[Federal Register: September 4, 2009 (Volume 74, Number 171)]
[Notices]
[Page 45899]
[DOCID:fr04se09-104]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. PE-2009-37]

Petition for Exemption; Summary of Petition Received

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of petition for exemption received.

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SUMMARY: This notice contains a summary of a petition seeking relief
from specified requirements of 14 CFR 21.435 (c). The purpose of this
notice is to improve the public's awareness of, and participation in,
this aspect of FAA's regulatory activities. Neither publication of this
notice nor the inclusion or omission of information in the summary is
intended to affect the legal status of the petition or its final
disposition.

DATES: Comments on this petition must identify the petition docket
number involved and must be received on or before September 24, 2009.

ADDRESSES: You may send comments identified by Docket Number FAA-2009-
0758 using any of the following methods:
     Government-wide rulemaking Web site: Go to http://
www.regulations.gov and follow the instructions for sending your
comments electronically.
     Mail: Send comments to the Docket Management Facility;
U.S. Department of Transportation, 1200 New Jersey Avenue, SE., West
Building Ground Floor, Room W12-140, Washington, DC 20590.
     Fax: Fax comments to the Docket Management Facility at
202-493-2251.
     Hand Delivery: Bring comments to the Docket Management
Facility in Room W12-140 of the West Building Ground Floor at 1200 New
Jersey Avenue, SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
    Privacy: We will post all comments we receive, without change, to
http://www.regulations.gov, including any personal information you
provide. Using the search function of our docket Web site, anyone can
find and read the comments received into any of our dockets, including
the name of the individual sending the comment (or signing the comment
for an association, business, labor union, etc.). You may review DOT's
complete Privacy Act Statement in the Federal Register published on
April 11, 2000 (65 FR 19477-78).
    Docket: To read background documents or comments received, go to
http://www.regulations.gov at any time or to the Docket Management
Facility in Room W12-140 of the West Building Ground Floor at 1200 New
Jersey Avenue, SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Ralph Meyer, Aircraft Certification
Service--Delegation and Airworthiness Programs Branch, AIR-140, Federal
Aviation Administration, Mike Monroney Aeronautical Center, 6500 S.
MacArthur Blvd., Oklahoma City, OK 73169; telephone<PHONE_NUMBER>,
facsimile<PHONE_NUMBER>; e-mail<EMAIL_ADDRESS>This notice is
published pursuant to 14 CFR 11.85.

    Issued in Washington, DC, on August 31, 2009.
Pamela Hamilton-Powell,
Director, Office of Rulemaking.

Petition for Exemption

    Docket No.: FAA-2009-0758.
    Petitioner: Delta Engineering.
    Section of 14 CFR Affected: Sec.  21.435 (c).
    Description of Relief Sought: Delta Engineering seeks relief to
continue to perform functions contained in its authorization until
November 14, 2011.

[FR Doc. E9-21355 Filed 9-3-09; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register Volume 85, Number 152 (Thursday, August 6, 2020)]
[Notices]
[Pages 47821-47824]
[FR Doc No: 2020-17131]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89438; File No. SR-NYSEArca-2020-51]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting
Approval of a Proposed Rule Change, as Modified by Amendment No. 2, To
List and Trade Shares of Natixis Vaughan Nelson Select ETF and Natixis
Vaughan Nelson MidCap ETF Under NYSE Arca Rule 8.601-E

July 31, 2020.

