[Federal Register: January 25, 2007 (Volume 72, Number 16)]
[Notices]
[Page 3453-3455]
[DOCID:fr25ja07-88]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55128; File No. SR-NASD-2006-074]

Self-Regulatory Organizations: National Association of Securities
Dealers, Inc.; Notice of Filing of Proposed Rule Change Relating to the
Application of NASD Rule 2790 to Issuer-Directed Securities

January 18, 2007.
    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 12, 2006, the National Association of Securities Dealers, Inc.
(``NASD'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by NASD. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    NASD is proposing to amend NASD Rule 2790 to expand the exemption
for securities that are directed by the issuer to include offerings
sold entirely on a non-underwritten basis, where no broker-dealer
solicits or sells any new issue securities in the offering, and where
no broker-dealer has any involvement or influence, directly or
indirectly, in the issuer's allocation decisions with respect to any of
the new issue securities in the offering. NASD also is proposing to
amend Rule 2790 to prohibit the allocation of issuer-directed
securities to broker-dealers. Below is the text of the proposed rule
change. Proposed new language is in italics; proposed deletions are in
[brackets].
* * * * *

2790. Restrictions on the Purchase and Sale of Initial Equity Public
Offerings

    (a) through (c) No Change.
    (d) Issuer-Directed Securities.
    The prohibitions on the purchase and sale of new issues in this
rule shall not apply to securities that:
    (1) Are specifically directed by the issuer to persons that are
restricted under the rule; provided, however, that securities directed
by an issuer may not be sold to or purchased by:
    (A) A broker-dealer; or
    (B) An account in which any restricted person specified in
subparagraphs (i)(10)(B) or (i)(10)(C) of this rule has a beneficial
interest, unless such person, or a member of his or her immediate
family, is an employee or director of the issuer, the issuer's parent,
or a subsidiary of the issuer or the issuer's parent. Also, for
purposes of this paragraph (d)(1) only, a parent/subsidiary
relationship is established if the parent has the right to vote 50% or
more of a class of voting security of the subsidiary, or has the power
to sell or direct 50% or more of a class of voting security of the
subsidiary;
    (2) Are specifically directed by the issuer and are part of an
offering in which no broker-dealer:
    (A) Underwrites any portion of the offering;
    (B) Solicits or sells any new issue securities in the offering; and
    (C) Has any involvement or influence, directly or indirectly, in
the issuer's allocation decisions with respect to any of the new issue
securities in the offering;
    (3) [(2)] Are part of a program sponsored by the issuer or an
affiliate of the issuer that meets the following criteria:
    (A) The opportunity to purchase a new issue under the program is
offered to at least 10,000 participants;
    (B) Every participant is offered an opportunity to purchase an
equivalent number of shares, or will receive a specified number of
shares under a predetermined formula applied uniformly across all
participants;
    (C) If not all participants receive shares under the program, the
selection of the participants eligible to purchase shares is based upon
a random or other non-discretionary allocation method; and
    (D) The class of participants does not contain a disproportionate
number of restricted persons as compared to the investing public
generally; or
    (4) [(3)] Are directed to eligible purchasers who are otherwise
restricted under the rule as part of a conversion offering in
accordance with the standards of the governmental agency or
instrumentality having authority to regulate such conversion offering.
    (e) through (j) 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, NASD 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. NASD 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
    Background. NASD Rule 2790 protects the integrity of the public
offering process by ensuring that: (1) Members make bona fide public
offerings of securities at the offering price; (2) members do not
withhold securities in a public offering for their own benefit or use
such securities to reward persons who are in a position to direct
future business to members; and (3) industry insiders, including
members and their associated persons, do not take advantage of their
insider position to purchase new issues for their own benefit at the
expense of public customers.
    NASD Rule 2790 provides that, except as otherwise permitted under
the Rule, a member (or an associated person) may not sell a new issue
to an account in which a restricted person has a beneficial interest, a
member (or an associated person) may not purchase a new issue in any
account in which such member or associated person has a beneficial
interest, and a member may not continue to hold new issues acquired as
an underwriter, selling group member, or otherwise.
    Exemption for Issuer-Directed Non-Underwritten Offerings. NASD has
long recognized that an issuer's ability to direct shares to investors
is a valuable tool in employee development and retention (often an
integral part of the employer-employee relationship), and often
furthers the legitimate business interests of the issuer. As such, NASD
historically has provided a tailored exemption for securities that are
specifically directed by the issuer.
    Currently, Rule 2790(d)(1) states that the prohibitions on the
purchase and sale of new issues in the Rule do not apply to new issue
securities that are specifically directed by the issuer to restricted
persons as defined in the Rule, provided that issuer-directed
securities are not sold to or purchased by an account in which broker-
dealer personnel, finders and fiduciaries, or certain members of their
immediate family have a beneficial interest,\3\ unless such persons, or
members of their immediate family, are employees or directors of the
issuer, the issuer's parent, or a subsidiary of the issuer or the
issuer's parent. The inclusion of these heightened requirements in Rule
2790(d)(1) is designed to ensure that such persons, who typically have
the greatest potential to influence the IPO allocation process, have a
demonstrated basis for being selected to purchase shares in the IPO.
The issuer-directed exemption is applicable only when shares are in
fact directed by an issuer (that is, a member cannot seek to have an
issuer direct securities to restricted persons on the member's behalf
under the exemption).
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    \3\ The term broker-dealer personnel includes, among others, any
officer, director, general partner, associated person, and employee
of a broker-dealer, as well as certain immediate family members of
such persons. The term finders and fiduciaries, with respect to the
security being offered, includes a finder or any person acting in a
fiduciary capacity to the managing underwriter, including, but not
limited to, attorneys, accountants, and financial consultants, as
well as certain immediate family members of such persons. See NASD
Rules 2790(i)(10)(B) and (i)(10)(C).
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    NASD recently received two requests for exemptive relief related to
the issuer-directed exemption.\4\ Both requests came from banks that
were eligible to offer their own securities pursuant to an exemption
from registration under Section 3(a)(2) of the Securities Act of 1933.
Both of these offerings were entirely on a non-underwritten basis,\5\
and all decisions regarding the allocation of shares in the offerings
were determined at the sole discretion of the respective issuers. These
issuers argued, and NASD staff agreed, that the heightened requirements
of Rule 2790(d)(1) would impair their ability to attract capital and
served no regulatory purpose in light of the fact that no broker-dealer
was underwriting or otherwise involved in allocating any of the shares
that were being offered. Further, Rule 2790 generally is predicated on
a member's involvement in the allocation process. As such, NASD staff
granted an exemption from Rule 2790 in connection with both offerings.
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    \4\ See Letter to Noel M. Gruber, Kennedy & Barris, LLP, from
Afshin Atabaki, NASD, dated October 18, 2005 (``Gruber Letter'')
(available at: http://www.nasd.com/web/[fxsp0]idcplg?IdcService=SS--

