[Federal Register Volume 81, Number 199 (Friday, October 14, 2016)]
[Rules and Regulations]
[Pages 70966-70968]
[FR Doc No: 2016-24779]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R04-OAR-2016-0312; FRL-9954-08-Region 4]

Air Plan Approval; KY; Removal of Stage II Gasoline Vapor
Recovery Program

AGENCY: Environmental Protection Agency.

ACTION: Final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is approving changes
to the Kentucky State Implementation Plan (SIP) submitted by the
Commonwealth of Kentucky, through the Kentucky Energy and Environmental
Cabinet, on May 3, 2016. This SIP revision removes Stage II vapor
control requirements for new and upgraded gasoline dispensing
facilities in the State and allows for the decommissioning of existing
Stage II equipment in Boone, Campbell and Kenton Counties in Kentucky
(hereinafter referred to as the ``Northern Kentucky Area'' or
``Area''). EPA determined that Kentucky's May 3, 2016, SIP revision is
approvable because it is consistent with the Clean Air Act (CAA or
Act).

DATES: This rule will be effective November 14, 2016.

ADDRESSES: EPA has established a docket for this action under Docket
Identification No. EPA-R04-OAR-2016-0312. All documents in the docket
are listed on the www.regulations.gov Web site. Although listed in the
index, some information may not be publicly available, i.e.,
Confidential Business Information or other information whose disclosure
is restricted by statute. Certain other material, such as copyrighted
material, is not placed on the Internet and will be publicly available
only in hard copy form. Publicly available docket materials are
available either electronically through www.regulations.gov or in hard
copy at the Air Regulatory Management Section, Air Planning and
Implementation Branch, Air, Pesticides and Toxics Management Division,
U.S. Environmental Protection Agency, Region 4, 61 Forsyth Street SW.,
Atlanta, Georgia 30303-8960. EPA requests that if at all possible, you
contact the person listed in the FOR FURTHER INFORMATION CONTACT
section to schedule your inspection. The Regional Office's official
hours of business are Monday through Friday 8:30 a.m. to 4:30 p.m.,
excluding federal holidays.

FOR FURTHER INFORMATION CONTACT: Kelly Sheckler, Air Regulatory
Management Section, Air Planning and Implementation Branch, Pesticides
and Toxics Management Division, Region 4, U.S. Environmental Protection
Agency, 61 Forsyth Street SW., Atlanta, Georgia 30303-8960. Ms.
Sheckler's telephone number is<PHONE_NUMBER>. She can also be reached
via electronic mail at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Background

    On February 3, 1998, the Commonwealth of Kentucky submitted a SIP
revision to address the Stage II requirements \1\ for the Northern
Kentucky Area.\2\ EPA approved that SIP revision, containing Kentucky
regulation 401 KAR 59:174--Stage II controls at gasoline dispensing
facilities, in a notice published on February 8, 1999 (63 FR 67586). On
May 3, 2016, the Commonwealth of Kentucky submitted a SIP revision to
EPA seeking modifications of the Stage II requirements in the Northern
Kentucky Area. Specifically, it sought the removal of the Stage II
requirements in Kentucky regulation 401 KAR 59:174--Stage II Controls
at gasoline dispensing facilities. EPA published a proposed rulemaking
on August 17, 2016, to approve that SIP revision. The details of
Kentucky's submittal and the rationale for EPA's action are explained
in the proposed rulemaking. See 81 FR 54780. The comment period for
this proposed rulemaking closed on September 16, 2016. EPA did not
receive any comments, adverse or otherwise, during the public comment
period.
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    \1\ Stage II is a system designed to capture displaced vapors
that emerge from inside a vehicle's fuel tank, when gasoline is
dispensed into the tank. There are two basic types of Stage II
systems, the balance type and the vacuum assist type.
    \2\ On November 6, 1991, EPA designated and classified Boone,
Campbell and Kenton Counties in Kentucky as part of the seven-county
area in and around the Cincinnati-Hamilton, OH-KY, area as a
moderate nonattainment area for the 1-hour ozone NAAQS. See 56 FR
56694. The ``moderate'' classification triggered various statutory
requirements for the Area, including the requirement pursuant to
section 182(b)(3) of the CAA to require all owners and operators of
gasoline dispensing systems to install and operate Stage II. EPA
redesignated the Northern Kentucky portion of the Area to attainment
for the 1-hour ozone NAAQS, effective July 31, 2002. See 67 FR
49600.
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II. Incorporation by Reference

    In this rule, EPA is finalizing regulatory text that includes
incorporation by reference. In accordance with requirements of 1 CFR
51.5, EPA is finalizing the incorporation by reference of Kentucky
regulation 401 KAR 59:174--Stage II Controls at gasoline dispensing
facilities, effective May 3, 2016, which removes Stage II vapor control
requirements for new and upgraded gasoline dispensing facilities in the
State. Therefore, these materials have been approved by EPA for
inclusion in the State implementation plan, have been incorporated by
reference by EPA into that plan, are fully federally enforceable under
sections 110 and 113 of the CAA as of the effective date of the final
rulemaking of EPA's approval, and will be incorporated by reference by
the Director of the Federal Register in the next update to the SIP
compilation.\3\ EPA has made, and will continue to make, these
materials generally available through www.regulations.gov and/or at the
EPA Region 4 Office (please contact the person identified in the ``For
Further Information Contact'' section of this preamble for more
information)
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    \3\ 62 FR 27968 (May 22, 1997).

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III. Final Action

    EPA is taking final action to approve the May 3, 2016, revision to
Kentucky Air Regulation 401 KAR 59:174, submitted by the Commonwealth
of Kentucky. This action removes Stage II vapor control requirements
for new and upgraded gasoline dispensing facilities and allows for the
decommissioning of existing Stage II equipment. EPA has determined that
Kentucky's May 3, 2016, SIP revision related to the State's Stage II
rules is consistent with the CAA and EPA's regulations and guidance
related to removal of Stage II requirements from the SIP and that these
changes will not interfere with any applicable requirement concerning
attainment or any other applicable requirement of the CAA, and
therefore satisfy section 110(l).

IV. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the Act and applicable
federal regulations. See 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, EPA's role is to approve state choices,
provided that they meet the criteria of the CAA. Accordingly, this
action merely approves state law as meeting federal requirements and
does not impose additional requirements beyond those imposed by state
law. For that reason, this action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Order
12866 (58 FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21,
2011);
     does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the CAA; and
     does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
In addition, the SIP is not approved to apply on any Indian reservation
land or in any other area where EPA or an Indian tribe has demonstrated
that a tribe has jurisdiction. In those areas of Indian country, the
rule does not have tribal implications as specified by Executive Order
13175 (65 FR 67249, November 9, 2000), nor will it impose substantial
direct costs on tribal governments or preempt tribal law.
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the CAA, petitions for judicial review
of this action must be filed in the United States Court of Appeals for
the appropriate circuit by December 13, 2016. Filing a petition for
reconsideration by the Administrator of this final rule does not affect
the finality of this action for the purposes of judicial review nor
does it extend the time within which a petition for judicial review may
be filed, and shall not postpone the effectiveness of such rule or
action. This action may not be challenged later in proceedings to
enforce its requirements. See section 307(b)(2).

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Ozone, Reporting and recordkeeping requirements, Volatile
organic compounds.

    Dated: October 3, 2016.
Heather McTeer Toney,
Regional Administrator, Region 4.
    40 CFR part 52 is amended as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

0
1. The authority citation for part 52 continues to read as follows:

    Authority: 42 U.S.C. 7401 et seq.

Subpart S--Kentucky

0
2. Section 52.920(c) Table 1 is amended under Chapter 59 by revising
the entry for ``401 KAR 59:174'' to read of follows:

Sec.  52.920   Identification of plan.

* * * * *
    (c) * * *

                                                            EPA Approved Kentucky Regulations
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                                                                State
          State citation                Title/subject      effective date             EPA approval date                         Explanation
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                                                             Chapter 59 New Source Standards
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                                                                      * * * * * * *
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401 KAR 59:174....................  Stage II controls at         5/3/2016  [Insert citation of publication]......
                                     gasoline dispensing
                                     facilities.
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                                                                      * * * * * * *
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* * * * *
[FR Doc. 2016-24779 Filed 10-13-16; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 77, Number 64 (Tuesday, April 3, 2012)]
[Notices]
[Pages 20079-20086]
[FR Doc No: 2012-7894]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66669; File No. SR-NYSEArca-2012-21]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating To the Listing and Trading of the
First Trust North American Infrastructure Fund Under NYSE Arca Equities
Rule 8.600

March 28, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that, on March 13, 2012, NYSE Arca, Inc. (``Exchange''
or ``NYSE Arca'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been substantially prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade shares of the following
under NYSE Arca Equities Rule 8.600 (``Managed Fund Shares''): First
Trust North American Infrastructure Fund. The text of the proposed rule
change is available at the Exchange, the Commission's Public Reference
Room, and www.nyse.com.

