[Federal Register Volume 79, Number 98 (Wednesday, May 21, 2014)]
[Notices]
[Pages 29231-29241]
[FR Doc No: 2014-11724]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72170; File No. SR-NYSEArca-2014-56]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating To Listing and Trading of Shares of
the PIMCO Income Exchange-Traded Fund Under NYSE Arca Equities Rule
8.600

May 15, 2014.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on May 1, 2014, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade shares of the PIMCO Income
Exchange-Traded Fund under NYSE Arca Equities Rule 8.600 (``Managed
Fund Shares''). The text of the proposed rule change is available on
the Exchange's Web site at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to list and trade shares (``Shares'') of the
PIMCO Income Exchange-Traded Fund (the ``Fund'') under NYSE Arca
Equities Rule 8.600,\4\ which governs the listing and trading of
Managed Fund Shares.\5\ The Shares will be offered by PIMCO ETF Trust
(the ``Trust''), a statutory trust organized under the laws of the
State of Delaware and registered with the Commission as an open-end
management investment company.\6\
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    \4\ The Commission has previously approved the listing and
trading on the Exchange of other actively managed funds under Rule
8.600. See, e.g., Securities Exchange Act Release Nos. 60981
(November 10, 2009), 74 FR 59594 (November 18, 2009) (SR-NYSEArca-
2009-79) (order approving Exchange listing and trading of five fixed
income funds of the PIMCO ETF Trust); 66321 (February 3, 2012), 77
FR 6850 (February 9, 2012) (SR-NYSEArca-2011-95) (order approving
listing and trading of PIMCO Total Return Exchange Traded Fund);
66670 (March 28, 2012), 77 FR 20087 (April 3, 2012) (SR-NYSEArca-
2012-09) (order approving listing and trading of PIMCO Global
Advantage Inflation-Linked Bond Strategy Fund).
    \5\ 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) (``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 Investment Company Units,
listed and traded on the Exchange under NYSE Arca Equities Rule
5.2(j)(3), 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.
    \6\ The Trust is registered under the 1940 Act. On January 27,
2014, the Trust filed an amendment to its registration statement on
Form N-1A under the Securities Act of 1933 (15 U.S.C. 77a) (``1933
Act'') and the 1940 Act relating to the Fund (File Nos. 333-155395
and 811-22250) (the ``Registration Statement''). The description of
the operation of the Trust and the Fund herein is based, in part, on
the Registration Statement. In addition, the Commission has issued
an order granting certain exemptive relief to the Trust under the
1940 Act. See Investment Company Act Release No. 28993 (November 10,
2009) (File No. 812-13571) (``Exemptive Order'').
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    The investment manager to the Fund will be Pacific Investment
Management Company LLC (``PIMCO'' or the ``Adviser''). PIMCO
Investments LLC will serve as the distributor for the Fund
(``Distributor''). State Street Bank & Trust Co. will serve as the
custodian and transfer agent for the Fund (``Custodian'' or ``Transfer
Agent'').
    Commentary .06 to Rule 8.600 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.\7\ In addition,
Commentary .06 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 nonpublic
information regarding the open-end fund's portfolio. The Adviser is not
registered as a broker-dealer, but is affiliated with a broker-dealer,
and will implement a ``fire wall'' with respect to such broker-dealer
regarding access to information concerning the composition and/or
changes to the Fund's portfolio. If PIMCO elects to hire a sub-adviser
for the Fund that is registered as a broker-dealer or is affiliated
with a broker-dealer, such sub-adviser will implement a fire wall with
respect to its relevant personnel or broker-dealer affiliate 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.
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    \7\ 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
violations, 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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    In the event (a) the Adviser becomes registered as a broker-dealer
or 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 or its broker-dealer affiliate 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.
Characteristics of the Fund \8\
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    \8\ Many of the investment strategies of the Fund are
discretionary, which means that PIMCO can decide from time to time
whether to use them or not.
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    According to the Registration Statement, in selecting investments
for the Fund, PIMCO will develop an outlook for interest rates,
currency exchange rates and the economy, will analyze credit and call
risks, and will use other investment selection techniques. The
proportion of the Fund's assets committed to investment in securities
with particular characteristics (such as quality, sector, interest rate
or maturity) will vary based on PIMCO's outlook for the U.S. economy
and the economies of other countries in the world, the financial
markets and other factors.
    In seeking to identify undervalued currencies, PIMCO may consider
many factors, including, but not limited to, longer-term analysis of
relative interest rates, inflation rates, real exchange rates,
purchasing power parity, trade account balances and current account
balances, as well as other factors that influence exchange rates such
as flows, market technical trends and government policies. With respect
to fixed income investing, PIMCO will attempt to identify areas of the
bond market that are undervalued relative to the rest of the market.
PIMCO will identify these areas by grouping fixed income investments
into sectors such as money markets, governments, corporates, mortgages,
asset-backed and international. Sophisticated proprietary software will
then assist in evaluating sectors and pricing specific investments.
Once investment opportunities are identified, PIMCO will shift assets
among sectors depending upon changes in relative valuations, credit
spreads and other factors.
Fixed Income Instruments
    Among other investments described in more detail herein, the Fund
may invest in Fixed Income Instruments, which include:
     Securities issued or guaranteed by the U.S. Government,
its agencies or government-sponsored enterprises (``U.S. Government
Securities'');
     corporate debt securities of U.S. and non-U.S. issuers,
including convertible securities and corporate commercial paper; \9\
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    \9\ With respect to the Fund, while non-emerging markets
corporate debt securities (excluding commercial paper) generally
must have $100 million or more par amount outstanding and
significant par value traded to be considered as an eligible
investment for the Fund, at least 80% of issues of such securities
held by the Fund must have $100 million or more par amount
outstanding (aggregated by issuer or group of related issuers) at
the time of investment. See also note 20, infra, regarding emerging
market corporate debt securities.
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     mortgage-backed and other asset-backed securities; \10\
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    \10\ Mortgage-related and other asset-backed securities include
collateralized mortgage obligations (``CMO''s), commercial mortgage-
backed securities, mortgage dollar rolls, CMO residuals, stripped
mortgage-backed securities and other securities that directly or
indirectly represent a participation in, or are secured by and
payable from, mortgage loans on real property. A to-be-announced
(``TBA'') transaction is a method of trading mortgage-backed
securities. In a TBA transaction, the buyer and seller agree upon
general trade parameters such as agency, settlement date, par amount
and price. The actual pools delivered generally are determined two
days prior to the settlement date.
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     inflation-indexed bonds issued both by governments and
corporations; \11\
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    \11\ Inflation-indexed bonds (other than municipal inflation-
indexed bonds and certain corporate inflation-indexed bonds) are
fixed income securities whose principal value is periodically
adjusted according to the rate of inflation (e.g., Treasury
Inflation Protected Securities (``TIPS'')). Municipal inflation-
indexed securities are municipal bonds that pay coupons based on a
fixed rate plus the Consumer Price Index for All Urban Consumers
(``CPI''). With regard to municipal inflation-indexed bonds and
certain corporate inflation-indexed bonds, the inflation adjustment
is reflected in the semi-annual coupon payment.
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     structured notes, including hybrid or ``indexed''
securities and event-linked bonds; \12\
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    \12\ The Fund may obtain event-linked exposure by investing in
``event-linked bonds'' or ``event-linked swaps'' or by implementing
``event-linked strategies.'' Event-linked exposure results in gains
or losses that typically are contingent, or formulaically related to
defined trigger events. Examples of trigger events include
hurricanes, earthquakes, weather-related phenomena, or statistics
relating to such events. Some event-linked bonds are commonly
referred to as ``catastrophe bonds.'' If a trigger event occurs, the
Fund may lose a portion or its entire principal invested in the bond
or notional amount on a swap.
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     bank capital and trust preferred securities; \13\
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    \13\ There are two common types of bank capital: Tier I and Tier
II. Bank capital is generally, but not always, of investment grade
quality. According to the Registration Statement, Tier I securities
often take the form of trust preferred securities. Tier II
securities are commonly thought of as hybrids of debt and preferred
stock, are often perpetual (with no maturity date), callable and,
under certain conditions, allow for the issuer bank to withhold
payment of interest until a later date. However, such deferred
interest payments generally earn interest.
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     loan participations and assignments; \14\
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    \14\ The Fund may invest in fixed- and floating-rate loans,
which investments generally will be in the form of loan
participations and assignments of portions of such loans.
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     delayed funding loans and revolving credit facilities;
     bank certificates of deposit, fixed time deposits and
bankers' acceptances;
     repurchase agreements on Fixed Income Instruments and
reverse repurchase agreements on Fixed Income Instruments;
     debt securities issued by states or local governments and
their agencies, authorities and other government-sponsored enterprises
(``Municipal Bonds'');
     obligations of non-U.S. governments or their subdivisions,
agencies and government-sponsored enterprises; and
     obligations of international agencies or supranational
entities.
Use of Derivatives by the Fund
    The Fund's investments in derivative instruments will be made in
accordance with the 1940 Act and consistent with the Fund's investment
objective and policies. With respect to the Fund, derivative
instruments primarily will include forwards,\15\ exchange-traded and
over-the-counter (``OTC'') options contracts, exchange-traded futures
contracts, swap agreements and options on futures contracts and swap
agreements. Generally, derivatives are financial contracts whose value
depends upon, or is derived from, the value of an underlying asset,
reference rate or index, and may relate to stocks, bonds, interest
rates, currencies or currency exchange rates, commodities, and related
indexes. The Fund may, but is not required to, use derivative
instruments for risk management purposes or as part of its investment
strategies.
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    \15\ Forwards are contracts to purchase or sell securities for a
fixed price at a future date beyond normal settlement time (forward
commitments).
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    As described further below, the Fund will typically use derivative
instruments as a substitute for taking a position in the underlying
asset and/or as part of a strategy designed to reduce exposure to other
risks, such as interest rate or currency risk. The Fund may also use
derivative instruments to enhance returns. To limit the potential risk
associated with such transactions, the Fund will segregate or
``earmark'' assets determined to be liquid by PIMCO in accordance with
procedures established by the Trust's Board of Trustees (``Board'') and
in accordance with the 1940 Act (or, as permitted by applicable
regulation, enter into certain offsetting positions) to cover its
obligations under derivative instruments. These procedures have been
adopted

