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Federal Register / Vol. 86, No. 209 / Tuesday, November 2, 2021 / Notices
derived from updated bids and offers indicative of the spot price of gold.14
The website for the Trust https
sprott.com/investment-strategies/
physical-bullion-trusts will contain the following information, on a per Share basis, for the Trust: a The mid-point of the bid-ask price 15 at the close of trading Bid/Ask Price, and a calculation of the premium or discount of such price against such NAV; and b data in chart format displaying the frequency distribution of discounts and premiums of the Bid/Ask Price against the NAV, within appropriate ranges, for each of the four previous calendar quarters. The website for the Trust will also provide the Trusts prospectus.
Finally, the Trusts website will be updated once daily to provide the last sale price of the Shares as traded in the U.S. market at the end of regular trading. In addition, information regarding market price and trading volume of the Shares will be continually available on a real-time basis throughout the day on brokers computer screens and other electronic services.
Information regarding the previous days closing price and trading volume information for the Shares will be published daily in the financial section of newspapers.
The Trust will maintain on its website current lists of the ESG Criteria and ESG
Approved Mines and ESG Approved Mining Companies from which the Trust sources its ESG Approved Gold.
The Trust anticipates that ESG
Approved Mines and ESG Approved Mining Companies may be added or removed from such lists over time based on, among other things, whether such ESG Approved Mines and ESG
Approved Mining Companies meet the evolving ESG Criteria and whether they are Mint Approved Mines. The Trust will update the information on its website promptly after any change to the ESG Criteria, ESG Approved Mines or ESG Approved Mining Companies.

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Criteria for Initial and Continued Listing The Trust will be subject to the criteria in NYSE Arca Rule 8.201Ee for initial and continued listing of the Shares.
A minimum of two Creation Units or 50,000 Shares will be required to be outstanding at the start of trading, which is equivalent to 10,000 fine 14 The IIV on a per Share basis disseminated during the Core Trading Session should not be viewed as a real-time update of the NAV, which is calculated once a day.
15 The bid-ask price of the Shares will be determined using the highest bid and lowest offer on the Consolidated Tape as of the time of calculation of the closing day NAV.

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ounces of gold or about $18,550,000 as of June 14, 2021. The Exchange believes that the anticipated minimum number of Shares outstanding 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 Trust 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 6.3E 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
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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 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.16 The Exchange will halt trading in the Shares if the NAV of the Trust 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 FINRA on behalf of the Exchange, which are designed to detect violations of Exchange rules and applicable federal securities laws.17 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 16 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.
17 FINRA

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