77680 Federal Register / Vol. 75, No. 238 / Monday, December 13, 2010 / Notices 

PCAST members prior to the meeting 

for their consideration. Information 

regarding how to submit comments and 

documents to PCAST is available at 

http://whitehouse.gov/ostp/pcast in the 

section entitled ‘‘Connect with PCAST.’’ 

Please note that because PCAST 

operates under the provisions of FACA, 

all public comments and/or 

presentations will be treated as public 

documents and will be made available 

for public inspection, including being 

posted on the PCAST Web site. 

FOR FURTHER INFORMATION CONTACT: 

Information regarding the meeting 

agenda, time, location, and how to 

register for the meeting is available on 

the PCAST Web site at: http:// 

whitehouse.gov/ostp/pcast. A live video 

webcast and an archive of the webcast 

after the event is expected to be 

available at http://whitehouse.gov/ostp/ 

pcast. The archived video will be 

available within one week of the 

meeting. Questions about the meeting 

should be directed to Dr. Deborah D. 

Stine, PCAST Executive Director, at 

dstine@ostp.eop.gov, (202) 456–6006. 

Please note that public seating for this 

meeting is limited and is available on a 

first-come, first-served basis. 

SUPPLEMENTARY INFORMATION: The 

President’s Council of Advisors on 

Science and Technology (PCAST) is an 

advisory group of the nation’s leading 

scientists and engineers who directly 

advise the President. See the Executive 

Order at http://www.whitehouse.gov/ 

ostp/pcast. PCAST makes policy 

recommendations in the many areas 

where understanding of science, 

technology, and innovation is key to 

strengthening our economy and forming 

policy that works for the American 

people. PCAST is administered by the 

Office of Science and Technology Policy 

(OSTP). PCAST is co-chaired by Dr. 

John P. Holdren, Assistant to the 

President for Science and Technology, 

and Director, Office of Science and 

Technology Policy, Executive Office of 

the President, The White House; and Dr. 

Eric S. Lander, President, Broad 

Institute of MIT and Harvard. 

Meeting Accommodations: 

Individuals requiring special 

accommodation to access this public 

meeting should contact Dr. Stine at least 

ten business days prior to the meeting 

so that appropriate arrangements can be 

made. 

Ted Wackler, 

Deputy Chief of Staff. 

[FR Doc. 2010–31229 Filed 12–10–10; 8:45 am] 

BILLING CODE P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold a Closed Meeting 

on Thursday, December 16, 2010 at 2 

p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), (8), 9(B) and 

(10) and 17 CFR 200.402(a)(3), (5), (7), 

(8), 9(ii) and (10), permit consideration 

of the scheduled matters at the Closed 

Meeting. 

Commissioner Walter, as duty officer, 

voted to consider the items listed for the 

Closed Meeting in a closed session. 

The subject matter of the Closed 

Meeting scheduled for Thursday, 

December 16, 2010 will be: 

Institution and settlement of injunctive 

actions; 

Institution and settlement of administrative 

proceedings; 

Regulatory matters regarding financial 

institutions; and 

Other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact: The Office of the Secretary at 

(202) 551–5400. 

Dated: December 9, 2010. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–31393 Filed 12–9–10; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold an Open Meeting 

on December 15, 2010 at 10 a.m., in the 

Auditorium, Room L–002. 

The subject matters of the Open 

Meeting will be: 

ITEM 1: The Commission will consider 

whether to propose rule 3Cg-1 under the 

Exchange Act governing the exception 

to mandatory clearing of security-based 

swaps under Section 763(a) of the DoddFrank Wall Street Reform and Consumer 

Protection Act, which is available to 

counterparties meeting certain 

conditions. The Commission will also 

consider related matters, including the 

exemption for banks, savings 

associations, farm credit system 

institutions and credit unions 

contemplated by Section 763(a). 

