[Federal Register Volume 79, Number 135 (Tuesday, July 15, 2014)]
[Notices]
[Pages 41330-41333]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-16497]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72571; File No. SR-NYSEArca-2014-30]


Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Change Relating to the Listing and Trading of Shares of Hull 
Tactical US ETF Under NYSE Arca Equities Rule 8.600

July 9, 2014.

I. Introduction

    On March 24, 2014, NYSE Arca, Inc. (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to list and trade 
shares of Hull Tactical US ETF under NYSE Arca Equities Rule 8.600. The 
proposed rule change was published for comment in the Federal Register 
on April 11, 2014.\3\ The Commission received no comments on the 
proposal. On May 21, 2014, pursuant to Section 19(b)(2) of the Act,\4\ 
the Commission designated a longer period within which to either 
approve the proposed rule change, disapprove the proposed rule change, 
or institute proceedings to determine whether to disapprove the 
proposed rule change.\5\ This order institutes proceedings under 
Section 19(b)(2)(B) of the Act \6\ to determine whether to approve or 
disapprove the proposed rule change. The institution of proceedings 
does not indicate that the Commission has reached any conclusions with 
respect to any of the issues involved, nor does it mean that the 
Commission will ultimately disapprove the proposed rule change. Rather, 
as described in Section III, below, the Commission seeks and encourages 
interested persons to provide additional comment on the proposed rule 
change to inform the Commission's analysis of whether to approve or 
disapprove the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 71894 (Apr. 7, 
2014), 79 FR 20273 (``Notice'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ Securities Exchange Act Release No. 72214 (May 21, 2014), 79 
FR 30672 (May 28, 2014). The Commission determined that it was 
appropriate to designate a longer period within which to take action 
on the proposed rule change so that it would have sufficient time to 
consider the proposed rule change. Accordingly, the Commission 
designated July 10, 2014 as the date by which it should approve, 
disapprove, or institute proceedings to determine whether to 
disapprove the proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
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II. Description of the Proposal

    The Exchange proposes to list and trade Shares of the Fund pursuant 
to NYSE Arca Equities Rule 8.600, which governs the listing and trading 
of Managed Fund Shares on the Exchange. The Shares will be offered by 
the Exchange Traded Concepts Trust (``Trust''), a Delaware statutory 
trust. The Trust is registered with the Commission as an investment 
company.\7\ Exchange Traded Concepts, LLC will be the investment 
adviser (``Adviser'') to the Fund. HTAA, LLC will be the sub-adviser to 
the Fund (``Sub-Adviser'').\8\ SEI Investments Co. will serve as the 
administrator of the Fund. JP Morgan Chase Bank N.A. will serve as the 
custodian, transfer agent and dividend disbursing agent of the Fund. 
SEI Investments Distribution Co. will serve as the distributor for the 
Trust.
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    \7\ The Trust is registered under the Investment Company Act of 
1940 (``1940 Act''). The Exchange states that on July 26, 2013, the 
Trust filed with the Commission a post-effective amendment to its 
registration statement on Form N-1A relating to the Fund (File Nos. 
333-156529 and 811-22263) (``Registration Statement''). In addition, 
the Exchange states that the Commission has issued an order granting 
certain exemptive relief to the Trust under the1940 Act. See 
Investment Company Act Release No.30445 (Apr. 2, 2013) (File No. 
812-13969) (``Exemptive Order'').
    \8\ The Exchange states that neither the Adviser nor the Sub-
Adviser is or is affiliated with a broker-dealer. The Exchange 
states that, in the event (a) the Adviser or Sub-Adviser becomes, or 
becomes newly affiliated with, a broker-dealer, or (b) any new 
manager, adviser or sub-adviser is, or becomes affiliated with, a 
broker-dealer, the adviser or sub-adviser will implement a fire wall 
with respect to its relevant personnel or broker-dealer affiliate, 
as applicable, regarding access to information concerning the 
composition of or changes to the portfolio, and that adviser or sub-
adviser will be subject to procedures designed to prevent the use 
and dissemination of material non-public information regarding such 
portfolio.
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    The Exchange has made the following representations and statements 
in describing the Fund and its investment strategies, including other 
portfolio holdings and investment restrictions.\9\
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    \9\ The Commission notes that additional information regarding 
the Trust, the Fund, and the Shares, including investment 
strategies, risks, net asset value (``NAV'') calculation, creation 
and redemption procedures, fees, Fund holdings disclosure policies, 
distributions, and taxes, among other information, is included in 
the Notice and the Registration Statement, as applicable. See Notice 
and Registration Statement, supra notes 3 and 7, respectively.
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General

