[Federal Register Volume 79, Number 61 (Monday, March 31, 2014)]
[Notices]
[Pages 18094-18098]
[FR Doc No: 2014-07037]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71792; File No. SR-FINRA-2014-012]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of a Proposed Rule Change To Amend
FINRA Rules 2210 (Communications with the Public) and 2214
(Requirements for the Use of Investment Analysis Tools)

March 25, 2014.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 10, 2014, Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been substantially prepared by
FINRA. The Commission is publishing this notice to solicit comments on
the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    FINRA is proposing to amend FINRA Rule 2210 (Communications with
the Public) to exclude from the filing requirements research reports
concerning only securities listed on a national securities exchange,
other than research reports which must be filed pursuant to Section
24(b) of the Investment Company Act of 1940 (``1940 Act'').\3\ FINRA
also is proposing to amend FINRA Rule 2210 to clarify that free writing
prospectuses that are exempt from filing with the SEC are not subject
to the rule's filing or content standards. Finally, FINRA is proposing
to correct a mistaken rule cross-reference in FINRA Rule 2214
(Requirements for the Use of Investment Analysis Tools).
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    \3\ 15 U.S.C. 80a-24(b).
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    The text of the proposed rule change is available on FINRA's Web
site at http://www.finra.org, at the principal office of FINRA and at
the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, FINRA included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. FINRA has prepared summaries, set forth in sections A,
B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
(a) Filing Exclusion for Research Reports on Exchange-Listed Securities
    FINRA is proposing to amend the current requirements for members to
file certain retail communications with the Advertising Regulation
Department (the ``Department''). Under this amendment, members would no
longer be required to file research reports that concern only
securities listed on a national securities exchange. Between the
dedicated protections applied to research reports by other FINRA and
SEC rules and the increased liquidity and price transparency associated
with exchange-listed securities, FINRA believes the additional investor
protection benefit of Department review of those retail communications
is minimal in relation to the cost of compliance and administration of
the filing requirement. This proposed exemption would not apply to
research reports that must be filed under Section 24(b) of the 1940
Act.
(1) Background
    On March 29, 2012, the Commission approved new FINRA Rule 2210
(Communications with the Public), which replaced NASD Rules 2210 and
2211 and certain Interpretive Materials that followed NASD Rule 2210,
and became effective on February 4, 2013. Among other things, FINRA
Rule 2210 contains two new filing requirements. Paragraph (c)(3)(A) of
FINRA Rule 2210 requires for the first time that member firms file with
the Department all retail communications concerning closed-end
investment companies \4\ within 10 business days of first use.
Previously, NASD Rule 2210 only required that member firms file
advertisements and sales literature concerning a closed-end fund during
the fund's initial public offering period.
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    \4\ For purposes of FINRA Rule 2210, a ``closed-end investment
company'' or ``closed-end fund'' refers to a registered ``closed-end
company'' as defined in Section 5(a)(2) of the 1940 Act, 15 U.S.C.
80a-5(a)(2).
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    FINRA Rule 2210(c)(3)(E) also requires for the first time that
member firms file all retail communications concerning any security
that is registered under the Securities Act of 1933 (``Securities
Act'') \5\ and that is derived from or based on a single security, a
basket of securities, an index, a commodity, a debt issuance or a
foreign currency. This filing requirement is intended to apply to
retail communications concerning so-called ``structured products,''
although the breadth of the provision could arguably include retail
communications concerning securities not typically thought of as
structured products, including registered investment companies,
security futures, public direct participation programs, or
collateralized mortgage obligations. FINRA notes that those retail
communications are already subject to separate filing requirements, and
thus member firms are not required to file these communications a
second time under the structured product filing requirement.\6\
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    \5\ 15 U.S.C. 77a et seq.
    \6\ See FINRA Rule 2210(c)(3)(A) through (D). The ``structured
product'' filing requirement specifies that it does not apply to
retail communications concerning these other products, as they are
already covered by the filing requirements in FINRA Rule 2210(c)(1),
(c)(2) and (c)(3)(A) through (D).
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(2) Filing Requirements for Research Reports
    The Rule 2210 filing requirements apply to research reports \7\ to
the extent that they constitute retail communications about a product
category that requires filing pursuant to the Rule (including the
provisions of the Rule referenced above), or to the extent that they
are covered by the new member filing requirements of FINRA Rule
2210(c)(1)(A).\8\ Therefore, the filing

