[Federal Register: December 30, 2008 (Volume 73, Number 250)]
[Rules and Regulations]
[Page 79639-79641]
[DOCID:fr30de08-11]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2008-1120]
RIN 1625-AA00

Safety Zone; Flagler Museum New Year's Eve Celebration Fireworks
Display, West Palm Beach, FL

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary safety zone for
the Flagler Museum New Year's Eve Celebration fireworks display on the
Intracoastal Waterway in West Palm Beach, Florida. This temporary
safety zone will restrict vessels from interfering with the fireworks
display. This regulation is necessary to provide for the safety of life
on navigable waters of the United States and protect participants,
spectators, and mariner traffic from potential hazards associated with
the event.

DATES: This rule is effective from 11:55 p.m. on Wednesday, December
31, 2008 until 1 a.m. on Thursday, January 1, 2009.

ADDRESSES: Documents indicated in this preamble as being available in
the docket are part of docket USCG-2008-1120 and are available online
by going to http://www.regulations.gov, selecting the Advanced Docket
Search option on the right side of the screen, inserting USCG-2008-1120
in the Docket ID box, pressing Enter, and then clicking on the item in
the Docket ID column. They are also available for inspection or copying
two locations: the Docket Management Facility (M-30), U.S. Department
of Transportation, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue, SE., Washington, DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays, and Sector Miami, 100
MacArthur Causeway, Miami Beach, FL 33139 between 8 a.m. and 3 p.m.,
Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary rule, call LT Paul Steiner, Coast Guard Sector, Miami,
Florida at<PHONE_NUMBER>. If you have questions on viewing the docket,
call Renee V. Wright, Program Manager, Docket Operations, telephone
202-366-9826.

SUPPLEMENTARY INFORMATION:

Regulatory Information

    The Coast Guard is issuing this temporary final rule without prior
notice and opportunity to comment pursuant to authority under section
4(a) of the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because immediate action is necessary to
ensure the safety of commercial and recreational vessels in the
vicinity of the

fireworks display on the dates and times this rule will be in effect
and delay would be contrary to the public interest, since immediate
action is needed to ensure the public's safety.
    For the same reasons above, under 5 U.S.C. 553(d)(3), the Coast
Guard finds that good cause exists for making this rule effective less
than 30 days after publication in the Federal Register.

Background and Purpose

    Fireworks by Grucci is sponsoring the Flagler Museum New Year's Eve
Celebration fireworks display. The fireworks display event will be held
between the hours of 11:55 p.m. on Wednesday, December 31, 2008 and 1
a.m. on Thursday, January 1, 2009. The public is invited to attend. The
approximate positions for the two fireworks display barges are
26[deg]42'34'' N, 080[deg]02'50'' W and 26[deg]42'33'' N,
080[deg]02'47'' W. The high concentration of event participants,
spectators, and the general boating public presents an extra hazard to
the safety of life on the navigable waters of the United States. A
regulated area on the Intracoastal Waterway in West Palm Beach, Florida
is necessary to protect participants as well as spectators from hazards
associated with the event.

Discussion of Rule

    This rule establishes a temporary safety zone for the Flagler
Museum New Year's Eve Celebration fireworks display in the Intracoastal
Waterway in West Palm Beach, Florida. A 370-yard radius safety zone
encompassing the waters surrounding the fireworks barges is necessary
to protect participants as well as spectators from hazards associated
with the fireworks display. The approximate positions for the two
fireworks display barges are 26[deg]42'34'' N, 080[deg]02'50'' W and
26[deg]42'33'' N, 080[deg]02'47'' W. No person or vessel may anchor,
moor, or transit a safety zone without permission of the Captain of the
Port Miami, Florida or his designated representative. Traffic may
resume normal operations at the completion of the event as determined
by the Coast Guard Patrol Commander. This regulation will be in effect
from 11:55 p.m. on Wednesday, December 31, 2008 to 1 a.m. on Thursday,
January 1, 2009.

Regulatory Analyses

    We developed this rule after considering numerous statutes and
executive orders related to rulemaking. Below we summarize our analyses
based on 13 of these statutes or executive orders.

Regulatory Planning and Review

    This rule is not a significant regulatory action under section 3(f)
of Executive Order 12866, Regulatory Planning and Review, and does not
require an assessment of potential costs and benefits under section
6(a)(3) of that Order. The Office of Management and Budget has not
reviewed it under that Order.
    We expect the economic impact of this rule to be so minimal that a
full Regulatory Evaluation under the regulatory policies and procedures
of DHS is unnecessary. This regulation will only be in effect for a
short period of time and the impact on routine navigation is expected
to be minimal.

Small Entities

    Under the Regulatory Flexibility Act (5 U.S.C. 601-612), we have
considered whether this rule would have a significant economic impact
on a substantial number of small entities. The term ``small entities''
comprises small businesses, not-for-profit organizations that are
independently owned and operated and are not dominant in their fields,
and governmental jurisdictions with populations of less than 50,000.
    The Coast Guard certifies under 5 U.S.C. 605(b) that this rule will
not have a significant economic impact on a substantial number of small
entities. This rule will affect the following entities, some of which
may be small entities: The owners or operators of vessels intending to
transit or anchor in the Intracoastal Waterway in West Palm Beach,
Florida between 11:55 p.m. on Wednesday, December 31, 2008 and 1 a.m.
on Thursday, January 1, 2009. This temporary safety zone will not have
a significant economic impact on a substantial number of small entities
for the following reasons. This rule will be in effect for only 1 hour.
Vessels may pass through the regulated area with the permission of the
Coast Guard Patrol Commander.

Assistance for Small Entities

    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we offer to assist small
entities in understanding the rule so that they can better evaluate its
effects on them and participate in the rulemaking process.
    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.

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).

Federalism

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on State or local
governments and would either preempt State law or impose a substantial
direct cost of compliance on them. We have analyzed this rule under
that Order and have determined that it does not have implications for
federalism.

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 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.

Taking of Private Property

    This rule will not affect a taking of private property or otherwise
have taking implications under Executive Order 12630, Governmental
Actions and Interference With Constitutionally Protected Property
Rights.

Civil Justice Reform

    This rule meets applicable standards in sections 3(a) and 3(b)(2)
of Executive Order 12988, Civil Justice Reform, to minimize litigation,
eliminate ambiguity, and reduce burden.

Protection of Children

    We have analyzed this rule under Executive Order 13045, Protection
of Children From Environmental Health Risks and Safety Risks. This rule
is not an economically significant rule and does not create an
environmental risk to health or risk to safety that may
disproportionately affect children.

Indian Tribal Governments

    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.

Energy Effects

    We have analyzed this rule under Executive Order 13211, Actions
Concerning Regulations That Significantly Affect Energy Supply,
Distribution, or Use. We have determined that it is not a ``significant
energy action'' under that order because it is not a ``significant
regulatory action'' under Executive Order 12866 and is not likely to
have a significant adverse effect on the supply, distribution, or use
of energy. The Administrator of the Office of Information and
Regulatory Affairs has not designated it as a significant energy
action. Therefore, it does not require a Statement of Energy Effects
under Executive Order 13211.

Technical Standards

    The National Technology Transfer and Advancement Act (NTTAA) (15
U.S.C. 272 note) directs agencies to use voluntary consensus standards
in their regulatory activities unless the agency provides Congress,
through the Office of Management and Budget, with an explanation of why
using these standards would be inconsistent with applicable law or
otherwise impractical. Voluntary consensus standards are technical
standards (e.g., specifications of materials, performance, design, or
operation; test methods; sampling procedures; and related management
systems practices) that are developed or adopted by voluntary consensus
standards bodies.
    This rule does not use technical standards. Therefore, we did not
consider the use of voluntary consensus standards.

Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 5100.1 and Commandant Instruction M16475.lD, which
guide the Coast Guard in complying with the National Environmental
Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and have concluded
under the Instruction that there are no factors in this case that would
limit the use of a categorical exclusion under section 2.B.2 of the
Instruction. Therefore, this rule is categorically excluded, under
figure 2-1, paragraph (34)(g), of the Instruction, from further
environmental documentation.
    An environmental analysis checklist and a categorical exclusion
determination are available in the docket where indicates under
ADDRESSES.

List of Subjects in 33 CFR Part 165

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

0
For the reasons discussed in the preamble, the Coast Guard amends 33
CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

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

    Authority: 33 U.S.C. 1226, 1231; 46 U.S.C. Chapter 701, 3306,
3703; 50 U.S.C. 191, 195; 33 CFR 1.05-1, 6.04-1, 6.04-6, 160.5; Pub.
L. 107-295, 116 Stat. 2064; Department of Homeland Security
Delegation No. 0170.1.

0
2. Add Sec.  165.T07-1120 to read as follows:

Sec.  165.T07-1120  Safety Zone; Flagler Museum New Year's Eve
Celebration fireworks display, West Palm Beach, Florida.

