[Federal Register Volume 83, Number 13 (Friday, January 19, 2018)]
[Notices]
[Pages 2850-2855]
[FR Doc No: 2018-00849]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82492; File No. SR-NYSEArca-2017-87]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting
Approval of a Proposed Rule Change, as Modified by Amendment No. 6, To
List and Trade Shares of the JPMorgan Long/Short ETF Under NYSE Arca
Rule 8.600-E

January 12, 2018.

I. Introduction

    On September 26, 2017, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to list and trade shares (``Shares'') of the
JPMorgan Long/Short ETF (``Fund'') under NYSE Arca Rule 8.600-E. The
proposed rule change was published for comment in the Federal Register
on October 16, 2017.\3\ On November 17, 2017, the Exchange filed
Amendment No. 1 to the proposed rule change, and on November 27, 2017,
the Exchange filed Amendment No. 2 to the proposed rule change. On
November 29, 2017, pursuant to Section 19(b)(2) of the Act,\4\ the
Commission designated a longer period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to disapprove the proposed rule
change.\5\ On December 4, 2017, the Exchange filed Amendment No. 3 to
the proposed rule change. On December 6, 2017, the Exchange filed
Amendment No. 4 to the proposed rule change. On December 26, 2017, the
Exchange filed Amendment No. 5 to the proposed rule change. On January
3, 2018, the Exchange filed Amendment No. 6 to the proposed rule
change.\6\ The Commission has received no comments on the proposed rule
change. This order approves the proposed rule change, as modified by
Amendment No. 6.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 81842 (October 10,
2017), 82 FR 48127.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 82176, 82 FR 57497
(December 5, 2017). The Commission designated January 14, 2018, as
the date by which it shall approve or disapprove, or institute
proceedings to determine whether to disapprove, the proposed rule
change.
    \6\ In Amendment No. 6, which amended and superseded the
proposed rule change as modified by Amendment Nos. 1, 2, 3, 4 and 5,
the Exchange: (1) Changed the name of the Fund; (2) represented that
the Trust will file an amendment to the Registration Statement (as
defined herein) as necessary to conform to the representations in
the filing; (3) clarified the definitions of certain return factors
the Adviser (as defined herein) may utilize as part of the Fund's
investment strategy; (4) moved cash and cash equivalents from the
``other investments'' category to the ``principal investments''
category; (5) provided that the Fund may purchase and sell foreign
exchange-traded futures on foreign equities and foreign stock
indexes and foreign exchange-traded options on foreign equity
futures as part of its principal investments; (6) clarified that no
more than 10% of the equity weight of the Fund's portfolio will be
invested in non-exchange-traded American Depositary Receipts; (7)
provided additional information regarding the Fund's holding of non-
exchange-traded contingent value rights, including that such
holdings would be limited to 0.5% of the Fund's assets by market
value and that such holdings would not meet the criteria of
Commentary .01(a)(1)(E) and (a)(2)(E) to NYSE Arca Rule 8.600-E, as
further described herein; (8) provided that the Fund's investment in
sovereign obligations and obligations of supranational entities each
is not expected to exceed 5% of the Fund's assets; (9) provided
additional information regarding the availability of information for
the Shares; and (10) made other clarifications, corrections, and
technical changes. Amendment No. 6 is not subject to notice and
comment because it does not materially alter the substance of the
proposed rule change or raise unique or novel regulatory issues. All
of the amendments to the proposed rule change are available at
https://www.sec.gov/comments/sr-nysearca-2017-87/nysearca201787.htm.

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II. The Exchange's Description of the Proposed Rule Change, as Modified
by Amendment No. 6 \7\
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    \7\ For more information regarding the Fund and the Shares, see
Amendment No. 6, supra note 6.
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    The Exchange proposes to list and trade Shares of the Fund under
NYSE Arca Rule 8.600-E, which governs the listing and trading of
Managed Fund Shares on the Exchange. The Fund is a series of J.P.
Morgan Exchange-Traded Fund Trust (``Trust''), a Delaware statutory
trust.\8\ J.P. Morgan Investment Management Inc. (``Adviser'') will be
the investment adviser to the Fund and will also provide administrative
services for and oversee the other service providers for the Fund.\9\
JPMorgan Distribution Services, Inc. will be the distributor of the
Fund's Shares.
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    \8\ The Trust is registered under the Investment Company Act of
1940 (``1940 Act''). On July 18, 2017, the Trust filed with the
Commission an amendment to its registration statement on Form N-1A
under the Securities Act of 1933 and the 1940 Act relating to the
Fund (File Nos. 333-191837 and 811-22903) (``Registration
Statement''). The Exchange represents that the Trust will file an
amendment to the Registration Statement as necessary to conform to
representations in the Exchange's filing. 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.
31990 (February 9, 2016) (``Exemptive Order''). The Exchange
represents that investments made by the Fund will comply with the
conditions set forth in the Exemptive Order.
    \9\ The Adviser is a wholly-owned subsidiary of JPMorgan Asset
Management Holdings Inc., which is an indirect, wholly-owned
subsidiary of JPMorgan Chase & Co., a bank holding company. The
Adviser is not registered as a broker-dealer, but is affiliated with
a broker-dealer and has implemented and will maintain a fire wall
with respect to such broker-dealer affiliate regarding access to
information concerning the composition of and/or changes to the
Fund's portfolio. In the event (a) the Adviser becomes registered as
a broker-dealer or newly affiliated with one or more broker-dealers,
or (b) any new adviser or sub-adviser is a registered broker-dealer
or becomes affiliated with a broker-dealer, it will implement and
maintain a fire wall with respect to its relevant personnel or its
broker-dealer affiliate regarding access to information concerning
the composition of 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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    According to the Exchange, the Fund will seek to provide long-term
total return. Under normal market conditions,\10\ the Fund will employ
the ``Equity Long/Short'' strategy to access certain return
factors.\11\ The strategy will involve simultaneously investing in
equities (investing long) that the Adviser believes are attractive
based on relevant return factors and selling equities (selling short)
that the Adviser believes are unattractive based on relevant return
factors. The Fund will generally invest its assets globally to gain
exposure, either directly or through the use of derivatives, to equity
securities (across market capitalizations) in developed markets.\12\
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    \10\ The term ``normal market conditions'' is defined in NYSE
Arca Rule 8.600-E(c)(5).
    \11\ Each return factor represents a potential source of
investment return that results from, among other things, assuming a
particular risk or taking advantage of a behavioral bias. The
exposure to individual return factors may vary based on the market
opportunity of the individual return factors. For example, the
return factors that the Adviser may utilize include, but are not
limited to: Value (seek to purchase ``cheap'' stocks based on the
ratios of their price to certain company characteristics and sell
short stocks that are relatively more expensive based on the same
considerations); Momentum (seek to capture the tendency that a
security's recent performance may continue in the near future); Size
(seek to purchase small cap stocks and sell short large cap stocks);
Quality (seek to buy high quality stocks and sell short lower ranked
stocks).
    \12\ Under normal market conditions, the Adviser currently
expects that a significant portion of the Fund's exposure will be
attained through the use of derivatives in addition to its exposure
through direct investment. Derivatives will primarily be used as an
efficient means of implementing a particular strategy in order to
gain exposure to a desired return factor. Derivatives may also be
used to increase gain, to effectively gain targeted exposure from
cash positions, to hedge various investments, and/or for risk
management.
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A. Principal Investments

