange LLC (``Amex'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change described in Items I, II, and III below, which
items have been prepared primarily by Amex. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested parties.
---------------------------------------------------------------------------

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

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

    The proposed rule change seeks to amend Amex Rule 777 by deleting
the references to ``domestic'' and ``foreign'' in paragraph (a) as well
as additional requirements imposed by paragraph (b) of the rule in
order for a security to be depository eligible. The proposed rule also
seeks to add new sections 136 and 137 to the Amex Company Guide to
cross-reference Rules 776 and 777.

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

    In its filing with the Commission, Amex 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. Amex has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\3\
---------------------------------------------------------------------------

    \3\ The Commission has modified the text of the summaries
prepared by Amex.
---------------------------------------------------------------------------

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

    On June 1, 1995, Amex adopted Rule 777 for the purpose of
facilitating implementation of Rule 15c6-1 of the Act that established
a three-day settlement period for most securities transactions.\4\ Rule
777 requires domestic issuers' securities be depository eligible prior
to listing and sets forth specific requirements for issuers' depository
eligibility.
---------------------------------------------------------------------------

    \4\ Securities Exchange Act Release No. 35798 (June 1, 1995) 60
FR 30909 (June 12, 1995) [File No. SR-Amex-95-17].
---------------------------------------------------------------------------

    Currently, before an issue of securities can be listed, Rule 777(a)
requires a domestic issuer to represent to Amex that a CUSIP number
identifying the securities had been included in the file of eligible
issues maintained by a securities depository registered with the
Commission as a clearing agency under section 17A of the Act.\5\ Amex
proposes to delete the exception for foreign issuers in Rule 777(a).
Exclusion of foreign issuers is no longer necessary because they have
the capacity to comply with Rule 777 and have been doing so voluntarily
for years. The proposed rule change is consistent with clarifying
changes adopted by NYSE.\6\
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78q-1.
    \6\ Securities Exchange Act Release No. 45987 (May 28, 2002), 67
FR 38538 (June 4, 2002) (SR-NYSE-2001-30).
---------------------------------------------------------------------------

    Amex also proposes to delete the exception in Rule 777(a) for
securities whose terms cannot be reasonably modified to meet the
criteria for depository eligibility at all securities depositories. The
exception was originally included in Rule 777(a) because various States
and countries precluded the book-entry issuance of securities.
Following implementation of Rule 777(a), however, States have amended
their corporate statutes to allow for book-entry issuance and, as
mentioned above, foreign issuers have voluntarily complied with book-
entry issuance requirements. As a result, the expectation is no longer
needed to accommodate such issuers. Further, in light of the direct
registration eligibility requirements recently approved by the
Commission \7\ that require new and current listings on the Amex to be
eligible for a direct registration system operated by a securities
depository, Amex is concerned that the exception will confuse issuers.
---------------------------------------------------------------------------

    \7\ Securities Exchange Act Release No. 54290 (August 8, 2006),
71 FR 47262 (August 16, 2006) (SR-Amex-2006-40).
---------------------------------------------------------------------------

    Rule 777(b) currently sets forth additional requirements that must
be met before a security will be deemed ``depository eligible'' within
the meaning of Rule 776.\8\ The applicability of the requirement set
forth in Rule 777(b) to an issuer depended upon whether a new issue is
distributed by an underwriting syndicate before or after the date an
electronic securities depository system is available for monitoring
repurchases of the distributed shares by syndicate members. Prior to
the availability of such a system, a managing underwriter may delay the
date a security is deemed depository eligible for up to three months
after commencement of trading on Amex.
---------------------------------------------------------------------------

    \8\ Rule 776 requires Amex members to use the facilities of a
security depository for the book-entry settlement of all
transactions in depository-eligible securities with another
financial intermediary or institutional customer. Securities
Exchange Act Release No. 32455 (June 11, 1993), 58 FR 33679 (June
18, 1993) [File Nos. SR-Amex-93-07; SR-BSE-93-08; SR-MSE-93-03; SR-
NASD-93-11; SR-NYSE-93-13; SR-PSE-93-04; and SR-PHLX-93-09].
---------------------------------------------------------------------------

    On May 13, 1996, approximately one year after the approval of Rule
777, the Commission approved a rule change filed by The Depository
Trust Company

(``DTC'')\9\ allowing DTC to implement its Initial Public Offering
(``IPO'') Tracking System.\10\ The IPO Tracking System enables lead
managers and syndicate members of equity underwritings to monitor
repurchases of distributed shares in an automated book-entry
environment.
---------------------------------------------------------------------------

    \9\ DTC is a securities depository registered with the
Commission under section 17A and 19 of the Act as a clearing agency.
    \10\ Securities Exchange Act Release No. 37208 (May 13, 1996),
61 FR 25253 (May 20, 1996) [File No. SR-DTC-95-27].
---------------------------------------------------------------------------

    Amex proposes deleting Rule 777(b) in its entirety as it is no
longer relevant since DTC has implemented its IPO Tracking System,
which is monitoring repurchases of distributed shares. The proposed
rule change is consistent with clarifying changes adopted by NYSE.\11\
---------------------------------------------------------------------------

    \11\ Supra, note 5.
---------------------------------------------------------------------------

    Finally, Amex proposes cross-referencing rules 776 and 777 in Part
1 of the Amex Company Guide to clarify that Rules 776 and 777 are
initial and continued listing standards applicable to companies listed
on Amex.
    Amex believes the proposed rule change is consistent with the
requirements of Sections 6(b)(5) and 17A of the Act \12\ and the rules
and regulations thereunder requiring the rules of Amex be designed to
remove impediments to and perfect the mechanism of a free and open
market and to perfect a national market system which provides, among
other things, for the prompt and accurate clearance and settlement of
securities transactions.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b)(5) and 78q-1.
---------------------------------------------------------------------------

(B) Self-Regulatory Organization's Statement on Burden on Competition

    Amex 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.