    (a) Regulated area. A temporary safety zone is established for the
Flagler Museum New Year's Eve Celebration fireworks display in West
Palm Beach, Florida. The 370 yard radius safety zone encompasses the
waters surrounding the fireworks barges. The approximate positions for
the two fireworks display barges are 26[deg]42'34'' N, 080[deg]02'50''
W and 26[deg]42'33' N, 080[deg]02'47'' W.
    (b) Definitions. The following definitions apply to this section:
    Designated representative means Coast Guard Patrol Commanders,
including Coast Guard coxswains, petty officers and other officers
operating Coast Guard vessels, and federal, state, and local officers
designated by or assisting the Captain of the Port Miami, Florida in
the enforcement of regulated navigation areas, safety zones, and
security zones.
    (c) Regulations.
    (1) In accordance with the general regulations in Sec.  165.23 of
this part, no person or vessel may anchor, moor or transit a safety
zone without permission of the Captain of the Port Miami, Florida or
his designated representative. To request permission to enter into a
safety zone, the Captain of the Port's designated representative may be
contacted on VHF channel 16.
    (2) At the completion of scheduled parade, and departure of
participants from the regulated area, the Coast Guard Patrol Commander
may permit traffic to resume normal operations.
    (d) Effective Dates. This rule is effective from 11:55 p.m. on
Wednesday, December 31, 2008 to 1 a.m. on Thursday, January 1, 2009.

    Dated: November 28, 2008.
J.O. Fitton,
Captain, U.S. Coast Guard, Captain of the Port, Miami, Florida.
[FR Doc. E8-30878 Filed 12-29-08; 8:45 am]

BILLING CODE 4910-15-P


[Federal Register Volume 86, Number 105 (Thursday, June 3, 2021)]
[Notices]
[Pages 29817-29818]
[FR Doc No: 2021-11607]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92040; File No. SR-CBOE-2020-106]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Designation of a Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove a Proposed Rule Change, as
Modified by Amendment No. 1, To Amend Its Rules Regarding the Minimum
Increments for Electronic Bids and Offers and Exercise Prices of
Certain FLEX Options and Clarify in the Rules How the System Ranks FLEX
Option Bids and Offers for Allocation Purposes

May 27, 2021.
    On November 16, 2020, Cboe Exchange, Inc. filed with the Securities
and Exchange Commission (``Commission''), pursuant to Section 19(b)(1)
of the Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule
19b-4 thereunder,\2\ a proposed rule change to amend its rules
regarding the minimum increments for electronic bids and offers and
exercise prices of certain FLEX options and clarify how the system
ranks FLEX option bids and offers for allocation purposes. On November
30, 2020, the Exchange filed Amendment No. 1 to the proposed rule
change, which amended and replaced the proposed rule change in its
entirety. The Commission published notice of the proposed rule change,
as modified by Amendment No. 1, in the Federal Register on December 4,
2020.\3\ On January 14, 2021, pursuant to Section 19(b)(2) of the
Exchange Act,\4\ the Commission designated a longer period within which
to approve the proposed rule change, disapprove the proposed

rule change, or institute proceedings to determine whether to
disapprove the proposed rule change.\5\ On March 4, 2021, the
Commission instituted proceedings under Section 19(b)(2)(B) of the
Exchange Act \6\ to determine whether to approve or disapprove the
proposed rule change.\7\
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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. 90536 (November 30,
2020), 85 FR 78381 (``Notice''). Comments received on the proposed
rule change are available on the Commission's website at: https://www.sec.gov/comments/sr-cboe-2020-106/srcboe2020106.htm.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 90926, 86 FR 6710
(January 22, 2021). The Commission designated March 4, 2021, as the
date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to disapprove, the
proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 91257, 86 FR 13769
(March 10, 2021).
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    Section 19(b)(2) of the Act \8\ provides that, after initiating
proceedings, the Commission shall issue an order approving or
disapproving the proposed rule change not later than 180 days after the
date of publication of notice of filing of the proposed rule change.
The Commission may extend the period for issuing an order approving or
disapproving the proposed rule change, however, by not more than 60
days if the Commission determines that a longer period is appropriate
and publishes the reasons for such determination. The proposed rule
change was published for comment in the Federal Register on December 4,
2020.\9\ The 180th day after publication of the Notice is June 2, 2021.
The Commission is extending the time period for approving or
disapproving the proposal for an additional 60 days.
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    \8\ 15 U.S.C. 78s(b)(2).
    \9\ See supra note 3.
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    The Commission finds that it is appropriate to designate a longer
period within which to issue an order approving or disapproving the
proposed rule change so that it has sufficient time to consider the
proposed rule change, as modified by Amendment No. 1. Accordingly, the
Commission, pursuant to Section 19(b)(2) of the Act,\10\ designates
August 1, 2021, as the date by which the Commission shall either
approve or disapprove or the proposed rule change (File Number SR-CBOE-
2020-106), as modified by Amendment No. 1.
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    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-11607 Filed 6-2-21; 8:45 am]
BILLING CODE 8011-01-P


3M Specialty Materials 3M Center St. Paul, MN 55144 1000 651 733 1110 31V1 August 1, 2003 VIA FEDERAL EXPRESS Document Control Office ( DCO) Office ofPollution Prevention and Toxics ( OPPT) US Environmental Protection Agency EPA East, Room 6428 1201 Constitution Avenue, MW Washington DC 20460 Attention: Docket No. AR 226 and the FYI Docket Subject: Submission ofMonitoring Data Pursuant to the 3M LOT dated March 13, 2003 and APFO Users LOT dated March 14, 2003 Dear Sir or Madam:

This report is submitted pursuant to the 3M Letter ofTntent ( LOT) dated March 13, 2003 and the APFO Users LOT dated March 14, 2003. The report is the first submission under the LOIs ofthe results of groundwater and wastewater monitoring at the 3M manufacturing sites at Cottage Grove, MN and Decatur, AL. As you know, perfiuorooctanoic acid ( PFOA) was previouslyproduced at these sites.. In addition, use ofPFOA is continuing at the Decatur site, as part ofthe Dyneon fluoropolymer manufacturing operation.

As noted in the 3M LOl, monitoring ofwastewater treatment plant effluent and groundwater for the presence ofPFOA has been underway at the Decatur and Cottage Grove sites for a number of years. This monitoring was initiated as a result of3M voluntary commitments andlor plans established through permits with local regulators. Under the 3M LOT, 3M agreed to continue this monitoring in order to assess the trends that are likely to occur as a result of the 3Mproduction phase out of PFOA, completed at the end of2002. The Decatur monitoring program was continued for the additional purpose of assessing the impact ofDyneon' s ongoing use of APFO in fluoropolymer manufacturing activities at the site and, in this manner, meeting Dyneon's monitoring commitments under the APFO Users LOT. Because the Dyneon and former 3M manufacturing operations are located at the same site, it was determined that monitoring would be conducted and reportedjointly by 3M and Dyneon.

In our May 7, 2003 letter to Ward Penberthy of EPA, we provided a detailed description ofthe test methodology, sampling plans and proposed test schedule for future wastewater and groundwater monitoring at the Cottage Grove and Decatur sites. Please note that previous monitoring at these sites differed in some respects from the future program outlined in our May 7 le~~ ter. These differences are discussed below in the course of reviewing the results of monitoring conducted prior to the LOIs and in mid 2003. Background analytical reports for the monitoring are voluminous and are available from 3M on request. Page 2 Document Control Office ( DCO) Office ofPollution Prevention and Toxics ( OPPT) US Environmental Protection Agency As noted in our LOT, 3M has previously conducted monitoring forPFOA in surface water, sediments and fish in the vicinity of the Decatur site. The latest results of this monitoring, carried out in 2002, were submitted on July 9, 2003 to the OPPTS AR 226 Docket as part ofthe ongoing 3M investigation ofperfluorochemistry. As described in our May7 letter, 3M will update these monitoring results in 2004 and 2006.

It should also be noted that under the APFO Users LOT, Dyneon is conducting air dispersion modeling for its Decatur operations. Dyneon will submit this infonnation to EPA by January T, 2004.

COTTAGE GROVE, MN SITE MONITORING DATA The 3M Cottage Grove facility ( the site) occupies approximately 865 acres ofproperty in Cottage Grove Minnesota. The site is bounded by open space and farmland on the north, the Mississippi River on the south, a municipal wastewater treatment plant on the west and sparsely populated open space to the east. Manufacturing operationsbegan at the site in 1947 and existing records indicate that PFOA production began about 1976.

Site Setting and Hydrogeology The site is located on a flat to gently undulating bluff overlooking the main channel ofthe Mississippi River. Both the southeast and southwest sides of the sitehave been steeply incised by stream activities. The site is underlain by glacio~ fluvialdeposits which increase in thickness from north to south across the site. These deposits are underlain by the Prairie Du Chein Group and the Jordan Sandstone FormatiOn. The St. Lawrence Shale Formation ( a confining layer) is present at the base ofthe Jordan Formation, approximately 200 feet below the central portion of the site.