[fxsp0]GET--PAGE&ssDocName=NASDW--[fxsp0]015421&PrinterFriendly=1),
and Letter to Bruce E. Lee from Afshin Atabaki, NASD, dated February
3, 2006 (``Lee Letter'') (available at: http://www.nasd.com/web/[fxsp0
]idcplg?IdcService=SS--GET--P[fxsp0]AGE&ssDocName=NASDW--

[fxsp0]016098&PrinterFriendly=1).
    \5\ Although a member was involved in one of these offerings,
the member's involvement in the offering was mandated under state
law and limited solely to ministerial functions.
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    NASD is proposing to codify this position by amending Rule 2790(d)
to provide that the prohibitions on the purchase and sale of new issues
in Rule 2790 do not apply to securities that are specifically directed
by the issuer to restricted persons, provided that a broker-dealer: (1)
Does not underwrite any portion of the offering; (2) does not solicit
or sell any new issue securities in the offering; and (3) has no
involvement or influence, directly or indirectly, in the issuer's
allocation decisions with respect to any of the new issue securities in
the offering.
    Prohibition of Issuer-Directed Allocations to Broker-Dealers. NASD
also is proposing to amend the issuer-directed provision in Rule
2790(d)(1) to prohibit expressly issuer-directed allocations of new
issues to a broker-dealer. NASD believes that issuer-directed
allocations to a broker-dealer run contrary to the purposes of the
Rule. As discussed above, Rule 2790(d)(1) permits allocations of new
issue securities by the issuer to an account in which broker-dealer
personnel, finders or fiduciaries, or certain members of their
immediate family have a beneficial interest, if such persons, or
members of their immediate family, are employees or directors of the
issuer, the issuer's parent, or a subsidiary of the issuer or the
issuer's parent. However, NASD does not see any corresponding basis to
justify new issue allocations from the issuer to a broker-dealer. The
conditions in Rule 2790(d)(1) generally are inapplicable to a broker-
dealer. Moreover, we have noted under the current Rule that to the
extent that broker-dealer personnel have a beneficial interest in a
broker-dealer, the broker-dealer would be subject to the limitations in
Rule 2790(d)(1). The proposed rule change would establish a more direct
prohibition against purchases of new issues by broker-dealers.
    NASD will announce the effective date of the proposed rule change
in a Notice to Members (``NTM'') to be published no later than 60 days
following Commission approval. The effective date will be 30 days
following publication of the NTM announcing Commission approval.
2. Statutory Basis
    NASD believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\6\ which requires, among
other things, that NASD's rules must be designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest. NASD believes that the proposed rule change strikes
the correct

balance between providing issuers with flexibility to direct shares and
improving the capital raising process while at the same time preserving
the objectives of the Rule.
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    \6\ 15 U.S.C. 78o-3(b)(6).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    NASD 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-NASD-2006-074 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-NASD-2006-074. 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 also will be available for inspection and copying at the
principal office of 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 Number SR-NASD-2006-074
and should be submitted on or before February 15, 2007.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-1060 Filed 1-24-07; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 172 (Thursday, September 5, 2013)]
[Notices]
[Pages 54726-54727]
[FR Doc No: 2013-21518]

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DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[Docket No. NHTSA-2013-0098]

Notice of Buy America Waiver

AGENCY: National Highway Traffic Safety Administration (NHTSA),
Department of Transportation (DOT).

ACTION: Notice of Buy America waiver.

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SUMMARY: This Notice provides NHTSA's finding that a waiver of the Buy
America requirements is appropriate for the purchase of Combi Navette
infant car seats by the Maryland Highway Safety Office (MHSO), using
Federal grant funds. NHTSA has determined that a waiver is appropriate
because there are no comparable car seats produced in the United States
that are designed to seat infants under four pounds.

DATES: The effective date of this waiver is October 7, 2013. Written
comments regarding this notice may be submitted to NHTSA and must be
received on or before: September 16, 2013.

