Federal Register / Vol. 79, No. 215 / Thursday, November 6, 2014 / Notices 66025 

and its related personnel 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. In addition, Rule 206(4)–7 under the Advisers 

Act makes it unlawful for an investment adviser to 

provide investment advice to clients unless such 

investment adviser has (i) adopted and 

implemented written policies and procedures 

reasonably designed to prevent violation, by the 

investment adviser and its supervised persons, of 

the Advisers Act and the Commission rules adopted 

thereunder; (ii) implemented, at a minimum, an 

annual review regarding the adequacy of the 

policies and procedures established pursuant to 

subparagraph (i) above and the effectiveness of their 

implementation; and (iii) designated an individual 

(who is a supervised person) responsible for 

administering the policies and procedures adopted 

under subparagraph (i) above. 

27The Exchange states that FINRA surveils 

trading on the Exchange pursuant to a regulatory 

services agreement and that the Exchange is 

responsible for FINRA’s performance under this 

regulatory services agreement. 28See 17 CFR 240.10A–3. 

29 15 U.S.C. 78f(b)(5). 

30 15 U.S.C. 78s(b)(2). 

31 17 CFR 200.30–3(a)(12). 

The Exchange represents that trading 

in the Shares will be subject to the 

existing trading surveillances, 

administered by both Nasdaq and 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.27 Prior to the 

commencement of trading, the Exchange 

states that it will inform its members in 

an Information Circular of the special 

characteristics and risks associated with 

trading the Shares. 

The Exchange represents that the 

Shares are deemed to be equity 

securities, thus rendering trading in the 

Shares subject to the Exchange’s 

existing rules governing the trading of 

equity securities. In support of this 

proposal, the Exchange has made the 

following representations: 

(1) The Shares will be subject to Rule 

5735, which sets forth the initial and 

continued listing criteria applicable to 

Managed Fund Shares. 

(2) The Exchange has appropriate 

rules to facilitate transactions in the 

Shares during all trading sessions. 

(3) The Exchange’s surveillance 

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 

applicable federal securities laws. 

FINRA, on behalf of the Exchange, will 

communicate as needed regarding 

trading in the Shares and the exchangetraded securities and instruments held 

by the Fund, which include ADRs, 

exchange-listed investment companies, 

or other exchange-traded securities with 

other markets and other entities that are 

members of ISG, and FINRA may obtain 

trading information regarding trading in 

the Shares and such exchange-traded 

equities held by the Fund from such 

markets and other entities. In addition, 

the Exchange may obtain information 

regarding trading in the Shares and such 

exchange-traded equities held by the 

Fund from markets and other entities 

that are members of ISG, or with which 

the Exchange has in place a 

comprehensive surveillance sharing 

agreement. Moreover, FINRA, on behalf 

of the Exchange, will be 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. 

(4) Not more than 10% of the net 

assets of the Fund, in the aggregate, will 

be invested in (a) unlisted or 

unsponsored ADRs, (b) ADRs not listed 

on an exchange that is a member of ISG 

or a party to a comprehensive 

surveillance sharing agreement with the 

Exchange, or (c) unlisted common 

stocks or common stocks not listed on 

an exchange that is a member of the ISG 

or a party to a comprehensive 

surveillance sharing agreement with the 

Exchange. 

(5) Prior to the commencement of 

trading, the Exchange will inform its 

members in an Information Circular of 

the special characteristics and risks 

associated with trading the Shares. 

Specifically, the Information Circular 

will discuss the following: (a) The 

procedures for purchases and 

redemptions of Shares in creation units 

(and that Shares are not individually 

redeemable); (b) Nasdaq Rule 2111A, 

which imposes suitability obligations on 

Nasdaq members with respect to 

recommending transactions in the 

Shares to customers; (c) the 

dissemination of information regarding 

the Intraday Indicative Value through 

major index service providers such as 

NASDAQ OMX proprietary index data 

services or other major market 

proprietary index services; (d) the risks 

involved in trading the Shares during 

the Pre-Market and Post-Market 

Sessions when an updated Intraday 

Indicative Value will not be calculated 

or publicly disseminated; (e) the 

requirement that members deliver a 

prospectus to investors purchasing 

newly issued Shares prior to or 

concurrently with the confirmation of a 

transaction; (f) trading information; and 

(g) the dissemination of the Disclosed 

Portfolio though the Fund’s Web site. 

