[Federal Register Volume 81, Number 112 (Friday, June 10, 2016)]
[Notices]
[Pages 37654-37656]
[FR Doc No: 2016-13717]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 32139; 812-14501]

Ramius Archview Credit and Distressed Fund and Ramius Advisors,
LLC; Notice of Application

June 6, 2016.
AGENCY:  Securities and Exchange Commission (``Commission'').

ACTION:  Notice of an application under section 6(c) of the Investment
Company Act of 1940 (the ``Act'') for an exemption from sections 18(c)
and 18(i) of the Act and for an order pursuant to section 17(d) of the
Act and rule 17d-1 under the Act.

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Summary of Application:  Applicants request an order to permit certain
registered closed-end management investment companies to issue multiple
classes of shares of beneficial interest (``Shares'') and to impose
asset-based service and/or distribution fees and contingent deferred
sales loads (``CDSCs'').

Applicants:  Ramius Archview Credit and Distressed Fund (the ``Fund'')
and Ramius Advisors, LLC (the ``Adviser'').

Filing Dates:  The application was filed on June 30, 2015, and amended
on September 3, 2015 and February 4, 2016.

Hearing or Notification of Hearing:  An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on July 1, 2016, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0-5 under the Act, hearing
requests should state the nature of the writer's interest, any facts
bearing upon the desirability of a hearing on the matter, the reason
for the request, and the issues contested. Persons who wish to be
notified of a hearing may request notification by writing to the
Commission's Secretary.

ADDRESSES:  Secretary, U.S. Securities and Exchange Commission, 100 F
Street NE., Washington, DC 20549-1090; Applicants, 1200 Prospect
Street, Suite 400, La Jolla, CA 92037.

FOR FURTHER INFORMATION CONTACT:  Kieran G. Brown, Senior Counsel, at
(202) 551-6773 or James M. Curtis, Branch Chief, at<PHONE_NUMBER>

(Division of Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION:  The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or an applicant
using the Company name box, at http://www.sec.gov/search/search.htm or
by calling<PHONE_NUMBER>.

Applicants' Representations

    1. The Fund is a continuously offered closed-end management
investment company registered under the Act and organized as a Delaware
statutory trust. The Fund currently serves as the master fund in a
master-feeder structure with one feeder fund.\1\ If the requested
relief is granted, the feeder fund will be dissolved promptly and the
Fund will no longer operate within a master-feeder structure.\2\ The
Fund's investment objective is to seek to generate consistent, total
returns while minimizing the risk of loss. The Fund intends to pursue
its investment objective by investing primarily in debt and equity
securities, loans, trade claims and derivative instruments of leveraged
or financially distressed companies. In addition, the Fund will
typically take long and short positions in securities, loans and
derivatives.
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    \1\ The feeder fund is Ramius Archview Credit and Distressed
Feeder Fund.
    \2\ In accordance with the organizational documents of the
feeder fund and Delaware statutory trust law, no shareholder vote is
required to liquidate and dissolve the feeder fund.
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    2. The Adviser, a Delaware limited liability company, is registered
as an investment adviser under the Investment Advisers Act of 1940
(``Advisers Act''). The Adviser serves as investment adviser to the
Fund. Foreside Fund Services, LLC, a broker-dealer registered under the
Securities Exchange Act of 1934 (``1934 Act''), acts as the distributor
of the Fund.
    3. The Fund continuously offers its Shares \3\ to investors that
represent that they are ``qualified clients'' within the meaning of
Rule 205-3 under the Advisers Act (``Qualified Clients''). Shares of
the Fund are not listed on any securities exchange and do not trade on
an over-the-counter system such as NASDAQ. Applicants do not expect
that any secondary market will develop for the Shares.
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    \3\ ``Shares'' includes any other equivalent designation of a
proportionate ownership interest of the Fund.
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    4. The Fund currently offers a single class of Shares (the
``Initial Class'') at net asset value per share without a sales load
and without an annual asset-based service and/or distribution fee. The
Fund proposes to issue multiple classes of Shares and specifically
proposes to offer a new Share class (the ``New Class''): (1) Only to
Qualified Clients; (2) at net asset value plus a front-end sales load
of up to 3%; and (3) subject to an annual distribution/shareholder fee
of 0.75%. The front-end sales load and annual distribution/shareholder
servicing fee to be charged to the New Class Shares will be the same as
those currently charged to the feeder fund Shares. The Fund intends to
continue to offer Initial Class Shares, without a sales load and
without a service and/or distribution fee.
    5. In order to provide a limited degree of liquidity to
shareholders, the Fund may from time to time offer to repurchase
Shares, in an amount not to exceed 25% of the Fund's net asset value,
at their then current net asset value in accordance with rule 13e-4
under the 1934 Act pursuant to written tenders by shareholders.\4\
Repurchases will be made at such times, in such amounts and on such
terms as may be determined by the Fund's board of trustees (``Board''),
in its sole discretion.\5\ Repurchases will not commence for at least
six months following the date of the initial closing for subscriptions
for Shares. Following such date, the Adviser will recommend to the
Board (subject to its discretion) that the Fund offer to repurchase
Shares from shareholders on a quarterly basis.
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    \4\ Likewise, the feeder fund's repurchase offers are conducted
pursuant to rule 13e-4 under the 1934 Act.
    \5\ Shares are subject to an Early Repurchase Fee at a rate of
2% of the net asset value of any Shares repurchased by the Fund that
were held for less than one year. The Early Repurchase Fee will
equally apply to all shareholders of the Fund, regardless of class,
consistent with section 18 of the Act and rule 18f-3 under the Act.
To the extent the Fund determines to waive, impose scheduled
variations of, or eliminate the Early Repurchase Fee, it will do so
consistently with the requirements of rule 22d-1 under the Act as if
the Early Repurchase Fee were a CDSC and as if the Fund were an
open-end investment company, and the Fund's waiver of, scheduled
variation in, or elimination of, the Early Repurchase Fee will apply
uniformly to all shareholders of the Fund.
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    6. Applicants request that the order also apply to any other
continuously offered registered closed-end management investment
company existing now or in the future for which the Adviser or any
entity controlling, controlled by, or under common control with the
Adviser acts as investment adviser and which provides periodic
liquidity with respect to its Shares through tender offers conducted in
compliance with rule 13e-4 under the 1934 Act.\6\
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    \6\ The Fund and any other investment company relying on the
requested relief will do so in a manner consistent with the terms
and conditions of the application. Applicants represent that any
person presently intending to rely on the requested relief is listed
as an applicant.
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    7. Applicants represent that any asset-based service and/or
distribution fees will comply with the provisions of rule 2830(d) of
the Conduct Rules of the National Association of Securities Dealers,
Inc. (``NASD Conduct Rule 2830'') as if that rule applied to the
Fund.\7\ Applicants also represent that the Fund will disclose in its
prospectus, the fees, expenses and other characteristics of each class
of Shares offered for sale by the prospectus as is required for open-
end multiple class funds under Form N-1A. As is required for open-end
funds, the Fund will disclose its expenses in shareholder reports, and
disclose any arrangements that result in breakpoints in or elimination
of sales loads in its prospectus.\8\ The Fund will also comply with any
requirements that may be adopted by the Commission or FINRA regarding
disclosure at the point of sale and in transaction confirmations about
the costs and conflicts of interest arising out of the distribution of
open-end investment company shares, and regarding prospectus disclosure
of sales loads and revenue sharing arrangements as if those
requirements applied to the Fund and the Distributor.\9\ The Fund will
contractually require that the Distributor and any other distributor of
the Fund's Shares comply with such requirements in connection with the
distribution of Shares of the Fund.
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    \7\ All references to NASD Conduct Rule 2830 include any
successor or replacement rule that may be adopted by the Financial
Industry Regulatory Authority (``FINRA'').
    \8\ See Shareholder Reports and Quarterly Portfolio Disclosure
of Registered Management Investment Companies, Investment Company
Act Release No. 26372 (Feb. 27, 2004) (adopting release) (requiring
open-end investment companies to disclose fund expenses in
shareholder reports); and Disclosure of Breakpoint Discounts by
Mutual Funds, Investment Company Act Release No. 26464 (June 7,
2004) (adopting release) (requiring open-end investment companies to
provide prospectus disclosure of certain sales load information).
    \9\ See, e.g., Confirmation Requirements and Point of Sale
Disclosure Requirements for Transactions and Certain Mutual Funds
and Other Securities, and Other Confirmation Requirement Amendments,
and Amendments to the Registration Form for Mutual Funds, Investment
Company Act Release No. 26341 (Jan. 29, 2004) (proposing release).
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    8. The Fund will allocate all expenses incurred by it among the
various classes of Shares based on the net assets of the Fund
attributable to each class, except that the net asset value and
expenses of each class will reflect distribution fees, service fees,
and any other incremental expenses of that class. Expenses of the Fund
allocated to a particular class of Shares will be borne on a pro rata
basis

by each outstanding Share of that class. Applicants state that the Fund
will comply with the provisions of rule 18f-3 under the Act as if it
were an open-end investment company.
    9. In the event the Fund imposes a CDSC, the applicants will comply
with the provisions of rule 6c-10 under the Act, as if that rule
applied to closed-end management investment companies. With respect to
any waiver of, scheduled variation in, or elimination of the CDSC, the
Fund will comply with rule 22d-1 under the Act as if the Fund were an
open-end investment company.