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

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

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

1. Purpose
    The Exchange proposes to list and trade the shares (``Shares'') of
the First Trust North American Infrastructure Fund (``Fund'') under
NYSE Arca Equities Rule 8.600, which governs the listing and trading of
Managed Fund Shares.\3\ The Shares will be offered by First Trust
Exchange-Traded Fund IV (``Trust''), which is organized as a
Massachusetts business trust and is registered with the Commission as
an open-end management investment company.\4\ The investment adviser to
the Fund will be First Trust Advisors L.P. (``Adviser'' or ``First
Trust''). Energy Income Partners LLC will serve as investment sub-
adviser to the Fund (``Sub-Adviser'') and provide day-to-day portfolio
management of the Fund. First Trust Portfolios L.P. (``Distributor'')
will be the principal underwriter and distributor of the Fund's Shares.
Bank of New York Mellon (``Administrator'' or ``BNY'') will serve as
administrator, custodian, and transfer agent for the Fund.\5\
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    \3\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) (``1940 Act'') organized as an
open-end investment company or similar entity that invests in a
portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Investment Company Units,
listed and traded on the Exchange under NYSE Arca Equities Rule
5.2(j)(3), seeks to provide investment results that correspond
generally to the price and yield performance of a specific foreign
or domestic stock index, fixed income securities index, or
combination thereof.
    \4\ The Trust is registered under the 1940 Act. On July 19,
2011, the Trust filed with the Commission a registration statement
on Form N-1A under the Securities Act of 1933 (15 U.S.C. 77a) and
under the 1940 Act relating to the Fund (File Nos. 333-174332 and
811-22559) (``Registration Statement''). The description of the
operation of the Trust and the Fund herein is based, in part, on the
Registration Statement. In addition, the Commission has issued an
order granting certain exemptive relief to the Trust under the 1940
Act. See Investment Company Act Release No. 28468 (October 27, 2008)
(File No. 812-13477) (``Exemptive Order'').
    \5\ The Commission has previously approved listing and trading
on the Exchange of a number of actively managed funds under Rule
8.600. See, e.g., Securities Exchange Act Release Nos. 57801 (May 8,
2008), 73 FR 27878 (May 14, 2008) (SR-NYSEArca-2008-31) (order
approving Exchange listing and trading of twelve actively-managed
funds of the WisdomTree Trust); 60460 (August 7, 2009), 74 FR 41468
(August 17, 2009) (SR-NYSEArca-2009-55) (order approving listing of
Dent Tactical ETF); 62502 (July 15, 2010), 75 FR 42471 (July 21,
2010) (SR-NYSEArca-2010-57) (order approving listing of
AdviserShares WCM/BNY Mellon Focused Growth ADR ETF); 63076 (October
12, 2010), 75 FR 63874 (October 18, 2010) (SR-NYSEArca-2010-79)
(order approving listing of Cambria Global Tactical ETF).
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    Commentary .06 to Rule 8.600 provides that, if the investment
adviser to the investment company issuing Managed Fund Shares is
affiliated with a broker-dealer, such investment adviser shall erect a
``fire wall'' between the investment adviser and the broker-dealer with
respect to access to information concerning the composition and/or
changes to such investment company portfolio. In addition, Commentary
.06 further requires that personnel who make decisions on the open-end
fund's portfolio composition must be subject to procedures designed to
prevent the use and dissemination of material nonpublic information
regarding the open-end fund's portfolio.\6\ Commentary .06 to Rule
8.600 is similar to Commentary .03(a)(i) and (iii) to NYSE Arca
Equities Rule 5.2(j)(3); however, Commentary .06 in connection with the
establishment of a ``fire wall'' between the investment adviser and the
broker-dealer reflects the applicable open-end fund's portfolio, not an
underlying benchmark index, as is the case with index-based funds. The
Adviser is affiliated with First Trust Portfolios L.P., a broker-
dealer, and has implemented a fire wall with respect to its broker-
dealer affiliate regarding access to information concerning the
composition and/or changes to the portfolio. In addition, the Sub-
Adviser is affiliated with a broker-dealer and has implemented a fire
wall with respect to such broker-dealer affiliate regarding access to
information concerning the composition and/or changes to the portfolio.
In the event (a) the Adviser or the Sub-Adviser becomes newly
affiliated with a broker-dealer, or (b) any new adviser or sub-adviser
becomes affiliated with a broker-dealer, it will implement a fire wall
with respect to such broker-dealer regarding access to information
concerning the composition and/or changes to the portfolio, and will be
subject to procedures designed to prevent the use and dissemination of
material non-public information regarding such portfolio.
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    \6\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (``Advisers
Act''). As a result, the Adviser and Sub-Adviser and their related
personnel are subject to the provisions of Rule 204A-1 under the
Advisers Act relating to codes of ethics. This Rule requires
investment advisers to adopt a code of ethics that reflects the
fiduciary nature of the relationship to clients as well as
compliance with other applicable securities laws. Accordingly,
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under
the Advisers Act makes it unlawful for an investment adviser to
provide investment advice to clients unless such investment adviser
has (i) adopted and implemented written policies and procedures
reasonably designed to prevent violation, by the investment adviser
and its supervised persons, of the Advisers Act and the Commission
rules adopted thereunder; (ii) implemented, at a minimum, an annual
review regarding the adequacy of the policies and procedures
established pursuant to subparagraph (i) above and the effectiveness
of their implementation; and (iii) designated an individual (who is
a supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
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    According to the Registration Statement, the Fund's investment
objective is to seek total return with an emphasis on current
distributions and dividends paid to shareholders. Under normal market
conditions,\7\ the Fund will invest at least 80% of its net assets
(plus the amount of any borrowings for investment purposes) in
exchange-traded equity securities of companies domiciled in the United
States or Canada and deemed to be engaged in the energy infrastructure
segment of the energy and utilities sectors. Equity securities include
common stocks; preferred securities; warrants to purchase common stocks
or preferred securities; securities convertible into common stocks or
preferred securities; and other securities with equity characteristics.
Such securities may include depositary receipts, master limited
partnerships (``MLPs''), MLP I-shares (``I-Shares'') (as described
below), MLP subordinated units (as described below), securities of
pipeline and power utility companies, and securities of Canadian energy
infrastructure companies and Canadian