    According to the Exchange, under normal market conditions, at least
80% of the Fund's assets will be invested in the securities and
financial instruments described below.
    The Fund may invest in U.S. and foreign exchange-listed common
stocks of U.S. and foreign corporations, U.S. and foreign exchange-
listed preferred stocks of U.S. and foreign corporations, U.S. and
foreign exchange-listed warrants of U.S. and foreign corporations, U.S.
and foreign exchange-listed rights of U.S. and foreign corporations,
and U.S. and foreign exchange-listed master limited partnerships
(``MLPs'').
    The Fund may purchase and sell U.S. exchange-traded futures on U.S.
and foreign equities, U.S. exchange-traded options on U.S. and foreign
equity futures, and U.S. exchange-traded futures on U.S. and foreign
stock indexes, foreign exchange-traded futures on foreign equities and
foreign stock indexes, and foreign exchange-traded options on foreign
equity futures.
    The Fund may invest in over-the-counter (``OTC'') and U.S.
exchange-traded call and put options on equity securities and equity
securities indexes.
    The Fund may invest in OTC total return swaps on U.S. and foreign
equities and U.S. and foreign equity indices.
    The Fund may invest in forward currency transactions. Such
investments consist of non-deliverable forwards, foreign forward
currency contracts, caps, and floors.
    The Fund may invest in exchange-listed real estate investment
trusts (``REITs'') that will be traded on U.S. national securities
exchanges and on non-U.S. exchanges.
    The Fund may invest in U.S. and foreign exchange-listed and OTC
Depositary Receipts.\13\
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    \13\ Depositary Receipts include American Depositary Receipts
(``ADRs''), Global Depositary Receipts, and European Depositary
Receipts. No more than 10% of the equity weight of the Fund's
portfolio will be invested in non-exchange traded ADRs.
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    The Fund may invest in OTC-traded convertible securities (bonds or
preferred stock that can convert to common stock).
    The Fund may invest in cash and cash equivalents, which are
investments in money market funds (including funds for which the
Adviser and/or its affiliates may serve as investment adviser or
administrator), bank obligations,\14\ and commercial paper.
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    \14\ Bank obligations include bankers' acceptances, certificates
of deposit, and time deposits.
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B. Other Investments

    While the Fund, under normal market conditions, will invest at
least 80% of its assets in the securities and financial instruments
described above, the Fund may invest its remaining assets in other
assets and financial instruments, as described below.
    The Fund may invest in U.S. Government obligations, which may
include direct obligations of the U.S. Treasury, including Treasury
bills, notes, and bonds, all of which are backed as to principal and
interest payments by the full faith and credit of the United States,
and separately traded principal and interest component parts of such
obligations that are transferable through the Federal book-entry system
known as Separate Trading of Registered Interest and Principal of
Securities and Coupons Under Book Entry Safekeeping.
    The Fund may invest in U.S. and foreign corporate debt.
    The Fund may invest in sovereign obligations, which are investments
in debt obligations issued or guaranteed by a foreign sovereign
government or its agencies, authorities, or political subdivisions. The
Fund may also invest in obligations of supranational entities,
including securities designated or supported by governmental entities
to promote economic reconstruction or development of international
banking institutions and related government agencies.
    The Fund may invest in spot currency transactions.

    The Fund may hold non-exchange-traded contingent value rights
(``CVRs'').\15\
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    \15\ The Exchange states that, for the purposes of the filing,
CVRs are rights provided to shareholders of a company in connection
with a corporate restructuring or acquisition. These rights relate
to additional benefits to shareholders if a certain event occurs.
CVRs frequently have an expiration date relating to the times that
contingent events must occur. CVRs related to a company's stock are
generally related to the price performance of such stock.
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    The Fund may invest in Rule 144A securities and Regulation S
securities.

C. Investment Restrictions

    The Fund's investments, including derivatives, will be consistent
with the Fund's investment objective and will not be used to enhance
leverage (although certain derivatives and other investments may result
in leverage). That is, while the Fund will be permitted to borrow as
permitted under the 1940 Act, the Fund's investments will not be used
to seek performance that is the multiple or inverse multiple (e.g., 2Xs
and 3Xs) of the Fund's primary broad-based securities benchmark index
(as defined in Form N-1A).\16\
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    \16\ The Fund's broad-based securities benchmark index will be
identified in a future amendment to the Registration Statement
following the Fund's first full calendar year of performance.
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D. Application of Generic Listing Requirements