requirements cover research reports concerning certain exchange-listed
securities, such as exchange-listed master limited partnerships and
registered closed-end funds, as well as research reports concerning any
securities to the extent that they are covered by the new member filing
requirements.
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    \7\ Rule 2711(a)(9) defines ``research report'' as ``any written
(including electronic) communication that includes an analysis of
equity securities of individual companies or industries, and that
provides information reasonably sufficient upon which to base an
investment decision.'' The definition specifically excludes certain
types of communications, such as discussions of broad-based indices
or commentaries on economic, political or market conditions.
    \8\ Under paragraph (c)(1)(A) of FINRA Rule 2210, a new member
must file with the Department at least 10 business days prior to use
certain retail communications that are published or used in any
electronic or public media. These retail communications include
those published on any generally accessible Web site, newspaper,
magazine or other periodical, radio, television, telephone or audio
recording, video display, sign or billboard. A member is subject to
this filing requirement for a period of one year beginning on the
date reflected in the Central Registration Depository (CRD[supreg])
system as of the date that FINRA membership became effective. A
member may file a retail communication that is a free writing
prospectus filed with the SEC pursuant to Securities Act Rule
433(d)(1)(ii) within 10 business days of first use rather than at
least 10 business days prior to first use.
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    For the reasons discussed below, FINRA believes that it is
appropriate to amend FINRA Rule 2210 to exempt research reports
concerning only exchange-listed securities from the filing
requirements, other than research reports that must be filed pursuant
to Section 24(b) of the 1940 Act. Section 24(b) requires any registered
open-end investment company, any registered unit investment trust, or
any registered face-amount certificate company, and any underwriter \9\
for such companies, to file all advertisements, pamphlets, circulars,
form letters and other sales literature addressed to or intended for
distribution to prospective investors with the Commission within 10
days of distribution of such material.\10\
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    \9\ The 1940 Act defines ``underwriter'' to include ``any person
who has purchased from an issuer with a view to, or sells for an
issuer in connection with, the distribution of any security, or
participates or has a direct or indirect participation in any such
undertaking, or participates or has a participation in the direct or
indirect underwriting of any such undertaking.'' The term excludes
``a person whose interest is limited to a commission from an
underwriter or dealer not in excess of the usual and customary
distributor's or seller's commission.'' See 1940 Act Section
2(a)(40), 15 U.S.C. 80a-2(a)(40).
    \10\ Pursuant to Rule 24b-3 under the 1940 Act, 17 CFR 270.24b-
3, any sales material shall be deemed filed with the Commission for
purposes of Section 24(b) upon filing with FINRA.
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    An important purpose of FINRA's filing requirements is to help
ensure that communications distributed or made available to investors
are based on principles of fair dealing and good faith, are fair and
balanced, and provide a sound basis for evaluating the facts in regard
to any particular security or type of security. FINRA staff review of
these communications also helps ensure that they do not contain any
material omissions that would cause the communication to be misleading,
and do not contain any false, exaggerated, unwarranted, promissory or
misleading statements or claims.
    FINRA believes that the likelihood of investor harm resulting from
the distribution of research reports concerning only exchange-listed
securities is significantly lessened due to additional investor
protection standards that apply to research reports but do not apply to
other types of sales material. In particular, research reports are
subject to the comprehensive disclosure, content and analyst
independence requirements of NASD Rule 2711 and SEC Regulation Analyst
Certification (``Regulation AC'').\11\ In addition, the fact that these
securities are listed on a national securities exchange reduces the
risk that a research report could manipulate a security's trading
price, because the ability to trade the security on an exchange
provides both increased liquidity and a price discovery mechanism that
does not exist for unlisted securities.
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    \11\ 17 CFR 242.500-505.
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    For example, if a research report contains a price target, NASD
Rule 2711(h)(7) requires a member firm to disclose the valuation
methods used to determine the price target, and firms must have a
reasonable basis for the price target and must accompany it with a
disclosure concerning the risks that may impede achievement of the
price target. NASD Rule 2711(h) also requires numerous other conflicts
of interest disclosures concerning such issues as individual and member
holdings of the issuer's securities, investment banking relationships
with and receipt of compensation from the issuer, disclosure of the
meanings and distribution of ratings assigned to issuers, inclusion of
a price chart showing when the firm assigned or changed a rating or
price target, and disclosure of market making activities.
    Research analysts also must prepare equity research reports in a
controlled environment that is designed to reduce the potential for
conflicts of interest. For example, the rules generally prohibit
persons not directly responsible for the preparation, content and
distribution of research from reviewing or approving research reports
prior to publication.\12\ In addition, Rule 2711 imposes certain
requirements concerning the compensation paid to research analysts that
are intended to reduce conflicts of interest.\13\
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    \12\ See NASD Rule 2711(b).
    \13\ See NASD Rule 2711(d).
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    Regulation AC requires research analysts to provide certifications
to research reports to help address the risk that research analysts may
issue research reports that do not reflect their true beliefs or
communicate views that differ from views expressed to institutional
investors.\14\ The certifications include a statement certifying that
all of the views expressed in the report accurately reflect the
analyst's personal views about any and all of the covered securities
and issuer, and another statement certifying either (1) that no part of
the analyst's compensation was, is, or will be, directly or indirectly,
related to the specific recommendations or views expressed by the
analyst in the research report or (2) that part or all of the analyst's
compensation was, is, or will be directly or indirectly related to the
specific recommendations or views contained in the research report. If
the analyst certifies to the second alternative, the statement must
include the source, amount and purpose of such compensation and must
further disclose that it may influence the recommendation in the
research report.\15\
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    \14\ See Securities Act Release No. 8193 (February 20, 2003), 68
FR 9482 (February 27, 2003).
    \15\ See 17 CFR 242.501(a).
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    FINRA rules also require any person who is primarily responsible
for the preparation of the substance of a research report, or whose
name appears on a research report, to pass certain qualification
examinations and register as a research analyst with FINRA. Pursuant to
NASD Rule 1050, research analysts must be registered as a General
Securities Representative under NASD Rule 1032, and must pass the
qualification examinations for research analysts (Series 86 and
87).\16\ In addition, research reports must be approved either by a
Supervisory Analyst that has passed the Series 16 qualification
examination, or a registered principal that has passed both the Series
24 and Series 87 qualification examinations.\17\ Together with the
pricing transparency and increased liquidity of exchange-listed
securities generally, FINRA believes these additional investor
protections minimize the need to have research reports concerning
exchange-listed securities subject to filing with FINRA, as it is
significantly less likely that these communications will contain false
and misleading information or omit