I. Introduction

    On June 12, 2020, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'')
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 following under NYSE Arca
Rule 8.601-E (Active Proxy Portfolio Shares): Natixis Vaughan Nelson
Select ETF and Natixis Vaughan Nelson MidCap ETF (each a ``Fund'' and,
collectively, the ``Funds''). On June 17, 2020, the Exchange filed
Amendment No. 1 to the proposed rule change, which superseded and
replaced the proposed rule change in its entirety. On June 19, 2020,
the Exchange filed Amendment No. 2 to the proposed rule change, which
superseded and replaced the proposed rule change, as modified by
Amendment No. 1, in its entirety. The proposed rule change, as modified
by Amendment No. 2, was published for comment in the Federal Register
on June 29, 2020.\3\ The Commission has received no comments on the
proposed rule change. This order approves the proposed rule change, as
modified by Amendment No. 2.
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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. 89127 (June 23,
2020), 85 FR 39000 (``Notice'').
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II. Description of the Proposed Rule Change, as Modified by Amendment
No. 2 \4\
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    \4\ Additional information regarding the Shares and the Funds
can be found in the Notice, supra note 3, and the Registration
Statement, infra note 6.
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    The Exchange is proposing to list and trade Shares of the Funds
under NYSE Arca Rule 8.601-E (Active Proxy Portfolio Shares).\5\ Each
Fund will be a series of Natixis ETF Trust II (``Trust''), which will
be registered with the Commission as an open-end management investment
company.\6\ Natixis Advisors, L.P. (``Adviser'') will be the investment
adviser to the Funds and Vaughan Nelson Investment Management, L.P.
will be the subadviser (``Sub-Adviser'') for the Funds. ALPS
Distributors, Inc. will act as the distributor and principal
underwriter (``Distributor'') for the Funds.
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    \5\ The term ``Active Proxy Portfolio Share'' means a security
that (a) is issued by an investment company registered under the
Investment Company Act of 1940 (``Investment Company'') organized as
an open-end management investment company that invests in a
portfolio of securities selected by the Investment Company's
investment adviser consistent with the Investment Company's
investment objectives and policies; (b) is issued in a specified
minimum number of shares, or multiples thereof, in return for a
deposit by the purchaser of the Proxy Portfolio and/or cash with a
value equal to the next determined net asset value (``NAV''); (c)
when aggregated in the same specified number of Active Proxy
Portfolio Shares, or multiples thereof, may be redeemed at a
holder's request in return for the Proxy Portfolio and/or cash to
the holder by the issuer with a value equal to the next determined
NAV; and (d) the portfolio holdings for which are disclosed within
at least 60 days following the end of every fiscal quarter. See NYSE
Arca Rule 8.601-E(c)(1). See also note 7 infra regarding the
definition of ``Proxy Portfolio.'' The Commission recently approved
the Exchange's proposed rule change to adopt NYSE Arca Rule 8.601-E
to permit the listing and trading of Active Proxy Portfolio Shares.
See Securities Exchange Act Release No. 89185 (June 29, 2020), 85 FR
40328 (July 6, 2020) (SR-NYSEArca-2019-095) (``Active Proxy
Portfolio Shares Order'').
    \6\ The Exchange states that the Trust is registered under the
Investment Company Act of 1940 (``1940 Act''). On April 24, 2020,
the Trust filed a registration statement on Form N-1A under the
Securities Act of 1933 (``1933 Act'') (15 U.S.C. 77a), and under the
1940 Act relating to the Funds (File Nos. 333-235466 and 811-23500)
(``Registration Statement''). The Trust and NYSE Group, Inc. filed a
Seventh Amended and Restated Application for an Order under Section
6(c) of the 1940 Act for exemptions from various provisions of the
1940 Act and rules thereunder (File No. 812-14870), dated October
21, 2019 (``Application''). On November 14, 2019, the Commission
issued a notice regarding the Application. Investment Company
Release No. 33684 (File No. 812-14870). On December 10, 2019, the
Commission issued an order (``Exemptive Order'') under the 1940 Act
granting the exemptions requested in the Application (Investment
Company Act Release No. 33711 (December 10, 2019)).
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    The Exchange represents that the Adviser is not registered as a
broker-dealer but is affiliated with a broker-dealer and has
implemented and will maintain a ``fire wall'' with respect to

such broker-dealer affiliate regarding access to information concerning
the composition of and/or changes to a Fund's Actual Portfolio and/or
Proxy Portfolio.\7\ The Exchange represents that the Sub-Adviser is not
registered as a broker-dealer but is affiliated with a broker-dealer
and the Sub-Adviser has implemented and will maintain a ``fire wall''
with respect to its broker-dealer affiliate regarding access to
information concerning the composition of and/or changes to the
applicable Fund's Actual Portfolio and/or Proxy Portfolio. In the event
(a) the Adviser or Sub-Adviser becomes registered as a broker-dealer or
becomes newly affiliated with a broker-dealer, or (b) any new adviser
or sub-adviser is a registered broker-dealer, or becomes affiliated
with a broker-dealer, it will implement and maintain a fire wall with
respect to its relevant personnel or its broker-dealer affiliate
regarding access to information concerning the composition and/or
changes to a Fund's Actual Portfolio and/or Proxy Portfolio, and will
be subject to procedures designed to prevent the use and dissemination
of material non-public information regarding a Fund's Actual Portfolio
and/or Proxy Portfolio or changes thereto. In addition, the Exchange
represents that any person related to the Adviser, Sub-Adviser or a
Fund who makes decisions pertaining to a Fund's Actual Portfolio or the
Proxy Portfolio or has access to non-public information regarding a
Fund's Actual Portfolio and/or the Proxy Portfolio or changes thereto
are subject to procedures reasonably designed to prevent the use and
dissemination of material non-public information regarding a Fund's
Actual Portfolio and/or the Proxy Portfolio or changes thereto.
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    \7\ The term ``Actual Portfolio'' means the identities and
quantities of the securities and other assets held by the Investment
Company that shall form the basis for the Investment Company's
calculation of NAV at the end of the business day. See NYSE Arca
Rule 8.601-E(c)(2). The term ``Proxy Portfolio'' means a specified
portfolio of securities, other financial instruments and/or cash
designed to track closely the daily performance of the Actual
Portfolio of a series of Active Proxy Portfolio Shares as provided
in the exemptive relief pursuant to the 1940 Act applicable to such
series. See NYSE Arca Rule 8.601-E(c)(3).
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    The Exchange further represents that any person or entity,
including any service provider for a Fund, who has access to non-public
information regarding a Fund's Actual Portfolio or the Proxy Portfolio
or changes thereto, will be subject to procedures reasonably designed
to prevent the use and dissemination of material non-public information
regarding a Fund's Actual Portfolio and/or the Proxy Portfolio or
changes thereto. Moreover, if any such person or entity is registered
as a broker-dealer or affiliated with a broker-dealer, such person or
entity has erected and will maintain a ``fire wall'' between the person
or entity and the broker-dealer with respect to access to information
concerning the composition and/or changes to a Fund's Actual Portfolio
and/or Proxy Portfolio.