ADDRESSES: Written comments may be submitted using any one of the
following methods:
     Mail: Docket Management Facility, M-30, U.S. Department of
Transportation, West Building, Ground Floor, Rm. W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590.
     Fax: Written comments may be faxed to<PHONE_NUMBER>.
     Internet: To submit comments electronically, go to the
Federal regulations Web site at http://www.regulations.gov. Follow the
online instructions for submitting comments.
     Hand Delivery: West Building Ground Floor, Room W12-140,
1200 New Jersey Avenue SE., between 9 a.m. and 5 p.m. Eastern Time,
Monday through Friday, except Federal holidays.
    Instructions: All comments submitted in relation to this waiver
must include the agency name and docket number. Please note that all
comments received will be posted without change to http://www.regulations.gov, including any personal information provided. You
may also call the Docket at<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: For program issues, contact Barbara
Sauers, Office of Regional Operations and Program Delivery, NHTSA
(phone:<PHONE_NUMBER>). For legal issues, contact Andrew DiMarsico,
Office of Chief Counsel, NHTSA (phone:<PHONE_NUMBER>). You may send mail
to these officials at National Highway Traffic Safety Administration,
1200 New Jersey Avenue SE., Washington, DC 20590.

SUPPLEMENTARY INFORMATION: This Notice provides NHTSA's finding that a
waiver of the Buy America requirements, 23 U.S.C. 313, is appropriate
for the Maryland Highway Safety Office (MHSO) to purchase Combi Navette
infant car seats, Model No.836584, using grant funds authorized under
23 U.S.C. 402 (section 402). Section 402 funds are available for use by
State Highway Safety Programs that, among other things, encourage the
proper use of occupant protection devices, including child restraint

systems. 23 U.S.C. 402(a). The Buy America Act provides that NHTSA
``shall not obligate any funds authorized to be appropriated to carry
out the Surface Transportation Assistance Act of 1982 (96 Stat. 2097)
or Title 23 and administered by the Department of Transportation,
unless steel, iron, and manufactured products used in such project are
produced in the United States.'' 23 U.S.C. 313. However, NHTSA may
waive those requirements if (1) Their application would be inconsistent
with the public interest; (2) such materials and products are not
produced in the United States in sufficient and reasonably available
quantities and of a satisfactory quality; or (3) the inclusion of
domestic material will increase the cost of the overall project
contract by more than 25 percent. 23 U.S.C. 313(b). In this instance,
NHTSA has determined that a waiver is appropriate for the purchase of
Combi Navette child seats because there is no comparable product
produced domestically that meets the need identified by MHSO--
specifically, the transport of low birth weight infants under four
pounds.
    MHSO seeks a waiver to purchase Combi Navette car seats for use by
the Maryland Institute for Emergency Medical Services Systems (MIEMSS)
and by Maryland's Kids in Safety Seats (KISS) Car Seat Loaner Program.
Both KISS and MIEMSS operate programs that provide resources to
hospitals that discharge healthy, under-four-pound infants. MHSO states
that it is a best practice to send healthy, low birth weight infants
home in car seats instead of car beds. This is because car seats are
easier to use and install in vehicles, require only one seating
position in a vehicle (as opposed to two, depending on the vehicle),
and the harness dimensions of car seats are not as limiting as car
beds.
    The Combi Navette model is preferred by these programs because it
has a birth-to-22-pound weight allowance, which allows for the
transport of under-four-pound infants. The model is also equipped with
low harness slots, a 5-point front harness adjuster with a splitter
plate that allows an easy and accurate harness fit for babies under
four pounds, and an anti-rebound bar which allows for easy angle
positioning without the need for noodles or rolled towels to support
the infant. The institutional model, sold through Child Source, retails
for approximately $60.00 per seat and is sold in packs of three units.
It is considered a manufactured product under the Buy America Act and
is produced by the Combi Corporation, a Japan-based company which
operates manufacturing subsidiaries in China.
    NHTSA is not aware of a comparable child seat produced in the
United States. The Combi Navette is unique in the child seat market
because it does not specify a minimum child weight. Rather, it is
designed to safely seat children from birth-weight to 22 pounds. In
contrast, all domestically-produced car seats on the market specify a
minimum infant weight of at least four pounds. NHTSA is aware of only
one other car seat, the Nania Baby Ride, which is designed to seat
infants under four pounds; however, to the best of NHTSA's knowledge,
the Baby Ride is currently manufactured by France-based Team-Tex and,
therefore, for purposes of the Buy America Act, is not produced in the
United States. NHTSA invites public comment on this conclusion.
    Therefore, in light of the above discussion, and pursuant to 23
U.S.C. 313(b)(2), NHTSA finds that it is appropriate to grant a waiver
from the Buy America requirements to MHSO in order to purchase Combi
Navette infant car seats. In accordance with the provisions of Section
117 of the Safe, Accountable, Flexible, Efficient Transportation Equity
Act: A Legacy of Users Technical Corrections Act of 2008 (Pub. L. 110-
244, 122 Stat. 1572), NHTSA is providing this notice as its finding
that a waiver of the Buy America requirements is appropriate. Written
comments on this finding may be submitted through any of the methods
discussed above.

    Authority: 23 U.S.C. 313; Pub. L. 110-161.

