[Federal Register Volume 78, Number 66 (Friday, April 5, 2013)]
[Proposed Rules]
[Pages 20505-20507]
[FR Doc No: 2013-07930]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2013-0143; Directorate Identifier 2013-NE-06-AD]
RIN 2120-AA64

Airworthiness Directives; Rolls-Royce plc Turbofan Engines

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: We propose to adopt a new airworthiness directive (AD) for
certain Rolls-Royce plc (RR) RB211-524B-02; -524B2-19; -524B3-02; -
524B4-02; -524C2-19; -524D4-19; -524D4-B-19; -524D4-39; -535C-37; -
535E4-37; -535E4-B-37, and -535E4-B-75 turbofan engines, and all RB211-
524G2-19; -524G3-19; -524H2-19; and -524H-36 turbofan engines. This
proposed AD was prompted by the discovery of a cracked and distorted
front combustion liner (FCL) metering panel, which was made from the
wrong material. This proposed AD would require a one-time inspection of
the FCL metering panel to determine if it was made from N75 material
and replacing it with one made from C263 material if it was made from
N75 material. We are proposing this AD to prevent hot gas burning
through the engine casing, which could result in an under-cowl fire and
damage to the airplane.

DATES: We must receive comments on this proposed AD by June 4, 2013.

ADDRESSES: You may send comments by any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov and follow the instructions for sending your
comments electronically.
     Mail: Docket Management Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue SE., West Building Ground Floor,
Room W12-140, Washington, DC 20590-0001.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
     Fax:<PHONE_NUMBER>.
    For service information identified in this proposed AD, contact
Rolls-Royce plc, Corporate Communications, P.O. Box 31, Derby, England,
DE248BJ; phone: 011-44-1332-242424; fax: 011-44-1332-249936 or email
from http://www.rolls-royce.com/contact/civil_team.jsp, or download
the publication from https://

www.aeromanager.com. You may view this service information at the FAA,
Engine & Propeller Directorate, 12 New England Executive Park,
Burlington, MA. For information on the availability of this material at
the FAA, call<PHONE_NUMBER>.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov; or in person at the Docket Operations office
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. The AD docket contains this proposed AD, the regulatory
evaluation, any comments received, and other information. The street
address for the Docket Operations office (phone:<PHONE_NUMBER>) is the
same as the Mail address provided in the ADDRESSES section. Comments
will be available in the AD docket shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Robert Green, Aerospace Engineer,
Engine Certification Office, FAA, Engine & Propeller Directorate, 12
New England Executive Park, Burlington, MA 01803; email:
<EMAIL_ADDRESS>phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to send any written relevant data, views, or
arguments about this proposed AD. Send your comments to an address
listed under the ADDRESSES section. Include ``Docket No. FAA-2013-0143;
Directorate Identifier 2013-NE-06-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this proposed AD. We
will consider all comments received by the closing date and may amend
this proposed AD based on those comments.
    We will post all comments we receive, without change, to http://www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact
with FAA personnel concerning this proposed AD. Using the search
function of the Web site, anyone can find and read the comments in any
of our dockets, including, if provided, the name of the individual who
sent the comment (or signed the comment on behalf of an association,
business, labor union, etc.). You may review the DOT's complete Privacy
Act Statement in the Federal Register published on April 11, 2000 (65
FR 19477-78).

Discussion

    The European Aviation Safety Agency (EASA), which is the Technical
Agent for the Member States of the European Community, has issued
mandatory continuing airworthiness information (MCAI) AD 2012-0215R1,
dated January 4, 2013, to correct an unsafe condition for the specified
products. The MCAI states:

    During investigation of a starting problem with an RB211-535E4-
B-37 engine, the Fuel Spray Nozzles (FSNs) appeared misaligned and
the engine was removed. Further investigation found that the FSNs
were correctly positioned but that the Front Combustion Liner (FCL)
metering panel (reference Engine Illustrated Parts Catalogue (EIPC)
section 72-41-13, Figure/Item 02-324) was cracked and distorted.
Laboratory investigation revealed that the FCL metering panel was
made of N75 material rather than the specified C263 material.
    Rolls-Royce (RR) issued SB RB.211-72-7221 in 1984, to address
the issue of cracking of FCL metering panels manufactured in N75
material. SB RB.211-72-7221 replaces the FCL metering panel
manufactured in N75 material with one manufactured in C263 material.
The FCL metering panel in so-called Phase 2 combustors of the RB211-
524G/H and RB211-535C/E4/E4-B series engines was specified in C263
material from engine type at entry into service.
    Based on these findings, it was determined that installation of
N75 material FCL metering panels on an engine where C263 was the
intended material, may result in metering panel cracking and
distortion.

    This condition, if not prevented, could result in hot gas burning
through the engine casing, which could result in an under-cowl fire and
damage to the airplane. You may obtain further information by examining
the MCAI in the AD docket.

Relevant Service Information

    RR Alert Non-Modification Service Bulletin (NMSB) No. RB.211-72-
AG046, Revision 3, dated December 6, 2012, and Alert NMSB No. RB.211-
72-AG183, Revision 3, dated December 6, 2012.

FAA's Determination and Requirements of This Proposed AD

    This product has been approved by the aviation authority of the
United Kingdom, and is approved for operation in the United States.
Pursuant to our bilateral agreement with the European Community, EASA
has notified us of the unsafe condition described in the MCAI and
service information referenced above. We are proposing this AD because
we evaluated all information provided by EASA and determined the unsafe
condition exists and is likely to exist or develop on other products of
the same type design. This proposed AD would require a one-time
inspection of the FCL metering panel to determine if it was made from
N75 material, and replacing it with one made from C263 material if it
was made from N75 material.

Costs of Compliance

    We estimate that this proposed AD would affect 315 RR turbofan
engines installed on airplanes of U.S. registry. We also estimate that
it would take about 11 hours per engine to inspect the FCL metering
panel on-wing. The average labor rate is $85 per hour. Required parts
cost about $108,887 per engine. We anticipate that 12 FCL metering
panels will fail inspection. Based on these figures, we estimate the
cost of the proposed AD on U.S. operators to be $1,601,169.

Authority for This Rulemaking

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

Regulatory Findings

    We determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    1. Is not a ``significant regulatory action'' under Executive Order
12866;
    2. Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979); and
    (3) Will not affect intrastate aviation in Alaska to the extent
that it justifies making a regulatory distinction, and

    (4) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.
    We prepared a regulatory evaluation of the estimated costs to
comply with this proposed AD and placed it in the AD docket.

List of Subjects in 14 CFR Part 39

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

The Proposed Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new AD:

Rolls-Royce plc: Docket No. FAA-2013-0143; Directorate Identifier
2013-NE-06-AD.

(a) Comments Due Date

    We must receive comments by June 4, 2013.

(b) Affected Airworthiness Directives (ADs)

    None.

(c) Applicability

    This AD applies to:
    (1) All Rolls-Royce plc (RR) RB211-524G2-19; -524G3-19; -524H2-
19; and -524H-36 turbofan engines.
    (2) RR RB211-524B-02; -524B2-19; -524B3-02; -524B4-02; -524C2-
19; -524D4-19; -524D4-B-19; and -524D4-39 that have incorporated RR
Service Bulletin (SB) No. RB.211-72-7221, dated December 7, 1984.
    (3) All RR RB211-535C-37; -535E4-37; -535E4-B-37, and -535E4-B-
75 turbofan engines, except those engines that have incorporated RR
SB No. RB.211-72-C230, dated November 16, 1999, or Revision 1, dated
November 22, 2012.
    (4) This AD does not apply to engines listed in paragraphs
(c)(1) through (c)(3):
    (i) That have installed a front combustion liner (FCL) metering
panel delivered from RR after April 23, 2011; or
    (ii) That were inspected before the effective date of this AD
using RR Alert Non-Modification Service Bulletin (NMSB) No. RB.211-
72-AF572, dated October 15, 2007, or Revision 1, dated October 8,
2008, or Revision 2, dated April 2, 2009, or RR Repeater Technical
Variance No. 75295, Issue 1, dated April 20, 2007.

(d) Reason

    This AD was prompted by the discovery of a cracked and distorted
FCL metering panel, made from the wrong material. We are issuing
this AD to prevent hot gas burning through the engine casing, which
could result in an under-cowl fire and damage to the airplane.

(e) Actions and Compliance

    Unless already done, do the following actions.
    (1) At the next engine shop visit or within 625 flight cycles,
whichever occurs first after the effective date of this AD, perform
a one-time inspection of the FCL metering panel to determine if it
was made from N75 material, and replace it if made from N75
material, with one made from C263 material.
    (2) To inspect RB211-524 series turbofan engines, use Section
3., Accomplishment Instructions, of Alert NMSB No. RB.211-72-AG183,
Revision 3, dated December 6, 2012, except reporting requirement
paragraph 2 of Appendices 1 and 2 of that Alert NMSB.
    (3) To inspect RB211-535 series turbofan engines, use Section
3., Accomplishment Instructions, of Alert NMSB No. RB.211-72-AG046,
Revision 3, dated December 6, 2012, except reporting requirement
paragraph 2 of Appendices 1 and 2 of that Alert NMSB.

(f) Definitions

    For the purpose of this AD, a shop visit is the induction of an
engine into the shop for maintenance or overhaul. The separation of
engine flanges solely for the purposes of transporting the engine
without subsequent engine maintenance does not constitute an engine
shop visit.

(g) Alternative Methods of Compliance (AMOCs)

    The Manager, Engine Certification Office, may approve AMOCs for
this AD. Use the procedures found in 14 CFR 39.19 to make your
request.