Six high capacity pumping wells supply water to the manufacturing operations at the site. The groundwater from four ofthese wells is blended in a water supply distribution system on a continuous basis for various site needs including production, sanitation, and limited potable use. Bottled water has been provided for a number ofyears at the site for thinking water. The remaining two wells are utilized independently on a periodic basis for site wide fire protection and non contact cooling at the site incinerator. These six high capacity wells were installed during the period 1947 to 1970. Four ofthe wells are drilled into the Jordan Formation and two ofthe wells are located in unconsolidated alluvium near the Mississippi River. However, all pumping wells obtain groundwater from the surficial, unconfined aquifer. Although historical water level data indicates a natural hydraulic gradient toward the river, pumping of the wells ( which started in 1947) has created a persistent cone ofdepression in the ground water beneath the developed portions of the site. The cone of depression effectively limits movement of ground water from the site to the adjacent river. All groundwater used for the production processes is treated after use at the site wastewater treatment facility prior to NPDES permitted discharge to the Mississippi River. Page 3 Document Control Office ( DCO) Office ofPollution Prevention and Toxics ( OPPT) US Environmental Protection Agency Monitoring Results Groundwater Monitoring Starting in 2001, 3M conducted groundwater monitoring for fluorochemicals as part of a more extensive investigation carried out in conjunction with the State of Minnesota. This additional monitoring was initiated to assess the impact of fluorochemical production on the groundwater beneath the site. Initially, monitoring was carried out at five of the production wells and a number ofmonitoring wells. Based on understanding of the hydrogeology and the results of2001 and 2002 sampling, 3M reyiewed the scope of groundwater monitoring to be conducted under the LOT. The revised monitoring program adopted by 3M is described in our May 7 letter to EPA. As explained in that letter, 3M selected five ground water sampling locations for semi annual PFOA monitoring on a going forward basis. The five monitoring points were chosen as representative of the following site conditions ( See attached site map):

Monitoring Point Site Condition MW 7 Upgradient ofsite industrial activities MW 4 Central to site industrial activities PZ 14 Westernldowngradient ofsite industrial activities MW 101 Easternldowngradient ofsite industrial activities Water supply distribution system Site wide ground water from the production wells PZ, plezometer, a small monitoring well Sampling ofthe water supply distribution system was substituted for sampling ofthe individual high capacity pumping wells because the water that supplies this system is a composite ofwater drawn from these wells and therefore is representative ofgroundwater throughout the developed portion of the site. Page 4 Document Control Office ( DCO) Office of Pollution Prevention and Toxics ( OPPT) US Environmental Protection Agency PFOA data from the five monitoring points listed above was collected on June 5, 2003. The results ofthe 2003 and previous sampling events for these points are presented in the table below.

3M Cottage Grove PFOA Data Summary Date Sampled Identification PFOA ( ppb) PFOALab DS ( ppb) PFOA Field DS ( ppb) PFOA Avg. ( ppb) IStd. Deviation ~ (+ 1) 07/ 11/ 01 NA NA NA NA NC 09/ 07/ 01 NA NA NA NA NC 10/ 31/ 01 NA NA NA NA NC 11/ 12/ 01 NA NA NA NA NC 12/ 03/ 02 NA NA NA NA NC 06/ 05/ 03 0.309 0.307 0.326 0.314 0.01 07/ 11/ 01 09/ 07/ 01 10/ 31/ 01 11/ 12/ 01 12/ 03/ 02 06/ 05/ 03 NA NA NA NA NC NA NA NA NA NC NA NA NA NA NC NA NA NA NA NC 170 180 172 174 5.29 135 149 125 136 12.06 07/ 11/ 01 09/ 07/ 01 Distribution 10/ 31/ 01 11/ 12/ 01 12/ 03/ 02 06/ 05/ 03 1.23 1.14 NA 1.185 0.06 NA NA NA NA NC 40.6 38.5 41.1 40.1 1.38 11.4 10.8 17.1 13.1 3.48 NA NA NA NA NC 28.0 28.1 27.7 27.9 0.21 .07/ 11/ 01 NA NA NA NA NC 09/ 07/ 01 6.40 6.77 6.06 6.41 0.36 10/ 31/ 01 5.89 4.96 5.25 5.37 0.48 11/ 12/ 01 4.66 4.63 4.60 4.63 0.03 12/ 03/ 02 NA NA NA NA NC 06/ 05/ 03 4.80 4.67 4.96 4.81 0.15 07/ 11/ 01 09/ 07/ 01 10/ 31/ 01 11/ 12/ 01 12/ 03/ 02 06/ 05/ 03 NA NA NA NA NC NA NA NA NA NC 5.67 5.93 7.39 6.33 0.93 5.30 5.11 5.45 5.29 0.17 NA NA NA NA NC 10.2 10.2 10.1 10.2 0.06 Table Notes:

ppb: Parts per billion NA: Data not available for sampling period ° NC: Not calculated Field DS: Field duplicate sample Lab DS: Laboratory duplicate sample Page 5 Document Control Office ( DCO) Office ofPollution Prevention and Toxics ( OPPT) US Environmental Protection Agency Results of groundwater monitoring for sampling locations that were tested in previous years but not in 2003 are summarized in the Table attached to this report. The results presented above and in the attached Table indicate that groundwater levels of PFOA have remained relatively constant from 2001 to 2003, notwithstanding the recent cessation of PFOA production at the site.

Please note that, during all groundwater monitoring at this site, 3M has collected a field duplicate sample to provide a measure of the precision associated with sample collection, preservation and storage as well as laboratory procedures. The laboratory duplicate sample is taken in the laboratory and provides a measure ofthe precision associated with laboratory procedures, but not with sample collection, preservation or storage procedures.

As described in the May 7 letter, monitoring points sampled in June 2003 will be sampled again in September 2003 and May2004 and a summary report of that data will be provided on August 1, 2004.

Effluent Monitoring The site has a multi phased wastewater treatment plant that is used to treat all process wastewaters generated at Cottage Grove. Two ofthe systems treat inorganic wastewaters and the third is an organic, biological treatment system. All of the treated process wastewaters from these operations are combined at a single discharge point. These wastewaters are then combined with non contact cooling and storm water and then discharged to the Mississippi River.

Since January 2000, the 3M Cottage Grove plant has conducted PFOA analysis of its effluent. Sampling has been performed monthly beginning in January 2003 in accordance with the requirements of 3M's NPDES permit. This information is reported to the Minnesota Pollution Control Agency in the monthly Discharge Monitoring Reports ( DMR). Effluent wastewater samples are collected at the plant outfall on the Mississippi River. This is the common discharge point for all ofthe plant's process wastewaters. All samples are collected as 24 hour composites and duplicate analysis is conducted for each sample. Page 6 Document Control Office ( DCO) Office ofPollution Prevention and Toxics ( OPPT) US Environmental Protection Agency The following table presents the monitoring results of the Cottage Grove process wastewater effluent discharged under Minnesota NPDES Permit No. MN000149, Outfall SD 001. The data includes results of all monitoring events in 2003 and in previous years.

3M Cottage Grove Effluent Monitoring Results ° PFOA Analysis from SD 001 Sample Date PFOA ( ppb)

I Januaiy March 2000 Average of 8 .

Data Points 1991 September October 2000 1 Average of 3 Points 216 December2002 12/ 12/ 02 180 January 2003 1/ 15/ 03 ° 80.1 77.9 79.0 January 2003 January 2003 Average February 2003 2/ 12/ 03 80.0 78.8 February 2003 February 2003 Average March 2003 3/ 12/ 03 79.4 74.3 74.7 March2003 ~` Iarch2003 Average April2003 4/ 23/ 03 74.5 112.0 109.0 April2003 kpril 2003 Average May2003 5/ 15/ 03 110.5 95.0 101.0 May2003 May 2003 Average 1 June 2003 6/ 11/ 03 . 980 ° 18.9 June2003 16.4 June2003Average ~ 177 As shown above, PFOA levels dropped substantially from 2000 to 2003. Monthly PFOA levels remained fairly constant throughout the first half of2003 with a substantial decrease noted in June. Data obtained in future months will enable us to determine whether effluent concentrations will remain at this low level and therefore have declined as a result of the production phase out. Page 7 Document Control Office ( DCO) Office of Pollution Prevention and Toxics ( OPPT) US Environmental Protection Agency The expected in stream concentration of PFOA in the Mississippi River resulting from wastewater discharges would be extremely low. Assuming an average base flow for the Mississippi River of 7500 MGD ( million gallons a day) and an effluent flow of about 3 MGD, the expected in stream PFOA concentration would be about 30 ppt ( parts per trillion), very near the detection limit of PFOA.

DECATUR, AL SITE MONITORING DATA The 3M Decatur site is approximately 900 acres with the area of the manufacturing facilities being approximately 200 acres. The current Dyneon fluoropolymer production facilities are co located with 3M's other manufacturing operations at the site where 3M previously produced PFOA and other fluorochemicals. The land surrounding the site is predominantly industrial and commercial. Chemical manufacturing operations began at the site in 1961. In 1962 the facility was expanded to include a film manufacturing plant. Production of PFOA at the site occurred in 1999 2000.

