69060 Federal Register / Vol. 75, No. 217 / Wednesday, November 10, 2010 / Notices 

15See 75 FR 60411 (September 30, 2010). 

16 44 U.S.C. 3507(d). 

17 7 U.S.C. 19(a). 

Commodity-Based ETFs and a Concept 

Release (‘‘Precious Metal ETF 

Release’’).15 In the Precious Metal ETF 

Release, the Commission requested 

comment, in part, regarding whether it 

should issue a categorical Section 4(c) 

exemption to permit options and futures 

on shares of all or some precious metal 

commodity-based ETFs to be traded and 

cleared as options on securities and 

security futures, respectively. The 

comment period for the Precious Metal 

ETF Release expires on November 1, 

2010. 

The Commission proposes to use its 

authority under Section 4(c) of the CEA 

to exempt options on indexes that 

measure the volatility of shares of gold 

ETFs at this time while it continues to 

seek comments and consider the 

appropriateness of a categorical 

exemption with respect to options and 

futures on shares of precious metal 

commodity-based ETFs. The 

Commission believes that options on an 

index that measures commodity price 

volatility based on shares of such an 

ETF do not raise the same regulatory 

concerns that may be associated with 

options and futures on shares of an ETF 

that is based on the underlying 

commodity. In this regard, trading in 

options and futures on shares of a gold 

ETF could have a potential impact on 

the deliverable supply by removing 

physical gold from physical marketing 

channels, while an index based on 

volatility measures does not raise these 

concerns in that such an index does not 

involve ownership of the commodity, 

either directly or indirectly, by traders 

in options on such an index. 

Section 4(c)(3) of the CEA includes 

within the term ‘‘appropriate persons’’ a 

number of specified categories of 

persons, and also in subparagraph (K) 

thereof ‘‘such other persons that the 

Commission determines to be 

appropriate in light of * * * the 

applicability of appropriate regulatory 

protections.’’ National securities 

exchanges and securities clearing 

agencies, as well as their members who 

will intermediate Options on the GVZ 

Index and other options on indexes that 

measure the volatility of shares of gold 

ETFs as described herein, are subject to 

extensive and detailed regulation by the 

SEC under the ‘34 Act. 

III. Request for Comment 

The Commission requests comment 

on all aspects of the issues presented by 

this proposed order. 

IV. Related Matters 

A. Paperwork Reduction Act 

The Paperwork Reduction Act of 1995 

(‘‘PRA’’) 16 imposes certain requirements 

on Federal agencies (including the 

Commission) in connection with their 

conducting or sponsoring any collection 

of information as defined by the PRA. 

The proposed exemptive order would 

not, if approved, require a new 

collection of information from any 

entities that would be subject to the 

proposed order. 

B. Cost-Benefit Analysis 

Section 15(a) of the CEA 17 requires 

the Commission to consider the costs 

and benefits of its action before issuing 

an order under the CEA. By its terms, 

Section 15(a) does not require the 

Commission to quantify the costs and 

benefits of an order or to determine 

whether the benefits of the order 

outweigh its costs. Rather, Section 15(a) 

simply requires the Commission to 

‘‘consider the costs and benefits’’ of its 

action. 

Section 15(a) of the CEA further 

specifies that costs and benefits shall be 

evaluated in light of five broad areas of 

market and public concern: (1) 

Protection of market participants and 

the public; (2) efficiency, 

competitiveness, and financial integrity 

of futures markets; (3) price discovery; 

(4) sound risk management practices; 

and (5) other public interest 

considerations. The Commission may in 

its discretion give greater weight to any 

one of the five enumerated areas and 

could in its discretion determine that, 

notwithstanding its costs, a particular 

order is necessary or appropriate to 

protect the public interest or to 

effectuate any of the provisions or to 

accomplish any of the purposes of the 

CEA. 

The Commission has determined that 

the costs of this proposed order are not 

significant. Although the order would 

exempt the subject options from 

regulation under the CEA, market 

participants and the public will 

nonetheless be protected because the 

options, the markets on which they 

trade, and the intermediaries through 

which they will be traded will be 

subject to comprehensive regulation by 

the SEC. The Commission has 

determined that the benefits of the 

proposed order are substantial. The 

proposed order would promote 

efficiency in the markets, as it would 

provide certainty that the subject 

options will not be subject to 

duplicative regulation. 