A. Description of the Funds

    According to the Exchange, the Adviser believes a Fund would allow
for efficient trading of Shares through an effective Fund portfolio
transparency substitute and publication of related information metrics,
while still shielding the identity of the full Fund portfolio contents
to protect a Fund's performance-seeking strategies. Even though a Fund
would not publish its full portfolio contents daily, the Adviser
believes that the NYSE Proxy Portfolio Methodology would allow market
participants to assess the intraday value and associated risk of a
Fund's Actual Portfolio. As a result, the Adviser believes that
investors would be able to purchase and sell Shares in the secondary
market at prices that are close to their NAV.
    The Exchange states that the Funds will utilize a proxy portfolio
methodology--the ``NYSE Proxy Portfolio Methodology''--that would allow
market participants to assess the intraday value and associated risk of
a Fund's Actual Portfolio and thereby facilitate the purchase and sale
of Shares by investors in the secondary market at prices that do not
vary materially from their NAV.\8\ The NYSE Proxy Portfolio Methodology
would utilize creation of a Proxy Portfolio for hedging and arbitrage
purposes.\9\
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    \8\ The NYSE Proxy Portfolio Methodology is owned by the NYSE
Group, Inc. and licensed for use by the Funds. NYSE Group, Inc. is
not affiliated with the Funds, Adviser or Distributor. Not all
series of Active Proxy Portfolio Shares utilize the NYSE Proxy
Portfolio Methodology.
    \9\ With respect to the Funds, the Funds will have in place
policies and procedures regarding the construction and composition
of their respective Proxy Portfolio. Such policies and procedures
will be covered by a Fund's compliance program and other
requirements under Rule 38a-1 under the 1940 Act.
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    Each of the Fund's holdings will conform to the permissible
investments as set forth in the Application and Exemptive Order and the
holdings will be consistent with all requirements in the Application
and Exemptive Order.\10\ Any foreign common stocks held by a Fund will
be traded on an exchange that is a member of the Intermarket
Surveillance Group (``ISG'') or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
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    \10\ Pursuant to the Application and Exemptive Order, the
permissible investments for each Fund include only the following
instruments: Exchange-traded funds (``ETFs'') traded on a U.S.
exchange; exchange-traded notes (``ETNs'') traded on a U.S.
exchange; U.S. exchange-traded common stocks; common stocks listed
on a foreign exchange that trade on such exchange contemporaneously
with the Shares (``foreign common stocks'') in the Exchange's Core
Trading Session (normally 9:30 a.m. and 4:00 p.m. Eastern time
(``E.T.'')); U.S. exchange-traded preferred stocks; U.S. exchange-
traded American Depositary Receipts (``ADRs''); U.S. exchange-traded
real estate investment trusts; U.S. exchange-traded commodity pools;
U.S. exchange-traded metals trusts; U.S. exchange-traded currency
trusts; and U.S. exchange-traded futures that trade
contemporaneously with a Fund's Shares. In addition, a Fund may hold
cash and cash equivalents (short-term U.S. Treasury securities,
government money market funds, and repurchase agreements). A Fund
will not hold short positions or invest in derivatives other than
U.S. exchange-traded futures, will not borrow for investment
purposes, and will not purchase any securities that are illiquid
investments at the time of purchase.
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1. Natixis Vaughan Nelson Select ETF
    According to the Exchange, the Fund's investment objective is to
seek long-term capital appreciation. The Fund, under normal market
conditions,\11\ will invest primarily in equity securities, including
exchange-traded common stocks, exchange-traded preferred stocks and
exchange-traded real estate investment trusts (``REITs'').
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    \11\ The term ``normal market conditions'' is defined in NYSE
Arca Rule 8.601-E(c)(5).
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2. Natixis Vaughan Nelson MidCap ETF
    According to the Exchange, the Fund's investment objective is to
seek long-term capital appreciation. The Fund, under normal market
conditions, will invest primarily in companies that, at the time of
purchase, have market capitalizations either within the capitalization
range of the Russell Midcap[supreg] Value Index, an unmanaged index
that measures the performance of companies with lower price-to-book
ratios and lower forecasted growth values within the broader Russell
Midcap Index, or of $15 billion or less. Equity securities that the
Fund may invest in may take the form of exchange-traded stock in
corporations and exchange-traded REITs or other exchange-traded trusts
and similar securities representing direct or indirect ownership
interests in business organizations.
3. Investment Restrictions
    The Shares of the Funds will conform to the initial and continued
listing criteria under NYSE Arca Rule 8.601-E. Each Fund's holdings
will be limited to and consistent with permissible holdings as
described in the Application

