80_FR_32295 80 FR 32187 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Representation Regarding Investment in Certain Mortgage-Related Securities by the AdvisorShares Sage Core Reserves ETF

80 FR 32187 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Representation Regarding Investment in Certain Mortgage-Related Securities by the AdvisorShares Sage Core Reserves ETF

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 108 (June 5, 2015)

Page Range32187-32190
FR Document2015-13723

Federal Register, Volume 80 Issue 108 (Friday, June 5, 2015) 
[Federal Register Volume 80, Number 108 (Friday, June 5, 2015)]
[Notices]
[Pages 32187-32190]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-13723]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75087; File No. SR-NYSEArca-2015-46]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Relating to a 
Representation Regarding Investment in Certain Mortgage-Related 
Securities by the AdvisorShares Sage Core Reserves ETF

June 1, 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 May 27, 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 change a representation regarding 
investment in certain mortgage-related securities by the AdvisorShares 
Sage Core Reserves ETF. Shares of the AdvisorShares Sage Core Reserves 
ETF have been approved for listing and trading on the Exchange under 
NYSE Arca Equities Rule 8.600. 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 Commission has approved a proposed rule change relating to 
listing and trading on the Exchange of shares (``Shares'') of the 
AdvisorShares Sage Core Reserves ETF (the ``Fund'') under NYSE Arca 
Equities Rule 8.600,\4\ which governs the listing and trading of 
Managed Fund Shares.\5\ The Fund's Shares are currently listed and 
traded on the Exchange under NYSE Arca Equities Rule 8.600.
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    \4\ See Securities Exchange Act Release No. 71263 (January 9, 
2014), 79 FR 2715 (January 15, 2014) (SR-NYSEArca-2013-121) (the 
``Prior Order''). The notice with respect to the Prior Order was 
published in Securities Exchange Act Release No. 70902 (November 19, 
2013), 78 FR 70370 (November 25, 2013) (``Prior Notice'' and, 
together with the Prior Order, the ``Prior Release'').
    \5\ A Managed Fund Share is a security that represents an 
interest in an investment company registered under the Investment 
Company Act of 1940 (15 U.S.C. 80a-1) (``1940 Act'') organized as an 
open-end investment company or similar entity that invests in a 
portfolio of securities selected by its investment adviser 
consistent with its investment objectives and policies. In contrast, 
an open-end investment company that issues Investment Company Units, 
listed and traded on the Exchange under NYSE Arca Equities Rule 
5.2(j)(3), seeks to provide investment results that correspond 
generally to the price and yield performance of a specific foreign 
or domestic stock index, fixed income securities index or 
combination thereof.
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    The Shares are offered by AdvisorShares Trust (the ``Trust''), a 
statutory trust organized under the laws of the State of Delaware and 
registered with the Commission as an open-end management investment 
company.\6\ The investment adviser to the Fund is AdvisorShares 
Investments, LLC (the ``Adviser''). Sage Advisory Services Ltd. Co. 
(``Sub-Adviser'') is the Fund's sub-adviser and provides day-to-day 
portfolio management of the Fund.
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    \6\ The Trust is registered under the 1940 Act. On August 13, 
2013, the Trust filed with the Commission an amendment to its 
registration statement on Form N-1A under the Securities Act of 1933 
(15 U.S.C. 77a) (``Securities Act''), and under the 1940 Act 
relating to the Fund (File Nos. 333-157876 and 811-22110) 
(``Registration Statement''). The description of the operation of 
the Trust and the Fund herein is based, in part, on the Registration 
Statement. In addition, the Commission has issued an order granting 
certain exemptive relief to the Trust under the 1940 Act. See 
Investment Company Act Release No. 29291 (May 28, 2010) (File No. 
812-13677) (``Exemptive Order'').
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    According to the Registration Statement, the Fund will seek to 
preserve capital while maximizing income. Under normal market 
conditions, the Sub-Adviser will seek to achieve the Fund's investment 
objective by investing at least 80% of the Fund's net assets in a 
variety of fixed income securities issued by U.S. and foreign issuers. 
Such fixed income securities will be U.S. dollar-denominated investment 
grade debt securities rated Baa or higher by Moody's Investors Service, 
Inc. (``Moody's''), or equivalently rated by Standard & Poor's Ratings 
Services (``S&P'') or Fitch, Inc. (``Fitch''), or, if unrated, 
determined by the Sub-Adviser to be of comparable quality.\7\ The Fund 
may retain a security if its rating falls below investment grade and 
the Sub-Adviser determines that retention of the security is in the 
Fund's best interest. The Exchange notes that the Fund's investment 
portfolio of fixed income securities will meet certain criteria for 
index-based, fixed income exchange-traded funds (``ETFs'') contained in 
NYSE Arca Equities Rule 5.2(j)(3), Commentary .02.\8\
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    \7\ See note 9 of the Prior Notice.
    \8\ See note 10 of the Prior Notice.
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    The Fund may invest, among other securities and financial 
instruments, in

