[Federal Register: August 10, 2006 (Volume 71, Number 154)]
[Notices]
[Page 45882-45883]
[DOCID:fr10au06-134]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54268; File No. SR-NASD-2006-078]

 Self-Regulatory Organizations; National Association of
Securities Dealers, Inc.; Notice of Filing and Immediate Effectiveness
of Proposed Rule Change and Amendment Nos. 1 and 2 Thereto Regarding
the Pricing Schedule for NASD Members Using the Nasdaq Market Center
and Nasdaq's Brut and Inet Facilities

August 3, 2006.
    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 June 30, 2006, the National Association of Securities Dealers, Inc.
(``NASD''), through its subsidiary, The Nasdaq Stock Market, Inc.
(``Nasdaq''), filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by Nasdaq. On July 25,
2006, Nasdaq filed Amendment No. 1 to the proposed rule change. On July
26, 2006, Nasdaq filed Amendment No. 2 to the proposed rule change.
Nasdaq filed the proposed rule change pursuant to Section
19(b)(3)(A)(ii) of the Act,\3\ and Rule 19b-4(f)(2) thereunder,\4\
which renders the proposal effective upon filing with the Commission.
The Commission is publishing this notice to solicit comments on the
proposed rule change, as amended, from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Nasdaq proposes to modify the pricing for NASD members using the
Nasdaq Market Center and Nasdaq's Brut and Inet Facilities (``Nasdaq
Facilities'').\5\ Nasdaq states that it will implement the proposed
rule change on July 3, 2006. The text of the proposed rule change, as
amended, is set forth below. Proposed new language is in italic;
proposed deletions are in [brackets].\6\
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    \5\ The Commission notes that Nasdaq filed a proposed rule
change to apply the same pricing change to non-members. See
Securities Exchange Act Release No. 54269 (August 3, 2006) (File No.
SR-NASD-2006-079).
    \6\ Changes are marked to the rule text that appears in the
electronic NASD Manual found at http://www.nasd.com, as further amended on

an immediately effective basis by SR-NASD-2006-057 (May 1, 2006).
Prior to the date when The NASDAQ Stock Market LLC (``NASDAQ LLC'')
commences operations, NASDAQ LLC will file a conforming change to
the rules of NASDAQ LLC approved in Securities Exchange Act Release
No. 53128 (January 13, 2006), 71 FR 3550 (January 23, 2006) (File
No. 10-131).
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7010. System Services
    (a)-(h) No change.
    (i) Nasdaq Market Center, Brut, and Inet Order Execution and
Routing
    (1)-(5) No change.
    (6) Except as provided in paragraph (7), the following charges
shall apply to the use of the order execution and routing services of
the Nasdaq Facilities by members for securities subject to the
Consolidated Quotations Service and Consolidated Tape Association plans
other than Exchange-Traded Funds (``Covered Securities''):

                             Order Execution
------------------------------------------------------------------------

------------------------------------------------------------------------
Order that accesses the Quote/
 Order of a Nasdaq Facility
 market participant:
    Charge to member entering    $0.0007 per share executed.
     order.
Credit to member providing
 liquidity:
    Members with an average      $0.0005 per share executed.
     daily volume through the
     Nasdaq Facilities in
     Covered Securities during
     the month of more than 5
     million shares of
     liquidity accessed,
     provided, or routed but
     less than 10 million
     shares of liquidity
     provided.
    Members with an average      $0.0006 per share executed.
     daily volume through the
     Nasdaq Facilities in
     Covered Securities during
     the month of 10 million or
     more shares of liquidity
     provided.
    Other members..............  No credit.
------------------------------------------------------------------------

                              Order Routing
------------------------------------------------------------------------

------------------------------------------------------------------------
Order routed to Amex...................  $0.003 per share executed
                                          (plus, in the case of orders
                                          charged a fee by the Amex
                                          specialist, $0.01 per share
                                          executed).
Order routed through the ITS...........  $0.0007 per share executed.
Order routed to NYSE...................  See DOT fee schedule in Rule
                                          7010(i)(7).
Order for NYSE-listed Covered Security   $0.001 per share executed.
 routed to venue other than the NYSE.
Order for Covered Security listed on     $0.003 per share executed.
 venue other than the NYSE and routed
 to venue other than Amex.
------------------------------------------------------------------------

    (7)-(9) No change.
    (j)-(y) No change.
* * * * *

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

    In its filing with the Commission, Nasdaq included statements
concerning the purpose of and basis for the proposed rule change, as
amended, and discussed any comments it received on the proposed rule
change, as amended. The text of these statements may be examined at the
places specified in Item IV below. Nasdaq 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
    Nasdaq is proposing to increase its liquidity provider credit for
NASD members using the Nasdaq Facilities to trade securities listed on
the New York Stock Exchange, the American Stock Exchange, and other
exchanges. Specifically, the change applies to securities subject to
the Consolidated Quotations Service and Consolidated Tape Association
plans other than Exchange-Traded Funds (``Covered Securities'').\7\
Nasdaq currently offers a liquidity provider credit of $0.0005 per
share to firms with an average daily volume through the Nasdaq
Facilities in Covered Securities during a month of more than 5 million
shares of liquidity accessed, provided, or routed. Effective July 3,
2006, Nasdaq will offer an increased credit of $0.0006 per share for
firms with an average daily volume through the Nasdaq Facilities in
Covered Securities during a month of 10 million or more shares of
liquidity provided. Nasdaq believes the change should encourage firms
to make greater use of the Nasdaq Facilities for trading Covered
Securities, particularly with regard to using the Nasdaq Facilities to
provide liquidity to support executions.
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    \7\ Exchange-Traded Funds listed on venues other than Nasdaq are
subject to the same fee schedule as Nasdaq-listed securities, under
NASD Rule 7010(i)(1).
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2. Statutory Basis
    Nasdaq believes that the proposed rule change, as amended, is
consistent with the provisions of Section 15A of the Act,\8\ in
general, and with Section 15A(b)(5) of the Act,\9\ in particular, in
that it provides for the equitable allocation of reasonable dues, fees
and other charges among members and issuers and other persons using any
facility or system which the NASD operates or controls. Nasdaq states
that the proposed rule change, as amended, would increase the liquidity
provider credit available to firms that make substantial use of the
Nasdaq Facilities for trading Covered Securities, thereby reducing
overall trading costs.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78o-3.
    \9\ 15 U.S.C. 78o-3(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    Nasdaq does not believe that the proposed rule change, as amended,
will result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act.

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

    The foregoing rule change is subject to section 19(b)(3)(A)(ii) of
the Act \10\ and subparagraph (f)(2) of Rule 19b-4 thereunder \11\
because it establishes or changes a due, fee, or other charge
applicable only to a member imposed by the self-regulatory
organization. Accordingly, the proposal is effective upon Commission
receipt of the filing. At any time within 60 days of the filing of the
proposed rule change, the Commission may summarily abrogate such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.\12\
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    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \11\ 17 CFR 240.19b-4(f)(2).
    \12\ 15 U.S.C. 78s(b)(3)(C). For purposes of calculating the 60-
day period within which the Commission may summarily abrogate the
proposal, the Commission considers the period to commence on July
26, 2006, the date on which the Exchange submitted Amendment No. 2.
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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 E-mail to<EMAIL_ADDRESS>Please include

File No. SR-NASD-2006-078 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
    All submissions should refer to File No. SR-NASD-2006-078. This
file number should be included on the subject line if E-mail 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 inspection
and copying in the Commission's Public Reference Room. Copies of such
filing will also be available for inspection and copying at the
principal office of the NASD. 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 No. SR-NASD-2006-078 and should be submitted on or before August
31, 2006.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
 [FR Doc. E6-13008 Filed 8-9-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: December 8, 2008 (Volume 73, Number 236)]
[Notices]
[Page 74541-74542]
[DOCID:fr08de08-93]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59032; File No. SR-CBOE-2008-121]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Temporary Membership Status and Interim Trading
Permit Access Fees