    According to the Exchange, the Fund's portfolio will not meet all
of the generic listing requirements of Commentary .01 to NYSE Arca Rule
8.600-E. Specifically, the Fund will meet all the requirements of NYSE
Arca Rule 8.600-E except for those set forth in Commentary .01(a)(1)(E)
and Commentary .01(a)(2)(E) relating to non-exchange-traded CVRs,
Commentary .01(e), and Commentary .01(b)(3).
    Commentary .01(a)(1)(E) to NYSE Arca Rule 8.600-E requires that, on
both an initial and continuing basis, the component stocks of the
equity portion of a portfolio that are U.S. Component Stocks (as
described in NYSE Arca Rule 5.2-E(j)(3)) be listed on a national
securities exchange and be NMS Stocks as defined in Rule 600 of
Regulation NMS under the Act.\17\ Commentary .01(a)(2)(E) to NYSE Arca
Rule 8.600-E requires that, on both an initial and continuing basis,
the component stocks of the equity portion of a portfolio that are Non-
U.S. Component Stocks (as described in NYSE Arca Rule 5.2-E(j)(3)) be
listed and traded on an exchange that has last-sale reporting. The
Exchange states that the non-exchange-traded CVRs that the Fund may
hold would not be listed on a national securities exchange or an
exchange with last sale reporting, and therefore would not meet the
criteria of Commentary .01(a)(1)(E) and Commentary .01(a)(2)(E). The
Exchange states that the Adviser represents that the Fund may at times
hold a de minimis amount of the Fund's assets (less than 0.5% by market
value) in non-exchange-traded CVRs. The Exchange also states that the
Adviser represents that the Fund will not actively invest in non-
exchange-traded CVRs but may, at times, receive a distribution of such
securities in connection with the Fund's holdings in other securities.
According to the Exchange, therefore, the Fund's holdings in non-
exchange-traded CVRs, if any, would not be utilized to further the
Fund's investment objective and would not be acquired as the result of
the Fund's voluntary investment decisions.
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    \17\ Commentary .01(a)(1)(F) to NYSE Arca Rule 8.600-E provides
that ADRs in a portfolio may be exchange-traded or non-exchange-
traded, but no more than 10% of the equity weight of a portfolio may
consist of non-exchange-traded ADRs.
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    Commentary .01(e) to NYSE Arca Rule 8.600-E requires that, on both
an initial and continuing basis, no more than 20% of the assets in the
Fund's portfolio may be invested in OTC derivatives (calculated as the
aggregate gross notional value of the OTC derivatives). The Exchange
states that the aggregate gross notional value of the Fund's
investments in OTC derivatives may exceed this limit. The Exchange
states that the Adviser intends to engage in strategies that utilize
OTC foreign currency forward transactions, OTC total return swaps, and
OTC options. According to the Exchange, because foreign currency
forward transactions and total return swaps will be traded OTC, it
would not be possible to implement these strategies efficiently using
listed derivatives. In addition, use of OTC options on equity
securities and equity securities indexes may be an important means to
reduce risk in the Fund's equity investments, or, depending on market
conditions, to enhance returns of such investments. The Exchange states
that if the Fund were limited to investing up to 20% of assets in OTC
derivatives, the Fund would have to exclude or underweight these
strategies and would be less diversified, concentrating risk in the
other strategies it will utilize. In addition, the Exchange states that
the Adviser represents that the Fund will follow an investment strategy
utilized within the JP Morgan Diversified Alternative ETF, shares of
which have previously been approved by the Commission for Exchange
listing and trading.\18\
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    \18\ See Securities Exchange Act Release No. 77904 (May 25,
2016), 81 FR 35101 (June 1, 2016) (SR-NYSEArca-2016-17) (order
approving listing and trading of shares of the JPMorgan Diversified
Alternative ETF under NYSE Arca Equities Rule 8.600).
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    Commentary .01(b)(3) to NYSE Arca Rule 8.600-E provides that a
portfolio (excluding exempted securities) that includes fixed income
securities shall include a minimum of 13 non-affiliated issuers,
provided, however, that there shall be no minimum number of non-
affiliated issuers required for fixed income securities if at least 70%
of the weight of the portfolio consists of equity securities as
described in Commentary .01(a) to NYSE Arca Rule 8.600-E. The Exchange
states that the Fund's investment in fixed income securities will not
meet this requirement. However, the Exchange represents that the Fund's
investment in corporate debt will not exceed 5% of the Fund's assets,
the Fund's investment in OTC-traded convertible securities also will
not exceed 5% of the Fund's assets, and the Fund's investment in
sovereign obligations and obligations of supranational entities each is
not expected to exceed 5% of the Fund's assets. The Exchange also
states the Adviser's belief that it is appropriate to permit a small
investment in corporate debt, OTC-traded convertible securities,
sovereign obligations, and obligations of supranational entities in
order to permit the Fund to diversify its investments to enhance
investor returns. According to the Exchange, because such investments
would be limited and are not expected to exceed 20% of the Fund's
assets in the aggregate, it would be difficult for the Fund to
diversify such investments in order to comply with the requirement that
fixed income securities include at least 13 non-affiliated issuers.

III. Discussion and Commission's Findings

    After careful review, the Commission finds that the proposed rule
change, as modified by Amendment No. 6, is consistent with the Act and
the rules and regulations thereunder applicable to a national
securities exchange.\19\ In particular, the Commission finds that the
proposed rule change, as modified by Amendment No. 6, is consistent
with Section 6(b)(5) of the Act,\20\ which requires, among other
things, that the Exchange's rules be designed to prevent fraudulent and
manipulative acts and