[[Page 32188]]

mortgage-related securities and asset-backed securities (``ABSs''). 
Mortgage-related securities are interests in pools of residential or 
commercial mortgage loans, including mortgage loans made by savings and 
loan institutions, mortgage bankers, commercial banks, and others. 
Pools of mortgage loans are assembled as securities for sale to 
investors by various governmental, government-related and private 
organizations. The Fund also may invest in debt securities which are 
secured with collateral consisting of mortgage related securities. 
Interests in pools of mortgage-related securities differ from other 
forms of debt securities, which normally provide for periodic payment 
of interest in fixed amounts with principal payments at maturity or 
specified call dates. Instead, these securities provide a monthly 
payment which consists of both interest and principal payments.
    The Prior Release stated that the Fund may invest up to 10% of its 
net assets in privately issued (non-government sponsored entity 
(``GSE'')) mortgage-related securities, including commercial mortgage-
backed securities, collateralized mortgage obligations (``CMOs''), and 
adjustable rate mortgage backed securities (``ARMBSs'') (the ``10% 
Representation''). The Prior Release further stated that the Fund will 
not purchase mortgage-related securities (including non-GSE mortgage-
related securities) or any other assets which in the Sub-Adviser's 
opinion are illiquid if, as a result, more than 15% of the Fund's net 
assets will be invested in illiquid securities.\9\
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    \9\ As stated in the Prior Release, the Sub-Adviser seeks to 
manage the portion of the Fund's assets committed to privately 
issued mortgage-related securities in a manner consistent with the 
Fund's investment objective, policies and overall portfolio risk 
profile. In determining whether and how much to invest in privately 
issued mortgage-related securities, and how to allocate those 
assets, the Sub-Adviser considers a number of factors. These 
include, but are not limited to: (1) The nature of the borrowers 
(e.g., residential vs. commercial); (2) the collateral loan type 
(e.g., for residential: First Lien--Jumbo/Prime, First Lien--Alt-A, 
First Lien--Subprime, First Lien--Pay-Option or Second Lien; for 
commercial: Conduit, Large Loan or Single Asset/Single Borrower); 
and (3) in the case of residential loans, whether they are fixed 
rate or adjustable mortgages. Each of these criteria can cause 
privately issued mortgage-related securities to have differing 
primary economic characteristics and distinguishable risk factors 
and performance characteristics.
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    The Exchange has notified the Fund that it currently is not in 
compliance with the 10% Representation.\10\ In order to permit the 
continued listing and trading of Shares of the Fund, the Exchange 
proposes to amend such statement in the Prior Release to provide that 
the Fund may invest up to 20% of its net assets in privately issued 
(non-GSE) mortgage-related securities, including commercial mortgage-
backed securities, CMOs, and adjustable rate mortgage backed 
securities.
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    \10\ The Trust issued a press release, dated March 24, 2015, 
relating to the non-compliance. The Exchange also has added a 
``below compliance'' (``.BC'') indicator to the Fund's trading 
symbol.
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    The Adviser represents that an increase to 20% in Fund assets that 
may be invested in the mortgage-related instruments enumerated above 
will provide the Fund with added flexibility to invest in instruments 
in furtherance of the Fund's investment objective. In addition, such 
increase will permit the Fund to invest in such instruments consistent 
with investment parameters approved by the Commission for other 
actively-managed ETFs. The Exchange notes that the Commission has 
previously approved similar percentage limitations for other funds 
listed on the Exchange under NYSE Arca Equities Rule 8.600.\11\
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    \11\ See, e.g., Securities Exchange Act Release No. 71125 
(December 18, 2013), 78 FR 77743 (December 24, 2013) (SR-NYSEArca-
2013-106) (order approving listing and trading on the Exchange of 
shares of the PIMCO Diversified Income Exchange-Traded Fund and the 
PIMCO Low Duration Exchange-Traded Fund).
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    Except for the change described above, all other representations 
made in the Prior Release remain unchanged.\12\ The Fund will comply 
with all initial and continued listing requirements under NYSE Arca 
Equities Rule 8.600.
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    \12\ See notes 4 and 9, supra. All terms referenced but not 
defined herein are defined in the Prior Release.
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    The Exchange represents that the trading in the Shares will be 
subject to the existing trading surveillances, administered by the 
Financial Industry Regulatory Authority (``FINRA'') on behalf of the 
Exchange, which are designed to detect violations of Exchange rules and 
applicable federal securities laws.\13\ The Exchange represents that 
these procedures are adequate to properly monitor Exchange trading of 
the Shares in all trading sessions and to deter and detect violations 
of Exchange rules and federal securities laws applicable to trading on 
the Exchange. FINRA, on behalf of the Exchange, will communicate as 
needed regarding trading in the Shares and exchange-listed equity 
securities (including ADRs) with other markets and other entities that 
are members of the ISG, and FINRA, on behalf of the Exchange, may 
obtain trading information regarding trading in the Shares and 
exchange-listed equity securities (including ADRs) from such markets 
and other entities. The Exchange may obtain information regarding 
trading in the Shares and exchange-listed equity securities (including 
ADRs) from markets and other entities that are members of ISG or with 
which the Exchange has in place a comprehensive surveillance sharing 
agreement.\14\ In addition, as stated in the Prior Release, investors 
have ready access to information regarding the Fund's holdings, the 
Portfolio Indicative Value, the Disclosed Portfolio, and quotation and 
last sale information for the Shares.
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    \13\ FINRA surveils trading on the Exchange pursuant to a 
regulatory services agreement. The Exchange is responsible for 
FINRA's performance under this regulatory services agreement.
    \14\ For a list of the current members of ISG, see 
www.isgportal.org. The Exchange notes that not all of the components 
of the portfolio for the Fund may trade on exchanges that are 
members of the ISG or with which the Exchange has in place a 
comprehensive surveillance sharing agreement.
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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) \15\ 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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    \15\ 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 
Shares are listed and traded on the Exchange pursuant to the initial 
and continued listing criteria in NYSE Arca Equities Rule 8.600.
    The Adviser represents that an increase to 20% in Fund assets that 
may be invested in the mortgage-related instruments enumerated above 
will provide the Fund with added flexibility to invest in instruments 
in furtherance of the Fund's investment objective. In addition, such 
increase will permit the Fund to invest in such instruments consistent 
with investment parameters approved by the Commission for other 
actively-managed ETFs. The Commission has previously approved similar 
percentage limitations for other funds listed on the Exchange under 
NYSE Arca Equities Rule 8.600.\16\ The Exchange has in place 
surveillance procedures that are adequate to properly monitor trading 
in the Shares in all trading sessions and to deter and detect 
violations of Exchange rules and applicable federal securities laws. 
The Exchange may obtain information via the ISG from other exchanges 
that are