important risk and conflicts disclosures.\18\
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    \16\ FINRA may grant a waiver from the analytical portion of the
research analyst qualification examination (Series 86) upon
verification that the applicant has passed other enumerated
examinations. See NASD Rule 1050(c).
    \17\ See NASD Rule 1022(a)(5) and FINRA Rule 2210(b)(1)(B); see
also Notice to Members 07-04 (January 2007).
    \18\ This text is slightly modified from the version filed by
FINRA pursuant to a discussion between Joseph Savage and Philip
Shaikun of FINRA and Marie-Louise Huth of the SEC on March 24, 2014
(``March 24 Phone Conversation'').
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    FINRA believes that this filing exclusion is consistent with the
approach that FINRA has taken for purposes of other parts of FINRA Rule
2210, such as the exclusion from the recommendation disclosure
requirements of FINRA Rule 2210(d)(7) for research reports that include
all of the disclosures required by Rule 2711.\19\ Because FINRA
concluded that Rule 2711's disclosure standards protect investors
without the need for additional disclosure, FINRA exempted research
reports from certain of Rule 2210's specific content standards. In the
same manner, FINRA no longer believes it is necessary for research
reports on exchange-listed securities to be filed with FINRA because of
the investor protections offered by Rule 2711 and Regulation AC.\20\
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    \19\ See FINRA Rule 2210(d)(7)(D)(i).
    \20\ See March 24 Phone Conversation, supra note 18.
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    FINRA also recognizes the importance of allowing members to publish
research on exchange-listed securities in a timely manner. Research
that is stale or untimely has far less value to investors than research
that is up-to-date. Particularly for new members, which are required to
file certain retail communications at least 10 business days prior to
first use, the current filing requirements could impose an impediment
to publishing timely research on exchange-listed securities.
    The Department's staff generally has not seen significant problems
with research reports that have been filed with FINRA. The filing
requirements for new firms under FINRA Rule 2210(c)(1)(A) are intended
to provide an extra level of FINRA staff review for firms that are just
beginning their business operations. FINRA is not aware of any firms
that, in the past, have produced research subject to filing under the
new firm filing requirement. In addition, FINRA believes that the
supervisory and certification requirements applicable to research
reports decrease the likelihood that a new firm would experience the
types of problems that may occur with respect to other retail
communications. Accordingly, FINRA believes that exempting research
reports on exchange-listed securities from the new firm filing
requirement would be consistent with investor protection.
    As for reports that have been filed pursuant to other filing
requirements, such as the filing requirements for retail communications
concerning closed-end funds, public direct participation programs, or
structured products, the staff mostly has reviewed these reports for
compliance with NASD Rule 2711's disclosure requirements. FINRA
believes that it can better employ the Department's resources viewing
other types of communications that present a greater risk of investor
harm. To the extent a review of members' research reports on exchange-
listed securities is necessary, FINRA believes that it can address this
need through either its examination program, or conducting a spot check
of members' reports.
    The proposal would not include research reports that are subject to
filing pursuant to Section 24(b) of the 1940 Act, or research
concerning securities that are not listed on a national securities
exchange, within the proposed filing exclusion. Because the 1940 Act
separately requires certain communications concerning registered open-
end companies, registered unit investment trusts, and registered face-
amount certificate companies to be filed, FINRA does not believe it is
appropriate to include research reports that fall within this filing
requirement within this proposed exclusion.
    Securities that are not listed on a national securities exchange do
not possess the same liquidity features and price discovery as
exchange-listed securities, and thus at this time FINRA is proposing
not to exclude research reports concerning such securities from filing.
The increased liquidity and price discovery mechanisms for exchange-
listed securities reduce the likelihood that a research report could
mislead an investor as to the true value of a security.
    In contrast, a report concerning an unlisted security has greater
potential to mislead investors. For example, FINRA believes that there
are greater risks of investor harm and price manipulation with respect
to a research report on a master limited partnership that is not listed
on a national securities exchange. Accordingly, FINRA believes that
such reports should not be subject to the proposed filing exclusion.
    The proposed filing exclusion also would not apply to any retail
communication concerning an exchange-listed security that is not a
research report for purposes of NASD Rule 2711. Thus, for example, a
member firm would still be required to file with FINRA a retail
communication that is intended to promote the sale of the securities of
an exchange-listed closed-end investment company or direct
participation program if the retail communication was not a research
report for purposes of Rule 2711. Because the additional investor
protections that apply to research reports do not apply to these retail
communications, FINRA believes that it is appropriate to continue to
require member firms to file these types of retail communications.
(b) Clarification Regarding Free Writing Prospectuses Exempt From SEC
Filing
    The filing requirements and content standards of FINRA Rule 2210 do
not apply to prospectuses and similar documents that have been filed
with the SEC, other than investment company advertisements prepared
pursuant to Securities Act Rule 482,\21\ and free-writing prospectuses
that are used or referred to by a broker-dealer and distributed by or
on behalf of the broker-dealer in a manner reasonably designed to lead
to its broad unrestricted dissemination. FINRA Rule 2210(c)(7)(F)
excludes from the rule's filing requirements ``[p]rospectuses,
preliminary prospectuses, fund profiles, offering circulars and similar
documents that have been filed with the SEC or any state, or that is
exempt from such registration, except that an investment company
prospectus published pursuant to Securities Act Rule 482 and a free
writing prospectus that has been filed with the SEC pursuant to
Securities Act Rule 433(d)(1)(ii) will not be considered a prospectus
for purposes of this exclusion.'' Similarly, FINRA Rule 2210(d)(8)
excludes from the rule's content standards ``[p]rospectuses,
preliminary prospectuses, fund profiles and similar documents that have
been filed with the SEC,'' but provides that the content standards do
apply to ``an investment company prospectus pursuant to Securities Act
Rule 482 and a free writing prospectus that has been filed with the SEC
pursuant to Securities Act Rule 433(d)(1)(ii).''
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    \21\ 17 CFR 230.482
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    Questions have been raised as to whether these exclusions cover a
free writing prospectus that is exempt from filing with the SEC
pursuant to Securities Act Rule 433.\22\ FINRA intended these
exclusions to cover prospectuses filed with the SEC as well as free
writing prospectuses that are exempt from filing, other than so-called
``omitting prospectuses'' of registered investment companies governed
by Securities Act Rule 482, and free writing prospectuses required to
be filed with the SEC pursuant to Securities Act Rule

