80 FR 15840 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the LBMA Gold Price as a Replacement for the London Gold Fix for Certain Gold Related Exchange Traded Products

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 57 (March 25, 2015)

Page Range		15840-15845
FR Document		2015-06719

Federal Register, Volume 80 Issue 57 (Wednesday, March 25, 2015)

[Federal Register Volume 80, Number 57 (Wednesday, March 25, 2015)]
[Notices]
[Pages 15840-15845]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-06719]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74544; File No. SR-NYSEArca-2015-19]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Relating to the
LBMA Gold Price as a Replacement for the London Gold Fix for Certain
Gold Related Exchange Traded Products

March 19, 2015.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on March 17, 2015, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C.78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange proposes to (1) to reflect a change to the value used
by the SPDR[supreg] Gold Trust, which is currently listed on the
Exchange under NYSE Arca Equities Rule 5.2(j)(5); iShares Gold Trust,
ETFS Gold Trust, ETFS Precious Metals Basket Trust, ETFS Asian Gold
Trust and Merk Gold Trust, each of which is currently listed on the
Exchange under NYSE Arca Equities Rule 8.201, with respect to
calculation of the net asset value of shares of each trust; and (2) to
reflect a change to the underlying benchmark for ProShares Ultra Gold
and ProShares UltraShort Gold, each of which is currently listed on the
Exchange under NYSE Arca Equities Rule 8.200. The text of the proposed
rule change is available on the Exchange's Web site at www.nyse.com, at
the principal office of the Exchange, and at the Commission's Public
Reference Room.

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

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

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

1. Purpose
The Exchange proposes to amend the Exchange listing rules
applicable to nine exchange-traded products, all of which reference the
``London Gold Fix'', as described further below. The exchange-traded
products are listed and traded pursuant to NYSE Arca Equities Rule
5.2(j)(5) for the Equity Gold Shares; NYSE Arca Equities Rules 8.201,
for Commodity-Based Trust Shares, and NYSE Arca Equities Rule 8.200,
for Trust Issued Receipts. The proposed change would replace references
to the

[[Page 15841]]

``London Gold Fix'', as described below. The London Gold Fix is a gold-
price mechanism that has been in existence since 1919 and that will be
discontinued T [sic] the close of business on March 19, 2015.\4\
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\4\ As described in the registration statement under the
Securities Act of 1933 (15 U.S.C. 77a) (``1933 Act'') for the
SPDR[supreg] Gold Trust (formerly known as the streetTRACKS Gold
Trust) (see infra, note 13), twice daily during London trading hours
there is a fix (``London Gold Fix'') which provides reference gold
prices for that day's trading. Many long-term contracts will be
priced on the basis of either the morning (AM) or afternoon (PM)
London Gold Fix, and market participants will usually refer to one
or the other of these prices when looking for a basis for
valuations. The London Gold Fix is the most widely used benchmark
for daily gold prices and is quoted by various financial information
sources. Membership in the London fix is traditionally limited to
banks that are bullion dealers and members of the LBMA. The
chairmanship rotates annually among the four member firms. The fix
takes place by telephone and the four member firms no longer meet
face-to-face as was previously the case. There is a morning session
at 10:30 a.m. London time and an afternoon session at 3:00 p.m.
London time. The current members of the gold fixing are Bank of Nova
Scotia--ScotiaMocatta, Barclays Bank plc, HSBC Bank USA, N.A., and
Soci[eacute]t[eacute] G[eacute]n[eacute]rale. Any other market
participant wishing to participate in the trading on the fix is
required to do so through one of the four gold fixing members.
Orders are placed either with one of the four fixing members or with
another bullion dealer who will then be in contact with a fixing
member during the fixing. The fixing members net-off all orders when
communicating their net interest at the fixing. The fix begins with
the fixing chairman suggesting an opening price, reflecting the
market price prevailing at the opening of the fix. This is relayed
by the fixing members to their dealing rooms which have direct
communication with all interested parties. Any market participant
may enter the fixing process at any time, or adjust or withdraw his
order. The gold price is adjusted up or down until all the buy and
sell orders are matched, at which time the price is declared fixed.
All fixing orders are transacted on the basis of this fixed price,
which is instantly relayed to the market through various media.
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Revised Procedures for the Gold Price
On November 8, 2014, the London Bullion Market Association
(``LBMA'') announced that ICE Benchmark Administration (``IBA'') \5\
has been selected to be the third-party administrator for the ``LBMA
Gold Price'', which will replace the current London Gold Fix. IBA, an
independent specialist benchmark administrator, will provide the
auction platform and methodology as well as the overall administration
and governance for the LBMA Gold Price benchmark.
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\5\ IBA is a London-based company that was created specifically
to administer systemically important benchmarks. Formed in 2013, IBA
is part of the Intercontinental Exchange (ICE).
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On February 19, 2015, the Intercontinental Exchange (``ICE'')
announced that the new LBMA Gold Price will be launched on March 20,
2015. As the administrator for the LBMA Gold Price benchmark and the
operator of the ``IBA Gold Auction'', IBA will transition from the
current London Gold Fix procedures to a physically settled, electronic
and tradeable auction, with the ability to settle trades in U.S.
Dollars (``USD''), euros or British Pounds. Within the process,
aggregated gold bids and offers will be updated in real-time with the
imbalance calculated and the price updated at regular intervals
(expected to be at least every 45 seconds). IBA will use ICE's front-
end system-- WebICE-- as the technology platform that will allow direct
participants, as well as sponsored clients of direct participants, to
manage their orders in the auction in real time via their desktops.\6\
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\6\ The WebICE platform provides real-time order management as
well as separation of direct participant and sponsored client
orders, live credit limit controls, audit history, advanced Excel
integration and automated deal notifications.
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Participants in the auction will include direct participants and
sponsored clients of direct participants. Direct participants may enter
orders on their own behalf or on behalf of clients. Sponsored clients
also may manage their own positions utilizing their own trading
screens; however, a sponsored client's orders would be backed by the
sponsoring direct participant. WebICE allows sponsored clients to
participate in the auction process with the same information and order
management capabilities as direct participants.
At the opening of each auction, the auction chairman (``Chairman'')
will announce an opening price (in USD) based on the current market
conditions and begin auction rounds, with an expected duration of at
least every 45 seconds each. During each auction round, participants
may enter the volume they wish to buy or sell at that price, and such
orders will be part of the price formation. All orders will be routed
through direct participants but only direct participants will share the
final imbalance. Aggregate bid and offer volume will be shown live on
WebICE, providing a level playing field for all participants. At the
end of each auction round, the total net volume will be calculated. If
this `imbalance' is larger than the imbalance tolerance (currently set
at 20,000 oz) then the Chairman will choose a new price \7\ (based on
the current market conditions, and the direction and magnitude of the
imbalance in the round) and begin a new auction round. If the imbalance
is less than the tolerance, then the auction is complete with all
volume tradeable at that price. The price will then be set in USD and
also converted into in euros and British Pounds. Auctions will continue
to be run at 10:30 and 15:00 (London time).
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\7\ The Chairman will have significant experience in the gold
markets and will be employed by IBA.
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During the auction, the price at the start of each round, and the
volumes at the end of each round will be available through major market
data vendors. As soon as the auction finishes, the final prices and
volumes will be available through major market data vendors. IBA will
also publish transparency reports, detailing the prices, volumes and
times for each round of the auction. These transparency reports will be
available through major market data vendors and IBA when the auction
finishes. The process can also be observed real-time through a WebICE
screen. The auction mechanism will provide a complete audit trail.
The number of direct participants initially expected to participate
in the auction process is not yet confirmed, but is expected to equal
or exceed the number of market participants currently determining the
London Gold Fix.
Regulation of the LBMA Gold Price
As of April 1, 2015, the LBMA Gold Price will be regulated by the
Financial Conduct Authority (``FCA'') in the United Kingdom
(``UK'').\8\ IBA is already authorized as a regulated benchmark
administrator by the FCA. Under the UK benchmark regulation,\9\ the
governance structure for a regulated benchmark must include an
Oversight Committee, made up of market participants, industry bodies,
direct participant representatives,

