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Federal Register / Vol. 86, No. 171 / Wednesday, September 8, 2021 / Notices
jbell on DSKJLSW7X2PROD with NOTICES

at the start of trading is sufficient to provide adequate market liquidity.
Trading Rules The Exchange deems the Shares to be equity securities, thus rendering trading in the Fund subject to the Exchanges existing rules governing the trading of equity securities. Trading in the Shares on the Exchange will occur in accordance with NYSE Arca Rule 7.34
Ea. The Exchange has appropriate rules to facilitate transactions in the Shares during all trading sessions. As provided in NYSE Arca Rule 7.6E
Commentary .03, the minimum price variation MPV for quoting and entry of orders in equity securities traded on the NYSE Arca Marketplace is $0.01, with the exception of securities that are priced less than $1.00, for which the MPV for order entry is $0.0001.
Further, NYSE Arca Rule 8.201E sets forth certain restrictions on ETP Holders acting as registered Market Makers in the Shares to facilitate surveillance.
Under NYSE Arca Rule 8.201Eg, an ETP Holder acting as a registered Market Maker in the Shares is required to provide the Exchange with information relating to its trading in the underlying gold, any related futures or options on futures, or any other related derivatives.
Commentary .04 of NYSE Arca Rule 11.3E requires an ETP Holder acting as a registered Market Maker, and its affiliates, in the Shares to establish, maintain and enforce written policies and procedures reasonably designed to prevent the misuse of any material nonpublic information with respect to such products, any components of the related products, any physical asset or commodity underlying the product, applicable currencies, underlying indexes, related futures or options on futures, and any related derivative instruments including the Shares.
As a general matter, the Exchange has regulatory jurisdiction over its ETP
Holders and their associated persons, which include any person or entity controlling an ETP Holder. To the extent the Exchange may be found to lack jurisdiction over a subsidiary or affiliate of an ETP Holder that does business only in commodities or futures contracts, the Exchange could obtain information regarding the activities of such subsidiary or affiliate through surveillance sharing agreements with regulatory organizations of which such subsidiary or affiliate is a member.
With respect to trading halts, the Exchange may consider all relevant factors in exercising its discretion to halt or suspend trading in the Shares.
Trading on the Exchange in the Shares may be halted because of market
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conditions or for reasons that, in the view of the Exchange, make trading in the Shares inadvisable. These may include: 1 The extent to which conditions in the underlying gold market have caused disruptions and/or lack of trading, or 2 whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. In addition, trading in Shares will be subject to trading halts caused by extraordinary market volatility pursuant to the Exchanges circuit breaker rule.28 The Exchange will halt trading in the Shares if the NAV of the Fund is not calculated or disseminated daily. The Exchange may halt trading during the day in which an interruption occurs to the dissemination of the IIV, as described above. If the interruption to the dissemination of the IIV persists past the trading day in which it occurs, the Exchange will halt trading no later than the beginning of the trading day following the interruption.
Surveillance The Exchange represents that trading in the Shares will be subject to the existing trading surveillances administered by the Exchange, as well as cross-market surveillances administered by the Financial Industry Regulatory Authority Inc. FINRA, on behalf of the Exchange, which are designed to detect violations of Exchange rules and applicable federal securities laws.29 The Exchange represents that these 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 federal securities laws applicable to trading on the Exchange.
The surveillances referred to above generally focus on detecting securities trading outside their normal patterns, which could be indicative of manipulative or other violative activity.
When such situations are detected, surveillance analysis follows and investigations are opened, where appropriate, to review the behavior of all relevant parties for all relevant trading violations.
The Exchange or FINRA, on behalf of the Exchange, or both, will communicate as needed regarding trading in the Shares with other markets and other entities that are members of the ISG, and the Exchange or FINRA, on 28 See
NYSE Arca Rule 7.12E.
conducts cross-market surveillances on behalf of the Exchange pursuant to a regulatory services agreement. The Exchange is responsible for FINRAs performance under this regulatory services agreement.
29 FINRA

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behalf of the Exchange, or both, may obtain trading information regarding trading in the Shares from such markets and other entities. In addition, the Exchange may obtain information regarding trading in the Shares from markets and other entities that are members of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement.30
Also, pursuant to NYSE Arca Rule 8.201Eg, the Exchange is able to obtain information regarding trading in the Shares and the underlying gold through ETP Holders acting as registered Market Makers, in connection with such ETP Holders proprietary or customer trades through ETP Holders which they effect on any relevant market.
In addition, the Exchange also has a general policy prohibiting the improper distribution of material, non-public information by its employees.
All statements and representations made in this filing regarding a the description of the portfolio, b limitations on portfolio holdings or reference assets, or c the applicability of Exchange listing rules specified in this rule filing shall constitute continued listing requirements for listing the Shares of the Fund on the Exchange.
The Trust has represented to the Exchange that it will advise the Exchange of any failure by the Fund to comply with the continued listing requirements, and, pursuant to its obligations under Section 19g1 of the Act, the Exchange will monitor for compliance with the continued listing requirements. If the Fund is not in compliance with the applicable listing requirements, the Exchange will commence delisting procedures under NYSE Arca Rule 5.5Em.
Information Bulletin Prior to the commencement of trading, the Exchange will inform its ETP Holders in an Information Bulletin of the special characteristics and risks associated with trading the Shares.
Specifically, the Information Bulletin will discuss the following: 1 The procedures for purchases and redemptions of Shares in Creation Units including noting that Shares are not individually redeemable; 2 NYSE
Arca Rule 9.2Ea, which imposes a duty of due diligence on its ETP Holders to learn the essential facts relating to every customer prior to trading the Shares; 3 how information regarding the IIV is disseminated; 4 the 30 For a list of the current members of ISG, see www.isgportal.org.

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