[Federal Register: February 23, 2009 (Volume 74, Number 34)]
[Notices]
[Page 8080]
[DOCID:fr23fe09-44]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. ER09-88-000; ER09-88-001]

Southern Company Services, Inc.; Notice of FERC Staff Attendance

February 12, 2009.
    The Federal Energy Regulatory Commission (Commission) hereby gives
notice that on February 13, 2009 at 10:30 a.m. (EDT), members of its
staff will participate in a seminar and interactive webcast relating to
the Southern Company Energy Auction. The agenda and other documents for
the webcast are available through the Southern Company Services, Inc.
(Southern Company) Web site, http://www.southerncompany.com/
energyauction/. Sponsored by Southern Company, the webcast is open to
all market participants. Commission staff's attendance is part of the
Commission's ongoing monitoring of Southern Company's development of
the Southern Company Energy Auction. The webcast may discuss matters at
issue in the above-captioned dockets.
    For further information, contact David Hunger at
<EMAIL_ADDRESS>(202) 502-8148 or Mariana Cruz at
<EMAIL_ADDRESS>(202) 502-6307.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-3688 Filed 2-20-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 180 (Wednesday, September 17, 2014)]
[Notices]
[Pages 55851-55859]
[FR Doc No: 2014-22114]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73078; File No. SR-NASDAQ-2014-80]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing of Proposed Rule Change, as Modified by Amendment No.
1 Thereto, Relating to the Listing and Trading of the Shares of the
PowerShares DB Optimum Yield Diversified Commodity Strategy Portfolio,
PowerShares Agriculture Commodity Strategy Portfolio, PowerShares
Precious Metals Commodity Strategy Portfolio, PowerShares Energy
Commodity Strategy Portfolio, PowerShares Base Metals Commodity
Strategy Portfolio and PowerShares Bloomberg Commodity Strategy
Portfolio, Each a Series of PowerShares Actively Managed Exchange-
Traded Commodity Fund Trust

September 11, 2014.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on August 29, 2014, The NASDAQ Stock Market LLC (``Nasdaq'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by Nasdaq. On September 8,
2014, the Exchange filed Amendment No. 1 to the proposal.\3\ The
Commission is publishing this notice to solicit comments on the
proposed rule change, as modified by Amendment No. 1 thereto, from
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 changes the name of the ``PowerShares
Diversified Commodity Strategy Portfolio'' to the new name
``PowerShares DB Optimum Yield Diversified Commodity Strategy
Portfolio,'' and changes the name of the ``PowerShares Balanced
Commodity Strategy Portfolio'' to the new name ``PowerShares
Bloomberg Commodity Strategy Portfolio.''
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    Nasdaq proposes to list and trade the shares of the PowerShares DB
Optimum Yield Diversified Commodity Strategy Portfolio, PowerShares
Agriculture Commodity Strategy Portfolio, PowerShares Precious Metals
Commodity Strategy Portfolio, PowerShares Energy Commodity Strategy
Portfolio, PowerShares Base Metals Commodity Strategy Portfolio and
PowerShares Bloomberg Commodity Strategy Portfolio (each, a ``Fund,''
and collectively, the ``Funds''), each a series of PowerShares Actively
Managed Exchange-Traded Commodity Fund Trust (the ``Trust''). The
shares of each Fund are referred to herein as the ``Shares.''
    The text of the proposed rule change is available at http://nasdaq.cchwallstreet.com/, at Nasdaq's principal office, and at the
Commission's Public Reference Room.

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

    In its filing with the Commission, Nasdaq included statements
concerning the purpose of, and basis for, the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. Nasdaq has prepared summaries, set forth in Sections A,
B, and C below, of the most significant aspects of such statements.

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

1. Purpose
    The Exchange proposes to list and trade the Shares of each Fund
under Nasdaq Rule 5735, which governs the listing and trading of
Managed Fund Shares \4\ on the Exchange.\5\ Each Fund will be an
actively managed exchange-traded fund (``ETF''). Each Fund's Shares
will be offered by the Trust, which was established as a Delaware
statutory trust on December 23, 2013.\6\ The Trust is registered with
the Commission as an investment company and has filed a registration
statement on Form N-1A (``Registration Statement'') with the
Commission.\7\ Each Fund is a series of the Trust. As part of its
investment strategy, each Fund will invest in its own wholly-owned
subsidiary controlled by such Fund and organized under the laws of the
Cayman Islands (each, a ``Subsidiary,'' and collectively, the
``Subsidiaries''). All of the exchange-traded securities held by a Fund
will be traded in a principal trading market that is a member of the
Intermarket Surveillance Group (``ISG'') or a market with which the
Exchange has a comprehensive surveillance sharing agreement. With
respect to futures contracts held indirectly through a Subsidiary, not
more than 10% of the weight of such futures contracts in the aggregate
shall consist of instruments whose principal trading market is not a
member of the ISG or a market with which the Exchange does not have a
comprehensive surveillance sharing agreement.
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    \4\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) (the ``1940 Act'') organized
as an open-end investment company or similar entity that invests in
a portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Index Fund Shares, listed
and traded on the Exchange under Nasdaq Rule 5705, seeks to provide
investment results that correspond generally to the price and yield
performance of a specific foreign or domestic stock index, fixed
income securities index or combination thereof.
    \5\ The Commission approved Nasdaq Rule 5735 in Securities
Exchange Act Release No. 57962 (June 13, 2008), 73 FR 35175 (June
20, 2008) (SR-NASDAQ-2008-039). The Funds would not be the first
actively-managed funds listed on the Exchange; see Securities
Exchange Act Release No. 66489 (February 29, 2012), 77 FR 13379
(March 6, 2012) (SR-NASDAQ-2012-004) (order approving listing and
trading of WisdomTree Emerging Markets Corporate Bond Fund).
Moreover, the Commission also previously approved the listing and
trading of other actively managed funds within the PowerShares
family of ETFs. See, e.g., Securities Exchange Act Release Nos.
68158 (November 5, 2012), 77 FR 67412 (November 9, 2012) (SR-
NYSEArca-2012-101) (order approving listing of PowerShares S&P
500[supreg] Downside Hedged Portfolio ETF); and 69915 (July 2, 2013)
(SR-NYSEArca-2013-56) (order approving listing of PowerShares China
A-Share Portfolio ETF). The Exchange believes the proposed rule
change raises no significant issues not previously addressed in
those prior Commission orders.
    \6\ The Commission has issued an order granting certain
exemptive relief to affiliates of the Trust, and which extends to
the Trust, under the 1940 Act (the ``Exemptive Order''). See
Investment Company Act Release No. 30029 (April 10, 2012) (File No.
812-13795). In compliance with Nasdaq Rule 5735(b)(5), which applies
to Managed Fund Shares based on an international or global
portfolio, the application for exemptive relief under the 1940 Act
states that the Funds will comply with the federal securities laws
in accepting securities for deposits and satisfying redemptions with
redemption securities, including that the securities accepted for
deposits and the securities used to satisfy redemption requests are
sold in transactions that would be exempt from registration under
the Securities Act of 1933 (15 U.S.C. 77a).
    \7\ See Registration Statement on Form N-1A for the Trust, dated
May 20, 2014 (File Nos. 333-193135 and 811-22927). The descriptions
of the Funds and the Shares contained herein are based, in part, on
information in the Registration Statement.
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    Invesco PowerShares Capital Management LLC will be the investment
adviser (``Adviser'') to the Funds. Invesco Distributors, Inc.
(``Distributor'') will be the principal underwriter and distributor of
each Fund's Shares. The Bank of New York Mellon (``BNYM'') will act as
the administrator, accounting agent, custodian (``Custodian'') and
transfer agent to the Funds.
    Paragraph (g) of Rule 5735 provides that if the investment adviser
to the investment company issuing Managed Fund Shares is affiliated
with a broker-dealer, such investment adviser shall erect a ``fire
wall'' between the

investment adviser and the broker-dealer with respect to access to
information concerning the composition and/or changes to such
investment company portfolio.\8\ In addition, paragraph (g) further
requires that personnel who make decisions on the open-end fund's
portfolio composition must be subject to procedures designed to prevent
the use and dissemination of material, non-public information regarding
the open-end fund's portfolio. The Adviser is not a broker-dealer,
although it is affiliated with the Distributor, a broker-dealer. The
Adviser has implemented a fire wall with respect to its broker-dealer
affiliate regarding access to information concerning the composition
and/or changes to a Fund's (including a Subsidiary's) portfolio. In the
event (a) the Adviser registers 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 a fire wall with respect to its relevant
personnel and/or such broker-dealer affiliate, if applicable, regarding
access to information concerning the composition and/or changes to the
portfolio and will be subject to procedures designed to prevent the use
and dissemination of material non-public information regarding such
portfolio. The Funds do not currently intend to use a sub-adviser.
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    \8\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and its related personnel are
subject to the provisions of Rule 204A-1 under the Advisers Act
relating to codes of ethics. This Rule requires investment advisers
to adopt a code of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) adopted and implemented
written policies and procedures reasonably designed to prevent
violation, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
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Principal Investment Strategies Applicable to Each Fund