[[Page 15842]]

infrastructure providers and the administrator (i.e., IBA). \10\
Through the Oversight Committee, the LBMA will continue to have
significant involvement in the oversight of the auction process,
including, among other matters, changes to the methodology and
accreditation of direct participants.\11\
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\8\ The conduct of financial institutions is overseen by the
FCA, which was formed from the former Financial Services Authority
and is separate from the Bank of England. The LBMA Gold Price will
be regulated under the FCA's Market Conduct (MAR) Sourcebook (MAR
8.3).
\9\ On June 12, 2014, the UK Chancellor of the Exchequer
announced steps to raise standards of conduct in the financial
system with a joint review by the UK Treasury, the Bank of England
and the FCA into the way wholesale financial markets operate.
According to this announcement, the ``Fair and Effective Markets
Review'', led by Bank of England Deputy Governor for Markets and
Banking, has been tasked with investigating those wholesale markets,
both regulated and unregulated, where most of the recent concerns
about misconduct have arisen: Fixed-income, currency and commodity
markets, including associated derivatives and benchmarks. It will
make recommendations on: principles to govern the operation of fair
and effective markets, focusing on fixed income, currency and
commodities; reforms to ensure standards of behavior are in
accordance with those principles; tools to strengthen the oversight
of market conduct; whether the regulatory perimeter for wholesale
financial markets should be extended, and to what extent
international action is required; and additional reforms in relation
to benchmarks, in order to strengthen market infrastructure. See
http://www.bankofengland.co.uk/markets/Documents/femraug2014.pdf. On
September 25, 2014, the Fair and Effective Markets Review announced
its proposal that the gold fixing process may become regulated under
UK benchmark regulation, effective from April 2015.
\10\ The Oversight Committee is a key decision making forum,
with market representation that includes participants, users and
infrastructure providers. The Oversight Committee's responsibilities
include review of methodology and process relating to the LBMA Gold
Price; implementation of a Code of Conduct applicable to
participants; expansion of membership; and surveillance oversight,
among other functions. The Oversight Committee's structure and
responsibilities is described in the Oversight Committee Terms of
Reference, available on the IBA Web site.
\11\ The LBMA will continue to provide guidance with respect to
the LBMA Gold Price through the Oversight Committee, which will
facilitate communication among representatives of all market
participants to ensure the process continues to fulfil the needs of
the market. The Oversight Committee is responsible for decisions
that affect the evolution of the process based on changes in the
market and regulatory environments.
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The price discovery process for the LBMA Gold Price will be subject
to surveillance by IBA. IBA is compliant with the UK benchmark
regulation (MAR 8.3), regulated by the FCA, and has been formally
assessed against the IOSCO Principles for Financial Benchmarks (the
``IOSCO Principles'').\12\ In order to meet the IOSCO Principles, the
price discovery used for the LBMA Gold Price benchmark will be
auditable and transparent.
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\12\ The IOSCO Principles are designed to enhance the integrity,
the reliability and the oversight of benchmarks by establishing
guidelines for benchmark administrators and other relevant bodies in
the following areas: Governance: To protect the integrity of the
benchmark determination process and to address conflicts of
interest; Benchmark quality: to promote the quality and integrity of
benchmark determinations through the application of design factors;
Quality of the methodology: to promote the quality and integrity of
methodologies by setting out minimum information that should be
addressed within a methodology. These principles also call for
credible transition policies in case a benchmark may cease to exist
due to market structure change. Accountability mechanisms: to
establish complaints processes, documentation requirements and audit
reviews. The IOSCO Principles provide a framework of standards that
might be met in different ways, depending on the specificities of
each benchmark. In addition to a set of high level principles, the
framework offers a subset of more detailed principles for benchmarks
having specific risks arising from their reliance on submissions
and/or their ownership structure. For further information concerning
the IOSCO Principles, see http://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf.
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Exchange-Listed Gold-Based Products
The Exchange lists and trades shares of exchange traded products
that reference the London Gold Fix benchmark for one or more purposes.
The Exchange lists and trades shares of (1) the SPDR[supreg] Gold
Trust,\13\ which is currently listed on the Exchange under NYSE Arca
Equities Rule 5.2(j)(5); (2) iShares Gold Trust,\14\ ETFS Gold
Trust,\15\ ETFS Precious Metals Basket Trust,\16\ ETFS Asian Gold
Trust,\17\ and Merk Gold Trust,\18\ each of which is currently listed
on the Exchange under NYSE Arca Equities Rule 8.201 (together with the
SPDR Gold Trust, the ``Gold Trusts''). In addition, the Exchange lists
and trades shares of the Ultra Gold ProShares and UltraShort Gold
ProShares \19\ (together, the ``Gold Funds''), each of which is
currently listed on the Exchange under NYSE Arca Equities Rule 8.200.
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\13\ See Securities Exchange Act Release Nos. 50603 (October 28,