(h) Related Information

    (1) For more information about this AD, contact Robert Green,
Aerospace Engineer, Engine Certification Office, FAA, Engine &
Propeller Directorate, 12 New England Executive Park, Burlington, MA
01803; email<EMAIL_ADDRESS>phone:<PHONE_NUMBER>; fax: 781-
238 7199.
    (2) Refer to European Aviation Safety Agency AD 2012-0215R1,
dated January 4, 2013, RR Alert NMSB No. RB.211-72-AG183, Revision
3, dated December 6, 2012, and Alert NMSB No. RB.211-72-AG046,
Revision 3, dated December 6, 2012, for related information.
    (3) For service information identified in this AD, contact
Rolls-Royce plc, Corporate Communications, P.O. Box 31, Derby,
England, DE248BJ; phone: 011-44-1332-242424; fax: 011-44-1332-249936
or email from http://www.rolls-royce.com/contact/civil_team.jsp, or
download the publication from https://www.aeromanager.com. You may
view this service information at the FAA, Engine & Propeller
Directorate, 12 New England Executive Park, Burlington, MA. For
information on the availability of this material at the FAA, call
781-238-7125.

    Issued in Burlington, Massachusetts, on March 29, 2013.
Colleen M. D'Alessandro,
Assistant Manager, Engine & Propeller Directorate, Aircraft
Certification Service.
[FR Doc. 2013-07930 Filed 4-4-13; 8:45 am]
BILLING CODE 4910-13-P


SUPPORTING STATEMENT

IDENTIFICATION OF THE INFORMATION COLLECTION

TITLE OF THE INFORMATION COLLECTION

Information Collection Request (ICR) 2207.03, Exchange Network Grants Progress Reports, OMB Control Number 2025-0006, covers two forms to be used by Exchange Network Grant recipients to report semi-annual progress and quality assurance, a stipulation of their grant award. The current ICR expires on November 30, 2009.

(b) SHORT CHARACTERIZATION

The Environmental Protection Agency’s (EPA) Office of Environmental Information (OEI) provides funding to EPA’s Exchange Network partners (states, territories, and federally recognized Indian tribes) to support the development of the Environmental Information Exchange Network (EIEN).

As a stipulation of the award, recipients are required to submit semi-annual and final progress reports.  EPA also requires recipients to submit a quality assurance report within 90 days of award.  Since 2006, EPA has used standard forms for these reports.

2.	NEED FOR AND USE OF THE COLLECTION

AUTHORITY/NEED FOR THE COLLECTION

	The authority to gather progress performance and quality assurance information for assistantship programs is derived from   SEQ CHAPTER \h \r 1 40 CFR Part 31, “Uniform Administrative Requirements for Grants and Cooperative Agreements to State and Local Governments.”

	Section 31.40, Monitoring and reporting program performance, states:

“(1) Grantees shall submit annual performance reports unless the awarding agency requires quarterly or semi-annual reports. However, performance reports will not be required more frequently than quarterly.  Annual reports shall be due 90 days after the grant year, quarterly or semi-annual reports shall be due 30 days after the reporting period. The final performance report will be due 90 days after the expiration or termination of grant support. If a justified request is submitted by a grantee, the Federal agency may extend the due date for any performance report. Additionally, requirements for unnecessary performance reports may be waived by the Federal agency.

    (2) Performance reports will contain, for each grant, brief information on the following:

    	(i) A comparison of actual accomplishments to the objectives established for the period. Where the output of the project can be quantified, a computation of the cost per unit of output may be required if that information will be useful.

    	(ii) The reasons for slippage if established objectives were not met.

   	(iii) Additional pertinent information including, when appropriate, analysis and explanation of cost overruns or high unit costs.”

Section 31.45 Quality Assurance, states:

“If the grantee's project involves environmentally related measurements or data generation, the grantee shall develop and implement quality assurance practices consisting of policies, procedures, specifications, standards, and documentation sufficient to produce data of quality adequate to meet project objectives and to minimize loss of data due to out-of-control conditions or malfunctions.”

OEI needs these reports to ensure that grants are making progress consistent with their work plans and that grantees have the policies, procedures, specifications, standards, and documentation to produce data of sufficient quality to meet project objectives.

(b) USE/USERS OF THE DATA

The information provided on Semi-Annual Report Forms will be used by the Regional Grant Coordinators to monitor grant project development and performance.  The reports will be attached to the applicable grantee’s file in the Integrated Grants Management Database. The same reporting form will also be used as the final progress report, and will be used to rate performance for future grant awards.

The Quality Assurance Report Form will be used to ensure grantees will use quality assurance measures outlined in the grant’s administrative terms and conditions.

3.	NON DUPLICATION, CONSULTATIONS, AND OTHER COLLECTION CRITERIA

	(a) NONDUPLICATION

	The information a grantee provides in their semi-annual progress report is unique to each project.  Information concerning the status of goals, outcomes and outputs for each project is not available from any other source.

PUBLIC NOTICE

The notice for this collection renewal was published was published on in the Federal Register, Volume 74, No. 111, on June 11, 2009.  We have not received any public comments from the notice.

CONSULTATIONS

For this ICR action, we consulted with the EIEN’s ten Regional Grant Coordinators (RGC).  The RGC’s are EPA employees, one in each of the EPA’s ten regions, who specialize in environmental information.  The Regional Grant Coordinators have determined that the current forms are working well and consequence no change to the forms should be made.

EFFECTS OF LESS FREQUENT COLLECTION

EIEN grants are usually awarded for two-year project periods.  The Quality Assurance Form would be completed only once, no more than three months after the award is made.  As a stipulation of the EIEN grant award, a progress report is completed every six months and a final report is submitted no later than three months after project completion. Less frequent reporting could result in project mismanagement.  For some Project Officers with many grants to manage, the semi-annual progress report is the best opportunity to ensure the project is on schedule to meet its goals.

GENERAL GUIDELINES

	Both the Semi-Annual Progress Report Form and the Quality Assurance Form covered in this ICR adhere to OMB general guidelines.

CONFIDENTIALITY

No pledge of confidentiality is given for grantee responses in either the Semi-Annual Progress Report Form or the Quality Assurance Form.

SENSITIVE QUESTIONS

No sensitive questions are asked on either the Semi-Annual Progress Report Forms or Quality Assurance Forms.

4.	THE RESPONDENTS AND THE INFORMATION REQUESTED

RESPONDENTS/SIC CODES

Our respondents are generally employees of state, tribal, or territorial environmental government offices.  For instance, the current grants awarded to the state of North Carolina are managed by an employee of the North Carolina Department of Natural Resources.

According to the 2002 NAICS codes available at www.naics.com, our respondents would fall into one of three categories:

921150 American Indian and Alaska Native Tribal Governments

921190 Other General Government Support

924120 Administrations of Conservation Programs

INFORMATION REQUESTED

Please see attachments for specific data elements (Exhibits A and B).  FY 2009 guidance for quality assurance plans are described in the FY 2009 Exchange Network Solicitation Notice, Appendix E which states: “that each applicant who receives an award will be required to submit a QAPP that is tailored to the activities in his/her particular proposal within a specified period of time after the award is issued as a programmatic condition of the Assistance Agreement.

(c) RESPONDENT ACTIVITIES

	As previously stated, grantees are already required to report progress semi-annually on their projects.  EIEN grantees have been submitting semi-annual progress reports and final reports to EPA Regional Offices since the EIEN grant program began in 2002.  EPA implemented the requirement to submit the Quality Assurance Form for new EIEN grants beginning in 2006, but the measures for quality assurance in a grantees’ project have been explained in the EIEN Solicitation Notice since 2002.

	According to the 1995 PRA definition of burden §3502, the only time and effort that the forms required from grantees are:

	(A)	Reviewing instructions;

	(E)	Completing and reviewing the collection of information; and

	(F)	Transmitting through email.

5.	INFORMATION COLLECTED

AGENCY ACTIVITIES

	Once the semi-annual report and quality assurance report are received by the RGC, they are attached to the grant’s file in the Integrated Grants Management System (IGMS) database.  It is simultaneously emailed to the national grant manager at Headquarters who may use the information to report grant status.

COLLECTION METHODOLOGY

	This information collection is form-related.  The Semi-annual Progress Report Form and the Quality Assurance form are the same forms used for the last three years.

	Beginning with grants awarded in FY 2008, EPA requires, through the administrative terms and conditions, the recipients to enter data on line via EPA’s Central Data Exchange (CDX) system which replaces the current paper report and emailing it to their RGC.  For those grants awarded prior to FY 2008, the award recipient has the option of submitting semi-annual progress reports to the EPA Regional Project Officer electronically (i.e., through CDX) or in Microsoft Word, emailed to their RGC.  These progress reports must be submitted within one month of the end of the each reporting period.  The first reporting period is from the award issuance date to March 31, 2009, and the first report will be due to the EPA Regional Project Officer on April 30, 2009.  Subsequent reports will be due every six months thereafter, until the project is completed.  The RGC will upload the forms in IGMS, a Lotus Notes database that has been used by the EPA since 2000.  To reduce burden, EPA asks that grantees not re-write their entire semi-annual progress report, but simply add their recent outcomes, outputs and modified dates into their semi-annual progress report from the previous six months.

	Recipients of all new grants must submit the quality assurance report Form via email within 90-says of receiving the award.