December 1, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on November 28, 2008, the
Chicago Board Options Exchange, Incorporated (``CBOE'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the CBOE. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
parties.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------

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

    CBOE proposes to adjust (i) the monthly access fee for persons
granted temporary CBOE membership status (``Temporary Members'')
pursuant to Interpretation and Policy .02 under CBOE Rule 3.19 (``Rule
3.19.02'') and (ii) the monthly access fee for Interim Trading Permit
(``ITP'') holders under CBOE Rule 3.27. The text of the proposed rule
change is available on the Exchange's Web site (http://www.cboe.org/
Legal/), at the Exchange's Office of the Secretary, 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, CBOE 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. The CBOE 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
    The current access fee for Temporary Members under Rule 3.19.02 \2\
and the current access fee for ITP holders under Rule 3.27 \3\ are both
$9,937 per month. Both access fees are currently set at the indicative
lease rate (as defined below) for November 2008. The Exchange proposes
to adjust both access fees effective at the beginning of December 2008
to be equal to the indicative lease rate for December 2008 (which is
$9,500). Specifically, the Exchange proposes to revise both the
Temporary Member access fee and the ITP access fee to be $9,500 per
month commencing on December 1, 2008.
---------------------------------------------------------------------------

    \2\ See Securities Exchange Act Release No. 56458 (September 18,
2007), 72 FR 54309 (September 24, 2007) (SR-CBOE-2007-107) for a
description of the Temporary Membership status under Rule 3.19.02.
    \3\ See Securities Exchange Act Release No. 58178 (July 17,
2008), 73 FR 42634 (July 22, 2008) (SR-CBOE-2008-40) for a
description of the Interim Trading Permits under Rule 3.27.
---------------------------------------------------------------------------

    The indicative lease rate is defined under Rule 3.27(b) as the
highest clearing firm floating monthly rate \4\ of the CBOE Clearing
Members that assist in facilitating at least 10% of the CBOE
transferable membership leases.\5\ The Exchange determined the
indicative lease rate for December 2008 by polling each of these
Clearing Members and obtaining the clearing firm floating monthly rate
designated by each of these Clearing Members for that month.
---------------------------------------------------------------------------

    \4\ Rule 3.27(b) defines the clearing firm floating monthly rate
as the floating monthly rate that a Clearing Member designates, in
connection with transferable membership leases that the Clearing
Member assisted in facilitating, for leases that utilize that
monthly rate.
    \5\ The concepts of an indicative lease rate and of a clearing
firm floating month rate were previously utilized in the CBOE rule
filings that set and adjusted the Temporary Member access fee. Both
concepts are also codified in Rule 3.27(b) in relation to ITPs.
---------------------------------------------------------------------------

    The Exchange used the same process to set the proposed Temporary
Member

and ITP access fees that it used to set the current Temporary Member
and ITP access fees. The only difference is that the Exchange used
clearing firm floating monthly rate information for the month of
December 2008 to set the proposed access fees (instead of clearing firm
floating monthly rate information for the month of November 2008 as was
used to set the current access fees) in order to take into account
changes in clearing firm floating monthly rates for the month of
December 2008.
    The Exchange believes that the process used to set the proposed
Temporary Member access fee and the proposed Temporary Member access
fee itself are appropriate for the same reasons set forth in CBOE rule
filing SR-CBOE-2008-12 with respect to the original Temporary Member
access fee.\6\ Similarly, the Exchange believes that the process used
to set the proposed ITP access fee and the proposed ITP access fee
itself are appropriate for the same reasons set forth in CBOE rule
filing SR-CBOE-2008-77 with respect to the original ITP access fee.\7\
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 57293 (February 8,
2008), 73 FR 8729 (February 14, 2008) (SR-CBOE-2008-12), which
established the original Temporary Member access fee, for detail
regarding the rationale in support of the original Temporary Member
access fee and the process used to set that fee, which is also
applicable to this proposed change to the Temporary Member access
fee as well.
    \7\ See Securities Exchange Act Release No. 58200 (July 21,
2008), 73 FR 43805 (July 28, 2008) (SR-CBOE-2008-77), which
established the original ITP access fee, for detail regarding the
rationale in support of the original ITP access fee and the process
used to set that fee, which is also applicable to this proposed
change to the ITP access fee as well.
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    Each of the proposed access fees will remain in effect until such
time either that the Exchange submits a further rule filing pursuant to
Section 19(b)(3)(A)(ii) of the Act \8\ to modify the applicable access
fee or the applicable status (i.e., the Temporary Membership status or
the ITP status) is terminated. Accordingly, the Exchange may, and
likely will, further adjust the proposed access fees in the future if
the Exchange determines that it would be appropriate to do so taking
into consideration lease rates for transferable CBOE memberships
prevailing at that time.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

    The procedural provisions of the CBOE Fee Schedule related to the
assessment of each proposed access fee are not proposed to be changed
and will remain the same as the current procedural provisions relating
to the assessment of that access fee.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\9\ in general, and furthers the
objectives of Section 6(b)(4) of the Act,\10\ in particular, in that it
is designed to provide for the equitable allocation of reasonable dues,
fees, and other charges among persons using its facilities.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    Because the foregoing rule change establishes or changes a due,
fee, or other charge imposed by the Exchange, it has become effective
pursuant to Section 19(b)(3)(A) of the Act \11\ and subparagraph (f)(2)
of Rule 19b-4 \12\ thereunder. At any time within 60 days of the filing
of the proposed rule change, the Commission may summarily abrogate such
rule change if it appears to the Commission that such action is
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act.
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(2).
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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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-CBOE-2008-121 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-CBOE-2008-121. This file
number should be included on the subject line if e-mail 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 inspection and
copying 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 the Exchange. 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 No. SR-CBOE-2008-121 and should be
submitted on or before December 29, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-28962 Filed 12-5-08; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register: February 1, 2008 (Volume 73, Number 22)]
[Notices]
[Page 6229-6230]
[DOCID:fr01fe08-126]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57212; File No. SR-NASDAQ-2008-004]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing of Proposed Rule Change Related to Supplemental Market
Participant Identifiers

January 28, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that on January 9, 2008, The NASDAQ Stock Market LLC (``Nasdaq'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been substantially prepared by Nasdaq. The Commission is
publishing this notice to solicit comments on the proposed rule 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

    Nasdaq proposes to make permanent the pilot program that allows
market makers and Electronic Communications Networks (``ECNs'') to
obtain supplemental market participant identifiers (``MPIDs''). Nasdaq
also proposes to remove any restrictions on the number of MPIDs market
participants can request. The text of the proposed rule change is
available at Nasdaq, the Commission's Public Reference Room and
nasdaq.complinet.com.