    The investment objective of the Fund will be to seek long-term 
capital appreciation. The Fund will be actively managed.
    Under normal market conditions,\10\ the Fund will seek to achieve 
its investment objective by taking long and short positions \11\ in one 
or more exchange traded funds (``ETFs'') \12\ that

[[Page 41331]]

seek to track the performance of the S&P 500 Index (each, an ``S&P 500-
related ETF''). The ETFs the Fund invests in all will be listed and 
traded in the U.S. on registered exchanges. Under normal market 
conditions, substantially all of the Fund's assets will be invested in 
one or more S&P 500-related ETFs; ETFs that provide leveraged or 
inverse exposure to the S&P 500 Index; and, to seek the desired 
exposure to the S&P 500 Index, futures contracts, as well as, as 
described below, cash instruments.
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    \10\ The term ``under normal market conditions'' includes, but 
is not limited to, the absence of adverse market, economic, 
political or other conditions, including extreme volatility or 
trading halts in the equity markets or the financial markets 
generally; operational issues causing dissemination of inaccurate 
market information; and force majeure type events such as systems 
failure, natural or man-made disaster, act of God, armed conflict, 
act of terrorism, riot or labor disruption, or any similar 
intervening circumstance.
    \11\ Short sales are transactions in which the Fund sells a 
security it does not own. To complete the transaction, the Fund must 
borrow or otherwise obtain the security to make delivery to the 
buyer. The Fund is then obligated to replace the security borrowed 
by purchasing the security at the market price at the time of 
replacement. The Fund may use repurchase agreements to satisfy 
delivery obligations in short sales transactions. The Fund may use 
up to 100% of its net assets to engage in short sales transactions 
and collateralize its open short positions.
    \12\ ETFs are securities registered under the 1940 Act such as 
those listed and traded on the Exchange under NYSE Arca Equities 
Rules 5.2(j)(3) (Investment Company Units), 8.100 (Portfolio 
Depositary Receipts) and 8.600 (Managed Fund Shares).
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    The Sub-Adviser will utilize a proprietary, analytical investment 
model that examines current and historical market data to attempt to 
predict the performance of the S&P 500 Index. The model will deliver 
investment signals that the Sub-Adviser will use to make investment 
decisions for the Fund. Depending on the investment signal delivered by 
the model, the Sub-Adviser will take certain long or short positions in 
one or more S&P 500-related ETFs: (1) If the model indicates bull-
market conditions, the Sub-Adviser will take long positions; or (2) if 
the model indicates bear-market conditions, the Sub-Adviser will take 
short positions. When the Fund takes long positions, it may maintain 
long exposure of up to 200% of net assets; exposure to short positions 
will be limited to no more than 100% of net assets. The Sub-Adviser 
will adjust the Fund's long and short positions when necessary to take 
into account new data from the model that reflects changing market 
conditions. Positions may be adjusted as the model predictions 
fluctuate.
    The Fund will enter into futures contracts to seek the desired 
exposure to the S&P 500 Index.\13\ The Fund will limit its investment 
in futures contracts such that either (1) the aggregate net notional 
value of its futures investments will not exceed the value of the 
Fund's net assets, after taking into account unrealized profits and 
unrealized losses on the futures positions it has entered into; or (2) 
the aggregate initial margin and premiums required to establish 
positions in its futures investments will not exceed 5% of the Fund's 
net assets, after taking into account unrealized profits and unrealized 
losses on any such positions. The Fund will only enter into futures 
contracts traded on a national futures exchange regulated by the CFTC. 
The Fund will trade futures when the Sub-Adviser determines that doing 
so may provide an efficient means of seeking exposure to the S&P 500 
Index that is complimentary to its investment in shares of one or more 
S&P 500-related ETFs.
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    \13\ To the extent the Fund enters into futures contracts or 
invests in underlying ETFs that invest in futures, options on 
futures or other instruments subject to regulation by the U.S. 
Commodity Futures Trading Commission (``CFTC''), it will do so in 
reliance upon and in accordance with CFTC Rule 4.5. The Exchange 
states that the Trust has filed a notice of eligibility for 
exclusion from the definition of the term ``commodity pool 
operator'' in accordance with CFTC Rule 4.5. Therefore, neither the 
Trust nor any of its series is deemed to be a ``commodity pool'' or 
``commodity pool operator'' under the Commodity Exchange Act 
(``CEA''), and they are not subject to registration or regulation as 
such under the CEA. In addition, neither the Adviser nor the Sub-
Adviser is deemed to be a ``commodity pool operator'' or ``commodity 
trading adviser'' with respect to the advisory services it provides 