COLLECTION SCHEDULE

Table 1

FORM	SCHEDULE

Quality Assurance Report Form		Due to RGC 90 days after award of grant

Semi-Annual Progress Report Form	Due to RGC April 30 (Oct. 1- Mar. 31 period)

Due to RGC October 31 (Apr. 1 – Sept. 30 period)

6.	BURDEN ESTIMATE AND COST OF COLLECTION

ESTIMATING RESPONDENT BURDEN

The estimated hours for completing each form includes time for reviewing instructions, completing information and transmitting through email.

Table 2

Form	Estimated Hours	Frequency per Year	Total Burden Hours

Semi-Annual Progress Reporting Form	1.5	2	3

Quality Assurance Reporting Form	1	1	1

Total	4

	(b) RESPONDENT UNIVERSE AND BURDEN

	At the beginning of fiscal year 2009, EPA estimates 225 grantees will be responding to the Semi-Annual Progress Report Form.  That number is derived from an estimate of the rolling number of “active grants.” The number of active grants fluctuates throughout the year as projects are completed and grants are officially awarded and closed.  Every EIEN grant is awarded for a two-year project period. Approximately half of the grantees from any given year request extensions for their projects for an additional year.  Using these exceptions and including the grants that EPA awarded in FY 2009, we estimate 225 respondents at any one time.

	The Quality Assurance Form will be completed once by award recipients.  These respondents are not unique; they are the same respondents who will submit Semi-annual Progress Report Forms after the first six months of their projects.

	EPA’s burden estimate per year is based on the government’s fiscal year.  In one fiscal year, a respondent who receives an award in 2009 will complete one quality assurance report and two semi-annual progress reports.

Total Number of Responses:

	Semi-Annual Progress Report Forms:	225 Respondents x 2 per year = 	450

	Quality Assurance Report Form:		58 Respondents x 1 per year = 	  58

	Total =											508

Total Burden:

	Semi-Annual Progress Report Forms :	225 respondents x 3 hours = 		675

	Quality Assurance Report Form:		58 respondents x 1 = 			  58

	Total = 										733

	(c) ESTIMATING RESPONDENT COST

	Respondent costs consist only of labor.  There are no capital, operating and maintenance, and annualizing capital costs incurred by this information collection.

Respondent Wage Rate:			  SEQ CHAPTER \h \r 1 $36.28 1 x 1.40 = $50.79

Quality Assurance Report Form:		58 Respondents x 1 hour x $50.79 = 2,946

Semi-Annual Progress Report Form:		225 Respondents x 1.5 hours x 2 per year x $50.79 = $34,283

	Table 3 summarizes respondent costs.

Table 3

Cost	Semi Annual	Quality Assurance

Labor Cost 	$34,283	$2,946

Capital/Start-up Cost	$0	$0

Operating and Maintenance	$0	$0

Annualizing Capital	$0	$0

Total Costs	$34,283	$2,946

(d) ESTIMATING AGENCY BURDEN AND COST

	To estimate the cost and burden to the RGC’s, EPA assumed that each recipient would submit three reports per year (quality assurance report and two semi-annual reports) and that there are 225 active grants in any single year.  The total number of hours that all of EPA’s RGC’s review and submit both forms is 337.50 hours per year.  The 337.50 hours per year cost the agency $17,547.  Table 4 summarizes EPA’s burden and cost.

Table 4

Each RGC has approximately 22.5 active grants.					22.5

To review and upload one form take .5 hours.			.5

Each grantee owes the RGC three forms per year			.5 x 3	          	 x 1.5

RGCs total hours									33.75

10 RGCs										x 10

Total RGS Hours for all grants							337.50

RGC hourly rate, fully burdened*					$51.99		x 51.99

Total costs to 10 RGC for review and submit					$17,547

* The 2008 average hourly rate for General Schedule (GS) 11, Step 9 ($37.14) was used to estimate burden costs for the EPA.  This was also fully burdened (x 40 %), yielding a wage rate of $38.44.

(e) BOTTOM LINE BURDEN HOURS AND COSTS

Table 5

Total annual responses =			508

Total burden hours for respondents = 	733* hours

Total burden hours for EPA = 		337.5 hours

Total respondent cost =			$37,229 dollars

Total EPA cost = 				$17,547 dollars

*Not all respondents complete every activity, every year.

(f) REASONS FOR CHANGE IN BURDEN

	There is no change in burden for respondents.  Additionally, there is no change in the level of effort estimate for EPA.  Total EPA cost, however, has increased due to increases in employee salaries since approval of the first ICR in 2006.

(g) BURDEN STATEMENT

	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; 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.  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 are listed in 40 CFR part 9 and 48 CFR chapter 15.

The burden for the Semi-Annual Progress Report Form is based on time for reviewing instructions, collecting the information, and entering it on-line or preparing and emailing a Word document. For the Semi-Annual Progress Report Form, the respondent burden is 1.5 hours.  Respondents complete the form twice a year, thus the total annual burden is 3 hours.  For the Quality Assurance Report Form, the annual respondent burden is 1 hour.

	To comment on the Agency's need for this information, the accuracy of the provided burden estimates, and any suggested methods for minimizing respondent burden, including the use of automated collection techniques, EPA has established a public docket for this ICR under Docket ID Number EPA-HQ-OEI-2006-0037 , which is available for online viewing at   HYPERLINK "http://www.regulations.gov"  www.regulations.gov , or in person viewing at the Office of Environmental Information Docket in the EPA Docket Center (EPA/DC), EPA West, Room 3334, 1301 Constitution Avenue, NW, Washington, D.C.  The EPA Docket Center 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 (202) 566-1744, and the telephone number for the Office of Environmental Information Docket is<PHONE_NUMBER>.  An electronic version of the public docket is available at www.regulations.gov.  This site can be used to submit or view public comments, access the index listing of the contents of the public docket, and to access those documents in the public docket that are available electronically.  When in the system, select “search,” then key in the Docket ID Number identified above.  Also, you can send comments to the Office of Information and Regulatory Affairs, Office of Management and Budget, 725 17th Street, NW, Washington, D.C. 20503, Attention: Desk Officer for EPA.  Please include the EPA Docket ID Number EPA-HQ-OEI-2006-0037 and OMB Control Number 2025-0006 in any correspondence.

U.S. ENVIRONMENTAL PROTECTION AGENCY

Exchange Network Grant Program Progress Reporting Form

for Use by Recipients of Assistance Agreements

Please Check:

□ Semi-annual report

□ Final Report	Instructions: This form is for Exchange Network Grant recipients to report their progress. Recipients should send these to their regional grant project officer for spring reports by April 30 for the period October 1-March 31.  Fall reports are due to the regional project officer by October 31 for the period April 1-September 30.

Recipient Information:

     Agency Name:	EPA Grant Number – Program Code, Number, and Amendment Number (e.g., OS – 12345678 – 0):

	For grants awarded before 2006 Exchange Network Grant Category (i.e., One Stop, Readiness, Implementation, or Challenge):

Project Manager:

    Name:

    Phone:

    Email:

	Funding Year:

Award Amount:

Expenditures during this reporting period:

Funds Remaining:

	Reporting Period (starting and ending dates, mm/dd/yyyy):

	Date Report Submitted (mm/dd/yyyy):

	EPA Project Officer to Whom Report is Submitted:

     Name:

     EPA Region/Program:

Focus:

Progress Report Instructions:

List major goals and each goal’s outputs as described in the work plan.

In the “Scheduled Date” column enter the dates from the grant work plan

In the “Completion Date” column enter the date each output completed as of the period covered by this report

In the Outcomes column, briefly outline how the goal or output will enhance the recipient’s ability to carry out its mission or result in other benefits.

Use bold type for the outputs or outcomes you achieved during the current reporting period.

Insert more rows if you need them by using the tab key in the last cell of the last row.

EXAMPLE

Goals	Outputs	Scheduled Date	Completion date	List Outcomes for Each Goal, and, if they differ, each Output

1. Begin flowing ambient air quality data through the Exchange Network. 1. Develop XML schema by.	. mm/yyyy	mm/yyyy	 Enhanced environmental decision-making due to more timely access to ambient air quality data.

	2. Initiate first test data flow by mm/yyyy	mm/yyyy

Goals	Outputs	Scheduled Date	Completion date	List Outcomes for Each Goal, and, if they differ, each Output

Comments

Instructions: If you have had any problems during the current period please report them here.  In accordance with 40 C.F.R. §30.51(f) and 40 C.F.R. §31.40(d), a recipient of an EPA assistance agreement must notify EPA of any problems, delays, or adverse conditions that will materially impair the recipient’s ability to achieve the outputs/outcomes specified in the assistance agreement work plan.

Current problems during this reporting period:

Describe any actions your organization has taken or plans to take to resolve the problem:

If you need help from EPA you may request it here:

Other comments:

Definitions

Project/Program Goal:  A major objective or endpoint identified in the assistance agreement work plan.  A work plan may include one or more project/program goals. Use the goals as described in the assistance agreement work plan.

Output:  A product, service, or implementation target that will be produced or achieved during the project/program.  Outputs may be qualitative or quantitative, but they must be measurable during the assistance agreement funding period.

Outcome:  Changes or benefits resulting from the successful achievement of the project/program activities and outputs.  Outcomes may be environmental, behavioral, health-related, or programmatic in nature, but they must be quantitative.  Outcomes may not necessarily be achievable within the assistance agreement funding period, and they can be described as short-term, intermediate, or long-term:

short-term – changes in learning, knowledge, attitudes, or skills;

intermediate – changes in behavior, practices, or decisions; or

long-term – changes in environmental, human health, or other conditions.