2004), 69 FR 64614 (November 5, 2004) (SR-NYSE-2004-22) (order
approving listing of shares of the streetTRACKS Gold Trust (now
known as the SPDR[supreg] Gold Trust) on the New York Stock
Exchange); See Securities Exchange Act Release Nos. 51245 (February
23, 2005), 70 FR 10731 (March 4, 2005) (SR-PCX-2004-117) (order
approving trading on the Exchange of shares of the streetTRACKS Gold
Trust pursuant to unlisted trading privileges); 56224 (August 8,
2007), 72 FR 45850 (August 15, 2007) (SR-NYSEArca-2007-76) (order
approving listing on the Exchange of shares of the streetTRACKS Gold
Trust).
\14\ See Securities Exchange Act Release No. 63398 (November 30,
2010), 75 FR 76056 (December 7, 2010) (SR-NYSEArca-2010-105) (notice
of filing and immediate effectiveness of proposed rule change
relating to calculation of net asset value by the iShares Gold Trust
(formerly the iShares COMEX Gold Trust)). See also Securities
Exchange Act Release No. 56041 (July 11, 2007), 72 FR 39114 (July
17, 2007) (SR-NYSEArca-2007-43) (order approving listing on the
Exchange of iShares COMEX Gold Trust). 51058 (January 19, 2005), 70
FR 3749 (January 26, 2005) (SR-Amex-2004-38) (order approving
listing of iShares COMEX Gold Trust on the American Stock Exchange
LLC).
\15\ See Securities Exchange Act Release No. 59895 (May 8,
2009), 74 FR 22993 (May 15, 2009) (SR-NYSEArca-2009-40) (notice of
filing and order granting accelerated approval of proposed rule
change relating to the listing and trading of shares of the ETFS
Gold Trust).
\16\ See Securities Exchange Act Release No. 62402 (June 29,
2010), 75 FR 39292 (July 8, 2010) (SR-NYSEArca-2010-56) (notice of
filing of proposed rule change to list and trade shares of the ETFS
Precious Metals Basket Trust); 62692 (August 11, 2010), 75 FR 50789
(August 17, 2010) (order approving proposed rule change to list and
trade shares of the ETFS Precious Metals Basket Trust).
\17\ See Securities Exchange Act Release No. 63267 (November 8,
2010), 75 FR 69494 (November 12, 2010) (notice of filing of proposed
rule change to list and trade shares of the ETFS Asian Gold Trust);
63464 (December 8, 2010), 75 FR 77926 (December 14, 2010) (SR-
NYSEArca-2010-95) (order granting accelerated approval of a proposed
rule change to list and trade shares of the ETFS Asian Gold Trust).
\18\ See Securities Exchange Act Release No. 71038 (December 11,
2013), 78 FR 76367 (December 17, 2013) (notice of filing of proposed
rule change to list and trade shares of the Merk Gold Trust) 71378
(January 23, 2014), 79 FR 4786 (January 29, 2014) (SR-NYSEArca-2013-
137) (order approving proposed rule change to list and trade shares
of the Merk Gold Trust).
\19\ See Securities Exchange Act Release Nos. 58457 (September
3, 2008), (73 FR 52711 (September 10, 2008) (SR-NYSEArca-2008-91)
(notice of filing and order granting accelerated approval of
proposed rule change regarding listing and trading of shares of 14
funds of the Commodities and Currency Trust, now ProShares Trust
II); 58162 (July 15, 2008), 73 FR 42391 (July 21, 2008) (SR-
NYSEArca-2008-73) (notice of filing and immediate effectiveness of
proposed rule change relating to trading of shares of 14 funds of
the Commodities and Currency Trust pursuant to unlisted trading
privileges). See also Securities Exchange Act Release Nos. 58161
(July 15, 2008), 73 FR 42380 (July 21, 2008) (SR-Amex-2008-39)
(order approving listing and trading on the American Stock Exchange
LLC of shares of 14 funds of the Commodities and Currency Trust);
57932 (June 5, 2008), 73 FR 33467 (June 12, 2008) (notice of
proposed rule change regarding listing and trading of shares of 14
funds of the Commodities and Currency Trust).
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With respect to the Gold Trusts, the net asset value of shares of
the respective trusts is based on the London Gold Fix, as described in
the applicable rule filings relating to listing and trading of shares
of each of the Gold Trusts and in the registration statement under the
1933 Act relating to each such trust.\20\ After March 19, 2015, the
London Gold Fix will no longer exist and it is, therefore, necessary
for the Gold Trusts to change the benchmark price that each such trust
uses for purposes of calculating the net asset value of such trust's
shares. The sponsors of the Gold Trusts have indicated that, as of
March 20, 2015, they intend to use the LBMA Gold Price for purposes of
determining the net asset value of shares of the Gold Trusts.
Accordingly, the Exchange proposes to change the benchmark price used
by the Gold Trusts for calculation of the net asset value of shares of
each of such trust.
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\20\ See supra, notes 13-19 [sic]. See also the registration
statement on Form S-3 under the 1933 Act for the SPDR[supreg] Gold
Trust dated April 26, 2012 (No. 333-180974); registration statement
on Form S-3 under the 1933 Act for the iShares Gold Trust, dated May
10, 2014 (No. 333-199257); Post-Effective Amendment No. 2 on Form S-
3 under the 1933 Act for the ETFS Precious Metals Basket Trust,
filed with the Commission on November 25, 2014 (No. 333-195675);
Registration Statement on Form S-3 ASR under the 1933 Act for the
ETFS Gold Trust, filed with the Commission on April 11, 2014 (No.
333-195204); Registration Statement on Form S-1 under the 1933 Act
for the ETFS Asian Gold Trust, filed with the Commission on May 12,
2014 (No. 333-195868); and Amendment No. 6 on Form S-1 under the
1933 Act for the Merk Gold Trust, dated May 13, 2014 (No. 333-
180868).
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With respect to the Gold Funds, the existing ``Underlying
Benchmark'' for each such fund is the U.S. dollar price of gold bullion
as measured by the London Gold Fix.\21\ The Gold Funds,