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

    In its filing with the Commission, Nasdaq included statements
concerning the purpose of, and basis, for the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. Nasdaq 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Nasdaq proposes to make permanent the pilot program incorporated in
Nasdaq Rule 4613(a)(2) (``Rule'') that allows market makers and ECNs to
obtain supplemental MPIDs. The pilot inadvertently was permitted to
lapse on November 30, 2006. The Rule has operated as a temporary pilot
since it was first adopted in June 2003 and although the pilot lapsed,
Nasdaq continued to apply the procedures set forth in the Rule and the
related interpretive material.\3\ The purpose of providing supplemental
MPIDs is to provide quoting market participants a better ability to
organize and manage diverse order flows from their customers and to
route orders and quotes to Nasdaq's listed trading facilities from
different units/desks. To the extent that this flexibility provides
increased incentives to provide liquidity to Nasdaq systems, Nasdaq
believes that all market participants benefit. Because the Rule has
benefited market makers and ECNs and has not had any negative impact on
the Nasdaq market in the more than four years that it has been in
place, Nasdaq believes the Rule should become permanent.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 47954 (May 30,
2003), 68 FR 34017 (June 6, 2003). See also IM-4613--Procedures for
Allocation of Second Displayable MPIDs.
---------------------------------------------------------------------------

    Nasdaq also proposes to remove the current restriction in the Rule
that limits the number of supplemental MPIDs that market makers and
ECNs can request for displaying attributable quotes or orders. In
accordance with the pilot program, market makers and ECNs may be issued
a maximum of nine supplemental MPIDs. The reason for this restriction
was a technological limitation that existed at the time the Rule was
adopted, but this limitation no longer exists. Therefore, Nasdaq
proposes to remove the restriction.
    In addition, Nasdaq proposes to remove IM-4613, which sets forth
the procedures for allocating supplemental MPIDs. The removal of
Nasdaq's technological limitation on the number of MPIDs for a given
security makes the procedures unnecessary.
    The decision to remove any restriction on the number of
supplemental MPIDs must be balanced against the need to protect the
integrity of the Nasdaq market. Accordingly, market makers and ECNs
would be prohibited from using a supplemental MPID to accomplish
indirectly what they are prohibited from doing directly through a
single MPID. For example, members would not be permitted to use a
supplemental MPID to avoid their Manning obligations under IM-2110-2,
best execution obligations under Nasdaq Rule 2320, or their obligations
under the

Commission's Order Handling Rules. Members would be required to
continue to comply with the firm quote rule, the OATS rules, and the
Commission's order routing and execution quality disclosure rules.
    If it were determined that a supplemental MPID was being used
improperly, Nasdaq would withdraw its grant of the supplemental MPID
for all purposes for all securities. In addition, if a market maker or
ECN were no longer to fulfill the conditions appurtenant to its primary
MPID (e.g., by being placed into an unexcused withdrawal), it would not
be permitted to use any supplemental MPID for any purpose in that
security.
2. Statutory Basis
    Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6(b) of the Act,\4\ in general and with
Section 6(b)(5) of the Act,\5\ in particular, in that it is designed to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system and,
in general, to protect investors and the public interest. There no
longer remains any market or technological need to restrict the number
of MPIDs market participants can request.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    Nasdaq does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.

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 35 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 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 e-mail to<EMAIL_ADDRESS>Please include File Number SR-NASDAQ-2008-004 on the

subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2008-004. This
file number should be included on the subject line if e-mail 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 at (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 inspection
and copying 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 Nasdaq. 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-NASDAQ-2008-004 and
should be submitted on or before February 22, 2008.
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-1835 Filed 1-31-08; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 219 (Tuesday, November 13, 2012)]
[Notices]
[Pages 67701-67703]
[FR Doc No: 2012-27509]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68163; File No. SR-CBOE-2012-098]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the Fees Schedule

November 6, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on October 24, 2012, Chicago Board Options Exchange, Incorporated
(the ``Exchange'' or ``CBOE'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I, II and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule 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

    The Exchange proposes to amend its Fees Schedule. The text of the
proposed rule change is available on the Exchange's Web site
(www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the
Exchange's Office of the Secretary, and at the Commission.

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

    In its filing with the Commission, the Exchange 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. The Exchange 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
    Beginning on November 1, 2012, the Exchange will be introducing a
new origin code. The ``J'' origin code will be used to indicate orders
for a joint back office (``JBO'') account to be cleared into the Firm
range at the Options Clearing Corporation (``OCC'').\3\ Currently, such
orders are marked with the ``F'' origin code and are included within
the category of Clearing Trading Permit Holder Proprietary orders (and
assessed fees as if they were Clearing Trading Permit Holder
Proprietary orders). Going forward, such orders will continue to be
assessed the same fees as Clearing Trading Permit Holder Proprietary
orders. Because origin codes are now listed on the CBOE Fees Schedule,
the Exchange merely proposes to amend its Fees Schedule to add the
``J'' origin code to any section that currently lists the ``F'' origin
code (with the exception of the tables for the CBOE Proprietary
Products Sliding Scale (the ``Sliding Scale'') and Clearing Trading
Permit Holder Fee Cap (the ``Fee Cap''), since the Sliding Scale and
Fee Cap do not apply to orders of JBO participants).\4\ No substantive
changes to any fee amounts are being made.
---------------------------------------------------------------------------

    \3\ See CBOE Regulatory Circulars RG12-118 (August 27, 2012) and
RG12-136 (October 5, 2012).
    \4\ See CBOE Fees Schedule, Footnote (11).
---------------------------------------------------------------------------

    The proposed change is to take effect on November 1, 2012.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\5\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \6\ requirements that the rules of
an exchange be designed to promote just and equitable principles of
trade, to prevent fraudulent and manipulative acts, to remove
impediments to and to perfect the mechanism for a free and open market
and a national market system, and, in general, to protect investors and
the public interest. Adding the ``J'' origin code to the appropriate
sections on the Fees Schedule will ensure that market participants
entering JBO orders account to be cleared into the Firm range at the
OCC will easily be able to discern the fees that apply to such orders.
This will eliminate any potential confusion, thereby removing a
potential impediment to and perfecting the mechanism for a free and
open market and a national market system, and, in general, protecting
investors and the public interest.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.

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

    The Exchange neither solicited nor received comments on the
proposed rule change.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) \7\ of the Act and paragraph (f) of Rule 19b-4 \8\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

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-CBOE-2012-098 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-CBOE-2012-098. 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 the filing also will be available
for inspection and copying at the principal office of the Exchange. 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-CBOE-2012-098 and should be
submitted on or before December 4, 2012.

    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. 2012-27509 Filed 11-9-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 116 (Thursday, June 16, 2011)]
[Notices]
[Pages 35208-35209]
[FR Doc No: 2011-14969]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[ Project No. 2310-193--California; Project No. 2266-102--California]

Pacific Gas and Electric Company; Nevada Irrigation District;
Notice of Environmental Site Review

    On July 6-8, 2011, the Federal Energy Regulatory Commission
(Commission) staff and the Pacific Gas and Electric Company (PG&E) and
Nevada Irrigation District (NID) (applicants) will conduct an
environmental site review of the Drum-Spaulding and Yuba-Bear Projects.
The Drum-Spaulding Project is located on the west slope of the Sierra
Nevada on the South Yuba River, Bear River, North Fork of the North
Fork American River, and tributaries in the Sacramento River watershed
in Nevada and Placer Counties, California. The Yuba-Bear Hydroelectric
Project is located on the west slope of the Sierra Nevada in the Middle
Yuba River, Canyon Creek, Rucker Creek and Bear River watersheds in
Nevada, Placer and Sierra Counties, California.
    The site visit is open to the public and resource agencies, and
will occur from 8 a.m. to about 5 p.m. (Pacific Daylight Time) on each
of three days. Participants will meet no later than the start time at
Discovery Trail near Bear Valley on the first day, at PG&E's Alta
Service Center on the second day, and at PG&E's Halsey forebay on the
third day. Each day will start with a brief safety talk, review of the
facilities that will be visited that day, and discussion of logistics.
The tour will depart the meeting location no later than 15 minutes
after the start time. We will try to return to the meeting location by
5 p.m. each day.
    Participants are responsible to provide their own transportation
(recommend a 4-wheel drive vehicle), but car pooling to the extent
possible is encouraged. We do not anticipate hiking in any difficult
terrain or entering private property that requires special permission,
but some brief walking over dirt trails might be needed. Cell phone
coverage in the upper and mid elevation sites is limited.
    Safety is a prime concern. Many of the sites that will be visited
require wearing hardhats, safety eyewear, and safety vests that
licensees will provide. Participants must wear appropriate footwear
(i.e. no sandals or open-toed shoes).
    The schedule below is provided for general guidance only and is not
intended to be a strict schedule. We may proceed through the schedule
for each day at a slower or faster pace than anticipated in the
schedule below, or may decide to delete or add project facilities. For
these reasons and because of poor electronic communications in some
areas, it will be difficult for a participant to join the site visit
after it departs the initial meeting location. Project facilities
listed below are indicated as either ``YB'' for NID's Yuba-Bear
Hydroelectric Project or ``DS'' for PG&E's Drum-Spaulding Project.
Wednesday, July 6, 2011
     Meet at Discovery Trail in Bear Valley at 8 a.m.;
     Bowman Lake (YB);
     Bowman/Spaulding canal at Fall Creek (YB);
     Fuller Lake (DS);
     Lake Spaulding dam (DS);
     Bear Valley--Drum canal and South Yuba canal (DS).