    Each Fund's investment objective will be to seek long term capital
appreciation. Each Fund will be an actively managed ETF that will seek
to achieve its investment objective by investing, under normal
circumstances,\9\ in a combination of securities and futures contracts
either directly or through its respective Subsidiary as follows. Each
Fund will invest in: (i) its respective Subsidiary, (ii) exchange-
traded products or exchange-traded commodity pools;\10\ and (iii) U.S.
Treasury Securities,\11\ money market mutual funds, high quality
commercial paper and similar instruments, as described more fully
below. Each respective Subsidiary will invest in exchange-traded
commodity futures contracts (``Commodities''). The Commodities
generally will be components of certain benchmark indices, as set forth
below for each Fund, but each Subsidiary also may invest in Commodities
that are outside of those benchmark indices.\12\
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    \9\ The term ``under normal circumstances'' includes, but is not
limited to, the absence of extreme volatility or trading halts in
the equity, commodities and futures markets or the financial markets
generally; operational issues causing dissemination of inaccurate
market information; or force majeure type events such as systems
failure, natural or man-made disaster, act of God, armed conflict,
act of terrorism, riot or labor disruption or any similar
intervening circumstance.
    \10\ Specifically, the Funds will invest in: (1) ETFs that
provide exposure to commodities as would be listed under Nasdaq
Rules 5705 and 5735; (2) exchange-traded notes (``ETNs'') that
provide exposure to commodities as would be listed under Nasdaq Rule
5710; or (3) exchange-traded pooled investment vehicles that invest
primarily in commodities and commodity-linked instruments as would
be listed under Nasdaq Rules 5711(b), (d), (f), (g), (h), (i) and
(j) (``Commodity Pool'' or ``Commodity Pools'').
    \11\ U.S. Treasury obligations are backed by the ``full faith
and credit'' of the U.S. government.
    \12\ In addition, each Subsidiary may, for administrative
convenience, also invest in U.S. Treasury Securities, money market
mutual funds, high quality commercial paper and similar instruments,
as described more fully below, for purposes of collateralizing
investments in Commodities.
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    Although each Fund's Subsidiary generally will hold many of the
Commodities that are components of that Fund's respective benchmark
index (each, respectively, a ``Benchmark''), each Subsidiary (and its
respective parent Fund) will be actively managed by the Adviser and
will not be obligated to invest in all of (or limit its investments
solely to) the component Commodities within its respective Benchmark.
Each Subsidiary (and its respective parent Fund) also will not be
obligated to invest in the same amount or proportion as its respective
Benchmark, or be obligated to track the performance of a Benchmark or
of any index. Rather, the Adviser will determine the weightings of
these investments by using a rules-based approach that is designed to
ensure that the relative weight of each investment within a Fund's
Subsidiary reflects the Adviser's view of the economic significance and
market liquidity of the corresponding, underlying physical commodities.
    Each Fund's investments will include investments directly in other
ETFs,\13\ to the extent permitted under the 1940 Act,\14\ or ETNs that
provide exposure to the relevant Commodities.
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    \13\ An ETF is an investment company registered under the 1940
Act that holds a portfolio of securities. Many ETFs are designed to
track the performance of a securities index, including industry,
sector, country and region indexes. ETFs included in a Fund will be
listed and traded in the U.S. on registered exchanges. Each Fund may
invest in the securities of other ETFs in excess of the limits
imposed under the 1940 Act pursuant to exemptive relief obtained by
an affiliate of the Trust that also applies to the Trust. The ETFs
in which a Fund may invest include Index Fund Shares (as described
in Nasdaq Rule 5705), Portfolio Depositary Receipts (as described in
Nasdaq Rule 5705), and Managed Fund Shares (as described in Nasdaq
Rule 5735).
    \14\ The shares of ETFs in which a Fund may invest will be
limited to securities that trade in markets that are members of the
ISG, which includes all U.S. national securities exchanges, or are
parties to a comprehensive surveillance sharing agreement with the
Exchange.
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    Each Fund also may invest in a Commodity Pool that is designed to
track the performance of the applicable Benchmark through investments
in Commodities.
    No Fund will invest directly in Commodities. However, each Fund
expects to gain significant exposure to Commodities indirectly by
investing directly in the applicable Subsidiary. Each Fund's investment
in a Subsidiary may not exceed 25% of the Fund's total assets. In
addition, no Fund or Subsidiary will invest directly in physical
commodities. The remainder of a Fund's assets that are not invested in
ETFs, ETNs, Commodity Pools, or its Subsidiary will be invested in U.S.
government securities,\15\ money market instruments,\16\ cash and cash
equivalents (e.g., corporate commercial

paper).\17\ Each Fund will use these assets to provide liquidity and to
collateralize the Subsidiary's investments in the applicable
Commodities.
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    \15\ Such securities will include securities that are issued or
guaranteed by the U.S. Treasury, by various agencies of the U.S.
government, or by various instrumentalities, which have been
established or sponsored by the U.S. government. U.S. Treasury
obligations are backed by the ``full faith and credit'' of the U.S.
government. Securities issued or guaranteed by federal agencies and
U.S. government-sponsored instrumentalities may or may not be backed
by the full faith and credit of the U.S. government.
    \16\ For a Fund's purposes, money market instruments will
include: Short-term, high- quality securities issued or guaranteed
by non-U.S. governments, agencies and instrumentalities; non-
convertible corporate debt securities with remaining maturities of
not more than 397 days that satisfy ratings requirements under Rule
2a-7 of the 1940 Act; money market mutual funds; and deposits and
other obligations of U.S. and non-U.S. banks and financial
institutions.
    \17\ The remainder of a Subsidiary's assets, if any, may be
invested (like its respective Fund's assets) in these assets to
serve as margin or collateral or otherwise support the Subsidiary's
positions in Commodities.
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Principal Investments for Each Fund

PowerShares DB Optimum Yield Diversified Commodity Strategy Portfolio

    The Fund will seek to achieve its investment objective through
indirect investments that provide exposure to a diverse group of the
most heavily traded physical commodities in the world. The Fund's
indirect investments in commodities primarily will include futures
contracts contained in DBIQ Optimum Yield Diversified Commodity Index
Excess Return (which is the Fund's Benchmark), an index composed of
futures contracts on 14 heavily traded commodities in the energy,
precious metals, industrial metals and agriculture sectors.

PowerShares Agriculture Strategy Portfolio

    The Fund will seek to achieve its investment objective through
indirect investments that provide exposure to physical commodities
within the agriculture sector. The Fund's indirect investments in
commodities primarily will include futures contracts contained in DBIQ
Diversified Agriculture Index Excess Return (which is the Fund's
Benchmark), an index composed of futures contracts on 11 of the most
liquid and widely traded agricultural commodities, including corn,
soybeans, wheat, Kansas City wheat, sugar, cocoa, coffee, cotton, live
cattle, feeder cattle and lean hogs.

PowerShares Precious Metals Strategy Portfolio

    The Fund will seek to achieve its investment objective through
indirect investments that provide exposure to two of the most important
precious metals--gold and silver. The Fund's indirect investments in
commodities primarily will include futures contracts contained in DBIQ
Optimum Yield Precious Metals Index Excess Return (which is the Fund's
Benchmark), an index composed of futures contracts on gold and silver.