to the Fund.
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    In addition to investments in the S&P 500-related ETFs and futures 
contracts, the Fund may invest up to 10% of its total assets in 
leveraged ETFs or inverse ETFs that seek to deliver multiples, or the 
inverse, of the performance of the S&P 500 Index, respectively 
(collectively with S&P 500-related ETFs, ``Underlying ETFs''). Such 
investments will be made in accordance with the 1940 Act and consistent 
with the Fund's investment objective and policies, and they will not be 
used to seek performance that is the multiple or inverse multiple 
(e.g., 2X or 3X) of any securities market index. The inverse and 
leveraged ETFs held by the Fund may utilize leverage (i.e., borrowing) 
to acquire their underlying portfolio investments.\14\
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    \14\ The use of leverage may exaggerate changes in an ETF's 
share price and the return on its investments. Inverse and leveraged 
ETFs are designed to achieve their objectives for a single day only.
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    The Fund may invest in Underlying ETFs that are primarily index-
based ETFs that hold substantially all of their assets in securities 
representing a specific index. The Fund also may invest in Underlying 
ETFs that are actively managed. The Underlying ETFs in which the Fund 
may invest may invest in equity securities. Equity securities consist 
of common stocks, preferred stocks, warrants to acquire common stock, 
securities convertible into common stock,\15\ investments in master 
limited partnerships (``MLPs'') \16\ and rights.\17\
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    \15\ Convertible securities are bonds, debentures, notes, 
preferred stocks, or other securities that may be converted or 
exchanged (by the holder or by the issuer) into shares of the 
underlying common stock (or cash or securities of equivalent value) 
at a stated exchange ratio.
    \16\ MLPs are limited partnerships in which the ownership units 
are publicly traded. MLP units are registered with the Commission 
and are freely traded on a securities exchange or in the over-the-
counter market.
    \17\ A right is a privilege granted to existing shareholders of 
a corporation to subscribe to shares of a new issue of common stock 
before it is issued. Rights normally have a short life of usually 
two to four weeks.
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    The Underlying ETFs in which the Fund may invest may engage in 
futures and options transactions. The Fund will only invest in 
Underlying ETFs that engage in futures contracts if such futures 
contracts are traded on a national futures exchange regulated by the 
CFTC. Underlying ETFs in which the Fund may invest may use futures 
contracts and related options for bona fide hedging; attempting to 
offset changes in the value of securities held or expected to be 
acquired or be disposed of; attempting to gain exposure to a particular 
market, index, or instrument; or other risk management purposes. When 
an Underlying ETF purchases or sells a futures contract, or sells an 
option thereon, it is required to cover its position in order to limit 
leveraging and related risks.
    The Underlying ETFs in which the Fund may invest may buy and sell 
index futures contracts with respect to any index that is traded on a 
recognized exchange or board of trade.
    The Underlying ETFs in which the Fund may invest may purchase and 
write (sell) put and call options on indices and enter into related 
closing transactions.\18\ All such options written on indices or 
securities must be covered by the Underlying ETF.
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    \18\ A put option on a security gives the purchaser of the 
option the right to sell, and the writer of the option the 
obligation to buy, the underlying security. A call option on a 
security gives the purchaser of the option the right to buy, and the 
writer of the option the obligation to sell, the underlying 
security. Put and call options on indices are similar to options on 
securities except that options on an index give the holder the right 
to receive, upon exercise of the option, an amount of cash if the 
closing level of the underlying index is greater than (or less than, 
in the case of puts) the exercise price of the option.
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    An Underlying ETF in which the Fund may invest may trade put and 
call options on securities, securities indices, and currencies, as the 
Underlying ETF's investment adviser determines is appropriate in 
seeking the ETF's investment objective, and except as restricted by the 
Underlying ETF's investment limitations. An Underlying ETF may purchase 
put and call options on securities to protect against a decline in the 
market value of the securities in its portfolio or to anticipate an 
increase in the market value of securities that the Fund may seek to 
purchase in the future. An Underlying ETF may write covered call 
options on securities as a means of increasing the yield on its assets 
and as a means of providing limited protection against decreases in its 
market value. An Underlying ETF may purchase and write options on an 
exchange or over-the-counter.

