[Federal Register Volume 87, Number 49 (Monday, March 14, 2022)]
[Rules and Regulations]
[Pages 14153-14155]
[FR Doc No: 2022-05378]

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Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents.

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Federal Register / Vol. 87, No. 49 / Monday, March 14, 2022 / Rules
and Regulations

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2022-0157; Project Identifier AD-2022-00193-R;
Amendment 39-21969; AD 2022-06-03]
RIN 2120-AA64

Airworthiness Directives; Bell Textron Inc. (Type Certificate
Previously Held by Bell Helicopter Textron Inc.) Helicopters

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule; request for comments.

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SUMMARY: The FAA is superseding Airworthiness Directive (AD) 2022-02-02
which applied to certain Bell Textron Inc. (type certificate previously
held by Bell Helicopter Textron Inc.) Model 204B, 205A, 205A-1, 205B,
210, and 212 helicopters with a certain main rotor hub strap pin (pin)
installed. AD 2022-02-02 required removing certain outboard pins from
service and prohibited installing them on any helicopter. This AD
expands the applicability to all affected pins, regardless if they are
outboard or inboard. This AD also requires inspecting the removed pin
for any deformation and if it is deformed, removing the mating strap
fitting (fitting) from service. This AD was prompted by the discovery
that AD 2022-02-02 inadvertently limited its applicability to only
outboard pins when, in fact, all pins are subject to the unsafe
condition and the determination that a deformed pin may have damaged
the fitting. The FAA is issuing this AD to address the unsafe condition
on these products.

DATES: This AD is effective March 16, 2022.
    The FAA must receive any comments on this AD by April 28, 2022.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to https://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    For service information identified in this final rule, contact Bell
Textron, Inc., P.O. Box 482, Fort Worth, TX, 76101; telephone (450)
437-2862 or<PHONE_NUMBER>; fax<PHONE_NUMBER>; email
[email protected]; or at https://www.bellflight.com/support/contact-support. You may view this service information at the
FAA, Office of the Regional Counsel, Southwest Region, 10101 Hillwood
Pkwy., Room 6N-321, Fort Worth, TX 76177. For information on the
availability of this material at the FAA, call<PHONE_NUMBER>.

Examining the AD Docket

    You may examine the AD docket at https://www.regulations.gov by
searching for and locating Docket No. FAA-2022-0157; or in person at
Docket Operations between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. The AD docket contains this final rule, any
comments received, and other information. The street address for Docket
Operations is listed above.

FOR FURTHER INFORMATION CONTACT: Kuethe Harmon, Safety Management
Program Manager, Certification & Program Management Section, DSCO
Branch, Compliance & Airworthiness Division, FAA, 10101 Hillwood Pkwy.,
Fort Worth, TX 76177; telephone<PHONE_NUMBER>; email
[email protected].

SUPPLEMENTARY INFORMATION:

Background

    The FAA issued Emergency AD 2021-15-51 on July 6, 2021, and it
published as a Final rule; request for comments on August 9, 2021 as
Amendment 39-21678 (86 FR 43406) (AD 2021-15-51). AD 2021-15-51 applied
to Bell Textron Inc. Model 204B, 205A, 205A-1, 205B, and 212
helicopters with a pin part number (P/N) 204-012-104-005 with a serial
number (S/N) prefix ``FNFS'' installed. AD 2021-15-51 was prompted by a
fatal accident of a Model 212 helicopter in which the affected pin
sheared off during flight, resulting in the main rotor blade and the
main rotor head detaching from the helicopter. The pin had accumulated
only 20 total hours time-in-service (TIS). An inspection of a different
Model 212 helicopter revealed that another pin installed, and made by
the same manufacturer and with the same S/N prefix, was deformed; this
pin had accumulated only 29 total hours TIS. Because an affected pin
could also be installed on other helicopters, AD 2021-15-51 also
applied to Model 204B, 205A, 205A-1, and 205B helicopters. Failure of a
pin could result in the main rotor blade detaching from the helicopter
and subsequent loss of control of the helicopter.
    After AD 2021-15-51 was issued, it was determined that an affected
pin could also be installed on Model 210 helicopters. Therefore, the
FAA issued superseding AD 2022-02-02 (87 FR 1668, January 12, 2022) (AD
2022-02-02) which retained all of the requirements in AD 2021-15-51 and
added Model 210 helicopters to the applicability. However, as
published, the AD number in the regulatory text was incorrectly
specified as FAA-2021-1003; the correct AD number was 2022-02-02. The
FAA subsequently issued corrected AD 2022-02-02 (87 FR 7368, February
9, 2022) to correct the AD number.

Actions Since AD 2022-02-02 Was Issued

    Since the FAA issued AD 2022-02-02, it was discovered that the word
``outboard'' was inadvertently included in that AD's applicability,
resulting in the possibility that corrective actions for the inboard
pin may not be accomplished. Additionally, the FAA determined, after
further review of the related service information, that inspecting the
affected pin for any deformity and removing the fitting P/N 212-010-
103-ALL or 204-012-103-ALL from service is required to address the
unsafe condition. The FAA is issuing this AD to address the unsafe
condition on these products.

FAA's Determination

    The FAA is issuing this AD because the agency determined the unsafe
condition described previously is likely to exist or develop in other
products of the same type designs.

Related Service Information

    The FAA reviewed Bell Alert Service Bulletins (ASBs), each Revision
A and dated July 22, 2021:
     ASB 204B-21-74 for Model 204B helicopters, S/Ns 2001
through 2070 and 2196 through 2199;
     ASB 205-21-117 for Model 205A and 205A-1 helicopters, S/Ns
30001 through 30065, 30067 through 30165, 30167 through 30187, 30189
through 30296, and 30298 through 30332;
     ASB 205B-21-71 for Model 205B helicopters, S/Ns 30066,
30166, 30188, and 30297;
     ASB 210-21-14 for all Model 210 helicopters, and
     ASB 212-21-165 for Model 212 helicopters, S/Ns 30501
through 30999, 31101 through 31311, 32101 through 32142, and 35001
through 35103.
    The ASBs specify removing all P/N 204-012-104-005 pins with an S/N
prefix ``FNFS'' before further flight. The ASBs also specify inspecting
removed pins for deformation and scrapping the fitting, P/N 212-010-
103-ALL or 204-012-103-ALL, if the pin is deformed. The ASBs also
specify that, although the investigation is still in progress, removing
these pins from service is required. The ASBs state that these pins may
not have been manufactured in accordance with the engineering design
requirements and may therefore shear as a result of this
nonconformance.

AD Requirements

    This AD requires, before further flight, removing from service each
pin P/N 204-012-104-005 with an S/N prefix ``FNFS'' and inspecting it
for any deformation. If there is any deformation, this AD also requires
removing the fitting from service before further flight. Finally, this
AD prohibits installing the affected pin on any helicopter as of the
effective date of this AD.

Interim Action

    The FAA considers this AD to be an interim action. If final action
is later identified, the FAA might consider further rulemaking.

Justification for Immediate Adoption and Determination of the Effective
Date

    Section 553(b)(3)(B) of the Administrative Procedure Act (APA) (5
U.S.C. 551 et seq.) authorizes agencies to dispense with notice and
comment procedures for rules when the agency, for ``good cause,'' finds
that those procedures are ``impracticable, unnecessary, or contrary to
the public interest.'' Under this section, an agency, upon finding good
cause, may issue a final rule without providing notice and seeking
comment prior to issuance. Further, section 553(d) of the APA
authorizes agencies to make rules effective in less than thirty days,
upon a finding of good cause.
    An unsafe condition exists that requires the immediate adoption of
this AD without providing an opportunity for public comments prior to
adoption. The FAA has found that the risk to the flying public
justifies foregoing notice and comment prior to adoption of this rule
because an affected pin was involved in a fatal accident in which the
pin sheared off during flight, resulting in the main rotor blade and
the main rotor head detaching from the helicopter. That pin had
accumulated only 20 total hours TIS. An additional investigation
revealed that another pin installed on a different helicopter and made
by the same manufacturer and with the same S/N prefix was deformed.
This pin had accumulated only 29 total hours TIS. The wording in AD
2022-02-02 could have caused an inboard pin with the same part number
and S/N prefix, which is subject to the same unsafe condition, to be
left in service. Failure of an affected pin could occur at any time
without any previous indication, which could result in the failure of
parts critical to the control of the helicopter. Thus, an urgent unsafe
condition exists and corrective actions must be accomplished before
further flight.
    Accordingly, notice and opportunity for prior public comment are
impracticable and contrary to the public interest pursuant to 5 U.S.C.
553(b)(3)(B). In addition, the FAA finds that good cause exists
pursuant to 5 U.S.C. 553(d) for making this amendment effective in less
than 30 days, for the same reasons the FAA found good cause to forgo
notice and comment.

Comments Invited

    The FAA invites you to send any written data, views, or arguments
about this final rule. Send your comments to an address listed under
ADDRESSES. Include ``Docket No. FAA-2022-0157 and Project Identifier AD
2022-00193-R'' at the beginning of your comments. The most helpful
comments reference a specific portion of the proposal, explain the
reason for any recommended change, and include supporting data. The FAA
will consider all comments received by the closing date and may amend
this final rule because of those comments.
    Except for Confidential Business Information (CBI) as described in
the following paragraph, and other information as described in 14 CFR
11.35, the FAA will post all comments received, without change, to
https://www.regulations.gov, including any personal information you
provide. The agency will also post a report summarizing each
substantive verbal contact received about this final rule.