PowerShares Energy Strategy Portfolio

    The Fund will seek to achieve its investment objective through
indirect investments that provide exposure to physical commodities
within the energy sector. The Fund's indirect investments in
commodities primarily will include futures contracts contained in DBIQ
Optimum Yield Energy Index Excess Return (which is the Fund's
Benchmark), an index composed of futures contracts on heavily traded
energy commodities, including light sweet crude oil (WTI), heating oil,
Brent crude oil, RBOB gasoline and natural gas.

PowerShares Base Metals Strategy Portfolio

    The Fund will seek to achieve its investment objective through
indirect investments that provide exposure to the most widely used
physical commodities within the base metals sector. The Fund's indirect
investments in commodities primarily will include futures contracts
contained in DBIQ Optimum Yield Industrial Metals Index Excess Return
(which is the Fund's Benchmark), an index composed of futures contracts
on physical commodities in the base metals sector, including aluminum,
zinc and Grade A copper.

PowerShares Bloomberg Commodity Strategy Portfolio

    The Fund will seek to achieve its investment objective through
indirect investments that provide exposure to a broadly diversified
representation of the commodity markets. The Fund's indirect
investments in commodities primarily will include futures contracts
contained in the Bloomberg Commodity Total Return Index (which is the
Fund's Benchmark), a diversified index composed of futures contracts on
various physical commodities across seven industry sectors.
Historically, the Benchmark has included futures contracts on the
following: Aluminum, Brent Crude oil, coffee, copper, corn, cotton,
gold, heating oil, Kansas wheat, lean hogs, live cattle, natural gas,
nickel, silver, soybeans, soybean meal, soybean oil, sugar, unleaded
gasoline, wheat, West Texas Intermediate crude oil and zinc.

The Subsidiaries

    Each Fund will seek to gain exposure to the market for commodities
through investments in its respective Subsidiary. Each Subsidiary will
be wholly-owned and controlled by the applicable Fund, and its
investments will be consolidated into such Fund's financial statements.
    A Fund's investment in its Subsidiary may not exceed 25% of that
Fund's total assets at each quarter end of the Fund's fiscal year. A
Fund's investment in its Subsidiary will be designed to help such Fund
achieve exposure to Commodities returns in a manner consistent with the
federal tax requirements applicable to regulated investment companies,
such as the Funds, which limit the ability of investment companies to
invest directly in the derivative instruments.
    Each Subsidiary will invest in Commodities. The remainder of a
Subsidiary's assets, if any, may be invested (like its respective
Fund's assets) in U.S. government securities, money market instruments,
cash and cash equivalents intended to serve as margin or collateral or
otherwise support the Subsidiary's positions in Commodities. Each
respective Subsidiary, accordingly, will be subject to the same general
investment policies and restrictions as the applicable Fund, except
that unlike such Fund, which must invest in assets in compliance with
the requirements of Subchapter M of the Internal Revenue Code, a
Subsidiary may invest without limitation in Commodities. References to
the investment strategies and risks of each Fund include the investment
strategies and risks of the applicable Subsidiary.
    Each Subsidiary will be advised by the Adviser.\18\ The
Subsidiaries will not be registered under the 1940 Act. As an investor
in a Subsidiary, a Fund, as that Subsidiary's sole shareholder, will
not have the protections offered to investors in registered investment
companies. However, because each Fund will wholly own and control its
respective Subsidiary, and the Fund and the Subsidiary will be managed
by the Adviser, the Subsidiary will not take action contrary to the
interests of the Fund or the Fund's shareholders. The Board of Trustees
of the Trust (the ``Board'') has oversight responsibility for the
investment activities of each Fund, including its expected investments
in its Subsidiary, and that Fund's role as the sole shareholder of such
Subsidiary. The Adviser will receive no additional compensation for
managing the assets of each Subsidiary. Also, in managing a
Subsidiary's portfolio, the Adviser will be subject to the same
investment restrictions and operational guidelines that apply to the
management of a Fund. Changes in the laws of the United States, under
which each Fund is organized, or of the Cayman Islands, under which
each Subsidiary is organized, could result in the inability of a Fund
or a Subsidiary to operate as

described in this filing or in the Registration Statement and could
negatively affect such Fund and its shareholders.
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    \18\ Each Subsidiary also will enter into separate contracts for
the provision of custody, transfer agency, and accounting agent
services with the same or with affiliates of the same service
providers that provide those services to the applicable Fund.
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Commodities Regulation

    The Commodity Futures Trading Commission (``CFTC'') has adopted
substantial amendments to CFTC Rule 4.5 relating to the permissible
exemptions and conditions for reliance on exemptions from registration
as a commodity pool operator. As a result of the instruments that each
Fund will hold indirectly, the Funds and the Subsidiaries are subject
to regulation by the CFTC and the National Futures Association
(``NFA''), as well as additional disclosure, reporting and
recordkeeping rules imposed upon commodity pools. The Adviser
previously registered as a commodity pool operator\19\ and is also a
member of the NFA.
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    \19\ As defined in Section 1a(11) of the Commodity Exchange Act.
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Other Investments

    Each Fund may invest (either directly or through its Subsidiary) in
U.S. government securities, money market instruments, cash and cash
equivalents (e.g., corporate commercial paper) to provide liquidity and
to collateralize the Subsidiary's investments in Commodities. The
instruments in which each Fund, or its respective Subsidiary, can
invest include any one or more of the following: (i) Short-term
obligations issued by the U.S. government;\20\ (ii) short term
negotiable obligations of commercial banks, fixed time deposits and
bankers' acceptances of U.S. banks and similar institutions;\21\ (iii)
commercial paper rated at the date of purchase ``Prime-1'' by Moody's
Investors Service, Inc. or ``A-1+'' or ``A-1'' by Standard & Poor's or,
if unrated, of comparable quality, as the Adviser of the Fund
determines; and (iv) money market mutual funds, including affiliated
money market mutual funds.
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    \20\ Each Fund may invest in U.S. government obligations.
Obligations issued or guaranteed by the U.S. government, its
agencies and instrumentalities include bills, notes and bonds issued
by the U.S. Treasury, as well as ``stripped'' or ``zero coupon''
U.S. Treasury obligations representing future interest or principal
payments on U.S. Treasury notes or bonds.
    \21\ Time deposits are non-negotiable deposits maintained in
banking institutions for specified periods of time at stated
interest rates. Banker's acceptances are time drafts drawn on
commercial banks by borrowers, usually in connection with
international transactions.
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    In addition, each Fund's investment in securities of other
investment companies (including money market funds) may exceed the
limits permitted under the 1940 Act, in accordance with certain terms
and conditions set forth in a Commission exemptive order issued to an
affiliate of the Trust (which applies equally to the Trust) pursuant to
Section 12(d)(1)(J) of the 1940 Act.\22\ No Fund, or its respective
Subsidiary, anticipates investing in options, swaps or forwards.
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    \22\ Investment Company Act Release No. 30238 (October 23, 2012)
(File No. 812-13820).
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Investment Restrictions