433(d)(1)(ii). Accordingly, a free writing prospectus that is exempt
from filing with the SEC pursuant to Securities Act Rule 433 is not
subject to the filing requirements and content standards of FINRA Rule
2210.\23\ To clarify this intent, FINRA is proposing to amend FINRA
Rule 2210(c)(7)(F) and FINRA Rule 2210(d)(8) specifically to exclude
from the filing and content standards free writing prospectuses that
are exempt from filing with the SEC. FINRA is also proposing to clarify
that the filing and content requirements apply to free-writing
prospectuses required to be filed with the SEC pursuant to Securities
Act Rule 433(d)(1)(ii).
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    \22\ 17 CFR 230.433
    \23\ See Regulatory Notice 10-52 (October 2010) (FINRA
communication rules ``apply to free writing prospectuses distributed
by a broker-dealer in a manner reasonably designed to lead to broad
unrestricted dissemination''). FINRA Rule 2210's filing and content
standards are intended to apply to free writing prospectuses that
are subject to filing with the SEC pursuant to Securities Act Rule
433(d)(1)(ii), but not to other types of free writing prospectuses.
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(c) Correction of Rule Cross-Reference in FINRA Rule 2214
    Paragraph (a) of FINRA Rule 2214 (Requirements for the Use of
Investment Analysis Tools) mistakenly cross-references FINRA Rule
2210(c)(3)(D) (the filing requirement for retail communications
concerning collateralized mortgage obligations).\24\ Rule 2214(a)
should cross-reference Rule 2210(c)(3)(C) (the filing requirement for
any template for written reports produced by, or retail communications
concerning, an investment analysis tool). FINRA proposes to correct
this rule cross-reference.
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    \24\ See Securities Exchange Act Release No. 66681 (March 29,
2012), 77 FR 20452 (April 4, 2012) (SR-FINRA-2011-035).
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    FINRA will announce the effective date of the proposed rule change
in a Regulatory Notice to be published no later than 60 days following
Commission approval. The effective date will be the date of publication
of the Regulatory Notice announcing Commission approval.
2. Statutory Basis
    FINRA believes that the proposal to exclude research reports
concerning only exchange-listed securities from the filing requirements
for certain retail communications is consistent with the provisions of
Section 15A(b)(6) of the Act,\25\ which requires, among other things,
that FINRA rules must be designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest. FINRA believes that the proposed filing exclusion will
reduce the burdens imposed on member firms that would otherwise have to
file research reports on exchange-listed securities with FINRA, while
continuing to protect investors through the protections provided by
FINRA Rule 2210 and NASD Rules 1022, 1050 and 2711.
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    \25\ 15 U.S.C. 78o-3(b)(6).
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    FINRA also believes that the proposed clarification regarding the
application of Rule 2210's filing and content standards to free writing
prospectuses that are exempt from filing with the SEC is consistent
with the provisions of Section 15A(b)(6) of the Act.\26\ The proposal
is consistent with FINRA's current interpretation of Rule 2210.
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    \26\ 15 U.S.C. 78o-3(b)(6).
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    FINRA further believes that the proposed correction of the rule
cross-reference in FINRA Rule 2214 is consistent with the provisions of
Section 15A(b)(6) of the Act.\27\ The correction of the cross-reference
is consistent with the Rule's intent and purpose and will reduce any
potential confusion due to the current incorrect cross-reference.
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    \27\ 15 U.S.C. 78o-3(b)(6).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    FINRA does not believe that the proposed rule change would result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule change would
reduce burdens on members by relieving them of the obligation and
expense of filing research reports that are currently subject to
filing. The proposed rule change also would clarify for members the
intended application of Rule 2210 to free writing prospectuses that are
exempt from filing with the SEC, and would not add any burden on
competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. 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_ADDRESS>Please include
File Number SR-FINRA-2014-012 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-FINRA-2014-012. 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
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of FINRA. 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-FINRA-2014-012 and

should be submitted on or before April 21, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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    \28\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-07037 Filed 3-28-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: October 6, 2005 (Volume 70, Number 193)]
[Notices]
[Page 58405-58406]
[DOCID:fr06oc05-79]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. AD05-015-000]

Notice of Hydro Licensing Status Workshop 2005

    Hydro Licensing Status Workshop 2005: Avondale Mills, Inc.,
Project No. 5044-008; Central Maine Power Company, Project No. 2283-
005; Central Vermont Public Service Corporation, Project Nos. 11475-
000 and 11478-000; City of Escondido, California, Project No. 176-
018; El Dorado Irrigation District, Project No. 84-065; Enterprise
Mill, LLC, Project No. 2935-015; Fort James Operating Company,
Project No. 2312-014; Green Mountain Power Corporation, Project No.
2090-003; Niagara Mohawk Power Corporation, Project No. 2539-003;
PacifiCorp, Project Nos. 2342-005, 2659-011, and 2071-013; Pacific
Gas & Electric Co., Project Nos. 233-081 and 2105-089; PUD No. 1 of
Chelan County, Project No. 637-022; S.D. Warren Company, Project No.
2984-042; Southern California Edison Company, Project No. 2086-035;
Stinson Morrison Hecker, LLP, Project No. 2721-013; United Water
Conservation District, Project No. 2153-012

September 30, 2005.