Applicants' Legal Analysis

Multiple Classes of Shares

    1. Section 18(c) of the Act provides, in relevant part, that a
closed-end investment company may not issue or sell any senior security
if, immediately thereafter, the company has outstanding more than one
class of senior security. Applicants state that the creation of
multiple classes of Shares of the Fund may be prohibited by section
18(c).
    2. Section 18(i) of the Act provides that each share of stock
issued by a registered management investment company will be a voting
stock and have equal voting rights with every other outstanding voting
stock. Applicants state that permitting multiple classes of Shares of
the Fund may violate section 18(i) of the Act because each class would
be entitled to exclusive voting rights with respect to matters solely
related to that class.
    3. Section 6(c) of the Act provides that the Commission may exempt
any person, security or transaction or any class or classes of persons,
securities or transactions from any provision of the Act, or from any
rule under the Act, if and to the extent such exemption is necessary or
appropriate in the public interest and consistent with the protection
of investors and the purposes fairly intended by the policy and
provisions of the Act. Applicants request an exemption under section
6(c) from sections 18(c) and 18(i) to permit the Fund to issue multiple
classes of Shares.
    4. Applicants submit that the proposed allocation of expenses and
voting rights among multiple classes is equitable and will not
discriminate against any group or class of shareholders. Applicants
submit that the proposed arrangements would permit the Fund to
facilitate the distribution of its Shares and provide investors with a
broader choice of shareholder options. Applicants assert that the
proposed closed-end investment company multiple class structure does
not raise the concerns underlying section 18 of the Act to any greater
degree than open-end investment companies' multiple class structures
that are permitted by rule 18f-3 under the Act. Applicants state that
the Fund will comply with the provisions of rule 18f-3 as if it were an
open-end investment company.

 CDSCs

    Applicants believe that the requested relief meets the standards of
section 6(c) of the Act. Rule 6c-10 under the Act permits open-end
investment companies to impose CDSCs, subject to certain conditions.
Applicants state that any CDSC imposed by the Fund will comply with
rule 6c-10 under the Act as if the rule were applicable to closed-end
investment companies. The Fund also will disclose CDSCs in accordance
with the requirements of Form N-1A concerning CDSCs as if the Fund were
an open-end investment company. Applicants further state that the Fund
will apply the CDSC (and any waivers, scheduled variations or
eliminations of the CDSC) uniformly to all shareholders in a given
class and consistently with the requirements of rule 22d-1 under the
Act.

Asset-Based Service and/or Distribution Fees

    1. Section 17(d) of the Act and rule 17d-1 under the Act prohibit
an affiliated person of a registered investment company or an
affiliated person of such person, acting as principal, from
participating in or effecting any transaction in connection with any
joint enterprise or joint arrangement in which the investment company
participates unless the Commission issues an order permitting the
transaction. In reviewing applications submitted under section 17(d)
and rule 17d-1, the Commission considers whether the participation of
the investment company in a joint enterprise or joint arrangement is
consistent with the provisions, policies and purposes of the Act, and
the extent to which the participation is on a basis different from or
less advantageous than that of other participants.
    2. Rule 17d-3 under the Act provides an exemption from section
17(d) and rule 17d-1 to permit open-end investment companies to enter
into distribution arrangements pursuant to rule 12b-1 under the Act.
Applicants request an order under section 17(d) and rule 17d-1 under
the Act to permit the Fund to impose asset-based service and/or
distribution fees. Applicants have agreed to comply with rules 12b-1
and 17d-3 as if those rules applied to closed-end investment companies.

Applicants' Condition

    The applicants agree that any order granting the requested relief
will be subject to the following condition:
    Applicants will comply with the provisions of rules 6c-10, 12b-1,
17d-3, 18f-3 and 22d-1 under the Act, as amended from time to time or
replaced, as if those rules applied to closed-end management investment
companies, and will comply with NASD Conduct Rule 2830, as amended from
time to time, as if that rule applied to all closed-end management
investment companies.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-13717 Filed 6-9-16; 8:45 am]
 BILLING CODE P


[Federal Register Volume 79, Number 174 (Tuesday, September 9, 2014)]
[Notices]
[Page 53506]
[FR Doc No: 2014-21457]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Agency Information Collection Activities: Requests for Comments;
Clearance of Renewed Approval of Information Collection: Special
Awareness Training for the Washington DC Metropolitan Area

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice and request for comments.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, FAA
invites public comments about our intention to request the Office of
Management and Budget (OMB) approval to renew an information
collection. This collection of information is required of persons who
must receive training and testing under 14 CFR 91.161 in order to fly
within 60 nautical miles (NM) of the Washington, DC omni-directional
range/distance measuring equipment (DCA VOR/DME).

DATES: Written comments should be submitted by November 10, 2014.

FOR FURTHER INFORMATION CONTACT: Kathy DePaepe at<PHONE_NUMBER>, or by
email at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:
    OMB Control Number: 2120-0734.
    Title: Special Awareness Training for the Washington DC
Metropolitan Area
    Form Numbers: There are no FAA forms associated with this
collection.
    Type of Review: Renewal of an information collection.
    Background: The final rule containing this information collection
requirement was published on August 12, 2008 (73 FR 46797). The
collection of information is solicited by the FAA in order to maintain
a National database registry for those persons who are required to
receive training and be tested for flying in the airspace that is
within 60 NM of the DCA VOR/DME. This National database registry
provides the FAA with information on how many persons and the names of
those who have completed this training.
    Respondents: Approximately 366 pilots.
    Frequency: Information is collected on occasion.
    Estimated Average Burden per Response: 1 hour.
    Estimated Total Annual Burden: 122 hours.

ADDRESSES: Send comments to the FAA at the following address: Ms. Kathy
DePaepe, Room 126B, Federal Aviation Administration, ASP-110, 6500 S.
MacArthur Blvd., Oklahoma City, OK 73169.
    Public Comments Invited: You are asked to comment on any aspect of
this information collection, including (a) Whether the proposed
collection of information is necessary for FAA's performance; (b) the
accuracy of the estimated burden; (c) ways for FAA to enhance the
quality, utility and clarity of the information collection; and (d)
ways that the burden could be minimized without reducing the quality of
the collected information. The agency will summarize and/or include
your comments in the request for OMB's clearance of this information
collection.

    Issued in Washington, DC, on September 3, 2014.
Albert R. Spence,
FAA Assistant Information Collection Clearance Officer, IT Enterprises
Business Services Division, ASP-110.
[FR Doc. 2014-21457 Filed 9-8-14; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 82, Number 141 (Tuesday, July 25, 2017)]
[Notices]
[Pages 34570-34571]
[FR Doc No: 2017-15567]

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DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[U.S. DOT Docket No. NHTSA-2017-0049]

Reports, Forms, and Record Keeping Requirements

AGENCY: National Highway Traffic Safety Administration (NHTSA), DOT.

ACTION: Request for public comment on proposed collection of
information.

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SUMMARY: Before a Federal agency can collect certain information from
the public, it must receive approval from the Office of Management and
Budget (OMB). Under procedures established by the Paperwork Reduction
Act of 1995, before seeking OMB approval, Federal agencies must solicit
public comment on proposed collections of information, including
extensions and reinstatements of previously approved collections. This
document describes an Information Collection Request (ICR) for which
NHTSA intends to seek OMB approval.

DATES: Comments must be submitted on or before September 25, 2017.