Energy Infrastructure Trusts \8\ (``CEITs''). According to the
Registration Statement, the Sub-Adviser's priority will be to focus on
steady fee-for-service income and will limit the cyclical energy
exposure of the portfolio in order to reduce the volatility of returns.
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    \7\ The term ``under normal market conditions'' includes, but is
not limited to, the absence of extreme volatility or trading halts
in the equity markets or the financial markets generally;
operational issues causing dissemination of inaccurate market
information; or force majeure type events such as systems failure,
natural or man-made disaster, act of God, armed conflict, act of
terrorism, riot or labor disruption, or any similar intervening
circumstance.
    \8\ CEITs are Canadian trusts that own or invest in companies
engaged in activities in the energy infrastructure sector, including
the exploration, mining, production, processing, transportation and
storage of energy-related resources. According to the Registration
Statement, an investment in units of CEITs involves risks which
differ from an investment in common stock of a corporation. CEITs
generally pass revenue on to unit holders rather than reinvesting in
the business, which may lead to the sacrifice of potential growth.
CEITs generally do not guarantee minimum distributions or return of
capital. If the assets underlying a CEIT do not perform as expected,
the CEIT may reduce or eliminate distributions. The declaration of
such distributions generally depends upon various factors, including
the operating performance and financial condition of the CEITs and
general economic conditions.
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    The Fund may invest in U.S. dollar-denominated, exchange-listed
depositary receipts and U.S. dollar-denominated foreign (primarily
Canadian) equity securities.\9\ The Fund's investments may include
American Depositary Receipts (``ADRs''), Global Depositary Receipts
(``GDRs''), European Depositary Receipts (``EDRs'') or other depositary
receipts (collectively ``Depositary Receipts''), or New York Shares or
Global shares.\10\
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    \9\ The foreign equity securities in which the Fund may invest,
including any Depositary Receipts (as defined herein) and/or New
York Shares and Global shares, as described herein, will be limited
to securities that trade in markets that are members of the
Intermarket Surveillance Group (``ISG''), which includes all U.S.
national securities exchanges and certain foreign exchanges, or are
parties to a comprehensive surveillance sharing agreement with the
Exchange. See note 27, infra.
    \10\ According to the Registration Statement, ADRs are receipts
typically issued by an American bank or trust company that evidence
ownership of underlying securities issued by a foreign corporation.
EDRs are receipts issued by a European bank or trust company
evidencing ownership of securities issued by a foreign corporation.
New York Shares are typically issued by a company incorporated in
the Netherlands and represent a direct interest in the company. GDRs
are receipts issued throughout the world that evidence a similar
arrangement. ADRs, EDRs, and GDRs may trade in foreign currencies
that differ from the currency the underlying security for each ADR,
EDR, or GDR principally trades in. Generally, ADRs and New York
Shares, in registered form, are designed for use in the U.S.
securities markets. EDRs, in registered form, are used to access
European markets. GDRs, in registered form, are traded both in the
United States and in Europe and are designed for use throughout the
world. Global shares are the actual (ordinary) shares of a non-U.S.
company which trade both in the home market and the United States.
Global shares are represented by the same share certificate in the
United States and the home market. Separate registrars in the United
States and the home country are maintained. In most cases, purchases
occurring on a U.S. exchange would be reflected on the U.S.
registrar. Global shares may also be eligible to list on exchanges
in addition to the United States and the home country.
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    The Fund may invest in MLPs, which are limited partnerships whose
shares (or common units) are listed and traded on a U.S. securities
exchange. To qualify to be treated as a partnership for federal income
tax purposes, such an MLP must receive at least 90% of its income from
qualifying sources such as natural resource activities. Natural
resource activities include the exploration, development, mining,
production, processing, refining, transportation, storage, and
marketing of mineral or natural resources.\11\
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    \11\ According to the Registration Statement, MLPs generally
have two classes of owners, the general partner and limited
partners. The general partner, which is generally a major energy
company, investment fund, or the management of the MLP, typically
controls the MLP through a 2% general partner equity interest in the
MLP plus common units and subordinated units. Limited partners own
the remainder of the partnership, through ownership of common units,
and have a limited role in the partnership's operations and
management.
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    The Fund may invest in Energy MLPs, which can generally be
classified as Midstream MLPs, Propane MLPs, and Coal MLPs.
    Midstream MLP natural gas services include the treating, gathering,
compression, processing, transmission, and storage of natural gas and
the transportation, fractionation, and storage of natural gas liquids
(``NGLs'') (primarily propane, ethane, butane, and natural gasoline).
Midstream MLP crude oil services include the gathering, transportation,
storage, and terminalling of crude oil. Midstream MLP refined petroleum
product services include the transportation (usually via pipelines,
barges, rail cars, and trucks), storage, and terminalling of refined
petroleum products (primarily gasoline, diesel fuel, and jet fuel) and
other hydrocarbon by-products. Midstream MLPs may also operate
ancillary businesses, including the marketing of the products and
logistical services.
    Propane MLP services include the distribution of propane to
homeowners for space and water heating and to commercial, industrial,
and agricultural customers. Propane serves approximately 3% of the
household energy needs in the United States, largely for homes beyond
the geographic reach of natural gas distribution pipelines. Volumes are
weather dependent, and a majority of annual cash flow is earned during
the winter heating season (October through March).
    Coal MLP services include the owning, leasing, managing,
production, and sale of coal and coal reserves. Electricity generation
is the primary use of coal in the United States. Demand for electricity
and supply of alternative fuels to generators are the primary drivers
of coal demand.
    The Fund may invest in MLP subordinated units, which are typically
issued by MLPs to their original sponsors, such as their founders,
corporate general partners of MLPs, entities that sell assets to the
MLP, and institutional investors.
    The Fund may invest in I-Shares, which represent an ownership
interest issued by an affiliated party of an MLP. The MLP affiliate
uses the proceeds from the sale of I-Shares to purchase limited
partnership interests in the MLP in the form of i-units. I-units have
similar features as MLP common units in terms of voting rights,
liquidation preference, and distributions. However, rather than
receiving cash, the MLP affiliate receives additional i-units in an
amount equal to the cash distributions received by MLP common units.
Similarly, holders of I-Shares will receive additional I-Shares, in the
same proportion as the MLP affiliates' receipt of i-units, rather than
cash distributions. I-Shares themselves have limited voting rights,
which are similar to those applicable to MLP common units. I-Shares are
listed and traded on the New York Stock Exchange LLC (``NYSE'') and
NYSE Amex LLC.
    The Fund may invest in securities of other U.S. and Canadian-listed
and traded open-end or closed-end investment companies, including
exchange-traded funds that are registered under the 1940 Act
(``ETFs''), such as ETFs listed on the Exchange under NYSE Arca
Equities Rules 5.2(j)(3) and 8.600, that invest primarily in securities
of the types in which the Fund may invest directly. The Fund also may
invest in other types of U.S. exchange-traded products, such as
exchange traded notes (``ETNs'') and exchange-traded pooled investment
vehicles (collectively, with ETNs, ``Underlying ETPs'').\12\
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    \12\ Underlying ETPs, which will be listed on a national
securities exchange, include the following: Index-Linked Securities
(as described in NYSE Arca Equities Rule 5.2(j)(6)); Trust Issued
Receipts (as described in NYSE Arca Equities Rule 8.200); Commodity-
Based Trust Shares (as described in NYSE Arca Equities Rule 8.201);
Currency Trust Shares (as described in NYSE Arca Equities Rule
8.202); Commodity Index Trust Shares (as described in NYSE Arca
Equities Rule 8.203); Trust Units (as described in NYSE Arca
Equities Rule 8.500); and closed-end funds.
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    The Fund may invest in the securities of ETFs in excess of the
limits imposed under the 1940 Act pursuant to exemptive orders obtained
by such ETFs and their sponsors from the Commission. Securities of
other investment companies may be leveraged; such investments will not
be

used to enhance leverage and will be consistent with the Fund's
investment objective.
    Under normal market conditions, the Fund will invest substantially
all of its assets to meet its investment objective. The Fund may invest
the remainder of its assets in securities with maturities of less than
one year or cash equivalents, or it may hold cash, as described below.
The percentage of the Fund invested in such holdings will vary and
depend on several factors, including market conditions.
Other Investments
Cash Equivalents and Short-Term Investments
    According to the Registration Statement, for temporary defensive
purposes and during periods of high cash inflows or outflows, the Fund
may depart from its principal investment strategies and invest part or
all of its assets in securities with maturities of less than one year
or cash or cash equivalents. The Fund may adopt a defensive strategy
when the portfolio managers believe securities in which the Fund
normally invests have elevated risks due to political or economic
factors and in other extraordinary circumstances. The Fund may, without
limit as to percentage of assets, purchase U.S. Government securities
or short-term debt securities to keep cash on hand fully invested or
for temporary defensive purposes. Short-term debt securities are
securities from issuers having a long-term debt rating of at least A by
Standard & Poor's Ratings Group (``S&P Ratings''), Moody's Investors
Service, Inc. (``Moody's''), or Fitch, Inc. (``Fitch'') and having a
maturity of one year or less.
    According to the Registration Statement, short-term debt securities
are defined to include, without limitation, the following:
    1. U.S. Government securities, including bills, notes, and bonds
differing as to maturity and rates of interest, which are either issued
or guaranteed by the U.S. Treasury or by U.S. Government agencies or
instrumentalities, as described further in the Registration Statement.
    2. Certificates of deposit issued against funds deposited in a bank
or savings and loan association.
    3. Bankers' acceptances, which are short-term credit instruments
used to finance commercial transactions.
    4. Repurchase agreements, which involve purchases of debt
securities.\13\
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    \13\ In such an action, at the time the Fund purchases the
security, it will simultaneously agree to resell and redeliver the
security to the seller, who also simultaneously will agree to buy
back the security at a fixed price and time. The Fund may enter into
repurchase agreements only with respect to obligations of the U.S.
Government, its agencies, or instrumentalities; certificates of
deposit; or bankers acceptances in which the Fund may invest. In
addition, the Fund may only enter into repurchase agreements where
the market value of the purchased securities/collateral equals at
least 100% of principal including accrued interest and is marked-to-
market daily. The Fund intends to enter into repurchase agreements
only with financial institutions and dealers believed by First Trust
to present minimal credit risks in accordance with criteria
established by the Trust's Board of Trustees (``Board''). First
Trust will review and monitor the creditworthiness of such
institutions. First Trust will monitor the value of the collateral
at the time the action is entered into and at all times during the
term of the repurchase agreement. First Trust will do so in an
effort to determine that the value of the collateral always equals
or exceeds the agreed-upon repurchase price to be paid to the Fund.
---------------------------------------------------------------------------

