Federal Register / Vol. 77, No. 186 / Tuesday, September 25, 2012 / Notices 59033 

16 15 U.S.C. 78f. 

17 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

formation. See 15 U.S.C. 78c(f). 

18 15 U.S.C. 78f(b)(5). 

19See supra notes 4 and 9. 

20 15 U.S.C. 78s(b)(2). 

21 17 CFR 200.30–3(a)(12). 

periods of time greater than one day 

typically will not be a leveraged 

multiple (+200%), the inverse (–100%), 

or a leveraged inverse multiple (–200%) 

of the period return of the applicable 

benchmark and may differ significantly 

from these multiples. The Exchange’s 

Information Circular, as well as the 

applicable registration statement, will 

provide information regarding the 

suitability of an investment in such 

securities. 

III. Discussion and Commission’s 

Findings 

The Commission has carefully 

reviewed the proposed rule change and 

finds that it is consistent with the 

requirements of Section 6 of the Act 16

and the rules and regulations 

thereunder applicable to a national 

securities exchange.17 In particular, the 

Commission finds that the proposal is 

consistent with Section 6(b)(5) of the 

Act,18 which requires, among other 

things, that the Exchange’s rules be 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, to 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. 

The Commission notes that the 

proposal is narrowly tailored to conform 

BATS’s listing criteria for Index Fund 

Shares to the analogous criteria of 

another national securities exchange.19

The Commission notes that it has 

previously approved the same criteria in 

question and believes that BATS’s 

proposal will benefit investors by 

increasing competition among markets 

listing and trading exchange-traded 

funds, to the benefit of investors and 

other market participants. 

In addition, the Commission notes the 

following with respect to Index Fund 

Shares listed and traded under 

Exchange Rule 14.11(c), as proposed to 

be amended: 

(1) Prior to the commencement of 

trading, the Exchange will inform 

Members in an Information Circular of 

the special characteristics, risks, and 

other information associated with 

trading Index Fund Shares; 

(2) The Exchange represents that 

Index Fund Shares are deemed to be 

equity securities and, as such, trading in 

Index Fund Shares are subject to the 

Exchange’s existing rules governing the 

trading of equity securities and that it 

has appropriate rules to facilitate 

transactions in Index Fund Shares 

during all trading sessions; 

(3) Trading of Index Fund Shares on 

the Exchange are subject to the 

Exchange’s surveillance procedures for 

derivative products, and the Exchange 

believes that its surveillance procedures 

are adequate to address any concerns 

about the trading of Index Fund Shares 

on the Exchange. Further, the Exchange 

represents that it may obtain 

information via ISG from other 

exchanges who are members or affiliates 

of the ISG or with which the Exchange 

has entered into a comprehensive 

surveillance sharing agreement; 

(4) Trading in the securities will be 

subject to trading halts caused by 

extraordinary market volatility pursuant 

to Rule 11.18 or by the halt or 

suspension of the trading of the current 

underlying asset or assets. Trading in 

Index Fund Shares may also be halted 

because of market conditions or for 

reasons that, in the view of the 

Exchange, make trading in the securities 

inadvisable. These may include: (a) The 

extent to which trading in the 

underlying asset or assets is not 

occurring; or (b) whether other unusual 

conditions or circumstances detrimental 

to the maintenance of a fair and orderly 

market are present. Moreover, if the 

applicable Intraday Indicative Value, 

value of the underlying index, or the 

value of the underlying asset or assets 

is not being disseminated as required, 

the Exchange may halt trading during 

the day in which such interruption to 

the dissemination occurs. If the 

interruption to the dissemination of the 

applicable Intraday Indicative Value, 

value of the underlying index, or the 

value of the underlying asset or assets 

persists past the trading day in which it 

occurred, the Exchange will halt trading 

no later than the beginning of the 

trading day following the interruption. 

In addition, if the Exchange becomes 

aware that the NAV with respect to a 

series of the securities is not 

disseminated to all market participants 

at the same time, it will halt trading in 

such series until such time as the NAV 

is available to all market participants. 

(5) The Commission also notes that 

the listing standards applicable to Index 

Fund Shares currently permit the listing 

and trading of Index Fund Shares that 

seek leveraged, inverse, or inverse 

leveraged returns on a daily basis. Prior 

to the commencement of trading of any 

inverse, leveraged, or inverse leveraged 

securities, the Exchange will inform its 

Members of the suitability requirements 

under Exchange Rule 3.7 in the 

Information Circular, as discussed in 

more detail above, as well as reference 

the FINRA Regulatory Notices regarding 

sales practice and customer margin 

requirements for FINRA members 

applicable to inverse, leveraged, and 

inverse leveraged securities and options 

on such securities. 