[[Page 41332]]

    The Underlying ETFs in which the Fund may invest may enter into 
swaps, including, but not limited to, total return swaps, index swaps, 
and interest rate swaps. An Underlying ETF may utilize swaps in an 
attempt to gain exposure to the securities in a market without actually 
purchasing those securities, or to hedge a position.\19\ The Underlying 
ETFs in which the Fund may invest may enter into swaps to invest in a 
market without owning or taking physical custody of the underlying 
securities in circumstances in which direct investment is restricted 
for legal reasons or is otherwise impracticable.
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    \19\ Forms of swaps include interest rate caps, under which, in 
return for a premium, one party agrees to make payments to the other 
to the extent that interest rates exceed a specified rate, or 
``cap''; interest rate floors, under which, in return for a premium, 
one party agrees to make payments to the other to the extent that 
interest rates fall below a specified level, or ``floor''; and 
interest rate collars, under which a party sells a cap and purchases 
a floor or vice versa in an attempt to protect itself against 
interest rate movements exceeding given minimum or maximum levels.
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    During periods when the Fund's assets (or portion thereof) are not 
fully invested in one or more S&P 500-related ETFs or otherwise exposed 
to the S&P 500 Index, all or a portion of the Fund may be invested in 
cash instruments (``Cash Instruments''), which include U.S. Treasury 
obligations; cash and cash equivalents including commercial paper, 
certificates of deposit and bankers' acceptances; repurchase 
agreements; \20\ shares of money market mutual funds; and high-quality, 
short-term debt instruments including, in addition to U.S. Treasury 
obligations, other U.S. government securities.\21\
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    \20\ The Fund may enter into repurchase agreements with 
financial institutions, which may be deemed to be loans. The Fund 
will effect repurchase transactions only with large, well-
capitalized, and well established financial institutions whose 
condition will be continually monitored by the Sub-Advisor. In 
addition, the value of the collateral underlying the repurchase 
agreement will always be at least equal to the repurchase price, 
including any accrued interest earned on the repurchase agreement.
    \21\ Securities issued or guaranteed by the U.S. government or 
its agencies or instrumentalities include U.S. Treasury securities, 
which are backed by the full faith and credit of the U.S. Treasury 
and which differ only in their interest rates, maturities, and times 
of issuance. Certain U.S. government securities are issued or 
guaranteed by agencies or instrumentalities of the U.S. government 
including, but not limited to, obligations of U.S. government 
agencies or instrumentalities such as the Federal National Mortgage 
Association (``Fannie Mae''), the Federal Home Loan Mortgage 
Corporation (``Freddie Mac''), the Government National Mortgage 
Association (``Ginnie Mae''), the Federal Home Loan Banks, and other 
agencies or instrumentalities. Some obligations issued or guaranteed 
by U.S. government agencies and instrumentalities, including, for 
example, Ginnie Mae pass-through certificates, are supported by the 
full faith and credit of the U.S. Treasury. Other obligations issued 
by or guaranteed by federal agencies or instrumentalities, such as 
those securities issued by Fannie Mae, are supported by the 
discretionary authority of the U.S. government to purchase certain 
obligations of the federal agency or instrumentality, while other 
obligations issued by or guaranteed by federal agencies or 
instrumentalities, such as those of the Federal Home Loan Banks, are 
supported by the right of the issuer to borrow from the U.S. 
Treasury. The Fund may invest in U.S. Treasury zero-coupon bonds.
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Other Investments

    In addition to the investments described above, the Fund may invest 
in other investments, as described below.
    In the absence of normal market conditions,\22\ the Fund may invest 
100% of its assets, without limitation, in Cash Instruments. The Fund 
may be invested in this manner for extended periods, depending on the 
Sub-Adviser's assessment of market conditions.
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    \22\ See note 10, supra.
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    In addition to the Underlying ETFs discussed above, which are 
primary investments of the Fund, the Fund will invest in money market 
mutual funds, to the extent that such an investment would be consistent 
with the requirements of Section 12(d)(1) of the 1940 Act, or any rule, 
regulation, or order of the Commission or interpretation thereof.