    5. Bank time deposits, which are monies kept on deposit with banks
or savings and loan associations for a stated period of time at a fixed
rate of interest. There may be penalties for the early withdrawal of
such time deposits, in which case the yields of these investments will
be reduced.
    6. Commercial paper, which are short-term unsecured promissory
notes. The Fund will not invest in any master demand notes.
    The use of temporary investments will not be a part of a principal
investment strategy of the Fund. The Fund may invest in shares of money
market funds to the extent permitted by the 1940 Act.
Investments in Derivatives
    In accordance with the Exemptive Order, the Fund may invest up to
35% of its net assets in futures (``Futures'' or ``Futures
Contracts''), interest rate swaps, total return swaps, non-U.S.
currency swaps, credit default swaps, options, and other derivative
instruments to seek to enhance return, to hedge some of the risks of
their investments in securities, as a substitute for a position in the
underlying asset, to reduce transaction costs, to maintain full market
exposure (which means to adjust the characteristics of their
investments to more closely approximate those of the markets in which
they invest), to manage cash flows, to limit exposure to losses due to
changes to non-U.S. currency exchange rates, or to preserve capital.
Notwithstanding the Exemptive Order, the Fund, under normal market
conditions, will not invest more than 20% of its net assets in such
instruments. In connection with hedging activities in which the Fund
may engage, First Trust may cause the Fund to utilize a variety of
financial instruments, including options, forward contracts, Futures
Contracts, and options on Futures Contracts to attempt to hedge the
Fund's holdings.\14\ The use of Futures is not a part of a principal
investment strategy of the Fund.\15\
---------------------------------------------------------------------------

    \14\ According to the Registration Statement, the Trust has
filed a notice of eligibility for exclusion from the definition of
the term ``commodity pool operator'' with the National Futures
Association. The Fund will not enter into Futures and options
transactions if the sum of the initial margin deposits and premiums
paid for unexpired options exceeds 5% of the Fund's total assets.
    \15\ Hedging or derivative instruments on securities generally
will be used to hedge against price movements in one or more
particular securities positions that the Fund owns or intends to
acquire. Such instruments may also be used to ``lock-in'' realized
but unrecognized gains in the value of portfolio securities. Hedging
instruments on stock indices, in contrast, generally are used to
hedge against price movements in broad equity market sectors in
which the Fund has invested or expects to invest. The use of hedging
instruments is subject to applicable regulations of the Commission,
the several options and Futures exchanges upon which they are
traded, the Commodity Futures Trading Commission (``CFTC'') and
various state regulatory authorities.
---------------------------------------------------------------------------

    The Fund may use derivative investments to hedge against interest
rate and market risks. The Fund may engage in various interest rate and
currency hedging transactions, including buying or selling options or
entering into other transactions including forward contracts, swaps and
other derivatives transactions. The Fund may also engage in certain
transactions intended to hedge its exposure to currency risks due to
foreign currency denominated investments. The Fund may sell covered
calls on equity positions in the portfolio in order to enhance its
income.
    The Fund may purchase stock index options, sell stock index options
in order to close out existing positions, and/or write covered options
on stock indices for hedging purposes. Stock index options are put
options and call options on various stock indices. The Fund may enter
into Futures Contracts, including index Futures as a hedge against
movements in the equity markets, in order to hedge against changes on
securities held or intended to be acquired by the Fund or for other
purposes permissible under the Commodity Exchange Act (``CEA'').\16\
The Fund's hedging may include sales of Futures as an offset against
the effect of expected declines in stock prices and purchases of
Futures as an offset against the effect of expected increases in stock
prices. The Fund will not enter into Futures Contracts which are
prohibited under the CEA and will, to the extent required by regulatory
authorities, enter only into Futures Contracts that are

traded on national Futures exchanges and are standardized as to
maturity date and underlying financial instrument. The principal
interest rate Futures exchanges in the United States are the Chicago
Board of Trade and the Chicago Mercantile Exchange.
---------------------------------------------------------------------------

    \16\ 7 U.S.C. 1 et seq.
---------------------------------------------------------------------------

    The Fund may also purchase or write put and call options on Futures
Contracts and enter into closing transactions with respect to such
options to terminate an existing position.
    The Fund may use options on Futures Contracts in connection with
hedging strategies. Generally, these strategies would be applied under
the same market and market sector conditions in which the Fund uses put
and call options on securities or indices.
    The Fund may invest in companies that are considered to be
``passive foreign investment companies'' (``PFICs''), which are
generally certain non-U.S. corporations that receive at least 75% of
their annual gross income from passive sources (such as interest,
dividends, certain rents and royalties or capital gains) or that hold
at least 50% of their assets in investments producing such passive
income.\17\
---------------------------------------------------------------------------

    \17\ See note 9, supra, and note 27, infra.
---------------------------------------------------------------------------

    The Fund may not invest 25% or more of the value of its total
assets in securities of issuers in any one industry or group of
industries. This restriction does not apply to securities issued by
energy infrastructure companies or obligations issued or guaranteed by
the U.S. Government, its agencies, or instrumentalities. Accordingly,
the Fund will concentrate its investments in energy infrastructure
companies.\18\
---------------------------------------------------------------------------

    \18\ See Form N-1A, Item 9. The Commission has taken the
position that a fund is concentrated if it invests more than 25% of
the value of its total assets in any one industry. See, e.g.,
Investment Company Act Release No. 9011 (October 30, 1975), 40 FR
54241 (November 21, 1975).
---------------------------------------------------------------------------

    The Fund may hold illiquid securities (i.e., securities that are
not readily marketable).\19\ For purposes of this restriction, illiquid
securities include, but are not limited to, restricted securities
(securities the disposition of which is restricted under the federal
securities laws), securities that may only be resold pursuant to Rule
144A under the Securities Act of 1933, and repurchase agreements with
maturities in excess of seven days. However, the Fund will not hold
illiquid securities if, as a result, such securities would comprise
more than 15% of the value of the Fund's net assets.
---------------------------------------------------------------------------

    \19\ The Commission has stated that long-standing Commission
guidelines have required open-end funds to hold no more than 15% of
their net assets in illiquid securities and other illiquid assets.
See Investment Company Act Release No. 28193 (March 11, 2008), 73 FR
14617 (March 18, 2008), footnote 34. See also Investment Company Act
Release No. 5847 (October 21, 1969), 35 FR 19989 (December 31, 1970)
(Statement Regarding ``Restricted Securities''); Investment Company
Act Release No. 18612 (March 12, 1992), 57 FR 9828 (March 20, 1992)
(Revisions of Guidelines to Form N-1A). A fund's portfolio security
is illiquid if it cannot be disposed of in the ordinary course of
business within seven days at approximately the value ascribed to it
by the fund. See Investment Company Act Release No. 14983 (March 12,
1986), 51 FR 9773 (March 21, 1986) (adopting amendments to Rule 2a-7
under the 1940 Act); Investment Company Act Release No. 17452 (April
23, 1990), 55 FR 17933 (April 30, 1990) (adopting Rule 144A under
the Securities Act of 1933).
---------------------------------------------------------------------------

    The Fund intends to qualify annually and to elect to be treated as
a regulated investment company (``RIC'') under the Internal Revenue
Code of 1986, as amended.\20\
---------------------------------------------------------------------------

    \20\ 26 U.S.C. 851. According to the Registration Statement, to
qualify for the favorable U.S. federal income tax treatment
generally accorded to RICs, the Fund must, among other things, (a)
derive in each taxable year at least 90% of its gross income from
dividends, interest, payments with respect to securities loans and
gains from the sale or other disposition of stock, securities or
foreign currencies or other income derived with respect to its
business of investing in such stock, securities or currencies, or
net income derived from interests in certain publicly traded
partnerships; (b) diversify its holdings so that, at the end of each
quarter of the taxable year, (i) at least 50% of the market value of
the Fund's assets is represented by cash and cash items (including
receivables), U.S. Government securities, the securities of other
RICs and other securities, with such other securities of any one
issuer generally limited for the purposes of this calculation to an
amount not greater than 5% of the value of the Fund's total assets
and not greater than 10% of the outstanding voting securities of
such issuer, and (ii) not more than 25% of the value of its total
assets is invested in the securities (other than U.S. Government
securities or the securities of other RICs) of any one issuer, or
two or more issuers which the Fund controls which are engaged in the
same, similar or related trades or businesses, or the securities of
one or more of certain publicly traded partnerships; and (c)
distribute at least 90% of its investment company taxable income
(which includes, among other items, dividends, interest and net
short-term capital gains in excess of net long-term capital losses)
and at least 90% of its net tax-exempt interest income each taxable
year. There are certain exceptions for failure to qualify if the
failure is for reasonable cause or its de minimis, and certain
action is taken and certain tax payments are made by the Fund.
---------------------------------------------------------------------------