and all requirements in the Application and Exemptive Order.\12\ Each
Fund's investments, including derivatives, will be consistent with its
investment objective and will not be used to enhance leverage (although
certain derivatives and other investments may result in leverage). That
is, a Fund's investments will not be used to seek performance that is
the multiple or inverse multiple (e.g., 2X or -3X) of a Fund's primary
broad-based securities benchmark index (as defined in Form N-1A).\13\
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    \12\ See note 10, supra.
    \13\ A Fund's broad-based securities benchmark index will be
identified in a future amendment to its Registration Statement
following a Fund's first full calendar year of performance.
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III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule
change, as modified by Amendment No. 2, is consistent with the Act and
rules and regulations thereunder applicable to a national securities
exchange.\14\ In particular, the Commission finds that the proposed
rule change, as modified by Amendment No. 2 is consistent with Section
6(b)(5) of the Act,\15\ which requires, among other things, that the
Exchange's rules be designed to prevent fraudulent and manipulative
acts and practices, to promote just and equitable principles of trade,
to remove impediments to and perfect the mechanism of a free and open
market and a national market system, and, in general, to protect
investors and the public interest.
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    \14\ In approving this proposed rule change, the Commission
notes that it has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
    \15\ 15 U.S.C. 78f(b)(5).
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    The Commission believes that the proposal is reasonably designed to
promote fair disclosure of information that may be necessary to price
the Shares appropriately and to prevent trading in the Shares when a
reasonable degree of certain pricing transparency cannot be assured. As
such, the Commission believes the proposal is reasonably designed to
maintain a fair and orderly market for trading the Shares. The
Commission also finds that the proposal is consistent with Section
11A(a)(1)(C)(iii) of the Act, which sets forth Congress's 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.
    Specifically, prior to commencement of trading in the Shares, the
Exchange will obtain a representation from the Adviser that the NAV per
Share of each Fund will be calculated daily and that the NAV, Proxy
Portfolio, and Actual Portfolio for each Fund will be made available to
all market participants at the same time.\16\ 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. Quotation and last-sale
information for the Shares, ETFs, ETNs, U.S. exchange-traded common
stocks, preferred stocks, and ADRs will be available via the
Consolidated Tape Association high-speed line or from the exchange on
which such securities trade. Price information for futures, foreign
stocks, and cash equivalents is available through major market data
vendors. The Funds' website will include additional information updated
on a daily basis, including, on a per Share basis for each Fund, the
prior business day's NAV, the closing price or bid/ask price at the
time of calculation of such NAV, and a calculation of the premium or
discount of the closing price or bid/ask price against such NAV. The
website will also disclose the percentage weight overlap between the
holdings of the Proxy Portfolio compared to the Actual Portfolio
holdings for the prior business day, and any other information
regarding premiums and discounts and the bid/ask spread for a Fund as
may be required for other ETFs under Rule 6c-11 under the 1940 Act. The
Proxy Portfolio holdings for each Fund (including the identity and
quantity of investments in the Proxy Portfolio) will be publicly
available on the Funds' website before the commencement of trading in
Shares on each business day and the Funds' website will disclose the
information required under NYSE Arca Rule 8.601-E(c)(3).\17\ The
website and information will be publicly available at no charge.
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    \16\ See NYSE Arca Rule 8.601-E(d)(1)(B).
    \17\ See NYSE Arca Rule 8.601-E(c)(3), which requires that the
website for each series of Active Proxy Portfolio Shares shall
disclose the information regarding the Proxy Portfolio as provided
in the exemptive relief pursuant to the 1940 Act applicable to such
series, including the following, to the extent applicable: (i)
Ticker symbol; (ii) CUSIP or other identifier; (iii) description of
holding; (iv) quantity of each security or other asset held; and (v)
percentage weighting of the holding in the portfolio.
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    In addition, intraday pricing information for all constituents of
the Proxy Portfolio for each Fund that are exchange-traded, which
includes all eligible instruments except cash and cash equivalents,
will be available on the exchanges on which they are traded and through
subscription services, and that intraday pricing information for cash
equivalents will be available through subscription services and/or
pricing services.
    The Commission also believes that the Exchange's rules regarding
trading halts help to ensure the maintenance of fair and orderly
markets for the Shares. Specifically, pursuant to its rules, the
Exchange may consider all relevant factors in exercising its discretion
to halt trading in the Shares and will halt trading in the Shares under
the conditions specified in NYSE Arca Rule 7.12-E. Trading may be
halted because of market conditions or for reasons that, in the view of
the Exchange, make trading in the Shares inadvisable, including (1) the
extent to which trading is not occurring in the securities and/or the
financial instruments composing the Proxy Portfolio and/or Actual
Portfolio; or (2) whether other unusual conditions or circumstances
detrimental to the maintenance of a fair and orderly market are
present.\18\ Trading in the Shares also will be subject to NYSE Arca
Rule 8.601-E(d)(2)(D), which sets forth additional circumstances under
which trading in the Shares will be halted.
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    \18\ See NYSE Arca Rule 8.601-E(d)(2)(D)(i).
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    The Commission also believes that the proposal is reasonably
designed to help prevent fraudulent and manipulative acts and
practices. Specifically:
     The Adviser is not registered as a broker-dealer but is
affiliated with a broker-dealer and has implemented and will maintain a
``fire wall'' with respect to such broker-dealer affiliate regarding
access to information concerning the composition of and/or changes to a
Fund's Actual Portfolio and/or Proxy Portfolio;
     The Sub-Adviser is not registered as a broker-dealer but
is affiliated with a broker-dealer and has implemented and will
maintain a ``fire wall'' with respect to its broker-dealer affiliate
regarding access to information concerning the composition of and/or
changes to a Fund's Actual Portfolio and/or Proxy Portfolio.
     Any person related to the Adviser, Sub-Adviser or a Fund
who makes decisions pertaining to a Fund's Actual Portfolio or the
Proxy Portfolio or who has access to non-public information regarding a
Fund's Actual Portfolio and/or the Proxy Portfolio or changes thereto
are subject to procedures reasonably designed to prevent the use and
dissemination of material non-public information regarding a Fund's
Actual