practices, to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, to protect investors and the
public interest.
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    \19\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \20\ 15 U.S.C. 78f(b)(5).
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    As noted above, the Fund's investment in non-exchange-traded CVRs
would not comply with either Commentary .01(a)(1)(E) to NYSE Arca Rule
8.600-E, which requires the U.S. Component Stocks in the portfolio to
be listed on a national securities exchange and to be NMS Stocks, or
Commentary .01(a)(2)(E) to NYSE Arca Rule 8.600-E, which requires the
Non-U.S. Component Stocks in the portfolio to be listed and traded on
an exchange with last sale reporting. As proposed, the Fund may at
times hold a de minimis amount of the Fund's assets (less than 0.5% by
market value) in non-exchange-traded CVRs. Also, the Fund will not
actively invest in non-exchange-traded CVRs but may, at times, receive
a distribution of such securities in connection with the Fund's
holdings in other securities.
    In addition, as noted above, the aggregate gross notional value of
the Fund's investments in OTC derivatives may exceed the 20% limit in
Commentary .01(e) to NYSE Arca Rule 8.600-E.\21\ The Exchange states
that the 20% limit could result in the Fund being unable to fully
pursue its investment objective while attempting to sufficiently
mitigate investment risks. According to the Exchange, if the Fund were
limited to investing up to 20% of its assets in OTC derivatives, the
Fund would have to exclude or underweight the strategies utilizing OTC
derivatives and the Fund would be less diversified, concentrating risk
in the other strategies it plans to utilize.\22\ In addition, the
Exchange states that the inability of the Fund to adequately hedge its
holdings would effectively limit the Fund's ability to invest in
certain instruments, or could expose the Fund to additional investment
risk. The Exchange also states that suitable derivative transactions
may be an efficient alternative for the Fund to obtain the desired
asset exposure because the markets for certain assets, or the assets
themselves, may be unavailable or cost prohibitive as compared to
derivative instruments. Furthermore, the Exchange states that OTC
derivatives may be tailored more specifically than the available listed
derivatives to the assets held by the Fund.\23\ As proposed, on a daily
basis, the Fund will disclose on its website the information regarding
the Disclosed Portfolio required under NYSE Arca Rule 8.600-E(c)(2) to
the extent applicable.\24\ The website information will be publicly
available at no charge. The Exchange represents that the Fund's
disclosure of derivative positions in the Disclosed Portfolio will
include information that market participants can use to value the
derivative positions intraday.
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    \21\ The Exchange states that the Fund's investments in
derivative instruments will be made in accordance with the 1940 Act
and consistent with the Fund's investment objective and policies. To
limit the potential risk associated with such transactions, the Fund
will segregate or ``earmark'' assets determined to be liquid by the
Adviser in accordance with procedures established by the Trust's
Board of Trustees and in accordance with the 1940 Act (or, as
permitted by applicable regulation, enter into certain offsetting
positions) to cover its obligations under derivative instruments.
The Exchange states that these procedures have been adopted
consistent with Section 18 of the 1940 Act and related Commission
guidance. In addition, the Fund will include appropriate risk
disclosure in its offering documents, including leveraging risk.
    \22\ The Exchange states that the Adviser represents that it is
not possible to implement its strategies efficiently using listed
derivatives because the foreign currency forward transactions and
total return swaps in which the Fund may invest will be traded OTC.
The Exchange also states that use of OTC options on equity
securities and equity securities indexes may be an important means
to reduce risk in the Fund's equity investments.
    \23\ As noted above, the Adviser represents that the Fund will
follow an investment strategy utilized by the JP Morgan Diversified
Alternative ETF, shares of which were previously approved for
Exchange listing and trading by the Commission. See supra note 18
and accompanying text.
    \24\ NYSE Arca Rule 8.600-E(c)(2) requires that the website for
each series of Managed Fund Shares disclose the following
information regarding the Disclosed Portfolio, to the extent
applicable: (A) Ticker symbol; (B) CUSIP or other identifier; (C)
description of the holding; (D) with respect to holdings in
derivatives, the identity of the security, commodity, index or other
asset upon which the derivative is based; (E) the strike price for
any options; (F) the quantity of each security or other asset held
as measured by (i) par value, (ii) notional value, (iii) number of
shares, (iv) number of contracts, and (v) number of units; (G)
maturity date; (H) coupon rate; (I) effective date; (J) market
value; and (K) percentage weighting of the holding in the portfolio.
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    Finally, as noted above, the Fund's investment in fixed income
securities will not meet the requirement for 13 non-affiliated issuers
in Commentary .01(b)(3) to NYSE Arca Rule 8.600-E. As proposed, the
Fund's investment in corporate debt will not exceed 5% of the Fund's
assets, the Fund's investment in OTC-traded convertible securities will
not exceed 5% of the Fund's assets, and the Fund's investment in
sovereign obligations and obligations of supranational entities each is
not expected to exceed 5% of the Fund's assets. According to the
Exchange, because these investments would be limited and are not
expected to exceed 20% of the Fund's assets in the aggregate, it would
be difficult for the Fund to diversify such investments in order to
comply this requirement. The Exchange also states the Adviser's belief
that it is appropriate to permit a small investment in corporate debt,
OTC-traded convertible securities, sovereign obligations, and
obligations of supranational entities in order to permit the Fund to
diversify its investments to enhance investor returns.
    The Commission notes that, other than Commentary .01(a)(1)(E) and
Commentary .01(a)(2)(E) relating to non-exchange-traded CVRs,
Commentary .01(e), and Commentary .01(b)(3), the Fund will meet all the
requirements of NYSE Arca Rule 8.600-E.
    The Commission also finds that the proposal is consistent with
Section 11A(a)(1)(C)(iii) of the Act,\25\ which sets forth Congress's
finding that it is in the public interest and appropriate for the
protection of investors and the maintenance of fair and orderly markets
to assure the availability to brokers, dealers, and investors of
information with respect to quotations for, and transactions in,
securities. Quotation and last-sale information for the Shares will be
available via the CTA high-speed line. The Portfolio Indicative Value
(``PIV'') for the Fund, as defined in NYSE Arca Rule 8.600-E(c)(3),
will be widely disseminated by one or more major market data vendors at
least every 15 seconds during the Exchange's Core Trading Session.\26\
Information regarding market price and trading volume for 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.
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    \25\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \26\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available PIVs
taken from the CTA or other data feeds.
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    Quotation and last sale information for portfolio holdings of the
Fund that are U.S. exchange-listed, including common stocks, warrants,
rights, MLPs, preferred stocks, REITs, and Depositary Receipts will be
available via the CTA high speed line. Quotation and last sale
information for such U.S. exchange-listed securities, as well as U.S.
and foreign exchange-traded futures and options on futures, will be
available from the exchanges on which they are listed. Quotation and
last sale information for exchange-listed options cleared via the
Options Clearing Corporation will be available via the Options Price
Reporting Authority.

Quotation and last sale information for foreign exchange-listed equity
securities will be available from the exchanges on which they trade and
from major market data vendors, as applicable. Price information for
preferred stocks and non-exchange-traded CVRs will be available from
one or more major market data vendors or from broker-dealers. Quotation
information for OTC options, cash equivalents, swaps, obligations of
supranational agencies, money market funds, U.S. Government
obligations, U.S. Government agency obligations, sovereign obligations,
repurchase and reverse repurchase agreements, and U.S. and foreign
corporate debt may be obtained from brokers and dealers who make
markets in such securities or through nationally recognized pricing
services through subscription agreements. The U.S. dollar value of
foreign securities, instruments, and currencies can be derived by using
foreign currency exchange rate quotations obtained from nationally
recognized pricing services. Forwards and spot currency price
information will be available from major market data vendors. Price
information for OTC Depositary Receipts, convertible securities, 144A
securities and Regulation S securities is available from major market
data vendors. In addition, the Fund's website, which will be publicly
available prior to the public offering of the Shares, will include a
form of the prospectus for the Fund and additional data relating to NAV
and other applicable quantitative information.
    The Commission also believes that the proposal is reasonably
designed to promote fair disclosure of information that may be
necessary to price the Shares appropriately and to prevent trading when
a reasonable degree of transparency cannot be assured. 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. Trading in the Shares will be halted if the circuit-breaker
parameters in NYSE Arca Rule 7.12-E 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. Moreover,
trading in the Shares will be subject to NYSE Arca Rule 8.600-
E(d)(2)(D), which sets forth circumstances under which Shares may be
halted.
    The Exchange states that it has a general policy prohibiting the
distribution of material, non-public information by its employees. The
Exchange states that the Adviser is not registered as a broker-dealer
but is affiliated with a broker-dealer and has implemented and will
maintain a fire wall with respect to that broker-dealer affiliate
regarding access to information concerning the composition of and/or
changes to the Fund's portfolio.\27\ Further, the Commission notes that
the Reporting Authority that provides the Disclosed Portfolio must
implement and maintain, or be subject to, procedures designed to
prevent the use and dissemination of material, non-public information
regarding the actual components of the portfolio.\28\
---------------------------------------------------------------------------