(6) For initial and continued listing, 

the Fund must be in compliance with 

Rule 10A–3 under the Act.28

(7) The Fund may hold up to an 

aggregate amount of 15% of its net 

assets in illiquid assets (calculated at 

the time of investment). The Fund will 

monitor its portfolio liquidity on an 

ongoing basis to determine whether, in 

light of current circumstances, an 

adequate level of liquidity is being 

maintained, and will consider taking 

appropriate steps in order to maintain 

adequate liquidity if, through a change 

in values, net assets, or other 

circumstances, more than 15% of the 

Fund’s net assets are held in illiquid 

assets. 

(8) A minimum of 100,000 Shares will 

be outstanding at the commencement of 

trading on the Exchange. 

This approval order is based on all of 

the Exchange’s representations, 

including those set forth above and in 

the Notice, and the Exchange’s 

description of the Fund. 

For the foregoing reasons, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act 29 and the rules and 

regulations thereunder applicable to a 

national securities exchange. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,30 that the 

proposed rule change (SR–NASDAQ– 

2014–090), as modified by Amendment 

No. 1 thereto, be, and it hereby is, 

approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–26343 Filed 11–5–14; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Agency Information Collection 

Activities: Requests for Comments; 

Clearance of Renewed Approval of 

Information Collection: Commercial 

Space Transportation Licensing 

Regulations 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice and request for 

comments. 

SUMMARY: In accordance with the 

Paperwork Reduction Act of 1995, FAA 

invites public comments about our 

mstockstill on DSK4VPTVN1PROD with NOTICES

66026 Federal Register / Vol. 79, No. 215 / Thursday, November 6, 2014 / Notices 

intention to request the Office of 

Management and Budget (OMB) 

approval to renew an information 

collection. The Federal Register Notice 

with a 60-day comment period soliciting 

comments on the following collection of 

information was published on 

September 3, 2014, vol. 79, no. 170, 

pages 52405–52406. The information 

will determine if applicant proposals for 

conducting commercial space launches 

can be accomplished according to 

regulations issued by the Office of the 

Associate Administrator for Commercial 

Space Transportation. 

DATES: Written comments should be 

submitted by December 8, 2014. 

FOR FURTHER INFORMATION CONTACT: 

Kathy DePaepe at (405) 954–9362, or by 

email at: Kathy.DePaepe@faa.gov. 

SUPPLEMENTARY INFORMATION:

OMB Control Number: 2120–0608. 

Title: Commercial Space 

Transportation Licensing Regulations. 

Form Numbers: FAA Form 8800–1. 

Type of Review: Renewal of an 

information collection. 

Background: The Commercial Space 

Launch Act of 1984, 49 U.S.C. App. 

2601—2623, as recodified at 49 U.S.C. 

Subtitle IX, Ch. 701—Commercial Space 

Launch Activities, 49 U.S.C. 70101– 

70119 (1994), requires certain data be 

provided in applying for a license to 

conduct commercial space launch 

activities. These data are required to 

demonstrate to the Federal Aviation 

Administration (FAA), Associate 

Administrator for Commercial Space 

Transportation (AST), that a license 

applicant’s proposed activities meet 

applicable public safety, national 

security, and foreign policy interests of 

the United States. 

Respondents: Approximately 4 space 

launch applicants. 

Frequency: Information is collected 

on occasion. 

Estimated Average Burden per 

Response: 1544.5 hours. 

Estimated Total Annual Burden: 

6,178 hours. 

ADDRESSES: Interested persons are 

invited to submit written comments on 

the proposed information collection to 

the Office of Information and Regulatory 

Affairs, Office of Management and 

Budget. Comments should be addressed 

to the attention of the Desk Officer, 

Department of Transportation/FAA, and 

sent via electronic mail to oira_

submission@omb.eop.gov, or faxed to 

(202) 395–6974, or mailed to the Office 

of Information and Regulatory Affairs, 

Office of Management and Budget, 

Docket Library, Room 10102, 725 17th 

Street NW., Washington, DC 20503. 