[[Page 15843]]

therefore, similarly need to change the Underlying Benchmark for each
such fund. The sponsor of the Gold Funds represents that it intends to
change the Underlying Benchmark for the Gold Funds to the LBMA Gold
Price as of March 20, 2015. Accordingly, the Exchange proposes to
reflect a change in the Underlying Benchmark applicable to the Gold
Funds.
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\21\ ProShares Ultra Gold seeks daily investment results, before
fees and expenses, that correspond to twice (200%) the daily
performance of the Underlying Benchmark. ProShares UltraShort Gold
seeks daily investment results, before fees and expenses that
correspond to twice the inverse (-200%) of the daily performance of
the Underlying Benchmark. See Securities Exchange Act Release No.
58161 (July 15, 2008), 73 FR 42380 (July 21, 2008) (SR-Amex-2008-39)
(order approving listing and trading of shares of fourteen funds of
the Commodities and Currency Trust); Securities Exchange Act Release
No. 58457 (September 3, 2008) (73 FR 52711) (September 10, 2008)
(SR-NYSEArca-2008-91) (notice of filing and order granting
accelerated approval of proposed rule change regarding listing and
trading of shares of 14 funds of ProShares Trust II). See also,
registration statement for ProShares Trust II on Form S-3 under the
1933 Act, filed with the Commission on October 28, 2014 (No. 333-
199641).
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The LBMA Gold Price benchmark is widely expected to be viewed as a
full and fair representation of all market interest at the conclusion
of the auction. IBA's electronic auction methodology is similar to the
non-electronic process previously used to establish the London Gold Fix
where the London Gold Fix process adjusted the gold price up or down
until all the buy and sell orders are matched (within the imbalance
threshold), at which time the price was declared fixed. Nevertheless,
the LBMA Gold Price has several advantages over the previous London
Gold Fix. IBA's auction process will be fully transparent in real time
to direct participants and sponsored clients and, at the close of each
auction, to the general public. The auction process also will be fully
auditable since an audit trail exists for every change made in the
process. Moreover, the audit trail and active surveillance of the
auction process by IBA, as well as FCA's oversight of IBA, will deter
manipulative and abusive conduct in establishing each day's LBMA Gold
Price.
The Exchange believes the new LBMA Gold Price benchmark will serve
as an appropriate replacement to the London Gold Fix for purposes of
determining the net asset value of shares of the Gold Trusts or as the
Underlying Benchmark applicable to the Gold Funds because of the
transparency of the auction process, the anticipated participation of
an increased number of market participants compared to the London Gold
Fix, and the auditability of the gold pricing mechanism.
In connection with this proposed rule change, (1) the sponsors of
the Gold Trusts will each issue a press release informing the public of
the date a trust will first use the LBMA Gold Price to value the gold
held by a trust; (2) the sponsor of the Gold Funds will issue a press
release informing the public of the date the Gold Funds will first use
the LBMA Gold Price as the basis for their respective Underlying
Benchmark; (3) the sponsors will each file the applicable press release
with the Commission by means of Form 8-K, which will be available on
the applicable Gold Trust's or Gold Fund's Web site; and (4) the
sponsors will each file an amendment to the applicable registration
statement relating to the proposed change.\22\
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\22\ The sponsors for the Gold Trusts and the Gold Funds
represent that they will manage the Gold Trusts and the Gold Funds
in the manner described in the applicable proposed rule change (see
supra, notes 13-19), and will not implement the changes described
herein until the instant proposed rule change is operative.
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The sponsors for the Gold Trusts and the Gold Funds represent that
there is no change to the investment objective of the applicable Gold
Trust or the Gold Funds from that described in the applicable proposed
rule change.\23\ The Gold Trusts and the Gold Funds will comply with
all initial and continued listing requirements with respect to NYSE
Arca Equities Rule 5.2(j)(5), 8.201 or 8.200, respectively.
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\23\ See supra, notes 13-19.
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Except for the changes noted above, all other facts presented and
representations made in the proposed rule changes referenced above
remain unchanged.
All terms referenced but not defined herein are defined in the
applicable proposed rule change referenced above.\24\
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\24\ See supra, notes 13-19.
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2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \25\ that an exchange have rules that
are designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
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\25\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the new
LBMA Gold Price benchmark will be based on an auction that is
electronic and auditable and is produced from tradeable volumes. The
Exchange believes the new LBMA Gold Price benchmark will serve as an
appropriate replacement to the London Gold Fix for purposes of
determining the net asset value of shares of the Gold Trusts or as the
Underlying Benchmark applicable to the Gold Funds because of the
transparency and auditability of the auction process, and the
prospective participation of an increased number of market participants
compared to the London Gold Fix. In addition, the LBMA Gold Price and
the transparency reports showing the prices, timings and total volumes
for each round will be available electronically instantly after the
conclusion of the auction, as described above.
The proposed change will permit the Gold Trusts and Gold Funds to
continue to function as gold-based exchange-traded products by
utilizing a new gold benchmark to replace the London Gold Fix, which is
not expected to be available after March 19, 2015, and that will
provide a sound and reasonable basis for calculation of net asset value
or will provide a suitable Underlying Benchmark, as applicable. Such
price will be widely disseminated by one or more major market data
vendors and/or exchanges. Prior to or following the effectiveness of
this proposed rule change, (1) the sponsors of the Gold Trusts will
each issue a press release informing the public of the date a trust
will first use the LBMA Gold Price to value the gold held by a trust;
(2) the sponsor of the Gold Funds will issue a press release informing
the public of the date the Gold Funds will first use the LBMA Gold
Price as the basis for their respective Underlying Benchmark; (3) the
sponsors of the Gold Trusts and Gold Funds will each file the
applicable press release with the Commission by means of Form 8-K,
which will be available on the applicable Gold Trust's or Gold Fund's
Web site; and (4) the sponsors of the Gold Trusts and Gold Funds will
each file an amendment to the applicable registration statement under
the 1933 Act relating to the proposed change. Such press releases and
registration statement amendments will protect investors and the public
interest by providing notification to investors of the new gold price
benchmark prior to the use of the LBMA Gold Price by the Gold Trusts
and Gold Funds. The sponsors for the Gold Trusts and Gold Funds
represent that there is no change to the investment objective of the
applicable trust or the Gold Funds from that described in the
applicable proposed rule change. The Gold Trusts and Gold Funds will
comply with all initial and continued listing requirements relating to
NYSE Arca Equities Rules 5.2(j)(5), 8.201 or 8.200, respectively.
Except for the changes noted above, all other facts presented and
representations made in proposed