    \27\ The Exchange also represents that an investment adviser to
an open-end fund is required to be registered under the Investment
Advisers Act of 1940.
    \28\ See NYSE Arca Rule 8.600-E(d)(2)(B)(ii).
---------------------------------------------------------------------------

    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. In support of this
proposal, the Exchange represents that:

    (1) Other than Commentary .01(a)(1)(E) and Commentary
.01(a)(2)(E) with respect to investments in non-exchange-traded
CVRs, Commentary .01(e), and Commentary .01(b)(3), the Fund will
meet all other requirements of NYSE Arca Rule 8.600-E.
    (2) A minimum of 100,000 Shares of the Fund will be outstanding
at the commencement of trading on the Exchange.
    (3) Trading in the Shares will be subject to the existing
trading surveillances administered by the Exchange, as well as
cross-market surveillances administered by the Financial Industry
Regulatory Authority (``FINRA'') on behalf of the Exchange, and
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.\29\
---------------------------------------------------------------------------

    \29\ The Exchange states that FINRA conducts cross-market
surveillances on behalf of the Exchange pursuant to a regulatory
services agreement, and that the Exchange is responsible for FINRA's
performance under this regulatory services agreement.
---------------------------------------------------------------------------

    (4) The Exchange or FINRA, on behalf of the Exchange, or both,
will communicate as needed regarding trading in the Shares, certain
exchange-listed equity securities, certain futures, and certain
exchange-traded options with other markets and other entities that
are members of the Intermarket Surveillance Group (``ISG''), and the
Exchange or FINRA, on behalf of the Exchange, or both, may obtain
trading information regarding trading such securities and financial
instruments from such markets and other entities. In addition, the
Exchange may obtain information regarding trading in such securities
and financial instruments from markets and other entities that are
members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement. FINRA, on behalf of
the Exchange, is able to access, as needed, trade information for
certain fixed income securities held by the Fund reported to FINRA's
Trade Reporting and Compliance Engine.
    (5) Prior to the commencement of trading, the Exchange will
inform its Equity Trading Permit Holders in an Information Bulletin
of the special characteristics and risks associated with trading the
Shares. Specifically, the Information Bulletin will discuss: (a) The
procedures for purchases and redemptions of Shares in creation units
(and that Shares are not individually redeemable); (b) NYSE Arca
Rule 9.2-E(a), which imposes a duty of due diligence on its Equity
Trading Permit Holders to learn the essential facts relating to
every customer prior to trading the Shares; (c) the risks involved
in trading the Shares during the Early and Late Trading Sessions
when an updated PIV will not be calculated or publicly disseminated;
(d) how information regarding the PIV and the Disclosed Portfolio is
disseminated; (e) the requirement that Equity Trading Permit Holders
deliver a prospectus to investors purchasing newly issued Shares
prior to or concurrently with the confirmation of a transaction; and
(f) trading information.
    (6) The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions.
    (7) For initial and continued listing, the Fund will be in
compliance with Rule 10A-3 under the Act.\30\
---------------------------------------------------------------------------

    \30\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (8) The Fund's investments, including derivatives, will be
consistent with the Fund's investment objective and will not be used
to enhance leverage. That is, while the Fund will be permitted to
borrow as permitted under the 1940 Act, the Fund's investments will
not be used to seek performance that is the multiple or inverse
multiple (e.g., 2Xs and 3Xs) of the Fund's primary broad-based
securities benchmark index (as defined in Form N-1A).

    The Exchange represents that all statements and representations
made in the filing regarding: (1) The description of the portfolio
holdings or reference assets; (2) limitations on portfolio holdings or
reference assets; or (3) the applicability of Exchange listing rules
specified in the rule filing constitute continued listing requirements
for listing the Shares on the Exchange. In addition, the issuer has
represented to the Exchange that it will advise the Exchange of any
failure by the Fund to comply with the continued listing requirements
and, pursuant to its obligations under Section 19(g)(1) of the Act, the
Exchange will monitor \31\ for

compliance with the continued listing requirements. If the Fund is not
in compliance with the applicable listing requirements, the Exchange
will commence delisting procedures under NYSE Arca Rule 5.5-E(m).
---------------------------------------------------------------------------

    \31\ The Commission notes that certain proposals for the listing
and trading of exchange-traded products include a representation
that the exchange will ``surveil'' for compliance with the continued
listing requirements. See, e.g., Securities Exchange Act Release No.
77499 (April 1, 2016), 81 FR 20428, 20432 (April 7, 2016) (SR-BATS-
2016-04). In the context of this representation, it is the
Commission's view that ``monitor'' and ``surveil'' both mean ongoing
oversight of compliance with the continued listing requirements.
Therefore, the Commission does not view ``monitor'' as a more or
less stringent obligation than ``surveil'' with respect to the
continued listing requirements.
---------------------------------------------------------------------------

    This approval order is based on all of the Exchange's statements
and representations, including those set forth above and in Amendment
No. 6.
    For the foregoing reasons, the Commission finds that the proposed
rule change, as modified by Amendment No. 6, is consistent with Section
6(b)(5) of the Act \32\ and Section 11A(a)(1)(C)(iii) of the Act \33\
and the rules and regulations thereunder applicable to a national
securities exchange.
---------------------------------------------------------------------------

    \32\ 15 U.S.C. 78f(b)(5).
    \33\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\34\ that the proposed rule change (SR-NYSEArca-2017-87), as
modified by Amendment No. 6, be, and it hereby is, approved.
---------------------------------------------------------------------------

    \34\ 15 U.S.C. 78s(b)(2).
    \35\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\35\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-00849 Filed 1-18-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 75, Number 35 (Tuesday, February 23, 2010)]
[Notices]
[Pages 8163-8164]
[FR Doc No: 2010-3466]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61520; File No. SR-NYSE-2010-06]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Extending the Waiver of all Transaction Fees for Shares Executed on the
NYSE MatchPoint\SM\ System