    Each Fund may not concentrate its investments (i.e., invest more
than 25% of the value of its net assets) in securities of issuers in
any one industry or group of industries. This restriction will not
apply to obligations issued or guaranteed by the U.S. government, its
agencies or instrumentalities.\23\
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    \23\ See Form N-1A, Item 9. The Commission has taken the
position that a fund is concentrated if it invests more than 25% of
the value of its total assets in any one industry. See, e.g.,
Investment Company Act Release No. 9011 (October 30, 1975), 40 FR
54241 (November 21, 1975).
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    Each Subsidiary's shares will be offered only to the applicable
Fund and such Fund will not sell shares of that Subsidiary to other
investors. Each Fund and the applicable Subsidiary will not invest in
any non-U.S. equity securities (other than shares of the Subsidiary).
    Each Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid securities and other illiquid assets (calculated at
the time of investment). Each Fund will monitor its portfolio liquidity
on an ongoing basis to determine whether, in light of current
circumstances, an adequate level of liquidity is being maintained, and
will consider taking appropriate steps in order to maintain adequate
liquidity if, through a change in values, net assets, or other
circumstances, more than 15% of a Fund's net assets are held in
illiquid securities or other illiquid assets. Illiquid securities and
other illiquid assets include securities subject to contractual or
other restrictions on resale and other instruments that lack readily
available markets as determined in accordance with Commission staff
guidance.\24\
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    \24\ The Commission has stated that long-standing Commission
guidelines have required open-end funds to hold no more than 15% of
their net assets in illiquid securities and other illiquid assets.
See Investment Company Act Release No. 28193 (March 11, 2008), 73 FR
14618 (March 18, 2008), FN 34. See also Investment Company Act
Release No. 5847 (October 21, 1969), 35 FR 19989 (December 31, 1970)
(Statement Regarding ``Restricted Securities''); Investment Company
Act Release No. 18612 (March 12, 1992), 57 FR 9828 (March 20, 1992)
(Revisions of Guidelines to Form N-1A). A fund's portfolio security
is illiquid if it cannot be disposed of in the ordinary course of
business within seven days at approximately the value ascribed to it
by the fund. See Investment Company Act Release No. 14983 (March 12,
1986), 51 FR 9773 (March 21, 1986) (adopting amendments to Rule 2a-7
under the 1940 Act); Investment Company Act Release No. 17452 (April
23, 1990), 55 FR 17933 (April 30, 1990) (adopting Rule 144A under
the Securities Act of 1933).
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    Each Fund intends to qualify for and to elect to be treated as a
separate regulated investment company under Subchapter M of the
Internal Revenue Code.\25\
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    \25\ 26 U.S.C. 851.
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    Each Fund's and its respective Subsidiary's investments will be
consistent with that Fund's investment objective. In pursuing its
investment objective, a Fund may utilize instruments that have a
leveraging effect on that Fund. This effective leverage occurs when a
Fund's market exposure exceeds the amounts actually invested. Any
instance of effective leverage will be covered in accordance with
guidance promulgated by the Commission and its staff. \26\ Each Fund
does not presently intend to engage in any form of borrowing for
investment purposes, and will not be operated as ``leveraged ETFs'',
i.e., it will not be operated in a manner designed to seek a multiple
of the performance of an underlying reference index.
---------------------------------------------------------------------------

    \26\ In re Securities Trading Practices of Investment Companies,
SEC Rel. No. IC-10666 (April 27, 1979).
---------------------------------------------------------------------------

Net Asset Value

    The Funds' administrator will calculate each Fund's net asset value
(``NAV'') per Share as of the close of regular trading (normally 4:00
p.m., Eastern time (``E.T.'')) on each day Nasdaq is open for business.
NAV per Share will be calculated for a Fund by taking the market price
of the Fund's total assets, including interest or dividends accrued but
not yet collected, less all liabilities, and dividing such amount by
the total number of Shares outstanding. The result, rounded to the
nearest cent, will be the NAV per Share (although creations and
redemptions will be processed using a price denominated to the fifth
decimal point, meaning that rounding to the nearest cent may result in
different prices in certain circumstances). All valuations will be
subject to review by the Board or its delegate.
    In determining NAV, expenses will be accrued and applied daily and
securities and other assets for which market quotations are readily
available will be valued at market value. Securities listed or traded
on an exchange generally will be valued at the last sales price or
official closing price that day as of the close of the exchange where
the security primarily is traded. Commodities will be valued at the
closing price in the market where such contracts are

principally traded. Investment company shares will be valued at net
asset value, unless the shares are exchange-traded, in which case they
will be valued at the last sale or official closing price on the market
on which they primarily trade. ETNs will be valued at the last sale or
official closing price on the market on which they primarily trade.
Commodity Pools will be valued at the last sale or official closing
price on the market on which they primarily trade. U.S. government
securities will be valued at the mean price provided by a third party
vendor for U.S. government securities. Short term money market
instruments, cash and cash equivalents (including corporate commercial
paper, negotiable obligations of commercial banks, fixed time deposits,
bankers acceptances and similar securities) will be valued in
accordance with the Trust's valuation policies and procedures approved
by the Trust's Board. A Fund's investment in its Subsidiary will be
valued by aggregating the value of the Subsidiary's underlying
holdings, and they, in turn, will be valued as discussed above. The NAV
for each Fund will be calculated and disseminated daily. If an asset's
market price is not readily available, the asset will be valued using
pricing provided from independent pricing services or by another method
that the Adviser, in its judgment, believes will better reflect the
asset's fair value in accordance with the Trust's valuation policies
and procedures approved by the Trust's Board and with the 1940 Act.

Creation and Redemption of Shares

    The Trust will issue and redeem Shares of each Fund at NAV only
with authorized participants (``APs'' or ``Authorized Participants'')
and only in aggregations of 50,000 Shares (each, a ``Creation Unit''),
on a continuous basis through the Distributor, without a sales load, at
the NAV next determined after receipt, on any business day, of an order
in proper form.
    The consideration for purchase (``Creation Amount'') of Creation
Unit aggregations of a Fund will consist of cash. The consideration for
redemption (Redemption Amount) of Creation Unit aggregations of a Fund
will consist of cash. The Creation Amount and the Redemption Amount
will be calculated based on the NAV per Share, multiplied by the number
of Shares representing a Creation Unit, plus a fixed and/or variable
transaction fee.
    To be eligible to place orders with respect to creations and
redemptions of Creation Units, an AP must be (i) a ``Participating
Party,'' i.e., a broker-dealer or other participant in the clearing
process through the continuous net settlement system of the NSCC or
(ii) a Depository Trust Company (``DTC'') Participant (a ``DTC
Participant''). In addition, each AP must execute an agreement that has
been agreed to by the Distributor and the Custodian with respect to
purchases and redemptions of Creation Units.
    All orders to create Creation Unit aggregations must be received by
the transfer agent no later than the closing time of the regular
trading session on Nasdaq (ordinarily 4:00 p.m., E.T.) in each case on
the date such order is placed in order for creations of Creation Unit
aggregations to be effected based on the NAV of Shares of the
applicable Fund as next determined on such date after receipt of the
order in proper form.
    In order to redeem Creation Units of a Fund, an AP must submit an
order to redeem for one or more Creation Units. All such orders must be
received by the Fund's transfer agent in proper form no later than the
close of regular trading on Nasdaq (ordinarily 4:00 p.m. E.T.) in order
to receive that day's closing NAV per Share.

Availability of Information

    The Funds' Web site (www.invescopowershares.com), which will be
publicly available prior to the public offering of Shares, will include
a form of the prospectus for each Fund that may be downloaded. The Web
site will include the Share's ticker, CUSIP and exchange information
along with additional quantitative information updated on a daily
basis, including, for each Fund: (1) Daily trading volume, the prior
business day's reported NAV and closing price, mid-point of the bid/ask
spread at the time of calculation of such NAV (the ``Bid/Ask Price'')
\27\ and a calculation of the premium and discount of the Bid/Ask Price
against the NAV; and (2) data in chart format displaying the frequency
distribution of discounts and premiums of the daily Bid/Ask Price
against the NAV, within appropriate ranges, for each of the four
previous calendar quarters. On each business day, before commencement
of trading in Shares in the Regular Market Session \28\ on the
Exchange, each Fund will disclose on its Web site the identities and
quantities of its portfolio of securities and other assets (the
``Disclosed Portfolio'' as defined in Nasdaq Rule 5735(c)(2)) held by
such Fund and its Subsidiary, that will form the basis for each Fund's
calculation of NAV at the end of the business day.\29\ The Disclosed
Portfolio will include, as applicable, the names, quantity, percentage
weighting and market value of securities and other assets held by a
Fund and the Subsidiary and the characteristics of such assets. The Web
site and information will be publicly available at no charge.
---------------------------------------------------------------------------

    \27\ The Bid/Ask Price of a Fund will be determined using the
midpoint of the highest bid and the lowest offer on the Exchange as
of the time of calculation of the Fund's NAV. The records relating
to Bid/Ask Prices will be retained by the applicable Fund and its
service providers.
    \28\ See Nasdaq Rule 4120(b)(4) (describing the three trading
sessions on the Exchange: (1) Pre-Market Session from 4 a.m. to 9:30
a.m. E.T.; (2) Regular Market Session from 9:30 a.m. to 4 p.m. or
4:15 p.m. E.T.; and (3) Post-Market Session from 4 p.m. or 4:15 p.m.
to 8 p.m. E.T.).
    \29\ Under accounting procedures to be followed by the Funds,
trades made on the prior business day (``T'') will be booked and
reflected in NAV on the current business day (``T + 1'').
Notwithstanding the foregoing, portfolio trades that are executed
prior to the opening of the Exchange on any business day may be
booked and reflected in NAV on such business day. Accordingly, each
Fund will be able to disclose at the beginning of the business day
the portfolio that will form the basis for the NAV calculation at
the end of the business day.
---------------------------------------------------------------------------