Confidential Business Information

    CBI is commercial or financial information that is both customarily
and actually treated as private by its owner. Under the Freedom of
Information Act (FOIA) (5 U.S.C. 552), CBI is exempt from public
disclosure. If your comments responsive to this AD contain commercial
or financial information that is customarily treated as private, that
you actually treat as private, and that is relevant or responsive to
this AD, it is important that you clearly designate the submitted
comments as CBI. Please mark each page of your submission containing
CBI as ``PROPIN.'' The FAA will treat such marked submissions as
confidential under the FOIA, and they will not be placed in the public
docket of this AD. Submissions containing CBI should be sent to Kuethe
Harmon, Safety Management Program Manager, Certification & Program
Management Section, DSCO Branch, Compliance & Airworthiness Division,
FAA, 10101 Hillwood Pkwy., Fort Worth, TX 76177. Any commentary that
the FAA receives which is not specifically designated as CBI will be
placed in the public docket for this rulemaking.

Regulatory Flexibility Act

    The requirements of the Regulatory Flexibility Act (RFA) do not
apply when an agency finds good cause pursuant to 5 U.S.C. 553 to adopt
a rule without prior notice and comment. Because the FAA has determined
that it has good cause to adopt this rule without prior notice and
comment, RFA analysis is not required.

Costs of Compliance

    The FAA estimates that this AD affects 155 helicopters of U.S.
Registry. Labor rates are estimated at $85 per work-hour. Based on
these numbers, the FAA estimates the following costs to comply with
this AD.
    Replacing up to four pins takes about 20 work-hours and parts cost
about $1,756 for four pins for an estimated cost of up to $3,456 per
helicopter, and up to $535,680 for the U.S. fleet.

    Replacing up to 4 fittings takes about 2 work-hours and parts cost
about $14,400 for an estimated cost of up to $14,570 per helicopter,
and up to $2,258,350 for the U.S. fleet.
    The FAA has included all known costs in its cost estimate.
According to the manufacturer, however, some of the costs of this AD
may be covered under warranty, thereby reducing the cost impact on
affected individuals.

Authority for This Rulemaking

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

Regulatory Findings

    This AD will not have federalism implications under Executive Order
13132. This AD will not have a substantial direct effect on the States,
on the relationship between the national government and the States, or
on the distribution of power and responsibilities among the various
levels of government.
    For the reasons discussed above, I certify that this AD:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866, and
    (2) Will not affect intrastate aviation in Alaska.

List of Subjects in 14 CFR Part 39

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

The Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by:
0
a. Removing Airworthiness Directive (AD) 2022-02-02, Amendment 39-21899
(87 FR 1668, January 12, 2022; corrected 87 FR 7368, February 9, 2022);
and
0
b. Adding the following new AD:

2022-06-03 Bell Textron Inc. (Type Certificate Previously Held by
Bell Helicopter Textron Inc.: Amendment 39-21969; Docket No. FAA-
2022-0157; Project Identifier AD-2022-00193-R.

(a) Effective Date

    This airworthiness directive (AD) is effective March 16, 2022.

(b) Affected ADs

    This AD replaces AD 2022-02-02, Amendment 39-21899 (87 FR 1668,
January 12, 2022) and corrected as AD 2022-02-02, Amendment 39-21899
(87 FR 7368, February 9, 2022).

(c) Applicability

    This AD applies to Bell Textron Inc. (type certificate
previously held by Bell Helicopter Textron Inc.) Model 204B, 205A,
205A-1, 205B, 210, and 212 helicopters, certificated in any
category, with a main rotor hub strap pin (pin) part number 204-012-
104-005 with a serial number prefix ``FNFS'' installed.

(d) Subject

    Joint Aircraft System Component (JASC) Code: 6200, Main Rotor
System.

(e) Unsafe Condition

    This AD was prompted by a fatal accident in which a pin sheared
off during flight, which resulted in the main rotor blade and the
main rotor head detaching from the helicopter. The FAA is issuing
this AD to address this unsafe condition and prevent loss of control
of the helicopter.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Required Actions

    (1) Before further flight after the effective date of this AD,
remove from service any pin that is identified in paragraph (c) of
this AD and inspect it for any deformity. If the pin is deformed,
remove from service the mating strap fitting (P/N 212 -010-103-ALL
or 204-012-103-ALL).
    (2) As of the effective date of this AD, do not install any pin
that is identified in paragraph (c) of this AD on any helicopter.

(h) Special Flight Permit

    Special flight permits are prohibited.

(i) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, DSCO Branch, Compliance & Airworthiness
Division, FAA, has the authority to approve AMOCs for this AD, if
requested using the procedures found in 14 CFR 39.19. In accordance
with 14 CFR 39.19, send your request to your principal inspector or
local Flight Standards District Office, as appropriate. If sending
information directly to the manager of the DSCO Branch, send it to
the attention of the person identified in paragraph (j) of this AD.
Information may be emailed to: [email protected].
    (2) Before using any approved AMOC, notify your appropriate
principal inspector, or lacking a principal inspector, the manager
of the local flight standards district office/certificate holding
district office.

(j) Related Information

    For more information about this AD, contact Kuethe Harmon,
Safety Management Program Manager, Certification & Program
Management Section, DSCO Branch, Compliance & Airworthiness
Division, FAA, 10101 Hillwood Pkwy., Fort Worth, TX 76177; telephone
(817) 222-5198; email [email protected].

(k) Material Incorporated by Reference

    None.

    Issued on March 4, 2022.
Ross Landes,
Deputy Director for Regulatory Operations, Compliance & Airworthiness
Division, Aircraft Certification Service.
[FR Doc. 2022-05378 Filed 3-10-22; 11:15 am]
BILLING CODE 4910-13-P


[Federal Register Volume 82, Number 181 (Wednesday, September 20, 2017)]
[Notices]
[Pages 43958-43959]
[FR Doc No: 2017-20015]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP17-79-000]

Florida Gas Transmission Company, L.L.C.; Notice of Availability
of the Environmental Assessment for the Proposed Wekive Parkway
Relocation Project

    The staff of the Federal Energy Regulatory Commission (FERC or
Commission) has prepared an environmental assessment (EA) for the
Wekiva Parkway Relocation Project, proposed by Florida Gas Transmission
Company, L.L.C. (Florida Gas) in the above-referenced docket. Florida
Gas requests authorization to abandon in place and relocate portions of
their existing 12-inch Sanford Lateral and 26-inch Sanford Lateral Loop
pipeline in Lake and Seminole Counties, FL, that conflict with
construction of the Florida Department of Transportation (FDOT) Wekiva
Parkway. The affected pipelines are to be relocated to new adjacent
right-of-way abutting the north side of FDOT's Wekiva Parkway right-of-
way.
    The EA assesses the potential environmental effects of the
construction and operation of the Wekiva Parkway Relocation Project in
accordance with the requirements of the National Environmental Policy
Act (NEPA). The FERC staff concludes that approval of the proposed
project, with appropriate mitigating measures, would not constitute a
major federal action significantly affecting the quality of the human
environment.

    The FERC staff mailed copies of the EA to federal, state, and local
government representatives and agencies; elected officials;
environmental and public interest groups; Native American tribes;
potentially affected landowners and other interested individuals and
groups; and newspapers and libraries in the project area. In addition,
the EA is available for public viewing on the FERC's Web site
(www.ferc.gov) using the eLibrary link. A limited number of copies of
the EA are available for distribution and public inspection at: Federal
Energy Regulatory Commission, Public Reference Room, 888 First Street
NE., Room 2A, Washington, DC 20426,<PHONE_NUMBER>.
    Any person wishing to comment on the EA may do so. Your comments
should focus on the potential environmental effects, reasonable
alternatives, and measures to avoid or lessen environmental impacts.
The more specific your comments, the more useful they will be. To
ensure that the Commission has the opportunity to consider your
comments prior to making its decision on this project, it is important
that we receive your comments in Washington, DC, on or before October
14, 2017.
    For your convenience, there are three methods you can use to file
your comments to the Commission. In all instances, please reference the
project docket number (CP17-79-000) with your submission. The
Commission encourages electronic filing of comments and has expert
staff available to assist you at<PHONE_NUMBER> or
<EMAIL_ADDRESS>    (1) You can file your comments electronically using the eComment
feature on the Commission's Web site (www.ferc.gov) under the link to
Documents and Filings. This is an easy method for submitting brief,
text-only comments on a project;
    (2) You can also file your comments electronically using the
eFiling feature on the Commission's Web site (www.ferc.gov) under the
link to Documents and Filings. With eFiling, you can provide comments
in a variety of formats by attaching them as a file with your
submission. New eFiling users must first create an account by clicking
on eRegister. You must select the type of filing you are making. If you
are filing a comment on a particular project, please select ``Comment
on a Filing''; or
    (3) You can file a paper copy of your comments by mailing them to
the following address: Kimberly D. Bose, Secretary, Federal Energy
Regulatory Commission, 888 First Street NE., Room 1A, Washington, DC
20426.
    Any person seeking to become a party to the proceeding must file a
motion to intervene pursuant to Rule 214 of the Commission's Rules of
Practice and Procedures (18 CFR 385.214).\1\ Only intervenors have the
right to seek rehearing of the Commission's decision. The Commission
grants affected landowners and others with environmental concerns
intervenor status upon showing good cause by stating that they have a
clear and direct interest in this proceeding which no other party can
adequately represent. Simply filing environmental comments will not
give you intervenor status, but you do not need intervenor status to
have your comments considered.
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    \1\ See the previous discussion on the methods for filing
comments.
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    Additional information about the project is available from the
Commission's Office of External Affairs, at (866) 208-FERC, or on the
FERC Web site (www.ferc.gov) using the eLibrary link. Click on the
eLibrary link, click on General Search, and enter the docket number
excluding the last three digits in the Docket Number field (i.e., CP17-
79). Be sure you have selected an appropriate date range. For
assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>or toll free at<PHONE_NUMBER>, or for TTY,
contact<PHONE_NUMBER>. The eLibrary link also provides access to the
texts of formal documents issued by the Commission, such as orders,
notices, and rulemakings.
    In addition, the Commission offers a free service called
eSubscription which allows you to keep track of all formal issuances
and submittals in specific dockets. This can reduce the amount of time
you spend researching proceedings by automatically providing you with
notification of these filings, document summaries, and direct links to
the documents. Go to www.ferc.gov/docs-filing/esubscription.asp.