Portfolio and/or the Proxy Portfolio or changes thereto;
     In the event (a) the Adviser or Sub-Adviser becomes
registered as a broker-dealer or becomes newly affiliated with a
broker-dealer, or (b) any new adviser or sub-adviser is a registered
broker-dealer, or becomes affiliated with a broker-dealer, it will
implement and maintain a fire wall with respect to its relevant
personnel or its broker-dealer affiliate regarding access to
information concerning the composition of and/or changes to a Fund's
Actual Portfolio and/or Proxy Portfolio, and will be subject to
procedures designed to prevent the use and dissemination of material
non-public information regarding a Fund's Actual Portfolio and/or Proxy
Portfolio or changes thereto; and
     Any person or entity, including any service provider for a
Fund, who has access to non-public information regarding a Fund's
Actual Portfolio or the Proxy Portfolio or changes thereto will be
subject to procedures reasonably designed to prevent the use and
dissemination of material non-public information regarding a Fund's
Actual Portfolio and/or the Proxy Portfolio or changes thereto, and if
any such person or entity is registered as a broker-dealer or
affiliated with a broker-dealer, such person or entity has erected and
will maintain a ``fire wall'' between the person or entity and the
broker-dealer with respect to access to information concerning the
composition of and/or changes to a Fund's Actual Portfolio and/or Proxy
Portfolio.
    Finally, trading in the Shares will be subject to the existing
trading surveillances, administered by the Exchange, as well as cross-
market surveillances administered by the Financial Industry Regulatory
Authority (``FINRA'') on behalf of the Exchange,\19\ and the Exchange
states that these 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 federal securities
laws applicable to trading on the Exchange.
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    \19\ See NYSE Arca Rule 8.601-E, Commentary .03, which requires,
as part of the surveillance procedures for Active Proxy Portfolio
Shares, a Fund's investment adviser to, upon request by the Exchange
or FINRA, on behalf of the Exchange, make available to the Exchange
or FINRA the daily Actual Portfolio holdings of the Fund.
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    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities.
    The Commission finds that the following support the listing and
trading of the Shares:
    (1) The Shares will conform to the initial and continued listing
criteria under NYSE Arca Rule 8.601-E.
    (2) A minimum of 100,000 Shares for each Fund will be outstanding
at the commencement of trading on the Exchange.
    (3) The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed, and may obtain information, regarding trading in
the Shares and underlying exchange-traded instruments with other
markets and other entities that are members of the ISG. In addition,
the Exchange may obtain information regarding trading in the Shares and
underlying exchange-traded instruments from markets and other entities
with which the Exchange has in place a comprehensive surveillance
sharing agreement. Any foreign common stocks held by a Fund will be
traded on an exchange that is a member of the ISG or with which the
Exchange has in place a comprehensive surveillance sharing agreement.
    (4) The Exchange has appropriate rules to facilitate trading in the
Shares during all trading sessions.
    (5) For initial and continued listing, the Funds will be in
compliance with Rule 10A-3 under the Act.\20\
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    \20\ See 17 CFR 240.10A-3.
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    (6) Each Fund's holdings will conform to the permissible
investments as set forth in the Application and Exemptive Order and the
holdings will be consistent with all requirements set forth in the
Application and Exemptive Order. Each Fund's investments, including
derivatives, will be consistent with its investment objective and will
not be used to enhance leverage (although certain derivatives and other
investments may result in leverage).
    (7) With respect to Active Proxy Portfolio Shares, all of the
Exchange member obligations relating to product description and
prospectus delivery requirements will continue to apply in accordance
with Exchange rules and federal securities laws, and the Exchange and
FINRA will continue to monitor Exchange members for compliance with
such requirements.
    Pursuant to Commentary .01 to NYSE Arca Rule 8.601-E, all
statements and representations made in the filing regarding: (1) The
description of the portfolio; (2) limitations on portfolio holdings; or
(3) the applicability of Exchange listing rules specified in the filing
constitute continued listing requirements for listing the Shares on the
Exchange. In addition, the issuer must notify the Exchange of any
failure by a Fund to comply with the continued listing requirements
and, pursuant to its obligations under Section 19(g)(1) of the Act, the
Exchange will monitor \21\ for compliance with the continued listing
requirements. If a Fund is not in compliance with the applicable
listing requirements, the Exchange will commence delisting procedures
under NYSE Arca Rule 5.5-E(m).
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    \21\ The Commission notes that certain proposals for the listing
and trading of exchange-traded products include a representation
that the exchange will ``surveil'' for compliance with the continued
listing requirements. See, e.g., Securities Exchange Act Release No.
77499 (April 1, 2016), 81 FR 20428, 20432 (April 7, 2016) (SR-BATS-
2016-04). In the context of this representation, it is the
Commission's view that ``monitor'' and ``surveil'' both mean ongoing
oversight of compliance with the continued listing requirements.
Therefore, the Commission does not view ``monitor'' as a more or
less stringent obligation than ``surveil'' with respect to the
continued listing requirements.
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act
\22\ that the proposed rule change (SR-NYSEArca-2020-51), as modified
by Amendment No. 2, be, and it hereby is, approved.
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    \22\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-17131 Filed 8-5-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 247 (Tuesday, December 27, 2022)]
[Rules and Regulations]
[Pages 79255-79257]
[FR Doc No: 2022-28130]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2021-0336]
RIN 1625-AA09

Drawbridge Operation Regulation; Fox River, Oshkosh, WI

AGENCY: Coast Guard, DHS.