Thursday, July 7, 2011
     Meet at Alta Service Center at 8 a.m.;
     Drum powerhouse (DS);
     Dutch Flat 2 powerhouse (YB);
     Dutch Flat afterbay (YB);
     Rollins dam (YB);
     Bear River Head dam (DS).
Friday, July 8, 2011
     Meet at Halsey forebay at 8 a.m.;
     Halsey afterbay (DS);
     Rock Creek reservoir (DS),
    [rtarr8] Wise canal, Rock Creek, delivery to North Auburn Water
Treatment Plant;
     Auburn Ravine,
    [rtarr8] Delivery to Auburn Ravine at YB-259, PCWA Pump Station
into South canal;
     Newcastle forebay and powerhouse (DS).
    If you plan to attend, please notify Alan Mitchnick, FERC Team
Leader, at<PHONE_NUMBER> or<EMAIL_ADDRESS>no later than
June 30, 2011.

    Dated: June 10, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-14969 Filed 6-15-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 88, Number 28 (Friday, February 10, 2023)]
[Rules and Regulations]
[Pages 8743-8747]
[FR Doc No: 2023-02781]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2022-0684; Project Identifier MCAI-2021-01204-T;
Amendment 39-22287; AD 2022-27-02]
RIN 2120-AA64

Airworthiness Directives; Bombardier, Inc., Airplanes

AGENCY: Federal Aviation Administration (FAA), Department of
Transportation (DOT).

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The FAA is adopting a new airworthiness directive (AD) for
certain Bombardier, Inc., Model BD-700-2A12 airplanes. This AD was
prompted by a report of a lateral offset observed on the head-up
display (HUD) of several airplanes between the synthetic vision system
(SVS) and actual runway due to mechanical misalignment of the HUD
during manufacturing and assembly. This AD requires revising the
existing airplane flight manual (AFM) to prohibit steep approach
landing (SAL) and enhanced flight vision system (EFVS) operations. This
AD also requires calibrating the HUD. The FAA is issuing this AD to
address the unsafe condition on these products.

DATES: This AD is effective March 17, 2023.
    The Director of the Federal Register approved the incorporation by
reference of certain publications listed in this AD as of March 17,
2023.

ADDRESSES:
    AD Docket: You may examine the AD docket at regulations.gov under
Docket No. FAA-2022-0684; or in person at Docket Operations between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays. The AD
docket contains this final rule, the mandatory continuing airworthiness
information (MCAI), any comments received, and other information. The
address for Docket Operations is U.S. Department of Transportation,
Docket Operations, M-30, West Building Ground Floor, Room W12-140, 1200
New Jersey Avenue SE, Washington, DC 20590.
    Material Incorporated by Reference:
     For service information identified in this final rule,
contact Bombardier Business Aircraft Customer Response Center, 400
C[ocirc]te-Vertu Road West, Dorval, Qu[eacute]bec H4S 1Y9, Canada;
telephone 1-514-855-2999; email bombardier.com">[email protected]bombardier.com; website
bombardier.com.
     You may view this service information at the FAA,
Airworthiness Products Section, Operational Safety Branch, 2200 South
216th St., Des Moines, WA. For information on the availability of this
material at the FAA, call<PHONE_NUMBER>. It is also available at
regulations.gov under Docket No. FAA-2022-0684.

FOR FURTHER INFORMATION CONTACT: Thomas Niczky, Aerospace Engineer,
Avionics and Electrical Systems Section, FAA, New York ACO Branch, 1600
Stewart Avenue, Suite 410, Westbury, NY 11590; telephone<PHONE_NUMBER>;
email [email protected].

SUPPLEMENTARY INFORMATION:

Background

    The FAA issued a notice of proposed rulemaking (NPRM) to amend 14
CFR part 39 by adding an AD that would apply to certain Bombardier,
Inc., Model BD-700-2A12 airplanes. The NPRM published in the Federal
Register on June 21, 2022 (87 FR 36783). The NPRM was prompted by AD
CF-2021-36, dated November 1, 2021, issued by Transport Canada, which
is the aviation authority for Canada (referred to after this as the
MCAI). The MCAI states that during production activities, a lateral
offset was observed on the HUD of several airplanes between the SVS and
actual runway. An investigation determined the cause of the offset to
be mechanical misalignment of the HUD during manufacturing and
assembly. This offset, if not corrected, will create an incorrect
airplane reference display on the HUD, which could lead to excessive
deviation during landing. This could particularly affect SAL or EFVS
operations.
    In the NPRM, the FAA proposed to require revising the existing AFM
to prohibit SAL and EFVS operations, and calibrating the HUD. The FAA
is issuing this AD to address the unsafe condition on these products.
    You may examine the MCAI in the AD docket at regulations.gov under
Docket No. FAA-2022-0684.

Discussion of Final Airworthiness Directive

Comments

    The FAA received a comment from Executive Jet Management, Inc.
(EJM). The following presents the comment received on the NPRM and the
FAA's response.

Request To Provide Means To Allow Later-Approved Service Information

    EJM noted that ADs for Bombardier airplanes often involve approval
for alternative methods of compliance (AMOCs) because the required AFMs
or other service information becomes outdated before the AD becomes
effective. Because of the increasing number of Bombardier ADs that
require these AMOCs, EJM expressed concern over the burden associated
with the AMOC process. EJM recognized that the FAA cannot allow the
future use of service information that is not available when the AD is
published. EJM noted that an AD issued by the European Union Aviation
Safety Agency (EASA) typically states that the use of later-approved
revisions of the required service information is acceptable for
compliance, and that the corresponding FAA AD refers to that EASA AD
for the requirements. EJM requested a similar process for ADs for
Bombardier airplanes, adding that this process would streamline their
workload and enhance safety.
    The FAA partially agrees with the request. The FAA agrees with
referencing the latest AFM revisions in this AD. Certain sections of
Bombardier Global 7500 AFM, Publication No. CSP 700-7000-1 cited in the
NPRM have been revised, as described under ``Related Service
Information under 1 CFR part 51'' in this final rule. The AFM sections
are modified to revise calculations for certain performance data, and
therefore do not add any additional work to the proposed requirements
of the NPRM. The FAA revised paragraphs (g)(1) through (3) of this AD
to require the revised service information. This AD also provides
credit for use of the documents that were identified in the NPRM, as
specified in revised paragraph (i) of this AD.
    The FAA disagrees with adding a statement that allows using later-
approved revisions of the AFM sections specified in the Related Service
Information under 1 CFR part 51 section of this AD, as the FAA would
need to determine their effect to the AD. Further, the FAA is required
by Office of the Federal Register (OFR) regulations for approval of
materials incorporated by reference, as specified in 1 CFR 51.1(f), to
either publish the service document contents as part of the actual AD
language; or submit the service document to the OFR for approval as
referenced material, in which case the FAA may only refer to such
material in the text of an AD. However, it is not necessary to include
a statement in this final rule that allows the use of later-approved
revisions of the AFM. Paragraph (g) of this AD requires revising the
existing AFM to ``include the information in'' the specified sections
of the AFM. As long as the information included in the AFM is identical
to ``the information in'' those AFM sections, operators may use means
other than the specified AFM revisions to comply with the requirement.
    Regarding the IBR the MCAI process, the FAA must have permission
from the design approval holder to post in the AD docket the service
information required for compliance with the MCAI. At this time, the
FAA has not received Bombardier's permission for the ``IBR the MCAI''
process. Without this permission, the FAA cannot IBR the MCAI.