    A one-day, Commissioner-led workshop will be held on Thursday,
December 1, 2005, beginning at 10 a.m. (e.s.t.), in the Commission
Meeting Room at the Federal Energy Regulatory Commission, 888 First
Street, NE., Washington, DC. The workshop will focus on the above-
listed pending license applications filed at the Commission. The
workshop is open to the public and all interested persons are invited
to attend and participate.
    The goals of the workshop are to: (1) Review and discuss the
pending license applications; (2) identify unresolved issues; (3)
determine next steps; (4) agree on who will take the next steps; and
(5) focus on solutions. The workshop will concentrate on identifying
the unresolved issues associated with each project, and determining the
best course of action to resolve or remove obstacles to final action on
each pending license application.
    A transcript of the discussions will be placed in the public record
for Docket No. AD05-015-000 and in the record for each of the pending
license applications.

Filing Requirements for Electronic or Paper Filings

    Comments, papers, or other documents related to this proceeding may
be filed electronically or in paper format. Those filing electronically
do not need to make a paper filing.
    The Commission strongly encourages electronic filings. Documents
filed electronically via the Internet must be prepared in MS Word or
Portable Document Format. To file the document, access the Commission's
Web site at http://www.ferc.gov, click on ``e-Filing'' and then follow the

instructions on the screen. First-time users will have to establish a
user name and password. The Commission will send an automatic
acknowledgment to the sender's e-mail address upon receipt of comments.
User assistance for electronic filing is available at<PHONE_NUMBER> or
by e-mail to<EMAIL_ADDRESS>Comments should not be submitted to the
e-mail address.
    For paper filings, the original and 8 copies of the comments should
be submitted to the Office of the Secretary, Federal Energy Regulatory
Commission, 888 First Street, NE., Washington, DC 20426. Paper filings
should, at the top of the first page, refer to Docket No. AD05-015-000
and reference the specific project name(s) and project number(s) that
the comments concern.
    All comments will be placed in the Commission's public files and
will be available for inspection in the Commission's Public Reference
Room at 888 First Street, NE., Washington, DC 20426, during regular
business hours. Additionally, all comments may be viewed on the
Commission's Web site at http://www.ferc.gov using the ``eLibrary'' link. For

assistance, call toll free 1-866-208-3676, or for TTY<PHONE_NUMBER>,
or by e-mail to<EMAIL_ADDRESS>
Opportunities for Listening, Participating, and Viewing the Workshop
Offsite and Obtaining a Transcript

    The workshop will be transcribed. Those interested in transcripts
immediately for a fee should contact Ace-Federal Reporters, Inc. at
(202) 347-3700, or 1-800-336-6646. Transcripts will be available free
to the public on the Commission's e-Library system about two weeks
after the workshop.
    For those involved in the specific projects to be discussed, we
believe the best way to achieve the goals of the workshop is for you
and your staff to attend the workshop in person and have an open and
frank face-to-face dialogue. However, we understand that budgetary and
other constraints may limit travel to Washington, DC. Therefore, we
have made alternative arrangements for you to listen, view, or
participate in the workshop through the Internet, video conferencing,
or teleconferencing.
    The Capitol Connection offers the opportunity for remote listening
and viewing of the conference. It is available for a fee, live over the
Internet, by phone or via satellite. Persons interested in receiving
the broadcast, or who need information on making arrangements should
contact David Reininger or Julia Morelli at the Capitol Connection
(703) 993-3100 as soon as possible or visit the Capitol Connection Web
site at http://www.capitolconnection.org and click on ``FERC''.

    FERC conferences are accessible under section 508 of the
Rehabilitation Act of 1973. For accessibility accommodations please
send an e-mail to<EMAIL_ADDRESS>or call toll free 1-866-208-
3372 (voice) or<PHONE_NUMBER> (TTY), or send a FAX to<PHONE_NUMBER>
with the required accommodations.
    Anyone wishing to participate via teleconference should call or e-
mail Kim Nguyen at<PHONE_NUMBER> or<EMAIL_ADDRESS>by November
21, 2005, to receive the toll free telephone number to join the
teleconference.
    Anyone interested in participating in the workshop via video
teleconference from one of the Commission's regional offices should
call or e-mail the following staff, by November 21, 2005, to make
arrangements. Seating capacity is limited.

----------------------------------------------------------------------------------------------------------------
        Regional office           Staff contact       Telephone no.                  E-mail address
----------------------------------------------------------------------------------------------------------------
Atlanta.......................  Charles Wagner...<PHONE_NUMBER><EMAIL_ADDRESS>

Chicago.......................  Michael Davis....<PHONE_NUMBER><EMAIL_ADDRESS>New York......................  Chuck Goggins....<PHONE_NUMBER><EMAIL_ADDRESS>Portland......................  Pat Regan........<PHONE_NUMBER><EMAIL_ADDRESS>San Francisco.................  John Wiegel......<PHONE_NUMBER><EMAIL_ADDRESS>----------------------------------------------------------------------------------------------------------------

    By November 21, 2005, an agenda for the workshop and information
about the pending license applications will be posted on the
Commission's calendar located at http://www.ferc.gov/EventCalendar/EventsList.aspx
 along with other related information. Anyone without

access to the Commission's Web site, or who has questions should
contact Kim Nguyen at<PHONE_NUMBER>, or e-mail<EMAIL_ADDRESS>
Magalie R. Salas,
Secretary.
 [FR Doc. E5-5502 Filed 10-5-05; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 161 (Tuesday, August 20, 2013)]
[Notices]
[Pages 51248-51250]
[FR Doc No: 2013-20218]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70201; File No. SR-ICEEU-2013-11]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing of Proposed Rule Change Related to Enhanced Margin and
Guaranty Fund Methodology