ACTION: Final rule.

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SUMMARY: The Coast Guard is amending the operating schedule that
governs the Tayco Street Bridge, mile 37.52, the Main Street Bridge,
mile 55.97, the Jackson Street Bridge, mile 56.22, the Wisconsin Street
Bridge, mile 56.72, and the Congress Avenue Bridge, mile 58.01, all
over the Fox River near Oshkosh, Wisconsin. This rule will allow the
bridges to operate remotely and will not change the operating schedule
of the bridge. The Wisconsin Department of Transportation (WisDOT)
requested the change.

DATES: This rule is effective January 26, 2023.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to https://www.regulations.gov. Type the
docket number USCG-2021-0336 in the ``SEARCH'' box and click
``SEARCH''. In the Document Type column, select ``Supporting & Related
Material.''

FOR FURTHER INFORMATION CONTACT: If you have questions on this proposed
rule, call or email Mr. Lee D. Soule, Bridge Management Specialist,
Ninth Coast Guard District; telephone<PHONE_NUMBER>, email
[email protected].

SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
OMB Office of Management and Budget
NPRM Notice of Proposed Rulemaking
Sec.  Section
U.S.C. United States Code
WisDOT Wisconsin Department of Transportation

II. Background Information and Regulatory History

    On July 6, 2021, we published a notice of temporary deviation from
regulations and request for comments in the Federal Register (86 FR
35402). Weaccepted comments until November 1, 2021. This deviation
allowed mariners to experience the proposed regulation and comment
about the

operations of the bridges. We received nine comments that we addressed
and incorporated into the NPRM that we published in the Federal
Register (87 FR 18751) on March 31, 2022. We solicited comments on the
NPRM until May 31, 2022, and we did not receive any additional
comments.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority 33 U.S.C. 499.
    The Main Street Bridge, mile 55.97, provides a horizontal clearance
of 89 feet and a vertical clearance of 11 feet in the closed position,
the Jackson Street Bridge, mile 56.22, provides a horizontal clearance
of 97 feet and a vertical clearance of 11 feet in the closed position,
the Wisconsin Street Bridge, mile 56.72, provides a horizontal
clearance of 75 feet and a vertical clearance of 12 feet in the closed
position, the Congress Avenue Bridge, mile 58.01, provides a horizontal
clearance of 75 feet and a vertical clearance of 13 feet in the closed
position, and the Tayco Street Bridge provides a horizontal clearance
of 63 feet and a vertical clearance of 3 feet in the closed position.
All of these bridges are over the Fox River and provide an unlimited
clearance in the open position, and are governed by the regulations
found in 33 CFR 117.1087.
    The WisDOT requested to operate these bridges remotely and this
required an update to the CFR and a sufficient public comment period on
the bridge operations before any changes were made. This will not
change the schedule of the bridges.
    Because this rule will not change the bridge schedule or the
movement of vehicles over the bridges, vehicle counts were not
consulted.
    Approximately 100 powered and unpowered recreational vessels pass
through these bridges every day during the summer. Commercial salvage
and construction vessels use the waterway in limited numbers.

IV. Discussion of Comments, Changes and the Final Rule

    During the Test Deviation, we provided a comment period of 180 days
and received 9 comments that were used to develop and publish the NPRM;
the NPRM provided an additional 60 days for the public to comment. We
did not receive any additional comments pursuant to the NPRM.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive Orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive Orders.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. This rule has not been designated a ``significant
regulatory action,'' under Executive Order 12866. Accordingly, it has
not been reviewed by the Office of Management and Budget (OMB).
    There will be no burden to any mode of transportation. The only
change is the bridges will operate remotely.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980 (RFA), 5 U.S.C. 601-612, as
amended, requires federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard did not receive any comments from the Small
Business Administration on this rule. The Coast Guard certifies under 5
U.S.C. 605(b) that this rule will not have a significant economic
impact on a substantial number of small entities.
    While some owners or operators of vessels intending to transit the
bridge may be small entities, for the reasons stated in section V. A
above, this rule will not have a significant economic impact on any
vessel owner or operator.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
contact the person listed in the FOR FURTHER INFORMATION CONTACT
section.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

    This rule calls for no new collection of information under the
Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Government

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

E. Unfunded Mandates Reform Act

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

F. Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01, Rev.1, associated implementing
instructions, and Environmental Planning Policy COMDTINST 5090.1
(series) which guide the Coast Guard in complying with the National
Environmental Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f). The
Coast Guard has determined

that this action is one of a category of actions that do not
individually or cumulatively have a significant effect on the human
environment. This rule promulgates the operating regulations or
procedures for drawbridges and is categorically excluded from further
review, under paragraph L49, of Chapter 3, Table3-1 of the U.S. Coast
Guard Environmental Planning Implementation Procedures.
    Neither a Record of Environmental Consideration nor a Memorandum
for the Record are required for this rule.