consistent with Section 18 of the 1940 Act and related Commission
guidance. In addition, each [sic] Fund will include appropriate risk
disclosure in its offering documents, including leveraging risk.
Leveraging risk is the risk that certain transactions of the Fund,
including the Fund's use of derivatives, may give rise to leverage,
causing the Fund to be more volatile than if it had not been
leveraged.\16\ Because the markets for certain securities, or the
securities themselves, may be unavailable or cost prohibitive as
compared to derivative instruments, suitable derivative transactions
may be an efficient alternative for a [sic] Fund to obtain the desired
asset exposure.
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    \16\ To mitigate leveraging risk, the Adviser will segregate or
``earmark'' liquid assets or otherwise cover the transactions that
may give rise to such risk.
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    The Adviser believes that derivatives can be an economically
attractive substitute for an underlying physical security that the Fund
would otherwise purchase. For example, the Fund could purchase Treasury
futures contracts instead of physical Treasuries or could sell credit
default protection on a corporate bond instead of buying a physical
bond. Economic benefits include potentially lower transaction costs or
attractive relative valuation of a derivative versus a physical bond
(e.g., differences in yields).
    The Adviser further believes that derivatives can be used as a more
liquid means of adjusting portfolio duration as well as targeting
specific areas of yield curve exposure, with potentially lower
transaction costs than the underlying securities (e.g., interest rate
swaps may have lower transaction costs than physical bonds). Similarly,
money market futures can be used to gain exposure to short-term
interest rates in order to express views on anticipated changes in
central bank policy rates. In addition, derivatives can be used to
protect client assets through selectively hedging downside (or ``tail
risks'') in the Fund.
    The Fund also can use derivatives to increase or decrease credit
exposure. Index credit default swaps (CDX) can be used to gain exposure
to a basket of credit risk by ``selling protection'' against default or
other credit events, or to hedge broad market credit risk by ``buying
protection.'' Single name credit default swaps (CDS) can be used to
allow the Fund to increase or decrease exposure to specific issuers,
saving investor capital through lower trading costs. The Fund can use
total return swap contracts to obtain the total return of a reference
asset or index in exchange for paying a financing cost. A total return
swap may be much more efficient than buying underlying securities of an
index, potentially lowering transaction costs.\17\
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    \17\ The Fund will seek, where possible, to use counterparties
whose financial status is such that the risk of default is reduced;
however, the risk of losses resulting from default is still
possible. PIMCO's Counterparty Risk Committee evaluates the
creditworthiness of counterparties on an ongoing basis. In addition
to information provided by credit agencies, PIMCO credit analysts
evaluate each approved counterparty using various methods of
analysis, including company visits, earnings updates, the broker-
dealer's reputation, PIMCO's past experience with the broker-dealer,
market levels for the counterparty's debt and equity, the
counterparty's liquidity and its share of market participation.
According to the Registration Statement, the Fund has adopted
procedures that are consistent with Section 18 of the 1940 Act and
related Commission guidance, which require that a fund's derivative
instruments be fully collateralized by liquid assets of the fund.
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    The Adviser believes that the use of derivatives will allow the
Fund to selectively add diversifying sources of return from selling
options. Option purchases and sales can also be used to hedge specific
exposures in the portfolio, and can provide access to return streams
available to long-term investors such as the persistent difference
between implied and realized volatility. Option strategies can generate
income or improve execution prices (i.e., covered calls).
Principal Investments of the Fund
    According to the Registration Statement, the Fund will seek to
maximize current income; long-term capital appreciation will be a
secondary objective. The Fund will seek to maintain a high and
consistent level of dividend income by investing in a broad array of
fixed income sectors and utilizing income efficient implementation
strategies. The capital appreciation sought by the Fund generally will
arise from decreases in interest rates or improving credit fundamentals
for a particular sector or security.
    The Fund will seek to achieve its investment objective by
investing, under normal circumstances,\18\ at least 65% of its total
assets in a multi-sector portfolio of Fixed Income Instruments of
varying maturities, which may be represented by derivatives based on
Fixed Income Instruments (the ``65% policy''). The average portfolio
duration \19\ of the Fund normally will vary from zero to eight years
based on PIMCO's forecast for interest rates.
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    \18\ The term ``under normal circumstances'' includes, but is
not limited to, the absence of extreme volatility or trading halts
in the fixed income markets or the financial markets generally;
operational issues causing dissemination of inaccurate market
information; or force majeure type events such as a systems failure,
natural or man-made disaster, act of God, armed conflict, act of
terrorism, riot or labor disruption or any similar intervening
circumstance.
    \19\ Duration is a measure used to determine the sensitivity of
a security's price to changes in interest rates. The longer a
security's duration, the more sensitive it will be to changes in
interest rates.
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    The Fund, as described further below, will generally allocate its
assets among several investment sectors, without limitation, which may
include: (i) High yield securities (``junk bonds'') and investment
grade corporate bonds of issuers located in the United States and non-
U.S. countries, including emerging market countries; (ii) fixed income
securities issued by the U.S. and non-U.S. governments (including
emerging market governments), their agencies and instrumentalities;
(iii) mortgage-related and other asset backed securities; and (iv)
foreign currencies, including those of emerging market countries.
However, the Fund will not be required to gain exposure to any one
investment sector, and the Fund's exposure to any one investment sector
will vary over time.
    The Fund may invest up to 50% of its total assets in high yield
securities rated below investment grade but rated at least Caa by
Moody's Investors Service, Inc. (``Moody's''), or equivalently rated by
Standard & Poor's Ratings Services (``S&P'') or Fitch, Inc.
(``Fitch''), or if unrated, determined by PIMCO to be of comparable
quality \20\ (except such limitation shall not apply to the Fund's
investments in mortgage- and asset-backed securities).
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    \20\ Securities rated Ba or lower by Moody's, or equivalently
rated by S&P or Fitch, are sometimes referred to as ``high yield
securities'' or ``junk bonds'' while securities rated Baa or higher
are referred to as ``investment grade.'' Unrated securities may be
less liquid than comparable rated securities and involve the risk
that the Fund's portfolio manager may not accurately evaluate the
security's comparative credit rating. To the extent that the Fund
invests in unrated securities, the Fund's success in achieving its
investment objective may depend more heavily on the portfolio
manager's creditworthiness analysis than if that Fund invested
exclusively in rated securities. In determining whether a security
is of comparable quality the Adviser will consider, for example,
whether the issuer of the security has issued other rated
securities; whether the obligations under the security are
guaranteed by another entity and the rating of such guarantor (if
any); whether and (if applicable) how the security is
collateralized; other forms of credit enhancement (if any); the
security's maturity date; liquidity features (if any); relevant cash
flow(s); valuation features; other structural analysis;
macroeconomic analysis; and sector or industry analysis.
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    The Fund may invest up to 20% of its total assets in securities and
instruments that are economically tied to emerging market
countries.\21\
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    \21\ PIMCO will generally consider an instrument to be
economically tied to an emerging market country if the security's
``country of exposure'' is an emerging market country, as determined
by the criteria set forth in the Registration Statement.
Alternatively, such as when a ``country of exposure'' is not
available or when PIMCO believes the following tests more accurately
reflect which country the security is economically tied to, PIMCO
may consider an instrument to be economically tied to an emerging
market country if the issuer or guarantor is a government of an
emerging market country (or any political subdivision, agency,
authority or instrumentality of such government), if the issuer or
guarantor is organized under the laws of an emerging market country,
or if the currency of settlement of the security is a currency of an
emerging market country. With respect to derivative instruments,
PIMCO will generally consider such instruments to be economically
tied to emerging market countries if the underlying assets are
currencies of emerging market countries (or baskets or indices of
such currencies), or instruments or securities that are issued or
guaranteed by governments of emerging market countries or by
entities organized under the laws of emerging market countries.
While emerging markets corporate debt securities (excluding
commercial paper) generally must have $200 million or more par
amount outstanding and significant par value traded to be considered
as an eligible investment for the Fund, at least 80% of issues
(aggregated by issuer or group of related issuers) of such
securities held by the Fund must have $200 million or more par
amount outstanding at the time of investment.
    PIMCO will have broad discretion to identify countries that it
would consider to qualify as emerging markets. In making investments
in emerging market securities, the Fund will emphasize those
countries with relatively low gross national product per capita and
with the potential for rapid economic growth. Emerging market
countries are generally located in Asia, Africa, the Middle East,
Latin America and Eastern Europe. PIMCO will select the country and
currency composition based on its evaluation of relative interest
rates, inflation rates, exchange rates, monetary and fiscal
policies, trade and current account balances, legal and political
developments and any other specific factors it believes to be
relevant.