August 14, 2013.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on August 14, 2013, ICE Clear Europe Limited (``ICE Clear Europe'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed changes as described in Items I, II, and III below, which
Items have been prepared primarily by ICE Clear Europe. The Commission
is publishing this notice to solicit comments on the proposed change
from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    ICE Clear Europe proposes to adopt changes to the enhanced margin
and guaranty fund methodology (the ``Decomp Model'') \3\ of ICE Clear
Europe Limited (``ICE Clear Europe'') for cleared credit default swaps
(``CDS') that address specific wrong way risk from cleared index CDS
positions and the liquidation period used in determining the initial
margin requirement for customer CDS positions.
---------------------------------------------------------------------------

    \3\ The Commission has previously approved the Decomp Model. See
Order Approving Proposed Rule Change, as Modified by Amendment No. 1
Thereto, Relating to Enhanced Margin Methodology, Exchange Act
Release No. 34-68955 (Feb. 20, 2013), 78 Fed. Reg. 13130 (Feb. 26,
2013) (SR-ICEEU-2012-11).
---------------------------------------------------------------------------

    ICE Clear Europe has developed its Decomp Model, as previously
approved by the Commission, to permit appropriate portfolio margining
between related index and single-name CDS positions by recognizing that
index CDS instruments are for risk management purposes essentially a
composition of specific single-name CDS.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, ICE Clear Europe included
statements concerning the purpose of and basis for proposing changes to
the Decomp Model. The text of these statements may be examined at the
places specified in Item IV below. ICE Clear Europe has prepared
summaries, set forth in sections A, B, and C below, of the most
significant aspects of these statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In anticipation of the launch of customer clearing in CDS, and in
furtherance of the ongoing European regulatory reform program designed
to improve the safety and soundness of the European derivatives
markets, ICE Clear Europe proposes to adopt certain enhancements to the
Decomp Model to address so-called specific wrong-way risk (``Specific
Wrong-Way Risk''), which is additional risk arising from the fact that
certain index CDS contracts include as reference entities Clearing
Members or affiliates of Clearing Members (``self-referencing CDS'').
Although ICE Clear Europe does not permit a Clearing Member to enter
into or maintain a single-name CDS referencing itself or an affiliate,
a self-referencing CDS position may arise through an index CDS where
the Clearing Member or an affiliate is a component of the index.
    Under the enhancements to the Decomp Model, ICE Clear Europe will
require an additional contribution to the CDS Guaranty Fund from those
Clearing Members that present Specific Wrong-

Way Risk, up to a defined threshold. The additional Guaranty Fund
contribution amount is based on the highest uncollateralized loss-
given-default exposure among any of such self-referencing CDS positions
of Clearing Members. In addition, each such Clearing Member will be
required to provide additional initial margin to collateralize any
Specific Wrong-Way Risk presented by its positions in excess of such
threshold.
    The proposed amendments would also enhance the CDS Guaranty Fund
calculation methodology to cover the uncollateralized losses that would
result from up to five single names--two Clearing Members and three
other single names--that would cause the greatest losses when entering
a state of default. Consequently, the amount of uncollateralized loss
may increase in cases when the Clearing Members chosen to size the
Guaranty Fund are reference entities in index CDS contracts.
    ICE Clear Europe also proposes to change the liquidation period for
calculation of initial margin for customer CDS positions. Currently,
the Decomp Model provides portfolio risk coverage against at least 5-
day market realizations. ICE Clear Europe intends to facilitate porting
of client positions for a period of 2 days following the default of a
Clearing Member. In order to account for situations when it may not be
possible to port after the initial porting period, resulting in
liquidation, the risk horizon for liquidation of customer CDS
portfolios would be extended to 7 days. The increased liquidation
period used in determining the initial margin requirement for customer
CDS positions will only apply to the spread response, basis and
interest rate risk components.
    The ICE Clear Europe CDS Risk Policy, the CDS Risk Model
Description methodology document, CDS Back-Testing Framework and CDS
Default Management Framework have been updated to account for the above
mentioned enhancements.
    ICE Clear Europe believes that the changes will facilitate the
prompt and accurate settlement and risk management of security-based
swaps and contribute to the safeguarding of securities and funds
associated with security-based swap transactions. ICE Clear Europe does
not believe the proposed amendments would have any impact, or impose
any burden, on competition.
    ICE Clear Europe believes that the amendments are consistent with
the requirements of Section 17A \4\ of the Act and regulations
thereunder applicable to it, including the standards under Rule 17Ad-
22.\5\ In particular, the amendments will enhance the clearinghouse's
margin methodology by more accurately addressing Specific Wrong Way
Risk presented by index CDS positions of Clearing Members. They will
also enhance the Guaranty Fund calculation methodology, and adjust the
liquidation period for customer positions used in calculating initial
margin for CDS. In ICE Clear Europe's view, the amendments will
therefore promote the prompt and accurate clearance and settlement of
securities transactions, the safeguarding of securities and funds in
the custody or control of ICE Clear Europe and the protection of
investors and the public interest, within the meaning of Section
17A(b)(3)(F) of the Act.\6\ Furthermore, the revisions will enhance ICE
Clear Europe's financial resources, consistent with the requirements of
Rule 17Ad-22(b),\7\ by requiring additional initial margin and CDS
Guaranty Fund contributions to address Specific Wrong Way Risk. They
will also promote the efficient use of margin for the clearinghouse and
its clearing members and their customers, by enabling the clearinghouse
to provide appropriate portfolio margining treatment between single-
name and index CDS positions. The other amendments will similarly
enhance ICE Clear Europe's financial resources, but adjusting the CDS
Guaranty Fund contribution methodology and increasing the liquidation
horizon for customer positions.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78q-1.
    \5\ 17 CFR 240.17Ad-22.
    \6\ 15 U.S.C. 78q-1(b)(3)(F).
    \7\ 17 CFR 240.17Ad-22(b).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed amendments would
have any material impact, or impose a material burden, on competition,
and further believes that any such impact is necessary and appropriate
in furtherance of the Act. The proposed amendments are intended to
enhance the margin and Guaranty Fund methodology for CDS to address
certain risks, including Specific Wrong Way Risk presented by Clearing
Members, as discussed above, and to adjust the liquidation horizon to a
level that ICE Clear Europe believes appropriate for default management
purposes. Although the amendments may result in an increase in margin
and/or Guaranty Fund levels applicable to Clearing Members and their
customers as a result of these risks, ICE Clear Europe believes that
these changes will properly align margin and Guaranty Fund levels to
the risks presented by Clearing Members and their customers. As a
result, ICE Clear Europe is of the view that these changes are
necessary and appropriate in furtherance of the Act and the
Commission's regulations thereunder, including the financial resources
and risk management requirements of Rule 17Ad-22.\8\ Furthermore, ICE
Clear Europe does not believe that the proposed changes, and any such
resulting increase in margin or Guaranty Fund requirements, would
significantly affect the ability of Clearing Members or other market
participants to continue to clear CDS, consistent with the risk
management requirements of the clearing house, or otherwise limit
market participants' choices for selecting clearing services. For the
foregoing reasons, the proposed changes do not, in ICE Clear Europe's
view, impose any unnecessary or inappropriate burden on competition.
---------------------------------------------------------------------------