List of Subjects in 33 CFR Part 117

    Bridges.
    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 117 as follows:

PART 117--DRAWBRIDGE OPERATION REGULATIONS

0
1. The authority citation for part 117 continues to read as follows:

    Authority:  33 U.S.C. 499; 33 CFR 1.05-1; and Department of
Homeland Security Delegation No. 0170.1.

0
2. Amend Sec.  117.1087 by adding paragraph (b)(3) to read as follows:

Sec.  117.1087  Fox River.

* * * * *
    (b) * * *
    (3) All drawbridges between mile 37.52 and 58.01, are authorized to
be operated remotely, and are required to operate and maintain a VHF-FM
Marine Radio.
* * * * *

M.J. Johnston,
Rear Admiral, U.S. Coast Guard, Commander, Ninth Coast Guard District.
[FR Doc. 2022-28130 Filed 12-23-22; 8:45 am]
BILLING CODE 9110-04-P


Supporting Statement

for

State Registration Data

OMB CONTROL No.: 1625-NEW

COLLECTION INSTRUMENTS:  Instruction, CGHQ-3923

A.  Justification

Explain circumstances that make collection of information necessary.

46 USC 12302 describes the requirement to create a standard numbering
system.  46 USC 6102 describes the requirement to provide statistics and
recommendations based on a marine casualty reporting system.  The
collection of vessel registration data accomplishes this goal by
creating a means to measure casualty rates.  Registration data
frequently serves as the denominator of fatality rates (usually
expressed in x deaths per 100,000 registered vessels).  The existence of
registration data allows the Coast Guard to normalize data and provide
meaningful statistics and recommendations for the National Recreational
Boating Safety (RBS) Program.

Indicate how, by whom, how frequently, and for what purpose information
is to be used.

Registration information is most frequently requested by federal sources
and by the marine industry.  Federally, it is used within the Coast
Guard for the primary purpose of measuring fatality rates.  It is also
used by the Department of the Treasury for the purpose of calculating
financial allocations of trust fund money.  With respect to marine
industry, a manufacturing association and boating safety product
marketers usually request the information presumably to gauge market
dynamics.

In the very least, registration data is published in an annual
Recreational Boating Statistics report, a Coast Guard-produced
publication that provides tables of information about boating accidents
and boat registration data.  The report is posted to the Coast Guard’s
Boating Safety website, is downloadable, and is free to share.   The
Coast Guard also provides numerical information to a distribution list
of interested individuals.  This is currently an existing collection in
use without an OMB control number.

Describe whether, and to what extent the collection of information
involves the use of automated or other collection techniques.

The data collection does not involve an automated collection.  Further,
the Coast Guard does not dictate that the States use a particular system
to collect their registration data.

Describe efforts to identify duplication.

In this information collection, the Coast Guard does not receive records
reflecting individual boat owners so the Coast Guard cannot identify
duplication.   The Coast Guard can and has questioned the State whenever
there has been a significant change in registration numbers.

Does collection of information impact small businesses?

This information collection does not have an impact on small businesses
or other small entities.

Describe the consequences to Federal program or policy activities if
collection is not conducted.

The Coast Guard will be severely limited in its ability to measure risk,
as registration data is normally used to calculate fatality rates.
Further, the data provided from this collection effort provides
necessary input to the Department of the Treasury for use in the
formulas to determine tax revenues that fund the Sport Fish Restoration
and Boating Trust Fund.

 Explain any special circumstances that would cause an information
collection to be conducted in a certain manner.

This information collection is conducted in manner consistent with the
guidelines in 5CFR 1320.5(d)(2).

8.  If applicable, provide a copy and identify the date and page number
of publication in the Federal Register of the agency's notice,
soliciting comments on the information collection.

A 60-day Notice will be published in the Federal Register to obtain
public comment on this collection.

9.  Explain any decision to provide any payment or gift to respondents.

There will be no offer of monetary or material value to respondents for
this information collection.

10.  Describe any assurance of confidentiality provided to respondents
and the basis for the assurance in statute, regulation, or agency
policy.

There are no assurances of confidentiality provided to the respondents
for this information collection.  This information collection request is
covered by the Marine Information for Safety and Law Enforcement (MISLE)
Privacy Impact Assessment (PIA) and System of Records Notice (SORN).
Links to the MISLE PIA and SORN are provided below:

  HYPERLINK
"https://www.dhs.gov/sites/default/files/publications/privacy_pia_uscg_m
isle.pdf"
https://www.dhs.gov/sites/default/files/publications/privacy_pia_uscg_mi
sle.pdf

  HYPERLINK
"https://www.gpo.gov/fdsys/pkg/FR-2009-06-25/html/E9-14906.htm"
https://www.gpo.gov/fdsys/pkg/FR-2009-06-25/html/E9-14906.htm

11.  Provide additional justification for any questions of a sensitive
nature.

There are no questions of sensitive language.