    Dated: September 14, 2017.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2017-20015 Filed 9-19-17; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 111 (Monday, June 10, 2013)]
[Rules and Regulations]
[Pages 34579-34582]
[FR Doc No: 2013-13662]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2013-0174]
RIN 1625-AA00

Safety Zone, Atlantic Intracoastal Waterway; Wrightsville Beach,
NC

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is extending the temporary safety zone
established on the waters of the Atlantic Intracoastal Waterway at
Wrightsville Beach, North Carolina. The safety zone is necessary to
provide for the safety of mariners on navigable waters during
maintenance on the US 74/76 Bascule Bridge crossing the Atlantic
Intracoastal Waterway, mile 283.1, at Wrightsville Beach, North
Carolina. The safety zone extension will temporarily restrict vessel
movement within the designated area starting on July 27, 2013 through
March 1, 2014.

DATES: This rule is effective from July 27, 2013 through March 1, 2014.

ADDRESSES: Documents mentioned in this preamble are part of docket
USCG-2013-0174. To view documents mentioned in this preamble as being
available in the docket, go to http://www.regulations.gov, type the
docket number in the ``SEARCH'' box and click ``SEARCH.'' Click on Open
Docket Folder on the line associated with this rulemaking. You may also
visit the

Docket Management Facility in Room W12-140 on the ground floor of the
Department of Transportation West Building, 1200 New Jersey Avenue SE.,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email CWO4 Joseph M. Edge, U.S. Coast Guard Sector North
Carolina; telephone<PHONE_NUMBER>, email<EMAIL_ADDRESS>If you
have questions on viewing or submitting material to the docket, call
Barbara Hairston, Program Manager, Docket Operations, telephone (202)
366-9826.

SUPPLEMENTARY INFORMATION:

Table of Acronyms

DHS Department of Homeland Security
FR Federal Register
NPRM Notice of Proposed Rulemaking

A. Regulatory History and Information

    The Coast Guard published a notice of proposed rulemaking (NPRM)
for this rule on April 19, 2013 (78 FR 23519). We received no comments
on the proposed rule.

B. Basis and Purpose

    North Carolina Department of Transportation has awarded a contract
to American Bridge Company of Coraopolis, PA to perform bridge
maintenance on the U.S. 74/76 Bascule Bridge crossing the Atlantic
Intracoastal Waterway, mile 283.1, at Wrightsville Beach, North
Carolina. The contract provides for cleaning, painting, steel repair,
and grid floor replacement which commenced on September 1, 2012. The
original completion date was May 1, 2013, however, the contractor was
granted an extension on the completion date by North Carolina
Department of Transportation to July 27, 2013. Due to concerns from the
Town of Wrightsville Beach relating to impacts to vehicular traffic and
subsequent impacts to their economy that may result from ongoing
construction, topside bridge work has been delayed. The anticipated
date to resume topside work is October 1, 2013 with a completion date
of March 1, 2014. In the meantime, American Bridge Company will
continue to perform bridge mechanical work, electrical work, and the
cleaning and painting of the structural steel throughout the months
preceding resumption of topside work. The contractor will utilize a 40
foot deck barge with a 40 foot beam as a work platform and for
equipment staging. A safety zone is needed to a safety buffer to
transiting vessels as bridge repairs present potential hazards to
mariners and property due to reduction horizontal clearance.

C. Discussion of the Final Rule

    The temporary safety zone will encompass the waters directly under
the U.S. 74/76 Bascule Bridge crossing the Atlantic Intracoastal
Waterway, mile 283.1, at Wrightsville Beach, North Carolina
(34[deg]13'07'' N, 077[deg]48'46'' W). All vessels transiting the this
section of the waterway requiring a horizontal clearance of greater
than 50 feet will be required to make a one hour advanced notification
to the U.S. 74/76 Bascule Bridge tender while the safety zone is in
effect. The initial safety zone is currently in effect, and began on 8
a.m. September 1, 2012 was in effect through 8 p.m. May 1, 2013. The
initial extension of the safety zone commenced at 8 p.m. on May 1, 2013
and will be in effect until 8 p.m. July 27, 2013. The extension will be
in effect from 8 p.m. July 27, 2013 through 8 p.m. March 1, 2014.

D. Regulatory Analyses

    We developed this rule after considering numerous statutes and
executive orders related to rulemaking. Below we summarize our analyses
based on these statutes and executive orders.

1. Regulatory Planning and Review

    This rule is not a significant regulatory action under section 3(f)
of Executive Order 12866, Regulatory Planning and Review, as
supplemented by Executive Order 13563, Improving Regulation and
Regulatory Review, and does not require an assessment of potential
costs and benefits under section 6(a)(3) of Executive Order 12866 or
under section 1 of Executive Order 13563. The Office of Management and
Budget has not reviewed it under those Orders. This rule does not
restrict traffic from transiting through the noted portion of the
Atlantic Intracoastal Waterway; it only imposes a one hour notification
to ensure the waterway is clear of impediment to allow passage to
vessels requiring a horizontal clearance of greater than 50 feet.

2. Impact on Small Entities

    The Regulatory Flexibility Act of 1980 (RFA), 5 U.S.C. 601-612, as
amended, requires federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard received no comments from the Small Business
Administration on this rule. The Coast Guard certifies under 5 U.S.C.
605(b) that this rule will not have a significant economic impact on a
substantial number of small entities. This rule would affect the
following entities, some of which may be small entities: The owners or
operators of commercial tug and barge companies, recreational and
commercial fishing vessels intending to transit the specified portion
of Atlantic Intracoastal Waterway from 8 p.m. July 27, 2013 through 8
p.m. March 1, 2014.
    This safety zone would not have a significant economic impact on a
substantial number of small entities for the following reasons.
Although the safety zone will apply to the entire width of this section
of the Atlantic Intracoastal Waterway, vessel traffic will be able to
request passage by providing a one hour advanced notification. Before
the effective period, the Coast Guard will issue maritime advisories
widely available to the users of the waterway. If you think that your
business, organization, or governmental jurisdiction qualifies as a
small entity and that this rule would have a significant economic
impact on it, please submit a comment (see ADDRESSES) explaining why
you think it qualifies and how and to what degree this rule would
economically affect it.

3. Assistance for Small Entities

    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
contact the person listed in the FOR FURTHER INFORMATION CONTACT,
above.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

4. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

5. Federalism

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and determined
that this rule does not have implications for federalism.

6. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to contact the person listed in the FOR FURTHER
INTFORMATION CONTACT section to coordinate protest activities so that
your message can be received without jeopardizing the safety or
security of people, places or vessels.

7. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

8. Taking of Private Property

    This rule will not cause a taking of private property or otherwise
have taking implications under Executive Order 12630, Governmental
Actions and Interference with Constitutionally Protected Property
Rights.

9. Civil Justice Reform

    This rule meets applicable standards in sections 3(a) and 3(b)(2)
of Executive Order 12988, Civil Justice Reform, to minimize litigation,
eliminate ambiguity, and reduce burden.

10. Protection of Children

    We have analyzed this rule under Executive Order 13045, Protection
of Children from Environmental Health Risks and Safety Risks. This rule
is not an economically significant rule and does not create an
environmental risk to health or risk to safety that may
disproportionately affect children.

11. Indian Tribal Governments

    This rule does not have tribal implications under Executive Order
13175, Consultation and Coordination with Indian Tribal Governments,
because it does not have a substantial direct effect on one or more
Indian tribes, on the relationship between the Federal Government and
Indian tribes, or on the distribution of power and responsibilities
between the Federal Government and Indian tribes.

12. Energy Effects

    This action is not a ``significant energy action'' under Executive
Order 13211, Actions Concerning Regulations That Significantly Affect
Energy Supply, Distribution, or Use.

13. Technical Standards

    This rule does not use technical standards. Therefore, we did not
consider the use of voluntary consensus standards.

14. Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01 and Commandant Instruction M16475.lD, which
guide the Coast Guard in complying with the National Environmental
Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and have determined
that this action is one of a category of actions that do not
individually or cumulatively have a significant effect on the human
environment. This rule involves the establishment of a temporary safety
zone. This rule is categorically excluded from further review under
paragraph 34(g) of Figure 2-1 of the Commandant Instruction. An
environmental analysis checklist supporting this determination and a
Categorical Exclusion Determination are available in the docket where
indicated under ADDRESSES. We seek any comments or information that may
lead to the discovery of a significant environmental impact from this
rule.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.
    For the reasons discussed in the preamble, the Coast Guard proposes
to amend 33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority:  33 U.S.C. 1231; 46 U.S.C. Chapter 701, 3306, 3703;
50 U.S.C. 191, 195; 33 CFR 1.05-1, 6.04-1, 6.04-6, 160.5; Pub. L.
107-295, 116 Stat. 2064; Department of Homeland Security Delegation
No. 0170.1.

0
2. Add Sec.  165.T05-0174 to read as follows:

Sec.  165.T05-0174  Safety Zone; Atlantic Intracoastal Waterway,
Wrightsville Beach, NC.

    (a) Regulated Area. The following area is a safety zone: This zone
includes the waters directly under and 100 yards either side of the US
74/76 Bascule Bridge crossing the Atlantic Intracoastal Waterway, mile
283.1, at Wrightsville Beach, North Carolina (34[deg]13'07'' N/
077[deg]48'46'' W).
    (b) Regulations. The general safety zone regulations found in 33
CFR 165.23 apply to the safety zone created by this temporary section,
Sec.  165.T05-0174. In addition the following regulations apply:
    (1) All vessels and persons are prohibited from entering this zone,
except as authorized by the Coast Guard Captain of the Port North
Carolina.
    (2) All vessels requiring greater than 50 feet horizontal clearance
to safely transit through the U.S. 74/76 Bascule Bridge crossing the
Atlantic Intracoastal Waterway, mile 283.1, at Wrightsville Beach,
North Carolina must contact the bridge tender on VHF-FM marine band
radio channels 13 and 16 one hour in advance of intended transit.
    (3) Persons or vessels requiring entry into or passage within the
zone must request authorization from the Captain of the Port North
Carolina or his designated representative by telephone at (910) 343-
3882 or on VHF-FM marine band radio channel 16.
    (4) All Coast Guard assets enforcing this safety zone can be
contacted on VHF-FM marine band radio channels 13 and 16.
    (5) The operator of any vessel within or in the immediate vicinity
of this safety zone shall:
    (i) Stop the vessel immediately upon being directed to do so by any
commissioned, warrant or petty officer on board a vessel displaying a
Coast Guard Ensign, and
    (ii) Proceed as directed by any commissioned, warrant or petty
officer on board a vessel displaying a Coast Guard Ensign.
    (c) Definitions. (1) Captain of the Port North Carolina means the
Commander, Coast Guard Sector North Carolina or any Coast Guard
commissioned, warrant or petty officer who has been authorized by the
Captain of the Port to act on his behalf.
    (2) Designated representative means any Coast Guard commissioned,

warrant, or petty officer who has been authorized by the Captain of the
Port North Carolina to assist in enforcing the safety zone described in
paragraph (a) of this section.
    (d) Enforcement. The U.S. Coast Guard may be assisted by Federal,
State and local agencies in the patrol and enforcement of the zone.
    (e) Enforcement period. This section will be enforced from 8 p.m.
July 27, 2013 through 8 p.m. March 1, 2014 unless cancelled earlier by
the Captain of the Port.

    Dated: May 23, 2013.
S.P. McGee,
Commander, U.S. Coast Guard, Acting, Captain of the Port Sector North
Carolina.
[FR Doc. 2013-13662 Filed 6-7-13; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register: May 12, 2010 (Volume 75, Number 91)]
[Notices]
[Page 26815-26822]
[DOCID:fr12my10-120]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 29264; 812-13677]

AdvisorShares Investments, LLC and AdvisorShares Trust; Notice of
Application

May 6, 2010.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application for an order under section 6(c) of the
Investment Company Act of 1940 (``Act'') for an exemption from sections
2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and rule 22c-1 under the
Act, under sections 6(c) and 17(b) of the Act for an exemption from
sections 17(a)(1) and (a)(2) of the Act, and under section 12(d)(1)(J)
of the Act for an exemption from sections 12(d)(1)(A) and (B) of the
Act.

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Applicants: AdvisorShares Investments, LLC (the ``Advisor'') and
AdvisorShares Trust (the ``Trust'').

Summary of Application: Applicants request an order that permits: (a)
Series of certain open-end management investment companies to issue
shares (``Shares'') redeemable in large aggregations only (``Creation
Units''); (b) secondary market transactions in Shares to occur at
negotiated market prices; (c) certain series to pay redemption
proceeds, under certain circumstances, more than seven days from the
tender of Shares for redemption; (d) certain affiliated persons of the
series to deposit securities into, and receive securities from, the
series in connection with the purchase and redemption of Creation
Units; and (e) certain registered management investment companies and
unit investment trusts outside of the

same group of investment companies as the series to acquire Shares.

Filing Dates: The application was filed on July 28, 2009, and amended
on December 18, 2009, and April 13, 2010. Applicants have agreed to
file an amendment during the notice period, the substance of which is
reflected in this notice.

Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on May 27, 2010, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-1090. Applicants: 3 Bethesda Metro
Center, Suite 700, Bethesda, MD 20814.

FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, at
(202) 551-6876 or Michael W. Mundt, Assistant Director, at (202) 551-
6821 (Division of Investment Management, Office of Investment Company
Regulation).

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

Applicants' Representations

    1. The Trust, a statutory trust established under the laws of
Delaware, is registered with the Commission as an open-end management
investment company. The Applicants are requesting relief with respect
to the WCM/BNY Mellon Focused Growth ADR ETF (``AADR Fund''), an
existing series of the Trust. The AADR Fund will invest primarily in
American Depositary Receipts (``ADRs'') included in the Bank of New
York Mellon Classic ADR Index. The investment objective of the AADR
Fund is to seek long-term capital appreciation.
    2. Applicants are requesting relief with respect to the AADR Fund
and future series of the Trust or of other open-end management
investment companies that may be created in the future (``Future
Funds'').\1\ References to the ``Funds'' include the AADR Fund and
Future Funds. Any Future Fund will (a) be advised by the Advisor or an
entity controlled by or under common control with the Advisor and (b)
comply with the terms and conditions stated in the application. Each
Fund will have a distinct investment objective that is different than
that of the other Funds, and each Fund will attempt to achieve its
investment objective by utilizing an ``active'' management strategy.
Funds may invest in equity securities or fixed-income securities traded
in the U.S. or non-U.S. markets, including depositary receipts
(``Depositary Receipts'').\2\ The Funds will not invest in options
contracts, futures contracts or swap agreements.
---------------------------------------------------------------------------

    \1\ All entities that currently intend to rely on the order are
named as applicants. Any other entity that relies on the order in
the future will comply with the terms and conditions of the
application. An Acquiring Fund (as defined below) may rely on the
requested order only to invest in the Funds and not in any other
registered investment company.
    \2\ Depositary Receipts include ADRs and Global Depositary
Receipts (``GDRs''). With respect to ADRs, the depositary is
typically a U.S. financial institution and the underlying securities
are issued by a foreign issuer. The ADR is registered under the
Securities Act of 1933 (``Securities Act'') on Form F-6. ADR trades
occur either on a national securities exchange or off-exchange.
FINRA Rule 6620 requires all off-exchange transactions in ADRs to be
reported within 90 seconds and ADR trade reports to be disseminated
on a real-time basis. With respect to GDRs, the depositary may be a
foreign or a U.S. entity, and the underlying securities may have a
foreign or a U.S. issuer. All GDRs are sponsored and trade on a
foreign exchange. No affiliated persons of applicants will serve as
the depositary for any Depositary Receipts held by a Fund.
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    3. The Advisor, a Delaware limited liability company, is registered
as an investment adviser under the Investment Advisers Act of 1940 (the
``Advisers Act'') and will be the investment adviser to the AADR Fund
and any Future Fund. The Trust anticipates that Funds may engage sub-
advisers (``Sub-Advisors''). Any Sub-Advisor will be registered under
the Advisers Act. A broker-dealer registered under the Securities
Exchange Act of 1934 (``Exchange Act'') will be the principal
underwriter and distributor of the Creation Units of Shares (the
``Distributor'').
    4. Applicants anticipate that the price of a Share will range from
$20 to $200, and that Creation Units will consist of 25,000 or more
Shares. All orders to purchase Creation Units must be placed with the
Distributor by or through an ``Authorized Participant,'' which is a
participant in the Depository Trust Company (``DTC,'' and such
participants ``DTC Participants'') that has executed a ``Participant
Agreement'' with the Distributor. Persons purchasing Creation Units
from a Fund must make an in-kind tender of shares of specified
securities (``Deposit Securities'') together with an amount of cash
specified by the Advisor (the ``Cash Amount''), plus the applicable
Transaction Fee, as defined below. The Deposit Securities and the Cash
Amount collectively are referred to as the ``Creation Deposit.'' The
Cash Amount is equal to the difference between the net asset value
(``NAV'') of a Creation Unit and the market value of the Deposit
Securities.\3\ The Trust may also permit, in its discretion and with
respect to one or more Funds, under certain circumstances, an in-kind
purchaser to substitute cash in lieu of depositing some or all of the
requisite Deposit Securities.
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    \3\ On each day that the Trust is open, including as required by
section 22(e) of the Act (``Business Day''), the Advisor will make
available prior to the opening of trading on the Listing Market (as
defined below), the list of the names and the required number of
shares of each Deposit Security to be included in the Creation
Deposit for each Fund, along with the prior day's Cash Amount. The
national securities exchange, as defined in section 2(a)(26) of the
Act, on which the Shares are listed (a ``Listing Market'') will
disseminate, every 15 seconds during the Listing Market's regular
trading hours, through the facilities of the Consolidated Tape
Association (``CTA''), the estimated NAV, which is an amount per
Share representing the sum of the estimated Cash Amount effective
through and including the previous Business Day, plus the current
value of the Deposit Securities, on a per Share basis.
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    5. An investor purchasing a Creation Unit from a Fund will be
charged a fee (``Transaction Fee'') to protect existing shareholders
from the dilutive costs associated with the purchase of Creation
Units.\4\ The Distributor will deliver a confirmation and prospectus
(``Prospectus'') to the purchaser. In addition, the Distributor will
maintain a record of the instructions given to the Trust to implement
the delivery of Shares.
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    \4\ Where a Fund permits a purchaser to substitute cash in lieu
of depositing a portion of the requisite Deposit Securities, the
purchaser may be assessed a higher Transaction Fee to offset the
cost to the Fund of purchasing such Deposit Securities.
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    6. Purchasers of Shares in Creation Units may hold such Shares or
may sell such Shares into the secondary market. Shares will be listed
and traded on a Listing Market. It is expected that one or more member
firms will be designated to act as a specialist and maintain a market
for the Shares trading on the Listing Market (the ``Exchange
Specialist'').\5\ The price of Shares trading