Creations and Redemptions
    The Fund will issue and redeem Shares on a continuous basis, at net
asset value (``NAV''), only in large specified blocks each consisting
of 50,000 Shares (each such block of Shares, called a ``Creation
Unit''). Each group of Creation Units is referred to as a ``Creation
Unit Aggregation.'' The Creation Units will be issued and redeemed for
securities in which the Fund invests, cash or both securities and cash.
    The consideration for purchase of Creation Unit Aggregations of the
Fund may consist of (i) cash in lieu of all or a portion of the Deposit
Securities, as defined below, and/or (ii) a designated portfolio of
equity securities determined by First Trust or the Sub-Adviser--the
``Deposit Securities''--per each Creation Unit Aggregation (``Fund
Securities'') and generally an amount of cash--the ``Cash Component.''
Together, the Deposit Securities and the Cash Component (including the
cash in lieu amount) constitute the ``Fund Deposit,'' which represents
the minimum initial and subsequent investment amount for a Creation
Unit Aggregation of the Fund.
    BNY, through the National Securities Clearing Corporation
(``NSCC'') (as discussed below), will make available on each business
day, prior to the opening of business of the NYSE (currently 9:30 a.m.,
Eastern time (``E.T.'')), the list of the names and the required number
of shares of each Deposit Security to be included in the current Fund
Deposit (based on information at the end of the previous business day)
for the Fund.
    In addition to the list of names and numbers of securities
constituting the current Deposit Securities of a Fund Deposit, BNY,
through the NSCC, also will make available on each business day, the
estimated Cash Component, effective through and including the previous
business day, per outstanding Creation Unit Aggregation of the Fund.
    All orders to create Creation Unit Aggregations must be received by
the transfer agent no later than the closing time of the regular
trading session on the NYSE (``Closing Time'') (ordinarily 4 p.m.,
E.T.) in each case on the date such order is placed in order for
creation of Creation Unit Aggregations to be effected based on the NAV
of Shares of the Fund as next determined on such date after receipt of
the order in proper form.
    Fund Shares may be redeemed only in Creation Unit Aggregations at
their NAV next determined after receipt of a redemption request in
proper form by the Fund through the transfer agent and only on a
business day. The Fund will not redeem Shares in amounts less than
Creation Unit Aggregations. Beneficial owners must accumulate enough
Shares in the secondary market to constitute a Creation Unit
Aggregation in order to have such Shares redeemed by the Trust. With
respect to the Fund, BNY, through the NSCC, will make available prior
to the opening of business on the NYSE (currently 9:30 a.m., E.T.) on
each business day, the identity of the Fund Securities that will be
applicable (subject to possible amendment or correction) to redemption
requests received in proper form (as described below) on that day. Fund
Securities received on redemption may not be

identical to Deposit Securities that are applicable to creations of
Creation Unit Aggregations.
    Unless cash redemptions are available or specified for the Fund,
the redemption proceeds for a Creation Unit Aggregation generally will
consist of Fund Securities--as announced on the business day of the
request for redemption received in proper form--plus or minus cash in
an amount equal to the difference between the NAV of the Fund Shares
being redeemed, as next determined after a receipt of a request in
proper form, and the value of the Fund Securities (the ``Cash
Redemption Amount''), less the applicable redemption transaction fee as
described in the Registration Statement and, if applicable, any
operational processing and brokerage costs, transfer fees, or stamp
taxes.
    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. The Exchange represents
that, for initial and/or continued listing, the Fund will be in
compliance with Rule 10A-3 under the Exchange Act,\21\ as provided by
NYSE Arca Equities Rule 5.3. A minimum of 100,000 Shares for the Fund
will be outstanding at the commencement of trading on the Exchange. The
Exchange will obtain a representation from the issuer of the Shares
that the NAV per Share will be calculated daily and that the NAV and
the Disclosed Portfolio will be made available to all market
participants at the same time.
---------------------------------------------------------------------------

    \21\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Availability of Information
    The Fund's Web site (www.ftportfolios.com), which will be publicly
available prior to the public offering of Shares, will include a form
of the prospectus for the Fund that may be downloaded. The Fund's Web
site will include additional quantitative information updated on a
daily basis, including, for the Fund, (1) daily trading volume, the
prior business day's reported closing price, NAV and mid-point of the
bid/ask spread at the time of calculation of such NAV (``Bid/Ask
Price''),\22\ and a calculation of the premium and discount of the Bid/
Ask Price against the NAV, and (2) data in chart format displaying the
frequency distribution of discounts and premiums of the daily Bid/Ask
Price against the NAV, within appropriate ranges, for each of the four
previous calendar quarters. On each business day, before commencement
of trading in Shares in the Core Trading Session (9:30 a.m. to 4 p.m.,
E.T.) on the Exchange, the Fund will disclose on its Web site the
Disclosed Portfolio, as defined in NYSE Arca Equities Rule 8.600(c)(2),
that will form the basis for the Fund's calculation of NAV at the end
of the business day.\23\
---------------------------------------------------------------------------

    \22\ The Bid/Ask Price of the Fund will be determined using the
midpoint of the highest bid and the lowest offer on the Exchange as
of the time of calculation of the Fund's NAV. The records relating
to Bid/Ask Prices will be retained by the Fund and its service
providers.
    \23\ Under accounting procedures followed by the Fund, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T+1''). Accordingly, the Fund
will be able to disclose at the beginning of the business day the
portfolio that will form the basis for the NAV calculation at the
end of the business day.
---------------------------------------------------------------------------

    On a daily basis, the Adviser will disclose for each portfolio
security or other financial instrument of the Fund the following
information on the Fund's Web site: Ticker symbol (if applicable), name
of security or financial instrument, number of shares or dollar value
of securities and financial instruments held in the portfolio, and
percentage weighting of the security or financial instrument in the
portfolio. The Web site information will be publicly available at no
charge.
    In addition, a basket composition file, which includes the security
names and share quantities required to be delivered in exchange for the
Fund's Shares, together with estimates and actual cash components, will
be publicly disseminated daily prior to the opening of the NYSE via
NSCC. The basket represents one Creation Unit of the Fund.
    In addition, the Portfolio Indicative Value (``PIV''), as defined
in NYSE Arca Equities Rule 8.600(c)(3), will be widely disseminated by
one or more major market data vendors during the Core Trading
Session.\24\ The dissemination of the PIV, together with the Disclosed
Portfolio, will allow investors to determine the value of the
underlying portfolio of the Fund on a daily basis and to provide a
close estimate of that value throughout the trading day. The PIV should
not be viewed as a ``real-time'' update of the NAV per Share of the
Fund because the PIV may not be calculated in the same manner as the
NAV, which is computed once a day, generally at the end of the business
day. The price of a non-U.S. security that is primarily traded on a
non-U.S. exchange shall be updated, using the last sale price, every 15
seconds throughout the trading day, provided that, upon the closing of
such non-U.S. exchange, the closing price of the security, after being
converted to U.S. dollars, will be used. Furthermore, in calculating
the PIV of the Fund's Shares, exchange rates may be used throughout the
day (9 a.m. to 4:15 p.m., E.T.) that may differ from those used to
calculate the NAV per Share of the Fund and, consequently, may result
in differences between the NAV and the PIV.
---------------------------------------------------------------------------

    \24\ Currently, it is the Exchange's understanding that several
major market data vendors widely disseminate PIVs taken from the
Consolidated Tape Association (``CTA'') or other data feeds.
---------------------------------------------------------------------------

    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's Shareholder Reports, and the Trust's
Form N-CSR and Form N-SAR, filed twice a year. The Trust's SAI and
Shareholder Reports are available free upon request from the Trust, and
those documents and the Form N-CSR and Form N-SAR may be viewed on-
screen or downloaded from the Commission's Web site at www.sec.gov.
Information regarding market price and trading volume of the Shares
will be continually available on a real-time basis throughout the day
on brokers' computer screens and other electronic services. Information
regarding the previous day's closing price and trading volume
information for the Shares will be published daily in the financial
section of newspapers. Quotation and last sale information for the
Shares will be available via the CTA high-speed line. The intra-day,
closing, and settlement prices of the portfolio securities will also be
readily available from the securities exchanges trading such
securities, automated quotation systems, published or other public
sources, or on-line information services such as Bloomberg or Reuters.
    The Fund's NAV will be determined as of the close of trading
(normally 4 p.m., E.T.) on each day the NYSE is open for business. NAV
will be calculated for the Fund by taking the market price of the
Fund's total assets, including interest or dividends accrued but not
yet collected, less all liabilities, and dividing such amount by the
total number of Shares outstanding. The result, rounded to the nearest
cent, will be the NAV per Share. All valuations will be subject to
review by the Trust's Board or its delegate.\25\
---------------------------------------------------------------------------