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    The Fund may invest in securities and instruments that are
economically tied to foreign (non-U.S.) countries.\22\ The Fund may
invest, without limitation, in securities denominated in foreign
currencies. The Fund will normally limit its foreign currency exposure
(from non-U.S. dollar-denominated securities or currencies) to 10% of
its total assets.
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    \22\ PIMCO will generally consider an instrument to be
economically tied to a non-U.S. country if the issuer is a foreign
government (or any political subdivision, agency, authority or
instrumentality of such government), or if the issuer is organized
under the laws of a non-U.S. country. In the case of certain money
market instruments, such instruments will be considered economically
tied to a non-U.S. country if either the issuer or the guarantor of
such money market instrument is organized under the laws of a non-
U.S. country. With respect to derivative instruments, PIMCO will
generally consider such instruments to be economically tied to non-
U.S. countries if the underlying assets are foreign currencies (or
baskets or indexes of such currencies), or instruments or securities
that are issued by foreign governments or issuers organized under
the laws of a non-U.S. country (or if the underlying assets are
certain money market instruments, if either the issuer or the
guarantor of such money market instruments is organized under the
laws of a non-U.S. country).
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    In furtherance of the 65% policy, or with respect to the Fund's
other investments, the Fund may invest in derivative instruments,
subject to applicable law and any other restrictions described herein.
    The Fund may invest up to 25% of its assets in mortgage-related and
other asset-backed securities, although this 25% limitation does not
apply to securities issued or guaranteed by Federal agencies and/or
U.S. government sponsored instrumentalities.
    The Fund may engage in foreign currency transactions on a spot
(cash) basis and forward basis and invest in foreign currency futures
and options contracts. The Fund may enter into these contracts to hedge
against foreign exchange risk, to increase exposure to a foreign
currency or to shift exposure to foreign currency fluctuations from one
currency to another. Suitable hedging transactions may not be available
in all circumstances and there can be no assurance that the Fund will
engage in such transactions at any given time or from time to time.
    The Fund may, without limitation, seek to obtain market exposure to
the securities in which it primarily invests by entering into a series
of purchase and sale contracts or by using other investment techniques
(such as buy backs or dollar rolls).
Other (Non-Principal) Investments of the Fund
    The Fund may invest up to 10% of its total assets in preferred
stocks, convertible securities and other equity-related securities.\23\
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    \23\ Convertible securities are generally preferred stocks and
other securities, including fixed income securities and warrants,
that are convertible into or exercisable for common stock at a
stated price or rate. Equity-related investments may include
investments in small-capitalization (``small-cap''), mid-
capitalization (``mid-cap'') and large-capitalization (``large-
cap'') companies. With respect to each [sic] Fund, a small-cap
company will be defined as a company with a market capitalization of
up to $1.5 billion, a mid-cap company will be defined as a company
with a market capitalization of between $1.5 billion and $10 billion
and a large-cap company will be defined as a company with a market
capitalization above $10 billion. Not more than 10% of the net
assets of a [sic] Fund in the aggregate shall consist of non-U.S.
equity securities, including non-U.S. stocks into which a
convertible security is converted, whose principal market is not a
member of the Intermarket Surveillance Group (``ISG'') or is a
market with which the Exchange does not have a comprehensive
surveillance sharing agreement.
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    The Fund may invest in variable and floating rate securities, which
are securities that pay interest at rates that adjust whenever a
specified interest rate changes and/or that reset on predetermined
dates (such as the last day of a month or calendar quarter). The Fund
may invest in floating rate debt instruments (``floaters'') and inverse
floating rate debt instruments (``inverse floaters'') and may engage in
credit spread trades.
    As disclosed in the Registration Statement, the Fund may also
invest in trade claims,\24\ privately placed and unregistered
securities, and structured products, including credit-linked
securities, commodity-linked notes and structured notes. The Fund may
invest in Brady Bonds, which are securities created through the
exchange of existing commercial bank loans to sovereign entities for
new obligations in connection with a debt restructuring.
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    \24\ Trade claims are non-securitized rights of payment arising
from obligations that typically arise when vendors and suppliers
extend credit to a company by offering payment terms for products
and services. If the company files for bankruptcy, payments on these
trade claims stop and the claims are subject to compromise along
with the other debts of the company. Trade claims may be purchased
directly from the creditor or through brokers.
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    The Fund may purchase or sell securities which the Fund is eligible
to purchase or sell on a when-issued basis, may purchase and sell such
securities for delayed delivery and may make contracts to purchase or
sell such securities for a fixed price at a future date beyond normal
settlement time (forward commitments). The Fund may make short sales as
part of its overall portfolio management strategies or to offset a
potential decline in value of a security.
    The Fund may enter into repurchase agreements, in which the Fund
purchases a security from a bank or broker-dealer, which agrees to
purchase the security at the Fund's cost plus interest within a
specified time. Repurchase agreements maturing in more than seven days
and which may not be terminated within seven days at approximately the
amount at which the Fund has valued the agreements will be considered
illiquid securities. The Fund may enter into reverse repurchase
agreements and dollar rolls subject to the Fund's limitations on
borrowings.\25\ Reverse repurchase agreements and dollar rolls may be
considered borrowing for some purposes. The Fund will segregate or
``earmark'' assets determined to be liquid by PIMCO in accordance with
procedures established by the Board to cover its obligations under
reverse repurchase agreements and dollar rolls.
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    \25\ A reverse repurchase agreement involves the sale of a
security by the Fund and its agreement to repurchase the instrument
at a specified time and price. A dollar roll is similar except that
the counterparty is not obligated to return the same securities as
those originally sold by the Fund but only securities that are
``substantially identical.''