ADDRESSES: You may submit comments identified by DOT Docket ID Number
NHTSA-2017-0049 using any of the following methods:
    Electronic Submissions: Go to http://www.regulations.gov. Follow
the on-line instructions for submitting comments.
    Mail: Docket Management Facility, M-30, U.S. Department of
Transportation, 1200 New Jersey Avenue SE., West Building Ground Floor,
Room W12-140, Washington, DC 20590.
    Hand Delivery: West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
    Fax: 1-202-493-2251.
    Instructions: Each submission must include the Agency name and the
Docket number for this Notice. Note that all comments received will be
posted without change to http://www.regulations.gov including any
personal information provided.

FOR FURTHER INFORMATION CONTACT: Randolph Atkins, Ph.D., Contracting
Officer's Representative, Office of Behavioral Safety Research (NPD-
310), National Highway Traffic Safety Administration, 1200 New Jersey
Ave. SE., W46-500, Washington, DC 20590. Dr. Atkins' phone number is
202-366-5597 and his email address is<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:
    Under the Paperwork Reduction Act of 1995, before an agency submits
a proposed collection of information to OMB for approval, it must
publish a document in the Federal Register providing a 60-day comment
period and otherwise consult with members of the public and affected
agencies concerning each proposed collection of information. The OMB
has promulgated regulations describing what must be included in such a
document. Under OMB's regulations (at 5 CFR 1320.8(d)), an agency must
ask for public comment on the following:
    (i) Whether the proposed collection of information is necessary for
the proper performance of the functions of the agency, including
whether the information will have practical utility;
    (ii) The accuracy of the agency's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used;
    (iii) How to enhance the quality, utility, and clarity of the
information to be collected; and
    (iv) How to minimize the burden of the collection of information on
those who are to respond, including the use of appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., permitting electronic
submission of responses.
    In compliance with these requirements, NHTSA asks for public
comment on the following proposed collection of information:
    Title: Effectiveness of State Law Enforcement Liaison Programs.
    Type of Request: New information collection request.
    OMB Clearance Number: None.
    Form Numbers: NHTSA Form 1408 and NHTSA Form 1409.
    Requested Expiration Date of Approval: 3 years from date of
approval.
    Summary of the Collection of Information: The National Highway
Traffic Safety Administration (NHTSA) proposes to collect information
from the State's Law Enforcement Liaisons (LELs) and a selection of
their State and sponsoring agency sponsors about the State's LEL
program activities in promoting NHTSA's traffic safety programs and
initiatives. Participation in the study will be voluntary. The LELs and
their State and sponsoring agency sponsors will be asked to participate
in an online Web site-based survey designed to identify their program
characteristics, costs, and State-recommended program practices. The
following data will be collected: Number of LELs, program structure and
organization, job description, program objectives, reporting
requirements, performance monitoring practices, program costs,
communication networks, reported usefulness of specific program
practices, site and conference attendance practices, and public
outreach activities. The estimated time to complete the web-based
surveys will be 45 minutes. No personally identifiable information will
be used in analysis. The results from the

surveys will be reported in aggregate and not identify individuals.
    Description of the Need for the Information and Proposed Use of the
Information: NHTSA was established to reduce the number of deaths,
injuries, and economic losses resulting from motor vehicle crashes on
the nations' highways. As part of this statutory mandate, NHTSA is
authorized to conduct research as a foundation for the development of
motor vehicle standards and traffic safety programs. In support of this
mission, NHTSA proposes to collect information from LELs and their
State and/or sponsoring agency sponsors to improve NHTSA's
understanding of LEL programs in the United States and to evaluate the
programmatic and cost effectiveness of existing LEL approaches. Study
outcomes will be used to inform funding agencies and LEL programs about
LEL best practices and what is required to maintain maximum LEL program
effectiveness. The information will support States and other agencies
and organizations in their efforts to reduce and prevent injuries among
the motoring public through the use of traffic safety programs promoted
by the LELs.
    Description of the Likely Respondents (Including Estimated Number,
and Proposed Frequency of Response to the Collection of Information):
NHTSA proposes to conduct two one-time surveys. The first survey will
include the approximately 240 LELs across the country. The second
survey will include the sponsoring agencies from the 49 States that use
LELs, either State Highway Safety Office (SHSO) or other sponsoring
agency personnel that supervise the LELs. Potential participants will
be sent an advance letter to inform them of the survey and how to
access the questionnaire along with a request for their participation.
Both surveys will be administered using an online survey format.
    Estimate of the Total Annual Reporting and Record Keeping Burden
Resulting From the Collection of Information: Each of the approximately
240 LELs and the LEL supervisors from the 49 sponsoring agencies will
take the a single web-based online survey, which will take
approximately 45 minutes to complete. Data collection is expected to
take place over a 2 month period of time in the spring of 2018. The
estimated annual burden is approximately 217 total hours for both
surveys combined. The participants will not incur any record keeping
burden nor record keeping cost from the information collection.

    Authority:  44 U.S.C. Section 3506(c)(2)(A).

    Issued in Washington, DC, on July 20, 2017.
Jeff Michael,
Associate Administrator, Research and Program Development.
[FR Doc. 2017-15567 Filed 7-24-17; 8:45 am]
 BILLING CODE 4910-59-P


[Federal Register Volume 88, Number 247 (Wednesday, December 27, 2023)]
[Notices]
[Pages 89446-89447]
[FR Doc No: 2023-28557]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2023-0075; FRL-11533-01-OCSPP]

Product Cancellation Order for Certain Pesticide Registrations

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: This notice announces EPA's order for the cancellations,
voluntarily requested by the registrants and accepted by the Agency, of
the products listed in Table 1 of Unit II, pursuant to the Federal
Insecticide, Fungicide, and Rodenticide Act (FIFRA). This cancellation
order follows an April 24, 2023, Federal Register Notice of Receipt of
Requests from the registrants listed in Table 2 of Unit II, to
voluntarily cancel these product registrations. In the April 24, 2023,
notice, EPA indicated that it would issue an order implementing the
cancellations, unless the Agency received substantive comments within
the 180-day comment period that would merit its further review of these
requests, or unless the registrants withdrew their requests. The Agency
received one general comment on the notice, but none merited its
further review of the requests. Further, the registrants did not
withdraw their requests. Accordingly, EPA hereby issues in this notice
a cancellation order granting the requested cancellations. Any
distribution, sale, or use of the products subject to this cancellation
order is permitted only in accordance with the terms of this order,
including any existing stocks provisions.

DATES: The cancellations are effective December 27, 2023.

FOR FURTHER INFORMATION CONTACT: Christopher Green, Registration
Division (7505T), Office of Pesticide Programs, Environmental
Protection Agency, 1200 Pennsylvania Ave. NW, Washington, DC 20460-
0001; telephone number:<PHONE_NUMBER>; email address:
[email protected].

SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this action apply to me?

    This action is directed to the public in general and may be of
interest to a wide range of stakeholders including environmental, human
health, and agricultural advocates; the chemical industry; pesticide
users; and members of the public interested in the sale, distribution,
or use of pesticides. Since others also may be interested, the Agency
has not attempted to describe all the specific entities that may be
affected by this action.

B. How can I get copies of this document and other related information?

    The docket for this action, identified by docket identification
(ID) number EPA-HQ-OPP-2023-0075, is available at https://www.regulations.gov or at the Office of Pesticide Programs Regulatory
Public Docket (OPP Docket) in the Environmental Protection Agency
Docket Center (EPA/DC), West William Jefferson Clinton Bldg., Rm. 3334,
1301 Constitution Ave. NW, Washington, DC 20460-0001. The 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 Public
Reading Room is<PHONE_NUMBER>, and the telephone number for the OPP
Docket is<PHONE_NUMBER>. Please review the visitor instructions and
additional information about the docket available at https://www.epa.gov/dockets.

II. What action is the agency taking?

    This notice announces the cancellation, as requested by
registrants, of products registered under FIFRA section 3 (7 U.S.C.
136a). These registrations are listed in sequence by registration
number in Table 1 of this unit.

                                         Table 1--Product Cancellations
----------------------------------------------------------------------------------------------------------------
           Registration No.              Company No.           Product name               Active ingredients
----------------------------------------------------------------------------------------------------------------
264-328..............................             264  Sevin Brand 80% Dust Base...  Carbaryl (056801/63-25-2)--
                                                                                (80%).
432-885..............................             432  Sevin Brand Granular          Carbaryl (056801/63-25-2)--
                                                        Carbaryl Insecticide.         (7%).
432-1213.............................             432  Sevin Granules (1% Sevin)     Carbaryl (056801/63-25-2)--
                                                        Ant, Flea, Tick & Grub        (1%).
                                                        Killer.
432-1226.............................             432  Sevin 80 WSP Carbaryl         Carbaryl (056801/63-25-2)--
                                                        Insecticide.                  (80%).
----------------------------------------------------------------------------------------------------------------

    The registrants of the products listed in Table 1 of Unit II, have
requested 18-months after cancellation to sell existing stocks.
    Table 2 of this unit includes the names and addresses of record for
all registrants of the products in Table 1 of this unit, in sequence by
EPA company number. This number corresponds to the first part of the
EPA registration numbers of the products listed in Table 1 of this
unit.