Site Setting and Hydrogeology The geology beneath the 3M Decatur site consists of a dense residuum underlain by limestone ( bedrock), which, in turn, is underlain by a chert ( hard rock) layer. The limestone underlies the residuum to an approximate depth of 150 feet below ground surface. The number, extent, orientation, and interconnection of water bearing fractures control groundwater flow associated with this system. Water bearing fractures observed in this unit are not continuous, and do not yield significant quantities of water. An asphaltic limestone approximately 10 feet thick occurs below the upper limestone layer, and acts as a lower confining unit for the limestone.

The aquifer below the 3M facility and the City of Decatur is not used as a water supply. Potable water used at the site, and the Decatur area in general, is provided by the Decatur municipal water system whose source is the Tennessee River. Samples of the Decatur drinking water taken as part of the 3M Six Cities Study failed to detect the presence of PFOA at a detection limit of 7.5 ppt ( parts per trillion).

Because of the presence of other contaminants, 3M has undertaken extensive studies to characterize the groundwater below the Decatur site and related hydrogeology. Copies of these studies are available on request. Potentiometric data for the site indicate that groundwater occurs both as unconfined and semiconfined systems. Unconfined groundwater occurs within the residuum, epikarst, and to some extent, shallow fractures within the limestone. Groundwater flow is generally to the north and east toward the Tennessee River. Groundwater flow rates in the residuum and limestone are extremely slow and wells installed in both the residuum and limestone horizons exhibit very low yields of typically less than 0.5 gpm.

The 3M studies show that there are two major groundwater plumes at the site. The two groundwater plumes are down gradient of the inactive landfill, and down gradient of the chemical manufacturing facility. The studies show that the plumes are predominantly confined beneath the site and have negligible releases to the Tennessee River. This is consistent with the results of 3M surface water monitoring, previously submitted to EPA, which show very low PFOA levels in the river ( 1 2.65 ppb in 2000 and less than 50 ppt in 2002). Page 8 Document Control Office ( DCO) Office ofPollution Prevention and Toxics ( OPPT) US Environmental Protection Agency The 3M studies show that there are two major groundwater plumes at the site. The two groundwater plumes are down gradient ofthe inactive landfill, and down gradient ofthe chemical manufacturing facility. The studies show that the plumes are predominantly confined beneath the site and have negligible releases to the Tennessee River. This is consistent with the results of3M surface water monitoring, previously submitted to EPA, which show very low PFOA levels in the river ( 1 2.65 ppb in 2000 and less than 50 ppt in 2002).

Monitoring Results Groundwater Monitoring Based on its extensive site investigations, 3M developed a PFOA sampling and analysis program in 2001 to assess the PFOA levels in the site groundwater. In developing its strategy for monitoring under the LOT, 3M selected the following wells for groundwater sampling and PFOA analysis going forward ( see attached site map):

Monitoring Location Site Condition Wells 226R & L Wells 220R and L Well 320L Wells 327R Wells 310R & 317L Located east ofinactive landfill and south of wastewater treatment   monitors background conditions in residuum and shallow limestone groundwater Located northeast ofinactive landfill   monitors predominant flow path ofplume in residuum and shallow limestone zones Located north of inactive landfill   monitors secondary flow path of plume Located in the former incinerator area   monitors residuum groundwater near source area Located in the Chemical Plant   monitors dominant groundwater flow pathways in the Chemical Plant Groundwater samples from the eight monitoring points were collected on July 15 16, 2003 and the PFOA results are presented in the table below. With the exception of the Well 31 OR, these monitoring points are different then those sampled in previous events, but provide a more accurate representation of the groundwater conditions for the measurement of fluorochemicals. Page 9 Document Control Office ( DCO) Office ofPollution Prevention and Toxics ( OPPT) US Environmental Protection Agency As at Cottage Grove, 3M collected field duplicate samples during the monitoring to provide a measure ofthe precision associated with sample collection, preservation and storage as well as laboratory procedures. The laboratory duplicate sample is taken in the laboratory and provides a measure ofthe precision associated with laboratory procedures, but not with sample collections, preservation or storage procedures.

As indicated in the May7, 2003 letter to EPA, these monitoring locations will be sampled again in December 2003 and June 2004 and a summaryreport ofthe cumulative data will be provided on August 1, 2004.

The groundwater data for recent and previous monitoring events are shown in the following Table.

GROUNDWATER WELL MONITORiNG DATA FOR THE 3M DECATUR, AL MANUFACTURING SITE SAMPLE ID SAMPLE DATE PFOA ( ppb) PFOA ( ppb) Lab Dup PFOA ( ppb) ° Field Dup PFOA ( ppb) Average 210R 3/ 28/ 01 1060 996 1000 1018 213R 3/ 28/ 01 ° 223 231 220 224 216R 3/ 28/ 01 75.7 81.8 79.9 79.1 217R 3/ 28/ 01 0.091 0.088 0.082 0.087 306R 3/ 28/ 01 3280 3690 3330 3433 308R 3/ 28/ 01 107 131 117 355 315R 3/ 28/ 01 637 635 640 1912 310R 3/ 28/ 01 1060 1110 1190 1120 310R 7/ 16/ 03 1570 1560 1590 1573 220R 7/ 16/ 03 68.2 68.6 65.8 67.5 220L 7/ 16/ 03 89.2 88.8 90.2 89.4 226R 7/ 16/ 03 10.6 11.0 10.6 10.7 226L 7/ 16/ 03 NQ ND ND ° ND 317L 7/ 16/ 03 0.94 0.95 0.99 0.96 320L 7/ 16/ 03 ND ND NQ ND 327R 7/ 16/ 03 2280 2600 2280 2386 As indicated by the data presented in the Table, there is a wide range ofPFOA levels measured in the groundwater beneath the site. However, the data suggest a low likelihood of off site groundwater coritamination. For example, the levels in the well 31 OR during two sampling events show little change, which is predictable considering the slow movement of ground water explained above. In addition, wells 220L, 226L, and 31 OL show extremely low to non detectable levels of PFOA. These wells are drilled into the aphaltic limestone, which acts as the confining layer that prevents groundwater movement downward. These factors indicate that the groundwater is not moving off site and therefore would not represent an exposure pathway for PFOA. Page 10 Document Control Office ( DCO) Office of Pollution Prevention and Toxics ( OPPT) US Environmental Protection Agency Effluent Monitoring 3M's Decatur, Alabama manufacturing facilities obtain process water from the City ofDecatur Utilities, and directly from the Tennessee River. In addition, many ofthe manufacturing operations utilize non contact cooling water, which is obtained from the Tennessee River. All process wastewaters from the 3M and Dyneon manufacturing operations are treated in the site's wastewater treatment facility. The system contains both physical chemical and biological treatment. Process wastewaters are mixed with non contact cooling water prior to discharge to the Tennessee River. The discharge is permitted under Alabama NPDES Permit No. AL00002O5. The process wastewater discharge and combined process wastewater/ non contact cooling water is designated as Outfall OO1A and 001, respectively.

As explained in our May 7 letter, wastewater sampling at the Decatur site for PFOA analysis is being conducted on a quarterly basis. Samples are collected at Outfall 001, which consists of treated process wastewater and non contact cooling water. The outfall discharges to Baker's Creek, which in turn empties into the Tennessee River. All samples are collected as 24 hour composites and duplicated analysis is conducted for each sample. The specific sampling and analytical protocols were described in 3M'sMay 7, 2003 letter to EPA.

The following table presents the PFOA monitoring results for the Decatur wastewater effluent discharged under Alabama NPDES Permit No. AL000205, Outfall 001. The data summary includes the historical data and the 2003 monitoring events.

3M Decatur 2nd1 Quarter, 2003 and Historical Events Outfall 001 FC Sampling Results Sample Date Results J Duplicate j Average .

( all values are listed as ugh) 1998 N/ A N/ A [ 602 1999 N/ A N/ A [ 766 2000 N/ A N/ A 1028 2001 N/ A N/ A 310 January, 2003 N/ A N/ A [ 58 May 28, 2003 89.0 87.5 ° [ 88.3 As indicated by these data, there has been a decrease in the levels ofPFOA in the effluent discharged to the Tennessee River. The overall reduction throughout these 5 years is mainly a result ofthe production phase out ofPFOA at this site, and the improvements in the fluoropolymer productionprocess occurring at the Dyneon operation. Continued decreases in thO effluent concentration are anticipated because ofongoing process improvement efforts. Page 11 Document Control Office ( DCO) Office ofPollution Prevention and Toxics ( OPPT) US Environmental Protection Agency In addition, the results ofTennessee River surface water monitoring recently submitted to the AR 226 Docket indicate that PFOA levels in the river have declined significantly as well. In fact, PFOA levels downstream from the 3M Decatur Outfall are below detectable limits of 0.050 ppb.