[[Page 32189]]

members of ISG or with which the Exchange has entered into a 
comprehensive surveillance sharing agreement. FINRA, on behalf of the 
Exchange, will communicate as needed regarding trading in the Shares, 
underlying exchange-traded equity securities (including, without 
limitation, ETFs, equity-related financial instruments and other 
exchange-traded products, REITs and mortgage-related securities), 
futures, options on futures, and exchange-traded options with other 
markets and other entities that are members of the ISG, and FINRA, on 
behalf of the Exchange, may obtain trading information regarding 
trading in the Shares, underlying exchange-traded equity securities, 
futures, options on futures, and exchange-traded options from such 
markets and other entities. In addition, the Exchange may obtain 
information regarding trading in the Shares, underlying exchange-traded 
equity securities (including, without limitation, ETFs, equity-related 
financial instruments and other exchange-traded products, REITs and 
mortgage-related securities), futures, options on futures, and 
exchange-traded options from markets and other entities that are 
members of ISG or with which the Exchange has in place a comprehensive 
surveillance sharing agreement.\17\ In addition, FINRA, on behalf of 
the Exchange, is able to access, as needed, trade information for 
certain fixed income securities held by the Fund reported to FINRA's 
Trade Reporting and Compliance Engine (``TRACE'').
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    \16\ See note 11, supra.
    \17\ For a list of the current members of ISG, see 
www.isgportal.org. The Exchange notes that not all components of the 
Disclosed Portfolio for the Fund may trade on markets that are 
members of ISG or with which the Exchange has in place a 
comprehensive surveillance sharing agreement.
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    The proposed rule change is designed to promote just and equitable 
principles of trade and to protect investors and the public interest in 
that the net asset value (``NAV'') per Share is calculated daily and 
that the NAV and the Disclosed Portfolio is made available to all 
market participants at the same time. In addition, a large amount of 
information is publicly available regarding the Fund and the Shares, 
thereby promoting market transparency. The Portfolio Indicative Value, 
as defined in NYSE Arca Equities Rule 8.600(c)(3), is disseminated by 
one or more major market data vendors at least every 15 seconds during 
the Exchange's Core Trading Session. On a daily basis, the Fund's Web 
site discloses for each portfolio security and other financial 
instrument of the Fund the following information: Ticker symbol (if 
applicable); name and, when available, the individual identifier 
(CUSIP) of the security and/or financial instrument; number of shares 
(if applicable) and dollar value of securities and financial 
instruments held in the portfolio; and percentage weighting of the 
security and financial instrument in the portfolio. Information 
regarding market price and trading volume of the Shares is continually 
available on a real-time basis throughout the day on brokers' computer 
screens and other electronic services. Information regarding the 
previous day's closing price and trading volume information for the 
Shares is published daily in the financial section of newspapers. 
Quotation and last-sale information for the Shares and U.S. exchange-
listed equity securities, including ETFs, ETNs, exchange-traded pooled 
vehicles, ADRs, equity-related financial instruments and other 
exchange-traded products, REITs and mortgage-related securities, is 
available via the Consolidated Tape Association high-speed line, and is 
available from the national securities exchange on which they are 
listed. Information regarding unsponsored ADRs is available from major 
market data vendors. Intra-day and closing price information relating 
to the fixed income and equities investments of the Fund, as well as 
Fund investments in spot currencies and derivatives, including futures, 
forwards, options, options on futures and swaps, is available from 
major market data vendors and from securities and futures exchanges, as 
applicable. Information relating to U.S. exchange-listed options is 
available via the Options Price Reporting Authority. In addition, the 
Portfolio Indicative Value, as defined in NYSE Arca Equities Rule 
8.600(c)(3), is widely disseminated at least every 15 seconds during 
the Core Trading Session by one or more major market data vendors. 
Trading in Shares of the Fund will be halted if the circuit breaker 
parameters in NYSE Arca Equities Rule 7.12 have been reached or because 
of market conditions or for reasons that, in the view of the Exchange, 
make trading in the Shares inadvisable. Trading in the Shares is 
subject to NYSE Arca Equities Rule 8.600(d)(2)(D), which sets forth 
circumstances under which Shares of the Fund may be halted. The Web 
site for the Fund includes a form of the prospectus for the Fund and 
additional data relating to NAV and other applicable quantitative 
information. In addition, as stated in the Prior Notice, investors have 
ready access to information regarding the Fund's holdings, the 
Portfolio Indicative Value, the Disclosed Portfolio, and quotation and 
last sale information for the Shares.
    The proposed rule change is designed to perfect the mechanism of a 
free and open market and, in general, to protect investors and the 
public interest. As noted above, the Exchange represents that the 
trading in the Shares is subject to the existing trading surveillances, 
administered by FINRA on behalf of the Exchange, which are designed to 
detect violations of Exchange rules and applicable federal securities 
laws. The Exchange represents that these procedures are adequate to 
properly monitor Exchange trading of the Shares in all trading sessions 
and to deter and detect violations of Exchange rules and federal 
securities laws applicable to trading on the Exchange. In addition, as 
stated in the Prior Release, investors have ready access to information 
regarding the Fund's holdings, the Portfolio Indicative Value, the 
Disclosed Portfolio, and quotation and last sale information for the 
Shares. The Adviser represents that the proposed change, as described 
above, is consistent with the Fund's investment objective, and will 
further assist the Adviser and Sub-Adviser to achieve such investment 
objective.

