Exemption of the Securities of the Federative Republic of Brazil, the Republic of Argentina, and the Republic of Venezuela Under the Securities Exchange Act of 1934 for Purposes of Trading Futures Contracts on those Securities

The Securities and Exchange Commission ("SEC' or "Commission') is adopting an amendment to Rule 3a12-8 under the Securities Exchange Act of 1934 that would designate debt obligations issued by the Federative Republic of Brazil ("Brazil'), the Republic of Argentina ("Argentina'), and the Republic of Venezuela ("Venezuela') (collectively the "Additional Countries') as "exempted securities' for the purpose of marketing and trading futures contracts on those securities in the United States. The purpose of this amendment is solely to permit futures on the sovereign debt of the Additional Countries to be traded in the United States. This change is not intended to have any substantive effect on the operation of the Rule.