on the Listing Market will be based on a current bid/offer market.
Transactions involving the sale of Shares on the Listing Market will be
subject to customary brokerage commissions and charges.
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    \5\ If Shares are listed on Nasdaq or a similar electronic
Listing Market (including NYSE Arca), one or more member firms of
that Listing Market will act as market maker (``Market Maker'') and
maintain a market for Shares trading on the Listing Market. On
Nasdaq, no particular Market Maker would be contractually obligated
to make a market in Shares. However, the listing requirements on
Nasdaq, for example, stipulate that at least two Market Makers must
be registered in Shares to maintain a listing. In addition, on
Nasdaq and NYSE Arca, registered Market Makers are required to make
a continuous two-sided market or subject themselves to regulatory
sanctions. No Market Maker or Exchange Specialist will be an
affiliated person, or an affiliated person of an affiliated person,
of the Funds, except within section 2(a)(3)(A) or (C) of the Act due
to ownership of Shares.
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    7. Applicants expect that purchasers of Creation Units will include
institutional investors and arbitrageurs (which could include
institutional investors). Applicants expect that secondary market
purchasers of Shares will include both institutional investors and
retail investors.\6\ Applicants state that the price at which Shares
trade will be disciplined by arbitrage opportunities created by the
option continually to purchase or redeem Shares in Creation Units,
which should help ensure that Shares will not trade at a material
discount or premium in relation to their NAV.
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    \6\ Shares will be registered in book-entry form only. DTC or
its nominee will be the registered owner of all outstanding Shares.
DTC or DTC Participants will maintain records reflecting owners of
Shares (``Beneficial Owners'').
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    8. Shares may be redeemed only if tendered in Creation Units.
Redemption requests must be placed by or through an Authorized
Participant. Shares in Creation Units will be redeemable in exchange
for a basket of securities (``Redemption Securities'') that in most
cases will be the same as the Deposit Securities required of investors
purchasing Creation Units on the same day. A Fund may make redemptions
partly in cash in lieu of transferring one or more Redemption
Securities.\7\ Depending on whether the NAV of a Creation Unit is
higher or lower than the market value of the Redemption Securities, the
redeemer of a Creation Unit will either receive from or pay to the Fund
a Cash Amount. The redeeming investor also must pay to the Fund a
Transaction Fee to cover custodial costs.
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    \7\ Funds that invest in fixed income securities (``Fixed Income
Funds'') may substitute a cash-in-lieu amount to replace any Deposit
Security or Redemption Security that is a to-be-announced
transaction (``TBA Transaction''). A TBA transaction is a method of
trading mortgage-backed securities. In a TBA Transaction, the buyer
and seller agree upon general trade parameters such as agency,
settlement date, par amount and price. The actual pools delivered
generally are determined two days prior to the settlement date. The
amount of substituted cash in the case of TBA Transactions will be
equivalent to the value of the TBA Transaction listed as a Deposit
Security or Redemption Security.
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    9. Applicants state that the Funds must comply with the federal
securities laws in accepting Deposit Securities and satisfying
redemptions with Redemption Securities, including that the Deposit
Securities and Redemption Securities are sold in transactions that
would be exempt from registration under the Securities Act.\8\ The
specified Deposit Securities and Redemption Securities will generally
correspond pro rata to a Fund's portfolio securities (``Portfolio
Securities'').
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    \8\ In accepting Deposit Securities and satisfying redemptions
with Redemption Securities that are restricted securities eligible
for resale pursuant to rule 144A under the Securities Act, the
relevant Funds will comply with the conditions of rule 144A,
including in satisfying redemptions with such rule 144A eligible
restricted Redemption Securities. The Prospectus will also state
that an Authorized Participant that is not a ``Qualified
Institutional Buyer'' as defined in rule 144A under the Securities
Act will not be able to receive, as part of a redemption, restricted
securities eligible for resale under rule 144A.
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    10. The Trust will not be advertised or marketed or otherwise held
out as a traditional open-end investment company or a mutual fund.
Instead, each Fund will be marketed as an ``actively-managed exchange-
traded fund.'' All marketing materials that describe the features or
method of obtaining, buying or selling Creation Units, or Shares traded
on the Listing Market, or refer to redeemability, will prominently
disclose that Shares are not individually redeemable shares and will
disclose that the Beneficial Owners may acquire those Shares from the
Fund, or tender those Shares for redemption to the Fund in Creation
Units only. The same approach will be followed in connection with the
statement of additional information (``SAI''), shareholder reports and
investor educational materials issued or circulated in connection with
the Shares. Copies of annual and semi-annual shareholder reports will
also be provided to the DTC Participants for distribution to Beneficial
Owners of Shares.
    11. The Trust (or the Listing Market) intends to maintain a Web
site that will include the Prospectus and SAI, and additional
quantitative information that is updated on a daily basis, including
daily trading volume, closing price and closing NAV for each Fund. On
each Business Day, before commencement of trading in Shares on a Fund's
Listing Market, the Fund will disclose on its Web site the identities
and quantities of the Portfolio Securities and other assets held by the
Fund that will form the basis for the Fund's calculation of NAV at the
end of the Business Day.\9\
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    \9\ Under accounting procedures followed by the Funds, trades
made on the prior Business Day (``T'') will be booked and reflected
in NAV on the current Business Day (``T+1''). Accordingly, the Funds
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.
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Applicants' Legal Analysis

    1. Applicants request an order under section 6(c) of the Act for an
exemption from sections 2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act
and rule 22c-1 under the Act, under sections 6(c) and 17(b) of the Act
for an exemption from sections 17(a)(1) and (a)(2) of the Act, and
under section 12(d)(1)(J) of the Act for an exemption from sections
12(d)(1)(A) and 12(d)(1)(B) of the Act.
    2. Section 6(c) of the Act provides that the Commission may exempt
any person, security or transaction, or any class of persons,
securities or transactions, from any provision of the Act, if and to
the extent that such exemption is necessary or appropriate in the
public interest and consistent with the protection of investors and the
purposes fairly intended by the policy and provisions of the Act.
Section 17(b) of the Act authorizes the Commission to exempt a proposed
transaction from section 17(a) of the Act if evidence establishes that
the terms of the transaction, including the consideration to be paid or
received, are reasonable and fair and do not involve overreaching on
the part of any person concerned, and the proposed transaction is
consistent with the policies of the registered investment company and
the general provisions of the Act. Section 12(d)(1)(J) of the Act
provides that the Commission may exempt any person, security, or
transaction, or any class or classes of persons, securities or
transactions, from any provision of section 12(d)(1) if the exemption
is consistent with the public interest and the protection of investors.

Sections 5(a)(1) and 2(a)(32) of the Act

    3. Section 5(a)(1) of the Act defines an ``open-end company'' as a
management investment company that is offering for sale or has
outstanding any redeemable security of which it is the issuer. Section
2(a)(32) of the Act defines a redeemable security as any security,
other than short-term paper, under the terms of which the holder, upon
its presentation to the issuer, is entitled to receive approximately a
proportionate share of the issuer's current net assets,

or the cash equivalent. Applicants request an order to permit the Trust
to register as an open-end management investment company and issue
Shares that are redeemable in Creation Units only. Applicants state
that each investor is entitled to purchase or redeem Creation Units
rather than trade the individual Shares in the secondary market.
Applicants further state that because of the arbitrage possibilities
created by the redeemability of Creation Units, it is expected that the
market price of an individual Share will not vary much from its NAV.