After considering these factors, the 

Commission has determined to seek 

comment on the proposed order as 

discussed above. The Commission 

invites public comment on its 

application of the cost-benefit 

considerations. Commenters are also are 

invited to submit any data or other 

information that they may have 

quantifying or qualifying the costs and 

benefits of the proposal with their 

comment letters. 

Issued in Washington, DC, on November 4, 

2010 by the Commission. 

David A. Stawick, 

Secretary of the Commission. 

[FR Doc. 2010–28377 Filed 11–9–10; 8:45 am] 

BILLING CODE 6351–01–P 

DEPARTMENT OF DEFENSE 

Department of the Army 

Intent To Grant an Exclusive License 

for a U.S. Government-Owned 

Invention 

AGENCY: Department of the Army, DoD. 

ACTION: Notice. 

SUMMARY: In accordance with 35 U.S.C. 

209(e), and 37 CFR 404.7 (a)(1)(i) and 37 

CFR 404.7 (b)(1)(i), announcement is 

made of the intent to grant an exclusive, 

revocable license for the invention 

claimed in U.S. Patent Application No. 

12/670,250, entitled ‘‘Obstetrics 

Simulation and Training Method and 

System,’’ filed on January 22, 2010, and 

related foreign patent applications 

deriving from PCT/US2008/076725 to 

Gaumard Scientific Company, Inc., with 

its principal place of business at 14700 

SW 136 Street, Miami, FL 33196–5691. 

ADDRESSES: Commander, U.S. Army 

Medical Research and Materiel 

Command, ATTN: Command Judge 

Advocate, MCMR–JA, 504 Scott Street, 

Fort Detrick, Frederick, MD 21702– 

5012. 

FOR FURTHER INFORMATION CONTACT: For 

licensing issues, Dr. Paul Mele, Office of 

Research and Technology Applications 

(ORTA), (301) 619–6664. For patent 

issues, Ms. Elizabeth Arwine, Patent 

Attorney, (301) 619–7808, both at 

telefax (301) 619–5034. 

SUPPLEMENTARY INFORMATION: Anyone 

wishing to object to the grant of this 

license can file written objections along 

with supporting evidence, if any, within 

15 days from the date of this 

publication. Written objections are to be 


emcdonald on DSK2BSOYB1PROD with NOTICES
Federal Register / Vol. 75, No. 217 / Wednesday, November 10, 2010 / Notices 69061 

filed with the Command Judge Advocate 

(see ADDRESSES). 

Brenda S. Bowen, 

Army Federal Register Liaison Officer. 

[FR Doc. 2010–28343 Filed 11–9–10; 8:45 am] 

BILLING CODE 3710–08–P 

DEPARTMENT OF ENERGY 

Senior Executive Service; Performance 

Review Board 

AGENCY: U.S. Department of Energy. 

ACTION: SES Performance Review Board 

Standing Register. 

SUMMARY: This notice provides the 

Performance Review Board Standing 

Register for the Department of Energy. 

This listing supersedes all previously 

published lists of PRB members. 

DATES: These appointments are effective 

as of September 30, 2010. 