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 purpose of the Act. The Exchange believes the 
proposed rule change is designed to allow the Fund to invest in a 
broader range of mortgage-related securities thereby helping the Fund 
to achieve its investment objective, and will enhance competition among 
issues of Managed Fund Shares that invest in fixed income securities.

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 foregoing 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, if

[[Page 32190]]

consistent with the protection of investors and the public interest, 
the proposed rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \18\ and Rule 19b-4(f)(6) thereunder.\19\
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    \18\ 15 U.S.C. 78s(b)(3)(A).
    \19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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 satisfied this requirement.
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission 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 to determine whether 
the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NYSEArca-2015-46 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2015-46. 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 information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSEArca-2015-46 and should 
be submitted on or before June 26, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-13723 Filed 6-4-15; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 108 / Friday, June 5, 2015 / Notices 32187 consider the Request pertaining to the (the ‘‘Commission’’) the proposed rule Shares are currently listed and traded proposed Priority Mail Contract 124 change as described in Items I and II on the Exchange under NYSE Arca product and the related contract, below, which Items have been prepared Equities Rule 8.600. respectively. by the self-regulatory organization. The The Shares are offered by The Commission invites comments on Commission is publishing this notice to AdvisorShares Trust (the ‘‘Trust’’), a whether the Postal Service’s filings in solicit comments on the proposed rule statutory trust organized under the laws the captioned dockets are consistent change from interested persons. of the State of Delaware and registered with the policies of 39 U.S.C. 3632, with the Commission as an open-end I. Self-Regulatory Organization’s 3633, or 3642, 39 CFR part 3015, and 39 management investment company.6 The Statement of the Terms of Substance of CFR part 3020, subpart B. Comments are investment adviser to the Fund is the Proposed Rule Change due no later than June 8, 2015. The AdvisorShares Investments, LLC (the public portions of these filings can be The Exchange proposes to change a ‘‘Adviser’’). Sage Advisory Services Ltd. accessed via the Commission’s Web site representation regarding investment in Co. (‘‘Sub-Adviser’’) is the Fund’s sub- (http://www.prc.gov). certain mortgage-related securities by adviser and provides day-to-day The Commission appoints Kenneth R. the AdvisorShares Sage Core Reserves portfolio management of the Fund. Moeller to serve as Public ETF. Shares of the AdvisorShares Sage According to the Registration Representative in these dockets. Core Reserves ETF have been approved Statement, the Fund will seek to for listing and trading on the Exchange preserve capital while maximizing III. Ordering Paragraphs under NYSE Arca Equities Rule 8.600. income. Under normal market It is ordered: The text of the proposed rule change is conditions, the Sub-Adviser will seek to 1. The Commission establishes Docket available on the Exchange’s Web site at achieve the Fund’s investment objective Nos. MC2015–53 and CP2015–81 to www.nyse.com, at the principal office of by investing at least 80% of the Fund’s consider the matters raised in each the Exchange, and at the Commission’s net assets in a variety of fixed income docket. Public Reference Room. securities issued by U.S. and foreign 2. Pursuant to 39 U.S.C. 505, Kenneth issuers. Such fixed income securities II. Self-Regulatory Organization’s R. Moeller is appointed to serve as an will be U.S. dollar-denominated Statement of the Purpose of, and officer of the Commission to represent investment grade debt securities rated Statutory Basis for, the Proposed Rule the interests of the general public in Baa or higher by Moody’s Investors Change these proceedings (Public Service, Inc. (‘‘Moody’s’’), or