Paperwork Reduction Act (PRA) Burden Statement:  The public reporting and recordkeeping burden for this collection of information is estimated to average ninety minutes per response.  Send comments on the Agency's need for this information, the accuracy of the provided burden estimates, and any suggested methods for minimizing respondent burden, including through the use of automated collection techniques to the Director, Collection Strategies Division, U.S. Environmental Protection Agency (2822T), 1200 Pennsylvania Ave., NW, Washington, D.C. 20460.  Include the OMB control number in any correspondence.  Do not send the completed form to this address.

U.S. ENVIRONMENTAL PROTECTION AGENCY

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□ Infrastructure Development

□ Data Exchange, Analysis and Integration

□ Planning, Mentoring, and Training

□ Challenge

Goal	Task	Output	Outcome	Quality Assurance Measures

Instructions:     - Please submit electronically to <EMAIL_ADDRESS>within 90 days of award.

                           - For Quality Assurance Measures, please refer to Solicitation Notice Appendix D: Quality Assurance Guidelines.

                           - For Goals, please refer to goals outlined in your assistance agreement work plan.

Paperwork Reduction Act (PRA) Burden Statement:  The public reporting and recordkeeping burden for this collection of information is estimated to average one hour per response.  Send comments on the Agency's need for this information, the accuracy of the provided burden estimates, and any suggested methods for minimizing respondent burden, including through the use of automated collection techniques to the Director, Collection Strategies Division, U.S. Environmental Protection Agency (2822T), 1200 Pennsylvania Ave., NW, Washington, D.C. 20460.  Include the OMB control number in any correspondence.  Do not send the completed form to this address.

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 PAGE

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Exhibit  A

OMB No. 2025-0006

Expires xx/xx/xxxx

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OMB No. 2025-0006

Expires xx/xx/xxxx

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EPA Form 5300-26

Exhibit B

OMB No. 2025-0006

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EPA Form 5300-27


[Federal Register Volume 76, Number 145 (Thursday, July 28, 2011)]
[Notices]
[Pages 45239-45240]
[FR Doc No: 2011-19073]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 487-082]

PPL Holtwood, LLC; Notice of Application for Amendment of
License, and Soliciting Comments, Motions To Intervene, and Protests

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Application Type: Non-project use of project lands and waters.
    b. Project No: 487-082.
    c. Date Filed: May 24, 2010 (as supplemented on September 20, and
November 19, 2010).
    d. Applicant: PPL Holtwood, LLC.
    e. Name of Project: Wallenpaupack Hydroelectric Project.
    f. Location: The proposed non-project use would be located at the
White Sands Springs beach access area on the south side of Lake
Wallenpaupack in Pike County, Pennsylvania.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791a-825r.
    h. Applicant Contact: Mr. Michael G. Bennett, Plant Manager, Hydro.
PPL Generation, LLC, 2 North Ninth Street, Allentown, PA 18101-1179.
610-774-4450.
    i. FERC Contact: Bill Doran at<PHONE_NUMBER>, or e-mail:
<EMAIL_ADDRESS>    j. Deadline for filing comments, motions to intervene, and protest:
August 19, 2011.
    All documents may be filed electronically via the Internet. See, 18
CFR 385.2001(a)(1)(iii) and the instructions on the Commission's Web
site at http://www.ferc.gov/docs-filing/efiling.asp.If unable to be
filed electronically, documents may be paper-filed. To paper-file, an
original and seven copies should be mailed to: Secretary, Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426. Commenters can submit brief comments up to 6,000 characters,
without prior registration, using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and
contact information at the end of your comments. Please include the
project number (P-487-082) on any comments, motions, or recommendations
filed.
    k. Description of Request: PPL Holtwood, LLC, requests Commission
authorization to permit White Sands Springs to install four new docks,
accommodating 128 slips, to its existing single dock, 12 slip,
residential community marina. The additional slips would serve the
residents of the White Sands Springs Community. No dredging activities,
shoreline stabilization, or fueling facilities are associated with the
proposal.
    l. Locations of the Application: A copy of the application is
available for inspection and reproduction at the Commission's Public
Reference Room, located at 888 First Street, NE., Room 2A, Washington,
DC 20426, or by calling<PHONE_NUMBER>. This filing may also be viewed
on the Commission's Web site at http://www.ferc.gov using the
``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. You may also
register online at http://www.ferc.gov/docs-filing/esubscription.asp to
be notified via e-mail of new filings and issuances related to this or
other pending projects. For assistance, call 1-866-208-3676 or e-mail
<EMAIL_ADDRESS>for TTY, call<PHONE_NUMBER>. A copy is
also available for inspection and reproduction at the address in item
(h) above.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions to Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214. In determining the appropriate action to take, the Commission
will consider all protests or other comments filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any comments, protests, or
motions to intervene must be received on or before the specified
comment date for the particular application.
    o. Filing and Service of Responsive Documents: Any filing must (1)
Bear in all capital letters the title ``COMMENTS'', ``PROTEST'', or
``MOTION TO INTERVENE'' as applicable; (2) set forth in the heading the
name of the applicant and the project number of the application to
which the filing responds; (3) furnish the name, address, and telephone
number of the person protesting or intervening; and (4) otherwise
comply with the requirements of 18 CFR 385.2001 through 385.2005. All
comments, motions to intervene, or protests must set forth their
evidentiary basis and otherwise comply with the requirements of 18 CFR
4.34(b).

Agencies may obtain copies of the application directly from the
applicant. A copy of any protest or motion to intervene must be served
upon each representative of the applicant specified in the particular
application. If an intervener files comments or documents with the
Commission relating to the merits of an issue that may affect the
responsibilities of a particular resource agency, they must also serve
a copy of the document on that resource agency. A copy of all other
filings in reference to this application must be accompanied by proof
of service on all persons listed in the service list prepared by the
Commission in this proceeding, in accordance with 18 CFR 4.34(b) and
385.2010.

    Dated: July 20, 2011.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2011-19073 Filed 7-27-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 87, Number 149 (Thursday, August 4, 2022)]
[Notices]
[Page 47803]
[FR Doc No: 2022-16678]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-156, OMB Control No. 3235-0288]

Proposed Collection; Comment Request: Extension: Form 20-F

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 (``Commission'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
    Form 20-F (17 CFR 249.220f) is used to register securities of
foreign private issuers pursuant to Section 12 of the Securities
Exchange Act of 1934 (``Exchange Act'') (15 U.S.C. 78l) or as annual
and transitional reports pursuant to Sections 13 and 15(d) of the
Exchange Act (15 U.S.C. 78m(a) and 78o(d)). The information required in
the Form 20-F is used by investors in making investment decisions with
respect to the securities of such foreign private issuers. We estimate
that Form 20-F takes approximately 2,629.689 hours per response and is
filed by approximately 729 respondents. We estimate that 25% of the
2,629.689 hours per response (657.422 hours) is prepared by the issuer
for a total reporting burden of 479,261 (657.422 hours per response x
729 responses).
    Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden imposed by the collection of information; (c) ways to
enhance the quality, utility, and clarity of the information collected;
and (d) ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication by October 3, 2022.
    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.
    Please direct your written comment to David Bottom, Director/Chief
Information Officer, Securities and Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington, DC 20549 or send an email to:
[email protected].

    Dated: July 29, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16678 Filed 8-3-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: October 21, 2005 (Volume 70, Number 203)]
[Notices]
[Page 61282]
[DOCID:fr21oc05-78]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Notice of Application for Amendment of License and Soliciting
Comments, Motions To Intervene, and Protests

October 17, 2005.
    Take notice that the following application has been filed with the
Commission and is available for public inspection:
    a. Application Type: Amendment of License.
    b. Project No: 10855-057.
    c. Date Filed: September 22, 2005.
    d. Applicant: Upper Peninsula Power Company, Michigan.
    e. Name of Project: Dead River Hydroelectric Project.
    f. Location: The project is located on the Dead River in Marquette
County, Michigan.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791a-825r.
    h. Applicant Contact: Terry P. Jensky, Upper Peninsula Power
Company, P.O. Box 130, Houghton, MI 49931-0130.
    i. FERC Contact: Any questions on this notice should be addressed
to Eric Gross, P.E. at<PHONE_NUMBER>, or e-mail address:
<EMAIL_ADDRESS>
    j. Deadline for filing comments and or motions: November 18, 2005.
    k. Description of Request: In their September 22, 2005 filing,
Upper Peninsula Power Company proposes an amendment to delete a non-
operational 1.0 MW turbine/generator unit at the Dead River (Hoist)
Development from the license for the Dead River Project. The unit has
been non-operational since before the project license was issued,
however; the unit was included in the license and is counted towards
the project's total authorized capacity. The licensed total authorized
capacity of the Dead River Project is 12.2 MW. The proposed amendment
to delete the unit would reduce the total authorized capacity to 11.2
MW.
    l. Locations of Applications: A copy of the application is
available for inspection and reproduction at the Commission in the
Public Reference Room, located at 888 First Street NE., Room 2A,
Washington, DC 20426, or by calling<PHONE_NUMBER>. This filing may
also be viewed on the Commission's Web site at http://www.ferc.gov

using the ``eLibrary'' link. Enter the docket number excluding the last
three digits in the docket number field to access the document. You may
also register online at http://www.ferc.gov/docs-filing/esubscription.asp
 to be notified via e-mail of new filings and

issuances related to this or other pending projects. For assistance,
call toll-free 1-866-208-3676 or e-mail<EMAIL_ADDRESS>For
TTY, call<PHONE_NUMBER>. A copy is also available for inspection and
reproduction at the address in item (h) above.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions to Intervene--Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214. In determining the appropriate action to take, the Commission
will consider all protests or other comments filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any comments, protests, or
motions to intervene must be received on or before the specified
comment date for the particular application.
    o. Filing and Service of Responsive Documents--Any filings must
bear in all capital letters the title ``COMMENTS'', ``PROTEST'', or
``MOTION TO INTERVENE'', as applicable, and the Project Number of the
particular application to which the filing refers. All documents
(original and eight copies) should be filed with: Magalie R. Salas,
Secretary, Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426. A copy of any motion to intervene must also be
served upon each representative of the Applicant specified in the
particular application.
    p. Agency Comments--Federal, state, and local agencies are invited
to file comments on the described application. A copy of the
application may be obtained by agencies directly from the Applicant. If
an agency does not file comments within the time specified for filing
comments, it will be presumed to have no comments. One copy of an
agency's comments must also be sent to the Applicant's representatives.
    q. Comments, protests and interventions may be filed electronically
via the Internet in lieu of paper. See, 18 CFR 385.2001(a)(1)(iii) and
the instructions on the Commission's Web site at http://www.ferc.gov

under the ``e-Filing'' link.