Additional Changes Made to This AD

    The FAA has revised paragraph (h) of this AD to allow the HUD
calibration to be done using Bombardier Service Bulletin 700-34-7521,
Revision 03, dated July 27, 2021, or Bombardier Service Bulletin 700-
34-7521, Revision 04, dated December 6, 2021; and Bombardier Service
Bulletin 700-34-7523, Revision 01, dated December 8, 2021; as
applicable. This change more closely reflects the revisions specified
in paragraph B. of the MCAI. The FAA has also removed paragraph
(i)(1)(iv) of this AD (paragraph (i)(4) of the proposed AD), and
reidentified the subsequent paragraph accordingly, because Bombardier
Service Bulletin 700-34-7521, Revision 03, dated July 27, 2021, is now
specified in paragraph (h) of this AD. Further, paragraphs (i)(1)(i)
through (iv) have been clarified to specify which documents are and are
not incorporated by reference in this AD.

Conclusion

    This product has been approved by the aviation authority of another
country and is approved for operation in the United States. Pursuant to
the FAA's bilateral agreement with this State of Design Authority, it
has notified the FAA of the unsafe condition described in the MCAI
referenced above. The FAA reviewed the relevant data, considered the
comment received, and determined that air safety requires adopting this
AD as proposed. Accordingly, the FAA is issuing this AD to address the
unsafe condition on this product. Except for minor editorial changes,
and any other changes described previously, this AD is adopted as
proposed in the NPRM. None of the changes will increase the economic
burden on any operator.

Related Service Information Under 1 CFR Part 51

    Bombardier has issued the following documents to prohibit SAL and
EFVS operations until the HUD has been calibrated.
     Section 6., Service Bulletins, Chapter 1--Introduction,
Bombardier Global 7500 AFM, Publication No. CSP 700-7000-1, Revision
18, dated August 18, 2022.
     Supplement 7--Enhanced Flight Vision System (EFVS)
Operations, Chapter 7--Supplements, Bombardier Global 7500 AFM,
Publication No. CSP 700-7000-1, Revision 18, dated August 18, 2022.
     Supplement 20--Steep Approaches with Published Glidepath
Angles from 4.5 to 5.5 Degrees, Chapter 7--Supplements, Bombardier
Global 7500 AFM, Publication No. CSP 700-7000-1, Revision 18, dated
August 18, 2022.

(For obtaining this material in the Bombardier Global 7500 AFM,
Publication No. CSP 700-7000-1, use Document Identification No. GL 7500
AFM.)
    Bombardier has issued the following documents, which specify
procedures for calibrating the HUD (and second HUD if installed). The
procedures include an inspection of the HUD mounting brackets and sill
beams for damage and contamination (e.g., drill shavings and adhesive)
of the mating surfaces and injection holes, an inspection for voids in
the structural adhesive, and applicable corrective actions. Corrective
actions include replacing damaged brackets and backfilling voids with
structural adhesive. These documents are distinct since they apply to
different airplane configurations.
     Bombardier Service Bulletin 700-34-7521, Revision 03,
dated July 27, 2021.
     Bombardier Service Bulletin 700-34-7521, Revision 04,
dated December 6, 2021.
     Bombardier Service Bulletin 700-34-7523, Revision 01,
dated December 8, 2021.
    This service information is reasonably available because the
interested parties have access to it through their normal course of
business or by the means identified in the ADDRESSES section.

Other Related Service Information

    Earlier revisions of Bombardier Service Bulletins 700-34-7521 and
700-34-7523 included a typographical error on the metric values on the
``External Target Board'' table. This error was corrected in Bombardier
Service Bulletin 700-34-7521, Revision 03, dated July 27, 2021;
Bombardier Service Bulletin 700-34-7521, Revision 04, dated December 6,
2021; and Bombardier Service Bulletin 700-34-7523, Revision 01, dated
December 8, 2021. This error is further described in the Retroactive
Action section in these service bulletins. The FAA has determined that
the earlier revisions are acceptable for compliance with the
requirements of this AD under certain conditions in their entirety if
imperial values were used. However, if the metric values specified in
the earlier revisions were used, the HUD calibration is not considered
completed for the purposes of Supplement 7--Enhanced Flight Vision
System (EFVS) Operations, and Supplement 20--Steep Approaches with
Published Glidepath Angles from 4.5 to 5.5 Degrees, of Chapter 7--
Supplements, of the Bombardier Global 7500 AFM, Publication No. CSP
700-7000-1, until retroactive actions are also done as specified in
paragraph (i) of this AD.

Costs of Compliance

    The FAA estimates that this AD affects 40 airplanes of U.S.
registry. The FAA estimates the following costs to comply with this AD:

                                      Estimated Costs for Required Actions
----------------------------------------------------------------------------------------------------------------
                                                                                Cost on U.S.
             Action                   Labor cost          Parts cost       Cost per product        operators
----------------------------------------------------------------------------------------------------------------
HUD calibration.................  39 work-hours (for  $7,400 per HUD....  $10,715 (1 HUD) or  $385,740 (36
                                   36 airplanes with                       $23,980 (2 HUDs).   airplanes with 1
                                   1 HUD) or 108                                               HUD); $95,920 (4
                                   work-hours (for 4                                           airplanes with 2
                                   airplanes with 2                                            HUDs).
                                   HUDs) x $85 per
                                   hour = $3,315 (1
                                   HUD) or $9,180 (2
                                   HUDs).
AFM revision....................  1 work-hour x $85   $0................  $85...............  $3,400.
                                   per hour.
----------------------------------------------------------------------------------------------------------------

    The FAA estimates that replacement brackets would cost up to $1,200
(per HUD) if required for any on-condition corrective actions in this
AD. The FAA has received no definitive data on which to base the work-
hour estimates for this replacement. The FAA has no way of determining
the number of airplanes that might need this on-condition action.
    The FAA has included all known costs in its cost estimate.
According to the manufacturer, however, some or all of the costs of
this AD may be covered under warranty, thereby reducing the cost impact
on affected operators.

Paperwork Reduction Act

    A federal agency may not conduct or sponsor, and a person is not
required to respond to, nor shall a person be subject to penalty for
failure to comply with a collection of information subject to the
requirements of the Paperwork Reduction Act unless that collection of
information displays a currently valid OMB Control Number. The OMB
Control Number for this information collection is 2120-0056. The time
for public reporting for this collection of information, including
reviewing instructions, searching existing data sources, gathering and
maintaining the data needed, and completing and reviewing the
collection of information, is provided in the Costs of Compliance
section already described. All responses to this collection of
information are mandatory. Send comments regarding this burden estimate
or any other aspect of this collection of information, including
suggestions for reducing this burden, to Information Collection
Clearance Officer, Federal Aviation Administration, 10101 Hillwood
Parkway, Fort Worth, TX 76177-1524.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. Subtitle VII: Aviation Programs,
describes in more detail the scope of the Agency's authority.
    The FAA is issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701: General requirements.
Under that section, Congress charges the FAA with promoting safe flight
of civil aircraft in air commerce by prescribing regulations for
practices, methods, and procedures the Administrator finds necessary
for safety in air commerce. This regulation is within the scope of that
authority because it addresses an unsafe condition that is likely to
exist or develop on products identified in this rulemaking action.

Regulatory Findings

    This AD will not have federalism implications under Executive Order
13132. This AD will not have a substantial direct effect on the States,
on the relationship between the national government and the States, or
on the distribution of power and responsibilities among the various
levels of government.
    For the reasons discussed above, I certify that this AD:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Will not affect intrastate aviation in Alaska, and
    (3) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA amends 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive:

2022-27-02 Bombardier, Inc.: Amendment 39-22287; Docket No. FAA-
2022-0684; Project Identifier MCAI-2021-01204-T.