    \8\ 17 CFR 240.17Ad-22.
---------------------------------------------------------------------------

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, CDS Clearing Members or Others

    ICE Clear Europe will notify the Commission of any written comments
received by ICE Clear Europe. As noted above, ICE Clear Europe has
consulted extensively with CDS Clearing Members and others in
developing changes to the Decomp Model.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act.

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_ADDRESS>Please include
File Number SR-ICEEU-2013-11 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ICEEU-2013-11. 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 such filings also will be available
for inspection and copying at the principal office of ICE Clear Europe
and on ICE Clear Europe's Web site at https://www.theice.com/publicdocs/regulatory_filings/ICEU_SEC_081313.pdf.
    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-ICEEU-2013-11
and should be submitted on or before September 10, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-20218 Filed 8-19-13; 8:45 am]
BILLING CODE 8011-01-P


Discussion of " Off Nominal" Operating Conditions for Catalyzed Small Off Road SI Engines and Lawn/ Garden Equipment Dr. Ranajit ( Ron) Sahu Consultant to OPEI Oct 26th, 2005 Off Nominal Conditions ° Unintentional and unavoidable conditions during equipment operation ° Occur with non trivial frequency ° Often low frequency, high consequence events ° Can lead to significant increase in fire and heatrelated safety hazards Potential Heat Related Hazards With Catalysts ° Temperatures can reach over 1400 º F ° Ignition of the turf work surface ° Accumulation and ignition of debris close to hot surfaces ° Ignition of fuel vapor during refueling ° Ignition of fuel vapor due to leakage from fuel system components ° Risk of burns to the operator or bystanders ° External fires caused by any of the above Four Categories of Off Nominal Conditions ° Increase in amount of air present in muffler/ catalyst region ° Air/ Fuel ratio changes affecting catalyst conversion efficiency ° Increase of unburned fuel into muffler/ catalyst or on hot surfaces of the equipment ° Changes in the cooling air flow management system Excess Air Into Muffler/ Cat ° Development of air leakage pathways   Holes, cracks   Deviations from designed secondary air injection   Deterioration due to use ° Modification of exhaust exit condition can result in air intake through the discharge opening( s) A/ F Ratio Changes ° Operation of the engine with the choke on ° Fuel leakage past the carburetor float ° Air/ fuel changes in the carburetor ° Conditions where the equipment runs with either a clogged or missing air filter Unburned Fuel Impacts ° Misfiring of a single cylinder engine ° Failure of one cylinder to fire in a two cylinder engine ° " Long" engine coast down times after ignition shut off ° Inadvertent fuel spillage by the operator causing flammable fuel vapor ° Tipping to access the underside of equipment Changes in Cooling Air Flow ° Debris accumulation in the cooling air intake of the engine or equipment ° Debris accumulation in the air flow passages ° Debris accumulation between the exhaust system and the intended cooling air source ° Loss of gaskets, seals, baffles, etc. associated with air flow management Simulation of Off Nominal Conditions ° Can generally be simulated via laboratory procedures to assess the thermal and fire impact of conditions.

° OPEI members are ready to discuss and assist in the development of detailed procedures to simulate " off nominal" conditions. Next Steps ° Development of consensus based test protocols to simulate off nominal concerns through broad stakeholder involvement in a transparent process   EPA   ICFSHE / SP Fire Technology   OPEI   Others ° Establish next meeting date with stakeholders


Parts B-F of Form N-CR, a money market fund must file a report on Form
N-CR that includes information in response to each of the items in Part
A of the form, as well as each of the items in the applicable Parts B-F
of the form.