Magalie R. Salas,
Secretary.
[FR Doc. E5-5836 Filed 10-20-05; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 114 (Friday, June 13, 2014)]
[Notices]
[Pages 33959-33964]
[FR Doc No: 2014-13822]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72350; File No. SR-NASDAQ-2014-020]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order
Instituting Proceedings To Determine Whether To Approve or Disapprove
Proposed Rule Change Relating To Listing and Trading of Exchange-Traded
Managed Fund Shares

June 9, 2014.

I. Introduction

    On February 26, 2014, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'' or ``Exchange Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to adopt Nasdaq Rule 5745, which
would govern the listing and trading of Exchange-Traded Managed Fund
Shares (``ETMF Shares'' or ``ETMFs''), and to amend related references
under Nasdaq Rules 4120, 5615, IM-5615-4, and 5940. The proposed rule
change was published for comment in the Federal Register on March 12,
2014.\3\ The Commission received four comments on the proposal.\4\ On
April 23, 2014, pursuant to Section 19(b)(2) of the Act,\5\ the
Commission designated a longer period within which to either approve
the proposed rule change, disapprove the proposed rule change, or
institute proceedings to determine whether to disapprove the proposed
rule change.\6\ This order institutes proceedings under Section
19(b)(2)(B) of the Act \7\ to determine whether to approve or
disapprove the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 71657 (Mar. 6,
2014), 79 FR 14092 (``Notice'').
    \4\ See Letters to the Commission from Christopher Davis,
President, Money Management Institute, dated March 27, 2014 (``MMI
Letter''); Robert Tull, President, Robert Tull & Co., dated March
31, 2014 (``Tull Letter''); Avi Nachmany, Co-Founder, Director of
Research, E.V.P, Strategic Insight, dated April 1, 2014 (``Strategic
Insight Letter''); and Eric Noll, President and Chief Executive
Officer, ConvergEx Group, LLC, dated April 1, 2014 (``ConvergEx
Letter'').
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 72007, 79 FR 24045
(Apr. 29, 2014). The Commission determined that it was appropriate
to designate a longer period within which to take action on the
proposed rule change so that it has sufficient time to consider the
proposed rule change. Accordingly, the Commission designated June
10, 2014 as the date by which it should approve, disapprove, or
institute proceedings to determine whether to disapprove the
proposed rule change.
    \7\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

II. Description of the Proposal

    As described in the Notice, the Exchange proposes to adopt new
Nasdaq Rule 5745 to permit the listing and trading of ETMF Shares.
Similar to Managed Fund Shares as defined in Nasdaq Rule 5735,\8\ ETMF
Shares would be issued in specified aggregate unit quantities in return
for a deposit of a specified basket of securities and/or a cash amount
with a value equal to the product of the ETMF's net asset value per
Share (``NAV'') and the number of Shares issued. When aggregated in the
same specified unit quantities, ETMF Shares could be redeemed in
exchange for a specified basket of securities and/or cash with a value
per Share equal to the ETMF's NAV.
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release No. 57962 (June 13,
2008), 73 FR 35175 (June 20, 2008) (SR-NASDAQ-2008-039).
---------------------------------------------------------------------------

    Unlike Managed Fund Shares, ETMF Shares would trade on Nasdaq using
a new trading protocol called ``NAV-Based Trading.'' In NAV-Based
Trading, all bids, offers, and execution prices would be expressed as a
premium/discount (which may be zero) to the ETMF's next-determined NAV
(e.g., NAV-$0.01; NAV+$0.01). An ETMF's NAV would be determined each
business day, normally as of 4:00 p.m. Eastern Time. Trade executions
using

NAV-Based Trading would be binding at the time orders are matched on
Nasdaq's facilities, with the transaction prices contingent upon the
determination of the ETMF's NAV at the end of the business day.
    Member firms would utilize existing order types and interfaces to
transmit ETMF Share bids and offers to Nasdaq, which would process ETMF
Share trades like trades in shares of conventional ETFs and other
listed securities. In the systems used to transmit and process
transactions in ETMF Shares, Nasdaq expects an ETMF's next-determined
NAV to be represented by a proxy price (e.g., 100.00) and a premium/
discount of a stated amount to the next-determined NAV to be
represented by the same increment/decrement from the proxy price used
to denote NAV (e.g., NAV-$0.01 would be represented as 99.99; NAV+$0.01
as 100.01).\9\
---------------------------------------------------------------------------

    \9\ Order transmission and processing systems currently in
common use by exchanges and member firms are generally not designed
to accommodate pricing arrangements, such as NAV-Based Trading, in
which bids, offers and execution prices are determined by reference
to a price or value that is unknown at the time of trade execution.
Compared to the alternative of building and maintaining (and
requiring member firms to build and maintain) a dedicated NAV-Based
Trading order transmission and processing system, the Exchange
believes that the proposed approach (using, for processing purposes,
a proxy price to represent next-determined NAV) offers major
advantages in terms of cost, efficiency and time to implement. To
convert proxy prices used to represent intraday bids, offers and
execution prices into prices expressed in relation to the next-
determined NAV, member firms would subtract from the reported proxy
price (e.g., 99.99) the proxy for NAV (e.g., 100.00) and insert
``NAV'' in front of the calculated number expressed in dollars
(e.g., 99.99-100.00 = -0.01, expressed as ``NAV-$0.01'').
---------------------------------------------------------------------------

    To avoid potential investor confusion, Nasdaq would work with
member firms and providers of market data services to seek to ensure
that representations of intraday bids, offers and execution prices for
ETMFs that are made available to the investing public follow the ``NAV-
$0.01/NAV+$0.01'' (or similar) display format, rather than displaying
proxy prices. Nasdaq expects all ETMFs listed on the Exchange to have a
unique identifier associated with their ticker symbols, which would
indicate that their Shares are traded using NAV-Based Trading. Nasdaq
makes available to member firms and market data services certain
proprietary data feeds (``Nasdaq Data Feeds'') that are designed to
supplement the market information disseminated through the consolidated
tape (``Consolidated Tape''). The Exchange would use a Nasdaq Data Feed
to disseminate intraday price and quote data for ETMFs in real time in
the ``NAV-$0.01/NAV+$0.01'' (or similar) display format. Member firms
could use the Nasdaq Data Feed to source intraday ETMF prices for
presentation to the investing public in the ``NAV-$0.01/NAV+$0.01'' (or
similar) display format. Alternatively, member firms could source
intraday ETMF prices in proxy price format from the Consolidated Tape
and use a simple algorithm to convert prices into the ``NAV-$0.01/
NAV+$0.01'' (or similar) display format.
    All ETMF bids, offers and trade executions would be reported
intraday in real time by the Exchange to the Consolidated Tape \10\ and
separately disseminated to member firms and market data services
through a Nasdaq Data Feed. The Exchange would also provide the member
firms participating in each ETMF Share trade with a contemporaneous
notice of trade execution, indicating the number of ETMF Shares bought
or sold and the executed premium/discount to NAV.\11\
---------------------------------------------------------------------------

    \10\ Due to systems limitations, the Consolidated Tape would
report intraday execution prices and quotes for ETMFs using a proxy
price format. As noted, Nasdaq would separately report real-time
execution prices and quotes to member firms and providers of market
data services in the ``NAV-$0.01/NAV+$0.01'' (or similar) display
format, and otherwise seek to ensure that representations of
intraday bids, offers and execution prices for ETMFs that are made
available to the investing public follow the same display format.
    \11\ All orders to buy or sell an ETMF Share that are not
executed on the day the order is submitted would be automatically
cancelled as of the close of trading on such day.
---------------------------------------------------------------------------

    All executed ETMF Share trades would be recorded and stored
intraday by Nasdaq to await the calculation of the ETMF's end-of-day
NAV and the determination of final trade pricing. After the Reporting
Authority calculates an ETMF's NAV and provides this information to the
Exchange, Nasdaq would price each ETMF Share trade entered into during
the day at the ETMF's NAV plus/minus the trade's executed premium/
discount. Using the final trade price, each executed ETMF Share trade
would then be disseminated to member firms and market data services
through the Nasdaq Data Feed used to report ETMF Share trades, and
confirmed to the member firms participating in the trade to supplement
the previously provided information to include final pricing. After the
pricing is finalized, Nasdaq would deliver the ETMF Share trading data
to NSCC for clearance and settlement, following the same processes used
for the clearance and settlement of trades in conventional ETFs and
other exchange-traded securities.