[[Page 15844]]

rule changes referenced above remain unchanged.
The proposed rule change is designed to perfect the mechanism of a
free and open market price discovery process and, in general, to
protect investors and the public interest in that the gold auction will
be transparent, auditable, and operated by a regulated benchmark
administrator (IBA). The audit trail records every change made in the
process and IBA has regulatory obligations to run surveillance on the
activity in the process to deter and identify manipulative and abusive
conduct in establishing each day's LBMA Gold Price. The new LBMA Gold
Price, as administered by IBA, is designed to be a benchmark that meets
the needs of the market and regulators (including the IOSCO Principles
\26\). The Gold Trusts and Gold Funds will continue to be listed and
traded on the Exchange pursuant to the initial and continued listing
criteria relating to NYSE Arca Equities Rules 5.2(j)(5), 8.201 and
8.200, respectively. Except for the changes noted above, all other
facts presented and representations made in proposed rule changes
referenced above remain unchanged.\27\
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\26\ See supra, note 12.
\27\ See supra, notes 13-19.
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B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed change will
permit the Gold Trusts and Gold Funds to continue to function as gold-
based exchange-traded products by utilizing a new gold price benchmark
to replace the London Gold Fix, which will not be available after March
19, 2015, and that will provide a sound and reasonable basis for
calculation of net asset value or will provide a suitable Underlying
Benchmark, as applicable.

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

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

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

Because the proposed rule change does not (i) significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \28\ and Rule 19b-4(f)(6)
thereunder.\29\
---------------------------------------------------------------------------

\28\ 15 U.S.C. 78s(b)(3)(A).
\29\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission.
---------------------------------------------------------------------------

The Exchange has asked the Commission to waive the 30-day operative
delay so that the proposal may become operative immediately upon
filing. The Exchange states that the proposed change will provide
additional transparency to gold pricing compared to the previous London
Gold Fix for several reasons. The Exchange represents that IBA's
auction process will be fully transparent in real time to direct
participants and sponsored clients and, at the close of each auction,
to the general public. The Exchange represents that IBA's auction
process will be fully auditable because an audit trail exists of every
change that is made during the auction. Moreover, the Exchange states
that there will be active surveillance of the activity in the auction
process by IBA. The Exchange represents that the number of gold
participants that initially are expected to participate in the auction
process equals or exceeds the number of market participants currently
determining the London Gold Fix, and will contribute to the integrity
and reliability of the pricing process.
The Commission believes that waiver of the operative delay is
consistent with the protection of investors and the public interest.
Waiver of the operative delay will allow the Gold Trusts and the Gold
Funds, whose shares are actively traded, to use the LBMA Gold Price as
the basis for calculating the NAV or as an Underlying Benchmark, as
applicable, by March 20, 2015, thereby facilitating the transition to
the new price mechanism without disruption in trading. Therefore, the
Commission designates the proposed rule change to be operative upon
filing.\30\
---------------------------------------------------------------------------