D. Filing of Form N-CR

    A money market fund must file Form N-CR in accordance with rule
232.13 of Regulation S-T. Reports on Form N-CR must be filed
electronically using the Commission's Electronic Data Gathering,
Analysis, and Retrieval (``EDGAR'') system in accordance with
Regulation S-T. Consult the EDGAR Filer Manual and Appendices for EDGAR
filing instructions.
* * * * *

F. Definitions

    References to sections and rules in this Form N-CR are to the
Investment Company Act (15 U.S.C. 80a), unless otherwise indicated.
Terms used in this Form N-CR have the same meaning as in the Investment
Company Act or rule 2a-7 under the Investment Company Act, unless
otherwise indicated.
    In addition, the following definitions apply:
    ``Fund'' means the registrant or a separate series of the
registrant.
    ``LEI'' means, with respect to any company, the ``legal entity
identifier'' as assigned by a utility endorsed by the

Global LEI Regulatory Oversight Committee or accredited by the Global
LEI Foundation.
    ``Registrant'' means the investment company filing this report or
on whose behalf the report is filed.
    ``Series'' means shared offered by a Registrant that represent
undivided interests in a portfolio of investments and that are
preferred over all other series of shares for assets specifically
allocated to that series in accordance with rule 18f-2(a) (17 CFR
270.18f-2(a)).
* * * * *

Part A: General Information

Item A.1 Report for [mm/dd/yyyy].
Item A.2 Name of registrant.
Item A.3 CIK Number of registrant.
Item A.4 LEI of registrant.
Item A.5 Name of series.
Item A.6 EDGAR Series Identifier.
Item A.7 LEI of series.
Item A.8 Securities Act File Number.
Item A.9 Provide the name, email address, and telephone number of the
person authorized to receive information and respond to questions about
this Form N-CR.
* * * * *

Part C: Provision of Financial Support to Fund

    If an affiliated person, promoter, or principal underwriter of the
fund, or an affiliated person of such a person, provides any form of
financial support to the fund (including any (i) capital contribution,
(ii) purchase of a security from the fund in reliance on Sec.  270.17a-
9, (iii) purchase of any defaulted or devalued security at par, (iv)
execution of letter of credit or letter of indemnity, (v) capital
support agreement (whether or not the fund ultimately received
support), (vi) performance guarantee, or (vii) any other similar action
reasonably intended to increase or stabilize the value or liquidity of
the fund's portfolio; excluding, however, any (i) routine waiver of
fees or reimbursement of fund expenses, (ii) routine inter-fund lending
(iii) routine inter-fund purchases of fund shares, or (iv) any action
that would qualify as financial support as defined above, that the
board of directors has otherwise determined not to be reasonably
intended to increase or stabilize the value or liquidity of the fund's
portfolio), disclose the following information:

Item C.1 Description of nature of support.
Item C.2 Person providing support.
Item C.3 Brief description of relationship between the person providing
support and the fund.
Item C.4 Date support provided.
Item C.5 Amount of support.
Item C.6 Security supported (if applicable). Disclose the name of the
issuer, the title of the issue (including coupon or yield, if
applicable), at least two identifiers, if available (e.g., CUSIP, ISIN,
CIK, LEI), and the date the fund acquired the security.
Item C.7 Value of security supported on date support was initiated (if
applicable).
Item C.8 Brief description of reason for support.
Item C.9 Term of support.
Item C.10 Brief description of any contractual restrictions relating to
support.

    Instruction. If an affiliated person, promoter, or principal
underwriter of the fund, or an affiliated person of such a person,
purchases a security from the fund in reliance on Sec.  270.17a-9, the
fund must provide the purchase price of the security in responding to
Item C.6.
    A report responding to Items C.1 through C.7 is to be filed within
one business day after occurrence of an event contemplated in this Part
C. An amended report responding to Items C.8 through C.10 is to be
filed within four business days after occurrence of an event
contemplated in this Part C.
* * * * *

Part E: Liquidity Threshold Events

    If a fund has invested less than: (i) 25% of its total assets in
weekly liquid assets or (ii) 12.5% of its total assets in daily liquid
assets, disclose the following information:

Item E.1 Initial date on which the fund invested less than 25% of its
total assets in weekly liquid assets, if applicable.
Item E.2 Initial date on which the fund invested less than 12.5% of its
total assets in daily liquid assets, if applicable.
Item E.3 Percentage of the fund's total assets invested in both weekly
liquid assets and daily liquid assets as of any dates reported in Items
E.1 or E.2.
Item E.4 Brief description of the facts and circumstances leading to
the fund investing less than 25% of its total assets in weekly liquid
assets or less than 12.5% of its total assets in daily liquid assets,
as applicable.

    Instruction. A report responding to Items E.1, E.2, and E.3 is to
be filed within one business day after occurrence of an event
contemplated in this Part E. An amended report responding to Item E.4
is to be filed within four business days after occurrence of an event
contemplated in this Part E.

Part F: Optional Disclosure

    If a fund chooses, at its option, to disclose any other events or
information not otherwise required by this form, it may do so under
this Item F.1.

Item F.1 Optional disclosure.

    Instruction. Item F.1 is intended to provide a fund with additional
flexibility, if it so chooses, to disclose any other events or
information not otherwise required by this form, or to supplement or
clarify any of the disclosures required elsewhere in this form. Part F
does not impose on funds any affirmative obligation. A fund may file a
report on Form N-CR responding to Part F at any time.
* * * * *

    By the Commission.

    Dated: December 15, 2021.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2021-27532 Filed 2-7-22; 8:45 am]
 BILLING CODE 8011-01-P