Proposed Listing Rules for Exchange-Traded Managed Fund Shares

    Proposed Nasdaq Rule 5745(b)(1) provides that Nasdaq will file
separate proposals under Section 19(b) of the Act before the listing of
ETMF Shares. Proposed Nasdaq Rule 5745(b)(2) provides that transactions
in ETMF Shares will occur during Nasdaq's Regular Market Session
through 4:00 p.m.\12\ Proposed Nasdaq Rule 5745(b)(3) provides that
ETMF Shares will trade on Nasdaq at market-determined premiums or
discounts to the next-determined NAV, and that the minimum price
variation for quoting and entry of orders in ETMF Shares will be $0.01.
Proposed Rule Nasdaq 5745(b)(4) provides that Nasdaq will implement
written surveillance procedures for ETMF Shares. Proposed Nasdaq Rule
5745(b)(5) provides that, for ETMF Shares based on an international or
global portfolio, the statutory prospectus or the application for
exemption from provisions of the 1940 Act for such series of ETMF
Shares must state that such series must comply with the federal
securities laws in accepting securities for deposit and satisfying
redemptions with securities, including that the securities accepted for
deposit and the securities used to satisfy redemption requests are sold
in transactions that would be exempt from registration under the
Securities Act of 1933 (``Securities Act'').
---------------------------------------------------------------------------

    \12\ Nasdaq Rule 4120(b)(4) defines the Regular Market Session
as the trading session from 9:30 a.m. to 4:00 p.m. or 4:15 p.m. ETMF
Shares would trade until 4:00 p.m.
---------------------------------------------------------------------------

    Proposed Definitions. Proposed Nasdaq Rule 5745(c)(1) defines the
term ``ETMF Share'' as a security that: (1) Represents an interest in a
registered investment company organized as an open-end management
investment company that invests in a portfolio of securities and other
assets selected and managed by the ETMF's investment adviser consistent
with the ETMF's investment objectives and policies; (2) is issued in
specified aggregate unit quantities in return for a deposit of a
specified portfolio of securities and/or a cash amount with a value per
Share equal to the ETMF's NAV; (3) when aggregated in the same
specified unit quantities, may be redeemed in exchange for a specified
portfolio of securities and/or cash with a value per Share equal to the
ETMF's NAV; and (4) is traded on Nasdaq or another national securities
exchange using NAV-Based Trading, including pursuant to UTP.
    In addition, proposed Nasdaq Rule 5745(c)(2) defines the term
``Intraday Indicative Value'' (``IIV'') as the

estimated indicative value of an ETMF Share based on current
information regarding the value of the securities and other assets held
by the ETMF. Proposed Nasdaq Rule 5745(c)(3) defines the term
``Composition File'' as the specified portfolio of securities and/or
cash that an ETMF will accept as a deposit in issuing ETMF Shares and
the specified portfolio of securities and/or cash that an ETMF will
deliver in a redemption of ETMF Shares. The current Composition File
would be disseminated through the National Securities Clearing
Corporation (``NSCC'') once each business day before the open of
trading in ETMF Shares on Nasdaq on such day. To maintain the
confidentiality of current portfolio trading, an ETMF's Composition
File generally would not be a pro rata reflection of the ETMF's
securities positions. Each security included in the Composition File
would be a current holding of the ETMF, but the Composition File
generally would not include all of the securities in the ETMF's
portfolio or match the weightings of the included securities in the
portfolio. The Composition File also may consist entirely of cash, in
which case it would not include any of the securities in the ETMF's
portfolio.
    Proposed Nasdaq Rule 5745(c)(4) defines the term ``Reporting
Authority'' as Nasdaq, an institution or a reporting service designated
by Nasdaq as the official source for calculating and reporting
information relating to such series of ETMF Shares, including, but not
limited to, the IIV, the amount of any cash distribution to holders of
ETMF Shares, NAV, the Composition File or other information relating to
the issuance, redemption or trading of ETMF Shares. A series of ETMF
Shares may have more than one Reporting Authority, each having
different functions.
    Initial and Continued Listing. Proposed Nasdaq Rule 5745(d) sets
forth the initial and continued listing criteria applicable to ETMF
Shares. Proposed Nasdaq Rule 5745(d)(1)(A) provides that, for each
series of ETMF Shares, Nasdaq will establish a minimum number of ETMF
Shares required to be outstanding at the time of commencement of
trading. In addition, under proposed Nasdaq Rule 5745(d)(1)(B), Nasdaq
must obtain a representation from the issuer of each series of ETMF
Shares that the NAV for such series will be calculated on each business
day that the New York Stock Exchange is open for trading and that the
NAV will be made available to all market participants at the same time.
Under proposed Nasdaq Rule 5745(d)(1)(C), the Reporting Authority that
provides the Composition File must implement and maintain, or be
subject to, procedures designed to prevent the use and dissemination of
material non-public information regarding the ETMF's portfolio
positions and changes in positions.
    Proposed Nasdaq Rule 5745(d)(2)(A) provides that each series of
ETMF Shares could continue to be listed and traded if the IIV for the
ETMF Shares is widely disseminated by one or more major market data
vendors at intervals of not more than 15 minutes during the Regular
Market Session when the ETMF Shares trade on Nasdaq. According to the
Exchange, the purpose of IIVs in NAV-Based Trading is to enable
investors to estimate the next-determined NAV so they can determine the
number of ETMF Shares to buy or sell if they want to transact in an
approximate dollar amount (e.g., if an investor wants to acquire
approximately $5,000 of an ETMF, how many Shares should the investor
buy?).\13\ For this purpose, Nasdaq believes that dissemination of IIVs
at intervals of not more than 15 minutes should generally be
sufficient. The Exchange states that more frequent dissemination of
IIVs may increase fund costs without apparent benefit and could focus
unwarranted investor attention on these disclosures. Moreover, for
certain strategies, more frequent IIV disclosure could provide
unintended information about current portfolio trading activity to
market participants who possess the requisite analytical capabilities,
computation power and motivation to reverse engineer the ETMF's
portfolio positions. As proposed, an ETMF would be permitted to
disseminate IIVs at intervals of less than 15 minutes, but would not be
required to do so to maintain trading on the Exchange.
---------------------------------------------------------------------------

    \13\ Because, in NAV-Based Trading, prices of executed trades
are not determined until the reference NAV is calculated, buyers and
sellers of ETMF Shares during the trading day would not know the
final value of their purchases and sales until the end of the
trading day.
---------------------------------------------------------------------------

    Proposed Nasdaq Rule 5745(d)(2)(B) provides that Nasdaq will
consider the suspension of trading in, or removal from listing of, a
series of ETMF Shares under any of the following circumstances: (1) If,
following the initial twelve-month period after commencement of trading
on the Exchange of a series of ETMF Shares, there are fewer than 50
beneficial holders of the series of ETMF Shares for 30 or more
consecutive trading days; (2) if the ETMF's IIV or NAV is no longer
calculated or if its IIV, NAV or Composition File is no longer
available to all market participants at the same time; (3) if the ETMF
has failed to submit any filings required by the Commission or if
Nasdaq is aware that the ETMF is not in compliance with the conditions
of any exemptive order or no-action relief granted by the Commission
with respect to the series of ETMF Shares; or (4) if such other event
shall occur or condition exists which, in the opinion of Nasdaq, makes
further dealings on Nasdaq inadvisable.
    Proposed Nasdaq Rule 5745(d)(2)(C) provides that, if the IIV of a
series of ETMF Shares is not being disseminated as required, Nasdaq may
halt trading during the day in which the interruption to the
dissemination of the IIV occurs. If the interruption to the
dissemination of the IIV persists past the trading day in which it
first occurred, Nasdaq will halt trading no later than the beginning of
the trading day following the interruption. In addition, if the
Exchange becomes aware that the NAV with respect to a series of ETMF
Shares is not calculated on each business day that the New York Stock
Exchange is open for trading and disseminated to all market
participants at the same time, it will halt trading in such series
until such time as the NAV is available to all market participants. If
Nasdaq becomes aware that the Composition File with respect to a series
of ETMF Shares is not disseminated to all market participants at the
same time, it will halt trading in such series until such time as the
Composition File is available to all market participants.
    In addition, proposed Nasdaq Rule 5745(d)(2)(D) provides that, upon
termination of an ETMF, the ETMF Shares issued in connection with such
entity must be removed from listing on Nasdaq. Proposed Nasdaq Rule
5745(d)(2)(E) provides that voting rights must be as set forth in the
applicable ETMF prospectus.
    Additional Provisions. Proposed Nasdaq Rule 5745(e) provides that
neither Nasdaq, the Reporting Authority nor any agent of Nasdaq shall
have any liability for damages, claims, losses or expenses caused by
any errors, omissions or delays in calculating or disseminating any of
the following: The current portfolio value; the current value of the
securities and other assets required to be deposited in connection with
issuance of ETMF Shares; the amount of any dividend-equivalent payment
or cash distribution to holders of ETMF Shares; NAV; the Composition
File; or other information relating to the purchase, redemption or
trading of ETMF Shares, resulting from any negligent act or omission by
Nasdaq, the