Section 22(d) of the Act and Rule 22c-1 Under the Act

    4. Section 22(d) of the Act, among other things, prohibits a dealer
from selling a redeemable security, which is currently being offered to
the public by or through a principal underwriter, except at a current
public offering price described in the prospectus. Rule 22c-1 under the
Act generally requires that a dealer selling, redeeming, or
repurchasing a redeemable security do so only at a price based on its
NAV.
    Applicants state that secondary market trading in Shares will take
place at negotiated prices, rather than at the current offering price
described in the Fund's Prospectus. Thus, purchases and sales of Shares
in the secondary market will not comply with section 22(d) of the Act
and rule 22c-1 under the Act. Applicants request an exemption under
section 6(c) from these provisions.
    5. Applicants assert that the concerns sought to be addressed by
section 22(d) of the Act and rule 22c-1 under the Act with respect to
pricing are equally satisfied by the proposed method of pricing Shares.
Applicants maintain that while there is little legislative history
regarding section 22(d), its provisions, as well as those of rule 22c-
1, appear to have been intended (a) to prevent dilution caused by
certain riskless-trading schemes by principal underwriters and contract
dealers, (b) to prevent unjust discrimination or preferential treatment
among buyers, and (c) to ensure an orderly distribution system of
shares by contract dealers by eliminating price competition from non-
contract dealers who could offer investors shares at less than the
published sales price and who could pay investors a little more than
the published redemption price.
    6. Applicants believe that none of these purposes will be thwarted
by permitting Shares to trade in the secondary market at negotiated
prices. Applicants state that (a) secondary market transactions in
Shares would not cause dilution for owners of such Shares because such
transactions do not directly involve Fund assets, and (b) to the extent
different prices exist during a given trading day, or from day to day,
such variances occur as a result of third-party market forces, such as
supply and demand. Therefore, applicants assert that secondary market
transactions in Shares will not lead to discrimination or preferential
treatment among purchasers. Finally, applicants contend that the
proposed distribution system will be orderly because arbitrage activity
will ensure that the difference between the market price of Shares and
their NAV remains narrow.

Section 22(e)

    7. Section 22(e) of the Act generally prohibits a registered
investment company from suspending the right of redemption or
postponing the date of payment of redemption proceeds for more than
seven days after the tender of a security for redemption. Applicants
observe that the settlement of redemptions of Creation Units of Funds
that invest in foreign equity and/or fixed income securities (``Foreign
Funds'') and Funds that invest in foreign and domestic equity and/or
fixed income securities (``Global Funds'') is contingent not only on
the settlement cycle of the U.S. securities markets but also on the
delivery cycles present in foreign markets in which those Funds invest.
Applicants have been advised that, under certain circumstances, the
delivery cycles for transferring Portfolio Securities to redeeming
investors, coupled with local market holiday schedules, will require a
delivery process of up to 12 calendar days. Applicants therefore
request relief from section 22(e) in order to provide payment or
satisfaction of redemptions within the maximum number of calendar days
required for such payment or satisfaction in the principal local
markets where transactions in the Portfolio Securities of each Foreign
Fund or Global Fund customarily clear and settle, but in all cases no
later than 12 days following the tender of a Creation Unit.\10\ With
respect to Future Funds that are Foreign Funds or Global Funds,
applicants seek the same relief from section 22(e) only to the extent
that circumstances exist similar to those described in the application.
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    \10\ Applicants acknowledge that no relief obtained from the
requirements of section 22(e) will affect any obligations that it
may otherwise have under rule 15c6-1 under the Exchange Act. Rule
15c6-1 requires that most securities transactions be settled within
three business days of the trade date.
---------------------------------------------------------------------------

    8. Applicants submit that Congress adopted section 22(e) to prevent
unreasonable, undisclosed or unforeseen delays in the actual payment of
redemption proceeds. Applicants state that allowing redemption payments
for Creation Units of a Fund to be made within the number of days
indicated above would not be inconsistent with the spirit and intent of
section 22(e). Applicants state the SAI will disclose those local
holidays (over the period of at least one year following the date of
the SAI), if any, that are expected to prevent the delivery of
redemption proceeds in seven calendar days and the maximum number of
days needed to deliver the proceeds for each affected Foreign Fund or
Global Fund. Applicants are not seeking relief from section 22(e) with
respect to Foreign Funds and Global Funds that do not effect creations
or redemptions in-kind.

Section 12(d)(1)

    9. Section 12(d)(1)(A) of the Act prohibits a registered investment
company from acquiring shares of an investment company if the
securities represent more than 3% of the total outstanding voting stock
of the acquired company, more than 5% of the total assets of the
acquiring company, or, together with the securities of any other
investment companies, more than 10% of the total assets of the
acquiring company. Section 12(d)(1)(B) of the Act prohibits a
registered open-end investment company, its principal underwriter, or
any other broker or dealer from selling its shares to another
investment company if the sale will cause the acquiring company to own
more than 3% of the acquired company's voting stock, or if the sale
will cause more than 10% of the acquired company's voting stock to be
owned by investment companies generally.
    10. Applicants request that the order permit registered management
investment companies and unit investment trusts (``UITs'') that are not
advised or sponsored by the Advisor or an entity controlling,
controlled by or under common control with the Advisor, and not part of
the same ``group of investment companies'' as defined in section
12(d)(1)(G)(ii) of the Act as the Funds, to acquire Shares beyond the
limits of section 12(d)(1)(A) of the Act (such management companies are
referred to as the ``Acquiring Management Companies,'' such UITs are
referred to as ``Acquiring Trusts,'' and Acquiring Management Companies
and Acquiring Trusts are collectively referred to as the ``Acquiring
Funds''). The requested exemptions would also permit each Fund, its
principal underwriter and any broker or dealer registered under the
Exchange Act to

sell Shares to an Acquiring Fund beyond the limits of section
12(d)(1)(B).
    11. Each investment adviser to an Acquiring Management Company
within the meaning of section 2(a)(20)(A) of the Act (``Acquiring Fund
Advisor'') will be registered as an investment adviser under the
Advisers Act. No Acquiring Fund Advisor or sponsor of an Acquiring
Trust (``Sponsor'') will control, be controlled by or be under common
control with the Advisor. Each Acquiring Management Company may also
have one or more investment advisers within the meaning of section
2(a)(20)(B) of the Act (each, an ``Acquiring Fund Sub-Advisor''). Any
Acquiring Fund Sub-Advisor will be registered under the Advisers Act.
No Acquiring Fund will be in the same group of investment companies as
the Funds. Pursuant to the terms and conditions of the requested order,
each Acquiring Fund will enter into an Acquiring Fund Agreement, as
defined below, with the relevant Fund(s).
    12. Applicants assert that the proposed transactions will not lead
to any of the abuses that section 12(d)(1) was designed to prevent.
Applicants submit that the proposed conditions to the requested relief
address the concerns underlying the limits in section 12(d)(1), which
include concerns about undue influence, excessive layering of fees and
overly complex structures.
    13. Applicants submit that their proposed conditions address any
concerns regarding the potential for undue influence. An Acquiring Fund
or Acquiring Fund Affiliate \11\ will not cause any existing or
potential investment in a Fund to influence the terms of any services
or transactions between the Acquiring Fund or an Acquiring Fund
Affiliate and the Fund or a Fund Affiliate.\12\ An Acquiring Fund's
Advisory Group or an Acquiring Fund's Sub-Advisory Group will not
control a Fund within the meaning of section 2(a)(9) of the Act. An
``Acquiring Fund's Advisory Group'' is the Acquiring Fund Advisor,
Sponsor, any person controlling, controlled by or under common control
with the Acquiring Fund Advisor or Sponsor, and any investment company
or issuer that would be an investment company but for section 3(c)(l)
or 3(c)(7) of the Act, that is advised or sponsored by the Acquiring
Fund Advisor, Sponsor or any person controlling, controlled by or under
common control with the Acquiring Fund Advisor or Sponsor. An
``Acquiring Fund's Sub-Advisory Group'' is any Acquiring Fund Sub-
Advisor, any person controlling, controlled by, or under common control
with the Acquiring Fund Sub-Advisor, and any investment company or
issuer that would be an investment company but for section 3(c)(l) or
3(c)(7) of the Act (or portion of such investment company or issuer)
advised or sponsored by the Acquiring Fund Sub-Advisor or any person
controlling, controlled by or under common control with the Acquiring
Fund Sub-Advisor.
---------------------------------------------------------------------------

    \11\ An ``Acquiring Fund Affiliate'' is defined as the Acquiring
Fund Advisor, Acquiring Fund Sub-Advisor(s), any Sponsor, promoter
or principal underwriter of an Acquiring Fund and any person
controlling, controlled by or under common control with any of these
entities.
    \12\ A ``Fund Affiliate'' is defined as an investment adviser,
promoter or principal underwriter of a Fund and any person
controlling, controlled by or under common control with any of these
entities.
---------------------------------------------------------------------------