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

    According to the Registration Statement, the Fund may invest,
without limit, for temporary or defensive purposes, in U.S. debt
securities, including taxable securities and short-term money market
securities, if PIMCO deems it appropriate to do so. If PIMCO believes
that economic or market conditions are unfavorable to investors, the
Fund may temporarily invest up to 100% of its assets in certain
defensive strategies, including holding a substantial portion of its
assets in cash, cash equivalents or other highly rated short-term
securities, including securities issued or guaranteed by the U.S.
government, its agencies or instrumentalities.
    According to the Registration Statement, the Fund may invest in, to
the extent permitted by Section 12(d)(1)(A) of the 1940 Act, other
affiliated and unaffiliated funds, such as open-end or closed-end
management investment companies, including other exchange traded funds,
provided that the Fund's investment in units or shares of investment
companies and other open-end collective investment vehicles will not
exceed 10% of the Fund's total assets. The Fund may invest securities
lending collateral in one or more money market funds to the extent
permitted by Rule 12d1-1 under the 1940 Act, including series of PIMCO
Funds, affiliated open-end management investment companies managed by
PIMCO.
Investment Restrictions
    The Fund's investments, including investments in derivative
instruments, will be subject to all of the restrictions under the 1940
Act, including restrictions with respect to investments in illiquid
securities, that is, the limitation that a fund may hold up to an
aggregate amount of 15% of its net assets in illiquid securities
(calculated at the time of investment), including Rule 144A securities
deemed illiquid by the Adviser, in accordance with Commission
guidance.\26\ The Fund will monitor its portfolio liquidity on an
ongoing basis to determine whether, in light of current circumstances,
an adequate level of liquidity is being maintained, and will consider
taking appropriate steps in order to maintain adequate liquidity if,
through a change in values, net assets, or other circumstances, more
than 15% of the Fund's net assets are held in illiquid securities.
Illiquid securities 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.\27\
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    \26\ In reaching liquidity decisions, the Adviser may consider
the following factors: The frequency of trades and quotes for the
security; the number of dealers willing to purchase or sell the
security and the number of other potential purchasers; dealer
undertakings to make a market in the security; and the nature of the
security and the nature of the marketplace trades (e.g., the time
needed to dispose of the security, the method of soliciting offers,
and the mechanics of transfer).
    \27\ 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), footnote 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 1933 Act).
---------------------------------------------------------------------------

    The Fund is non-diversified, which means that it may invest its
assets in a smaller number of issuers than a diversified fund.\28\
---------------------------------------------------------------------------

    \28\ The diversification standard is set forth in Section
5(b)(1) of the 1940 Act (15 U.S.C. 80e).
---------------------------------------------------------------------------

    The Fund's portfolio will include a minimum of 13 non-affiliated
issuers.
    The Fund intends to qualify annually and elect to be treated as a
regulated investment company under Subchapter M of the Internal Revenue
Code.\29\ The Fund will not concentrate its investments in a particular
industry, as that term is used in the 1940 Act, and as interpreted,
modified, or otherwise permitted by regulatory authority having
jurisdiction from time to time.\30\
---------------------------------------------------------------------------

    \29\ 26 U.S.C. 851.
    \30\ 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).
---------------------------------------------------------------------------

    The Fund's investments, including derivatives, will be consistent
with the Fund's investment objective and the Fund's use of derivatives
may be used to enhance leverage. However, the Fund's investments will
not be used to seek performance that is the multiple or inverse
multiple (i.e., 2Xs and 3Xs) of the Fund's broad-based securities
market index (as defined in Form N-1A).\31\
---------------------------------------------------------------------------

    \31\ The Fund's broad-based securities market index will be
identified in a future amendment to the Registration Statement
following the Fund's first full calendar year of performance.
---------------------------------------------------------------------------

    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. Consistent with NYSE Arca
Equities Rule 8.600(d)(2)(B)(ii), the Fund's Reporting Authority will
implement and maintain, or be subject to, procedures designed to
prevent the use and dissemination of material non-public information
regarding the actual components of the Fund's portfolio. The Exchange
represents that, for initial and/or continued listing, the Fund will be
in compliance with Rule 10A-3 \32\ under the Act, as provided by NYSE
Arca Equities Rule 5.3. A minimum of 100,000 Shares 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 net
asset value (``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.
---------------------------------------------------------------------------

    \32\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Net Asset Value and Derivatives Valuation Methodology for Purposes of
Determining Net Asset Value
    The NAV of the Fund's Shares will be determined by dividing the
total value of the Fund's portfolio investments and other assets, less
any liabilities, by the total number of Shares outstanding.
    The Fund's Shares will be valued as of the close of regular trading
(normally 4:00 p.m. Eastern time (``E.T.'') (the ``NYSE Close'') on
each day NYSE Arca is open (``Business Day''). Information that becomes
known to the Funds [sic] or its agents after the NAV has been
calculated on a particular day will not generally be used to
retroactively adjust the price of a portfolio asset or the NAV
determined earlier that day.
    For purposes of calculating NAV, portfolio securities and other
assets for which market quotes are readily available will be valued at
market value. Market value will generally be determined on the basis of
last reported sales prices, or if no sales are reported, based on
quotes obtained from a quotation reporting system, established market
makers, or pricing services.
    Fixed Income Instruments, including those to be purchased under
firm commitment agreements/delayed delivery basis, will generally be
valued on the basis of quotes obtained from brokers and dealers or
independent pricing services. Foreign fixed income securities will
generally be valued on the basis of quotes obtained from brokers and
dealers or pricing services using data reflecting the earlier closing
of the principal markets for those assets. Short-term debt instruments
having a remaining maturity of 60 days or less