February 16, 2010.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on January 29, 2010, New York Stock Exchange LLC (``NYSE''
or the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes to extend the waiver of all transaction fees
for shares executed on the NYSE MatchPoint\SM\ (``NYSE MatchPoint'' or
``MatchPoint'') system effective February 1, 2010 through March 31,
2010. The text of the proposed rule change is available at the
Exchange, the Commission's Public Reference Room, and http://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 extend the waiver of all transaction fees
for shares executed on the MatchPoint system, which will be effective
from February 1, 2010 through March 31, 2010. The NYSE 2010 Price List
will reflect this extension of the fee waiver.
Background
    On January 7, 2009, the Exchange filed with the Securities and
Exchange Commission (``Commission'' or ``SEC'') a proposed rule change
to adopt a temporary equity transaction fee for shares executed on the
NYSE MatchPoint system, effective until February 28, 2009.\4\ The
temporary equity transaction fee was extended numerous times since the
original filing \5\ and it was in effect until January 7, 2010. On
January 7, 2010, the Exchange proposed a transaction fee holiday
waiving all MatchPoint transaction fees under the temporary equity
transaction fee schedule until January 29, 2010 (``transaction fee
waiver'').\6\ Each such filing was effective upon filing pursuant to
Section 19(b)(3)(A) \7\ of the Act and subparagraph (f)(2) of Rule 19b-
4.\8\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 59229 (January 12,
2009) 74 FR 3119 (January 16, 2009) (SR-NYSE-2009-01).
    \5\ See Securities Exchange Act Release No. 59491 (March 3,
2009) 74 FR 10107 (March 9, 2009) (SR-NYSE-2009-20); see Securities
Exchange Act Release No. 59864 (May 5, 2009) 74 FR 22194 (May 12,
2009) (SR-NYSE-2009-44); see Securities Exchange Act Release No.
60278 (July 10, 2009) 74 FR 34615 (July 16, 2009) (SR-NYSE-2009-67);
see Securities Exchange Act Release No. 60439 (August 5, 2009) 74 FR
40270 (August 11, 2009) (SR-NYSE-2009-78) and see also Securities
Exchange Act Release No. 60949 (November 6, 2009) 74 FR 58665
(November 13, 2009) (SR-NYSE-2009-110).
    \6\ See Securities Exchange Act Release No. 61350 (January 14,
2010) 75 FR 3767 (January 22, 2010) (SR-NYSE-2010-01).
    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    The Exchange believes that an extension of the transaction fee
waiver will continue to induce users to enter more single-sided volume
\9\ into the MatchPoint system, which benefits all participants in
MatchPoint, since it increases the likelihood of a match during the
matching sessions (i.e., intra-day and after hours matching sessions).
The transaction fee waiver will apply to all Exchange members that
access MatchPoint. Through this fee filing, the Exchange is seeking to
extend the temporary transaction fee waiver from February 1, 2010
through March 31, 2010.
---------------------------------------------------------------------------

    \9\ Executions in the MatchPoint system occur when buy and sell
interest in a security is entered on a matched basis (both buy and
sell sides submitted together) or when interest submitted in the
system by one user matches against contra side interest submitted by
another user.
---------------------------------------------------------------------------

    It is intended that new MatchPoint transaction fees will be in
effect on or before April 1, 2010, after the transaction fee waiver
terminates. The new transaction fees will also provide incentives for
adding volume to the MatchPoint system.
2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (the ``Act'')
\10\ for the proposed rule change is the requirement under Section
6(b)(4) that an exchange have rules that provide for the equitable
allocation of reasonable dues, fees and other charges among its members
and other persons using its facilities. The Exchange believes that an
extension of the fee waiver for all MatchPoint executions is reasonable
in that it provides a significant incentive for users to add volume
into the MatchPoint system. Adding volume to the MatchPoint system will
increase a user's likelihood of obtaining an execution. Increased
volume and trading activity will improve the overall

market for customers. The transaction fee waiver is also designed to
make the system more competitive, which will further improve the
quality of the market and benefit customers. Finally, the transaction
fee waiver is equitable because it is available to all Exchange members
that access the MatchPoint system, and it applies to all MatchPoint
executions. The extended fee waiver will be in effect from February 1,
2010 until March 31, 2010.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78a.
---------------------------------------------------------------------------

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \11\ of the Act and subparagraph (f)(2) of Rule
19b-4 \12\ thereunder, because it establishes a due, fee, or other
charge imposed by the NYSE.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.

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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-2010-06 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-NYSE-2010-06. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSE-2010-06 and should be
submitted on or before March 16, 2010.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-3466 Filed 2-22-10; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 168 (Wednesday, August 29, 2018)]
[Notices]
[Pages 44042-44043]
[FR Doc No: 2018-18711]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP18-539-000]

Maritimes & Northeast Pipeline, L.L.C.; Notice of Application

    Take notice that on August 10, 2018, Maritimes & Northeast
Pipeline, L.L.C. (Maritimes), 5400 Westheimer Court, Houston, Texas
77056-5310, filed an application under section 7(b) and 7(c) of the
Natural Gas Act (NGA) and Subpart A of Part 157 of the Commission's
rules and regulations to reacquire 7,214 Dth/d of firm capacity on its
jointly-owned system from Westbrook, Maine to Dracut, Massachusetts
upon the in-service date of Phase III of Portland Natural Gas
Transmission System's (Portland) Portland Xpress Project (PXP Project
Phase III) and the termination of the Capacity Lease Agreement (Lease
Agreement) between Maritimes and Portland, as described in Docket No.
CP18-516-000, filed June 29, 2018. Upon the in-service date of the PXP
Project Phase III, Maritimes seeks to abandon a portion of its
ownership interest in a compressor unit at the Westbrook Compressor
Station to Portland, all as more fully described in the application
which is on file with the Commission and open to public inspection. The
filing may also be