               Table 2--Registrants of Cancelled Products
------------------------------------------------------------------------
              EPA company No.                 Company name and address
------------------------------------------------------------------------
264.......................................  Bayer CropScience, LP, Agent
                                             Name: Bayer CropScience,
                                             LLC, 801 Pennsylvania
                                             Avenue, Suite 900,
                                             Washington, DC 20004
432.......................................  Bayer Environmental Science,
                                             A Division of Bayer
                                             CropScience, LP, 700
                                             Chesterfield Parkway West,
                                             Chesterfield, MO 63017
------------------------------------------------------------------------

III. Summary of Public Comments Received and Agency Response to
Comments

    The agency received one general comment regarding pesticides in
general, not pertaining to any specific registrations in the notice,
which EPA acknowledges. For this reason, the Agency does not believe
that the comments submitted during the comment period merit further
review or a denial of the requests for voluntary cancellation.

IV. Cancellation Order

    Pursuant to FIFRA section 6(f) (7 U.S.C. 136d(f)), EPA hereby
approves the requested cancellations of the registrations identified in
Table 1 of Unit II. Accordingly, the Agency hereby orders that the
product registrations identified in Table 1 of Unit II, are canceled.
The effective date of the cancellations that are the subject of this
notice is December 27, 2023. Any distribution, sale, or use of existing
stocks of the products identified in Table 1 of Unit II, in a manner
inconsistent with any of the provisions for disposition of existing
stocks set forth in Unit VI, will be a violation of FIFRA.

V. What is the Agency's authority for taking this action?

    Section 6(f)(1) of FIFRA (7 U.S.C. 136d(f)(1)) provides that a
registrant of a pesticide product may at any time request that any of
its pesticide registrations be canceled or amended to terminate one or
more uses. FIFRA further provides that, before acting on the request,
EPA must publish a notice of receipt of any such request in the Federal
Register. Thereafter, following the public comment period, the EPA
Administrator may approve such a request. The notice of receipt for
this action was published for comment in the Federal Register of April
24, 2023 (88 FR 24790) (FRL-10887-01-OCSPP). The comment period closed
on October 23, 2023.

VI. Provisions for Disposition of Existing Stocks

    Existing stocks are those stocks of registered pesticide products
which are currently in the United States, and which were packaged,
labeled, and released for shipment prior to the effective date of the
cancellation action. The existing stocks provisions for the products
subject to this order are as follows.

For: 264-328, 432-885, 432-1213, and 432-1226

    For 264-328, 432-885, 432-1213, and 432-1226, listed in Table 1 of
Unit II, the registrants have requested 18-months after cancellation to
sell existing stocks. The registrants may continue to sell and
distribute existing stocks of the products listed in Table 1 of Unit
II, until June 27, 2025, a period of 18 months after publication of the
cancellation order in this Federal Register. Thereafter, registrants
will be prohibited from selling or distributing the pesticides
identified in Table 1 of Unit II, except for export in accordance with
FIFRA section 17 (7 U.S.C. 136o), or proper disposal. Persons other
than the registrants may sell, distribute, or use existing stocks of
products listed in Table 1 of Unit II, until existing stocks are
exhausted, provided that such sale, distribution, or use is consistent
with the terms of the previously approved labeling on, or that
accompanied, the canceled products.
    Authority: 7 U.S.C. 136 et seq.

    Dated: December 21, 2023.
Charles Smith,
Director, Registration Division, Office of Pesticide Programs.
[FR Doc. 2023-28557 Filed 12-26-23; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: October 6, 2006 (Volume 71, Number 194)]
[Notices]
[Page 59179-59184]
[DOCID:fr06oc06-108]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54549; File No. SR-NYSEArca-2006-59]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Order Granting Accelerated Approval to a Proposed Rule Change and
Amendment No. 1 Thereto Relating To Adoption of Regulation NMS

September 29, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 14, 2006, NYSE Arca, Inc., through its wholly owned
subsidiary NYSE Arca Equities, Inc. (``NYSE Arca'' or the
``Exchange''), filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \3\ and Rule 19b-4 thereunder,\4\ a
proposed rule change to amend its rules to conform them to the
requirements of Regulation NMS under the Act (``Regulation NMS'').\5\
On September 29, 2006, the Exchange filed Amendment No. 1 to the
proposed rule change.\6\ The proposed rule change, as amended, is
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, as amended, from interested
persons and is approving the proposal on an accelerated basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(1).
    \4\ 17 CFR 240.19b-4.
    \5\ 17 CFR 242.600 et seq.
    \6\ See Form 19b-4 dated September 28, 2006 (``Amendment No.
1''). Amendment No. 1 replaces and supersedes the original filing in
its entirety.
---------------------------------------------------------------------------

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

    NYSE Arca proposes to amend its rules to conform them to the
requirements of the Commission's Regulation NMS,\7\ including Rule 611
of Regulation NMS and Rule 610 of Regulation NMS. In addition, the
Exchange proposes the adoption of other Regulation NMS order types, to
utilize Regulation NMS terms, for example, ``Protected Bid,''
``Protected Offer'' and ``Protected Quotation,'' and to add an
additional term, ``Protected Best Bid and Offer'' (``PBBO''), which
mirrors the concept of the NBBO for Protected Quotes. Finally, the
Exchange proposes that this rule filing shall become effective on
February 5, 2007, the Trading Phase Date under Regulation NMS.\8\ The
text of the proposed rule change is available at the Commission's
Public Reference Room, at the Exchange, and on the Exchange's Web site
at http://www.nysearca.com.

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

    \7\ 17 CFR 242.600, et seq.
    \8\ The date the Commission has set for automated trading
centers to be in compliance with Rule 611 of Regulation NMS is
February 5, 2007 (``Trading Phase Date''). See Securities Exchange
Act Release No. 53829 (May 18, 2006), 71 FR 30038 (May 24, 2006).
---------------------------------------------------------------------------

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

    In its filing with the Commission, NYSE Arca included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change, as
amended. The text of these statements may be examined at the places
specified in Item III below. NYSE Arca has prepared summaries, set
forth in Sections A, B, and C below, of the most significant aspects of
such statements.

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

1. Purpose
    NYSE Arca is submitting this rule change to bring its rules into
conformity with Regulation NMS.\9\ NYSE Arca proposes revisions to and
the adoption of certain definitions to conform its rules to Regulation
NMS. In addition, Rule 611 of Regulation NMS requires the Exchange to
adopt certain order types that the Exchange proposes to begin utilizing
upon the Trading Phase Date.
---------------------------------------------------------------------------

    \9\ On June 9, 2005, the Commission issued its Regulation NMS
Release. See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37495 (June 29, 2005). Regulation NMS adopted, among
other things, the Order Protection Rule, requiring trading centers
to establish, maintain and enforce written policies and procedures
reasonably designed to prevent the execution of trades at prices
inferior to protected quotations displayed by automated trading
centers, subject to applicable exceptions. Regulation NMS also
adopted an Access Rule, which: requires fair and non-discriminatory
access to quotations; establishes a limit on access fees to
harmonize the pricing of quotations across different trading
centers; and requires NYSE Arca to adopt, maintain and enforce
written rules that prohibit its members from engaging in a pattern
or practice of displaying any quotations that lock or cross
protected quotations disseminated pursuant to an effective National
Market System Plan (``NMS Plan'').
---------------------------------------------------------------------------

a. Trading Features of NYSE Arca and Rule 611 of Regulation NMS
    NYSE Arca proposes to adopt certain trading features to conform to
Regulation NMS requirements, including:
i. Quotations and Other Regulation NMS Definitions
    The Exchange proposes to adopt certain Regulation NMS definitions
for quotations such as ``Protected Bid,'' ``Protected Offer,'' ``Best
Protected Bid,'' ``Best Protected Offer,'' and ``Protected Quotation.''
\10\ The Exchange also proposes to add the definition of ``Protected
Best Bid and Offer'' (``PBBO'') \11\ to distinguish Protected NBBO
quotes in order to satisfy Rule 611 of Regulation NMS. The terms
``Protected Bid,'' \12\ ``Protected Offer'' \13\ and ``Protected
Quotation'' \14\ refer to automated quotations in NMS securities \15\
that are displayed by ``Trading Centers,'' disseminated pursuant to an
effective national market system plan, and which are the best bid,
offer or both bid and offer, respectively, of a national securities
exchange or a national securities association.\16\ The terms ``Best
Protected Bid,'' ``Best Protected Offer'' will replace the references
to the national best bid and national best offer for all automated
quotations, and ``Protected Best Bid and Offer'' (``PBBO'') \17\ will
replace the references to the NBBO for all automated quotations.
---------------------------------------------------------------------------