ITEM 2: The Commission will consider 

whether to propose rule and form 

amendments to establish a process for 

the submission for review of securitybased swaps for mandatory clearing 

under Section 763(a) of the Dodd-Frank 

Wall Street Reform and Consumer 

Protection Act and for the filing of 

changes to rules, procedures or 

operations in accordance with Section 

806(e) of Dodd-Frank Wall Street 

Reform and Consumer Protection Act by 

clearing agencies that are designated 

financial market utilities. The 

Commission also will consider whether 

to propose a new rule to establish a 

procedure by which the Commission 

may stay the mandatory clearing 

requirement. In addition, the 

Commission will consider whether to 

propose a new rule concerning the 

submission to a clearing agency of a 

security-based swap for clearing. 

ITEM 3: The Commission will consider 

whether to propose rules regarding 

disclosure and reporting obligations 

with respect to the use of conflict 

minerals to implement the requirements 

of Section 1502 of the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act. 

ITEM 4: The Commission will consider 

whether to propose rules regarding 

disclosure and reporting obligations 

with respect to mine safety matters to 

implement the requirements of Section 

1503 of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act. 

ITEM 5: The Commission will consider 

whether to propose rules regarding 

disclosure and reporting obligations 

with respect to payments to 

governments made by resource 

extraction issuers to implement the 

requirements of Section 1504 of the 

Dodd-Frank Wall Street Reform and 

Consumer Protection Act. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 


wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
Federal Register / Vol. 75, No. 238 / Monday, December 13, 2010 / Notices 77681 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4A 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) (‘‘1940 Act’’) organized as an 

open-end investment company or similar entity that 

invests in a portfolio of securities selected by its 

investment advisor 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. 

5The Commission has previously approved the 

listing and trading on the Exchange of other actively 

managed funds under Rule 8.600. See, e.g., 

Securities Exchange Act Release Nos. 57801 (May 

8, 2008), 73 FR 27878 (May 14, 2008) (SR– 

NYSEArca–2008–31) (order approving Exchange 

listing and trading of twelve actively-managed 

funds of the WisdomTree Trust); 60460 (August 7, 

2009) (SR–NYSEArca–2009–55) (order approving 

Exchange listing and trading of AdvisorShares Dent 

Tactical ETF); 61842 (April 5, 2010–10), 75 FR 

18554 (April 12, 2010) (SR–NYSEArca–2010–10) 

(order approving listing of Mars Hill Global Relative 

Value ETF). 

6The Trust is registered under the 1940 Act. On 

September 22, 2010, the Trust filed with the 

Commission Post-Effective Amendment No. 12 to 

Form N–1A under the Securities Act of 1933 (15 

U.S.C. 77a), and under the 1940 Act relating to the 

Fund (File Nos. 333–157876 and 811–22110) (the 

‘‘Registration Statement’’). The Trust has also filed 

an Amended Application for an Order under 

Section 6(c) of the 1940 Act for exemptions from 

various provisions of the 1940 Act and rules 

thereunder (File No. 812–13677 dated May 28, 

2010) (‘‘Exemptive Application’’). The description of 

the operation of the Trust and the Fund herein is 

based on the Registration Statement. 

7An investment adviser to an open-end fund is 

required to be registered under the Investment 

Advisers Act of 1940 (the ‘‘Advisers Act’’). As a 

result, the Adviser and Sub-adviser are subject to 

the provisions of Rule 204A–1 under the Advisers 

Act relating to codes of ethics. This Rule requires 

investment advisers to adopt a code of ethics that 

reflects the fiduciary nature of the relationship to 

clients as well as compliance with other applicable 

securities laws. Accordingly, procedures designed 

to prevent the communication and misuse of nonpublic information by an investment adviser must 

be consistent with Rule 204A–1 under the Advisers 

Act. 