are generally valued at amortized cost, which approximates market
value.
    As discussed in more detail below, derivatives will generally be
valued on the basis of quotes obtained from brokers and dealers or
pricing services using data reflecting the earlier closing of the
principal markets for those assets. Local closing prices will be used
for all instrument valuation purposes. Foreign currency-denominated
derivatives are generally valued using market inputs as of the
respective local region's market close.
    With respect to specific derivatives:
     Currency spot and forward rates will be generally
determined as of the NYSE Close.
     Exchange traded futures will be generally valued at the
settlement price of the relevant exchange.
     A total return swap on an index will be valued at the
publicly available index price. The index price, in turn, will be
determined by the applicable index calculation agent, which generally
will value the securities underlying the index at the last reported
sale price.
     Equity total return swaps will generally be valued using
the actual underlying equity at local market closing, while bank loan
total return swaps will generally be valued using the evaluated
underlying bank loan price minus the strike price of the loan.
     Exchange-traded non-equity options, (for example, options
on bonds, Eurodollar options and U.S. Treasury options), index options,
and options on futures will generally be valued at the official
settlement price determined by the relevant exchange, if available.
     OTC and exchange traded equity options will generally be
valued on a basis of quotes obtained from a quotation reporting system,
established market makers, or pricing services.
     OTC FX options will generally be valued by pricing
vendors.
     All other swaps such as interest rate swaps, inflation
swaps, swaptions, credit default swaps, CDX/CDS will generally be
valued by pricing services.
    Exchange-traded equity securities will be valued at the official
closing price or the last trading price on the exchange or market on
which the security is primarily traded at the time of valuation. If no
sales or closing prices are reported during the day, equity securities
are generally valued at the mean of the last available bid and ask
quotation on the exchange or market on which the security is primarily
traded, or using other market information obtained from quotation
reporting systems, established market makers, or pricing services.
Investment company securities that are not exchange-traded will be
valued at NAV.
    If a foreign security's value has materially changed after the
close of the security's primary exchange or principal market but before
the NYSE Close, the security will be valued at fair value based on
procedures established and approved by the Board. Foreign securities
that do not trade when the NYSE is open are also valued at fair value.
    Securities and other assets for which market quotes are not readily
available will be valued at fair value as determined in good faith by
the Board or persons acting at their direction. The Board has adopted
methods for valuing securities and other assets in circumstances where
market quotes are not readily available, and has delegated to PIMCO the
responsibility for applying the valuation methods. In the event that
market quotes are not readily available, and the security or asset
cannot be valued pursuant to one of the valuation methods, the value of
the security or asset will be determined in good faith by the Valuation
Committee of the Board, generally based upon recommendations provided
by PIMCO.
    Market quotes are considered not readily available in circumstances
where there is an absence of current or reliable market-based data
(e.g., trade information, bid/ask information, broker quotes),
including where events occur after the close of the relevant market,
but prior to the NYSE Close, that materially affect the values of the
Fund's securities or assets. In addition, market quotes are considered
not readily available when, due to extraordinary circumstances, the
exchanges or markets on which the securities trade do not open for
trading for the entire day and no other market prices are available.
The Board has delegated to PIMCO the responsibility for monitoring
significant events that may materially affect the values of the Fund's
securities or assets and for determining whether the value of the
applicable securities or assets should be re-evaluated in light of such
significant events.
    When the Fund uses fair value pricing to determine its NAV,
securities will not be priced on the basis of quotes from the primary
market in which they are traded, but rather may be priced by another
method that the Board or persons acting at their direction believe
reflects fair value. Fair value pricing may require subjective
determinations about the value of a security. While the Trust's policy
is intended to result in a calculation of the Fund's NAV that fairly
reflects security values as of the time of pricing, the Trust cannot
ensure that fair values determined by the Board or persons acting at
their direction would accurately reflect the price that the Fund could
obtain for a security if it were to dispose of that security as of the
time of pricing (for instance, in a forced or distressed sale). The
prices used by the Fund may differ from the value that would be
realized if the securities were sold.
    For the Fund's 4:00 p.m. E.T. futures holdings, estimated prices
from Reuters will be used if any cumulative futures margin impact is
greater than $0.005 to the NAV due to futures movement after the fixed
income futures market closes (3:00 p.m. E.T.) and up to the NYSE Close
(generally 4:00 p.m. E.T.). Swaps traded on exchanges such as the
Chicago Mercantile Exchange (``CME'') or the Intercontinental Exchange
(``ICE-US'') will use the applicable exchange closing price where
available.
    Investments initially valued in currencies other than the U.S.
dollar will be converted to the U.S. dollar using exchange rates
obtained from pricing services. As a result, the NAV of the Fund's
Shares may be affected by changes in the value of currencies in
relation to the U.S. dollar. The value of securities traded in markets
outside the United States or denominated in currencies other than the
U.S. dollar may be affected significantly on a day that the NYSE is
closed. As a result, to the extent that the Fund holds foreign (non-
U.S.) securities, the NAV of the Fund's Shares may change when an
investor cannot purchase, redeem or exchange Shares.
Derivatives Valuation Methodology for Purposes of Determining Portfolio
Indicative Value
    On each Business Day, before commencement of trading in Fund Shares
on NYSE Arca, the Fund will disclose on its Web site the identities and
quantities of the portfolio instruments and other assets held by the
Fund that will form the basis for the Fund's calculation of NAV at the
end of the Business Day.
    In order to provide additional information regarding the intra-day
value of Shares of the Fund, the NYSE Arca or a market data vendor will
disseminate every 15 seconds through the facilities of the Consolidated
Tape Association (``CTA'') or other widely disseminated means an
updated Portfolio Indicative Value (``PIV'') for the Fund as calculated
by an information provider or market data vendor.
    A third party market data provider will calculate the PIV for the
Fund. For

the purposes of determining the PIV, the third party market data
provider's valuation of derivatives is expected to be similar to its
valuation of all securities. The third party market data provider may
use market quotes if available or may fair value securities against
proxies (such as swap or yield curves).
    With respect to specific derivatives:
     Foreign currency derivatives may be valued intraday using
market quotes, or another proxy as determined to be appropriate by the
third party market data provider.
     Futures may be valued intraday using the relevant futures
exchange data, or another proxy as determined to be appropriate by the
third party market data provider.
     Interest rate swaps may be mapped to a swap curve and
valued intraday based on the swap curve, or another proxy as determined
to be appropriate by the third party market data provider.
     CDX/CDS may be valued using intraday data from market
vendors, or based on underlying asset price, or another proxy as
determined to be appropriate by the third party market data provider.
     Total return swaps may be valued intraday using the
underlying asset price, or another proxy as determined to be
appropriate by the third party market data provider.
     Exchange listed options may be valued intraday using the
relevant exchange data, or another proxy as determined to be
appropriate by the third party market data provider.
     OTC options may be valued intraday through option
valuation models (e.g., Black-Scholes) or using exchange traded options
as a proxy, or another proxy as determined to be appropriate by the
third party market data provider.
    A third party market data provider's valuation of forwards will be
similar to its valuation of the underlying securities, or another proxy
as determined to be appropriate by the third party market data
provider. The third party market data provider will generally use
market quotes if available. Where market quotes are not available, it
may fair value securities against proxies (such as swap or yield
curves). The Fund's disclosure of forward positions will include
information that market participants can use to value these positions
intraday.
Disclosed Portfolio
    The Fund's disclosure of derivative positions will include
information that market participants can use to value these positions
intraday. The Fund's disclosure of derivative positions in the
Disclosed Portfolio will include information that market participants
can use to value these positions intraday. On a daily basis, the Fund
will disclose on the Fund's Web site the following information
regarding each portfolio holding, as applicable to the type of holding:
Ticker symbol, CUSIP number or other identifier, if any; a description
of the holding (including the type of holding, such as the type of
swap); the identity of the security, commodity, index or other asset or
instrument underlying the holding, if any; for options, the option
strike price; quantity held (as measured by, for example, par value,
notional value or number of shares, contracts or units); maturity date,
if any; coupon rate, if any; effective date, if any; market value of
the holding; and the percentage weighting of the holding in the Fund's
portfolio.
Impact on Arbitrage Mechanism
    The Adviser believes there will be minimal, if any, impact to the
arbitrage mechanism for the Fund as a result of the use of derivatives.
Market makers and participants should be able to value derivatives as
long as the positions are disclosed with relevant information. The
Adviser believes that the price at which Shares trade will continue to
be disciplined by arbitrage opportunities created by the ability to
purchase or redeem creation Shares at their NAV, which should ensure
that Shares will not trade at a material discount or premium in
relation to their NAV.
    The Adviser does not believe there will be any significant impacts
to the settlement or operational aspects of the Fund's arbitrage
mechanism due to the use of derivatives. Because derivatives generally
are not eligible for in-kind transfer, they will typically be
substituted with a ``cash in lieu'' amount when the Fund processes
purchases or redemptions of block-size Creation Units (as described
below) in-kind.
Creations and Redemptions of Shares
    According to the Registration Statement, Shares of the Fund that
trade in the secondary market will be ``created'' at NAV by Authorized
Participants only in block-size creation units (``Creation Units'') of
100,000 Shares or multiples thereof.\33\ The Fund will offer and issue
Shares at their NAV per Share generally in exchange for a basket of
debt securities held by the Fund (the ``Deposit Securities'') together
with a deposit of a specified cash payment (the ``Cash Component''), or
in lieu of Deposit Securities, a [sic] Fund may permit a ``cash-in-
lieu'' amount for any reason at the Fund's sole discretion.
Alternatively, the Fund may issue Creation Units in exchange for a
specified all-cash payment (``Cash Deposit''). Similarly, Shares can be
redeemed only in Creation Units, generally in-kind for a portfolio of
debt securities held by the Fund and/or for a specified amount of cash.
---------------------------------------------------------------------------

    \33\ The NAV of the Fund's Shares generally will be calculated
once daily Monday through Friday as of the close of trading on the
New York Stock Exchange (``NYSE''), generally 4:00 p.m. E.T. (the
``NAV Calculation Time'') on any business day. NAV per Share is
calculated by dividing the Fund's net assets by the number of the
Fund's Shares outstanding. For more information regarding the
valuation of Fund investments in calculating the Fund's NAV, see the
Registration Statement.
    An ``Authorized Participant'' refers to a Participating Party (a
broker-dealer or other participant in the clearing process through
the Continuous Net Settlement System of the National Securities
Clearing Corporation (``NSCC''); or a Depository Trust Company
(``DTC'') Participant who has executed a Participant Agreement (an
agreement with the Distributor and Transfer Agent with respect to
creations and redemptions of Creation Unit aggregations).
---------------------------------------------------------------------------