HISTORIC MONITORING DATA SUBMISSION As noted in the LOT, 3M's monitoring programs for the Cottage Grove and Decatur sites have included sampling results for other fluorocheniicals besides PFOA. While much ofthis information has been reported to local agencies, 3M is shortly providing a comprehensive summary ofresults from those monitoring programs as part ofa separate submission to the AR 226 Docket.

In summary, this letter reports results ofwastewater and groundwater monitoring at the Decatur and Cottage Grove sites. These data fulfill the commitments of3M and Dyneon under the March 13, 2003 3M LOT and the March 14, 2003 APFO Users LOT. If there are any questions, please contact the writer at the address provided below.

Sincerely,

Michael A. Santoro Director, Environmental, Health, Safety and Regulatory Affairs 3M  Bldg. 236 lB TO P. O. Box 33331 St. Paul, MN 55144 651 733 6374 ( phone) 651 733 1958 ( fax) E mail: masantoro@ mnnmcom cc: Mary Dominiak   Room 4410 Attachments 3M COTTAGE GROVE HISTORIC GROUNDWATER MONITORING DATA SUMMARY Sample ldentiftcatiop1 Date Sampled PFOA ( ppb) PFOA lab dup ( ppb)

MW 1O1 12/ 03/ 02 170 180 172 ° 04/ 01/ 03 NQ NQ NQ 05/ 19/ 03 NQ ° NQ NQ MW 102 12/ 03/ 02 04/ 01/ 03 05/ 19/ 03 324 ° NQ NQ 404 NQ NQ ° 369 NQ NQ PW 2 ° 06/ 10/ 01 06/ 28/ 01 09/ 07/ 01 10/ 31/ 01 11/ 12/ 01 0.491 2.64 0.359 2.46 0.765 0.473 2.84 0.395 2.21 0.706 0.577 10.70 0.405 2.15 0.356 PW. 3 ° 06/ 10/ 01 06/ 28/ 01 09/ 07/ 01 10/ 31/ 01 11/ 12/ 01 0.6 0.763 0.716 0.519 0.721 0.561 0.772 °

0.693 0.542 0.713 0.554 0.778 0.737 0.615 0.739 PW 4 06/ 10/ 01 06/ 28/ 91 09/ 07/ 01 10/ 31/ 01 11/ 12/ 01 ° 1.170 0.851 0.823 14.000 °

0.792 1.110 1.000 0.816 13.500 0.755 1.180 0.988 0.782 4.100 0.827 PW 5 . 06/ 10/ 01 06/ 28/ 01 09( 07( 01 10/ 31/ 01 11/ 12/ 01 42.500 26.900 28.600 40.800 20.900 45.700 30.100 27 .500 39.400 21,800 56.400 NA 28.700 39.700 22.600 PW 6 07/ 11/ 01 09/ 07/ 0 1 10/ 31/ 01 11/ 12/ 01 138.000 NA 11.600 91.600 132.000 NA 11.200 93.300 NA NA 14.000 93.900 Water Supply Distribution Loop at Cafeteria 116 07/ 11/ 01 10/ 31/ 01 11/ 12/ 01 1.230 40.600 11.400 1.140 38.500 10.800 NA 41.100 17.100 PZ 14 09/ 07/ 01 10) 31/ 01 11/ 12/ 01 6.400 5.890 4.660 6.770 4.960 4.630 6.060 5.250 4.600 SPIOO 09/ 07/ 01 10/ 31/ 01 11/ 12/ 01 ° 0.623 0.547 0.593 0.566 0.523 0.577 0.614 0.578 0.561 Trap Range Well 09/ 07/ 01 0.541 0.565 0.571 MW 4 10/ 31/ 01 11/ 12/ 01 5.670 5.300 5.930 5.110 7.390 5.450 MW 14 09/ 07/ 01 10/ 31/ 01 11/ 12/ 01 846.000 840.000 780.000 845.000 824.000 836.000 848.000 730.000 858.000 Notes 1. ND. Not detected 2. NQ   Not quantitated 3. NA   Not Analyzed 3M DECATUR MANUFACTIRUNG FACILITY SITE MAP LOCATION OF MONITORING WELLS LEGEND ° Monltcrwdll Sampkd 3l28~ fO1 200 0 200 400 Feet ° ° ° ° ;

° °°°° °

I I ~ I i~ o L~ ~ \\ I  t~~:~

.4~._..° ~

1~ ° ° ~ c j ~ °\ ~ cN~ cP' ~

° °°`\ N °° \.~ ~_~:

`~` 4~~<~ : 1:

Figure 1 Monitoring Points 3M  Cottage Grove Facility ° ° Production Wells ° 0 Monitoring Wells ° Other $ ampling Points 33 34 ° ° f it  a °°~° NewDl Monitoring Wells 1,500 750 0 t, 500 cc'


[Federal Register Volume 81, Number 171 (Friday, September 2, 2016)]
[Notices]
[Pages 60759-60764]
[FR Doc No: 2016-21129]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78712; File No. SR-NYSEArca-2016-70]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting
Proceedings To Determine Whether To Approve or Disapprove a Proposed
Rule Change, as Modified by Amendment No. 1 Thereto, Regarding Use of
Rule 144A Securities by the Fidelity Corporate Bond ETF, Fidelity
Investment Grade Bond ETF, Fidelity Limited Term Bond ETF, and Fidelity
Total Bond ETF

August 29, 2016.

I. Introduction

    On May 11, 2016, NYSE Arca, Inc. (``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 permit the
Fidelity Corporate Bond ETF, Fidelity Investment Grade Bond ETF,
Fidelity Limited Term Bond ETF, and Fidelity Total Bond ETF
(individually, ``Fund,'' and collectively, ``Funds'') to consider
securities issued pursuant to Rule 144A under the Securities Act of
1933 (``Securities Act'') as debt securities eligible for principal
investment. The proposed rule change was published for comment in the
Federal Register on May 31, 2016.\3\ On June 30, 2016, pursuant to
section 19(b)(2) of the Act,\4\ the Commission designated a longer
period within which to approve the proposed rule change, disapprove the
proposed rule change, or institute proceedings to determine whether to
disapprove the proposed rule change.\5\ On July 26, 2016, the Exchange
filed Amendment No. 1 to the proposed rule change.\6\ The Commission

has received no comments on the proposed rule change. This order
institutes proceedings under section 19(b)(2)(B) of the Act\7\ to
determine whether to approve or disapprove the proposed rule change, as
modified by Amendment No. 1 thereto.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 77891 (May 24,
2016), 81 FR 34388 (``Notice'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 78207, 81 FR 44338
(Jul. 7, 2016). The Commission designated August 29, 2016 as the
date by which the Commission shall either approve or disapprove, or
institute proceedings to determine whether to disapprove, the
proposed rule change.
    \6\ In Amendment No. 1, which amended and replaced the proposed
rule change in its entirety, the Exchange: (a) Corrected certain
aspects of the the investment descriptions for each Fund in
accordance with the Prior Corporate Bond Releases and Prior Total
Bond Releases (as defined herein); (b) confirmed that all of the
Rule 144A securities in which a Fund invests will be corporate debt
securities for which transactions are reported to TRACE (as defined
herein); and (c) confirmed that FINRA (as defined herein), on behalf
of the Exchange, is able to access, as needed, trade information for
the Rule 144A securities as well as certain other fixed income
securities held by the Funds reported to TRACE. Amendment No. 1 is
available at: https://www.sec.gov/comments/sr-nysearca-2016-70/nysearca201670-1.pdf. Because Amendment No. 1 to the proposed rule
change does not materially alter the substance of the proposed rule
change or raise unique or novel regulatory issues, Amendment No. 1
is not subject to notice and comment.
    \7\ 15 U.S.C. 78s(b)(2)(B).
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II. Exchange's Description of the Proposal

    The Commission approved the listing and trading of shares
(``Shares'') of the Funds under NYSE Arca Equities Rule 8.600,\8\ which
governs the listing and trading of Managed Fund Shares. The Exchange
proposes to amend the representation in the Prior Corporate Bond Notice
and Prior Total Bond Notice to provide that each Fund may include Rule
144A securities within a Fund's principal investments in debt
securities (i.e., debt securities in which at least 80% of a Fund's
assets are invested).
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release Nos. 72068 (May 1,
2014), 79 FR 25923 (May 6, 2014) (SR-NYSEArca-2014-47) (notice of
filing of proposed rule change relating to listing and trading of
Shares of Fidelity Corporate Bond ETF Managed Shares under NYSE Arca
Equities Rule 8.600) (``Prior Corporate Bond Notice''); 72439 (Jun.
20, 2014), 79 FR 36361 (Jun. 26, 2014) (SR-NYSEArca-2014-47) (order
approving proposed rule change relating to listing and trading of
Shares of Fidelity Corporate Bond ETF Managed Shares under NYSE Arca
Equities Rule 8.600) (``Prior Corporate Bond Order'' and, together
with the Prior Corporate Bond Notice, ``Prior Corporate Bond
Releases''); 72064 (May 1, 2014), 79 FR 25908 (May 6, 2014) (SR-
NYSEArca-2014-46) (notice of filing of proposed rule change relating
to listing and trading of Shares of Fidelity Investment Grade Bond
ETF; Fidelity Limited Term Bond ETF; and Fidelity Total Bond ETF
under NYSE Arca Equities Rule 8.600) (``Prior Total Bond Notice'');
72748 (Aug. 4, 2014), 79 FR 46484 (Aug. 8, 2014) (SR-NYSEArca-2014-
46) (order approving proposed rule change relating to listing and
trading of Shares of the Fidelity Investment Grade Bond ETF,
Fidelity Limited Term Bond ETF, and Fidelity Total Bond ETF under
NYSE Arca Equities Rule 8.600) (``Prior Total Bond ETF Order'' and,
together with the Prior Total Bond Notice, ``Prior Total Bond
Releases'').
---------------------------------------------------------------------------