(a) Effective Date

    This airworthiness directive (AD) is effective March 17, 2023.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to Bombardier, Inc., Model BD-700-2A12
airplanes, certificated in any category, serial numbers 70006
through 70084 inclusive.

(d) Subject

    Air Transport Association (ATA) of America Code 34, Navigation.

(e) Unsafe Condition

    This AD was prompted by a report of a lateral offset observed on
the head-up display (HUD) of several airplanes between the synthetic
vision system (SVS) and actual runway. The FAA is issuing this AD to
address this offset, which could create an incorrect aircraft
reference display on the HUD, and lead to excessive deviation during
landing, particularly affecting steep approach landing (SAL) or
enhanced flight vision system (EFVS) operations.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Revision of the Existing Airplane Flight Manual (AFM)

    Within 30 days after the effective date of this AD, revise the
existing AFM to include the information in the sections of the AFM
specified in paragraphs (g)(1) through (3) of this AD.
    (1) Section 6., Service Bulletins, Chapter 1--Introduction,
Bombardier Global 7500 AFM, Publication No. CSP 700-7000-1, Revision
18, dated August 18, 2022.
    Note 1 to paragraph (g)(1): For obtaining the sections and
supplements of the Bombardier Global 7500 AFM, Publication No. CSP
700-7000-1, specified in paragraphs (g)(1) through (3) of this AD,
use Document Identification No. GL 7500 AFM.
    (2) Supplement 7--Enhanced Flight Vision System (EFVS)
Operations, Chapter 7--Supplements, Bombardier Global 7500 AFM,
Publication No. CSP 700-7000-1, Revision 18, dated August 18, 2022.
    (3) Supplement 20--Steep Approaches with Published Glidepath
Angles from 4.5 to 5.5 Degrees, Chapter 7--Supplements, Bombardier
Global 7500 AFM, Publication No. CSP 700-7000-1, Revision 18, dated
August 18, 2022.

(h) Head-Up Display (HUD) Calibration

    Within 27 months after the effective date of this AD, calibrate
the HUD and second HUD (if installed), including a general visual
inspection of the HUD mounting brackets and sill beams for damage
and contamination (e.g., drill shavings and adhesive) of the mating
surfaces and injection holes, a general visual inspection for voids
in the structural adhesive, and applicable corrective actions, in
accordance with the Accomplishment Instructions of Bombardier
Service Bulletin 700-34-7521, Revision 03, dated July 27, 2021, or
Bombardier Service Bulletin 700-34-7521, Revision 04, dated December
6, 2021; and Bombardier Service Bulletin 700-34-7523, Revision 01,
dated December 8, 2021; as applicable. All corrective actions must
be done before further flight.

(i) Credit for Previous Actions

    (1) This paragraph provides credit for actions required by
paragraph (h) of this AD, if those actions were performed before the
effective date of this AD using the service information identified
in, and meeting the applicable conditions specified in, paragraphs
(i)(1)(i) through (iv) of this AD.
    (i) Credit is allowed for Bombardier Service Bulletin 700-34-
7521, dated April 1, 2021 (which is not incorporated by reference in
this AD), if the retroactive actions identified in Bombardier
Service Bulletin 700-34-7521, Revision 03, dated July 27, 2021, or
Bombardier Service Bulletin 700-34-7521, Revision 04, dated December
6, 2021, (which are incorporated by reference in this AD) are done
within 27 months after the effective date of this AD.
    (ii) Credit is allowed for Bombardier Service Bulletin 700-34-
7521, Revision 01, dated April 30, 2021 (which is not incorporated
by reference in this AD), if the retroactive actions identified in
Bombardier Service Bulletin 700-34-7521, Revision 03, dated July 27,
2021, or Bombardier Service Bulletin 700-34-7521, Revision 04, dated
December 6, 2021, (which are incorporated by reference in this AD)
are done within 27 months after the effective date of this AD.
    (iii) Credit is allowed for Bombardier Service Bulletin 700-34-
7521, Revision 02, dated July 12, 2021 (which is not incorporated by
reference in this AD), if the retroactive actions identified in
Bombardier Service Bulletin 700-34-7521, Revision 03, dated July 27,
2021, or Bombardier Service Bulletin 700-34-7521, Revision 04, dated
December 6, 2021 (which are incorporated by reference in this AD)
are done within 27 months after the effective date of this AD.
    (iv) Credit is allowed for Bombardier Service Bulletin 700-34-
7523, dated April 1, 2021 (which is not incorporated by reference in
this AD), if the retroactive actions identified in Bombardier
Service Bulletin 700-34-7523, Revision 01, dated December 8, 2021
(which is incorporated by reference in this AD), are done within 27
months after the effective date of this AD.
    (2) This paragraph provides credit for the actions required by
paragraph (g) of this AD, if those actions were performed before the
effective date of this AD using the service information identified
in paragraphs (i)(2)(i) through (xii) of this AD, as applicable.
    Note 2 to paragraph (i)(2): For obtaining the sections and
supplements of the Bombardier Global 7500 AFM, Publication No. CSP
700-7000-1, specified in paragraphs (i)(2)(i) through (xii) of this
AD, use Document Identification No. GL 7500 AFM.
    (i) Section 6., Service Bulletins, Chapter 01--Introduction,
Bombardier Global 7500 AFM, Publication No. CSP 700-7000-1, Revision
14, dated October 21, 2021.
    (ii) Section 6., Service Bulletins, Chapter 1--Introduction,
Bombardier Global 7500 AFM, Publication No. CSP 700-7000-1, Revision
15, dated February 3, 2022.
    (iii) Section 6., Service Bulletins, Chapter 1--Introduction,
Bombardier Global 7500 AFM, Publication No. CSP 700-7000-1, Revision
16, dated April 26, 2022.
    (iv) Section 6., Service Bulletins, Chapter 1--Introduction,
Bombardier Global 7500 AFM, Publication No. CSP 700-7000-1, Revision
17, dated July 14, 2022.
    (v) Supplement 7--Enhanced Flight Vision System (EFVS)
Operations, Chapter 7--Supplements, Bombardier Global 7500 AFM,
Publication No. CSP 700-7000-1, Revision 14, dated October 21, 2021.
    (vi) Supplement 7--Enhanced Flight Vision System (EFVS)
Operations, Chapter 7--Supplements, Bombardier Global 7500 AFM,
Publication No. CSP 700-7000-1, Revision 15, dated February 3, 2022.
    (vii) Supplement 7--Enhanced Flight Vision System (EFVS)
Operations, Chapter 7--Supplements, Bombardier Global 7500 AFM,
Publication No. CSP 700-7000-1, Revision 16, dated April 26, 2022.
    (viii) Supplement 7--Enhanced Flight Vision System (EFVS)
Operations, Chapter 7--Supplements, Bombardier Global 7500 AFM,
Publication No. CSP 700-7000-1, Revision 17, dated July 14, 2022.
    (ix) Supplement 20--Steep Approaches with Published Glidepath
Angles from 4.5 to 5.5 Degrees, Chapter 7--Supplements, Bombardier
Global 7500 AFM, Publication No. CSP 700-7000-1, Revision 14, dated
October 21, 2021.
    (x) Supplement 20--Steep Approaches with Published Glidepath
Angles from 4.5 to 5.5 Degrees, Chapter 7--Supplements, Bombardier
Global 7500 AFM, Publication No. CSP 700-7000-1, Revision 15, dated
February 3, 2022.
    (xi) Supplement 20--Steep Approaches with Published Glidepath
Angles from 4.5 to 5.5 Degrees, Chapter 7--Supplements, Bombardier
Global 7500 AFM, Publication No. CSP 700-7000-1, Revision 16, dated
April 26, 2022.
    (xii) Supplement 20--Steep Approaches with Published Glidepath
Angles from 4.5 to 5.5 Degrees, Chapter 7--Supplements, Bombardier
Global 7500 AFM, Publication No. CSP 700-7000-1, Revision 17, dated
July 14, 2022.