    \10\ See proposed NYSE Arca Rule 1.1(dd).
    \11\ See proposed NYSE Arca Rule 1.1(eee).
    \12\ 17 CFR 242.600(b)(57).
    \13\ 17 CFR 242.600(b)(57).
    \14\ 17 CFR 242.600(b)(58).
    \15\ As defined in Rule 600(b)(3) of Regulation NMS. 17 CFR
242.600(b)(3).
    \16\ See proposed NYSE Arca Rule 1.1(eee).
    \17\ See proposed NYSE Arca Rule 1.1(dd).
---------------------------------------------------------------------------

    The Exchange will also utilize the terms ``Automated Trading
Center,'' \18\ ``Automated Quotation,'' \19\ and ``Manual Quotation''
\20\ as defined by Regulation NMS.\21\ A ``Trading Center'' includes
not only Exchange and SRO trading facilities, but also Automated
Trading Systems, exchange and OTC Market Makers and any other broker/
dealer that internalizes or crosses orders.\22\
---------------------------------------------------------------------------

    \18\ 17 CFR 242.600(b)(4).
    \19\ 17 CFR 242.600(b)(3).
    \20\ 17 CFR 242.600(b)(37).
    \21\ See proposed NYSE Arca Rule 1(eee).
    \22\ See proposed NYSE Arca Rule 1.1(ggg).
---------------------------------------------------------------------------

    The Exchange also proposes other Regulation NMS terms including
``Effective National Market System Plan,'' and ``Regular Trading
Hours,'' \23\ both of which terms shall have the meanings set forth in
Rule 600(b) of Regulation NMS, and ``Trade-Through,'' \24\ which shall
mean the

purchase or sale of an NMS stock during regular trading hours, either
as principal or agent, at a price that is lower than a Protected Bid or
higher than a Protected Offer.
---------------------------------------------------------------------------

    \23\ See proposed NYSE Arca Rule 1.1(hhh).
    \24\ See proposed NYSE Arca Rule 1.1(fff).
---------------------------------------------------------------------------

ii. Order Routing
    Consistent with the adoption of the Order Protection Rule, NYSE
Arca proposes to clarify how certain of its existing order types will
function in the Regulation NMS environment, including the Limit, Inside
Limit, Market, Cross, and Q Orders, as explained further below. The
Exchange also proposes additional clarity on how Auction functions will
work within the Regulation NMS environment. For Inside Limit, Pegged
and Market orders, the rules will continue to provide that they shall
not be executed outside of the NBBO.\25\
---------------------------------------------------------------------------

    \25\ See NYSE Arca Rules 7.31(a), (d) and (cc).
---------------------------------------------------------------------------

Limit Orders
    Limit Orders, Reserve Limit Orders, and Discretion Limit Orders,
will be routed to Protected Quotations, but not to Manual Quotations.
These limit orders may lock, cross, and trade-through a Manual
Quotation without a requirement to route away.\26\
---------------------------------------------------------------------------

    \26\ See proposed NYSE Arca Rule 7.31(b)(1); proposed NYSE Arca
Rule 7.31(h)(3)(C); and proposed NYSE Arca Rule 7.31(h)(2)(B).
---------------------------------------------------------------------------

    Post No Preference (``PNP'') Orders and PNP Directed Orders will
never route away and will be posted in the NYSE Arca book if partially
executed on the Exchange. PNP Orders may lock, cross or trade-through a
Manual Quotation without a requirement to route.\27\
---------------------------------------------------------------------------

    \27\ See proposed NYSE Arca Rule 7.31(w).
---------------------------------------------------------------------------

    Immediate or Cancel (``IOC'') Orders will never route away. IOC
Orders will be permitted to trade-through a Manual Quotation.\28\
---------------------------------------------------------------------------

    \28\ See proposed NYSE Arca Rule 7.31(e)(3).
---------------------------------------------------------------------------

    NOW Orders if routed away will be routed to Protected
Quotations.\29\ When eligible, Pegged Limit Orders will be routed to
Protected Quotations and Manual Quotations representing (and pegged off
of) the NBBO.\30\
---------------------------------------------------------------------------

    \29\ See proposed NYSE Arca Rule 7.31(v).
    \30\ See proposed NYSE Arca Rule 7.37.
---------------------------------------------------------------------------

    Intermarket Sweep Orders with an Immediate-or-Cancel designation
(``ISO IOC'') and ISO Post no Preference (``ISO PNP'') Limit Orders
will never be routed to either an Automated or Manual Quotation and may
lock, cross and trade-through both Manual Quotations and Protected
Quotations without routing if the User has complied with proposed NYSE
Arca Rule 7.37(e)(3)(C).\31\ These orders will require specific tape
indicators if executed under the exemptions provided in Rule 611(b) of
Regulation NMS.
---------------------------------------------------------------------------

    \31\ See proposed NYSE Arca Rule 7.37(g)(2) and Proposed NYSE
Arca Rule 7.31(w).
---------------------------------------------------------------------------

Inside Limit Orders
    Inside Limit and Pegged Orders will be routed to Protected
Quotations representing the NBBO.\32\ PNP Inside Limit and IOC Inside
Limit Orders will never be routed to either Automated or Manual
Quotations. PNP Inside Limit Orders, however, cannot lock or cross
Manual Quotations.\33\ NOW Inside Limit Orders will be routed to
Protected Quotations.\34\
---------------------------------------------------------------------------

    \32\ See proposed NYSE Arca Rule 7.37(d)(2)(A).
    \33\ See proposed NYSE Arca Rule 7.31(w).
    \34\ See proposed NYSE Arca Rule 7.31(v).
---------------------------------------------------------------------------

Market Orders
    When eligible, Market Orders will be routed to both Automated and
Manual Quotations.\35\
---------------------------------------------------------------------------

    \35\ See proposed NYSE Arca Rule 7.37(d)(2)(A).
---------------------------------------------------------------------------

Cross Orders
    Cross Orders, including Cross and Post Orders, will be routed to a
Protected Quotation if needed,\36\ but each will be identified as an
ISO IOC sent to the Protected Quotation market.\37\ A Cross Order may
trade-through a Manual Quotation without routing.\38\ A Cross and Post
Order may lock and cross Manual Quotations, and may trade-through
Manual Quotations.\39\ Unless marked ISO, however, the Cross Order and
the Cross and Post Orders may not trade-through Protected
Quotations.\40\ PNP and IOC Crosses may trade-through Manual
Quotations.\41\
---------------------------------------------------------------------------

    \36\ See proposed NYSE Arca Rule 7.31(s)(2).
    \37\ See proposed NYSE Arca Rule 7.31(s)(6).
    \38\ See proposed NYSE Arca Rule 7.31(s).
    \39\ See proposed NYSE Arca Rule 7.31(s)(3).
    \40\ See proposed NYSE Arca Rule 7.31(s)(3) and (4).
    \41\ See proposed NYSE Arca Rule 7.31(s)(4).
---------------------------------------------------------------------------

Q Orders
    All Q Orders will never be routed, but each may lock, cross and
trade-through Manual Quotations.\42\
---------------------------------------------------------------------------

    \42\ See proposed NYSE Arca Rule 7.31(k).
---------------------------------------------------------------------------

iii. New Limit Order Types
    The Exchange proposes to add new order types that will be
consistent with Regulation NMS. The new order types are ``Intermarket
Sweep Orders'' or (``ISO''),\43\ which is a limit order for an NMS
stock that meets the requirements of Rule 600(b)(30) of Regulation
NMS,\44\ an ``ISO IOC Order,'' which contains the attributes of the ISO
order, but which will provide that any remaining balance in the order
not executed would be automatically cancelled,\45\ an ``ISO Order
designated as PNP,'' which will provide for limit orders that are to be
executed in whole or in part at the Exchange, but which may lock and
cross and trade-through Manual and Protected Quotations but only if the
User has complied with proposed NYSE Arca Rule 7.37(e)(3)(C),\46\ ``ISO
IOC Cross'' orders, which may trade-through Protected Quotations,\47\
and ``ISO PNP Cross and Post'' orders, which may trade-through
Protected Quotations, and may lock and cross any quotes, but only if
the User has complied with proposed NYSE Arca Rule 7.37(e)(3)(C).''
\48\
---------------------------------------------------------------------------