A. Exchange's Description of the Funds

    Fidelity Investments Money Management, Inc. (``FIMM''), an
affiliate of Fidelity Management & Research Company (``FMR''), is the
manager (``Manager'') of each Fund. FMR Co., Inc. (``FMRC'') serves as
a sub-adviser for the Fidelity Total Bond ETF. FMRC has day-to-day
responsibility for choosing certain types of investments of foreign and
domestic issuers for Fidelity Total Bond ETF. Other investment
advisers, which also are affiliates of FMR, serve as sub-advisers to
the Funds and assist FIMM with foreign investments, including Fidelity
Management & Research (U.K.) Inc., Fidelity Management & Research (Hong
Kong) Limited, and Fidelity Management & Research (Japan) Inc.
(individually, ``Sub-Adviser,'' and together with FMRC, collectively
``Sub-Advisers''). Fidelity Distributors Corporation is the distributor
for the Funds' Shares.
    The Funds are funds of Fidelity Merrimack Street Trust (``Trust''),
a Massachusetts business trust.\9\ The Exchange represents that the
Shares of the Fidelity Corporate Bond ETF, Fidelity Limited Term Bond
ETF, and Fidelity Total Bond ETF are currently trading on the Exchange.
---------------------------------------------------------------------------

    \9\ The Trust is registered under the Investment Company Act of
1940 (``1940 Act''). According to the Exchange, on December 29,
2015, the Trust filed with the Commission an amendment to its
registration statement on Form N-1A under the Securities Act and the
1940 Act relating to the Funds (File Nos. 333-186372 and 811-22796)
(``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. 30513 (May 10, 2013) (File
No. 812-14104).
---------------------------------------------------------------------------

1. Fidelity Corporate Bond ETF
    As described in the Prior Corporate Bond Notice, the Fidelity
Corporate Bond ETF seeks a high level of current income. The Manager
normally invests at least 80% of Fidelity Corporate Bond ETF assets in
investment-grade corporate bonds and other corporate debt
securities.\10\ Corporate debt securities are bonds and other debt
securities issued by corporations and other business structures, as
described in the Prior Corporate Bond Notice.
---------------------------------------------------------------------------

    \10\ According to the Exchange, investment-grade debt securities
include all types of debt instruments, including corporate debt
securities that are of medium and high-quality. An investment-grade
rating means the security or issuer is rated investment-grade by a
credit rating agency registered as a nationally recognized
statistical rating organization with the Commission (for example,
Moody's Investors Service, Inc.), or is unrated but considered to be
of equivalent quality by the Fidelity Corporate Bond ETF's Manager
or Sub-Advisers.
---------------------------------------------------------------------------

    The Fidelity Corporate Bond ETF may hold uninvested cash or may
invest it in cash equivalents such as money market securities, or
shares of short-term bond exchanged-traded funds registered under the
1940 Act (``ETFs''), or mutual funds or money market funds, including
Fidelity central funds (special types of investment vehicles created by
Fidelity for use by the Fidelity funds and other advisory clients). The
Manager uses the Barclays U.S. Credit Bond Index as a guide in
structuring the Fund and selecting its investments. FIMM manages the
Fund to have similar overall interest rate risk to the Barclays U.S.
Credit Bond Index.
    As stated in the Prior Corporate Bond Releases, in buying and
selling securities for the Fund, the Manager analyzes the credit
quality of the issuer, security-specific features, current valuation
relative to alternatives in the market, short-term trading
opportunities resulting from market inefficiencies, and potential
future valuation. In managing the Fund's exposure to various risks,
including interest rate risk, the Manager considers, among other
things, the market's overall risk characteristics, the market's current
pricing of those risks, information on the Fund's competitive universe
and internal views of potential future market conditions.
    While the Manager normally invests at least 80% of assets of the
Fund in investment grade corporate bonds and other corporate debt
securities, as described above, the Manager may invest up to 20% of the
Fund's assets in other securities and financial instruments, as
summarized below.
    In addition to corporate debt securities, the debt securities in
which the Fund may invest are U.S. Government securities; repurchase
agreements and reverse repurchase agreements; mortgage- and other
asset-backed securities; loans; loan participations, loan assignments,
and other evidences of indebtedness, including letters of credit,
revolving credit facilities, and other standby financing commitments;
structured securities; stripped securities; municipal securities;
sovereign debt obligations; obligations of international agencies or
supranational entities; and other securities believed to have debt-like
characteristics, including hybrid securities, which may offer
characteristics similar to those of a bond security such as stated
maturity and preference over equity in bankruptcy.
    The Fund may invest in restricted securities, which are subject to
legal restrictions on their sale. Restricted securities generally can
be sold in privately negotiated transactions, pursuant to an exemption
from registration under the Securities Act, or in a registered public
offering.
2. Fidelity Investment Grade Bond ETF
    As described in the Prior Total Bond Notice, the Fidelity
Investment Grade Bond ETF (which has not yet commenced operation) will
seek a high level of current income. The Manager normally will invest
at least 80% of the