Reporting Authority or any agent of Nasdaq, or any act, condition or
cause beyond the reasonable control of Nasdaq, its agent or the
Reporting Authority, including, but not limited to, an act of God,
fire, flood, extraordinary weather conditions, war, insurrection, riot,
strike, accident, action of government, communications or power
failure, equipment or software malfunction, or any error, omission or
delay in the reports of transactions in one or more underlying
securities.
    Proposed Nasdaq Rule 5745(f) applies only to series of ETMF Shares
that are the subject of an order by the Commission exempting such
series from certain prospectus delivery requirements under Section
24(d) of the 1940 Act and are not otherwise subject to prospectus
delivery requirements under the Securities Act. Nasdaq would inform its
members regarding application of Proposed Nasdaq Rule 5745(f) to a
particular series of ETMF Shares by means of an information circular
prior to commencement of trading in such series. Under the proposed
rule, Nasdaq requires that members provide to all purchasers of a
series of ETMF Shares a written description of the terms and
characteristics of those securities, in a form prepared by the open-end
management investment company issuing such securities, not later than
the time a confirmation of the first transaction in such series is
delivered to such purchaser. In addition, members shall include such a
written description with any sales material relating to a series of
ETMF Shares that is provided to customers or the public. Any other
written materials provided by a member to customers or the public
making specific reference to a series of ETMF Shares as an investment
vehicle must include a statement in substantially the following form:
``A circular describing the terms and characteristics of (the series of
ETMF Shares) has been prepared by the (open-end management investment
company name) and is available from your broker. It is recommended that
you obtain and review such circular before purchasing (the series of
ETMF Shares).'' A member carrying an omnibus account for a non-member
broker-dealer is required to inform such non-member that execution of
an order to purchase a series of ETMF Shares for such omnibus account
would be deemed to constitute agreement by the non-member to make such
a written description available to its customers on the same terms as
are directly applicable to members under this rule. Upon request of a
customer, a member shall also provide a prospectus for the particular
series of ETMF Shares.
    Proposed Nasdaq Rule 5745(g) provides that, if the investment
adviser to an ETMF issuing Shares is a registered broker-dealer or
affiliated with a broker-dealer, such investment adviser shall erect a
``fire wall'' between the investment adviser and the broker-dealer
personnel or broker-dealer affiliate, as applicable, with respect to
access to information concerning the composition and/or changes to such
ETMF's portfolio holdings. Personnel who make decisions on the ETMF's
portfolio composition must be subject to procedures designed to prevent
the use and dissemination of material nonpublic information regarding
the applicable ETMF portfolio.

Other Proposed Rule Changes

    The Exchange also proposes to amend: (1) Nasdaq Rule 4120(a)(9) and
(10) to add provisions applicable to ETMF Shares with respect to
trading halts; (2) Nasdaq Rule 4120(b)(4)(A) and (E) to modify certain
defined terms to include references to ETMF Shares; (3) Nasdaq Rule
5615(a)(5) and IM-5615-4 to add references to ETMFs for purposes of
certain corporate governance requirements; and (4) Nasdaq Rule 5940(a)
and (b) to add references to ETMF Shares to those securities already
covered under the rule relating to both entry fees and annual fees.\14\
---------------------------------------------------------------------------

    \14\ The Exchange also proposes to make certain other minor
technical changes to these rules unrelated to ETMFs. Specifically,
the Exchange proposes to amend Rule 4120(a)(9), (b)(4)(A), and
(b)(4)(E) to include appropriate references to various derivative
securities defined in Rule 5711, and to make certain other
typographical corrections and clarifications.
---------------------------------------------------------------------------

Portfolio Disclosure

    The Exchange states that, as required for traditional open-end
investment companies, ETMFs would disclose their full portfolio
positions at least quarterly, with a delay (not to exceed 60 days) to
limit opportunities for other market participants to engage in
predatory trading practices that might harm fund shareholders.
    Nasdaq Rule 5735 requires Active ETFs to disclose publicly their
full portfolio positions at least once daily. According to the
Exchange, the purpose of this requirement is to provide Active ETF
market makers with the portfolio information needed to hedge the
intraday market risk they assume as they take inventory positions in
connection with their market making activities. Nasdaq states that, in
conventional ETF trading, a condition to maintaining a tight
relationship between market trading prices and contemporaneous
underlying portfolio values is that market makers have sufficient
information regarding portfolio positions to enable them to earn
reliable arbitrage profits by entering into long (or short) positions
in ETF shares and offsetting short (or long) positions in the
underlying holdings (or a suitable proxy).
    Nasdaq states that, in ETMF trading, by contrast, a market maker
assumes no intraday market risk in connection with its inventory
positions because all ETMF Share transaction prices are based on the
next-determined NAV. According to the Exchange, whether an ETMF's
underlying value goes up or down over the course of a trading day would
not affect how much profit a market maker earns by selling (or buying)
ETMF Shares in the market at a net premium (discount) to NAV, and then
purchasing (redeeming) an offsetting number of ETMF Shares at the end
of the day in transactions with the ETMF. The Exchange states that no
intraday market risk means no requirement for intraday hedging, and
therefore no associated requirement for portfolio disclosure to
maintain a tight relationship between ETMF Share trading prices and
NAV.
    According to the Exchange, the arbitrage that connects ETMF trading
prices to NAV is effected at the end of each trading day when a market
maker or other arbitrageur purchases (or redeems) Creation Units of
ETMF Shares through an Authorized Participant to offset the net amount
of ETMF Shares it has sold (bought) over the course of the trading day,
and buys (sells) the quantity of Composition File instruments
corresponding to the number of Creation Units purchased (redeemed). The
Exchange states that an ETMF market maker that purchases (or redeems) a
Creation Unit at the end of a trading day to offset its net intraday
sales (purchases) of a Creation Unit quantity of ETMF Shares would earn
arbitrage profits to the extent that it either sells (buys) Shares at
an aggregate premium (discount) to NAV or buys (sells) a Creation Unit-
equivalent quantity of Composition File instruments at an aggregate
discount (premium) to their end-of-day values, and the net amount of
ETMF premium (discount) plus Composition File instruments discount
(premium) exceeds the transaction fee that applies to a purchase
(redemption) of a Creation Unit of ETMF Shares.\15\
---------------------------------------------------------------------------

    \15\ The arbitrage mechanism is simplified for cash creations
and redemptions. An ETMF market maker that purchases (or redeems) a
Creation Unit in cash to offset its net intraday sales (purchases)
of a Creation Unit quantity of ETMF Shares would earn arbitrage
profits to the extent that it sells (buys) ETMF Shares in the
secondary market at an aggregate premium (discount) to NAV that
exceeds the transaction fee that applies to a cash creation
(redemption) of a Creation Unit of ETMF Shares.

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

    The Exchange states that, different from ETFs trading in
conventional intraday markets, ETMFs offer market makers an arbitrage
profit opportunity that does not depend on either corresponding
intraday adjustments in fund share and underlying portfolio positions
or the use of a hedge portfolio to manage intraday market risk.
According to the Exchange, a ``perfect arbitrage'' in an ETMF requires
only that market makers holding short (or long) positions in ETMF
Shares accumulated intraday transact with the ETMF to purchase (redeem)
a corresponding number of Creation Units of ETMF Shares, buy (sell) the
equivalent quantities of Composition File instruments at market-closing
or better prices, and offload any remaining sub-Creation Unit ETMF
Share inventory through secondary market transactions by the market
close.\16\
---------------------------------------------------------------------------

    \16\ According to the Exchange, market makers are expected
generally to seek to minimize their exposure to price risk in ETMF
Shares by holding little or no overnight inventory. Establishing
Creation Unit sizes for ETMFs that are somewhat smaller (i.e., in a
range of 5,000 to 50,000 Shares) than is customary for ETFs should
support efficient arbitrage between an ETMF's trading prices and NAV
by facilitating tighter market maker inventory management. To the
extent that market makers hold small positions in ETMF Shares
overnight, they are expected to aggregate such holdings with other
risk positions and transact at or near the market close to buy or
sell offsetting positions in appropriate, broad-based hedging
instruments. Such hedging of overnight inventory risk on a macro
basis does not require disclosure of non-Composition File portfolio
positions.
---------------------------------------------------------------------------

    According to the Exchange, because the arbitrage mechanism that
underlies ETMF trading is simpler, more reliable and exposes market
makers to less risk than ETF arbitrage, market makers should require
less profit inducement to establish and maintain markets in ETMF Shares
than in similarly constituted ETFs, thereby enabling ETMFs to routinely
trade at smaller premiums/discounts and narrower bid-ask spreads.
Further, because the arbitrage mechanism that underlies efficient
trading of ETMFs does not involve portfolio positions that are not
included in the Composition File, the need for full portfolio
transparency to achieve tight markets in ETMF Shares is eliminated.

Exchange Listing

    Nasdaq intends to enter into a license agreement to allow for the
listing and trading of ETMF Shares on the Exchange.\17\ According to
the Exchange, ETMF Shares listed on the Exchange may trade pursuant to
UTP on other national securities exchanges that have obtained
appropriate licenses, adopted applicable exchange rules and developed
systems to support NAV-Based Trading. Nasdaq states that fees collected
by the Exchange in connection with the listing and trading of ETMF
Shares would comply with the statutory requirements set forth in the
Act.
---------------------------------------------------------------------------

    \17\ The Exchange states that aspects of ETMFs and NAV-Based
Trading are protected intellectual property subject to issued and
pending U.S. patents held by Navigate Fund Solutions LLC
(``Navigate''), a wholly owned subsidiary of Eaton Vance Corp.
Nasdaq would enter into a license agreement with Navigate to allow
for NAV-Based Trading on the Exchange of ETMFs that have themselves
entered into license agreements with Navigate.
---------------------------------------------------------------------------

Trading Rules

    Nasdaq would deem ETMF Shares to be equity securities, thus
rendering trading in ETMF Shares to be subject to Nasdaq's existing
rules governing the trading of equity securities.