    Issued on: September 5, 2013.
O. Kevin Vincent,
Chief Counsel.
[FR Doc. 2013-21518 Filed 9-4-13; 8:45 am]
BILLING CODE 4910-59-P


[Federal Register Volume 85, Number 91 (Monday, May 11, 2020)]
[Rules and Regulations]
[Pages 27673-27674]
[FR Doc No: 2020-09892]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2019-0791; Airspace Docket No. 19-ACE-13]
RIN 2120-AA66

Amendment of Class E Airspace; Shenandoah, IA

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action amends the Class E airspace extending upward from
700 feet above the surface at Shenandoah Municipal Airport, Shenandoah,
IA. This action is the result of airspace review caused by the
decommissioning of the Shenandoah non-directional radio beacon (NDB),
which provided navigation information for the instrument procedures at
this airport. Airspace redesign is necessary for the safety and
management of instrument flight rules (IFR) operations at this airport.

DATES: Effective 0901 UTC, July 16, 2020. The Director of the Federal
Register approves this incorporation by reference action under Title 1
Code of Federal Regulations part 51, subject to the annual revision of
FAA Order 7400.11 and publication of conforming amendments.

ADDRESSES: FAA Order 7400.11D, Airspace Designations and Reporting
Points, and subsequent amendments can be viewed online at https://www.faa.gov/air_traffic/publications/. For further information, you can
contact the Airspace Policy Group, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783. The Order is also available for inspection at the National
Archives and Records Administration (NARA). For information on the
availability of FAA Order 7400.11D at NARA, email<EMAIL_ADDRESS>or go to https://www.archives.gov/federal-register/cfr/ibr-locations.html.

FOR FURTHER INFORMATION CONTACT: Rebecca Shelby, Federal Aviation
Administration, Operations Support Group, Central Service Center, 10101

Hillwood Parkway, Fort Worth, TX 76177; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. 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. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it amends the Class E airspace extending upward from 700 feet above
the surface at Shenandoah Municipal Airport, Shenandoah, IA, to support
IFR operations at this airport.

History

    The FAA published a notice of proposed rulemaking in the Federal
Register (85 FR 7681; February 11, 2020) for Docket No. FAA-2019-0791
to amend the Class E airspace extending upward from 700 feet above the
surface at Shenandoah Municipal Airport, Shenandoah, IA. Interested
parties were invited to participate in this rulemaking effort by
submitting written comments on the proposal to the FAA. No comments
were received.
    Class E airspace designations are published in paragraph 6005 of
FAA Order 7400.11D, dated August 8, 2019, and effective September 15,
2019, which is incorporated by reference in 14 CFR 71.1. The Class E
airspace designations listed in this document will be published
subsequently in the Order.

Availability and Summary of Documents for Incorporation by Reference

    This document amends FAA Order 7400.11D, Airspace Designations and
Reporting Points, dated August 8, 2019, and effective September 15,
2019. FAA Order 7400.11D is publicly available as listed in the
ADDRESSES section of this document. FAA Order 7400.11D lists Class A,
B, C, D, and E airspace areas, air traffic service routes, and
reporting points.

The Rule

    This amendment to Title 14 Code of Federal Regulations (14 CFR)
part 71 by amending the Class E airspace extending upward from 700 feet
above the surface within a 6.5-mile radius (increased from a 6.4 mile
radius), of Shenandoah Municipal Airport, Shenandoah, IA; and removing
the Shenandoah NDB, and associated extensions from the airspace legal
description.
    This action is the result due to an airspace review caused by the
decommissioning of the Shenandoah NDB, which provided navigation
information for the instrument procedures at this airport.
    FAA Order 7400.11, Airspace Designations and Reporting Points, is
published yearly and effective on September 15.

Regulatory Notices and Analyses

    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current, is
non-controversial and unlikely to result in adverse or negative
comments. It, therefore: (1) Is not a ``significant regulatory action''
under Executive Order 12866; (2) is not a ``significant rule'' under
DOT Regulatory Policies and Procedures (44 FR 11034; February 26,
1979); and (3) does not warrant preparation of a regulatory evaluation
as the anticipated impact is so minimal. Since this is a routine matter
that only affects air traffic procedures and air navigation, it is
certified that this rule, when promulgated, does not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with FAA Order 1050.1F, ``Environmental Impacts: Policies and
Procedures,'' paragraph 5-6.5.a. This airspace action is not expected
to cause any potentially significant environmental impacts, and no
extraordinary circumstances exist that warrant preparation of an
environmental assessment.

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for part 71 continues to read as follows:

    Authority:  49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order 7400.11D,
Airspace Designations and Reporting Points, dated August 8, 2019, and
effective September 15, 2019, is amended as follows:

Paragraph 6005 Class E Airspace Areas Extending Upward From 700
Feet or More Above the Surface of the Earth.

* * * * *

ACE IA E5 Shenandoah, IA [Amended]

Shenandoah Municipal Airport, IA
    (Lat. 40[deg]45'06'' N, long. 95[deg]24'49'' W)

    That airspace extending upward from 700 feet above the surface
within a 6.5-mile radius of Shenandoah Municipal Airport.

    Issued in Fort Worth, Texas, on May 5, 2020.
Steven T. Phillips,
Acting Manager, Operations Support Group, ATO Central Service Center.
[FR Doc. 2020-09892 Filed 5-8-20; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 76, Number 188 (Wednesday, September 28, 2011)]
[Rules and Regulations]
[Pages 59898-59899]
[FR Doc No: 2011-24728]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 100

[Docket No. USCG-2009-0996

Special Local Regulation, Hydroplane Races, Lake Sammamish, WA

AGENCY: Coast Guard, DHS.

ACTION: Notice of enforcement of regulation.

