On June 6th, the SEC granted a limited exemption from Rule 102 of Regulation M concerning NYSE Arca's Exchange Traded Product Incentive Program Pilot. The Incentive Program is designed to incentivize market makers to take Lead Market Maker ("LMM") assignments in certain lower volume ETPs by offering an alternative fee structure for such LMMs that would be funded from the Exchange's general revenues. The costs of the Incentive Program would be funded by charging participating issuers (which may be paid by sponsors on behalf of the issuer) non-refundable "Optional Incentive Fees," which would be credited to LMMs from the Exchange's general revenues. SEC Release No. 34-69707. See also SEC Release No. 34-69706 (approving pilot).