Representative). In its filing with the Commission, the equivalently rated by Standard & Poor’s 3. Comments are due no later than self-regulatory organization included Ratings Services (‘‘S&P’’) or Fitch, Inc. June 8, 2015. statements concerning the purpose of, (‘‘Fitch’’), or, if unrated, determined by 4. The Secretary shall arrange for and basis for, the proposed rule change the Sub-Adviser to be of comparable publication of this order in the Federal and discussed any comments it received quality.7 The Fund may retain a security Register. on the proposed rule change. The text if its rating falls below investment grade of those statements may be examined at and the Sub-Adviser determines that By the Commission. the places specified in Item IV below. retention of the security is in the Fund’s Shoshana M. Grove, The Exchange has prepared summaries, best interest. The Exchange notes that Secretary. set forth in sections A, B, and C below, [FR Doc. 2015–13751 Filed 6–4–15; 8:45 am] the Fund’s investment portfolio of fixed of the most significant parts of such income securities will meet certain BILLING CODE 7710–FW–P statements. criteria for index-based, fixed income A. Self-Regulatory Organization’s exchange-traded funds (‘‘ETFs’’) Statement of the Purpose of, and the contained in NYSE Arca Equities Rule SECURITIES AND EXCHANGE 5.2(j)(3), Commentary .02.8 Statutory Basis for, the Proposed Rule COMMISSION The Fund may invest, among other Change [Release No. 34–75087; File No. SR– securities and financial instruments, in NYSEArca–2015–46] 1. Purpose The Commission has approved a investment objectives and policies. In contrast, an Self-Regulatory Organizations; NYSE proposed rule change relating to listing open-end investment company that issues Arca, Inc.; Notice of Filing and Investment Company Units, listed and traded on and trading on the Exchange of shares the Exchange under NYSE Arca Equities Rule Immediate Effectiveness of Proposed (‘‘Shares’’) of the AdvisorShares Sage 5.2(j)(3), seeks to provide investment results that Rule Change Relating to a Core Reserves ETF (the ‘‘Fund’’) under correspond generally to the price and yield Representation Regarding Investment NYSE Arca Equities Rule 8.600,4 which performance of a specific foreign or domestic stock in Certain Mortgage-Related Securities index, fixed income securities index or combination governs the listing and trading of thereof. by the AdvisorShares Sage Core Managed Fund Shares.5 The Fund’s 6 The Trust is registered under the 1940 Act. On Reserves ETF August 13, 2013, the Trust filed with the 4 See Securities Exchange Act Release No. 71263 Commission an amendment to its registration June 1, 2015. (January 9, 2014), 79 FR 2715 (January 15, 2014) statement on Form N–1A under the Securities Act Pursuant to Section 19(b)(1) 1 of the (SR–NYSEArca–2013–121) (the ‘‘Prior Order’’). The of 1933 (15 U.S.C. 77a) (‘‘Securities Act’’), and Securities Exchange Act of 1934 (the notice with respect to the Prior Order was under the 1940 Act relating to the Fund (File Nos. published in Securities Exchange Act Release No. 333–157876 and 811–22110) (‘‘Registration asabaliauskas on DSK5VPTVN1PROD with NOTICES ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 70902 (November 19, 2013), 78 FR 70370 Statement’’). The description of the operation of the notice is hereby given that, on May 27, (November 25, 2013) (‘‘Prior Notice’’ and, together Trust and the Fund herein is based, in part, on the 2015, NYSE Arca, Inc. (the ‘‘Exchange’’ with the Prior Order, the ‘‘Prior Release’’). Registration Statement. In addition, the or ‘‘NYSE Arca’’) filed with the 5 A Managed Fund Share is a security that Commission has issued an order granting certain represents an interest in an investment company exemptive relief to the Trust under the 1940 Act. Securities and Exchange Commission See Investment Company Act Release No. 29291 registered under the Investment Company Act of 1940 (15 U.S.C. 80a–1) (‘‘1940 Act’’) organized as (May 28, 2010) (File No. 812–13677) (‘‘Exemptive 1 15 U.S.C. 78s(b)(1). Order’’). an open-end investment company or similar entity 2 15 U.S.C. 78a. 7 See note 9 of the Prior Notice. that invests in a portfolio of securities selected by 3 17 CFR 240.19b–4. its investment adviser consistent with its 8 See note 10 of the Prior Notice. VerDate Sep<11>2014 18:31 Jun 04, 2015 Jkt 235001 PO 00000 Frm 00106 Fmt 4703 Sfmt 4703 E:\FR\FM\05JNN1.SGM 05JNN1