12.  Provide estimates of the hour burden of the collection of
information.

Number of respondents, frequency, hour burden as follows:

Estimated annual respondents: 56

Estimated annual responses: 56

Estimated annual burden hours: 42

13.  Provide an estimate of the total annual cost burden to respondents
or record keepers.

Form completion				  (.75 hr x $15.54) x 56 = $652.68

            Total hours value = $652.68

56 administrative individuals will spend three quarters of one hour to
fill out the form.  The mean wage of a records clerk nationally was
$15.54 according to the Bureau of Labor Statistics’ May 2013 estimate,
  HYPERLINK "http://www.bls.gov/oes/current/oes_nat.htm#43-0000"
http://www.bls.gov/oes/current/oes_nat.htm#43-0000 .  Collectively, it
will cost all record keepers $652.68 to accomplish this task.

14.  Provide estimates of annualized cost to the Federal Government.

USCG staff members to review data = 56 submissions x $40.05/hr x 0.083
hrs to review each submission = $186.15

15.  Explain the reasons for any changes or adjustments reported in
items 13 or 14.

This is a new collection of information.

16.  Outline plans for tabulation and publication.

This information is requested at least three months before it is due.
In accordance with 33 CFR 174.123, reports under current requirements
are due prior to 1 March of the following reporting year.  So, for
instance, CY13 data was due prior to 1 March 2014.

Once received, the information is logged by the Statistician in the
Office.  It takes approximately five minutes to log each one and double
check to make sure that numbers accurately tally.  If there is an error,
the Statistician will contact the State for clarification.

Once reviewed, the information is aggregated and reported out nationally
in the annual Recreational Boating Statistics report.

17.  If seeking approval to not display the expiration date for OMB
approval of the information collection, explain the reasons.

USCG will display the expiration date for OMB approval of this
information collection.

18.  Explain each exception to the certification statement identified in
Item 19, "Certification for Paperwork Reduction Act Submissions,"of OMB
Form 83-I.

USCG does not request an exception to the certification of this
information collection.

1625-NEW


[Federal Register Volume 84, Number 156 (Tuesday, August 13, 2019)]
[Notices]
[Page 40042]
[FR Doc No: 2019-17295]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 8866-012]

Black Canyon Bliss, LLC; Notice of Intent To File License
Application, Filing of Pre-Application Document, Approving Use of The
Traditional Licensing Process

    a. Type of Filing: Notice of Intent to File License Application and
Request To Use the Traditional Licensing Process.
    b. Project No.: 8866-012.
    c. Date Filed: February 28, 2019.
    d. Submitted By: Black Canyon Bliss, LLC (BCB).
    e. Name of Project: Stevenson No. 2 Hydroelectric Project.
    f. Location: On an unnamed tributary to the Snake River in Gooding
County, Idaho. No federal lands are occupied by the project works or
located within the project boundary.
    g. Filed Pursuant to: 18 CFR 5.3 of the Commission's regulations.
    h. Potential Applicant Contact: Chris Capps, Project Manager, Black
Canyon Bliss LLC, P.O. Box 95, Rupert, Idaho 83350;<PHONE_NUMBER>; or
email at<EMAIL_ADDRESS>    i. FERC Contact: Julia Kolberg at<PHONE_NUMBER>; or email at
<EMAIL_ADDRESS>    j. Black Canyon Bliss, LLC filed its request to use the Traditional
Licensing Process on February 28, 2019. BCB provided public notice of
its request on June 13, 2019. In a letter dated July 15, 2019, the
Director of the Division of Hydropower Licensing approved BCB's request
to use the Traditional Licensing Process.
    k. With this notice, we are initiating informal consultation with
the U.S. Fish and Wildlife Service under section 7 of the Endangered
Species Act and the joint agency regulations thereunder at 50 CFR, Part
402. We are also initiating consultation with the Idaho State Historic
Preservation Officer, as required by section 106, National Historic
Preservation Act, and the implementing regulations of the Advisory
Council on Historic Preservation at 36 CFR 800.2.
    l. With this notice, we are designating BCB as the Commission's
non-federal representative for carrying out informal consultation
pursuant to section 7 of the Endangered Species Act; and consultation
pursuant to section 106 of the National Historic Preservation Act.
    m. BCB filed a Pre-Application Document (PAD) with the Commission,
pursuant to 18 CFR 5.6 of the Commission's regulations.
    n. A copy of the PAD is available for review at the Commission in
the Public Reference Room or may be viewed on the Commission's website
(http://www.ferc.gov), using the eLibrary link. Enter the docket
number, excluding the last three digits in the docket number field to
access the document. For assistance, contact FERC Online Support at
<EMAIL_ADDRESS>(866) 208-3676 (toll free), or (202) 502-
8659 (TTY). A copy is also available for inspection and reproduction at
the address in paragraph h.
    o. The licensee states its unequivocal intent to submit an
application for a new license for Project No. 8866. Pursuant to 18 CFR
16.8, 16.9, and 16.10 each application for a new license and any
competing license applications must be filed with the Commission at
least 24 months prior to the expiration of the existing license. All
applications for license for this project must be filed by March 1,
2022.
    p. Register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filing and issuances
related to this or other pending projects. For assistance, contact FERC
Online Support.

    Dated: August 6, 2019.
Kimberly D. Bose,
 Secretary.
[FR Doc. 2019-17295 Filed 8-12-19; 8:45 am]
BILLING CODE 6717-01-P