    In addition, for each Fund, an estimated value, defined in Rule
5735(c)(3) as the ``Intraday Indicative Value,'' that reflects an
estimated intraday value of such Fund's portfolio (including the
Subsidiary's portfolio), will be disseminated. Moreover, the Intraday
Indicative Value, available on the NASDAQ OMX Information LLC
proprietary index data service,\30\ will be based upon the current
value for the components of the Disclosed Portfolio and will be updated
and widely disseminated by one or more major market data vendors and
broadly displayed at least every 15 seconds during the Regular Market
Session.
---------------------------------------------------------------------------

    \30\ Currently, the NASDAQ OMX Global Index Data Service
(``GIDS'') is the NASDAQ OMX global index data feed service,
offering real-time updates, daily summary messages, and access to
widely followed indexes and Intraday Indicative Values for ETFs.
GIDS provides investment professionals with the daily information
needed to track or trade NASDAQ OMX indexes, listed ETFs, or third-
party partner indexes and ETFs.
---------------------------------------------------------------------------

    The dissemination of the Intraday Indicative Value, together with
the Disclosed Portfolio, will allow investors to determine the value of
the underlying portfolio of each Fund on a daily basis and will provide
a close estimate of that value throughout the trading day.
    Intra-day, executable price quotations on the securities and other
assets held by each Fund and its applicable Subsidiary, as well as
closing price information, will be available from major broker-dealer
firms or on the exchange on which they are traded, as applicable.
Intra-day and closing price information will also be available through
subscription services, such as Bloomberg, Markit and Thomson Reuters,
which can be accessed by APs and other investors.

    Investors also will be able to obtain each Fund's Statement of
Additional Information (``SAI''), as well as each Fund's shareholder
report, Form N-CSR and Form N-SAR, which are filed twice a year, except
the SAI, which is filed at least annually. Each Fund's SAI and
shareholder reports will be available free upon request from the Trust,
and those documents and the Form N-CSR and Form N-SAR may be viewed on-
screen or downloaded from the Commission's Web site at www.sec.gov.
Information regarding market price and volume of the Shares will be
continually available on a real-time basis throughout the day on
brokers' computer screens and other electronic services. Information
regarding the previous day's closing price and trading volume for the
Shares will be published daily in the financial section of newspapers.
Quotation and last sale information for the Shares will be available
via Nasdaq proprietary quote and trade services, as well as in
accordance with the Unlisted Trading Privileges and the Consolidated
Tape Association plans for the Shares. Quotation and last sale
information for any underlying exchange-traded instruments (including
ETFs, ETNs and Commodity Pools) will also be available via the quote
and trade service of their respective primary exchanges, as well as in
accordance with the Unlisted Trading Privileges and the Consolidated
Tape Association plans. Quotation and last sale information for any
underlying Commodities will be available via the quote and trade
service of their respective primary exchanges. Pricing information
related to U.S. government securities, money market mutual funds,
commercial paper, and other short-term investments held by a Fund or
its Subsidiary will be available through publicly available quotation
services, such as Bloomberg, Markit and Thomson Reuters.
    Additional information regarding each Fund and the Shares,
including investment strategies, risks, creation and redemption
procedures, fees, portfolio holdings disclosure policies, distributions
and taxes, will be included in the Registration Statement.

Initial and Continued Listing

    The Shares will conform to the initial and continued listing
criteria applicable to Managed Fund Shares, as set forth under Rule
5735. For initial and/or continued listing, each Fund and its
respective Subsidiary must be in compliance with Rule 10A-3 \31\ under
the Act. A minimum of 100,000 Shares of each Fund will be outstanding
at the commencement of trading on the Exchange. The Exchange will
obtain a representation from the issuer of the Shares that the NAV per
Share will be calculated daily and that the NAV and the Disclosed
Portfolio will be made available to all market participants at the same
time.
---------------------------------------------------------------------------

    \31\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Trading Halts

    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of a Fund. Nasdaq will halt trading in the Shares
under the conditions specified in Nasdaq Rules 4120 and 4121, including
the trading pauses under Nasdaq Rules 4120(a)(11) and (12). Trading may
be halted because of market conditions or for reasons that, in the view
of the Exchange, make trading in a Fund's Shares inadvisable. These may
include: (1) The extent to which trading is not occurring in the
securities and other assets constituting the Disclosed Portfolio of a
Fund and the applicable Subsidiary; or (2) whether other unusual
conditions or circumstances detrimental to the maintenance of a fair
and orderly market are present. Trading in the Shares also will be
subject to Rule 5735(d)(2)(D), which sets forth circumstances under
which Shares of a Fund may be halted.

Trading Rules

    Nasdaq deems the Shares to be equity securities, thus rendering
trading in the Shares subject to Nasdaq's existing rules governing the
trading of equity securities. Nasdaq will allow trading in the Shares
from 4:00 a.m. until 8:00 p.m. E.T. The Exchange has appropriate rules
to facilitate transactions in the Shares during all trading sessions.
As provided in Nasdaq Rule 5735(b)(3), the minimum price variation for
quoting and entry of orders in Managed Fund Shares traded on the
Exchange is $0.01.

Surveillance

    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by both Nasdaq and
also the Financial Industry Regulatory Authority (``FINRA''), on behalf
of the Exchange, which are designed to detect violations of Exchange
rules and applicable federal securities laws.\32\ 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 applicable federal securities
laws.
---------------------------------------------------------------------------

    \32\ FINRA surveils trading on the Exchange pursuant to a
regulatory services agreement. The Exchange is responsible for
FINRA's performance under this regulatory services agreement.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations. In addition,
the Exchange may obtain information from the Trade Reporting and
Compliance Engine (``TRACE''), which is the FINRA-developed vehicle
that facilitates mandatory reporting of over-the-counter secondary
market transactions in eligible fixed income securities.\33\ FINRA, on
behalf of the Exchange, will communicate as needed regarding trading in
the Shares, Commodities, ETFs, ETNs and Commodity Pools held by a Fund
or a Fund's Subsidiary, as applicable, with other markets and other
entities that are members of the ISG,\34\ and FINRA may obtain trading
information regarding trading in the Shares, Commodities, ETFs, ETNs
and Commodity Pool held by such Fund, or its Subsidiary, as applicable,
from such markets and other entities.
---------------------------------------------------------------------------

    \33\ All broker/dealers who are FINRA member firms have an
obligation to report transactions in corporate bonds to TRACE.
    \34\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio may trade on markets that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.
---------------------------------------------------------------------------

    In addition, the Exchange may obtain information regarding trading
in the Shares, Commodities, ETFs, ETNs and Commodity Pools held by a
Fund or its respective Subsidiary from markets and other entities that
are members of ISG, which includes securities and futures exchanges, or
with which the Exchange has in place a comprehensive surveillance
sharing agreement. With respect to Commodities held indirectly through
a Subsidiary, not more than 10% of the weight of such Commodities, in
the aggregate, shall consist of instruments whose principal trading
market is not a member of ISG or a market with which the Exchange does
not have a comprehensive surveillance sharing agreement. FINRA, on
behalf of the Exchange, is also able to access, as needed, trade
information for certain fixed income securities held by a Fund reported
to FINRA's TRACE. The Exchange also has a general policy prohibiting
the distribution of material, non-public information by its employees.