    \25\ The Fund's investments will be valued at market value or,
in the absence of market value with respect to any portfolio
securities, at fair value in accordance with valuation procedures
adopted by the Board and in accordance with the 1940 Act.
---------------------------------------------------------------------------

    Additional information regarding the Trust and the Shares,
including investment strategies, risks, creation and redemption
procedures, fees, portfolio holdings disclosure policies, distributions
and taxes is included in the Registration Statement. All terms relating
to the Fund that are referred to, but not defined in, this proposed
rule

change are defined in the Registration Statement.
Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of the Fund.\26\ Trading in Shares of the Fund
will be halted if the circuit breaker parameters in NYSE Arca Equities
Rule 7.12 have been reached. Trading also may be halted because of
market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable. These may include: (1) The
extent to which trading is not occurring in the securities and/or the
financial instruments comprising the Disclosed Portfolio of the Fund;
or (2) whether other unusual conditions or circumstances detrimental to
the maintenance of a fair and orderly market are present. Trading in
the Shares will be subject to NYSE Arca Equities Rule 8.600(d)(2)(D),
which sets forth circumstances under which Shares of the Fund may be
halted.
---------------------------------------------------------------------------

    \26\ See NYSE Arca Equities Rule 7.12, Commentary .04.
---------------------------------------------------------------------------

Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4 a.m. to 8 p.m., E.T. in accordance
with NYSE Arca Equities Rule 7.34 (Opening, Core, and Late Trading
Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Equities Rule 7.6, Commentary .03, the minimum price
variation (``MPV'') for quoting and entry of orders in equity
securities traded on the NYSE Arca Marketplace is $0.01, with the
exception of securities that are priced less than $1.00 for which the
MPV for order entry is $0.0001.
Surveillance
    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products (which include Managed
Fund Shares) to monitor trading in the Shares. The Exchange represents
that these procedures are adequate to properly monitor Exchange trading
of the Shares in all trading sessions and to deter and detect
violations of Exchange rules and applicable federal securities laws.
    The Exchange's current trading surveillance focuses on detecting
securities trading outside their normal patterns. When such situations
are detected, surveillance analysis follows and investigations are
opened, where appropriate, to review the behavior of all relevant
parties for all relevant trading violations.
    The Exchange may obtain information via the ISG from other
exchanges that are members of ISG or with which the Exchange has in
place a comprehensive surveillance sharing agreement.\27\ As noted
above, the equity securities in which the Fund will invest will trade
in markets that are ISG members or are parties to comprehensive
surveillance sharing agreements with the Exchange.\28\
---------------------------------------------------------------------------

    \27\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for the Fund may trade on markets that are
members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
    \28\ See note 9, supra.
---------------------------------------------------------------------------

    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit (``ETP'') Holders in an Information Bulletin
(``Bulletin'') of the special characteristics and risks associated with
trading the Shares. Specifically, the Bulletin will discuss the
following: (1) The procedures for purchases and redemptions of Shares
in Creation Unit Aggregations (and that Shares are not individually
redeemable); (2) NYSE Arca Equities Rule 9.2(a), which imposes a duty
of due diligence on its ETP Holders to learn the essential facts
relating to every customer prior to trading the Shares; (3) the risks
involved in trading the Shares during the Opening and Late Trading
Sessions when an updated PIV will not be calculated or publicly
disseminated; (4) how information regarding the PIV is disseminated;
(5) the requirement that ETP Holders deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; and (6) trading information.
    In addition, the Bulletin will reference that the Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Exchange Act.
The Bulletin will also disclose that the NAV for the Shares will be
calculated after 4 p.m., E.T. each trading day.
2. Statutory Basis
    The basis under the Exchange Act for this proposed rule change is
the requirement under Section 6(b)(5) \29\ that an exchange have rules
that are designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

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

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Equities Rule
8.600. The Exchange has in place surveillance procedures that are
adequate to properly monitor trading in the Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. The Adviser and Sub-Adviser have
implemented a fire wall with respect to their respective broker-dealer
affiliate regarding access to information concerning the composition
and/or changes to the portfolio. The Exchange may obtain information
via ISG from other exchanges that are members of ISG or with which the
Exchange has entered into a comprehensive surveillance sharing
agreement. Under normal market conditions, the Fund will invest at
least 80% of its net assets (plus the amount of any borrowings for
investment purposes) in exchange-traded equity securities of companies
domiciled in the United States or Canada and deemed to be engaged in
the energy infrastructure segment of the energy and utilities sectors.
The Fund, under normal market conditions, will not invest more than 20%
of its net assets in futures, interest rate swaps, total return swaps,
non-U.S. currency swaps, credit default swaps, options, and other
derivative instruments. While the Fund may invest in securities of
other investment companies that are leveraged, such investments will
not be use to enhance leverage and will be consistent with the Fund's
investment objective. The Fund will not hold illiquid securities if, as
a result, such securities would comprise more than 15% of the value of
the Fund's net assets. The equity securities in which the Fund will
invest will trade in markets that are ISG members or are parties to
comprehensive surveillance sharing agreements with the Exchange.

    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares that the NAV per Share will be calculated daily and that the NAV
and the Disclosed Portfolio will be made available to all market
participants at the same time. In addition, a large amount of
information is publicly available regarding the Fund and the Shares,
thereby promoting market transparency. Moreover, the PIV will be widely
disseminated by one or more major market data vendors at least every 15
seconds during the Exchange's Core Trading Session. On each business
day, before commencement of trading in Shares in the Core Trading
Session on the Exchange, the Fund will disclose on its Web site the
Disclosed Portfolio that will form the basis for the Fund's calculation
of NAV at the end of the business day. The intra-day, closing, and
settlement prices of the portfolio securities will also be readily
available from the securities exchanges trading such securities,
automated quotation systems, published or other public sources, or on-
line information services. Information regarding market price and
trading volume of the Shares will be continually available on a real-
time basis throughout the day on brokers' computer screens and other
electronic services, and quotation and last sale information will be
available via the CTA high-speed line. The Web site for the Fund will
include a form of the prospectus for the Fund and additional data
relating to NAV and other applicable quantitative information.
Moreover, prior to the commencement of trading, the Exchange will
inform its ETP Holders in an Information Bulletin of the special
characteristics and risks associated with trading the Shares. Trading
in Shares of the Fund will be halted if the circuit breaker parameters
in NYSE Arca Equities Rule 7.12 have been reached or because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares inadvisable, and trading in the Shares will be
subject to NYSE Arca Equities Rule 8.600(d)(2)(D), which sets forth
circumstances under which Shares of the Fund may be halted. In
addition, as noted above, investors will have ready access to
information regarding the Fund's holdings, the PIV, the Disclosed
Portfolio, and quotation and last sale information for the Shares.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of actively-managed exchange-traded product that
will enhance competition among market participants, to the benefit of
investors and the marketplace. As noted above, the Exchange has in
place surveillance procedures relating to trading in the Shares and may
obtain information via ISG from other exchanges that are members of ISG
or with which the Exchange has entered into a comprehensive
surveillance sharing agreement. In addition, as noted above, investors
will have ready access to information regarding the Fund's holdings,
the PIV, the Disclosed Portfolio, and quotation and last sale
information for the Shares.

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

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

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

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

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

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2012-21 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2012-21. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Section, 100 F Street
NE., Washington, DC 20549-1090, on official business days between 10
a.m. and 3 p.m. Copies of the filing will also be available for
inspection and copying at the NYSE's principal office and on its
Internet Web site at www.nyse.com. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NYSEArca-2012-21 and should be submitted on or before
April 24, 2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
---------------------------------------------------------------------------

    \30\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-7894 Filed 4-2-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 108 (Tuesday, June 5, 2018)]
[Proposed Rules]
[Pages 25967-25969]
[FR Doc No: 2018-11862]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2018-0322; Airspace Docket No. 18-AEA-12]
 RIN 2120-AA66

Proposed Amendment of Class D Airspace and Class E Airspace;
Williamsport, PA

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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

SUMMARY: This action proposes to amend Class D airspace, Class E
surface airspace, Class E airspace designated as an extension to a
Class D surface area, and Class E airspace area extending upward from
700 feet or more above the surface at Williamsport Regional Airport
(formerly Williamsport-Lycoming County Airport), Williamsport, PA.
Airspace reconfiguration is necessary due to the decommissioning of
Picture Rocks non-directional radio beacon (NDB), and cancellation of
the NDB approaches. This action also removes the Notice to Airmen
(NOTAM) part-time language from the legal description of the Class E
airspace area designated as an extension at this airport. Controlled
airspace is necessary for the safety and management of instrument
flight rules (IFR) operations at this airport. This action also would
recognize the airport's name change and update the geographic
coordinates of the airport and Williamsport Hospital, and would replace
the outdated term Airport/Facility Directory with the term Chart
Supplement in the legal descriptions of associated Class D and E
airspace.