The Commission also believes that the 

Exchange’s proposal to correct a 

typographical error in the numbering of 

its rules is consistent with Section 

6(b)(5) of the Act as this should allow 

for greater clarity and accuracy of the 

Exchange’s listing rules. 

This approval order is based on all of 

the Exchange’s representations. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,20 that the 

proposed rule change (SR–BATS–2012– 

030) be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–23564 Filed 9–24–12; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 8041] 

Advisory Committee Meeting 

ACTION: Notice of meeting. 

SUMMARY: Pursuant to the provisions of 

the Federal Advisory Committee Act 

(FACA), the Advisory Committee on the 

Secretary of State’s Strategic Dialogue 

with Civil Society will convene in 

Washington, DC on October 24, 2012. 

The Committee provides advice on the 

formulation of U.S. policies, proposals, 

and strategies for engagement with, and 

protection of, civil society worldwide. 

The objective of this meeting is to 

review the progress of the Committee’s 

five subcommittees. The meeting is 

open to public participation through 

live stream at http://www.state.gov/s/ 

sacsed/c47725.htm. 

DATES: The meeting will be held on 

October 24, 2012, from 10 a.m. to 11:30 

a.m. 

ADDRESSES: The meeting will be held at 

the U.S. Department of State, 2201 C 

Street NW., Washington, DC. 


emcdonald on DSK67QTVN1PROD with NOTICES
59034 Federal Register / Vol. 77, No. 186 / Tuesday, September 25, 2012 / Notices 

Written comments may be submitted 

to Madeleine Ioannou via email to 

civilsociety@state.gov or facsimile to 

(202) 736–7880. All comments, 

including names and addresses when 

provided, are placed in the record and 

are available for inspection and copying. 

The public may inspect comments 

received at the U.S. Department of State, 

2201 C Street NW., Room 1317, 

Washington, DC 20520. Please call 

ahead to (202) 736–7824 to facilitate 

entry into the building. 

FOR FURTHER INFORMATION CONTACT: 

Madeleine Ioannou, Committee 

Executive Secretary, U.S. Department of 

State, 2201 C Street NW., Room 1317, 

Washington, DC 20520; (202) 736–7308; 

civilsociety@state.gov. 

SUPPLEMENTARY INFORMATION: The 

meeting is open to the public and will 

be streamed live at: http:// 

www.state.gov/s/sacsed/c47725.htm. 

Agenda items to be covered include: (1) 

Introductions, (2) Presentations by the 

Chairs of the Subcommittees, (3) 

Discussion of any Public Submissions, 

(4) General Discussion, (5) 

Adjournment. Anyone who would like 

to bring related matters to the attention 

of the Committee may file written 

statements with the Committee staff by 

sending an email to 

civilsociety@state.gov. A member of the 

public requesting reasonable 

accommodation should contact the 

officer listed above with this request, 

prior to October 17th. Requests received 

after that date will be considered, but 

might not be possible to fulfill. 

Dated: September 19, 2012. 

Madeleine Ioannou, 

Office of the Senior Advisor for Civil Society 

and Emerging Democracies, U.S. Department 

of State. 

[FR Doc. 2012–23609 Filed 9–24–12; 8:45 am] 

BILLING CODE 4710–10–P 

DEPARTMENT OF STATE 

[Public Notice 8040] 

Persons on Whom Sanctions Have 

Been Imposed Under the Iran 

Sanctions Act of 1996 

AGENCY: Bureau of Economic and 

Business Affairs, Department of State. 

ACTION: Notice. 

SUMMARY: The Secretary of State has 

determined that the following persons 

have engaged in sanctionable activity 

described in section 5(a) of the Iran 

Sanctions Act of 1996 (Pub. L. 104–172) 

(50 U.S.C. 1701 note) (‘‘ISA’’), as 

amended by the Comprehensive Iran 

Sanctions, Accountability, and 

Divestment Act of 2010 (Pub. L. 111– 

195) (22 U.S.C. 8501–51) (‘‘CISADA’’), 

and that certain sanctions should be 

imposed as a result: Sytrol. 

DATES: Effective Date: The sanctions on 

Sytrol are effective August 10, 2012. 

FOR FURTHER INFORMATION CONTACT: On 

general issues: Christopher Backemeyer, 

Office of Sanction Policy and 

Implementation, Department of State, 

Telephone: (202) 647–4322. 

For U.S. Government procurement 

ban issues: Daniel Walt, Office of the 

Procurement Executive, Department of 

State, Telephone: (703) 516–1696. 