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SUMMARY: The Coast Guard will enforce the Special Local Regulation,
Hydroplane Races within the Captain of the Port Puget Sound Area of
Responsibility for the 2011 Fall Championship hydroplane event in Lake
Sammamish, WA from 11 a.m. until 4:30 p.m. from September 30, 2011
through October 2, 2011. This action is necessary to restrict vessel
movement in the vicinity of the race courses thereby ensuring the
safety of participants and spectators during these events. During the
enforcement period non-participant vessels are prohibited from entering
the designated race areas. Spectator craft entering, exiting or moving
within the spectator area must operate at speeds which will create a
minimum wake.

DATES: The regulations in 33 CFR 100.1308 will be enforced from 11 a.m.
until 4:30 p.m. each day from September 30, 2011 through October 2,
2011.

FOR FURTHER INFORMATION CONTACT: If you have questions on this notice,
call or e-mail Ensign Anthony P. LaBoy, Sector Puget Sound Waterways
Management Division, Coast Guard; telephone<PHONE_NUMBER>, e-mail
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Coast Guard is providing notice of
enforcement of the Special Local Regulation for Hydroplane Races within
the Captain of the Port Puget Sound Area of Responsibility 33 CFR
100.1308. The Lake Sammamish area, 33 CFR 100.1308(a)(3) will be
enforced from 11 a.m. until 4:30 p.m. from September 30, 2011 through
October 2, 2011. These regulations can be found in the March 29, 2011
issue of the Federal Register (76 FR 17341).
    Under the provisions of 33 CFR 100.1308, the regulated area shall
be closed for the duration of the event to all vessel traffic not
participating in the event and authorized by the event sponsor or Coast
Guard Patrol Commander.
    When this special local regulation is enforced, non-participant
vessels are

prohibited from entering the designated race areas unless authorized by
the designated on-scene Patrol Commander. Spectator craft may remain in
designated spectator areas but must follow the directions of the
designated on-scene Patrol Commander. The event sponsor may also
function as the designated on-scene Patrol Commander. Spectator craft
entering, exiting or moving within the spectator area must operate at
speeds which will create a minimum wake.
    Emergency Signaling: A succession of sharp, short signals by
whistle or horn from vessels patrolling the areas under the discretion
of the designated on-scene Patrol Commander shall serve as a signal to
stop. Vessels signaled shall stop and shall comply with the orders of
the patrol vessel. Failure to do so may result in expulsion from the
area, citation for failure to comply, or both.
    This notice is issued under authority of 33 CFR 100.1308 and 5
U.S.C. 552(a). In addition to this notice in the Federal Register, the
Coast Guard will provide the maritime community with advance
notification of this enforcement period via the Local Notice to
Mariners. If the Captain of the Port determines that the regulated area
need not be enforced for the full duration stated in this notice, he
may use a Broadcast Notice to Mariners to grant general permission to
enter the regulated area.

    Dated: 9/12/11.
S.J. Ferguson,
Captain, U.S. Coast Guard, Captain of the Port, Puget Sound.
[FR Doc. 2011-24728 Filed 9-27-11; 8:45 am]
BILLING CODE 9110-04-P


From:
Jones, DonnaLee<EMAIL_ADDRESS>Sent:
Tuesday, March 30, 2021 2:49 PM
To:
David Ailor<EMAIL_ADDRESS>Cc:
Raymond, Gabrielle<EMAIL_ADDRESS>Subject:
RE: coke model files have gone to EPA division QA

David -- Here are the EPA responses to your last set of suggestions. We may not need to meet on this but likely might need to discuss the buoyancy. I will check with Matt and Chris to see when they can meet. Matt is out this week (and maybe previous week also) and wont be back until 4/5.

Revisions Made
- Using emission factors from same facility testing to fill in for similar units and calculate TPY emissions, rather than industry-average emission factors.
- Fugitive Pushing units TPY emissions for Acid Gases, D/F, and Semi-volatile HAP: Removed the use of PM uncontrolled emissions from the calculation approach and corrected to only use ICR industry test data-derived emission factors with coke production and capture efficiency.
- TPY emissions for ABC Coke North and South Quench Towers: Reversed the applied coke production rate; corrected to: Battery 5-6 to the North tower and Battery 1 to the South tower; recalculated emissions.
- TPY emissions for Bluestone Coke North and South Quench Towers: reversed the applied coke production rate; corrected to: Battery 5 to the North tower and Battery 3-4 to the South tower; recalculated emissions.
-Revised Flare acute factor from 10 to 2: Corrected to align with factor used for all other sources.
-Revised AKS-Follansbee-WV Flare Mercury and Benzene values to reflect 2017 EIS/NEI coke oven gas flaring values only, 0.42 Benzene TPY and 0.000485 Mercury TPY.

Revisions Not Made - Allowables
EES Coke - quench tower
Monessen - Battery Stack
Warren - Battery Stack
All charging, lids, doors, offtakes,

Rationale: The EPA must use rule limits for allowables. Permits and SIPs can change; these are not permanent like rules. However, the information provided by facilities will be very useful if there are high risks showing with the modeling. We have used facility-specific information in the past when allowables were high risk for individual facilities. I believe we are looking for a trend in high risk for most of the facilities when we model emissions at the rule limit, i.e. allowables. I've not seen this situation happen myself or heard of anything, so I can't provide an example right now but I will ask.

I don't think we need to meet on this but likely for the buoyancy issue. I will be in touch when Matt gets back.

Thanks again for everyone's help with the model file.