    \43\ See proposed NYSE Arca Rule 7.31(jj).
    \44\ 17 CFR 242.600(b)(3).
    \45\ See proposed NYSE Arca Rule 7.37(g)(2).
    \46\ See proposed NYSE Arca Rule 7.31(w).
    \47\ See proposed NYSE Arca Rule 7.31(s)(5)(A).
    \48\ See proposed NYSE Arca Rule 7.31(s)(5)(B).
---------------------------------------------------------------------------

iv. Auctions
    NYSE Arca Rule 7.35 provides for certain Auction sessions,
including the Opening, Market Order, Halt and Closing Auctions. For
purposes of Regulation NMS, the Exchange will not route orders
designated for these Auctions to any away markets. In addition, orders
designated for these Auctions may trade-through any away market
pursuant to the exemptions in Rule 611 of Regulation NMS,\49\ if the
transaction that constituted the trade-through was a single-priced
opening, reopening, or closing transaction by the trading center. Any
trade-through execution will be designated with the appropriate trade
modifier as defined by the transaction reporting plans.
---------------------------------------------------------------------------

    \49\ See proposed NYSE Arca Rule 7.35(h).
---------------------------------------------------------------------------

b. Exceptions to Locking/Crossing and Trade-Throughs
    The Exchange proposes specific trade-through restrictions,
including how orders are handled at NYSE Arca or transmitted to another
Trading Center based upon the Order Protection Rule. The Exchange's
systems will prevent the execution of all or a part of an inbound order
if the execution of all or a part of the order would violate the Rule
611 of Regulation NMS. NYSE Arca proposes the following exceptions:
    (1) The ``Locking Quotation'' or ``Crossing Quotation'' \50\ was
displayed at a time when the Trading Center displaying the locked or
crossed quotation was experiencing a failure, material delay, or
malfunction of its systems or equipment.\51\ This is known as the
``self-help exception,'' discussed further below. The term ``Crossing

Quotation'' \52\ will be defined as the display of a bid for an NMS
stock during regular trading hours at a price that is higher than the
displayed offer for such NMS stock previously disseminated pursuant to
an effective national market system plan, or the display of an offer
for an NMS stock during regular trading hours at a price that is lower
than the displayed price of a bid for such NMS stock previously
disseminated pursuant to an effective national market system plan. The
term ``Locking Quotation'' \53\ will be defined as the display of a bid
for an NMS stock during regular trading hours at a price that equals
the displayed price of an offer for such NMS stock previously
disseminated pursuant to an effective national market system plan, or
the display of an offer for an NMS stock during regular trading hours
at a price that equals the displayed price of a bid for such NMS stock
previously disseminated pursuant to an effective national market system
plan.
---------------------------------------------------------------------------

    \50\ See proposed NYSE Arca Rule 7.37(e).
    \51\ See proposed NYSE Arca Rule 7.37(e)(3)(A).
    \52\ See proposed NYSE Arca Rule 7.37(e)(1)(A).
    \53\ See proposed NYSE Arca Rule 7.37(e)(1)(B).
---------------------------------------------------------------------------

    (2) The Crossing Quotation was displayed at a time when a Protected
Bid was higher than a Protected Offer in the NMS stock.\54\
---------------------------------------------------------------------------

    \54\ See proposed NYSE Arca Rule 7.37(e)(3)(B).
---------------------------------------------------------------------------

    (3) The Locking or Crossing Quotation was an Automated Quotation,
and the User of the Exchange displaying such Automated Quotation
simultaneously routed an ISO to execute against the full displayed size
of any locked or crossed Protected Quotation.\55\
---------------------------------------------------------------------------

    \55\ See proposed NYSE Arca Rule 7.37(e)(3)(C).
---------------------------------------------------------------------------

    NYSE Arca believes that its disseminated quotations would
constitute Automated Quotations under the definition set out in Rule
600(b)(3) of Regulation NMS,\56\ and for that reason has not submitted
rules regarding Manual Quotations of its participants.
---------------------------------------------------------------------------

    \56\ The definition of automated trading center in Rule
600(b)(4) of Regulation NMS, 17 CFR 242.600(b)(4), requires, among
other things, that a trading center (1) implement such systems,
procedures and rules as are necessary to render it capable of
meeting the requirements for automated quotations, as defined in
Rule 600(b)(3) of Regulation NMS, 17 CFR 242.600(b)(3); and (2)
immediately identify its quotations as manual whenever it has reason
to believe it is not capable of displaying automated quotations. The
definition of automated quotation requires, among other things, that
a trading center provide an immediate response to incoming IOC
orders and immediately update its quotations. NYSE Arca is designed
to accept IOC orders, to immediately and automatically execute an
IOC order against the displayed BBO up to its full size; to
immediately and automatically cancel any unexecuted portion of the
IOC order without routing the order elsewhere; to immediately and
automatically transmit a response to the order-sending participant
indicating the action taken on the order; and to immediately and
automatically update the BBO to reflect any change that occurred as
a result of the execution.
---------------------------------------------------------------------------

i. Additional Exceptions
Self Help
    The Exchange proposes to utilize the ``self-help'' exception to any
trade-through of a Protected Quotation displayed by a Trading Center
that is experiencing a failure, material delay, or malfunction of its
systems or equipment.\57\ The Exchange will be able to ignore another
Trading Center's bid and offer if the other Trading Center has
repeatedly failed to respond within one second to an incoming IOC order
after adjusting for order transmission time. In these instances,
Protected Quotations may be bypassed by: (a) notifying the non-
responding Trading Center immediately after (or at the same time as)
electing self-help; \58\ (b) assessing whether the cause of the problem
lies with the Exchange's own systems and, if so, taking immediate steps
to resolve the problem; and (c) developing objective parameters for
monitoring and utilizing this exception.
---------------------------------------------------------------------------

    \57\ See proposed NYSE Arca Rule 7.37(f)(1).
    \58\ See proposed NYSE Arca Rule 7.37(f)(1)(A).
---------------------------------------------------------------------------

    For purposes of utilizing self-help when effecting a trade-through
of a Protected Quotation displayed by a Trading Center, NYSE Arca
proposes to use mechanisms such as e-mail or other mechanisms that may
be determined between Trading Centers. Generally, the NYSE Arca Systems
procedures will allow for the disregard of Protected Quotations of a
market against which the Exchange has elected self-help, and all trades
executed under this exception will be marked with the appropriate
identifier specified by the relevant NMS Plan.
    Should NYSE Arca determine that the problem lies within its own
system or with its connection to the other Trading Center, NYSE Arca
shall no longer rely on the self-help exception and shall notify the
other Trading Center that the Exchange is no longer claiming the
exception.\59\
---------------------------------------------------------------------------

    \59\ See proposed NYSE Arca Rule 7.37(f)(1)(B).
---------------------------------------------------------------------------

Intermarket Sweep Order Exception
    The Exchange proposes to add new a new rule to provide that ISOs
may, by their definition, trade-through Protected Quotations when the
Exchange has simultaneously routed an ISO to execute against the full
displayed size of that Protected Quotation.\60\ NYSE Arca will accept
ISO orders to be executed against orders at the Exchange's Protected
Quotation without regard to whether the execution will trade-through
another market's Protected Quotation under the assumption that the ISO
being routed has already satisfied the Protected Quotations of other
Trading Centers. The NYSE Arca System may also lock or cross an away
Protected Quotation if the System has first routed an order to that
quotation and all better priced quotations for their full displayed
size.
---------------------------------------------------------------------------

    \60\ See proposed NYSE Arca Rule 7.37(g)(1).
---------------------------------------------------------------------------

    The Exchange proposes to add a new rule to provide that if an ISO
is marked as ``immediate or cancel,'' any remaining balance in the
order will be automatically cancelled.\61\ If an ISO is not marked as
``immediate or cancel,'' any remaining balance in the order would be
displayed by the Exchange without regard to whether that display would
lock or cross another market center, only if the participant routing
the order has already sent an order to satisfy the quotations of other
markets so that the display of the order would not lock or cross those
markets.
---------------------------------------------------------------------------