DATES: Comments must be received on or before July 20, 2018.

ADDRESSES: Send comments on this proposal to: U.S. Department of
Transportation, Docket Operations, 1200 New Jersey Avenue SE, West
Building Ground Floor, Room W12-140, Washington, DC 20590; Telephone:
(800) 647-5527, or<PHONE_NUMBER>. You must identify the Docket No.
FAA-2018-0322; Airspace Docket No. 18-AEA-12, at the beginning of your
comments. You may also submit comments through the internet at http://www.regulations.gov.
    FAA Order 7400.11B, Airspace Designations and Reporting Points, and
subsequent amendments can be viewed on line at http://www.faa.gov/air_traffic/publications/. For further information, you can contact the
Airspace Policy Group, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783. The Order is also available for inspection at the National
Archives and Records Administration (NARA). For information on the
availability of FAA Order 7400.11B at NARA, call<PHONE_NUMBER>, or go
to https://www.archives.gov/federal-register/cfr/ibr-locations.html.
    FAA Order 7400.11, Airspace Designations and Reporting Points, is
published yearly and effective on September 15.

FOR FURTHER INFORMATION CONTACT: John Fornito, Operations Support
Group, Eastern Service Center, Federal Aviation Administration, 1701
Columbia Av, College Park, GA 30337; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. 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. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it would amend Class D and Class E airspace at Williamsport Regional
Airport, Williamsport, PA, to support standard instrument approach
procedures for IFR operations at this airport.

Comments Invited

    Interested persons are invited to comment on this proposed
rulemaking by submitting such written data, views, or arguments, as
they may desire. Comments that provide the factual basis supporting the
views and suggestions presented are particularly helpful in developing
reasoned regulatory decisions on the proposal. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal.
    Communications should identify both docket numbers (Docket No. FAA-
2018-0322 and Airspace Docket No. 18-AEA-12) and be submitted in
triplicate to DOT Docket Operations (see ADDRESSES section for the
address and phone number.) You may also submit comments through the
internet at http://www.regulations.gov.
    Persons wishing the FAA to acknowledge receipt of their comments on
this action must submit with those comments a self-addressed stamped
postcard on which the following statement is made: ``Comments to FAA
Docket No. FAA-2018-0322; Airspace Docket No. 18-AEA-12.'' The postcard
will be date/time stamped and returned to the commenter.
    All communications received before the specified closing date for
comments will be considered before taking action on the proposed rule.
The proposal contained in this document may be changed in light of the
comments received. All comments submitted will be available for
examination in the public docket both before and after the comment
closing date. A report summarizing each substantive public contact with
FAA personnel concerned with this rulemaking will be filed in the
docket.

Availability of NPRMs

    An electronic copy of this document may be downloaded through the
internet at http://www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's web page at http://www.faa.gov/air_traffic/publications/airspace_amendments/.
    You may review the public docket containing the proposal, any
comments received and any final disposition in person in the Dockets
Office (see the ADDRESSES section for address and phone number) between
9:00 a.m. and 5:00 p.m., Monday through Friday, except federal
holidays. An informal docket may also be examined between 8:00 a.m. and
4:30 p.m., Monday through Friday, except federal holidays at the office
of the Eastern Service Center, Federal Aviation Administration, room
350, 1701 Columbia Avenue, College Park, GA 30337.

Availability and Summary of Documents for Incorporation by Reference

    This document proposes to amend FAA Order 7400.11B, Airspace
Designations and Reporting Points, dated August 3, 2017, and effective
September 15, 2017. FAA Order 7400.11B is publicly available as listed
in the ADDRESSES section of this document. FAA Order 7400.11B lists
Class A, B, C, D, and E airspace areas, air traffic service routes, and
reporting points.

The Proposal

    The FAA is considering an amendment to Title 14, Code of Federal
Regulations (14 CFR) part 71 by:
    Amending Class D airspace and Class E surface area airspace at
Williamsport, PA, by recognizing the airport name change from
Williamsport-Lycoming County Airport to Williamsport Regional Airport,
and adjusting the geographic coordinates of the airport to be in
concert with the FAA's aeronautical database. Also, this action would
make an editorial change to the legal descriptions of the airspace
areas above replacing ``Airport/Facility Directory'' with ``Chart
Supplement'';
    Amending Class E airspace extending upward from the surface at
Williamsport Regional Airport by removing the NOTAM part-time language
from the legal description, and adjusting the geographic coordinates
and noting the airport name change;
    Amending Class E airspace extending upward from 700 feet or more
above the surface at Williamsport Regional Airport to within a 12.6-
mile radius of the airport, due to the decommissioning of the Picture
Rocks NDB, and cancellation of the NDB approach. Also, the geographic
coordinates of the airport (as well as the airport name change) and the
Williamsport Hospital point in space coordinates would be adjusted to
be in concert with the FAA's aeronautical database.
    Class D and Class E airspace designations are published in
Paragraphs 5000, 6002, 6004, and 6005, respectively, of FAA Order
7400.11B, dated August 3, 2017, and effective September 15, 2017, which
is incorporated by reference in 14 CFR 71.1. The Class D and E airspace
designations listed in this document will be published subsequently in
the Order.

Regulatory Notices and Analyses

    The FAA has determined that this proposed regulation only involves
an established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore: (1) Is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a Regulatory Evaluation as the
anticipated impact is so minimal. Since this is a routine matter that
will only affect air traffic procedures and air navigation, it is
certified that this proposed rule, when promulgated, will not have a
significant economic impact on a substantial number of small entities
under the criteria of the Regulatory Flexibility Act.

Environmental Review

    This proposal will be subject to an environmental analysis in
accordance with FAA Order 1050.1F, ``Environmental Impacts: Policies
and Procedures'' prior to any FAA final regulatory action.

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

    In consideration of the foregoing, the Federal Aviation
Administration proposes to amend 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for part 71 continues to read as follows:

    Authority: 49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1   [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of Federal Aviation
Administration Order 7400.11B, Airspace Designations and Reporting
Points, dated August 3, 2017, and effective September 15, 2017, is
amended as follows:

Paragraph 5000. Class D Airspace.

* * * * *

AEA PA D Williamsport, PA [Amended]

Williamsport Regional Airport, PA
    (Lat. 41[deg]14'30'' N, long. 76[deg]55'19'' W)

    That airspace extending upward from the surface to and including
3,000 feet MSL within a 4.2-mile radius of Williamsport Regional
Airport. This Class D airspace area is effective during the specific
dates and times established in advance by a Notice to Airmen. The
effective date and time will thereafter be continuously published in
the Chart Supplement.

Paragraph 6002. Class E Surface Area Airspace.

* * * * *

AEA PA E2 Williamsport, PA [Amended]

Williamsport Regional Airport, PA
    (Lat. 41[deg]14'30'' N, long. 76[deg]55'19'' W)

    That airspace extending upward from the surface within a 4.2-
mile radius of Williamsport Regional Airport. This Class E airspace
area is effective during the specific dates and times established in
advance by a Notice to Airmen. The effective date and time will
thereafter be continuously published in the Chart Supplement.

Paragraph 6004. Class E Airspace Designated as an Extension to a
Class D Surface Area.

* * * * *

AEA PA E4 Williamsport, PA [Amended]

Williamsport Regional Airport, PA
    (Lat. 41[deg]14'30'' N, long. 76[deg]55'19'' W)

    That airspace extending upward from the surface from the 4.2-
mile radius of Williamsport Regional Airport to a 7-mile radius of
the airport extending clockwise from the 270[deg] bearing to the
312[deg] bearing from the airport and within an 11.3-mile radius of
the airport, extending clockwise from the 312[deg] bearing to the
350[deg] bearing from the airport and within an 11.3-mile radius of
the airport extending clockwise from the 004[deg] bearing to the
099[deg] bearing from the airport and within 3.5 miles south of the
airport east localizer course extending from the 4.2-mile radius of
the airport east to the 099[deg] bearing from the airport.

Paragraph 6005. Class E Airspace Areas Extending Upward from 700
feet or More Above the Surface of the Earth.