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 thirty-five days of the date of publication of this notice
in the Federal Register or within such longer period: (i) As the
Commission may designate up to ninety days of such date 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 such 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 e-mail to<EMAIL_ADDRESS>Please include

File Number SR-Amex-2006-80 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-Amex-2006-80. 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 filings also will be
available for inspection and copying at the principal office of Amex
and on Amex's Web site at http://www.amex.com. 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-Amex-2006-80 and should be submitted on
or before October 12, 2006.
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).

    For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\13\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06-7840 Filed 9-20-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: August 6, 2008 (Volume 73, Number 152)]
[Notices]
[Page 45756-45757]
[DOCID:fr06au08-57]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER08-1175-001]

Niagara Mohawk Power Corporation; Notice of Filing

July 31, 2008.
    Take notice that on July 18, 2008, Niagara Mohawk Power Corporation
filed an amendment to its June 26, 2008 filing.
    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 August 8, 2008.

Kimberly D. Bose,
Secretary.
[FR Doc. E8-18007 Filed 8-5-08; 8:45 am]

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[Federal Register Volume 77, Number 62 (Friday, March 30, 2012)]
[Notices]
[Pages 19409-19410]
[FR Doc No: 2012-7741]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Public Availability of the final Environmental
Assessment (EA) and Finding of No Significant Impact/Record of Decision
(FONSI/ROD) Signed March 20, 2012, for the Evaluation of the Potential
Environmental Impacts Associated With the Dual Track Airport Project
for the Brookings Regional Airport in Brookings, SD

AGENCY: Federal Aviation Administration (FAA), Department of
Transportation (DOT).

ACTION: Notice of Availability of a final EA and FONSI/ROD for the
evaluation of the potential environmental impacts associated with the
Dual Track Airport Project for Brookings Regional Airport, Brookings,
South Dakota.

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SUMMARY: The FAA has issued the final EA and FONSI/ROD for the Dual
Track Airport Project for Brookings Regional Airport. The EA was
prepared in accordance with the National Environmental Policy Act
(NEPA) of 1969, as amended, FAA Orders 1050.1E, ``Environmental
Impacts: Policies and Procedures'' and FAA Order 5050.4B, ``NEPA
Implementing Instructions for Airport Actions''.

POINT OF CONTACT: Ms. Patricia Dressler, Environmental Protection
Specialist, FAA Bismarck Airports District Office (ADO), 2301
University Drive, Building 23B, Bismarck, North Dakota 58504. Telephone
number<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The FAA is issuing a final EA and FONSI/ROD
that evaluated the potential environmental impacts associated with the
Dual Track Airport Project proposed Brookings Regional Airport
Expansion at Brookings Regional Airport, Brookings, South Dakota. Based
on the analysis contained in the final EA, the FAA has determined the
selected alternative has no associated significant impacts to resources
identified in accordance with FAA Order 1050.1E, Environmental Impacts:
Policies and Procedures and FAA Order 5054.4B, National Environmental
Policy Act Implementing Instructions for Airport Actions. Therefore, no
environmental impact statement will be prepared. The Brookings
Expansion project will provide an airport layout that achieves the
project purpose, specifically, control over the Runway Protection
Zones, sufficient runway length for the existing and anticipated future
aircraft fleets, and a standard runway intersection for the two
runways.
    Sixteen alternatives (9 on site and 7 new airport locations) were
studied for meeting the purpose and need. Thirteen of these
alternatives were reviewed, analyzed, and discarded due to the degree
of environmental impacts and/or not meeting purpose and need. A
detailed discussion is in the FONSI/ROD Section entitled V.
Alternatives Considered and Discarded. The selected alternative is one
of three alternatives considered in the final EA. The selected
alternative consists of addressing the identified needs.
    The selected alternative includes the:
    (1) Unconditional approval of the Airport Layout Plan (ALP) for the
development listed in the EA and the decision document. (2) Issue final
airspace determinations for the development listed on the ALP. (3)
Eligibility for Federal grants-in-aid funds for eligible items. (4)
Approval for the development or revision, implementation, and use of
air traffic/flight procedures to implement the proposed action. (5) FAA
finding of ``No Historic Properties Affected'' for the Proposed Action.
(6) FAA finding of ``may affect, not likely to adversely affect'' the
American burying beetle (Nicrophorus americanus) and the Western
prairie fringed orchid (Platanthera praeclara). (7) FAA Finding of
``may affect, likely to adversely affect'' the Topeka shiner (Notropis
topeka) an endangered species, however, in Formal Section 7
Consultation on the Endangered Species Act with the USFWS concluded
that the action, as proposed, is not likely to jeopardize the continued
existence of the Topeka shiner. (8) FAA floodplain finding that there
is no prudent and practicable alternative to this impact and the
propose action includes all practicable measures to minimize harm to
floodplains. (9) FAA wetland finding that there is no practicable
alternatives to such construction and the proposed action includes all
practicable measure to minimize harm to wetlands.
    These documents will be available for public review during normal
business hours at:

Federal Aviation Administration Bismarck ADO, 2301 University

Drive, Building 23B, Bismarck, North Dakota 58504;
Brookings City Hall, Engineering Department, 311 3rd Avenue, Brookings,
South Dakota 57706;
Brookings Public Library, 515 3rd Street, Brookings, South Dakota
57706.

    Issued in Bismarck North Dakota, March 20, 2012.
Thomas T. Schauer,
Manager, Bismarck Airport District Office FAA, Great Lakes Region.
[FR Doc. 2012-7741 Filed 3-29-12; 8:45 am]
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