III. Comment Letters

    The Commission received four comment letters on the proposed rule
change. All of the commenters supported the proposal. The commenters
stated their views that ETMFs could offer investment managers and
investors a tax-efficient alternative to today's mutual funds.\18\ In
addition to the benefits of tax-efficiency, some commenters stated
their belief that ETMFs would offer lower cost benefits to investors as
a result of lower expenses,\19\ and one commenter stated its belief
that a benefit would be transparency of ETMF transaction costs.\20\ The
same commenter also stated its view that the non-disclosed nature of
the ETMF portfolio would serve as a barrier to front-running of
portfolio trades of actively managed funds and that the proposed ETMFs
would promote renewed competition in the fund marketplace by
encouraging investment managers concerned about maintaining the
confidentiality of their portfolio trading to offer their leading
strategies in a better performing product structure.\21\
---------------------------------------------------------------------------

    \18\ See MMI Letter; Tull Letter; Strategic Insight Letter; and
ConvergEx Letter at 1, supra note 4.
    \19\ See Tull Letter; Strategic Insight Letter; and ConvergEx
Letter at 1, supra note 4.
    \20\ See Tull Letter, supra note 4.
    \21\ See id.
---------------------------------------------------------------------------

    In addition, several commenters stated their belief about the
potential positive impact the proposed ETMF product may have on
arbitrage and pricing. Specifically, one commenter stated its view that
NAV-Based Trading for ETMFs would permit market makers to offer
differential arbitrage pricing to investors based on the closing NAV of
the ETMF, which should expand market maker opportunities as the
arbitrage moves towards order management control and away from
sophisticated arbitrage pricing models using real-time pricing that
makes it difficult for an investor to calculate personal market entry
and exit costs.\22\ Another commenter stated its view that, because
ETMFs could promote competition in the fund marketplace, such
competition might enable ETMFs to trade close to the underlying fund
value on a consistent basis.\23\ Lastly, one commenter stated its view
that the promise of ETMFs can be realized if a ``common Chassis'' is
adopted by multiple fund managers, who would then simultaneously
educate the marketplace about the benefits of ETMFs.\24\ The same
commenter also believes that the adoption curve of ETMFs might parallel
the acceleration in the use of mutual funds triggered by the
introduction in the early 1990s of the Schwab's Mutual Fund
OneSource[supreg] supermarket, when numerous fund managers articulated
the benefit of a common administrative platform.\25\ The commenter
concluded with its view that ETMFs have the potential to significantly
improve returns to investors in actively-managed funds, and to
encourage additional investment and savings by millions of Americans
over the coming decades.\26\
---------------------------------------------------------------------------

    \22\ See id.
    \23\ See ConvergEx Letter at 2, supra note 4.
    \24\ See Strategic Insight Letter, supra note 4.
    \25\ See id.
    \26\ See id.
---------------------------------------------------------------------------

IV. Proceedings To Determine Whether To Approve or Disapprove SR-
NASDAQ-2014-020 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \27\ to determine whether the proposed rule
change should be approved or disapproved. Institution of such
proceedings is appropriate at this time in view of the legal and policy
issues raised by the proposed rule change, as discussed below.
Institution of proceedings does not indicate that the Commission has
reached any conclusions with respect to any of the issues involved.
Rather, as described below, the Commission seeks and encourages
interested persons to provide additional comment on the proposed rule
change.
---------------------------------------------------------------------------

    \27\ 15 U.S.C. 78s(b)(2)(B).

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

    As discussed above, the Exchange proposes to adopt new Nasdaq Rule
5745, which would govern the listing and trading of ETMF Shares. In
addition, ETMF Shares would trade on Nasdaq using a new trading
protocol called ``NAV-Based Trading.'' In NAV-Based Trading, all bids,
offers, and execution prices would be expressed as a premium/discount
(which may be zero) to the ETMF's next-determined NAV. Trade executions
using NAV-Based Trading would be binding at the time orders are matched
on Nasdaq's facilities, with the transaction prices contingent upon the
determination of the ETMF's NAV at the end of the business day. The
Commission believes that the proposal, which seeks to permit the
listing and trading of ETMFs on the Exchange, raises important trading
issues that warrant further public comment and Commission
consideration. The proposed rule change would permit the listing and
trading of ETMFs based on a novel and unique trading protocol, NAV-
Based Trading, and the Commission believes that proceedings are
appropriate to consider, among other matters, the ability of brokers,
dealers, investors, and other market participants to fully understand
NAV-Based Trading, as well as the public availability of information,
including the differing representations of intraday bids, offers and
execution prices for ETMFs, for investors and other market
participants.
    Pursuant to Section 19(b)(2)(B) of the Act,\28\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposed rule change's consistency with Section 6(b)(5)
of the Exchange Act, which requires, among other things, that the rules
of a national securities exchange be ``designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade,'' and ``to protect investors and the public
interest.'' \29\
---------------------------------------------------------------------------

    \28\ Id.
    \29\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

V. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
concerns identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with Section 6(b)(5) or any other provision of the Act, or
the rules and regulations thereunder. Although there do not appear to
be any issues relevant to approval or disapproval which would be
facilitated by an oral presentation of views, data, and arguments, the
Commission will consider, pursuant to Rule 19b-4, any request for an
opportunity to make an oral presentation.\30\
---------------------------------------------------------------------------

    \30\ Section 19(b)(2) of the Act, as amended by the Securities
Act Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Act Amendments of 1975, Senate Comm. on
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
---------------------------------------------------------------------------

    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal should be approved or
disapproved by July 7, 2014. Any person who wishes to file a rebuttal
to any other person's submission must file that rebuttal by July 18,
2014.
    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2014-020 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2014-020. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filings also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2014-020 and should
be submitted on or before July 7, 2014. Rebuttal comments should be
submitted by July 18, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
---------------------------------------------------------------------------

    \31\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-13822 Filed 6-12-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 124 (Thursday, July 1, 2021)]
[Notices]
[Page 35082]
[FR Doc No: 2021-14066]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2042-191]

Public Utility District No. 1 of Pend Oreille County, Washington;
Notice of Availability of Environmental Assessment

    In accordance with the National Environmental Policy Act of 1969
and the Federal Energy Regulatory Commission's (Commission)
regulations, 18 CFR part 380, the Office of Energy Projects has
reviewed an application submitted by Public Utility District No. 1 of
Pend Oreille County, Washington to amend the license for the Box Canyon
Project No. 2042, and has prepared an Environmental Assessment (EA) for
the proposed amendment. The licensee proposes an amendment of the
project license to be consistent with the terms of an Amended
Settlement Agreement and to incorporate revised mandatory conditions
submitted by the U.S. Department of the Interior under section 4(e) and
section 18 of the Federal Power Act. The project is located on the Pend
Oreille River in Pend Oreille County, Washington, and Bonner County,
Idaho and occupies lands within the Kalispel Indian Reservation and
lands within the Colville National Forest.
    The EA contains Commission staff's analysis of the potential
environmental effects of the proposed amendment to the license, and
concludes that the proposed amendment, with appropriate environmental
protective measures, would not constitute a major federal action that
would significantly affect the quality of the human environment.
    The EA may be viewed on the Commission's website at www.ferc.gov
using the ``eLibrary'' link. Enter the docket number (P-2042) in the
docket number field to access the document. At this time, the
Commission has suspended access to the Commission's Public Reference
Room due to the proclamation declaring a National Emergency concerning
the Novel Coronavirus Disease (COVID-19), issued by the President on
March 13, 2020. For assistance, contact FERC Online Support at
<EMAIL_ADDRESS>or toll-free at 1-866-208-3676, or for TTY,
(202) 502-8659. You may also register online at www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filings and
issuances related to this or other pending projects. For assistance,
contact FERC Online Support.
    For further information, contact Holly Frank at<PHONE_NUMBER>, or
by email at<EMAIL_ADDRESS>
    Dated: June 25, 2021.
Kimberly D. Bose,
Secretary.
[FR Doc. 2021-14066 Filed 6-30-21; 8:45 am]
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[Federal Register: June 1, 2010 (Volume 75, Number 104)]
[Notices]
[Page 30418]
[DOCID:fr01jn10-95]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-1909-DR; Docket ID FEMA-2010-0002]

Tennessee; Amendment No. 9 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of Tennessee (FEMA-1909-DR), dated May 4, 2010, and
related determinations.

DATES: Effective Date: May 24, 2010.

FOR FURTHER INFORMATION CONTACT: Peggy Miller, Recovery Directorate,
Federal Emergency Management Agency, 500 C Street, SW., Washington, DC
20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
for the State of Tennessee is hereby amended to include the following
areas among those areas determined to have been adversely affected by
the event declared a major disaster by the President in his declaration
of May 4, 2010.

    Campbell and Henry Counties for Public Assistance, including
direct Federal assistance.
    Carroll, Davidson, DeKalb, Dickson, Fayette, Hardeman, Lawrence,
Macon, Maury, Perry, Robertson, Rutherford, Shelby, Sumner,
Trousdale, and Williamson Counties for Public Assistance (Categories
C-G) already designated for Individual Assistance and assistance for
debris removal and emergency protective measures (Categories A and
B), including direct Federal assistance, under the Public Assistance
program.

    The following Catalog of Federal Domestic Assistance Numbers
(CFDA) are to be used for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services; 97.034, Disaster
Unemployment Assistance (DUA); 97.046, Fire Management Assistance
Grant; 97.048, Disaster Housing Assistance to Individuals and
Households In Presidentially Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance--Disaster Housing
Operations for Individuals and Households; 97.050, Presidentially
Declared Disaster Assistance to Individuals and Households--Other
Needs; 97.036, Disaster Grants--Public Assistance (Presidentially
Declared Disasters); 97.039, Hazard Mitigation Grant.

W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2010-13028 Filed 5-28-10; 8:45 am]
BILLING CODE 9111-23-P