Regards,
Donna Lee Jones, Ph.D.
Senior Technical Advisor, Metals Sector
U. S. Environmental Protection Agency
Office of Air Quality Planning and Standards
Sector Policies and Programs Division / Metals & Inorganic Chemicals Group (D243-02)
Research Triangle Park, NC  27711  Tele:<PHONE_NUMBER>  Fax<PHONE_NUMBER>
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"Reasonableness never fails to be appreciated."  - anon.

Pronouns - She/Her/Hers
Salutation - Dr./Ms.

From: David Ailor<EMAIL_ADDRESS>Sent: Tuesday, March 30, 2021 11:45 AM
To: Jones, DonnaLee<EMAIL_ADDRESS>Cc: 'GABRIELLE RAYMOND'<EMAIL_ADDRESS>Subject: [SPAM-Sender] RE: coke model files have gone to EPA division QA

Hello again, Donna Lee.

I'm circling back to see if we can schedule a call with you and your project team to discuss our comments on the modeling files, as well as our F' White Paper.  Could we schedule something the week of Monday, April 5, by chance?  DCA

David C. Ailor, P.E.
President
American Coke and Coal Chemicals Institute
25 Massachusetts Avenue, N.W.
Suite 800
Washington, D.C. 20001
Phone:<PHONE_NUMBER>
eFax.:<PHONE_NUMBER>
<EMAIL_ADDRESS>www.accci.org


[Federal Register: March 13, 2008 (Volume 73, Number 50)]
[Notices]
[Page 13591-13595]
[DOCID:fr13mr08-91]

=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57451; File No. SR-Amex-2007-131]

Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto
Relating to Generic Listing Standards for Index Multiple Fund Shares
and Index Inverse Fund Shares

March 7, 2008.
    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 December 20, 2007, the American Stock Exchange LLC (``Amex'' 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 substantially prepared by the
Exchange. On February 29, 2008, the Exchange filed Amendment No. 1 to
the proposed rule change. 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.
---------------------------------------------------------------------------

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

    Amex proposes to revise Rule 1000A-AEMI and add new Commentary .01
to Rule 1002A to include generic listing standards for series of Index
Multiple Exchange Traded Fund Shares (``Multiple Fund Shares'') and
Index Inverse Exchange Traded Fund Shares (``Inverse Fund Shares'')
(collectively, the ``Fund Shares'').
    The text of the rule proposal is available at Amex, the
Commission's Public Reference Room, and http://www.amex.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, 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 Exchange proposes to amend the definition of ``Index Fund
Share'' set forth in Amex Rule 1000A-AEMI(b)(2) for the purpose of
properly reflecting the fact that domestic equity, international or
global equity, or fixed income securities indexes or a combination
thereof may be used as the underlying performance benchmark for
Multiple Fund Shares and Inverse Fund Shares. In addition, the Exchange
proposes to revise Commentaries .02, .03 and .04 to Amex Rule 1000A-
AEMI and add new Commentary .01 to Amex Rule 1002A to permit the
listing and trading of Multiple Fund Shares and certain Inverse Fund
Shares pursuant to the Exchange's generic listing standards for Index
Fund Shares (``IFSs'').\3\ Specifically, the investment objective
associated with the Fund Shares must be expected to achieve investment
results, before fees and expenses, by a specified multiple (Multiple
Fund Shares) or inversely up to -200% (Inverse Fund Shares) of the
underlying performance benchmark domestic equity, international or
global equity and/or fixed income indexes, as applicable.
---------------------------------------------------------------------------

    \3\ Accordingly, this proposal will enable the Exchange to list
and trade Multiple Fund Shares and Inverse Fund Shares pursuant to
Rule 19b-4(e) of the Act, 17 CFR 240.19b-4(e), if each of the
conditions set forth in Commentaries .02, .03, .04 and .05 to Amex
Rule 1000A-AEMI, as applicable, are satisfied. See Commentaries
.02(a)(A) to Amex Rule 1000A-AEMI (Domestic Equity); .02(a)(B) to
Amex Rule 1000A-AEMI (International Equity); .02(a)(C) to Amex Rule
1000A-AEMI (Prior Approved Indexes); .03 to Amex Rule 1000A-AEMI
(Fixed Income); and .04 to Amex Rule 1000A-AEMI (Combination Indexes
of Domestic Equity, International Equity and/or Fixed Income).
---------------------------------------------------------------------------