    \61\ See proposed NYSE Arca Rule 7.37(g)(2).
---------------------------------------------------------------------------

Single-Price Openings, Reopenings, and Closing Transactions
    The Exchange proposes to add a new rule to provide that a
transaction that constituted the trade-through is excepted from the
Order Protection Rule if it was a single-priced opening, reopening, or
closing transaction by the Exchange.\62\ NYSE Arca will conduct a
formalized and transparent process for executing orders during
reopening after a trading halt that involves the queuing and ultimate
execution of multiple orders at a single equilibrium price.\63\
---------------------------------------------------------------------------

    \62\ See proposed NYSE Arca Rule 7.37(g)(3).
    \63\ See proposed NYSE Arca Rule 7.35(f).
---------------------------------------------------------------------------

Benchmark Trades
    The Exchange proposes to add a new rule to provide for the
execution of volume-weighted average price (``VWAP'') orders, as well
as other types of orders that are not priced with reference to the
quoted price of the NMS stock at the time of execution and for which
the material terms were not reasonably available at the time the
commitment to execute the order was made. Benchmark Trades will not be
allowed to trade-through the NYSE Arca Book.\64\
---------------------------------------------------------------------------

    \64\ See proposed NYSE Arca Rule 7.37(g)(4).
---------------------------------------------------------------------------

Stopped Orders
    The Exchange proposes to add a new rule to provide that an
exception for stopped orders will apply when the price of the execution
of the stopped order was lower (for a buy order) than the best
Protected Bid at the time of execution, or was higher (for a sell
order) than the best Protected Offer at the time of execution. This
exception is contingent upon the User having agreed

to the stop price for each order. Stopped Orders will not be allowed to
trade-through the NYSE Arca Book.\65 \
---------------------------------------------------------------------------

    \65\ See proposed NYSE Arca Rule 7.37(g)(5).
---------------------------------------------------------------------------

Transactions Other Than ``Regular-Way'' Contracts
    The Exchange proposes to add a new rule to provide that
transactions that are executed other than pursuant to standardized
terms and conditions, such as transactions that have extended
settlement terms, also are excepted from the Order Protection Rule.\66\
---------------------------------------------------------------------------

    \66\ See proposed NYSE Arca Rule 7.37(g)(6).
---------------------------------------------------------------------------

ii. Exemptions from 611(d) of Regulation NMS
    The Commission exempted from the provisions of Rule 611 of
Regulation NMS trade-throughs \67\ caused by the execution of an order
involving one or more NMS stocks that are components of a qualified
contingent trade.\68\ The Exchange therefore proposes to adopt that
same exemption as a part of its Rules.
---------------------------------------------------------------------------

    \67\ 17 CFR 242.611(d).
    \68\ See Securities Exchange Act Release No. 34-54389 (August
31, 2006).
---------------------------------------------------------------------------

c. Locked/Crossed Markets
    In order to satisfy NMS restrictions on locked and crossed markets,
NYSE Arca has proposed additional rules regarding Crossing Quotations
and Locking Quotations. The Exchange addresses intentional locks/
crosses by requiring that all locks/crosses of Protected Quotations be
reasonably avoided, and prohibiting a pattern or practice of displaying
any quotations that lock or cross a Protected Quotation pursuant to an
effective national market system plan. There is no restriction on the
display of automated quotations that lock or cross Manual Quotations.
Inevitably, unintentional locks/crosses will continue to occur even
after adoption of the Rule, often because of rapid updating of
quotations in active stocks.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\69\ in general, and furthers the objectives of Section 6(b)(5)
\70\ in particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanisms of a free and open
market and a national market system.
---------------------------------------------------------------------------

    \69\ 15 U.S.C. 78f(b).
    \70\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

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

    Written comments on the proposed rule change were neither solicited
nor received.

III. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-NYSEArca-2006-59 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
    All submissions should refer to File Number SR-NYSEArca-2006-59.
This file number should be included on the subject line if e-mail is
used. To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments,

all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room. Copies of the
filing also will be available for inspection and copying at the
principal office of NYSE Arca. 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-2006-59 and should be submitted on or before
October 27, 2006.

IV. Discussion of Commission Findings and Order Granting Accelerated
Approval of Proposed Rule Change

    After careful review, the Commission finds that the proposed rule
change, as amended, is consistent with the requirements of the Act and
the rules and regulations thereunder applicable to a national
securities exchange and, in particular, the requirements of Section 6
of the Act \71\ and the rules and regulations thereunder applicable to
a national securities exchange.\72\ The Commission finds that the
proposed rule change, as amended, is consistent with Section 6(b)(5) of
the Act \73\ in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and, in
general, to protect investors and the public interest.
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    \71\ 15 U.S.C. 78f.
    \72\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \73\ 15 U.S.C. 78f(b)(5).
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    Pursuant to Section 19(b)(2) of the Act,\74\ the Commission may not
approve any proposed rule change, or amendment thereto, prior to the
thirtieth day after the date of publication of the notice thereof,
unless the Commission finds good cause for so doing. As set forth
below, the Commission finds good cause for approving the proposed rule
change prior to the thirtieth day after publishing notice thereof in
the Federal Register pursuant to Section 19(b)(2) of the Act.\75\ The
proposed amendments to NYSE Arca's rules are substantially similar to
rules of other exchanges that were designed to comply with Regulation
NMS and have been published for comment and approved by the
Commission.\76\ In this regard, as

discussed more fully below, the Commission believes that accelerating
approval of these rules is appropriate because the proposed rule
changes do not raise any new or novel issues and that such action is
necessary for the maintenance of fair and orderly markets and the
protection of investors, in that it will help ensure timely compliance
with Regulation NMS.
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    \74\ 15 U.S.C. 78s(b)(2).
    \75\ Id.
    \76\ See Securities Exchange Act Release No. 54391 (August 31,
2006), 71 FR 52836 (September 7, 2006) (SR-NSX-2006-08); Securities
Exchange Act Release No. 54155 (July 14, 2006), 71 FR 41291 (July
20, 2006) (SR-NASDAQ-2006-01); and Securities Exchange Act Release
No. 54528 (September 28, 2006) (SR-ISE-2006-48).
---------------------------------------------------------------------------

A. Order Types, Routing and Execution

    NYSE Arca has proposed to revise its rules governing order types
and modifiers, order routing and order execution \77\ to comply with
the requirements of Regulation NMS, and specifically, to prevent trade-
throughs in accordance with the Rule 611 of Regulation NMS \78\ and to
avoid locked and crossed markets. In addition, NYSE Arca's rules are
assume that its disseminated quotations will constitute automated
quotations under Rule 600(b)(3) of Regulation NMS.\79\
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    \77\ See proposed changes to NYSE Arca Rules 7.31 and 7.37.
    \78\ 17 CFR 242.611.
    \79\ 17 CFR 242.600(b)(3). See note 56, infra, and accompanying
text.
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    NYSE Arca has proposed to implement routing options that it
believes are consistent with Rules 610 and 611 of Regulation NMS.\80\
Specifically, the Commission notes that NYSE Arca represents that its
systems will prevent the execution of all or part of an inbound order
if the execution of all or part of the order would violate Rule 611 of
Regulation NMS.\81\ The Commission notes that the proposed NYSE Arca
rules would provide exceptions to the general prohibition on trade-
throughs consistent with Rule 611(b) of Regulation NMS. For example,
these proposed amendments would include permitting users to designate
orders meeting the requirement of Rule 600(b)(30) of Regulation NMS
\82\ as intermarket sweep orders and accepting intermarket sweep
orders, which would allow orders so designated to be automatically
matched and executed without reference to protected quotations at other
trading centers.\83\ In addition, the Commission notes that the
proposed NYSE Arca rules would permit use of the ``self help''
exception under Rule 611(b)(1) of Regulation NMS \84\ when another
trading center is experiencing a failure, material delay, or
malfunction of its systems or equipment.\85\ The proposed rules include
policies and procedures for communicating to other trading centers
about such a situation.\86\ The Commission notes that these proposed
exceptions to Rule 611 of Regulation NMS comply with the requirements
of Regulation NMS.\87\ The Commission further notes that, pursuant to
the proposed changes to NYSE Arca Rule 7.40, any executions in the NYSE
Arca Marketplace that occur through a protected quotation shall be
marked with the appropriate designation as defined by the transaction
reporting plans.\88\ Finally, the Commission notes the proposed rules
are designed to prohibit locked and crossed markets.\89\
---------------------------------------------------------------------------