Information Circular

    Prior to the commencement of trading, the Exchange will inform its
members in an Information Circular of the special characteristics and
risks associated with trading the Shares. Specifically, the Information
Circular will discuss the following: (1) The procedures for purchases
and redemptions of Shares in Creation Units (and that Shares are not
individually redeemable); (2) Nasdaq Rule 2111A, which imposes
suitability obligations on Nasdaq members with respect to recommending
transactions in the Shares to customers; (3) how and by whom
information regarding the Intraday Indicative Value and the Disclosed
Portfolio is disseminated, including how it is made available and by
who; (4) the risks involved in trading the Shares during the Pre-Market
and Post-Market Sessions when an updated Intraday Indicative Value will
not be calculated or publicly disseminated; (5) the requirement that
members deliver a prospectus to investors purchasing newly issued
Shares prior to or concurrently with the confirmation of a transaction;
and (6) trading information.
    In addition, the Information Circular will advise members, prior to
the commencement of trading, of the prospectus delivery requirements
applicable to each Fund. Members purchasing Shares from a Fund for
resale to investors will deliver a prospectus to such investors. The
Information Circular will also discuss any exemptive, no-action and
interpretive relief granted by the Commission from any rules under the
Act.
    Additionally, the Information Circular will reference that a Fund
is subject to various fees and expenses described in the Registration
Statement. The Information Circular will also disclose the trading
hours of the Shares of each Fund and the applicable NAV calculation
time for the Shares. The Information Circular will disclose that
information about the Shares of a Fund will be publicly available on
the Fund's Web site.
2. Statutory Basis
    Nasdaq believes that the proposal is consistent with Section 6(b)
of the Act in general, and Section 6(b)(5) of the Act in particular, in
that it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanism of a free and open market and in general, to protect
investors and the public interest.
    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in Nasdaq Rule 5735. The
Exchange represents that trading in the Shares will be subject to the
existing trading surveillances, administered by both Nasdaq and FINRA,
on behalf of the Exchange, which are designed to detect violations of
Exchange rules and applicable federal securities laws and are adequate
to properly monitor trading in the Shares in all trading sessions. The
Adviser is affiliated with a broker-dealer and has implemented a fire
wall with respect to its broker-dealer affiliate regarding access to
information concerning the composition and/or changes to each Fund's
portfolio. In addition, paragraph (g) of Nasdaq Rule 5735 further
requires that personnel who make decisions on the open-end fund's
portfolio composition must be subject to procedures designed to prevent
the use and dissemination of material, non-public information regarding
the open-end fund's portfolio. Each Fund's and its Subsidiary's
investments will be consistent with such Fund's investment objective.
In pursuing its investment objective, each Fund may utilize instruments
that have a leveraging effect on the Fund. This effective leverage
occurs when a Fund's market exposure exceeds the amounts actually
invested. Any instance of effective leverage will be covered in
accordance with guidance promulgated by the Commission and its
staff.\35\ Each Fund does not presently intend to engage in any form of
borrowing for investment purposes, and will not be operated as a
``leveraged ETF,'' i.e., it will not be operated in a manner designed
to seek a multiple of the performance of an underlying reference index.
---------------------------------------------------------------------------

    \35\ In re Securities Trading Practices of Investment Companies,
SEC Rel. No. IC-10666 (April 27, 1979).
---------------------------------------------------------------------------

    FINRA may obtain information via ISG from other exchanges that are
members of ISG. In addition, the Exchange may obtain information
regarding trading in the Shares, Commodities, ETFs, ETNs, and Commodity
Pools held by each Fund or its Subsidiary, as applicable, from markets
and other entities that are members of ISG, which includes securities
and futures exchanges, or with which the Exchange has in place a
comprehensive surveillance sharing agreement. In addition, the Exchange
may obtain information from TRACE, which is the FINRA-developed vehicle
that facilitates mandatory reporting of over-the-counter secondary
market transactions in eligible fixed income securities. With respect
to Commodities held indirectly through a Subsidiary, not more than 10%
of the weight of such Commodities, in the aggregate, shall consist of
instruments whose principal trading market is not a member of ISG or a
market with which the Exchange does not have a comprehensive
surveillance sharing agreement. Each Fund will invest up to 25% of its
total assets in the applicable Subsidiary. Each Fund may hold up to an
aggregate amount of 15% of its net assets in illiquid securities
(calculated at the time of investment).
    No Fund or Subsidiary will invest directly in physical commodities,
and each Fund expects to gain significant exposure to Commodities
indirectly by investing in the applicable Subsidiary. Each Fund will
invest in: (i) Its respective Subsidiary, (ii) exchange-traded products
or Commodity Pools; \36\ and (iii) U.S. Treasury Securities ,\37\ money
market mutual funds, high quality commercial paper and similar
instruments (i.e., short term negotiable obligations of commercial
banks, fixed time deposits and bankers' acceptances of U.S. banks and
similar institutions). Each respective Subsidiary generally will invest
in Commodities that are components of a certain Benchmark, but each
Subsidiary may invest in Commodities that are outside of that
Benchmark.\38\
---------------------------------------------------------------------------

    \36\ See supra, note 10.
    \37\ See supra, note 11.
    \38\ See supra, note 12.
---------------------------------------------------------------------------

    The Funds and their respective Subsidiaries will use the fixed
income securities for liquidity and to collateralize the respective
Subsidiary's investments in Commodities. Each Fund also may invest
directly in ETFs--to the extent permitted under an exemptive order
issued to an affiliate of the Trust (which applies equally to the
Trust) pursuant to Section 12(d)(1)(J) of the 1940 Act--as well as ETNs
and Commodity Pools that provide exposure to commodities.. [sic] The
Funds and the Subsidiaries will not invest in any non-U.S. equity
securities (other than shares of the applicable Subsidiary).
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares that the NAV per Share will be calculated daily and that the

NAV and the Disclosed Portfolio will be made available to all market
participants at the same time. In addition, a large amount of
information will be publicly available regarding the Funds and the
Shares, thereby promoting market transparency. Moreover, the Intraday
Indicative Value, available on the NASDAQ OMX Information LLC
proprietary index data service will be widely disseminated by one or
more major market data vendors at least every 15 seconds during the
Regular Market Session. On each business day, before commencement of
trading in Shares in the Regular Market Session on the Exchange, each
Fund will disclose on its Web site the Disclosed Portfolio of the Fund
and the Subsidiary that will form the basis for such Fund's calculation
of NAV at the end of the business day. 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, and quotation and last sale information for
the Shares will be available via Nasdaq proprietary quote and trade
services, as well as in accordance with the Unlisted Trading Privileges
and the Consolidated Tape Association plans for the Shares. Quotation
and last sale information for any underlying exchange-traded equity
(including ETFs, ETNs and Commodity Pools) also will be available via
the quote and trade service of their respective primary exchanges, as
well as in accordance with the Unlisted Trading Privileges and the
Consolidated Tape Association plans. Quotation and last sale
information for any underlying Commodities will be available via the
quote and trade service of their respective primary exchanges. Pricing
information related to U.S. government securities, money market mutual
funds, commercial paper, and other short-term investments held by a
Fund or its Subsidiary will be available through publicly available
quotation services, such as Bloomberg, Markit and Thomson Reuters.
Intra-day and closing price information will be available through
subscription services, such as Bloomberg, Markit and Thomson Reuters,
which can be accessed by APs and other investors.
    The Funds' Web site will include a form of the prospectus for each
Fund and additional data relating to NAV and other applicable
quantitative information. Moreover, prior to the commencement of
trading, the Exchange will inform its members in an Information
Circular of the special characteristics and risks associated with
trading the Shares. Trading in Shares of a Fund will be halted under
the conditions specified in Nasdaq Rules 4120 and 4121 or because of
market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable, and trading in the Shares will
be subject to Nasdaq Rule 5735(d)(2)(D), which sets forth circumstances
under which Shares of a Fund may be halted. In addition, as noted
above, investors will have ready access to information regarding each
Fund's holdings, the Intraday Indicative Value, the Disclosed
Portfolio, and quotation and last sale information for the Shares.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
additional types of actively-managed exchange-traded products that will
enhance competition among market participants, to the benefit of
investors and the marketplace.
    For the above reasons, Nasdaq believes the proposed rule change is
consistent with the requirements of Section 6(b)(5) of the Act.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes that
the proposed rule change will facilitate the listing and trading of an
additional type [sic] of actively-managed exchange-traded funds that
will enhance competition among market participants, to the benefit of
investors and the marketplace.