viewed on the web at http://www.ferc.gov using the ``eLibrary'' link.
Enter the docket number excluding the last three digits in the docket
number field to access the document. For assistance, contact FERC at
[email protected] or call toll-free,<PHONE_NUMBER> or TTY,
(202) 502-8659.
    Any questions regarding this application should be directed to Lisa
A. Connolly, Director, Rates and Certificates, Maritimes & Northeast
Management Company, LLC, 5400 Westheimer Court, Houston, Texas 77056-
5310, or call<PHONE_NUMBER>, or email: [email protected].
    Pursuant to section 157.9 of the Commission's rules (18 CFR 157.9),
within 90 days of this Notice, the Commission staff will either:
Complete its environmental assessment (EA) and place it into the
Commission's public record (eLibrary) for this proceeding; or issue a
Notice of Schedule for Environmental Review. If a Notice of Schedule
for Environmental Review is issued, it will indicate, among other
milestones, the anticipated date for the Commission staff's issuance of
the final environmental impact statement (FEIS) or EA for this
proposal. The filing of the EA in the Commission's public record for
this proceeding or the issuance of a Notice of Schedule for
Environmental Review will serve to notify federal and state agencies of
the timing for the completion of all necessary reviews, and the
subsequent need to complete all federal authorizations within 90 days
of the date of issuance of the Commission staff's FEIS or EA.
    There are two ways to become involved in the Commission's review of
this project. First, any person wishing to obtain legal status by
becoming a party to the proceedings for this project should, on or
before the comment date stated below file with the Federal Energy
Regulatory Commission, 888 First Street NE, Washington, DC 20426, a
motion to intervene in accordance with the requirements of the
Commission's Rules of Practice and Procedure (18 CFR 385.214 or
385.211) and the Regulations under the NGA (18 CFR 157.10). A person
obtaining party status will be placed on the service list maintained by
the Secretary of the Commission and will receive copies of all
documents filed by the applicant and by all other parties. A party must
submit 7 copies of filings made in the proceeding with the Commission
and must mail a copy to the applicant and to every other party. Only
parties to the proceeding can ask for court review of Commission orders
in the proceeding.
    However, a person does not have to intervene in order to have
comments considered. The second way to participate is by filing with
the Secretary of the Commission, as soon as possible, an original and
two copies of comments in support of or in opposition to this project.
The Commission will consider these comments in determining the
appropriate action to be taken, but the filing of a comment alone will
not serve to make the filer a party to the proceeding. The Commission's
rules require that persons filing comments in opposition to the project
provide copies of their protests only to the party or parties directly
involved in the protest.
    Persons who wish to comment only on the environmental review of
this project should submit an original and two copies of their comments
to the Secretary of the Commission. Environmental commentors will be
placed on the Commission's environmental mailing list, will receive
copies of the environmental documents, and will be notified of meetings
associated with the Commission's environmental review process.
Environmental commentors will not be required to serve copies of filed
documents on all other parties. However, the non-party commentors will
not receive copies of all documents filed by other parties or issued by
the Commission (except for the mailing of environmental documents
issued by the Commission) and will not have the right to seek court
review of the Commission's final order.
    The Commission strongly encourages electronic filings of comments,
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.
    Comment Date: September 13, 2018.

    Dated: August 23, 2018.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2018-18711 Filed 8-28-18; 8:45 am]
 BILLING CODE 6717-01-P


7 July 2007

Ms. Christina Scheltema, CRM

Office of Pesticide Programs

U.S. Environmental Protection Program

Room S-4900, One Potomac Yard

2777 South Crystal Drive

Arlington, Virginia 22202-4501

Dear Ms. Scheltema,

I write to offer my review of the case study report on honey bees and
Carbaryl (MRID 47092001) conducted by Bayer Crop Sciences.  The study
examined the effects on honey bee colonies of Sevin XLR Plus applied at
the maximum label rate to poplar plantations.  The parameters measured
in the honey bee colonies were appropriate but I feel the study could
have been improved on the monitoring end with the following: 1) The dead
bee traps were not quantified by using marked dead bees to give a
recovery rate.  Without calibration these traps may be capturing only a
small portion of the dead bees in each colony. It is common practice to
place 20-50 marked dead bees in the hive at the beginning and end of the
study to calculate a recovery rate for each trap. 2) The 30 second
flight counts were too short and create too much variability between
counts for the counts to be meaningful.  Counts of 1-3 minutes are
needed to get a reliable estimate of forage activity.

The study in my opinion suffers from one major flaw; the plot size used,
1.4ha, represents only 0.2% of the potential flight area visited by the
colonies and as such one would not expect negative effects as bees would
visit other untreated areas and be able to avoid the sprayed areas.  The
estimate of 0.2% treated area is based on bees using a 3km diameter
circular area to forage in.  The untreated control area had a much
larger planting of poplar trees as indicated by the photos.  The treated
plot had a more diverse array of plants for the bees to forage on and
thus avoid the spray area. This is corroborated by the significant
increase in honey production in the treated plot compared to the
untreated plot (see Table 4.2).  The colonies in the treated plots were
not exposed to the treatment in a meaningful way.  I do not know the
average plot size that would be sprayed in a normal plantation but I
must assume it is greater than 1.4ha.  I would have more confidence in
the findings if the plot size were increased and the vegetation types
between the plots standardized (I realize it is hard to create identical
plots).  The small plot size relative to the overall forage area of an
average hive give me little confidence in the data presented.  This
study is not a rigorous test of honey bee potential exposure to Carbaryl
used in poplar plantations.

Jeff Pettis, Research Leader

Bee Research Laboratory

Bldg. 476; BARC-East

Beltsville, MD 20705

301-504-7299

<EMAIL_ADDRESS>
United States Department of Agriculture

Research, Education, and Economics

Agricultural Research Service

Bee Research Laboratory

Building 476, Beltsville, MD 20705

An Equal Opportunity Employer


[Federal Register Volume 77, Number 118 (Tuesday, June 19, 2012)]
[Notices]
[Page 36532]
[FR Doc No: 2012-14880]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

 [Docket No. CP12-470-000]