32188 Federal Register / Vol. 80, No. 108 / Friday, June 5, 2015 / Notices mortgage-related securities and asset- Exchange proposes to amend such securities (including ADRs) from such backed securities (‘‘ABSs’’). Mortgage- statement in the Prior Release to provide markets and other entities. The related securities are interests in pools that the Fund may invest up to 20% of Exchange may obtain information of residential or commercial mortgage its net assets in privately issued (non- regarding trading in the Shares and loans, including mortgage loans made GSE) mortgage-related securities, exchange-listed equity securities by savings and loan institutions, including commercial mortgage-backed (including ADRs) from markets and mortgage bankers, commercial banks, securities, CMOs, and adjustable rate other entities that are members of ISG or and others. Pools of mortgage loans are mortgage backed securities. with which the Exchange has in place assembled as securities for sale to The Adviser represents that an a comprehensive surveillance sharing investors by various governmental, increase to 20% in Fund assets that may agreement.14 In addition, as stated in the government-related and private be invested in the mortgage-related Prior Release, investors have ready organizations. The Fund also may invest instruments enumerated above will access to information regarding the in debt securities which are secured provide the Fund with added flexibility Fund’s holdings, the Portfolio Indicative with collateral consisting of mortgage to invest in instruments in furtherance Value, the Disclosed Portfolio, and related securities. Interests in pools of of the Fund’s investment objective. In quotation and last sale information for mortgage-related securities differ from addition, such increase will permit the the Shares. other forms of debt securities, which Fund to invest in such instruments 2. Statutory Basis normally provide for periodic payment consistent with investment parameters of interest in fixed amounts with approved by the Commission for other The basis under the Act for this principal payments at maturity or actively-managed ETFs. The Exchange proposed rule change is the requirement specified call dates. Instead, these notes that the Commission has under Section 6(b)(5) 15 that an securities provide a monthly payment previously approved similar percentage exchange have rules that are designed to which consists of both interest and limitations for other funds listed on the prevent fraudulent and manipulative principal payments. Exchange under NYSE Arca Equities acts and practices, to promote just and The Prior Release stated that the Fund Rule 8.600.11 equitable principles of trade, to remove may invest up to 10% of its net assets Except for the change described impediments to, and perfect the in privately issued (non-government above, all other representations made in mechanism of a free and open market sponsored entity (‘‘GSE’’)) mortgage- the Prior Release remain unchanged.12 and, in general, to protect investors and related securities, including commercial The Fund will comply with all initial the public interest. mortgage-backed securities, and continued listing requirements The Exchange believes that the collateralized mortgage obligations under NYSE Arca Equities Rule 8.600. proposed rule change is designed to (‘‘CMOs’’), and adjustable rate mortgage The Exchange represents that the prevent fraudulent and manipulative backed securities (‘‘ARMBSs’’) (the trading in the Shares will be subject to acts and practices in that the Shares are ‘‘10% Representation’’). The Prior the existing trading surveillances, listed and traded on the Exchange Release further stated that the Fund will administered by the Financial Industry pursuant to the initial and continued not purchase mortgage-related securities Regulatory Authority (‘‘FINRA’’) on listing criteria in NYSE Arca Equities (including non-GSE mortgage-related behalf of the Exchange, which are Rule 8.600. securities) or any other assets which in designed to detect violations of The Adviser represents that an the Sub-Adviser’s opinion are illiquid if, Exchange rules and applicable federal increase to 20% in Fund assets that may as a result, more than 15% of the Fund’s securities laws.13 The Exchange be invested in the mortgage-related net assets will be invested in illiquid represents that these procedures are instruments enumerated above will securities.9 adequate to properly monitor Exchange provide the Fund with added flexibility The Exchange has notified the Fund trading of the Shares in all trading to invest in instruments in furtherance that it currently is not in compliance sessions and to deter and detect of the Fund’s investment objective. In with the 10% Representation.10 In order violations of Exchange rules and federal addition, such increase will permit the to permit the continued listing and securities laws applicable to trading on Fund to invest in such instruments trading of Shares of the Fund, the the Exchange. FINRA, on behalf of the consistent with investment parameters Exchange, will communicate as needed approved by the Commission for other 9 As stated in the Prior Release, the Sub-Adviser regarding trading in the Shares and actively-managed ETFs. The seeks to manage the portion of the Fund’s assets Commission has previously approved committed to privately issued mortgage-related exchange-listed equity securities securities in a manner consistent with the Fund’s (including ADRs) with other markets similar percentage limitations for other investment objective, policies and overall portfolio and other entities that are members of funds listed on the Exchange under risk profile. In determining whether and how much NYSE Arca Equities Rule 8.600.16 The to invest in privately issued mortgage-related the ISG, and FINRA, on behalf of the securities, and how to allocate those assets, the Sub- Exchange, may obtain trading Exchange has in place surveillance Adviser considers a number of factors. These information regarding trading in the procedures that are adequate to properly include, but are not limited to: (1) The nature of the Shares and exchange-listed equity monitor trading in the Shares in all borrowers (e.g., residential vs. commercial); (2) the trading sessions and to deter and detect collateral loan type (e.g., for residential: First Lien— Jumbo/Prime, First Lien—Alt-A, First Lien— 11 See, e.g., Securities Exchange Act Release No. violations of Exchange rules and Subprime, First Lien—Pay-Option or Second Lien; 71125 (December 18, 2013), 78 FR 77743 (December applicable federal securities laws. The for commercial: Conduit, Large Loan or Single 24, 2013) (SR–NYSEArca–2013–106) (order Exchange may obtain information via approving listing and trading on the Exchange of asabaliauskas on DSK5VPTVN1PROD with NOTICES Asset/Single Borrower); and (3) in the case of the ISG from other exchanges that are residential loans, whether they are fixed rate or shares of the PIMCO Diversified Income Exchange- adjustable mortgages. Each of these criteria can Traded Fund and the PIMCO Low Duration cause privately issued mortgage-related securities to Exchange-Traded Fund). 14 For a list of the current members of ISG, see have differing primary economic characteristics and 12 See notes 4 and 9, supra. All terms referenced www.isgportal.org. The Exchange notes that not all distinguishable risk factors and performance but not defined herein are defined in the Prior of the components of the portfolio for the Fund may characteristics. Release. trade on exchanges that are members of the ISG or 10 The Trust issued a press release, dated March 13 FINRA surveils trading on the Exchange with which the Exchange has in place a 24, 2015, relating to the non-compliance. The pursuant to a regulatory services agreement. The comprehensive surveillance sharing agreement. 15 15 U.S.C. 78f(b)(5). Exchange also has added a ‘‘below compliance’’ Exchange is responsible for FINRA’s performance (‘‘.BC’’) indicator to the Fund’s trading symbol. under this regulatory services agreement. 16 See note 11, supra. VerDate Sep<11>2014 18:31 Jun 04, 2015 Jkt 235001 PO 00000 Frm 00107 Fmt 4703 Sfmt 4703 E:\FR\FM\05JNN1.SGM 05JNN1