Restrictions on Investment

    The Fund may not purchase or sell commodities or commodity 
contracts unless acquired as a result of ownership of securities or 
other instruments issued by persons that purchase or sell commodities 
or commodities contracts, but this shall not prevent the Fund from 
entering into futures contracts.
    The Fund will not directly enter into swaps or engage in options 
transactions.
    The Fund may not, with respect to 75% of its total assets, purchase 
securities of any issuer (except securities issued or guaranteed by the 
U.S. government, its agencies, or its instrumentalities or shares of 
investment companies) if, as a result, more than 5% of its total assets 
would be invested in the securities of such issuer.
    The Fund may not acquire more than 10% of the outstanding voting 
securities of any one issuer.
    The Fund may not invest 25% or more of its total assets in the 
securities of one or more issuers conducting their principal business 
activities in the same industry or group of industries. This limitation 
does not apply to investments in securities issued or guaranteed by the 
U.S. government, its agencies or instrumentalities, or shares of 
investment companies.
    The Fund may hold up to an aggregate amount of 15% of its net 
assets in illiquid securities (calculated at the time of investment), 
including securities deemed illiquid by the Adviser or Sub-Adviser 
consistent with Commission guidance \23\ and repurchase agreements that 
do not mature within seven days. 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 securities. Illiquid securities include securities subject to 
contractual or other restrictions on resale and other instruments that 
lack readily available markets as determined in accordance with 
Commission staff guidance.
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    \23\ In reaching liquidity decisions, the Adviser and Sub-
Adviser may consider the following factors: the frequency of trades 
and quotes for the security; the number of dealers wishing to 
purchase or sell the security and the number of other potential 
purchasers; dealer undertakings to make a market in the security; 
and the nature of the security and the nature of the marketplace in 
which it trades (e.g., the time needed to dispose of the security, 
the method of soliciting offers, and the mechanics of transfer).
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    The Fund intends to qualify each year as a regulated investment 
company under Subchapter M of the Internal Revenue Code of 1986, as 
amended.

III. Proceedings to Determine Whether To Approve or Disapprove File No. 
SR-NYSEArca-2014-30 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section 
19(b)(2)(B) of the Act \24\ to determine whether the proposed rule 
change should be approved or disapproved. Institution of such 
proceedings is appropriate at this time in view of the legal and policy 
issues raised by the proposed rule change, as discussed below. As noted 
above, institution of proceedings does not indicate that the Commission 
has reached any conclusions with respect to any of the issues involved. 
Rather, as described below, the Commission seeks and encourages 
interested persons to provide comments on the proposed rule change to 
inform the Commission's analysis of whether to approve or disapprove 
the proposed rule change.
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    \24\ 15 U.S.C. 78s(b)(2)(B).
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    Pursuant to Section 19(b)(2)(B) of the Act,\25\ the Commission is 
providing notice of the grounds for disapproval under consideration. As 
discussed above, under normal market conditions, the Fund would seek to 
achieve its

[[Page 41333]]

investment objective of long-term capital appreciation by taking long 
and short positions in one or more S&P 500-related ETFs. When the Fund 
takes long positions in one or more S&P 500-related ETFs, it could 
maintain long exposure of up to 200% of net assets.\26\ The Commission 
believes that the ability of the Fund to maintain long exposure of up 
to 200% of net assets is a novel issue with respect to actively managed 
funds and warrants additional consideration. Accordingly, the 
Commission is instituting proceedings to allow for additional analysis 
of the proposed rule change's consistency with Section 6(b)(5) of the 
Act, which requires, among other things, that the rules of a national 
securities exchange be ``designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade,'' and ``to protect investors and the public 
interest.'' \27\
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    \25\ Id.
    \26\ Short positions will be limited to no more than 100% of net 
assets.
    \27\ 15 U.S.C. 78f(b)(5).
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IV. Procedure: Request for Written Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with Section 6(b)(5) of the Act or any other 
provision of the Act, or the rules and regulations thereunder. Although 
there do not appear to be any issues relevant to approval or 
disapproval which would be facilitated by an oral presentation of 
views, data, and arguments, the Commission will consider, pursuant to 
Rule 19b-4, any request for an opportunity to make an oral 
presentation.\28\
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    \28\ Section 19(b)(2) of the Act, as amended by the Securities 
Act Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the 
Commission flexibility to determine what type of proceeding--either 
oral or notice and opportunity for written comments--is appropriate 
for consideration of a particular proposal by a self-regulatory 
organization. See Securities Act Amendments of 1975, Senate Comm. on 
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st 
Sess. 30 (1975).
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    Interested persons are invited to submit written data, views, and 
arguments regarding whether the proposal should be approved or 
disapproved by August 5, 2014. Any person who wishes to file a rebuttal 
to any other person's submission must file that rebuttal by August 19, 
2014.
    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 email to [email protected]. Please include 
File Number SR-NYSEArca-2014-30 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2014-30. This 
file number should be included on the subject line if email 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 Reference Room, 100 F Street NE., Washington, 
DC 20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. 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-NYSEArca-2014-30 and should 
be submitted on or before August 5, 2014. Rebuttal comments should be 
submitted by August 19, 2014.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\29\
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    \29\ 17 CFR 200.30-3(a)(12) and 17 CFR 200.30-3(a)(57).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-16497 Filed 7-14-14; 8:45 am]
BILLING CODE 8011-01-P