    Except when aggregated in Creation Units, Shares will not be
redeemable by the Fund. The prices at which creations and redemptions
occur will be based on the next calculation of NAV after an order is
received. Requirements as to the timing and form of orders are
described in the Authorized Participant agreement. PIMCO will make
available on each Business Day via the NSCC, prior to the opening of
business (subject to amendments) on the Exchange (currently 9:30 a.m.,
E.T.), the identity and the required amount of each Deposit Security
and the amount of the Cash Component (or Cash Deposit) to be included
in the current ``Fund Deposit'' \34\ (based on information at the end
of the previous Business Day). Creations and redemptions must be made
by an Authorized Participant.
---------------------------------------------------------------------------

    \34\ The Deposit Securities and Cash Component or,
alternatively, the Cash Deposit, will constitute the Fund Deposit
which will represents the investment amount for a Creation Unit of
the Fund.
---------------------------------------------------------------------------

    Additional information regarding the Trust, the Fund and the
Shares, including investment strategies, risks, creation and redemption
procedures, fees, portfolio holdings, disclosure policies,
distributions and taxes is included in the Registration Statement. All
terms relating to the Fund that are referred to but not defined in this
proposed rule change are defined in the Registration Statement.
Availability of Information
    The Trust's Web site (www.pimcoetfs.com), which will be publicly
available prior to the public offering of Shares, will include a form

of the prospectus for the Fund that may be downloaded. The Trust's Web
site will include additional quantitative information updated on a
daily basis, including, for the Fund, (1) daily trading volume, the
prior business day's reported closing price, NAV and mid-point of the
bid/ask spread at the time of calculation of such NAV (the ``Bid/Ask
Price''),\35\ 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 Core Trading Session (9:30 a.m. E.T. to
4:00 p.m. E.T.) on the Exchange, the Fund will disclose on the Trust's
Web site the Disclosed Portfolio as defined in NYSE Arca Equities Rule
8.600(c)(2) that will form the basis for the Fund's calculation of NAV
at the end of the Business Day.\36\
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    \35\ The Bid/Ask Price of the Fund will be determined using the
mid-point 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 Fund and its service
providers.
    \36\ Under accounting procedures followed by the Fund, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T+1''). Accordingly, the 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.
---------------------------------------------------------------------------

    As noted above, on a daily basis, the Fund will disclose on the
Fund's Web site the following information regarding each portfolio
holding, as applicable to the type of holding: Ticker symbol, CUSIP
number or other identifier, if any; a description of the holding
(including the type of holding, such as the type of swap); the identity
of the security, commodity, index or other asset or instrument
underlying the holding, if any; for options, the option strike price;
quantity held (as measured by, for example, par value, notional value
or number of shares, contracts or units); maturity date, if any; coupon
rate, if any; effective date, if any; market value of the holding; and
the percentage weighting of the holding in the Fund's portfolio. The
Web site information will be publicly available at no charge.
    Price information for the debt securities and other financial
instruments held by the Fund will be available through major market
data vendors.\37\
---------------------------------------------------------------------------

    \37\ Supplementally, major market data vendors may include, but
are not limited to: Thomson Reuters, JPMorgan Chase PricingDirect
Inc., Markit Group Limited, Bloomberg, Interactive Data Corporation
or other major data vendors.
---------------------------------------------------------------------------

    In addition, a basket composition file, which includes the security
names and share quantities, if applicable, required to be delivered in
exchange for the Fund's Shares, together with estimates and actual cash
components, will be publicly disseminated daily prior to the opening of
the Exchange via the NSCC. The basket represents one Creation Unit of
Shares of the Fund. The NAV of the Fund will normally be determined as
of the close of the regular trading session on the Exchange (ordinarily
4:00 p.m. E.T.) on each Business Day. Authorized participants may refer
to the basket composition file for information regarding Fixed Income
Instruments, and any other instrument that may comprise the Fund's
basket on a given day.
    Investors can also obtain the Trust's SAI, the Fund's Shareholder
Reports, and the Fund's Forms N-CSR and Forms N-SAR, filed twice a
year. The Trust's SAI and Shareholder Reports will be available free
upon request from the Trust, and those documents and the Form N-CSR,
Form N-PX and Form N-SAR may be viewed on-screen or downloaded from the
Commission's Web site at www.sec.gov. Intra-day and closing price
information regarding equity securities traded on an exchange,
including common stocks, preferred stocks, securities convertible into
stocks, closed-end funds, exchange traded funds and other equity-
related securities, will be available from the exchange on which such
securities are traded. Intra-day and closing price information
regarding Fixed Income Instruments also will be available from major
market data vendors. Price information relating to forwards will be
available from major market data vendors. Information regarding market
price and trading volume of the Shares will be continually available on
a real-time basis throughout the day on brokers' computer screens and
other electronic services. Information regarding the previous day's
closing price and trading volume information for the Shares will be
published daily in the financial section of newspapers. Quotation and
last sale information for the Shares will be available via the CTA
high-speed line. In addition, the PIV, as defined in NYSE Arca Equities
Rule 8.600(c)(3), will be widely disseminated by one or more major
market data vendors at least every 15 seconds during the Core Trading
Session.\38\ The dissemination of the PIV, together with the Disclosed
Portfolio, may allow investors to determine an approximate value of the
underlying portfolio of the Fund on a daily basis and to provide an
estimate of that value throughout the trading day.
---------------------------------------------------------------------------

    \38\ Currently, the Exchange understands that several major
market data vendors display and/or make widely available PIVs taken
from the CTA or other data feeds.
---------------------------------------------------------------------------

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 the Fund.\39\ Trading in Shares of the Fund
will be halted if the circuit breaker parameters in NYSE Arca Equities
Rule 7.12 have been reached. Trading also may be halted because of
market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable. These may include: (1) The
extent to which trading is not occurring in the securities and/or the
financial instruments comprising the Disclosed Portfolio of the Fund;
or (2) whether other unusual conditions or circumstances detrimental to
the maintenance of a fair and orderly market are present. Trading in
the Shares will be subject to NYSE Arca Equities Rule 8.600(d)(2)(D),
which sets forth circumstances under which Shares of the Fund may be
halted.
---------------------------------------------------------------------------

    \39\ See NYSE Arca Equities Rule 7.12.
---------------------------------------------------------------------------

Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4 a.m. to 8 p.m. E.T. in accordance with
NYSE Arca Equities Rule 7.34 (Opening, Core, and Late Trading
Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Equities Rule 7.6, Commentary .03, the minimum price
variation (``MPV'') for quoting and entry of orders in equity
securities traded on the NYSE Arca Marketplace is $0.01, with the
exception of securities that are priced less than $1.00 for which the
MPV for order entry is $0.0001.
Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by the Financial
Industry Regulatory Authority (``FINRA'') on behalf of the Exchange,
which are designed to detect violations of Exchange rules and
applicable federal securities laws.\40\ 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
---------------------------------------------------------------------------