* * * * *

AEA PA E5 Williamsport, PA [Amended]

Williamsport Regional Airport, PA
    (Lat. 41[deg]14'30'' N, long. 76[deg]55'19'' W)
Williamsport Hospital, Point In Space Coordinates
    (Lat. 41[deg]14'51'' N, long. 77[deg]00'55'' W)

    That airspace extending upward from 700 feet above the surface
within a 12.6-mile radius of Williamsport Regional Airport, and that
airspace within a 6-mile radius of the point in space (Lat.
41[deg]14'51'' N, long. 77[deg]00'55'' W) serving Williamsport
Hospital.

    Issued in College Park, Georgia, on May 24, 2018.
Ryan W. Almasy,
Manager, Operations Support Group, Eastern Service Center, Air Traffic
Organization.
[FR Doc. 2018-11862 Filed 6-4-18; 8:45 am]
BILLING CODE 4910-13-P


			  UNITED STATES OF AMERICA

		        DEPARTMENT OF TRANSPORTATION

			  OFFICE OF THE SECRETARY

			          WASHINGTON, D.C.

Issued by the Department of Transportation on June 1, 2005

NOTICE OF ACTION TAKEN -- DOCKET OST-2004-17665

________________________________________________________________________
________________________________________________________

This serves as notice to the public of the action described below, taken
by the Department official indicated (no additional confirming order
will be issued in this matter).

Applicant:  China Eastern Airlines Corporation Limited 			Date Filed:
April 19, 2005

Relief requested:   Renew exemption from 49 U.S.C. § 41301 to engage in
scheduled foreign air transportation of persons, property and mail
between Shanghai, People’s Republic of China, on the one hand, and
Saipan, Commonwealth of the Northern Mariana Islands, on the other hand.

If renewal, date and citation of last action:  May 10, 2004, in this
docket

Applicant representatives: Evelyn D. Sahr/Meaghan F. Molinini  (202)
289-0500

DOT Analyst:  Shelita A. Smith<PHONE_NUMBER>

Responsive pleadings:  None filed

DISPOSITION

Action:  Approved							Action date:  June 1, 2005

Effective dates of exemption authority granted:  June 1, 2005 – June
1, 2006

Basis for approval (bilateral agreement/reciprocity):  U.S. China Air
Transport Services Agreement

Except to the extent exempted/waived, this authority is subject to the
terms, conditions, and limitations indicated:

  X    Standard exemption conditions (attached)             X
Foreign air carrier permit (Order 92-11-7)

Special conditions/Partial grant/Denial basis/Remarks:

Action taken by:  Paul L. Gretch, Director

		   Office of International Aviation

________________________________________________________________________
________________________________________________________

Under authority assigned by the Department in its regulations, 14 CFR
Part 385, we found that (1) the applicant is qualified to perform the
proposed operations; (2) our action was consistent with Department
policy; (3) grant of the authority was consistent with the public
interest; and (4) grant of the authority would not constitute a major
regulatory action under the Energy Policy and Conservation Act of 1975.
To the extent not granted/deferred/dismissed, we denied

all requests in the referenced Docket.  We may amend, modify, or revoke
the authority granted in this Notice at any time without hearing at our
discretion.

Persons entitled to petition the Department for review of the action set
forth in this Notice under the Department’s regulations, 14 CFR §
385.30, may file their petitions within seven (7) days after the date of
issuance of this Notice.  This action was effective when taken, and the
filing of a petition for review will not alter such effectiveness.

An electronic version of this document is available on the World Wide
Web at:

  HYPERLINK "http://dms.dot.gov//reports/reports_aviation.asp"
http://dms.dot.gov//reports/reports_aviation.asp

Foreign Carrier Exemption Conditions

In the conduct of the operations authorized, the foreign carrier
applicant(s) shall:

(1)  Not conduct any operations unless it holds a currently effective
authorization from its homeland for such operations, and it has filed a
copy of such authorization with the Department;

(2)  Comply with all applicable requirements of the Federal Aviation
Administration, including, but not limited to, 14 CFR Parts 129, 91, and
36, and with all applicable U.S. Government requirements concerning
security, including, but not limited to, 49 CFR Part 1546 or 1550, as
applicable.  To assure compliance with all applicable U.S. Government
requirements concerning security, the holder shall, before commencing
any new service (including charter flights) from a foreign airport that
would be the holder’s last point of departure for the United States,
contact its International Principal Security Inspector (IPSI) to advise
the IPSI of its plans and to find out whether the Transportation
Security Administration has determined that security is adequate to
allow such airport(s) to be served;

(3)  Comply with the requirements for minimum insurance coverage
contained in 14 CFR Part 205, and, prior to the commencement of any
operations under this authority, file evidence of such coverage, in the
form of a completed OST Form 6411, with the Federal Aviation
Administration’s Program Management Branch (AFS-260), Flight Standards
Service (any changes to, or termination of, insurance also shall be
filed with that office);

(4)  Not operate aircraft under this authority unless it complies with
operational safety requirements at least equivalent to Annex 6 of the
Chicago Convention;

(5)  Conform to the airworthiness and airman competency requirements of
its Government for international air services;

(6)  Except as specifically exempted or otherwise provided for in a
Department Order, comply with the requirements of 14 CFR Part 203,
concerning waiver of Warsaw Convention liability limits and defenses;

(7)  Agree that operations under this authority constitute a waiver of
sovereign immunity, for the purposes of 28 U.S.C. 1605(a), but only with
respect to those actions or proceedings instituted against it in any
court or other tribunal in the United States that are: (a)  based on its
operations in international air transportation that, according to the
contract of carriage, include a point in the United States as a point of
origin, point of destination, or agreed stopping place, or for which the
contract of carriage was purchased in the United States; or (b)  based
on a claim under any international agreement or treaty cognizable in any
court or other tribunal of the United States.  In this condition, the
term "international air transportation" means "international
transportation" as defined by the Warsaw Convention, except that all
States shall be considered to be High Contracting Parties for the
purpose of this definition;

(8)  Except as specifically authorized by the Department, originate or
terminate all flights to/from the United States in its homeland;

(9)  Comply with the requirements of 14 CFR Part 217, concerning the
reporting of scheduled, nonscheduled, and charter data;

(10) If charter operations are authorized, except as otherwise provided
in the applicable aviation agreement, comply with the Department's rules
governing charters (including 14 CFR Parts 212 and 380); and

(11) Comply with such other reasonable terms, conditions, and
limitations required by the public interest as may be prescribed by the
Department, with all applicable orders or regulations of other U.S.
agencies and courts, and with all applicable laws of the United States.

This authority shall not be effective during any period when the holder
is not in compliance with the conditions imposed above.  Moreover, this
authority cannot be sold or otherwise transferred without explicit
Department approval under Title 49 of the U.S. Code.

05/2004


[Federal Register Volume 85, Number 43 (Wednesday, March 4, 2020)]
[Notices]
[Pages 12783-12784]
[FR Doc No: 2020-04397]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. OR20-7-000]

Sheetz, Inc. v. Colonial Pipeline Company; Notice of Complaint

    Take notice that on February 25, 2020, pursuant to Rule 206 of the
Rules of Practice and Procedure of the Federal Energy Regulatory
Commission's (Commission) 18 CFR 385.206 (2019), Part 343 of the
Commission's Rules and Regulations, 18 CFR 343, et seq. (2019) and
sections 1(5), 6, 8, 9,13, 15, and 16 of the Interstate Commerce Act
(ICA), 49 U.S.C. App. 1(5), 6, 8, 9, 13, 15, and 16 and section 1803 of
the Energy Policy Act of 1992, Sheetz, Inc., (Sheetz or Complainant)
filed a formal complaint against Colonial Pipeline Company (Colonial or
Respondent), challenging the just and reasonableness of (1) Colonial's
cost-based transportation rates in FERC Tariff No. 99.56.0 and all
predecessor tariffs; (2) Colonial's market-based rate authority and
rates charged pursuant to that authority; and (3) Colonial's charges
relating to product loss allocation and transmix, all as more fully
explained in the complaint.

    Complainant certifies that copies of the complaint were served on
the contacts for Respondent as listed on the Commission's list of
Corporate Officials.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. The Respondent's
answer and all interventions, or protests must be filed on or before
the comment date. The Respondent's answer, motions to intervene, and
protests must be served on the Complainants.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the eFiling link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 5 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE, Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for electronic review in the
Commission's Public Reference Room in Washington, DC. There is an
eSubscription link on the website that enables subscribers to receive
email notification when a document is added to a subscribed docket(s).
For assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on March 27, 2020.

    Dated: February 27, 2020.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2020-04397 Filed 3-3-20; 8:45 am]
 BILLING CODE 6717-01-P