Adams, Vincent Nmn 

Allison, Jeffrey M 

Amaral, David M 

Anderson, Cynthia V 

Anderson, Margot H 

Aoki, Steven Nmn 

Ascanio, Xavier Nmn 

Baker, Kenneth E 

Barker Jr, William L 

Barwell, Owen F 

Battershell, Carol J 

Beamon, Joseph A 

Beard, Jeanne M 

Beard, Susan F 

Beaudry-Losique, Jacques A 

Beausoleil, Geoffrey L 

Bekkedahl, Larry N 

Bell, Melody C 

Berkowitz, Barry E 

Bieniawski, Andrew J 

Bishop, Clarence T 

Bishop, Tracey L 

Black, Richard L 

Black, Steven K 

Boardman, Karen L 

Bonilla, Sarah J 

Borgstrom, Carol M 

Borgstrom, Howard G 

Bosco, Paul Nmn 

Boulden Iii, John S 

Boyd, David O 

Boyd, Gerald G 

Boyko, Thomas R 

Boyle, William J 

Brese, Robert F 

Brewer, Stephanie J 

Brockman, David A 

Bromberg, Kenneth M 

Brott, Matthew J 

Brown Iii, Robert J 

Brown, Fred L 

Brown, Stephanie H 

Brown, Thomas E 

Bryan, Paul F 

Bryan, William N 

Burch, Linda C 

Burrows, Charles W 

Buttress, Larry D 

Buzzard, Christine M 

Cadieux, Gena E 

Callahan, Samuel N 

Campbell Ii, Hugh T 

Cannon, Scott C 

Carabetta, Ralph A 

Carosino, Robert M 

Cavanagh, James J 

Cerveny, Thelma J 

Chalk, Steven G 

Charboneau, Stacy L 

Check, Peter L 

Choi, Joanne Y 

Chung, Dae Y 

Clapper, Daniel R 

Clark, Diana D 

Clinton, Rita M 

Cohen, Daniel Nmn 

Collazo, Yvette T 

Como, Anthony J 

Connor, Michael A 

Conti, John J 

Cook, John S 

Corbin, Robert F 

Corey, Ray J 

Costlow, Brian D 

Craig Jr, Jackie R 

Crandall, David H 

Crawford, Glen D 

Crouther, Desi A 

Cugini, Anthony V 

Cutler, Thomas Russell 

Davenport, Shari T 

Davis, Kimberly A 

Davis, Patrick B 

De Vos, Erica Nmn 

Dearolph, Douglas J 

Decker, Anita J 

Dedik, Patricia Nmn 

Deeney, Christopher Nmn 

Dehaven, Darrel S 

Dehmer, Patricia M 

Dehoratiis Jr, Guido Nmn 

Delhotal, Katherine Casey 

Der, Victor K 

Diamond, Bruce M 

Dicapua, Marco S 

Difiglio, Carmen Nmn 

Dixon, Robert K 

Dowell, Jonathan A 

Duke Jr, Richard D 

Eckroade, William A 

Edwards Jr, Robert H 

Ehli, Cathy L 

Ekimoff, Lana Nmn 

Elkind, Jonathan H 

Ely, Lowell V 

Erhart, Steven C 

Eschenberg, John R 

Ferraro, Patrick M 

Flohr, Connie M 

Foley, Thomas C 

Franco Jr., Jose R 

Franklin, Rita R 

Frantz, David G 

Fremont, Douglas E 

Fresco, Mary Ann E 

Furstenau, Raymond V 

Fygi, Eric J 

Garcia, Donald J 

Gasperow, Lesley A 

Geernaert, Gerald L 

Geiser, David W 

Gelles, Christine M 

Gendron, Mark O 

Gerrard, John E 

Gibbs, Robert C 

Gibson Jr, William C 

Gilbertson, Mark A 

Gillo, Jehanne E 

Gist, Walter J 

Golan, Paul M 

Goldsmith, Robert Nmn 

Golub, Sal Joseph 

Goodrum, William S 

Goodwin, Karl E 

Gordon, Theanne E 

Greenaugh, Kevin C 

Greenwood, Johnnie D 

Gruenspecht, Howard K 

Guevara, Arnold E 

Guevara, Karen C 

Hale, Andrew M 

Hallman, Timothy J 

Handschy, Mark A 

Handwerker, Alan I 

Hannigan, James J 

Hardwick Jr, Raymond J 

Harms, Timothy C 

Harrell, Jeffrey P 

Harrington, Paul G 

Harris, Robert J 

Harvey, Stephen J 

Held, Edward B 

Henderson Iii, Clyde H 

Henneberger, Karen O 

Henneberger, Mark W 

Henry, Eugene A 

Herrera, C Robert D 

Hine, Scott E 

Hintze, Douglas E 

Hoffman, Dennis J 

Hogan, Kathleen B 

Holecek, Mark L 

Holland, Michael D 

Holland, Michael J 

Holland, Wendolyn S 

Hollrith, James W 

Horton, Linda L 

Howard, Michael F 

Huffer, Warren L 

Huizenga, David G 

Hunteman, William J 

Jenkins, Amelia F 

Johns, Christopher S 

Johnson, David F 

Johnson, Kristina M 

Johnson, Robert Shane 

Johnson, Sandra L 

Jonas, David S 

Jones, Gregory A 

Jones, Marcus E 

Jones, Wayne Nmn 

Juarez, Liova D 


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