(j) Other FAA AD Provisions

    The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager, New
York ACO Branch, FAA, has the authority to approve AMOCs for this
AD, if requested using the procedures found in 14 CFR 39.19. In
accordance with 14 CFR 39.19, send your request to your principal
inspector or responsible Flight Standards Office, as appropriate. If
sending information directly to the manager of the certification
office, send it to ATTN: Program Manager, Continuing Operational
Safety, FAA, New York ACO Branch, 1600 Stewart Avenue, Suite 410,
Westbury, NY 11590; telephone<PHONE_NUMBER>. Before using any
approved AMOC, notify your appropriate principal inspector, or
lacking a principal inspector, the manager of the responsible Flight
Standards Office.
    (2) Contacting the Manufacturer: For any requirement in this AD
to obtain instructions from a manufacturer, the instructions must be
accomplished using a method approved by the Manager, New York ACO
Branch, FAA; or Transport Canada; or Bombardier, Inc.'s Transport
Canada Design Approval

Organization (DAO). If approved by the DAO, the approval must
include the DAO-authorized signature.

(k) Additional Information

    (1) For more information about this AD, contact Thomas Niczky,
Aerospace Engineer, Avionics and Electrical Systems Section, FAA,
New York ACO Branch, 1600 Stewart Avenue, Suite 410, Westbury, NY
11590; telephone<PHONE_NUMBER>; email [email protected].
    (2) Service information identified in this AD that is not
incorporated by reference is available at the addresses specified in
paragraphs (l)(3) and (4) of this AD.

(l) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference (IBR) of the service information listed
in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless this AD specifies otherwise.
    (i) Bombardier Service Bulletin 700-34-7521, Revision 03, dated
July 27, 2021.
    (ii) Bombardier Service Bulletin 700-34-7521, Revision 04, dated
December 6, 2021.
    (iii) Bombardier Service Bulletin 700-34-7523, Revision 01,
dated December 8, 2021.
    (iv) Section 6., Service Bulletins, Chapter 01--Introduction,
Bombardier Global 7500 Airplane Flight Manual (AFM), Publication No.
CSP 700-7000-1, Revision 18, dated August 18, 2022.
    Note 3 to paragraph (l)(2)(iv): For obtaining the section and
supplements of the Bombardier Global 7500 AFM, Publication No. CSP
700-7000-1, specified in paragraphs (l)(2)(iv) through (vi) of this
AD, use Document Identification No. GL 7500 AFM.
    (v) Supplement 7--Enhanced Flight Vision System (EFVS)
Operations, Chapter 7--Supplements, Bombardier Global 7500 AFM,
Publication No. CSP 700-7000-1, Revision 18, dated August 18, 2022.
    (vi) Supplement 20--Steep Approaches with Published Glidepath
Angles from 4.5 to 5.5 Degrees, Chapter 7--Supplements, Bombardier
Global 7500 AFM, Publication No. CSP 700-7000-1, Revision 18, dated
August 18, 2022.
    (3) For service information identified in this AD, contact
Bombardier Business Aircraft Customer Response Center, 400
C[ocirc]te-Vertu Road West, Dorval, Qu[eacute]bec H4S 1Y9, Canada;
telephone 1-514-855-2999; email bombardier.com">[email protected]bombardier.com; website
bombardier.com.
    (4) You may view this service information at the FAA,
Airworthiness Products Section, Operational Safety Branch, 2200
South 216th St., Des Moines, WA. For information on the availability
of this material at the FAA, call<PHONE_NUMBER>.
    (5) You may view this service information that is incorporated
by reference at the National Archives and Records Administration
(NARA). For information on the availability of this material at
NARA, email [email protected], or go to: www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued on December 20, 2022.
Christina Underwood,
Acting Director, Compliance & Airworthiness Division, Aircraft
Certification Service.
[FR Doc. 2023-02781 Filed 2-9-23; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 78, Number 248 (Thursday, December 26, 2013)]
[Notices]
[Pages 78354-78355]
[FR Doc No: 2013-30831]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 14560-000]

 Borough of Weatherly; Notice of Preliminary Permit Application
Accepted for Filing and Soliciting Comments, Motions To Intervene, and
Competing Applications

    On November 4, 2013, the Borough of Weatherly (Borough) filed an
application for a preliminary permit, pursuant to section 4(f) of the
Federal Power Act (FPA), proposing to study the feasibility of the
Francis E. Walter Dam and Reservoir (Francis Walter Project or project)
to be located at the U.S. Army Corps of Engineers' (Corps) Francis E.
Walter Dam on the Lehigh River in Luzerne County, Pennsylvania. The
sole purpose of a preliminary permit, if issued, is to grant the permit
holder priority to file a license application during the permit term. A
preliminary permit does not authorize the permit holder to perform any
land-disturbing activities or otherwise enter upon lands or waters
owned by others without the owners' express permission.
    The Borough's permit application is filed in competition with Mid-
Atlantic Hydro, LLC's proposed Francis E. Walter Hydroelectric Project
No. 14549-000, which was publicly noticed September 25, 2013. The
deadline for filing competing applications was November 24, 2013. The
Borough's competing permit application is timely filed.
    The proposed project would consist of the following: (1) A concrete
reinforced powerhouse to be located near the outlet structure of the
existing penstock; (2) a substation to be located outside the
powerhouse on the west side; (3) two unequal-sized turbine-generators
for a total installed capacity of between 9.0 megawatts (MW) and 11.5
MW; (4) a proposed 0.5-mile-long, 12.47-kilovolt transmission line
interconnecting with an existing Pennsylvania Power and Light
transmission line; and (5) appurtenant facilities. The estimated annual
generation of the project would range between 13 gigawatt-hours (GWh)
and 26 GWh.
    Applicant Contact: Mr. Harold Pudliner, Borough of Weatherly, 10
Wilbur Street, Weatherly, PA 18225; phone:<PHONE_NUMBER>.
    FERC Contact: Woohee Choi; phone:<PHONE_NUMBER>.
    Deadline for filing comments, motions to intervene, competing
applications (without notices of intent), or notices of intent to file
competing applications: 60 days from the issuance of this notice.
Competing applications and notices of intent must meet the requirements
of 18 CFR 4.36.
    The Commission strongly encourages electronic filing. Please file
comments, motions to intervene, notices of intent, and competing
applications using the Commission's eFiling system at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit brief
comments up to 6,000 characters, without prior registration, using the
eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You
must include your name and contact information at the end of your
comments. For assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>(866) 208-3676 (toll free), or (202) 502-
8659 (TTY). In lieu of electronic filing, please send a paper copy to:
Secretary, Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426. The first page of any filing should include
docket number P-14560-000.
    More information about this project, including a copy of the
application, can be viewed or printed on the ``eLibrary'' link of the
Commission's Web site at http://www.ferc.gov/docs-filing/elibrary.asp.
Enter the docket number (P-14560) in the docket number field to access
the document. For assistance, contact FERC Online Support.

    Dated: December 19, 2013.
Kimberly D. Bose,
Secretary.
[FR Doc. 2013-30831 Filed 12-24-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 94 (Monday, May 16, 2011)]
[Notices]
[Pages 28260-28262]
[FR Doc No: 2011-11898]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64451; File No. SR-Phlx-2011-59]

Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NASDAQ OMX PHLX LLC Relating
to Inactive Nominees

May 10, 2011.
    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 May 3, 2011, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. The Commission is publishing
this notice to solicit comments on the proposed rule 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

    The Exchange proposes to codify its existing procedures to
designate an Inactive Nominee as an effective permit holder and make
other non-substantive clarifying changes to the text of Rule 925 titled
``Inactive Nominees.'' \3\
---------------------------------------------------------------------------

    \3\ The term ``inactive nominee'' means a natural person
associated with and designated as such by a member organization and
who has been approved for such status and is registered as such with
the Membership Department. An Inactive Nominee shall have no rights
or privileges under a permit unless and until said Inactive Nominee
becomes admitted as a member of the Exchange pursuant to the By-Laws
and Rules of the Exchange. An Inactive Nominee merely stands ready
to exercise rights under a permit upon notice by the member
organization to the Membership Department on an expedited basis. See
Exchange Rule 1(i) [sic].
---------------------------------------------------------------------------

    The Exchange is also proposing to amend certain typographical
errors in Exchange Rules 1 and 124 and By-Law Article II.
    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqtrader.com/micro.aspx?id=PHLXfilings, at the
principal office of the Exchange, at the Commission's Public Reference
Room, and on the Commission's Web site at http://www.sec.gov.