Columbia Gas Transmission, LLC; Notice of Request Under Blanket
Authorization

    Take notice that on June 1, 2012, Columbia Gas Transmission, LLC
(Columbia), 5151 San Felipe, Suite 2500, Houston, Texas 77056, pursuant
to its blanket certificate issued in Docket No. CP83-76-000, filed an
application in accordance to sections 157.205 and 157.216(b) of the
Commission's Regulations under the Natural Gas Act (NGA) as amended,
(1) to relocate a consumer tap and (2) to abandon in place Well No.
2519 and approximately 0.12 miles of Line 29079 and related
appurtenances located in Marshall County, West Virginia, all as more
fully set forth in the application, which is on file with the
Commission.
    Any questions concerning this application may be directed to
Fredric J. George, Senior Counsel Columbia Gas Transmission, LLC, P.O.
Box 1273, Charleston, West Virginia 25325-1273, phone<PHONE_NUMBER>,
or fax<PHONE_NUMBER> or email at<EMAIL_ADDRESS>    This filing is available for review at the Commission or may be
viewed on the Commission's Web site at http://www.ferc.gov, using the
``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number filed to access the document. For
assistance, please contact FERC Online Support at FERC
<EMAIL_ADDRESS>or call toll-free at<PHONE_NUMBER>, or, for
TTY, contact<PHONE_NUMBER>. Comments, protests and interventions may
be filed electronically via the Internet in lieu of paper. See, 18 CFR
385.2001(a)(1)(iii) and the instructions on the Commission's Web site
under the ``e-Filing'' link. The Commission strongly encourages
intervenors to file electronically.
    Any person or the Commission's staff may, within 60 days after
issuance of the instant notice by the Commission, file pursuant to Rule
214 of the Commission's Procedural Rules (18 CFR 385.214) a motion to
intervene or notice of intervention and pursuant to Section 157.205 of
the regulations under the NGA (18 CFR 157.205), a protest to the
request. If no protest is filed within the time allowed therefore, the
proposed activity shall be deemed to be authorized effective the day
after the time allowed for filing a protest. If a protest is filed and
not withdrawn within 30 days after the allowed time for filing a
protest, the instant request shall be treated as an application for
authorization pursuant to Section 7 of the NGA.

    Dated: June 13, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-14880 Filed 6-18-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 29 (Tuesday, February 14, 2017)]
[Notices]
[Pages 10571-10572]
[FR Doc No: 2017-02951]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 4093-035]

McMahan Hydroelectric, L.L.C.; Notice of Application Ready for
Environmental Analysis and Soliciting Comments, Recommendations, Terms
and Conditions, and Prescriptions

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection.
    a. Type of Application: Minor license.
    b. Project No.: 4093-035.
    c. Date filed: March 30, 2015.
    d. Applicant: McMahan Hydroelectric, L.L.C.
    e. Name of Project: Bynum Hydroelectric Project.
    f. Location: On the Haw River, near the Town of Pittsboro and the
Town of

Chapel Hill, in Chatham County, North Carolina. The project does not
occupy federal lands.
    g. Filed Pursuant to: Federal Power Act 16 U.S.C. 791(a)-825(r).
    h. Applicant Contact: Mr. Andrew J. McMahan, President, McMahan
Hydroelectric, L.L.C., 105 Durham Eubanks Road, Pittsboro, NC 27312;
(336) 509-2148<EMAIL_ADDRESS>    i. FERC Contact: Sean Murphy at<PHONE_NUMBER>; or email at
<EMAIL_ADDRESS>    j. Deadline for filing comments, recommendations, terms and
conditions, and prescriptions: 60 days from the issuance date of this
notice; reply comments are due 105 days from the issuance date of this
notice.
    The Commission strongly encourages electronic filing. Please file
comments, recommendations, terms and conditions, and prescriptions
using the Commission's eFiling system at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit brief comments up to 6,000
characters, without prior registration, using the eComment system at
http://www.ferc.gov/docs-filing/ecomment.asp. You must include your
name and contact information at the end of your comments. For
assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>(866) 208-3676 (toll free), or (202) 502-
8659 (TTY). In lieu of electronic filing, please send a paper copy to:
Secretary, Federal Energy Regulatory Commission, 888 First Street NE.,
Washington, DC 20426. The first page of any filing should include
docket number P-4093-035.
    The Commission's Rules of Practice require all intervenors filing
documents with the Commission to serve a copy of that document on each
person on the official service list for the project. Further, if an
intervenor files comments or documents with the Commission relating to
the merits of an issue that may affect the responsibilities of a
particular resource agency, they must also serve a copy of the document
on that resource agency.
    k. This application has been accepted and is ready for
environmental analysis.
    l. The existing Bynum Project includes: (1) A 900-foot-long, 10-
foot-high stone masonry dam (Bynum Dam, or Odell Lake Dam), consisting
of a 750-foot-long uncontrolled spillway section and a 150-foot-long
non-overflow section that contains canal intake facilities; (2) a
reservoir with a surface area of 20 acres (referred to as Odell Lake),
with gross storage of 100 acre-feet at elevation 315.0 feet mean sea
level; (3) two 6-foot-wide Tainter gates controlling the intake to the
canal; (4) a 2,000-foot-long, 40-foot-wide power canal; (5) a
powerhouse containing one 600 kilowatt generating unit; (6) a 500-foot-
long, 50-foot-wide tailrace; (7) a 100-foot-long, 0.48 kilovolt
transmission line to a utility company's transformer; and (9)
appurtenant facilities.
    m. A copy of the application is available for review at the
Commission in the Public Reference Room or may be viewed on the
Commission's Web site at http://www.ferc.gov using the ``eLibrary''
link. Enter the docket number excluding the last three digits in the
docket number field to access the document. For assistance, contact
FERC Online Support. A copy is also available for inspection and
reproduction at the address in item h above.
    All filings must (1) bear in all capital letters the title
``COMMENTS,'' ``REPLY COMMENTS,'' ``RECOMMENDATIONS,'' ``TERMS AND
CONDITIONS,'' or ``PRESCRIPTIONS;'' (2) set forth in the heading the
name of the applicant and the project number of the application to
which the filing responds; (3) furnish the name, address, and telephone
number of the person submitting the filing; and (4) otherwise comply
with the requirements of 18 CFR 385.2001 through 385.2005. All
comments, recommendations, terms, and conditions or prescriptions must
set forth their evidentiary basis and otherwise comply with the
requirements of 18 CFR 4.34(b). Agencies may obtain copies of the
application directly from the applicant. Each filing must be
accompanied by proof of service on all persons listed on the service
list prepared by the Commission in this proceeding, in accordance with
18 CFR 4.34(b), and 385.2010.
    You may also register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filings and issuances
related to this or other pending projects. For assistance, contact FERC
Online Support.
    n. A license applicant must file no later than 60 days following
the date of issuance of this notice: (1) A copy of the water quality
certification; (2) a copy of the request for certification, including
proof of the date on which the certifying agency received the request;
or (3) evidence of waiver of water quality certification.
    o. Public notice of the filing of the initial development
application, which has already been given, established the due date for
filing competing applications or notices of intent. Under the
Commission's regulations, any competing development application must be
filed in response to and in compliance with public notice of the
initial development application. No competing applications or notices
of intent may be filed in response to this notice.

    Dated: February 3, 2017.
Kimberly D. Bose,
 Secretary.
[FR Doc. 2017-02951 Filed 2-13-17; 8:45 am]
 BILLING CODE 6717-01-P