Fund's assets in investment-grade debt securities (those of medium and
high quality). The debt securities in which the Fund may invest are
corporate debt securities; U.S. Government securities; repurchase
agreements and reverse repurchase agreements; money market securities;
mortgage- and other asset-backed securities; senior loans; loan
participations and loan assignments and other evidences of
indebtedness, including letters of credit, revolving credit facilities
and other standby financing commitments; stripped securities; municipal
securities; sovereign debt obligations; and obligations of
international agencies or supranational entities (collectively, ``Debt
Securities'').
    As described in the Prior Total Bond Notice, the Fidelity
Investment Grade Bond ETF may hold uninvested cash or may invest it in
cash equivalents such as repurchase agreements, shares of short term
bond ETFs, mutual funds, or money market funds, including Fidelity
central funds (special types of investment vehicles created by Fidelity
for use by the Fidelity funds and other advisory clients). The Manager
will use the Barclays U.S. Aggregate Bond Index (``Aggregate Index'')
as a guide in structuring the Fund and selecting its investments, and
will manage the Fund to have similar overall interest rate risk to the
Aggregate Index.
    As described in the Prior Total Bond Notice, the Manager will
consider other factors when selecting the Fidelity Investment Grade
Bond ETF's investments, including the credit quality of the issuer,
security-specific features, current valuation relative to alternatives
in the market, short-term trading opportunities resulting from market
inefficiencies, and potential future valuation. In managing the
Fidelity Investment Grade Bond ETF's exposure to various risks,
including interest rate risk, the Manager will consider, among other
things, the market's overall risk characteristics, the market's current
pricing of those risks, information on the Fidelity Investment Grade
Bond ETF's competitive universe, and internal views of potential future
market conditions.
3. Fidelity Limited Term Bond ETF
    As described in the Prior Total Bond Notice, the Fidelity Limited
Term Bond ETF seeks to provide a high rate of income. The Manager
normally invests at least 80% of the Fidelity Limited Term Bond ETF's
assets in investment-grade Debt Securities (those of medium and high
quality).
    The Fidelity Limited Term Bond ETF may hold uninvested cash or may
invest it in cash equivalents such as repurchase agreements, shares of
short term bond ETFs, mutual funds, or money market funds, including
Fidelity central funds (special types of investment vehicles created by
Fidelity for use by the Fidelity funds and other advisory clients). The
Manager uses the Fidelity Limited Term Composite Index (``Composite
Index'') as a guide in structuring the Fund and selecting its
investments. The Manager manages the Fidelity Limited Term Bond ETF to
have similar overall interest rate risk to the Composite Index.
    The Manager considers other factors when selecting the Fidelity
Limited Term Bond ETF's investments, including the credit quality of
the issuer, security-specific features, current valuation relative to
alternatives in the market, short-term trading opportunities resulting
from market inefficiencies, and potential future valuation. In managing
the Fidelity Limited Term Bond ETF's exposure to various risks,
including interest rate risk, the Manager considers, among other
things, the market's overall risk characteristics, the market's current
pricing of those risks, information on the Fund's competitive universe,
and internal views of potential future market conditions.
4. Fidelity Total Bond ETF
    As described in the Prior Total Bond Notice, the Fidelity Total
Bond ETF seeks a high level of current income. The Manager normally
invests at least 80% of the Fidelity Total Bond ETF's assets in Debt
Securities. The Manager allocates the Fidelity Total Bond ETF's assets
across investment-grade, high yield, and emerging market Debt
Securities. The Manager may invest up to 20% of the Fund's assets in
lower-quality Debt Securities.
    The Fidelity Total Bond ETF may hold uninvested cash or may invest
it in cash equivalents such as repurchase agreements, shares of short
term bond ETFs, mutual funds, or money market funds, including Fidelity
central funds (special types of investment vehicles created by Fidelity
for use by the Fidelity funds and other advisory clients).
    The Manager uses the Barclays U.S. Universal Bond Index
(``Universal Index'') as a guide in structuring and selecting the
investments of the Fidelity Total Bond ETF and selecting its
investments, and in allocating the Fidelity Total Bond ETF's assets
across the investment-grade, high yield, and emerging market asset
classes. The Manager manages the Fidelity Total Bond ETF to have
similar overall interest rate risk to the Universal Index. The Manager
considers other factors when selecting the Fund's investments,
including the credit quality of the issuer, security-specific features,
current valuation relative to alternatives in the market, short-term
trading opportunities resulting from market inefficiencies, and
potential future valuation. In managing the Fund's exposure to various
risks, including interest rate risk, the Manager considers, among other
things, the market's overall risk characteristics, the market's current
pricing of those risks, information on the Fund's competitive universe,
and internal views of potential future market conditions.
    As described in the Prior Total Bond Notice, the Manager may invest
the Fidelity Total Bond ETF's assets in Debt Securities of foreign
issuers in addition to securities of domestic issuers.
5. Other Investments of the Funds
    While, as described above, the Manager normally invests at least
80% of assets of Fidelity Limited Term Bond ETF in investment-grade
Debt Securities (and will normally invest at least 80% of assets of the
Fidelity Investment Grade Bond ETF in investment-grade Debt
Securities), and the Manager normally invests at least 80% of assets of
the Fidelity Total Bond ETF in Debt Securities, the Manager may invest
up to 20% of a Fund's assets in other securities and financial
instruments (``Other Investments,'' as described in the Prior Total
Bond Notice). As described in the Prior Corporate Bond Notice and Prior
Total Bond Notice, as part of a Fund's Other Investments, (i.e., up to
20% of a Fund's assets), each Fund may invest in restricted securities,
which are subject to legal restrictions on their sale.\11\
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    \11\ Restricted securities are subject to legal restrictions on
their sale. Restricted securities generally can be sold in privately
negotiated transactions, pursuant to an exemption from registration
under the Securities Act, or in a registered public offering. Rule
144A securities are securities which, while privately placed, are
eligible for purchase and resale pursuant to Rule 144A. Rule 144A
permits certain qualified institutional buyers, such as a Fund, to
trade in privately placed securities even though such securities are
not registered under the Securities Act.
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B. Exchange's Description of the Proposed Change to the Principal
Investments of the Funds

    The Exchange proposes that each Fund may include Rule 144A
securities within a Fund's principal investments in debt securities
(i.e., debt securities in which at least 80% of a Fund's assets are
invested). As discussed below, the Exchange believes it is appropriate
for Rule 144A securities to be included as

principal investments of a Fund in view of (1) the high level of
liquidity in the market for such securities compared to other debt
securities asset classes, and (2) the high level of transparency in the
market for Rule 144A securities, particularly in light of reporting of
transaction data in such securities through the Trade Reporting and
Compliance Engine (``TRACE'') operated by the Financial Industry
Regulatory Authority (``FINRA''). All of the Rule 144A securities in
which a Fund invests will be corporate debt securities for which
transactions are reported in TRACE.
    FMR has represented to the Exchange that Rule 144A securities
account for approximately 20% of daily trading volume in U.S. corporate
bonds. Dealers trade and report transactions in Rule 144A securities in
the same manner as registered corporate bonds. While the average number
of daily trades and U.S. dollar volume in registered corporate bonds is
much higher than in Rule 144A securities, the average lot size is
higher for Rule 144A securities.\12\ Specifically, the average lot size
for 144A securities for the period January 1, 2015 through August 31,
2015 was approximately $2.2 million, compared to an average lot size
for the same period of approximately $500,000 for registered corporate
bonds.
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    \12\ Source: MarketAxess Trace Data. For example, for the period
January 1, 2015 through August 31, 2015, for registered bonds and
Rule 144A securities with $1 billion to $1.999 billion the average
daily dollar volume outstanding was approximately $6.8 billion and
$1.7 billion, respectively, and the average lot size was $666,647
and $2,398,292, respectively.
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    In addition, in 2013, the Commission approved FINRA rules relating
to dissemination of information regarding transactions in Rule 144A
securities in TRACE.\13\ In approving FINRA's proposed rule change to
amend its rules regarding dissemination of Rule 144A transactions, the
Commission stated:
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    \13\ See Securities Exchange Act Release Nos. 70009 (Jul. 19,
2013), 78 FR 44997 (Jul. 25, 2103) (SR-FINRA-2013-029) (notice of
filing of a proposed rule change relating to the dissemination of
transactions in TRACE-Eligible securities effected pursuant to Rule
144A); 70345 (Sept. 6, 2013), 78 FR 56251 (Sept. 12, 2013) (SR-
FINRA-2013-029) (order approving proposed rule change relating to
the dissemination of transactions in TRACE-Eligible securities
effected pursuant to Rule 144A). In the proposed rule change, FINRA
proposed to amend FINRA Rule 6750 to provide for the dissemination
of Rule 144A transactions, provided the asset type (e.g., corporate
bonds) currently is subject to dissemination under FINRA Rule 6750;
to amend the dissemination protocols to extend the dissemination
caps currently applicable to the non-Rule 144A transactions in such
asset type (e.g., non-Rule 144A corporate bond transactions) to Rule
144A transactions in such securities; to amend FINRA Rule 7730 to
establish a data set for real-time Rule 144A transaction data and a
second data set for historic Rule 144A transaction data; to amend
the definition of ``Historic TRACE Data'' to reference the three
data sets currently included therein and the proposed fourth data
set; and to make other clarifying and technical amendments. FINRA
Rule 6730(a) requires any transaction in a TRACE-Eligible security
to be reported to TRACE as soon as practicable, but no later than
within 15 minutes of the transaction, subject to specified
exceptions. FINRA Rule 6730(c) requires the trade report to contain
information on size, price, time of execution, amount of commission,
the date of settlement, and other information.

    Real-time dissemination of last-sale information could aid
dealers in deriving better quotations, because they would know the
prices at which other market participants had recently transacted in
the same or similar instruments. This information could aid all
market participants in evaluating current quotations, because they
could inquire why dealer quotations might differ from the prices of
recently executed transactions. Furthermore, post-trade transparency
affords market participants a means of testing whether dealer
quotations before the last sale were close to the price at which the
last sale was executed. In this manner, post-trade transparency can
promote price competition between dealers and more efficient price
discovery and ultimately lower transaction costs in the market for
---------------------------------------------------------------------------
Rule 144A securities.