\30\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \31\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

\31\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSEArca-2015-19 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2015-19. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing will also be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only

[[Page 15845]]

information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2015-19 and should be submitted
on or before April 15, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
---------------------------------------------------------------------------

\32\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-06719 Filed 3-24-15; 8:45 am]
BILLING CODE 8011-01-P

15840 Federal Register / Vol. 80, No. 57 / Wednesday, March 25, 2015 / Notices

The Exchange has asked the Internet Web site (http://www.sec.gov/ been prepared by the self-regulatory
Commission to waive the 30-day rules/sro.shtml). Copies of the organization. The Commission is
operative delay so that the proposal may submission, all subsequent publishing this notice to solicit
become operative immediately upon amendments, all written statements comments on the proposed rule change
filing. The Exchange stated that waiver with respect to the proposed rule from interested persons.
of this requirement will enable the change that are filed with the
Exchange to, as soon as possible, have Commission, and all written I. Self-Regulatory Organization’s
the ability to compete with option communications relating to the Statement of the Terms of Substance of
exchanges that have incorporated the proposed rule change between the the Proposed Rule Change
proposed rule change to their short term Commission and any person, other than The Exchange proposes to (1) to
option series programs. For this reason, those that may be withheld from the reflect a change to the value used by the
the Commission believes that the public in accordance with the SPDR® Gold Trust, which is currently
proposed rule change presents no novel provisions of 5 U.S.C. 552, will be listed on the Exchange under NYSE
issues and that waiver of the 30-day available for Web site viewing and Arca Equities Rule 5.2(j)(5); iShares
operative delay is consistent with the printing in the Commission’s Public Gold Trust, ETFS Gold Trust, ETFS
protection of investors and the public Reference Room, 100 F Street NE., Precious Metals Basket Trust, ETFS
interest. Therefore, the Commission Washington, DC 20549, on official Asian Gold Trust and Merk Gold Trust,
designates the proposed rule change to business days between the hours of each of which is currently listed on the
be operative upon filing.21 10:00 a.m. and 3:00 p.m. Copies of the Exchange under NYSE Arca Equities
At any time within 60 days of the filing also will be available for Rule 8.201, with respect to calculation
filing of the proposed rule change, the inspection and copying at the principal of the net asset value of shares of each
Commission summarily may office of the Exchange. All comments trust; and (2) to reflect a change to the
temporarily suspend such rule change if received will be posted without change; underlying benchmark for ProShares
it appears to the Commission that such the Commission does not edit personal Ultra Gold and ProShares UltraShort
action is necessary or appropriate in the identifying information from Gold, each of which is currently listed
public interest, for the protection of submissions. You should submit only on the Exchange under NYSE Arca
investors, or otherwise in furtherance of information that you wish to make Equities Rule 8.200. The text of the
the purposes of the Act. If the available publicly. All submissions proposed rule change is available on the
Commission takes such action, the should refer to File Number SR– Exchange’s Web site at www.nyse.com,
Commission shall institute proceedings NYSEARCA–2015–16 and should be at the principal office of the Exchange,
to determine whether the proposed rule submitted on or before April 15, 2015. and at the Commission’s Public
should be approved or disapproved. For the Commission, by the Division of Reference Room.
Trading and Markets, pursuant to delegated
IV. Solicitation of Comments II. Self-Regulatory Organization’s
authority.22
Interested persons are invited to Brent J. Fields,
Statement of the Purpose of, and
submit written data, views and Statutory Basis for, the Proposed Rule
Secretary.
arguments concerning the foregoing, Change
[FR Doc. 2015–06718 Filed 3–24–15; 8:45 am]
including whether the proposed rule In its filing with the Commission, the
BILLING CODE 8011–01–P
change is consistent with the Act. self-regulatory organization included
Comments may be submitted by any of statements concerning the purpose of,
the following methods: SECURITIES AND EXCHANGE and basis for, the proposed rule change
Electronic Comments COMMISSION and discussed any comments it received
on the proposed rule change. The text
• Use the Commission’s Internet [Release No. 34–74544; File No. SR–
of those statements may be examined at
comment form (http://www.sec.gov/ NYSEArca–2015–19]
the places specified in Item IV below.
rules/sro.shtml); or The Exchange has prepared summaries,
• Send an email to rule-comments@ Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and set forth in sections A, B, and C below,
sec.gov. Please include File Number SR–
Immediate Effectiveness of Proposed of the most significant parts of such
NYSEARCA–2015–16 on the subject
Rule Change Relating to the LBMA statements.
line.
Gold Price as a Replacement for the A. Self-Regulatory Organization’s
Paper Comments London Gold Fix for Certain Gold Statement of the Purpose of, and the
• Send paper comments in triplicate Related Exchange Traded Products Statutory Basis for, the Proposed Rule
to Secretary, Securities and Exchange March 19, 2015. Change
Commission, 100 F Street NE., Pursuant to Section 19(b)(1) 1 of the
Washington, DC 20549–1090. 1. Purpose
Securities Exchange Act of 1934 (the
All submissions should refer to File The Exchange proposes to amend the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Number SR–NYSEARCA–2015–16. This Exchange listing rules applicable to nine
notice is hereby given that, on March
file number should be included on the exchange-traded products, all of which
17, 2015, NYSE Arca, Inc. (the
subject line if email is used. To help the reference the ‘‘London Gold Fix’’, as
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
Commission process and review your described further below. The exchange-
the Securities and Exchange
comments more efficiently, please use traded products are listed and traded
rljohnson on DSK3VPTVN1PROD with NOTICES