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

    Written comments were neither solicited nor received.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(a) By order approve or disapprove such proposed rule change; or (b)
institute proceedings to determine whether the proposed rule change
should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2014-80 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-NASDAQ-2014-80. 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 such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2014-80, and should
be submitted on or before October 8, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\39\
---------------------------------------------------------------------------

    \39\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-22114 Filed 9-16-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 41 (Monday, March 3, 2014)]
[Notices]
[Pages 11778-11779]
[FR Doc No: 2014-04516]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Numbers: PR14-22-000.
    Applicants: Bridgeline Holdings, L.P.
    Description: Tariff filing per 284.123(b)(2) +: Petition for Rate
Approval to be effective 2/14/2014; TOFC: 1310.
    Filed Date: 2/14/14.
    Accession Number: 20140214-5023.
    Comments Due: 5 p.m. ET 3/7/14.
    284.123(g) Protests Due: 5 p.m. ET 4/15/14.

    Docket Numbers: RP14-484-000.
    Applicants: TC Offshore LLC.
    Description: M21K United Energy Neg Rate Agmts to be effective 2/
14/2014.
    Filed Date: 2/18/14.
    Accession Number: 20140218-5196.
    Comments Due: 5 p.m. ET 3/3/14.

    Docket Numbers: RP14-485-000.
    Applicants: Gulf South Pipeline Company, LP.
    Description: PAL Neg Rate Agmts Filing (42018, 42019, 42020, 42021,
42022, 42024) to be effective 2/19/2014.
    Filed Date: 2/19/14.
    Accession Number: 20140219-5036.
    Comments Due: 5 p.m. ET 3/3/14.

    Docket Numbers: RP14-486-000.
    Applicants: Texas Eastern Transmission, LP.
    Description: Description of Rates for Rate Schedules FT-1 and IT-1
to be effective 4/1/2014.
    Filed Date: 2/19/14.
    Accession Number: 20140219-5061.
    Comments Due: 5 p.m. ET 3/3/14.

    Docket Numbers: RP14-487-000.
    Applicants: Northwest Pipeline LLC.
    Description: Plymouth LNG Rate Schedules Actual Tariff Sheets
Filing to be effective 4/1/2014.
    Filed Date: 2/19/14.
    Accession Number: 20140219-5139.
    Comments Due: 5 p.m. ET 3/3/14.

    Docket Numbers: RP14-488-000.
    Applicants: Midwestern Gas Transmission Company.
    Description: Negotiated Rate PAL Agreement--NJR Energy Services to
be effective 2/20/2014.
    Filed Date: 2/19/14.
    Accession Number: 20140219-5164.
    Comments Due: 5 p.m. ET 3/3/14.

    Docket Numbers: RP14-489-000.
    Applicants: Guardian Pipeline, L.L.C.
    Description: PAL Negotiated Rate Agreement--Chevron U.S.A., Inc. to
be effective 2/19/2014.
    Filed Date: 2/19/14.
    Accession Number: 20140219-5172.
    Comments Due: 5 p.m. ET 3/3/14.

    Docket Numbers: RP14-490-000.
    Applicants: Iroquois Gas Transmission System, L.P.
    Description: 02/19/14 Negotiated Rates--Tenaska Gas Storage, LLC
(HUB) 1175-89 to be effective 2/20/2014.
    Filed Date: 2/19/14.
    Accession Number: 20140219-5191.
    Comments Due: 5 p.m. ET 3/3/14.

    Docket Numbers: RP14-491-000.
    Applicants: Iroquois Gas Transmission System, L.P.
    Description: 02/19/14 Negotiated Rates--Trafigura AG (HUB) 7445-89
to be effective 2/20/2014.
    Filed Date: 2/19/14.
    Accession Number: 20140219-5192.
    Comments Due: 5 p.m. ET 3/3/14.
    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified date(s). Protests may be considered,
but intervention is necessary to become a party to the proceeding.

    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated February 20, 2014.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2014-04516 Filed 2-28-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 81, Number 60 (Tuesday, March 29, 2016)]
[Rules and Regulations]
[Pages 17372-17374]
[FR Doc No: 2016-06524]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2015-5815; Directorate Identifier 2015-NM-039-AD;
Amendment 39-18443; AD 2016-06-12]
RIN 2120-AA64

Airworthiness Directives; Airbus Airplanes

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

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: We are adopting a new airworthiness directive (AD) for certain
Airbus Model A330-200 and -300 series airplanes; and all Model A340-
200, -300, -500, and -600 series airplanes. This AD was prompted by
reports that the potable water service panel access door was lost
during flight. This AD requires modifying affected potable water
service panel access doors. We are issuing this AD to prevent failure
of the latching mechanism of the potable water service panel access
door, which could result in the loss of the potable water service panel
access door during flight, and resultant damage to the airplane (e.g.,
damage to the trimmable horizontal stabilizer) that could cause loss of
control of the airplane.

DATES: This AD becomes effective May 3, 2016.
    The Director of the Federal Register approved the incorporation by
reference of certain publications listed in this AD as of May 3, 2016.

ADDRESSES: For service information identified in this final rule,
contact Airbus SAS, Airworthiness Office--EAL, 1 Rond Point Maurice
Bellonte, 31707 Blagnac Cedex, France; telephone +33 5 61 93 36 96; fax
+33 5 61 93 45 80; email<EMAIL_ADDRESS>Internet
http://www.airbus.com. You may view this referenced service information
at the FAA, Transport Airplane Directorate, 1601 Lind Avenue SW.,
Renton, WA. For information on the availability of this material at the
FAA, call<PHONE_NUMBER>. It is also available on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2015-
5815.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2015-
5815; or in person at the Docket Management Facility between 9 a.m. and
5 p.m., Monday through Friday, except Federal holidays. The AD docket
contains this AD, the regulatory evaluation, any comments received, and
other information. The street address for the Docket Office (telephone
800-647-5527) is Docket Management Facility, U.S. Department of
Transportation, Docket Operations, M-30, West Building Ground Floor,
Room W12-140, 1200 New Jersey Avenue SE., Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT: Vladimir Ulyanov, Aerospace Engineer,
International Branch, ANM-116, Transport Airplane Directorate, FAA,
1601 Lind Avenue SW., Renton, WA 98057-3356; telephone<PHONE_NUMBER>;
fax<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Discussion

    We issued a notice of proposed rulemaking (NPRM) to amend 14 CFR
part 39 by adding an AD that would apply to certain Airbus Model A330-
200 and -300 series airplanes; and all Model A340-200, -300, -500, and
-600 series airplanes. The NPRM published in the Federal Register on
November 27, 2015 (80 FR 74042) (``the NPRM'').
    The European Aviation Safety Agency (EASA), which is the Technical
Agent for the Member States of the European Union, has issued EASA
Airworthiness Directive 2015-0028R1, dated May 29, 2015, dated
(referred to after this as the Mandatory Continuing Airworthiness
Information, or ``the MCAI''), to correct an unsafe condition for
certain Airbus Model A330-200 and -300 series airplanes; and all Model
A340-200, -300, -500, and -600 series airplanes. The MCAI states:

    Several cases have been reported in which the potable water
service panel access door was lost during flight, causing damage to
the trimmable horizontal stabilizer. The results of subsequent
investigations showed that these events were due to failure of the
latching mechanism of the potable water service panel access door.
    This condition, if not corrected, could lead to further cases of
in-flight loss of the potable water service panel access door,
possibly resulting in injury to persons on ground and/or damage to
the aeroplane [(e.g., damage to the trimmable horizontal
stabilizer)].
    To address this condition, Airbus developed a modification and
published Service Bulletin (SB) A330-52-3086, SB A340-52-4094 and SB
A340-52-5019, to provide instructions for in-service accomplishment
of that modification.
    Consequently, EASA issued [an] AD * * * to require modification
of the potable water service panel access door 164AR for A330/A340-
200/-300 aeroplanes or 154BR for A340-500/-600 aeroplanes, which
includes installation of reinforced hinge screws and more robust
latches.
    Since that [EASA] AD was issued, it was determined that
aeroplanes that have embodied Airbus Mod 201938 (Improvement of
latching mechanism of potable water service panel) are also not
affected by the requirements of this [EASA] AD.
    For the reason described above, this [EASA] AD is revised to
exclude post-mod 201938 aeroplanes from the Applicability.

    You may examine the MCAI in the AD docket on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2015-
5815.