    \40\ 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.
    FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares, exchange-traded equities, exchange-
traded options, futures contracts and options on futures contracts with
other markets that are members of the ISG and FINRA, on behalf of the
Exchange, may obtain trading information regarding trading in the
Shares, exchange-traded equities, exchange-traded options, futures
contracts and options on futures contracts from such markets and other
entities. In addition, the Exchange may obtain information regarding
trading in the Shares, exchange-traded equities, exchange-traded
options, futures contracts and options on futures contracts from
markets and other entities that are members of ISG or with which the
Exchange has in place a comprehensive surveillance sharing
agreement.\41\ FINRA, on behalf of the Exchange, is able to access, as
needed, trade information for certain fixed income securities held by
the Funds [sic] reported to FINRA's Trade Reporting and Compliance
Engine (``TRACE'').
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    \41\ For a list of the current members of ISG, see http://www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for the Fund may trade on markets that are
members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
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    Not more than 10% of the net assets of a [sic] Fund in the
aggregate shall consist of equity securities, including stocks into
which a convertible security is converted, whose principal market is
not a member of the ISG or is a market with which the Exchange does not
have a comprehensive surveillance sharing agreement.
    Furthermore, not more than 10% of the net assets of the Fund in the
aggregate shall consist of futures contracts or exchange-traded options
contracts whose principal market is not a member of ISG or is a market
with which the Exchange does not have a comprehensive surveillance
sharing agreement.
    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit (``ETP'') Holders in an Information Bulletin
(``Bulletin'') of the special characteristics and risks associated with
trading the Shares. Specifically, the Bulletin will discuss the
following: (1) The procedures for purchases and redemptions of Shares
in Creation Unit aggregations (and that Shares are not individually
redeemable); (2) NYSE Arca Equities Rule 9.2(a), which imposes a duty
of due diligence on its ETP Holders to learn the essential facts
relating to every customer prior to trading the Shares; (3) the risks
involved in trading the Shares during the Opening and Late Trading
Sessions when an updated PIV will not be calculated or publicly
disseminated; (4) how information regarding the PIV is disseminated;
(5) the requirement that ETP Holders 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 Bulletin will reference that the Fund is subject to
various fees and expenses described in the Registration Statement. The
Bulletin will discuss any exemptive, no-action, and interpretive relief
granted by the Commission from any rules under the Act. The Bulletin
will also disclose that the NAV for the Shares will be calculated after
4:00 p.m. E.T. each trading day.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \42\ that an exchange have rules that
are designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \42\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    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 NYSE Arca Equities Rule
8.600. The Exchange has in place surveillance procedures that are
adequate to properly monitor trading in 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. FINRA,
on behalf of the Exchange, will communicate as needed regarding trading
in the Shares, exchange-traded equities, exchange-traded options,
futures contracts and options on futures contracts with other markets
that are members of the ISG and FINRA, on behalf of the Exchange, may
obtain trading information regarding trading in the Shares, exchange-
traded equities, exchange-traded options, futures contracts and options
on futures contracts from such markets and other entities. In addition,
the Exchange may obtain information regarding trading in the Shares,
exchange-traded equities, exchange-traded options, futures contracts
and options on futures contracts from markets and other entities that
are members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement. Not more than 10% of the
net assets of a [sic] Fund in the aggregate shall consist of equity
securities, including stocks into which a convertible security is
converted, whose principal market is not a member of the ISG or is a
market with which the Exchange does not have a comprehensive
surveillance sharing agreement. Furthermore, not more than 10% of the
net assets of the Fund in the aggregate shall consist of futures
contracts or exchange-traded options contracts whose principal market
is not a member of ISG or is a market with which the Exchange does not
have a comprehensive surveillance sharing agreement. FINRA, on behalf
of the Exchange, is able to access, as needed, trade information for
certain fixed income securities held by the Funds [sic] reported to
FINRA's TRACE.
    The Fund's investments, including derivatives, will be consistent
with the Fund's investment objective and the Fund's use of derivatives
may be used to enhance leverage. However, the Fund's investments will
not be used to seek performance that is the multiple or inverse
multiple (i.e., 2Xs and 3Xs) of the Fund's broad-based securities
market index (as defined in Form N-1A). The Fund will not invest more
than 50% of its total assets in high yield securities rated below
investment grade but rated at least Caa by Moody's, S&P or Fitch, or if
unrated, determined by PIMCO to be of comparable quality (except such
limitation shall not apply

to the Fund's investments in mortgage- and asset-backed securities. The
Fund will not invest more than 20% of its total assets in securities
and instruments economically tied to emerging market countries. The
Fund will normally limit its foreign currency exposure (from non-U.S.
dollar-denominated securities or currencies) to 10% of its total
assets. The Fund will limit its investments in currencies to those
currencies with a minimum average daily foreign exchange turnover of
USD $1 billion as determined by the BIS Triennial Central Bank Survey.
The Fund will not invest more than 15% of its net assets in illiquid
assets. The Fund will not invest more than 10% of its total assets in
preferred stock, convertible securities and other equity-related
securities. PIMCO's Counterparty Risk Committee will evaluate the
creditworthiness of swaps counterparties on an ongoing basis.
    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 is publicly available regarding the Fund and the Shares,
thereby promoting market transparency. Moreover, the PIV will be widely
disseminated by one or more major market data vendors at least every 15
seconds during the Exchange's Core Trading Session. On each business
day, before commencement of trading in Shares in the Core Trading
Session on the Exchange, the Fund will disclose on the Trust's Web site
the Disclosed Portfolio that will form the basis for the 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 will be available via the CTA high-speed
line. The Trust's Web site will include a form of the prospectus for
the Fund and additional data relating to NAV and other applicable
quantitative information. Moreover, prior to the commencement of
trading, the Exchange will inform its ETP Holders in an Information
Bulletin of the special characteristics and risks associated with
trading the Shares. Trading in Shares of the Fund will be halted if the
circuit breaker parameters in NYSE Arca Equities Rule 7.12 have been
reached or because of market conditions or for reasons that, in the
view of the Exchange, make trading in the Shares inadvisable, and
trading in the Shares will be subject to NYSE Arca Equities Rule
8.600(d)(2)(D), which sets forth circumstances under which Shares of
the Fund may be halted. In addition, as noted above, investors will
have ready access to information regarding the Fund's holdings, the
PIV, 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
an additional type of actively-managed exchange-traded product that
will enhance competition among market participants, to the benefit of
investors and the marketplace. As noted above, the Exchange has in
place surveillance procedures relating to trading in the Shares and may
obtain information via ISG from other exchanges that are members of ISG
or with which the Exchange has entered into a comprehensive
surveillance sharing agreement. The Adviser is not a broker-dealer but
is affiliated with a broker-dealer and has implemented a ``fire wall''
with respect to such broker-dealer regarding access to information
concerning the composition and/or changes to the Fund's portfolio. In
addition, the Fund's Reporting Authority will implement and maintain,
or be subject to, procedures designed to prevent the use and
dissemination of material non-public information regarding the actual
components of the Fund's portfolio.

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 purpose of the Act. The Exchange notes that the
proposed rule change will facilitate the listing and trading of an
additional type of actively-managed exchange-traded product that, under
normal circumstances, will invest principally in fixed income
securities and that will enhance competition with respect to such
products 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

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

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

    Within 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 the 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-NYSEArca-2014-56 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-2014-56. 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 Section, 100 F Street
NE., Washington, DC 20549, on official business days between 10:00 a.m.
and 3:00 p.m. Copies of the filing will also be available for
inspection and copying at the principal office of NYSE. 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-2014-56 and should
be submitted on or before June 11, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\43\
---------------------------------------------------------------------------

    \43\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-11724 Filed 5-20-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: January 5, 2009 (Volume 74, Number 2)]
[Notices]
[Page 277]
[DOCID:fr05ja09-48]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. EL03-173-005; EL03-201-007]

Sempra Energy Trading LLC; Notice of Filing

December 24, 2008.
    Take notice that on December 15, 2008, Sempra Energy Trading LLC
filed an amendment to its Agreement and Stipulation in compliance with
the Commission's November 14, 2008, Order Denying Rehearing, Coral
Power, L.L.C., 125 FERC ] 61,176 (2008).
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date.
Anyone filing a motion to intervene or protest must serve a copy of
that document on the Applicant and all the parties in this proceeding.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://
www.ferc.gov. Persons unable to file electronically should submit an
original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on January 5, 2009.

Kimberly D. Bose,
Secretary.
 [FR Doc. E8-31311 Filed 1-2-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register: August 20, 2008 (Volume 73, Number 162)]
[Notices]
[Page 49183-49184]
[DOCID:fr20au08-50]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-RCRA-2008-0151; FRL-8706-9]

Agency Information Collection Activities; Submission to OMB for
Review and Approval; Comment Request; Standardized Permit for RCRA
Hazardous Waste Management Facilities (Renewal), EPA ICR Number
1935.03, OMB Control Number 2050-0182

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (PRA)(44 U.S.C.
3501 et seq.), this document announces that an Information Collection
Request (ICR) has been forwarded to the Office of Management and Budget
(OMB) for review and approval. This is a request to renew an existing
approved collection. The ICR, which is abstracted below, describes the
nature of the information collection and its estimated burden and cost.