    14. Applicants also propose a condition to ensure that no Acquiring
Fund or Acquiring Fund Affiliate will cause a Fund to purchase a
security from an Affiliated Underwriting. An ``Affiliated
Underwriting'' is an offering of securities during the existence of an
underwriting or selling syndicate of which a principal underwriter is
an Underwriting Affiliate. An ``Underwriting Affiliate'' is a principal
underwriter in any underwriting or selling syndicate that is an
officer, director, member of an advisory board, Acquiring Fund Advisor,
Acquiring Fund Sub-Advisor, Sponsor, or employee of the Acquiring Fund,
or a person of which any such officer, director, member of an advisory
board, Acquiring Fund Advisor, Acquiring Fund Sub-Advisor, Sponsor, or
employee is an affiliated person, except any person whose relationship
to the Fund is covered by section 10(f) of the Act is not an
Underwriting Affiliate.
    15. Applicants propose several conditions to address the potential
for layering of fees. Applicants note that the board of directors or
trustees of an Acquiring Management Company, including a majority of
the independent directors or trustees, will be required to find that
any fees charged under the Acquiring Management Company's advisory
contract(s) are based on services provided that will be in addition to,
rather than duplicative of, services provided under the advisory
contract(s) of any Fund in which the Acquiring Management Company may
invest. Applicants state that any sales charges and/or service fees
charged with respect to shares of an Acquiring Fund will not exceed the
limits applicable to a fund of funds set forth in NASD Conduct Rule
2830.\13\
---------------------------------------------------------------------------

    \13\ Any references to NASD Conduct Rule 2830 include any
successor or replacement rule that may be adopted by the Financial
Industry Regulatory Authority.
---------------------------------------------------------------------------

    16. Applicants submit that the proposed arrangement will not create
an overly complex fund structure. Applicants note that a Fund will be
prohibited from acquiring securities of any investment company or
company relying on section 3(c)(1) or 3(c)(7) of the Act in excess of
the limits contained in section 12(d)(1)(A) of the Act, except to the
extent permitted by exemptive relief from the Commission permitting the
Fund to purchase shares of other investment companies for short-term
cash management purposes.
    17. To ensure that an Acquiring Fund is aware of the terms and
conditions of the requested order, the Acquiring Fund must enter into
an agreement with the respective Fund (``Acquiring Fund Agreement'').
The Acquiring Fund Agreement will include an acknowledgment from the
Acquiring Fund that it may rely on the order only to invest in the Fund
and not in any other investment company.

Sections 17(a)(1) and (2) of the Act

    18. Section 17(a)(1) and (2) of the Act generally prohibit an
affiliated person of a registered investment company, or an affiliated
person of such a person (``second tier affiliate''), from selling any
security to or purchasing any security from the company. Section
2(a)(3) of the Act defines ``affiliated person'' to include any person
directly or indirectly owning, controlling, or holding with power to
vote 5% or more of the outstanding voting securities of the other
person and any person directly or indirectly controlling, controlled
by, or under common control with, the other person. Section 2(a)(9) of
the Act provides that a control relationship will be presumed where one
person owns more than 25% of another person's voting securities. The
Funds may be deemed to be controlled by the Advisor or an entity
controlling, controlled by or under common control with the Advisor and
hence affiliated persons of each other. In addition, the Funds may be
deemed to be under common control with any other registered investment
company (or series thereof) advised by the Advisor or an entity
controlling, controlled by or under common control with the Advisor (an
``Affiliated Fund'').
    19. Applicants request an exemption from section 17(a) under
sections 6(c) and 17(b) to permit in-kind purchases and redemptions by
persons that are affiliated persons or second tier affiliates of the
Funds solely by virtue of one or more of the following: (1) Holding 5%
or more, or more than 25%,

of the outstanding Shares of the Trust or one or more Funds; (2) an
affiliation with a person with an ownership interest described in (1);
or (3) holding 5% or more, or more than 25%, of the shares of one or
more Affiliated Funds. Applicants also request an exemption in order to
permit a Fund to sell its Shares to and redeem its Shares from an
Acquiring Fund of which the Fund is an affiliated person or an
affiliated person of an affiliated person.\14\
---------------------------------------------------------------------------

    \14\ To the extent that purchases and sales of Shares occur in
the secondary market and not through principal transactions directly
between an Acquiring Fund and a Fund, relief from section 17(a)
would not be necessary. However, the requested relief would apply to
direct sales of Shares in Creation Units by a Fund to an Acquiring
Fund and redemptions of those Shares. The requested relief is
intended to cover the in-kind transactions that would accompany such
sales and redemptions.
---------------------------------------------------------------------------

    20. Applicants contend that no useful purpose would be served by
prohibiting the affiliated persons described above from making in-kind
purchases or in-kind redemptions of Shares of a Fund in Creation Units.
Both the deposit procedures for in-kind purchases of Creation Units and
the redemption procedures for in-kind redemptions will be effected in
exactly the same manner for all purchases and redemptions. Deposit
Securities and Redemption Securities will be valued in the same manner
as those Portfolio Securities currently held by the relevant Funds.
Therefore, applicants state that the in-kind purchases and redemptions
will afford no opportunity for the specified affiliated persons of a
Fund to effect a transaction detrimental to other holders of Shares.
Applicants do not believe that in-kind purchases and redemptions will
result in abusive self-dealing or overreaching of the Fund.
    21. Applicants also submit that the sale of Shares to and
redemption of Shares from an Acquiring Fund satisfies the standards for
relief under sections 17(b) and 6(c) of the Act. Any consideration paid
for the purchase or redemption of Shares directly from a Fund will be
based on the NAV of the Fund.\15\ The Acquiring Fund Agreement will
require any Acquiring Fund that purchases Creation Units directly from
a Fund to represent that the purchase will be accomplished in
compliance with the investment restrictions of the Acquiring Fund and
will be consistent with the investment policies set forth in the
Acquiring Fund's registration statement. Applicants believe that the
proposed transactions are consistent with the general purposes of the
Act and appropriate in the public interest.
---------------------------------------------------------------------------

    \15\ Applicants acknowledge that the receipt of compensation by
(a) an affiliated person of an Acquiring Fund, or an affiliated
person of such person, for the purchase by the Acquiring Fund of
Shares or (b) an affiliated person of a Fund, or an affiliated
person of such person, for the sale by the Fund of its Shares to an
Acquiring Fund, may be prohibited by section 17(e)(1) of the Act.
The Acquiring Fund Agreement also will include this acknowledgment.
---------------------------------------------------------------------------

Applicant's Conditions

    Applicants agree that any order of the Commission granting the
requested relief will be subject to the following conditions: \16\
---------------------------------------------------------------------------

    \16\ All representations and conditions contained in the
application that require a Fund to disclose particular information
in the Fund's Prospectus and/or annual report shall be effective
with respect to the Fund until the time that the Fund complies with
the disclosure requirements adopted by the Commission in Investment
Company Act Release No. 28584 (Jan. 13, 2009).
---------------------------------------------------------------------------

Actively-Managed Exchange-Traded Fund Relief

    1. Neither the Trust nor any Fund will be advertised or marketed as
an open-end investment company or mutual fund. Each Fund's Prospectus
will prominently disclose that the Fund is an actively managed
exchange-traded fund. Each Prospectus also will prominently disclose
that Shares are not individually redeemable and will disclose that
owners of Shares may acquire those Shares from a Fund and tender those
Shares to a Fund for redemption in Creation Units only. Any advertising
material that describes the purchase or sale of Creation Units or
refers to redeemability will prominently disclose that the Shares are
not individually redeemable and that owners of the Shares may acquire
those Shares from the Fund and tender those Shares for redemption to
the Fund in Creation Units only.
    2. Each Fund's Prospectus will clearly disclose that, for purposes
of the Act, Shares are issued by a registered investment company, and
that the acquisition of Shares by investment companies and companies
relying on sections 3(c)(1) or 3(c)(7) of the Act is subject to the
restrictions of section 12(d)(1) of the Act, except as permitted by an
exemptive order that permits registered investment companies to invest
in a Fund beyond the limits of section 12(d)(1), subject to certain
terms and conditions, including that the registered investment company
enter into an Acquiring Fund Agreement with the Fund regarding the
terms of the investment.
    3. The Web site for the Funds, which will be publicly accessible at
no charge, will contain the following information, on a per Share
basis, for each Fund: (a) the prior Business Day's NAV and the reported
closing price, and a calculation of the premium or discount of the
closing price against such NAV; and (b) data in chart format displaying
the frequency distribution of discounts and premiums of the closing
price against the NAV, within appropriate ranges, for each of the four
previous calendar quarters (or for the life of the Fund, if shorter).
    4. The Prospectus and annual report for each Fund will also
include: (a) the information listed in condition 3(b), (i) in the case
of the Prospectus, for the most recently completed year (and the most
recently completed quarter or quarters, as applicable) and (ii) in the
case of the annual report, for the immediately preceding five years (or
for the life of the Fund, if shorter); and (b) the cumulative total
return and the average annual total return based on NAV and closing
price, calculated on a per Share basis for one-, five-, and ten-year
periods (or life of the Fund, if shorter).
    5. As long as a Fund operates in reliance on the requested order,
its Shares will be listed on a Listing Market.
    6. On each Business Day, before commencement of trading in Shares
on a Fund's Listing Market, the Fund will disclose on its Web site the
identities and quantities of the Portfolio Securities and other assets
held by the Fund that will form the basis for the Fund's calculation of
NAV at the end of the Business Day.
    7. The Advisor or any Sub-Advisors, directly or indirectly, will
not cause any Authorized Participant (or any investor on whose behalf
an Authorized Participant may transact with the Fund) to acquire any
Deposit Security for a Fund through a transaction in which the Fund
could not engage directly.
    8. The requested order will expire on the effective date of any
Commission rule under the Act that provides relief permitting the
operation of actively-managed exchange-traded funds.