Comments

    We gave the public the opportunity to participate in developing
this AD. We received no comments on the NPRM or on the determination of
the cost to the public.

Conclusion

    We reviewed the relevant data and determined that air safety and
the public interest require adopting this AD as proposed except for
minor editorial changes. We have determined that these minor changes:

     Are consistent with the intent that was proposed in the
NPRM for correcting the unsafe condition; and
     Do not add any additional burden upon the public than was
already proposed in the NPRM.

Related Service Information Under 1 CFR Part 51

    Airbus has issued the following service information.
     Airbus Service Bulletin A330-52-3086, Revision 01, dated
April 25, 2014.
     Airbus Service Bulletin A340-52-4094, Revision 01, dated
April 25, 2014.
     Airbus Service Bulletin A340-52-5019, Revision 01, dated
April 25, 2014.
    The service information describes procedures for modifying the
affected potable water service panel access door. This service
information is reasonably available because the interested parties have
access to it through their normal course of business or by the means
identified in the ADDRESSES section.

Costs of Compliance

    We estimate that this AD affects 63 airplanes of U.S. registry.
    We also estimate that it will take about 21 work-hours per product
to comply with the basic requirements of this AD. The average labor
rate is $85 per work-hour. Required parts will cost about $15,280 per
product. Based on these figures, we estimate the cost of this AD on
U.S. operators to be $1,075,095, or $17,065 per product.
    According to the manufacturer, some of the costs of this AD may be
covered under warranty, thereby reducing the cost impact on affected
individuals. We do not control warranty coverage for affected
individuals. As a result, we have included all costs in our cost
estimate.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator.
    ``Subtitle VII: Aviation Programs,'' describes in more detail the
scope of the Agency's authority.
    We are issuing this rulemaking under the authority described in
``Subtitle VII, Part A, Subpart III, Section 44701: General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this AD will not have federalism implications
under Executive Order 13132. This AD will not have 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.
    For the reasons discussed above, I certify that this AD:
    1. Is not a ``significant regulatory action'' under Executive Order
12866;
    2. Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979);
    3. Will not affect intrastate aviation in Alaska; and
    4. Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

Adoption of the Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA amends 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive (AD):

2016-06-12 Airbus: Amendment 39-18443. Docket No. FAA-2015-5815;
Directorate Identifier 2015-NM-039-AD.

(a) Effective Date

    This AD becomes effective May 3, 2016.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to the airplanes identified in paragraphs (c)(1)
and (c)(2) of this AD, certificated in any category.
    (1) Airbus Model A330-201, -202, -203, -223, -243, -301, -302, -
303, -321, -322, -323, -341, -342, and -343 airplanes, all
manufacturer serial numbers, except those on which Airbus
modification 201715, or Airbus modification 201796, or Airbus
modification 201938 has been embodied in production.
    (2) Airbus Model A340-211, -212, -213, -311, -312, -313, -541,
and -642 airplanes, all manufacturing serial numbers.

(d) Subject

    Air Transport Association (ATA) of America Code 52, Doors.

(e) Reason

    This AD was prompted by reports that the potable water service
panel access door was lost during flight. We are issuing this AD to
prevent failure of the latching mechanism of the potable water
service panel access door, which could result in the loss of the
potable water service panel access door during flight, and resultant
damage to the airplane (e.g., damage to the trimmable horizontal
stabilizer) that could cause loss of control of the airplane.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Modification

    (1) Except as required by paragraph (g)(2) of this AD, within 36
months after the effective date of this AD, modify the affected
potable water service panel access door, in accordance with the
Accomplishment Instructions of the service information identified in
paragraph (g)(1)(i), (g)(1)(ii), or (g)(1)(iii) of this AD, as
applicable to airplane type and model.
    (i) Airbus Service Bulletin A330-52-3086, Revision 01, dated
April 25, 2014.
    (ii) Airbus Service Bulletin A340-52-4094, Revision 01, dated
April 25, 2014.
    (iii) Airbus Service Bulletin A340-52-5019, Revision 01, dated
April 25, 2014.
    (2) For airplanes that have already been modified before the
effective date of this AD, as specified in the service information
identified in paragraph (g)(2)(i), (g)(2)(ii), or (g)(2)(iii) of
this AD, as applicable to airplane type and model: Within 16 months
after the effective date of this AD, modify the potable water
service panel access door by accomplishing the actions identified as
``additional work,'' as specified in and in accordance with the
Accomplishment Instructions of the service information identified in
paragraph (g)(1)(i), (g)(1)(ii), or (g)(1)(iii) of this AD, as
applicable to airplane type and model.
    (i) Airbus Service Bulletin A330-52-3086, dated April 27, 2012.
    (ii) Airbus Service Bulletin A340-52-4094, dated April 27, 2012.
    (iii) Airbus Service Bulletin A340-52-5019, dated May 29, 2012.

(h) Other FAA AD Provisions

    The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
International Branch, ANM-116, Transport Airplane Directorate, FAA,
has the authority to approve AMOCs for this AD, if requested using
the procedures found in 14 CFR 39.19. In accordance with 14 CFR
39.19, send your request to your principal inspector or local Flight
Standards District Office, as appropriate. If sending information
directly

to the International Branch, send it to ATTN: Vladimir Ulyanov,
Aerospace Engineer, International Branch, ANM-116, Transport
Airplane Directorate, FAA, 1601 Lind Avenue SW., Renton, WA 98057-
3356; telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>. Information may be
emailed to<EMAIL_ADDRESS>Before using any
approved AMOC, notify your appropriate principal inspector, or
lacking a principal inspector, the manager of the local flight
standards district office/certificate holding district office. The
AMOC approval letter must specifically reference this AD.
    (2) Contacting the Manufacturer: For any requirement in this AD
to obtain corrective actions from a manufacturer, the action must be
accomplished using a method approved by the Manager, International
Branch, ANM-116, Transport Airplane Directorate, FAA; or the
European Aviation Safety Agency (EASA); or Airbus's EASA Design
Organization Approval (DOA). If approved by the DOA, the approval
must include the DOA-authorized signature.
    (3) Required for Compliance (RC): If any service information
contains procedures or tests that are identified as RC, those
procedures and tests must be done to comply with this AD; any
procedures or tests that are not identified as RC are recommended.
Those procedures and tests that are not identified as RC may be
deviated from using accepted methods in accordance with the
operator's maintenance or inspection program without obtaining
approval of an AMOC, provided the procedures and tests identified as
RC can be done and the airplane can be put back in an airworthy
condition. Any substitutions or changes to procedures or tests
identified as RC require approval of an AMOC.

(i) Related Information

    Refer to Mandatory Continuing Airworthiness Information (MCAI)
EASA Airworthiness Directive 2015-0028R1, dated May 29, 2015, for
related information. This MCAI may be found in the AD docket on the
Internet at http://www.regulations.gov by searching for and locating
Docket No. FAA-2015-5815.

(j) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference (IBR) of the service information listed
in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless this AD specifies otherwise.
    (i) Airbus Service Bulletin A330-52-3086, Revision 01, dated
April 25, 2014.
    (ii) Airbus Service Bulletin A340-52-4094, Revision 01, dated
April 25, 2014.
    (iii) Airbus Service Bulletin A340-52-5019, Revision 01, dated
April 25, 2014.
    (3) For service information identified in this AD, contact
Airbus SAS, Airworthiness Office--EAL, 1 Rond Point Maurice
Bellonte, 31707 Blagnac Cedex, France; telephone +33 5 61 93 36 96;
fax +33 5 61 93 45 80; email<EMAIL_ADDRESS>
Internet http://www.airbus.com.
    (4) You may view this service information at the FAA, Transport
Airplane Directorate, 1601 Lind Avenue SW., Renton, WA. For
information on the availability of this material at the FAA, call
425-227-1221.
    (5) You may view this service information that is incorporated
by reference at the National Archives and Records Administration
(NARA). For information on the availability of this material at
NARA, call<PHONE_NUMBER>, or go to: http://www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued in Renton, Washington, on March 16, 2016.
Michael Kaszycki,
Acting Manager, Transport Airplane Directorate, Aircraft Certification
Service.
[FR Doc. 2016-06524 Filed 3-28-16; 8:45 am]
 BILLING CODE 4910-13-P