Background
    Multiple Fund Shares seek to provide investment results, before
fees and expenses, that correspond to a specified multiple of the
percentage performance on a given day of a particular foreign, domestic
or fixed income securities index. Inverse Fund Shares seek to provide
investment results, before fees and expenses, that correspond to the
inverse (opposite) of the percentage performance on a given day of a
particular foreign, domestic or fixed income securities index by a
specified multiple. Multiple Fund Shares and Index Fund Shares differ
from traditional exchange-traded fund (``ETF'') shares in that they do
not merely correspond to the performance of a given securities index,
but rather attempt to match a multiple or inverse of such underlying
index performance. Current Multiple Fund Shares trading on the Exchange
include the ProShares Ultra Funds and Rydex Leveraged Funds while the
Inverse Fund Shares include the ProShares Short Funds, ProShares
UltraShort Funds, Rydex Inverse Funds and Rydex Leveraged Inverse
Funds.\4\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release Nos. 56713 (October 29,
2007), 72 FR 61915 (November 1, 2007) (SR-Amex-2007-74) (approving
the listing and trading of Rydex Leveraged Funds, Inverse Funds and
Leveraged Inverse Funds); 52553 (October 3, 2005), 70 FR 59100
(October 11, 2005) (SR-Amex-2004-62) (approving the listing and
trading of the ProShares Ultra Funds and Short Funds); 54040 (June
23, 2006), 71 FR 37629 (June 30, 2006) (SR-Amex-2006-41) (approving
the listing and trading of the ProShares UltraShort Funds); 55117
(January 17, 2007), 72 FR 3442 (January 25, 2007) (SR-Amex-2006-101)
(approving the listing and trading of Ultra, Short and UltraShort
Funds based on various indexes); 56592 (October 1, 2007), 72 FR
57364 (October 9, 2007) (SR-Amex-2007-60) (approving the listing and
trading of ProShares Ultra, Short and UltraShort Funds based on
various international indexes); and 56998 (December 19, 2007), 72 FR
73404 (December 27, 2007) (SR-Amex-2007-104) (approving the listing
and trading of ProShares Ultra, Short and UltraShort Funds based on
several fixed income indexes, among others). The ProShares Ultra
Funds and Rydex Leveraged Funds are expected to gain, on a
percentage basis, approximately twice (200%) as much as the
underlying benchmark index and should lose approximately twice
(200%) as much as the underlying benchmark index when such prices
decline. The ProShares Short Funds and Rydex Inverse Funds are
expected to achieve investment results, before fees and expenses,
that correspond to the inverse or opposite of the daily performance
(-100%) of an underlying benchmark index. Lastly, the ProShares
UltraShort Funds and Rydex Leveraged Inverse Funds are expected to
achieve investment results, before fees and expenses that correspond
to twice the inverse or opposite of the daily performance (-200%) of
the underlying benchmark index.
---------------------------------------------------------------------------

    In order to achieve investment results that provide either a
positive multiple or inverse of the benchmark index, Multiple Fund
Shares or Inverse Fund Shares may hold a combination of financial
instruments, including, but not limited to: stock index futures
contracts; options on futures; options on securities and indices;
equity caps, collars and floors; swap agreements; forward contracts;
repurchase agreements; and reverse repurchase agreements (the
``Financial Instruments''). Normally, 100% of the value of the
underlying portfolios for the Inverse Fund Shares will be devoted to
Financial Instruments and money market instruments, including U.S.
government securities and repurchase agreements (the ``Money Market
Instruments''). The underlying portfolios for Multiple Fund Shares may
consist of a combination of securities, Financial Instruments and Money
Market Instruments.
Generic Listing Standards
    Amex Rules 1000A-AEMI and Rules 1001A through 1005A provide
standards for listing IFSs which are securities issued by an open-end
management investment company (open-end mutual fund) based on a
portfolio of securities that seeks to provide investment results that
correspond generally to the price and yield performance or total return
performance of a specified foreign or domestic securities index or
fixed income index. Pursuant to Amex Rule 1000A-AEMI and Amex Rules
1001A through 1005A, IFSs must be issued in a specified aggregate
minimum number in return for a deposit of specified securities and/or a
cash amount, with a value equal to the next determined net asset value
(``NAV''). When aggregated in the same specified minimum number, IFSs
must be redeemed by the issuer for the securities and/or cash, with a
value equal to the next determined NAV. Consistent with Amex Rule
1002A, the NAV is calculated once a day after the close of the regular
trading day.
    Recent amendments adopting Amex Rule 1000A-AEMI(b)(2) contemplate
the listing and trading of Multiple Fund Shares and Inverse Fund
Shares, subject to Commission approval.\5\ The proposed revisions to
Commentaries .02, .03 and .04 to Amex Rule 1000A-AEMI would allow the
listing and trading of Multiple Fund Shares and Inverse Fund Shares
that sought to provide investment results, before fees and expenses, in
an amount not exceeding -200% of the underlying benchmark index
pursuant to Rule 19b-4(e) under the Act,\6\ where the other applicable
generic listing standards for IFSs are satisfied. In connection with
Inverse Funds that seek to provide investment results, before fees and
expenses, in an amount that exceeds -200% of the underlying benchmark
index, the Exchange's proposal would continue to require specific
Commission approval pursuant to Section 19(b)(2) of the Act.\7\ In
particular, Amex Rule 1000A-AEMI(b)(2)(iii) would expressly prohibit
Inverse Funds that seek to provide investment results, before fees and
expenses, in an amount that exceeds -200% of the underlying benchmark
index, from being approved by the Exchange for listing and trading

pursuant to Rule 19b-4(e) under the Act.\8\
---------------------------------------------------------------------------

    \5\ Commentaries .02, .03 and .04 to Amex Rule 1000A-AEMI, as
applicable, specifically require the Exchange to obtain Commission
approval to list and trade Multiple Funds and Inverse Funds based on
domestic equity, international or global equity and fixed income
securities indexes.
    \6\ 17 CFR 240.19b-4(e).
    \7\ 15 U.S.C. 78s(b)(2).
    \8\ 17 CFR 240.19b-4(e).
---------------------------------------------------------------------------