Federal Register / Vol. 80, No. 108 / Friday, June 5, 2015 / Notices 32189 members of ISG or with which the information: Ticker symbol (if holdings, the Portfolio Indicative Value, Exchange has entered into a applicable); name and, when available, the Disclosed Portfolio, and quotation comprehensive surveillance sharing the individual identifier (CUSIP) of the and last sale information for the Shares. agreement. FINRA, on behalf of the security and/or financial instrument; The proposed rule change is designed Exchange, will communicate as needed number of shares (if applicable) and to perfect the mechanism of a free and regarding trading in the Shares, dollar value of securities and financial open market and, in general, to protect underlying exchange-traded equity instruments held in the portfolio; and investors and the public interest. As securities (including, without percentage weighting of the security and noted above, the Exchange represents limitation, ETFs, equity-related financial instrument in the portfolio. that the trading in the Shares is subject financial instruments and other Information regarding market price and to the existing trading surveillances, exchange-traded products, REITs and trading volume of the Shares is administered by FINRA on behalf of the mortgage-related securities), futures, continually available on a real-time Exchange, which are designed to detect options on futures, and exchange-traded basis throughout the day on brokers’ violations of Exchange rules and options with other markets and other computer screens and other electronic applicable federal securities laws. The entities that are members of the ISG, and services. Information regarding the Exchange represents that these FINRA, on behalf of the Exchange, may previous day’s closing price and trading procedures are adequate to properly obtain trading information regarding volume information for the Shares is monitor Exchange trading of the Shares trading in the Shares, underlying published daily in the financial section in all trading sessions and to deter and exchange-traded equity securities, of newspapers. Quotation and last-sale detect violations of Exchange rules and futures, options on futures, and information for the Shares and U.S. federal securities laws applicable to exchange-traded options from such exchange-listed equity securities, trading on the Exchange. In addition, as markets and other entities. In addition, including ETFs, ETNs, exchange-traded stated in the Prior Release, investors the Exchange may obtain information pooled vehicles, ADRs, equity-related have ready access to information regarding trading in the Shares, financial instruments and other regarding the Fund’s holdings, the underlying exchange-traded equity exchange-traded products, REITs and Portfolio Indicative Value, the Disclosed securities (including, without mortgage-related securities, is available Portfolio, and quotation and last sale limitation, ETFs, equity-related information for the Shares. The Adviser via the Consolidated Tape Association financial instruments and other represents that the proposed change, as high-speed line, and is available from exchange-traded products, REITs and described above, is consistent with the the national securities exchange on mortgage-related securities), futures, Fund’s investment objective, and will which they are listed. Information options on futures, and exchange-traded further assist the Adviser and Sub- regarding unsponsored ADRs is options from markets and other entities Adviser to achieve such investment available from major market data that are members of ISG or with which objective. vendors. Intra-day and closing price the Exchange has in place a information relating to the fixed income B. Self-Regulatory Organization’s comprehensive surveillance sharing and equities investments of the Fund, as Statement on Burden on Competition agreement.17 In addition, FINRA, on behalf of the Exchange, is able to access, well as Fund investments in spot The Exchange does not believe that as needed, trade information for certain currencies and derivatives, including the proposed rule change will impose fixed income securities held by the futures, forwards, options, options on any burden on competition that is not Fund reported to FINRA’s Trade futures and swaps, is available from necessary or appropriate in furtherance Reporting and Compliance Engine major market data vendors and from of the purpose of the Act. The Exchange (‘‘TRACE’’). securities and futures exchanges, as believes the proposed rule change is The proposed rule change is designed applicable. Information relating to U.S. designed to allow the Fund to invest in to promote just and equitable principles exchange-listed options is available via a broader range of mortgage-related of trade and to protect investors and the the Options Price Reporting Authority. securities thereby helping the Fund to public interest in that the net asset value In addition, the Portfolio Indicative achieve its investment objective, and (‘‘NAV’’) per Share is calculated daily Value, as defined in NYSE Arca Equities will enhance competition among issues and that the NAV and the Disclosed Rule 8.600(c)(3), is widely disseminated of Managed Fund Shares that invest in Portfolio is made available to all market at least every 15 seconds during the fixed income securities. participants at the same time. In Core Trading Session by one or more addition, a large amount of information major market data vendors. Trading in C. Self-Regulatory Organization’s is publicly available regarding the Fund Shares of the Fund will be halted if the Statement on Comments on the and the Shares, thereby promoting circuit breaker parameters in NYSE Arca Proposed Rule Change Received From market transparency. The Portfolio Equities Rule 7.12 have been reached or Members, Participants, or Others Indicative Value, as defined in NYSE because of market conditions or for No written comments were solicited Arca Equities Rule 8.600(c)(3), is reasons that, in the view of the or received with respect to the proposed disseminated by one or more major Exchange, make trading in the Shares rule change. market data vendors at least every 15 inadvisable. Trading in the Shares is subject to NYSE Arca Equities Rule III. Date of Effectiveness of the seconds during the Exchange’s Core 8.600(d)(2)(D), which sets forth Proposed Rule Change and Timing for Trading Session. On a daily basis, the circumstances under which Shares of Commission Action asabaliauskas on DSK5VPTVN1PROD with NOTICES Fund’s Web site discloses for each portfolio security and other financial the Fund may be halted. The Web site Because the foregoing proposed rule instrument of the Fund the following for the Fund includes a form of the change does not: (i) Significantly affect prospectus for the Fund and additional the protection of investors or the public 17 For a list of the current members of ISG, see data relating to NAV and other interest; (ii) impose any significant www.isgportal.org. The Exchange notes that not all applicable quantitative information. In burden on competition; and (iii) become components of the Disclosed Portfolio for the Fund may trade on markets that are members of ISG or addition, as stated in the Prior Notice, operative for 30 days from the date on with which the Exchange has in place a investors have ready access to which it was filed, or such shorter time comprehensive surveillance sharing agreement. information regarding the Fund’s as the Commission may designate, if VerDate Sep<11>2014 18:31 Jun 04, 2015 Jkt 235001 PO 00000 Frm 00108 Fmt 4703 Sfmt 4703 E:\FR\FM\05JNN1.SGM 05JNN1