Public Comments Invited: You are 

asked to comment on any aspect of this 

information collection, including (a) 

Whether the proposed collection of 

information is necessary for FAA’s 

performance; (b) the accuracy of the 

estimated burden; (c) ways for FAA to 

enhance the quality, utility and clarity 

of the information collection; and (d) 

ways that the burden could be 

minimized without reducing the quality 

of the collected information. The agency 

will summarize and/or include your 

comments in the request for OMB’s 

clearance of this information collection. 

Issued in Washington, DC, on November 3, 

2014. 

Albert R. Spence, 

FAA Assistant Information Collection 

Clearance Officer, IT Enterprises Business 

Services Division, ASP–110/. 

[FR Doc. 2014–26386 Filed 11–5–14; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Agency Information Collection 

Activities: Requests for Comments; 

Clearance of Renewed Approval of 

Information Collection(s): Flight 

Engineers and Flight Navigators 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice and request for 

comments. 

SUMMARY: In accordance with the 

Paperwork Reduction Act of 1995, FAA 

invites public comments about our 

intention to request the Office of 

Management and Budget (OMB) 

approval to renew an information 

collection. The Federal Register Notice 

with a 60-day comment period soliciting 

comments on the following collection of 

information was published on 

September 3, 2014, vol. 79, no. 170, 

pages 52404–52405. Information 

collected is used to determine 

certification eligibility of Flight 

Engineers and Flight Navigators. 

DATES: Written comments should be 

submitted by December 8, 2014. 

FOR FURTHER INFORMATION CONTACT: 

Kathy DePaepe at (405) 954–9362, or by 

email at: Kathy.DePaepe@faa.gov. 

SUPPLEMENTARY INFORMATION:

OMB Control Number: 2120–0007. 

Title: Flight Engineers and Flight 

Navigators. 

Form Numbers: FAA Form 8400–3. 

Type of Review: Renewal of an 

information collection. 

Background: FAA Form 8400–3, 

Application for an Airman Certificate 

and/or Rating (for flight engineer and 

flight navigator) and applications for 

approval of related training courses are 

submitted to FAA for evaluation. The 

information is reviewed to determine 

applicant eligibility and compliance 

with prescribed provisions of FAR Part 

63, Certification: Flight Crewmembers 

Other Than Pilots. 

Respondents: Approximately 1,004 

flight engineers and flight navigators. 

Frequency: Information is collected 

on occasion. 

Estimated Average Burden per 

Response: 15 minutes. 

Estimated Total Annual Burden: 498 

hours. 

ADDRESSES: Interested persons are 

invited to submit written comments on 

the proposed information collection to 

the Office of Information and Regulatory 

Affairs, Office of Management and 

Budget. Comments should be addressed 

to the attention of the Desk Officer, 

Department of Transportation/FAA, and 

sent via electronic mail to oira_

submission@omb.eop.gov, or faxed to 

(202) 395–6974, or mailed to the Office 

of Information and Regulatory Affairs, 

Office of Management and Budget, 

Docket Library, Room 10102, 725 17th 

Street NW., Washington, DC 20503. 

Public Comments Invited: You are 

asked to comment on any aspect of this 

information collection, including (a) 

Whether the proposed collection of 

information is necessary for FAA’s 

performance; (b) the accuracy of the 

estimated burden; (c) ways for FAA to 

enhance the quality, utility and clarity 

of the information collection; and (d) 

ways that the burden could be 

minimized without reducing the quality 

of the collected information. The agency 

will summarize and/or include your 

comments in the request for OMB’s 

clearance of this information collection. 

Issued in Washington, DC, on November 3, 

2014. 

Albert R. Spence, 

FAA Assistant Information Collection 

Clearance Officer, IT Enterprises Business 

Services Division, ASP–110. 

[FR Doc. 2014–26399 Filed 11–5–14; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Agency Information Collection 

Activities: Requests for Comments; 

Clearance of Renewed Approval of 

Information Collection: Malfunction or 

Defect Report 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice and request for 

comments. 

mstockstill on DSK4VPTVN1PROD with NOTICES