8With respect to the Fund, the Exchange 

represents that the Advisor, as the investment 

advisor of the Fund, as well as the Sub-Advisor to 

the Fund and their related personnel, are subject to 

Investment Advisers Act Rule 204A–1. This Rule 

specifically requires the adoption of a code of ethics 

by an investment advisor to include, at a minimum: 

(i) Standards of business conduct that reflect the 

firm’s/personnel fiduciary obligations; (ii) 

provisions requiring supervised persons to comply 

with applicable Federal securities laws; (iii) 

provisions that require all access persons to report, 

and the firm to review, their personal securities 

transactions and holdings periodically as 

specifically set forth in Rule 204A–1; (iv) provisions 

requiring supervised persons to report any 

violations of the code of ethics promptly to the 

chief compliance officer (‘‘CCO’’) or, provided the 

CCO also receives reports of all violations, to other 

persons designated in the code of ethics; and (v) 

provisions requiring the investment advisor to 

provide each of the supervised persons with a copy 

of the code of ethics with an acknowledgement by 

said supervised persons. In addition, Rule 206(4)– 

7 under the Advisers Act makes it unlawful for an 

investment advisor to provide investment advice to 

clients unless such investment advisor has (i) 

adopted and implemented written policies and 

procedures reasonably designed to prevent 

violation, by the investment advisor and its 

supervised persons, of the Advisers Act and the 

Commission rules adopted thereunder; (ii) 

implemented, at a minimum, an annual review 

Continued 

added, deleted or postponed, please 

contact: 

The Office of the Secretary at (202) 

551–5400. 

Dated: December 8, 2010. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–31291 Filed 12–9–10; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63447; File No. SR– 

NYSEArca–2010–107] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing Relating to 

Listing and Trading of AdvisorShares 

Active Bear ETF Under NYSE Arca 

Equities Rule 8.600 

December 7, 2010. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on 

November 23, 2010, 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 Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to list and 

trade the following under NYSE Arca 

Equities Rule 8.600 (‘‘Managed Fund 

Shares’’): AdvisorShares Active Bear 

ETF. The text of the proposed rule 

change is available at the Exchange, the 

Commission’s Public Reference Room, 

and http://www.nyse.com. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to list and 

trade the following Managed Fund 

Shares 4 (‘‘Shares’’) under NYSE Arca 

Equities Rule 8.600: AdvisorShares 

Active Bear ETF (the ‘‘Fund’’).5 The 

Shares will be 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 advisor to the Fund is 

AdvisorShares Investments, LLC (the 

‘‘Advisor’’). Ranger Alternative 

Management, L.P. (‘‘Ranger’’) is the subadvisor (‘‘Sub-Advisor’’) to the Fund and 

the portfolio manager. Foreside Fund 

Services LLC (‘‘Distributor’’) is the 

distributor for the Fund. The Bank of 

New York Mellon Corporation 

(‘‘Administrator’’) is the administrator, 

custodian, transfer agent and fund 

accounting agent for the Fund. 

Commentary .06 to Rule 8.600 

provides that, if the investment adviser 

to the Investment Company issuing 

Managed Fund Shares is affiliated with 

a broker-dealer, such investment adviser 

shall erect a ‘‘fire wall’’ between the 

investment adviser and the brokerdealer with respect to access to 

information concerning the composition 

and/or changes to such Investment 

Company portfolio. In addition, 

Commentary .06 further requires that 

personnel who make decisions on the 

open-end fund’s portfolio composition 

must be subject to procedures designed 

to prevent the use and dissemination of 

material nonpublic information 

regarding the open-end fund’s 

portfolio.7 Commentary .06 to Rule 

8.600 is similar to Commentary .03(a)(i) 

and (iii) to NYSE Arca Equities Rule 

5.2(j)(3); however, Commentary .06 in 

connection with the establishment of a 

‘‘fire wall’’ between the investment 

adviser and the broker-dealer reflects 

the applicable open-end fund’s 

portfolio, not an underlying benchmark 

index, as is the case with index-based 

funds. Neither the Advisor nor the SubAdvisor is affiliated with a brokerdealer.8 In the event the Advisor or SubVerDate Mar<15>2010 15:42 Dec 10, 2010 Jkt 223001 PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 E:\FR\FM\13DEN1.SGM 13DEN1

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