DATES: Additional comments may be submitted on or before September 19,
2008.

ADDRESSES: Submit your comments, referencing Docket ID No. EPA-HQ-RCRA-
2008-0151, to (1) EPA, either online using www.regulations.gov (our
preferred method), or by e-mail to<EMAIL_ADDRESS>or by mail to:
RCRA Docket (28221T), U.S. Environmental

Protection Agency, 1200 Pennsylvania Avenue, NW., Washington, DC 20460;
and (2) OMB, by mail to: Office of Information and Regulatory Affairs,
Office of Management and Budget (OMB), Attention: Desk Officer for EPA,
725 17th Street, NW., Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Jeff Gaines, Office of Solid Waste,
(5303P), Environmental Protection Agency, 1200 Pennsylvania Ave., NW.,
Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax number: 703-
308-8617; e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: EPA has submitted the following ICR to OMB
for review and approval according to the procedures prescribed in 5 CFR
1320.12. On March 27, 2008 (73 FR 16299), EPA sought comments on this
ICR pursuant to 5 CFR 1320.8(d). EPA received one comment during the
comment period, which is addressed in the ICR. Any additional comments
on this ICR should be submitted to EPA and OMB within 30 days of this
notice.
    EPA has established a public docket for this ICR under Docket ID
No. EPA-HQ-RCRA-2008-0151, which is available for online viewing at
www.regulations.gov, or in person viewing at the Resource Conservation
and Recovery Act (RCRA) Docket in the EPA Docket Center (EPA/DC), EPA
West, Room 3334, 1301 Constitution Ave., NW., Washington, DC. The EPA/
DC Public Reading Room is open from 8:30 a.m. to 4:30 p.m., Monday
through Friday, excluding legal holidays. The telephone number for the
Reading Room is<PHONE_NUMBER>, and the telephone number for the RCRA
Docket is<PHONE_NUMBER>.
    Use EPA's electronic docket and comment system at
www.regulations.gov, to submit or view public comments, access the
index listing of the contents of the docket, and to access those
documents in the docket that are available electronically. Once in the
system, select ``docket search,'' then key in the docket ID number
identified above. Please note that EPA's policy is that public
comments, whether submitted electronically or in paper, will be made
available for public viewing at www.regulations.gov as EPA receives
them and without change, unless the comment contains copyrighted
material, confidential business information (CBI), or other information
whose public disclosure is restricted by statute. For further
information about the electronic docket, go to www.regulations.gov.
    Title: Standardized Permit for RCRA Hazardous Waste Management
Facilities (Renewal).
    ICR numbers: EPA ICR No. 1935.03, OMB Control No. 2050-0182.
    ICR Status: This ICR is scheduled to expire on August 31, 2008.
Under OMB regulations, the Agency may continue to conduct or sponsor
the collection of information while this submission is pending at OMB.
An Agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information, unless it displays a currently
valid OMB control number. The OMB control numbers for EPA's regulations
in title 40 of the CFR, after appearing in the Federal Register when
approved, are listed in 40 CFR part 9, are displayed either by
publication in the Federal Register or by other appropriate means, such
as on the related collection instrument or form, if applicable. The
display of OMB control numbers in certain EPA regulations is
consolidated in 40 CFR part 9.
    Abstract: Under the authority of sections 3004, 3005, 3008 and 3010
of the Resource Conservation and Recovery Act (RCRA), as amended, the
U.S. Environmental Protection Agency is finalizing revisions to the
RCRA hazardous waste permitting program to allow a ``standardized
permit.'' The standardized permit is available to facilities that
generate hazardous waste and routinely manage the waste on-site in non-
thermal units such as tanks, containers, and containment buildings.
This ICR presents a comprehensive description of the information
collection requirements for owners and operators submitting
applications for a standardized permit or a standardized permit
modification.
    Burden Statement: The annual public reporting and recordkeeping
burden for this collection of information is estimated to average 82
hours per response. Burden means the total time, effort, or financial
resources expended by persons to generate, maintain, retain, or
disclose or provide information to or for a Federal agency. This
includes the time needed to review instructions; develop, acquire,
install, and utilize technology and systems for the purposes of
collecting, validating, and verifying information, processing and
maintaining information, and disclosing and providing information;
adjust the existing ways to comply with any previously applicable
instructions and requirements which have subsequently changed; train
personnel to be able to respond to a collection of information; search
data sources; complete and review the collection of information; and
transmit or otherwise disclose the information.
    Respondents/Affected Entities: Business or other for-profit.
    Estimated Number of Respondents: 866.
    Frequency of Response: On occasion.
    Estimated Total Annual Hour Burden: 15,045.
    Estimated Total Annual Cost: $1,203,688, includes $592,029 for
labor and $611,659 annualized capital or O&M costs.
    Changes in the Estimates: There is an increase of 608 hours in the
total estimated burden currently identified in the OMB Inventory of
Approved ICR Burdens. This slight increase is due to an increase in the
annual number of responses from 175 to 184.

    Dated: August 14, 2008.
Sara Hisel-McCoy,
Director, Collection Strategies Division.
[FR Doc. E8-19334 Filed 8-19-08; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register Volume 81, Number 25 (Monday, February 8, 2016)]
[Notices]
[Pages 6572-6573]
[FR Doc No: 2016-02347]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. PE-2016-12]

Petition for Exemption; Summary of Petition Received; Wes Myers

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice.

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SUMMARY: This notice contains a summary of a petition seeking relief
from specified requirements of Title 14 of the Code of Federal
Regulations. The purpose of this notice is to improve the public's
awareness of, and participation in, the FAA's exemption process.
Neither publication of this notice nor the inclusion or omission of
information in the summary is intended to affect the legal status of
the petition or its final disposition.

DATES: Comments on this petition must identify the petition docket
number and must be received on or before February 29, 2016.

ADDRESSES: Send comments identified by docket number FAA-2015-0443
using any of the following methods:

     Federal eRulemaking Portal: Go to http://www.regulations.gov and follow the online instructions for sending your
comments electronically.
     Mail: Send comments to Docket Operations, M-30; U.S.
Department of Transportation (DOT), 1200 New Jersey Avenue SE., Room
W12-140, West Building Ground Floor, Washington, DC 20590-0001.
     Hand Delivery or Courier: Take comments to Docket
Operations in Room W12-140 of the West Building Ground Floor at 1200
New Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.
     Fax: Fax comments to Docket Operations at<PHONE_NUMBER>.
    Privacy: In accordance with 5 U.S.C. 553(c), DOT solicits comments
from the public to better inform its rulemaking process. DOT posts
these comments, without edit, including any personal information the
commenter provides, to http://www.regulations.gov, as described in the
system of records notice (DOT/ALL-14 FDMS), which can be reviewed at
http://www.dot.gov/privacy.
    Docket: Background documents or comments received may be read at
http://www.regulations.gov at any time. Follow the online instructions
for accessing the docket or go to the Docket Operations in Room W12-140
of the West Building Ground Floor at 1200 New Jersey Avenue SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Dan Ngo,<PHONE_NUMBER>, 800
Independence Avenue SW., Washington, DC 20591.
    This notice is published pursuant to 14 CFR 11.85.

    Issued in Washington, DC, on January 28, 2016.
Lirio Liu,
Director, Office of Rulemaking.

Petition for Exemption

    Docket No.: FAA-2015-0443.
    Petitioner: Wes Myers
    Section(s) of 14 CFR Affected: 61.113 (a) & (b).
    Description of Relief Sought: Petitioner seeks to amend Exemption
No. 11592A for relief from Condition and Limitation 13 regarding Pilot
in Command requirements to operate an unmanned aerial system (UAS) for
aerial data collection.

[FR Doc. 2016-02347 Filed 2-5-16; 8:45 am]
BILLING CODE 4910-13-P