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

    In its filing with the Commission, the Exchange 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. The Exchange 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
    The purpose of the proposed rule change is to codify the Exchange's
existing procedures for designating an Inactive Nominee as an effective
permit holder. Additionally, the Exchange is proposing to amend the
text of Rule 925 to delete irrelevant and repetitive rule language.
    Rule 925 titled ``Inactive Nominees'' states that a member
organization may designate an individual as an ``Inactive Nominee'' and
shall pay for the privilege of maintaining that status.\4\ Further, to
be eligible as an Inactive Nominee, an individual must be approved as
eligible to hold a permit in accordance with the Exchange's By-Laws and
Rules. Pursuant to Rule 925, an Inactive Nominee does not have any
rights or

privileges of a permit holder unless and until the Inactive Nominee
becomes an effective permit holder and all applicable Exchange fees are
paid.\5\
---------------------------------------------------------------------------

    \4\ The Exchange assesses an Inactive Nominee Fee of $500 for
every six months and a monthly Trading Floor Personnel Registration
Fee of $100 on Inactive Nominees. See the Exchange's Fee Schedule.
An Inactive Nominee is also assessed the Application and Initiation
Fees when such person applies to be an Inactive Nominee. Such fees
are reassessed if there is a lapse in the Inactive Nominee's
membership status. However, an Inactive Nominee would not be
assessed the Application and Initiation Fees if such Inactive
Nominee applied for membership without a lapse in that individual's
association with a particular member organization. See Securities
Exchange Act Release No. 64010 (March 2, 2011), 76 FR 12780 (March
8, 2011) (SR-Phlx-2011-26).
    \5\ The Inactive Nominee allows a member to have additional
flexibility in obtaining coverage on the trading floor. An Inactive
Nominee stands ready to assume a membership upon notice by the
member requesting that a specific permit be transferred intra-firm
on an expedited and temporary basis. This transfer allows an
Inactive Nominee to become an effective member of the Exchange. By
way of example, an Inactive Nominee would be activated in the event
of an emergency due to illness or other factors. This would allow a
member organization to have a full staff available to conduct
business on the Exchange trading floor.
---------------------------------------------------------------------------

    The Exchange proposes to add additional language to Rule 925 to
codify the existing practice of notifying the Membership Department
when a member organization desires to designate an Inactive Nominee as
an effective permit holder. The Exchange is proposing to add language
to state that the member organization is required to notify the member
organization of its desire to designate an Inactive Nominee as an
effective permit holder in writing and prior to the opening of trading
on any business day.\6\ Further, the member organization must identify
the name of the permit holder that the Inactive Nominee will be acting
on behalf of as well as the expected duration that such Inactive
Nominee will remain activated. This practice of notifying the
Membership Department of the Inactive Nominee designation exists today.
Members were previously notified that the Exchange required notice
prior to such a designation.\7\ The Exchange desires to codify this
practice in its Rules.
---------------------------------------------------------------------------

    \6\ This requirement is noted in the original rule change which
established the Inactive Nominee, but the language was not carried
over to the rule text. See Securities Exchange Act Release No. 39851
(April 10, 1998), 63 FR 19282 (April 17, 1998) (SR-Phlx-97-35).
    \7\ See Exchange Memorandum number 1701-02.
---------------------------------------------------------------------------

    Additionally, the Exchange is proposing to add a statement that an
Inactive Nominee shall meet all membership requirements including
examinations administered by the Exchange to clarify a requirement that
was included in the original Inactive Nominee rule filing which was
approved by the Commission.\8\ Finally, the Exchange is proposing
additional non-substantive amendments to the text of Rule 925 to remove
irrelevant and repetitive language.
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release No. 39851 (April 10,
1998), 63 FR 19282 (April 17, 1998) (SR-Phlx-97-35) (a rule change
which subjected Inactive Nominees to the membership application
process, including fees, including a fee for the privilege of
maintaining an inactive nominee status).
---------------------------------------------------------------------------

    The Exchange recently filed a rule change, to among other things,
amend several Exchange Rules.\9\ Among those Rules, the Exchange
amended Rule 124 and inadvertently removed the word ``Options'' before
the term ``Exchange Official.'' The Exchange is proposing to add the
word ``Options'' in two places in Rule 124 to conform to the remainder
of the Rule.\10\ Additionally, the Exchange inadvertently capitalized
the word ``Rule'' in Exchange Rule 1(aa) titled ``Protected Bid, Offer
or Quotation.'' The word ``Rule'' in that definition refers to rules of
Regulation NMS and not the Exchange's Rules and therefore that term
should be lowercase.
---------------------------------------------------------------------------

    \9\ See Securities Exchange Act Release No. 64338 (April 25,
2011), 76 FR 12180 (March 4, 2011) [sic] (SR-Phlx-2011-13).
    \10\ The term ``Options Exchange Official'' is defined in Rule
1(w).
---------------------------------------------------------------------------

    Finally, the Exchange proposes to correct one typographical error
in the Exchange's By-Laws. By-Law Article II, Section 2-3, titled
``Filling of Vacancies'' states that in the event of a board vacancy,
specifically a Member Representative Director position, the Member
shall elect a Person from a list of candidates prepared by the Member
Nominating Committee to fill such vacancy.\11\ The Exchange mirrored
the language of the NASDAQ Stock Market LLC's By-Laws in adopting this
language. The term ``Member'' was intended to refer to the limited
liability company Member, not an Exchange member. The Exchange desires
to change the word ``Member'' to ``Stockholder'' in order to properly
reflect the intent of the provision and correspond to the Exchange's
Limited Liability Company Agreement.
---------------------------------------------------------------------------

    \11\ The entire provision of Article II, Section 2-3 is as
follows: ``[i]f a Member Representative Director position shall
become vacant prior to the expiration of such person's term, or if
an increase in the size of the Board results in the creation of a
new Member Representative Director position, the Member shall elect
a Person from a list of candidates prepared by the Member Nominating
Committee to fill such vacancy, except that if the remaining term of
office for the vacant Director position is less than six months, no
replacement shall be required.''
---------------------------------------------------------------------------

 2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \12\ in general, and furthers the objectives of Section
6(b)(5) of the Act \13\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest, by codifying procedures to designate Inactive Nominees as
effective permit holders within its Rules.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that providing member organizations
information related to the eligibility and requirements of Inactive
Nominees within Rule 925 further clarifies the member organization's
obligations with respect to the designation of Inactive Nominees as
effective permit holders.
    Finally, the Exchange believes that the proposed amendments to
correct typographical errors would further clarify the Exchange's
Rules.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.

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

    No written comments were either solicited or received.

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

    Pursuant to Section 19(b)(3)(A) of the Act \14\ and Rule 19b-
4(f)(1) \15\ thereunder, the Exchange has designated this proposal as
one that constitutes a stated policy, practice or interpretation with
respect to the meaning, administration, or enforcement of an existing
rule of the SRO, and therefore has become effective.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or 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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-Phlx-2011-59 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-Phlx-2011-59. This file
number should be included on the subject line if e-mail 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 the filing also will be available for
inspection and copying at the principal office of the Exchange. 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-Phlx-2011-59 and should be
submitted on or before June 6, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-11898 Filed 5-13-11; 8:45 am]
BILLING CODE 8011-01-P