Section 12(d)(1) Relief

    9. The members of an Acquiring Fund's Advisory Group will not
control (individually or in the aggregate) a Fund within the meaning of
section 2(a)(9) of the Act. The members of an Acquiring Fund's Sub-
Advisory Group will not control (individually or in the aggregate) a
Fund within the meaning of section 2(a)(9) of the Act. If, as a result
of a decrease in the outstanding voting securities of a Fund, the
Acquiring Fund's Advisory Group or the Acquiring Fund's Sub-Advisory
Group, each in the aggregate, becomes a holder of more than 25 percent
of the outstanding voting securities of a Fund, it will vote

its Shares in the same proportion as the vote of all other holders of
the Shares. This condition does not apply to the Acquiring Fund Sub-
Advisory Group with respect to a Fund for which the Acquiring Fund Sub-
Advisor or a person controlling, controlled by, or under common control
with the Acquiring Fund Sub-Advisor acts as the investment adviser
within the meaning of section 2(a)(20)(A) of the Act.
    10. No Acquiring Fund or Acquiring Fund Affiliate will cause any
existing or potential investment by the Acquiring Fund in a Fund to
influence the terms of any services or transactions between the
Acquiring Fund or an Acquiring Fund Affiliate and the Fund or a Fund
Affiliate.
    11. The board of directors or trustees of an Acquiring Management
Company, including a majority of the disinterested directors or
trustees, will adopt procedures reasonably designed to ensure that the
Acquiring Fund Advisor and any Acquiring Fund Sub-Advisor are
conducting the investment program of the Acquiring Management Company
without taking into account any consideration received by the Acquiring
Management Company or an Acquiring Fund Affiliate from a Fund or a Fund
Affiliate in connection with any services or transactions.
    12. Once an investment by an Acquiring Fund in Shares exceeds the
limits in section 12(d)(1)(A)(i) of the Act, the board of trustees of
the Trust (``Board''), including a majority of the disinterested
trustees, will determine that any consideration paid by the Fund to an
Acquiring Fund or an Acquiring Fund Affiliate in connection with any
services or transactions: (i) Is fair and reasonable in relation to the
nature and quality of the services and benefits received by the Fund;
(ii) is within the range of consideration that the Fund would be
required to pay to another unaffiliated entity in connection with the
same services or transactions; and (iii) does not involve overreaching
on the part of any person concerned. This condition does not apply with
respect to any services or transactions between a Fund and its
investment adviser(s), or any person controlling, controlled by or
under common control with such investment adviser(s).
    13. No Acquiring Fund or Acquiring Fund Affiliate (except to the
extent it is acting in its capacity as an investment adviser to a Fund)
will cause the Fund to purchase a security in any Affiliated
Underwriting.
    14. The Board, including a majority of the independent trustees,
will adopt procedures reasonably designed to monitor any purchases of
securities by the Fund in an Affiliated Underwriting, once an
investment by an Acquiring Fund in the securities of the Fund exceeds
the limit of section 12(d)(1)(A)(i) of the Act, including any purchases
made directly from an Underwriting Affiliate. The Board will review
these purchases periodically, but no less frequently than annually, to
determine whether the purchases were influenced by the investment by
the Acquiring Fund in the Fund. The Board will consider, among other
things: (i) Whether the purchases were consistent with the investment
objectives and policies of the Fund; (ii) how the performance of
securities purchased in an Affiliated Underwriting compares to the
performance of comparable securities purchased during a comparable
period of time in underwritings other than Affiliated Underwritings or
to a benchmark such as a comparable market index; and (iii) whether the
amount of securities purchased by the Fund in Affiliated Underwritings
and the amount purchased directly from an Underwriting Affiliate have
changed significantly from prior years. The Board will take any
appropriate actions based on its review, including, if appropriate, the
institution of procedures designed to assure that purchases of
securities in Affiliated Underwritings are in the best interest of
shareholders of the Fund.
    15. Each Fund will maintain and preserve permanently in an easily
accessible place a written copy of the procedures described in the
preceding condition, and any modifications to such procedures, and will
maintain and preserve for a period of not less than six years from the
end of the fiscal year in which any purchase in an Affiliated
Underwriting occurred, the first two years in an easily accessible
place, a written record of each purchase of securities in Affiliated
Underwritings, once an investment by an Acquiring Fund in the
securities of the Fund exceeds the limit of section 12(d)(1)(A)(i) of
the Act, setting forth from whom the securities were acquired, the
identity of the underwriting syndicate's members, the terms of the
purchase, and the information or materials upon which the
determinations of the Board were made.
    16. Before investing in Shares in excess of the limits in section
12(d)(1)(A), each Acquiring Fund and the Fund will execute an Acquiring
Fund Agreement stating, without limitation, that their boards of
directors or trustees and their investment adviser(s), or the Sponsor
or trustee of an Acquiring Trust (``Trustee''), as applicable,
understand the terms and conditions of the order, and agree to fulfill
their responsibilities under the order. At the time of its investment
in Shares in excess of the limit in section 12(d)(1)(A)(i), an
Acquiring Fund will notify the Fund of the investment. At such time,
the Acquiring Fund will also transmit to the Fund a list of the names
of each Acquiring Fund Affiliate and Underwriting Affiliate. The
Acquiring Fund will notify the Fund of any changes to the list of the
names as soon as reasonably practicable after a change occurs. The Fund
and the Acquiring Fund will maintain and preserve a copy of the order,
the Acquiring Fund Agreement, and the list with any updated information
for the duration of the investment and for a period of not less than
six years thereafter, the first two years in an easily accessible
place.
    17. The Acquiring Fund Advisor, Trustee or Sponsor, as applicable,
will waive fees otherwise payable to it by the Acquiring Fund in an
amount at least equal to any compensation (including fees received
pursuant to any plan adopted under rule 12b-1 under the Act) received
from the Fund by the Acquiring Fund Advisor, Trustee or Sponsor, or an
affiliated person of the Acquiring Fund Advisor, Trustee or Sponsor,
other than any advisory fees paid to the Acquiring Fund Advisor,
Trustee, or Sponsor, or its affiliated person by the Fund, in
connection with the investment by the Acquiring Fund in the Fund. Any
Acquiring Fund Sub-Advisor will waive fees otherwise payable to the
Acquiring Fund Sub-Advisor, directly or indirectly, by the Acquiring
Management Company in an amount at least equal to any compensation
received from a Fund by the Acquiring Fund Sub-Advisor, or an
affiliated person of the Acquiring Fund Sub-Advisor, other than any
advisory fees paid to the Acquiring Fund Sub-Advisor or its affiliated
person by the Fund, in connection with any investment by the Acquiring
Management Company in the Fund made at the direction of the Acquiring
Fund Sub-Advisor. In the event that the Acquiring Fund Sub-Advisor
waives fees, the benefit of the waiver will be passed through to the
Acquiring Management Company.
    18. Any sales charges and/or service fees charged with respect to
shares of an Acquiring Fund will not exceed the limits applicable to a
fund of funds as set forth in NASD Conduct Rule 2830.
    19. No Fund will acquire securities of any other investment company
or company relying on section 3(c)(1) or 3(c)(7) of the Act in excess
of the limits

contained in section 12(d)(1)(A) of the Act, except to the extent
permitted by exemptive relief from the Commission permitting the Fund
to purchase shares of other investment companies for short-term cash
management purposes.
    20. Before approving any advisory contract under section 15 of the
Act, the board of directors or trustees of each Acquiring Management
Company, including a majority of the disinterested directors or
trustees, will find that the advisory fees charged under such advisory
contract are based on services provided that will be in addition to,
rather than duplicative of, the services provided under the advisory
contract(s) of any Fund in which the Acquiring Management Company may
invest. These findings and their basis will be recorded fully in the
minute books of the appropriate Acquiring Management Company.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Florence E. Harmon,
 Deputy Secretary.
[FR Doc. 2010-11252 Filed 5-11-10; 8:45 am]
BILLING CODE 8010-01-P


From:
Jones, DonnaLee<EMAIL_ADDRESS>Sent:
Friday, July 13, 2018 2:45 PM
To:
D'Angelo, Wayne J<EMAIL_ADDRESS>Cc:
Eric Stuart<EMAIL_ADDRESS>Subject:
list of EAF actions in FR

Wayne, Eric--I'm gathering all previous NSPS actions for EAF, whether for review or otherwise, and I have gathered this list below (final rules only). My next step is to get the FR publications for both proposal and final. I will be doing this in between my integrated steel work but will keep you posted. The pages listed below may not correspond to first page because I obtained these from individual sections. You can see at the end of each current FR section how many times and when the section has been changed. Attached is a list of just the rule sections and FR citations for previous notices.

_____________________________________________________________
Regards,
Donna Lee Jones, Ph.D.
Senior Technical Advisor, Metals Sector
U. S. Environmental Protection Agency
Office of Air Quality Planning and Standards
Sector Policies and Programs Division / Metals & Inorganic Chemicals Group (D 243-02)
Research Triangle Park, NC  27711  Tele:<PHONE_NUMBER>  Fax<PHONE_NUMBER>
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"Reasonableness never fails to be appreciated."  - anon.

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