    \80\ See proposed changes to NYSE Arca Rules 7.31, 7.35 and
7.37. For NYSE Arca's proposed exceptions see proposed NYSE Arca
Rules 7.35(f), 7.37(e)(3), 7.37(f)(1), 7.37(g) and 7.37(h).
    \81\ See Section II.A.1.b., infra. The Commission notes that, in
general, proposed NYSE Arca Rule 7.37 will require that, for an
execution to occur on NYSE Arca the price must be equal to or better
than (1) the PBBO, in the case of a Limit Order or a Q Order or (2)
the NBBO, in the case of an Inside Limit Order, a Pegged Order, or a
Market Order.
    \82\ 17 CFR 242.600(b)(30).
    \83\ See proposed NYSE Arca Rule 7.37(g). See also proposed NYSE
Arca Rules 7.37(b)(2)(B)(iii) and 7.31(gg).
    \84\ 17 CFR 242.611(b).
    \85\ See proposed NYSE Arca Rule 7.37(f) and Section
II.A.1.i.(Self Help), infra.
    \86\ See proposed NYSE Arca Rule 7.37(f)(1)(A)-(B). See also
Section II.A.1.b.1., infra, for a discussion of the policies and
procedures that NYSE Arca will utilize.
    \87\ See 17 CFR 242.611. See also Securities Exchange Act
Release No. 54389 (August 31, 2006), 71 FR 52829 (September 7,
2006).
    \88\ See proposed NYSE Arca Rule 7.40.
    \89\ See proposed NYSE Arca Rule 7.37(e).
---------------------------------------------------------------------------

    The Commission finds that these proposed changes are consistent
with the Act. The Commission also finds good cause to accelerate
approval of these changes prior to the thirtieth day after publication
in the Federal Register. The Commission believes that the proposed
amendments to NYSE Arca's rules governing order types, routing and
execution are designed to comply with Regulation NMS and are
substantially similar to rules of other exchanges that were designed to
comply with Regulation NMS and that have been published for comment and
approved by the Commission.\90\ The Commission believes, therefore,
that the proposed rule changes do not raise new regulatory issues.
---------------------------------------------------------------------------

    \90\ See note 76, infra, and accompanying text.
---------------------------------------------------------------------------

B. Definitions and Technical Changes

    NYSE Arca proposes to amend certain of its defined terms to make
them consistent with Regulation NMS and to add other defined terms
consistent with Regulation NMS.\91\ In particular, the Commission notes
that NYSE Arca proposes to adopt definitions for NMS Stock, Protected
Bid, Protected Offer, Protected Quotation, Trade-Through, Trading
Center, Effective National Market System Plan and Regular Trading Hours
that are intended to be consistent with Regulation NMS and necessary
for NYSE Arca's other proposed rule changes that are designed to enable
the Exchange to comply with Regulation NMS.\92\ Further, NYSE Arca
proposes to make other technical, non-substantive changes, such as
renumbering its rule sections, that are consistent with the other
changes proposed in this filing. The Commission finds good cause to
accelerate approval of these changes prior to the thirtieth day after
publication in the Federal Register. The Commission believes that these
rules are appropriate and consistent with the Act, and that
accelerating approval of these rules is appropriate because they do not
raise any new regulatory issues.
---------------------------------------------------------------------------

    \91\ See proposed changes to NYSE Arca Rule 1.1.
    \92\ See note 9, infra.
---------------------------------------------------------------------------

C. Compliance Dates and Effectiveness of Proposed Rules

    The Exchange represents that the purpose of this proposed rule
change is to bring its rules into conformity with Regulation NMS.\93\
The Commission notes that February 5, 2007 is the Trading Phase Date
and the final date for full operation of Regulation NMS-compliance
trading systems of all automated trading centers, including SRO trading
facilities that intend to qualify their quotations for trade-through
protection under Rule 611 of Regulation NMS during the Pilot Stock
Phase and All Stock Phase.\94\ The Commission also notes that the
Exchange proposes to implement these proposed rules on the Trading
Phase Date.\95\ The Commission further finds good cause to accelerate
approval of these proposed rule changes prior to the thirtieth day
after publication in the Federal Register, because the Commission
believes that doing so should help to ensure that the appropriate NYSE
Arca rules are in place at the time that Regulation NMS compliance is
required.
---------------------------------------------------------------------------

    \93\ See Sections I and II.A.1., infra.
    \94\ Securities Exchange Act Release No. 58329 (May 18, 2006),
71 FR 30038 (May 24, 2006). See supra note 8.
    \95\ See Section I, infra.
---------------------------------------------------------------------------

    For the foregoing reasons, the Commission finds that the proposed
rule change, as amended, is consistent with the requirements of the Act
the rules and regulations thereunder, and finds that good cause exists
to accelerate approval of the proposed rule change, pursuant to Section
19(b)(2) of the Act.\96\
---------------------------------------------------------------------------

    \96\ 15 U.S.C. 78s(b)(1).

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

VI. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\97\ that the proposed rule change (File No. SR-NYSEArca-2006-59),
as amended by Amendment No. 1, be, and hereby is, approved on an
accelerated basis.
---------------------------------------------------------------------------

    \97\ Id.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\98\
---------------------------------------------------------------------------

    \98\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
 [FR Doc. E6-16582 Filed 10-5-06; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 150 (Friday, August 5, 2022)]
[Notices]
[Page 48050]
[FR Doc No: 2022-16847]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-504, OMB Control No. 3235-0561]

Submission for OMB Review; Comment Request: Extension: Rule 12d3-
1

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (the ``Commission'') has submitted to the Office of
Management and Budget (``OMB'') a request for extension of the
previously approved collection of information discussed below.
    Rule 12d3-1 (17 CFR 270.12d3-1) under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company Act'') permits a
fund to invest up to five percent of its assets in securities of an
issuer deriving more than fifteen percent of its gross revenues from
securities-related businesses (subject to certain limitations),
notwithstanding the general prohibition in Section 12(d)(3) of the
Investment Company Act of a registered investment company (``fund'')
and companies controlled by the fund purchasing securities issued by a
registered investment adviser, broker, dealer, or underwriter
(``securities-related businesses'').
    A fund may, however, rely on an exemption in rule 12d3-1 to acquire
securities issued by its subadvisers in circumstances in which the
subadviser would have little ability to take advantage of the fund,
because it is not in a position to direct the fund's securities
purchases. This exemption in rule 12d3-1 is available if: (i) the
subadviser is not, and is not an affiliated person of, an investment
adviser that provides advice with respect to the portion of the fund
that is acquiring the securities; and (ii) the advisory contracts of
the subadviser, and any subadviser that is advising the purchasing
portion of the fund, prohibit them from consulting with each other
concerning securities transactions of the fund, and limit their
responsibility in providing advice to providing advice with respect to
discrete portions of the fund's portfolio.\1\
---------------------------------------------------------------------------

    \1\ See 17 CFR 270.270.12d3-1(c)(3).
---------------------------------------------------------------------------

    Based on an analysis of fund filings, Commission staff estimates
that approximately 285 funds enter into such new subadvisory agreements
each year, and that it will require approximately 3 attorney hours to
draft and execute additional clauses in new subadvisory contracts in
order for funds and subadvisers to be able to rely on the exemptions in
rule 12d3-1. Because these additional clauses are identical to the
clauses that a fund would need to insert in their subadvisory contracts
to rely on rules 10f-3 (17 CFR 270.10f-3), 17a-10 (17 CFR 270.17a-10),
and 17e-1 (17 CFR 270.17e-1), and because we believe that funds that
use one such rule generally use all of these rules, we apportion this 3
hour time burden equally to all four rules. Therefore, we estimate that
the burden allocated to rule 12d3-1 for this contract change would be
0.75 hours. Assuming that all 285 funds that enter into new subadvisory
contracts each year make the modification to their contract required by
the rule, we estimate that the rule's contract modification requirement
will result in 214 burden hours annually, with an associated time cost
of approximately $90,950.
    The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act. The estimate is not derived
from a comprehensive or even a representative survey or study of the
costs of Commission rules. Complying with this collection of
information requirement is necessary to obtain the benefit of relying
on rule 12d3-1. Responses will not be kept confidential. 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 control
number.
    The public may view background documentation for this information
collection at the following website: www.reginfo.gov. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
by September 6, 2022 to (i) [email protected]
and (ii) David Bottom, Director/Chief Information Officer, Securities
and Exchange Commission, c/o John Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an email to: [email protected].

    Dated: August 1, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16847 Filed 8-4-22; 8:45 am]
BILLING CODE 8011-01-P