Commission (the ‘‘Commission’’) the
only one method. The Commission will pursuant to NYSE Arca Equities Rule
proposed rule change as described in
post all comments on the Commission’s 5.2(j)(5) for the Equity Gold Shares;
Items I and II below, which Items have
NYSE Arca Equities Rules 8.201, for
21 For purposes only of waiving the 30-day
22 17 CFR 200.30–3(a)(12). Commodity-Based Trust Shares, and
operative delay, the Commission has also
considered the proposed rule’s impact on
1 15 U.S.C.78s(b)(1). NYSE Arca Equities Rule 8.200, for
efficiency, competition, and capital formation. See 2 15 U.S.C. 78a. Trust Issued Receipts. The proposed
15 U.S.C. 78c(f). 3 17 CFR 240.19b–4. change would replace references to the

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15842 Federal Register / Vol. 80, No. 57 / Wednesday, March 25, 2015 / Notices

infrastructure providers and the benchmark for one or more purposes. Funds’’), each of which is currently
administrator (i.e., IBA). 10 Through the The Exchange lists and trades shares of listed on the Exchange under NYSE
Oversight Committee, the LBMA will (1) the SPDR® Gold Trust,13 which is Arca Equities Rule 8.200.
continue to have significant currently listed on the Exchange under With respect to the Gold Trusts, the
involvement in the oversight of the NYSE Arca Equities Rule 5.2(j)(5); (2) net asset value of shares of the
auction process, including, among other iShares Gold Trust,14 ETFS Gold respective trusts is based on the London
matters, changes to the methodology Trust,15 ETFS Precious Metals Basket Gold Fix, as described in the applicable
and accreditation of direct Trust,16 ETFS Asian Gold Trust,17 and rule filings relating to listing and trading
participants.11 Merk Gold Trust,18 each of which is of shares of each of the Gold Trusts and
The price discovery process for the currently listed on the Exchange under in the registration statement under the
LBMA Gold Price will be subject to NYSE Arca Equities Rule 8.201 (together 1933 Act relating to each such trust.20
surveillance by IBA. IBA is compliant with the SPDR Gold Trust, the ‘‘Gold After March 19, 2015, the London Gold
with the UK benchmark regulation Trusts’’). In addition, the Exchange lists Fix will no longer exist and it is,
(MAR 8.3), regulated by the FCA, and and trades shares of the Ultra Gold therefore, necessary for the Gold Trusts
has been formally assessed against the ProShares and UltraShort Gold to change the benchmark price that each
IOSCO Principles for Financial ProShares 19 (together, the ‘‘Gold such trust uses for purposes of
Benchmarks (the ‘‘IOSCO calculating the net asset value of such
Principles’’).12 In order to meet the 13 See Securities Exchange Act Release Nos. trust’s shares. The sponsors of the Gold
50603 (October 28, 2004), 69 FR 64614 (November Trusts have indicated that, as of March
IOSCO Principles, the price discovery 5, 2004) (SR–NYSE–2004–22) (order approving
used for the LBMA Gold Price listing of shares of the streetTRACKS Gold Trust
20, 2015, they intend to use the LBMA
benchmark will be auditable and (now known as the SPDR® Gold Trust) on the New Gold Price for purposes of determining
transparent. York Stock Exchange); See Securities Exchange Act the net asset value of shares of the Gold
Release Nos. 51245 (February 23, 2005), 70 FR Trusts. Accordingly, the Exchange
Exchange-Listed Gold-Based Products 10731 (March 4, 2005) (SR–PCX–2004–117) (order
approving trading on the Exchange of shares of the proposes to change the benchmark price
The Exchange lists and trades shares streetTRACKS Gold Trust pursuant to unlisted used by the Gold Trusts for calculation
of exchange traded products that trading privileges); 56224 (August 8, 2007), 72 FR of the net asset value of shares of each
45850 (August 15, 2007) (SR–NYSEArca–2007–76) of such trust.
reference the London Gold Fix (order approving listing on the Exchange of shares
of the streetTRACKS Gold Trust).
With respect to the Gold Funds, the
10 The Oversight Committee is a key decision 14 See Securities Exchange Act Release No. 63398 existing ‘‘Underlying Benchmark’’ for
making forum, with market representation that (November 30, 2010), 75 FR 76056 (December 7, each such fund is the U.S. dollar price
includes participants, users and infrastructure 2010) (SR–NYSEArca–2010–105) (notice of filing of gold bullion as measured by the
providers. The Oversight Committee’s and immediate effectiveness of proposed rule
responsibilities include review of methodology and change relating to calculation of net asset value by
London Gold Fix.21 The Gold Funds,
process relating to the LBMA Gold Price; the iShares Gold Trust (formerly the iShares
implementation of a Code of Conduct applicable to COMEX Gold Trust)). See also Securities Exchange Commodities and Currency Trust, now ProShares
participants; expansion of membership; and Act Release No. 56041 (July 11, 2007), 72 FR 39114 Trust II); 58162 (July 15, 2008), 73 FR 42391 (July
surveillance oversight, among other functions. The (July 17, 2007) (SR–NYSEArca-2007–43) (order 21, 2008) (SR–NYSEArca–2008–73) (notice of filing
Oversight Committee’s structure and approving listing on the Exchange of iShares and immediate effectiveness of proposed rule
responsibilities is described in the Oversight COMEX Gold Trust). 51058 (January 19, 2005), 70 change relating to trading of shares of 14 funds of
Committee Terms of Reference, available on the IBA FR 3749 (January 26, 2005) (SR–Amex–2004–38) the Commodities and Currency Trust pursuant to
Web site. (order approving listing of iShares COMEX Gold unlisted trading privileges). See also Securities
11 The LBMA will continue to provide guidance Trust on the American Stock Exchange LLC). Exchange Act Release Nos. 58161 (July 15, 2008),
with respect to the LBMA Gold Price through the 15 See Securities Exchange Act Release No. 59895 73 FR 42380 (July 21, 2008) (SR–Amex–2008–39)
Oversight Committee, which will facilitate (May 8, 2009), 74 FR 22993 (May 15, 2009) (SR– (order approving listing and trading on the
communication among representatives of all market NYSEArca–2009–40) (notice of filing and order American Stock Exchange LLC of shares of 14 funds
participants to ensure the process continues to fulfil granting accelerated approval of proposed rule of the Commodities and Currency Trust); 57932
the needs of the market. The Oversight Committee change relating to the listing and trading of shares (June 5, 2008), 73 FR 33467 (June 12, 2008) (notice
is responsible for decisions that affect the evolution of the ETFS Gold Trust). of proposed rule change regarding listing and
of the process based on changes in the market and 16 See Securities Exchange Act Release No. 62402 trading of shares of 14 funds of the Commodities
regulatory environments. (June 29, 2010), 75 FR 39292 (July 8, 2010) (SR– and Currency Trust).
12 The IOSCO Principles are designed to enhance NYSEArca–2010–56) (notice of filing of proposed 20 See supra, notes 13–19 [sic]. See also the