    Transactions executed by FINRA members became subject to
dissemination through FINRA's TRACE on June 30, 2014, thus providing a
level of transparency to the Rule 144A market comparable to that of
registered bonds.\14\
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    \14\ In its June 30, 2014 press release ``FINRA Brings 144A
Corporate Debt Transactions Into the Light,'' FINRA stated: ``144A
transactions--resales of restricted corporate debt securities to
large institutions called qualified institutional buyers (QIBs)--
account for a significant portion of the volume in corporate debt
securities. In the first quarter of 2014, 144A transactions
comprised nearly 13 percent of the average daily volume in
investment-grade corporate debt, and nearly 30 percent of the
average daily volume in high-yield corporate debt. 144A transactions
comprised nearly 20 percent of the average daily volume in the
corporate debt market as a whole. Through the Trade Reporting and
Compliance Engine (TRACE), FINRA will disseminate 144A transactions
subject to the same dissemination caps that are currently in effect
for non-144A transactions. The same dissemination cap for
investment-grade corporate bonds ($5 million) applies to both 144A
and non-144A corporate bond transactions, and the $1 million
dissemination cap for high-yield corporate bonds similarly applies
to both 144A and non-144A transactions. 144A transactions are also
subject to the same 15-minute reporting requirement as non-144A
corporate debt transactions.'' See also FINRA Regulatory Notice 13-
35 October 2013.
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    The Exchange notes that, while the proposed rule change would
categorize Rule 144A securities within a Fund's principal investments
in debt securities, any investments in Rule 144A securities, of course,
would be required to comply with restrictions under the 1940 Act and
rules thereunder relating to investment in illiquid assets. As stated
in the Prior Corporate Bond Notice and Prior Total Bond Notice, each
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 Manager or Sub-Advisers. Each
Fund monitors 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 a Fund's
net assets are held in illiquid assets. Illiquid assets include assets
subject to contractual or other restrictions on resale and other
instruments that lack readily available markets as determined in
accordance with Commission staff guidance.\15\
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    \15\ In its recent rulemaking proposal relating to open-end fund
liquidity risk management programs, the Commission noted that
``[s]ecurities offered pursuant to rule 144A under the Securities
Act may be considered liquid depending on certain factors.'' The
Commission, citing to the ``Statement Regarding `Restricted
Securities''' noted: ``The Commission stated [in the ``Statement
Regarding `Restricted Securities'''] that `determination of the
liquidity of Rule 144A securities in the portfolio of an investment
company issuing redeemable securities is a question of fact for the
board of directors to determine, based upon the trading markets for
the specific security' and noted that the board should consider the
unregistered nature of a rule 144A security as one of the factors it
evaluates in determining its liquidity.'' See Release Nos. 33-9922;
IC-31835; File Nos. S7-16-15; S7-08-15 (Sept. 22, 2015); n.94.
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    Moreover, as stated in the Prior Corporate Bond Notice and Prior
Total Bond Notice, each Fund does not currently intend to purchase any
asset if, as a result, more than 10% of its net assets would be
invested in assets that are deemed to be illiquid because they are
subject to legal or contractual restrictions on resale or because they
cannot be sold or disposed of in the ordinary course of business at
approximately the prices at which they are valued. For purposes of a
Fund's illiquid assets limitation discussed above, if through a change
in values, net assets, or other circumstances, a Fund were in a
position where more than 10% of its net assets were invested in
illiquid assets, it would consider appropriate steps to protect
liquidity.
    The Prior Corporate Bond Notice and Prior Total Bond Notice stated
that various factors may be considered in determining the liquidity of
a Fund's investments, including: (1) The frequency of trades and quotes
for the asset; (2) the number of dealers wishing to purchase or sell
the asset and the number of other potential purchasers; (3) dealer
undertakings to make a market in the asset; and (4) the nature

of the asset and the nature of the marketplace in which it trades
(including any demand, put or tender features, the mechanics and other
requirements for transfer, any letters of credit or other credit
enhancement features, any ratings, the number of holders, the method of
soliciting offers, the time required to dispose of the security, and
the ability to assign or offset the rights and obligations of the
asset).
    The Exchange believes that the size of the Rule 144A market
(approximately 20% of daily trading volume in U.S. corporate bonds),
the active participation of multiple dealers utilizing trading
protocols that are similar to those in the corporate bond market, and
the transparency of the 144A market resulting from reporting of Rule
144A transactions in TRACE will deter manipulation in trading the
Shares. The Exchange notes that all of the Rule 144A securities in
which a Fund invests will be corporate debt securities for which
transactions are reported in TRACE.
    The Exchange represents that, except for the change described
above, all other representations made in the Prior Corporate Bond
Releases and the Prior Total Bond Releases remain unchanged. The Funds
will continue to comply with all initial and continued listing
requirements under NYSE Arca Equities Rule 8.600.
    The Exchange further represents that the trading in the Shares will
be subject to the existing trading surveillances administered by the
Exchange, as well as cross-market surveillances administered by FINRA,
on behalf of the Exchange, which are designed to detect violations of
Exchange rules and applicable federal securities laws.\16\ The Exchange
represents that these procedures are adequate to properly monitor
Exchange trading of the Shares in all trading sessions and to deter and
detect violations of Exchange rules and federal securities laws
applicable to trading on the Exchange. The Exchange or FINRA, on behalf
of the Exchange, or both, will communicate as needed regarding trading
in the Shares and underlying exchange-traded options, futures,
exchange-traded equity securities (including ADRs, EDRs, and GDRs), and
other exchange-traded instruments with other markets and other entities
that are members of the ISG, and the Exchange or FINRA, on behalf of
the Exchange, or both, may obtain trading information regarding trading
in the Shares and underlying exchange-traded options, futures,
exchange-traded equity securities (including ADRs, EDRs, and GDRs), and
other exchange-traded instruments from such markets and other entities.
The Exchange may obtain information regarding trading in the Shares and
underlying exchange-traded options, futures, exchange-traded equity
securities (including ADRs, EDRs, and GDRs), and other exchange-traded
instruments from markets and other entities that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.\17\ FINRA, on behalf of the Exchange, is able to
access, as needed, trade information for the Rule 144A securities as
well as certain other fixed income securities held by the Funds
reported to TRACE. In addition, as stated in the Prior Corporate Bond
Releases and the Prior Total Bond Releases, investors have ready access
to information regarding the Funds' holdings, the Portfolio Indicative
Value, the Disclosed Portfolio, and quotation and last-sale information
for the Shares.
---------------------------------------------------------------------------

    \16\ FINRA conducts cross-market surveillances on behalf of the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
    \17\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all of the components
of the portfolio for a Fund may trade on exchanges that are members
of the ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement.
---------------------------------------------------------------------------

    The Exchange also represents that all statements and
representations made in this filing and the Prior Corporate Bond
Releases and Prior Total Bond Releases regarding (a) the description of
the Funds' respective portfolios, (b) limitations on portfolio holdings
or reference assets, or (c) the applicability of Exchange rules and
surveillance procedures shall constitute continued listing requirements
for listing the Shares of the Funds on the Exchange. The Adviser has
represented to the Exchange that it will advise 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 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 Equities Rule 5.5(m).

III. Proceedings To Determine Whether To Approve or Disapprove SR-
NYSEArca-2016-70 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to section
19(b)(2)(B) of the Act \18\ to determine whether the proposed rule
change, as modified by Amendment No. 1 thereto, should be approved or
disapproved. Institution of such proceedings is appropriate at this
time in view of the legal and policy issues raised by the proposed rule
change. Institution of proceedings does not indicate that the
Commission has reached any conclusions with respect to any of the
issues involved. Rather, as described below, the Commission seeks and
encourages interested persons to provide comments on the proposed rule
change.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    Pursuant to section 19(b)(2)(B) of the Act,\19\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposed rule change's consistency with section 6(b)(5)
of the Act, which requires, among other things, that the rules of a
national securities exchange be ``designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade,'' and ``to protect investors and the public
interest.'' \20\
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    \19\ Id.
    \20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal, as modified by Amendment No. 1. In particular, the
Commission invites the written views of interested persons concerning
whether the proposal, as modified by Amendment No. 1, is consistent
with section 6(b)(5) or any other provision of the Act, or the rules
and regulations thereunder. Although there do not appear to be any
issues relevant to approval or disapproval that would be facilitated by
an oral presentation of views, data, and arguments, the Commission will
consider, pursuant to Rule 19b-4, any request for an opportunity to
make an oral presentation.\21\
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    \21\ Section 19(b)(2) of the Act, as amended by the Securities
Act Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Act Amendments of 1975, Senate Comm. on
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).

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    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal should be approved or
disapproved by September 23, 2016. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
October 7, 2016. The Commission asks that commenters address the
sufficiency of the Exchange's statements in support of the proposal,
which are set forth in the Notice,\22\ as modified by Amendment No. 1
thereto,\23\ in addition to any other comments they may wish to submit
about the proposed rule change.
---------------------------------------------------------------------------

    \22\ See supra note 3.
    \23\ See supra note 6.
---------------------------------------------------------------------------

    The Commission generally seeks comment on whether the Exchange's
representations relating to the proposed portfolio holdings in Rule
144A securities are sufficient to prevent the susceptibility of the
Funds to manipulation and are thereby consistent with the requirements
of section 6(b)(5) of the Act, which, among other things, requires that
the rules of an exchange be designed to prevent fraudulent and
manipulative acts and practices and to protect investors and the public
interest. In particular, the Commission seeks comment on the following:
    As described above, the Exchange has proposed that each Fund be
permitted to include Rule 144A securities within a Fund's principal
investments in debt securities. As a result of the proposed change,
each Fund would be permitted to invest 100% of its principal
investments in Rule 144A securities. The Exchange also provides that
all of the Rule 144A securities in which a Fund invests will be
corporate debt securities for which transactions are reported in TRACE.
Rule 144A securities are restricted securities, which, as described
above, are subject to legal restrictions on their sale and generally
are sold in privately negotiated transactions, pursuant to an exemption
from registration under the Securities Act, or in a registered public
offering. The Exchange has not proposed additional quantitative
criteria with respect to minimum liquidity or minimum diversification
measures to be applied to the Rule 144A securities. Do commenters have
views on whether the specific Rule 144A securities in which each Fund
may invest would be sufficiently liquid and sufficiently diversified so
as to reduce the extent to which Managed Fund Shares holding
principally restricted securities may be susceptible to manipulation?
    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2016-70 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2016-70. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2016-70 and should
be submitted on or before September 23, 2016. Rebuttal comments should
be submitted by October 7, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(57).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-21129 Filed 9-1-16; 8:45 am]
BILLING CODE 8011-01-P