Federal Register / Vol. 75, No. 173 / Wednesday, September 8, 2010 / Notices 54675 

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

2The text of the proposed rule change is attached 

as Exhibit 5 to FICC’s filing and is available at 

http://www.dtcc.com/downloads/legal/rule_filings/ 

2010/ficc/2010-06.pdf. 

3 15 U.S.C. 78s(b)(3)(A)(iii) and 17 CFR 240.19b– 

4(f)(3). 

4The Commission has modified the text of the 

summaries prepared by the FICC. 

5Managing Director level is a more senior officer 

than that of Vice President. 

6On August 23, 2010, DTC and NSCC filed 

similar rule changes. Securities Exchange Act 

Release No. 62795 (August 30, 2010) [File No. SR– 

DTC–2010–11] and 62794 (August 30, 2010) [File 

No. SR–NSCC–2010–08] respectively. 

7 15 U.S.C. 78q–1. 

8 15 U.S.C. 78s(b)(3)(A)(iii). 

9 17 CFR 240.19b–4(f)(3). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62796; File No. SR–FICC– 

2010–06] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

Rules Relating to Authority To Waive 

Rules, Procedures, and Regulations of 

the Mortgage-Backed Securities 

Division 

August 30, 2010. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

August 20, 2010, Fixed Income Clearing 

Corporation (‘‘FICC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change described in Items I, II, and III 

below, which items have been prepared 

primarily by FICC.2 FICC filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) and Rule 19b– 

4(f)(3) thereunder so that the proposed 

rule change was effective upon filing 

with the Commission.3 The Commission 

is publishing this notice to solicit 

comments on the proposed rule change 

from interested parties. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The proposed rule change will amend 

FICC rules to provide that any officer 

having a rank of Managing Director or 

higher is authorized to suspend or 

waive FICC’s rules, procedures, and 

regulations of the Mortgage-Backed 

Securities Division. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

FICC 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 these statements 

may be examined at the places specified 

in Item IV below. FICC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements.4

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

The proposed rule change amends 

Rule 12 of Article V of the Clearing 

Rules (‘‘Rules’’) of the Mortgage-Backed 

Securities Division (‘‘MBSD’’) to state 

that the rules, procedures, and 

regulations may be suspended or 

waived by any officer having a rank of 

Managing Director or higher. Currently 

Rule 12 provides such authority to 

officers with the ranking of Vice 

President or higher.5 This proposed rule 

change also harmonizes MBSD rules 

with those of FICC’s Government 

Securities Division (‘‘GSD’’) as well as 

those of The Depository Trust Company 

(‘‘DTC’’) and the National Securities 

Clearing Corporation (‘‘NSCC’’) as such 

rule relates to the authority to suspend 

or waive rules.6

FICC believes that the proposed rule 

change is consistent with the 

requirements of Section 17A of the Act 7

and the rules and regulations 

thereunder that are applicable to FICC 

because the proposed rule will require 

a more senior level of management to 

authorize a suspension or waiver of the 

FICC rules under the proposed rule 

change thereby ensuring more equitable 

compliance with FICC’s rules and 

procedures. The proposed rule change 

also harmonizes the MBSD rules with 

those of the GSD thereby providing 

clarity for FICC’s members on its 

administration of waivers and 

suspension of FICC’s rules and 

procedures. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

FICC does not believe that the 

proposed rule change will impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

(C) Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments relating to the 

proposed rule change have been 

solicited or received. FICC will notify 

the Commission of any written 

comments received by the FICC. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective upon filing pursuant to Section 

19(b)(3)(A)(iii) of the Act 8 and Rule 

19b–4(f)(3) 9 thereunder because it is 

concerned solely with the 

administration of FICC. At any time 

within sixty days of the filing of such 

rule change, the Commission summarily 

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. 

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 e-mail to rulecomments@sec.gov. Please include File 

Number SR–FICC–2010–06 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–FICC–2010–06. This file 

number should be included on the 

subject line if e-mail 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 


jlentini on DSKJ8SOYB1PROD with NOTICES
54676 Federal Register / Vol. 75, No. 173 / Wednesday, September 8, 2010 / Notices 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3A 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. 

4The Commission approved NYSE Arca Equities 

Rule 8.600 and the listing and trading of certain 

funds of the PowerShares Actively Managed 

Exchange-Traded Funds Trust on the Exchange 

pursuant to Rule 8.600 in Securities Exchange Act 

Release No. 57619 (April 4, 2008) 73 FR 19544 

(April 10, 2008) (SR–NYSEArca–2008–25). The 

Commission also previously approved listing and 

trading on the Exchange of a number of 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), 74 FR 41468 (August 17, 2009) (SR– 

NYSEArca–2009–55) (order approving listing of 

Dent Tactical ETF). 

5The Trust is registered under the 1940 Act. On 

June 30, 2010, the Trust filed with the Commission 

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) 

(‘‘Registration Statement’’). The description of the 

operation of the Trust and the Fund herein is based 

on the Registration Statement. 

6The Exchange represents that the Advisor and 

Sub-Advisor 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 

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. 

Reference Section, 100 F Street, NE., 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of such filings 

also will be available for inspection and 

copying at the principal office of FICC 

and on FICC’s Web site, http:// 

www.dtcc.com. 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–FICC– 

2010–06 and should be submitted on or 

before September 29, 2010. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–22351 Filed 9–7–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62788; File No. SR– 

NYSEArca–2010–79] 

Self-Regulatory Organizations; Notice 

of Filing of Proposed Rule Change by 

NYSE Arca, Inc. Relating to Listing and 

Trading of Cambria Global Tactical 

ETF 

August 30, 2010. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that, on August 

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 self-regulatory 

organization. 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 shares of the Cambria Global 

Tactical ETF under NYSE Arca Equities 

Rule 8.600. The text of the proposed 

rule change is available at the principal 

office of 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 3 (‘‘Shares’’) under NYSE Arca 

Equities Rule 8.600: the Cambria Global 

Tactical ETF (‘‘Fund’’).4 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.5 The investment advisor to 

the Fund is AdvisorShares Investments, 

LLC (the ‘‘Advisor’’). Cambria 

Investment Management, Inc. is the 

Fund’s sub-advisor (‘‘Cambria’’ or ‘‘SubAdvisor’’) and provides day-to-day 

portfolio management of the Fund. 

Foreside Fund Services, LLC (the 

‘‘Distributor’’) is the principal 

underwriter and distributor of the 

Fund’s Shares. Neither the Advisor nor 

the Sub-Advisor is affiliated with a 

broker-dealer.6

Description of the Fund 

According to the Registration 

Statement, the Fund’s investment 

objective is to preserve and grow capital 

from investments in the U.S. and foreign 

equity, fixed income, commodity and 

currency markets, independent of 

market direction. The Fund seeks to 

preserve and grow capital by producing 

absolute returns with reduced volatility 

and manageable risk and drawdowns. 

The Fund’s investment strategies are 

inherently designed as risk-management 

and capital preservation approaches. 

The Fund is an actively managed ETF 

and thus, does not seek to replicate the 

performance of a specific index, but 

rather uses an active investment strategy 

to meet its investment objective. 

The Fund is considered a ‘‘fund-offunds’’ that seeks to achieve its 

investment objective by primarily 

investing in other exchange-traded 

funds listed and traded in the United 

States (the ‘‘Underlying ETFs’’) that offer 


jlentini on DSKJ8SOYB1PROD with NOTICES