the integrity, the reliability and the oversight of rule change to list and trade shares of the ETFS registration statement on Form S–3 under the 1933
benchmarks by establishing guidelines for Precious Metals Basket Trust); 62692 (August 11, Act for the SPDR® Gold Trust dated April 26, 2012
benchmark administrators and other relevant bodies 2010), 75 FR 50789 (August 17, 2010) (order (No. 333–180974); registration statement on Form
in the following areas: Governance: To protect the approving proposed rule change to list and trade S–3 under the 1933 Act for the iShares Gold Trust,
integrity of the benchmark determination process shares of the ETFS Precious Metals Basket Trust). dated May 10, 2014 (No. 333–199257); Post-
and to address conflicts of interest; Benchmark 17 See Securities Exchange Act Release No. 63267 Effective Amendment No. 2 on Form S–3 under the
quality: to promote the quality and integrity of (November 8, 2010), 75 FR 69494 (November 12, 1933 Act for the ETFS Precious Metals Basket Trust,
benchmark determinations through the application 2010) (notice of filing of proposed rule change to filed with the Commission on November 25, 2014
of design factors; Quality of the methodology: to list and trade shares of the ETFS Asian Gold Trust); (No. 333–195675); Registration Statement on Form
promote the quality and integrity of methodologies 63464 (December 8, 2010), 75 FR 77926 (December S–3 ASR under the 1933 Act for the ETFS Gold
by setting out minimum information that should be 14, 2010) (SR–NYSEArca–2010–95) (order granting Trust, filed with the Commission on April 11, 2014
addressed within a methodology. These principles accelerated approval of a proposed rule change to (No. 333–195204); Registration Statement on Form
also call for credible transition policies in case a list and trade shares of the ETFS Asian Gold Trust). S–1 under the 1933 Act for the ETFS Asian Gold
benchmark may cease to exist due to market 18 See Securities Exchange Act Release No. 71038 Trust, filed with the Commission on May 12, 2014
structure change. Accountability mechanisms: to (December 11, 2013), 78 FR 76367 (December 17, (No. 333–195868); and Amendment No. 6 on Form
establish complaints processes, documentation 2013) (notice of filing of proposed rule change to S–1 under the 1933 Act for the Merk Gold Trust,
requirements and audit reviews. The IOSCO list and trade shares of the Merk Gold Trust) 71378 dated May 13, 2014 (No. 333–180868).
Principles provide a framework of standards that (January 23, 2014), 79 FR 4786 (January 29, 2014) 21 ProShares Ultra Gold seeks daily investment
rljohnson on DSK3VPTVN1PROD with NOTICES

might be met in different ways, depending on the (SR–NYSEArca–2013–137) (order approving results, before fees and expenses, that correspond
specificities of each benchmark. In addition to a set proposed rule change to list and trade shares of the to twice (200%) the daily performance of the
of high level principles, the framework offers a Merk Gold Trust). Underlying Benchmark. ProShares UltraShort Gold
subset of more detailed principles for benchmarks 19 See Securities Exchange Act Release Nos. seeks daily investment results, before fees and
having specific risks arising from their reliance on 58457 (September 3, 2008), (73 FR 52711 expenses that correspond to twice the inverse (-
submissions and/or their ownership structure. For (September 10, 2008) (SR–NYSEArca–2008–91) 200%) of the daily performance of the Underlying
further information concerning the IOSCO (notice of filing and order granting accelerated Benchmark. See Securities Exchange Act Release
Principles, see http://www.iosco.org/library/ approval of proposed rule change regarding listing No. 58161 (July 15, 2008), 73 FR 42380 (July 21,
pubdocs/pdf/IOSCOPD415.pdf. and trading of shares of 14 funds of the 2008) (SR-Amex-2008–39) (order approving listing

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Document Created: 2018-02-21 09:48:58
Document Modified: 2018-02-21 09:48:58

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 15840