32190 Federal Register / Vol. 80, No. 108 / Friday, June 5, 2015 / Notices consistent with the protection of those that may be withheld from the Exchange’s fees pursuant to this investors and the public interest, the public in accordance with the proposal are effective upon filing. proposed rule change has become provisions of 5 U.S.C. 552, will be The text of the proposed rule change effective pursuant to Section 19(b)(3)(A) available for Web site viewing and is available at the Exchange’s Web site of the Act 18 and Rule 19b–4(f)(6) printing in the Commission’s Public at www.batstrading.com, at the thereunder.19 Reference Room, 100 F Street NE., principal office of the Exchange, and at At any time within 60 days of the Washington, DC 20549, on official the Commission’s Public Reference filing of the proposed rule change, the business days between the hours of Room. Commission may temporarily suspend 10:00 a.m. and 3:00 p.m. Copies of such such rule change if it appears to the filing will also be available for II. Self-Regulatory Organization’s Commission that such action is inspection and copying at the principal Statement of the Purpose of, and necessary or appropriate in the public office of the Exchange. All comments Statutory Basis for, the Proposed Rule interest, for the protection of investors, received will be posted without change; Change or otherwise in furtherance of the the Commission does not edit personal In its filing with the Commission, the purposes of the Act. If the Commission identifying information from Exchange included statements takes such action, the Commission shall submissions. You should submit only concerning the purpose of and basis for institute proceedings to determine information that you wish to make the proposed rule change and discussed whether the proposed rule should be available publicly. All submissions any comments it received on the approved or disapproved. should refer to File Number SR– proposed rule change. The text of these NYSEArca–2015–46 and should be statements may be examined at the IV. Solicitation of Comments submitted on or before June 26, 2015. places specified in Item IV below. The Interested persons are invited to For the Commission, by the Division of Exchange has prepared summaries, set submit written data, views, and Trading and Markets, pursuant to delegated forth in Sections A, B, and C below, of arguments concerning the foregoing, authority.20 the most significant parts of such including whether the proposed rule Brent J. Fields, statements. change is consistent with the Act. Secretary. Comments may be submitted by any of A. Self-Regulatory Organization’s [FR Doc. 2015–13723 Filed 6–4–15; 8:45 am] the following methods: Statement of the Purpose of, and BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule Electronic Comments Change • Use the Commission’s Internet SECURITIES AND EXCHANGE 1. Purpose comment form (http://www.sec.gov/ COMMISSION rules/sro.shtml); or On August 30, 2011, the Exchange • Send an email to rule-comments@ [Release No. 34–75085; File No. SR–BATS– received approval of rules applicable to sec.gov. Please include File Number SR– 2015–39] the qualification, listing, and delisting NYSEArca–2015–46 on the subject line. of companies on the Exchange,3 which Self-Regulatory Organizations; BATS it modified on February 8, 2012 in order Paper Comments Exchange, Inc.; Notice of Filing and to adopt pricing for the listing of Immediate Effectiveness of a Proposed • Send paper comments in triplicate exchange traded products (‘‘ETPs’’) 4 on Rule To Amend Fees Applicable to the Exchange,5 which it subsequently to Secretary, Securities and Exchange Securities Listed on BATS Exchange, modified again on June 4, 2014.6 On Commission, 100 F Street NE., Inc. Pursuant to BATS Rule 14.13 Washington, DC 20549–1090. October 16, 2014, the Exchange All submissions should refer to File June 1, 2015. modified Rule 14.13, entitled ‘‘Company Number SR–NYSEArca–2015–46. This Pursuant to Section 19(b)(1) of the Listing Fees’’ to eliminate the annual file number should be included on the Securities Exchange Act of 1934 (the fees for ETPs that are not participating subject line if email is used. To help the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 in the competitive liquidity provider Commission process and review your notice is hereby given that on May 22, program under Interpretation and Policy comments more efficiently, please use 2015, BATS Exchange, Inc. (the .02 to Rule 11.8, but did not eliminate only one method. The Commission will ‘‘Exchange’’ or ‘‘BATS’’) filed with the the $5,000 application fee for ETPs.7 post all comments on the Commission’s Securities and Exchange Commission The Exchange is now proposing to Internet Web site (http://www.sec.gov/ (‘‘Commission’’) the proposed rule eliminate the $5,000 application fee for rules/sro.shtml). Copies of the change as described in Items I, II, and all ETPs, which would eliminate all submission, all subsequent III, below, which Items have been compulsory fees for both new ETP amendments, all written statements prepared by the Exchange. The issues and transfer listings in ETPs on with respect to the proposed rule Commission is publishing this notice to the Exchange. change that are filed with the solicit comments on the proposed rule Commission, and all written change from interested persons. 3 See Securities Exchange Act Release No. 65225 (August 30, 2011) 76 FR 55148 (September 6, 2011) communications relating to the I. Self-Regulatory Organization’s (SR–BATS–2011–018). proposed rule change between the Statement of the Terms of Substance of 4 As defined in BATS Rule 11.8(e)(1)(A), the term Commission and any person, other than the Proposed Rule Change ‘‘ETP’’ means any security listed pursuant to asabaliauskas on DSK5VPTVN1PROD with NOTICES Exchange Rule 14.11. 18 15 U.S.C. 78s(b)(3)(A). The Exchange filed a proposal to 5 See Securities Exchange Act Release No. 66422 19 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– amend the fees applicable to securities (February 17, 2012) 77 FR 11179 (February 24, 4(f)(6) requires a self-regulatory organization to give listed on the Exchange pursuant to 2012) (SR–BATS–2012–010). 6 See Securities Exchange Act Release No. 72377 the Commission written notice of its intent to file BATS Rule 14.13. Changes to the the proposed rule change at least five business days (June 12, 2014) 79 FR 34822 (June 18, 2014) (SR– prior to the date of filing of the proposed rule BATS–2014–024). 20 17 CFR 200.30–3(a)(12). change, or such shorter time as designated by the 7 See Securities Exchange Act Release No. 73414 1 15 U.S.C. 78s(b)(1). Commission. The Exchange has satisfied this (October 23, 2014) 79 FR 64434 (October 29, 2014) requirement. 2 17 CFR 240.19b–4. (SR–BATS–2014–050). VerDate Sep<11>2014 18:31 Jun 04, 2015 Jkt 235001 PO 00000 Frm 00109 Fmt 4703 Sfmt 4703 E:\FR\FM\05JNN1.SGM 05JNN1


Document Created: 2015-12-15 15:21:01
Document Modified: 2015-12-15 15:21:01
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 32187 
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