SUPPLEMENTARY INFORMATION: Pursuant 

to the authority delegated to the 

Secretary of State in the Presidential 

Memorandum of September 23, 2010, 75 

FR 67025 (the ‘‘Delegation 

Memorandum’’), the Secretary has 

determined that the following persons 

have engaged in sanctionable activity 

described in section 5(a) of the ISA, as 

amended by the CISADA: Sytrol. 

Pursuant to section 5(a) of the ISA 

and the Delegation Memorandum, the 

Secretary determined to impose on 

Sytrol the following sanctions described 

in section 6 of the ISA: 

1. Procurement sanction. The United 

States Government shall not procure, or 

enter into any contract for the 

procurement of, any goods or services 

from Sytrol. 

2. Banking transactions. Any transfers 

of credit or payments between financial 

institutions or by, through, or to any 

financial institution, to the extent that 

such transfers or payments are subject to 

the jurisdiction of the United States and 

involve any interest of Sytrol, shall be 

prohibited. 

3. Property transactions. It shall be 

prohibited to: 

a. Acquire, hold, withhold, use, 

transfer, withdraw, transport, import, or 

export any property that is subject to the 

jurisdiction of the United States and 

with respect to which Sytrol has any 

interest; 

b. Deal in or exercise any right, 

power, or privilege with respect to such 

property; or 

c. Conduct any transaction involving 

such property. 

Based on the sanctions imposed on 

Sytrol, these prohibitions also apply 

with respect to any person in which 

Sytrol has an interest of fifty percent or 

more. These sanctions apply with 

respect to Sytrol and not to any 

subsidiary, affiliate, or shareholder 

thereof unless separately identified. 

The sanctions described above with 

respect to Sytrol shall remain in effect 

until otherwise directed pursuant to the 

provisions of the ISA or other applicable 

authority. Pursuant to the authority 

delegated to the Secretary of State in the 

Delegation Memorandum, relevant 

agencies and instrumentalities of the 

United States Government shall take all 

appropriate measures within their 

authority to carry out the provisions of 

this notice. The Secretary of the 

Treasury is taking appropriate action to 

implement the sanctions for which 

authority has been delegated to the 

Secretary of the Treasury pursuant to 

the Delegation Memorandum and 

Executive Order 13574 of May 23, 2011. 

The following constitutes a current, as 

of this date, list of persons on whom 

sanctions are imposed under the ISA. 

The particular sanctions imposed on an 

individual company are identified in 

the relevant Federal Register Notice. 

—Allvale Maritime Inc. (see Public 

Notice 7585, 76 FR 56866, September 

14, 2011) 

—Associated Shipbroking (a.k.a. SAM) 

(see Public Notice 7585, 76 FR 56866, 

September 14, 2011) 

—Belarusneft (see Public Notice 7408, 

76 FR 18821, April 5, 2011) 

—FAL Oil Company Limited (see Public 

Notice 7776, 77 FR 4389, Jan. 27, 

2012) 

—Kuo Oil (S) Pte. Ltd. (see Public 

Notice 7776, 77 FR 4389, Jan. 27, 

2012) 

—Naftiran Intertrade Company (see 

Public Notice 7197, 75 FR 62916, Oct. 

13, 2010) 

—Petrochemical Commercial Company 

International (a.k.a. PCCI) (see Public 

Notice 7585, 76 FR 56866, September 

14, 2011) 

—Petro ́leos de Venezuela S.A. (see 

Public Notice 7585, 76 FR 56866, 

September 14, 2011) 

—Royal Oyster Group (see Public Notice 

7585, 76 FR 56866, September 14, 

2011) 

—Socie ́te ́ Anonyme Mone ́gasque 

D’Administration Maritime Et 

Ae ́rienne (a.k.a. S.A.M.A.M.A., a.k.a. 

SAMAMA) (see Public Notice 7585, 

76 FR 56866, September 14, 2011) 

—Speedy Ship (a.k.a. SPD) (see Public 

Notice 7585, 76 FR 56866, September 

14, 2011) 

—Sytrol 

—Tanker Pacific Management 

(Singapore) Pte. Ltd. (see Public 

Notice 7585, 76 FR 56866, September 

14, 2011) 

—Zhuhai Zhenrong Company (see 

Public Notice 7776, 77 FR 4389, Jan. 

27, 2012) 

Dated: September 18, 2012. 

Deborah A. McCarthy, 

Acting Assistant Secretary of State for 

Economic and Business Affairs. 

[FR Doc. 2012–23614 Filed 9–24–12; 8:45 am] 

BILLING CODE 4710–07–P 


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