    Current Amex Rule 1000A-AEMI(b)(2)(i), in pertinent part, defines
the term ``Index Fund Share'' as based on a specified foreign or
domestic stock index. In conjunction with the current proposal, the
Exchange proposes to amend this definition to include domestic equity,
international or global equity, or fixed income securities indexes and
combinations thereof as permissible underlying performance benchmarks.
The Exchange states that the proposed revision is consistent with
Commentary .04 to Amex Rule 1000A-AEMI reflecting the fact that
domestic equity, international or global equity, or fixed income
securities indexes or a combination thereof may be used as the
underlying performance benchmark for IFSs, including Multiple Fund
Shares and Inverse Fund Shares.
    The Exchange believes that adopting generic listing and trading
standards for Multiple Fund Shares and Inverse Fund Shares based on
domestic equity, international or global equity and/or fixed income
securities indexes and applying Rule 19b-4(e) should fulfill the
intended objective of that Rule by allowing those IFSs that satisfy the
proposed standards to commence trading, without the need for
individualized Commission approval. The proposed rules have the
potential to reduce the time frame for bringing Multiple Fund Shares
and Inverse Fund Shares to market, thereby reducing the burdens on
issuers and other market participants.\9\
---------------------------------------------------------------------------

    \9\ The Exchange submits that the failure of a particular
Multiple Fund Share or Inverse Fund Share portfolio to comply with
the proposed generic listing and trading standards under Rule 19b-
4(e) would not, however, preclude the Exchange from submitting a
separate filing pursuant to Section 19(b)(2) requesting Commission
approval to list and trade a particular Multiple Fund Share or
Inverse Fund Share.
---------------------------------------------------------------------------

    The Commission has approved generic standards providing for the
listing and trading of derivative products pursuant to Rule 19b-4(e)
based on indexes previously approved by the Commission under Section
19(b)(2) of the Act.\10\ The Exchange notes that the generic listing
standards in Commentaries .02, .03 and .04 to Amex Rule 1000A-AEMI,
provide for indexes that have been approved by the Commission in
connection with the listing of options, Portfolio Depository Receipts,
Index Fund Shares, Index-Linked Exchangeable Notes or Index-Linked
Securities. The Exchange believes that the application of that standard
to Multiple Fund Shares and Inverse Fund Shares is appropriate because
the underlying securities index will have been subject to detailed and
specific Commission review in the context of the approval of listing of
other derivatives.\11\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2). See Securities Exchange Act Release
Nos. 51563 (April 15, 2005), 70 FR 21257 (April 25, 2005) (SR-Amex-
2005-001) (Index-Linked Securities) and 55794 (May 22, 2007), 72 FR
29558 (May 29, 2007) (SR-Amex-2007-45) (Commodity-Linked and
Currency-Linked Securities).
    \11\ See Securities Exchange Act Release Nos. 54739 (November 9,
2006), 71 FR 66993 (November 17, 2006) (SR-Amex-2006-78)
(International Generic Listing Standards); 42787 (May 15, 2000), 65
FR 33598 (May 24, 2000) (SR-Amex-2000-14) (US Generic Listing
Standards) and 55437 (March 9, 2007), 72 FR 12233 (March 15, 2007)
(SR-Amex-2006-118) (Fixed Income Generic Listing Standards).
---------------------------------------------------------------------------

    The Exchange notes that existing Amex Rule 1002A provides continued
listing standards for all IFSs. For example, where the value of the
underlying index or portfolio of securities on which the IFS is based
is no longer calculated or available, or in the event that the IFS
chooses to substitute a new index or portfolio for the existing index
or portfolio, the Exchange would commence delisting proceedings if the
new index or portfolio does not meet the requirements of and listing
standards set forth in Rule 1000A-AEMI. If an IFS chose to substitute
an index that did not meet any of the generic listing standards for
listing of IFSs pursuant to Rule 19b-4(e) of the Act,\12\ then for
continued listing and trading, approval by the Commission of a separate
filing pursuant to Section 19(b)(2) of the Act \13\ to list and trade
that IFS is required. In addition, the Exchange further notes that
existing Amex Rule 1002A(a)(ii) provides that, prior to approving an
IFS for listing, the Exchange will obtain a representation from the
issuer that the NAV per share will be calculated daily and made
available to all market participants at the same time.
---------------------------------------------------------------------------

    \12\ 17 CFR 240.19b-4(e).
    \13\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Exchange proposes to add new Commentary .01 to Amex Rule 1002A
to provide for the halt of trading for Multiple Fund Shares and Inverse
Fund Shares if the Exchange becomes aware that the open-end investment
company fails to properly disseminate the appropriate NAV to market
participants at the same time. In addition, the proposed Commentary
would also require a halt to trading if the open-end investment company
issuing the Fund Shares failed to provide daily public Web site
disclosure of its portfolio holdings. In particular, proposed
Commentary .01 to Amex Rule 1002A provides that the Exchange will halt
trading in a series of Multiple Fund Shares and/or Inverse Fund Shares
if the Exchange becomes aware that the open-end investment company
issuing the Fund Shares fails to disseminate the appropriate NAV to all
market participants at the same time and/or fails to provide daily
public Web site disclosure of its portfolio holdings.
Limitation on Leverage
    Proposed Commentary .01 to Amex Rule 1002A provides that Multiple
Fund Shares and Inverse Fund Shares may be listed pursuant to the
generic listing standards set forth in Amex Rule 1000A-AEMI and the
related Commentaries with the limitation that for Inverse Fund Shares,
the underlying registered management investment company or fund must
seek to provide investment results, before fees and expenses, that
correspond inversely up to -200% of the percentage performance on given
day of a particular domestic equity, international equity or global or
fixed income securities indexes or a combination thereof. In connection
with Multiple Fund Shares, proposed Commentary .01 to Amex Rule 1002A
does not provide a similar limitation on leverage. Instead, the
proposal would permit the underlying registered management investment
company or fund to seek to provide investment results, before fees and
expenses, that correspond to any multiple, without limitation, of the
percentage performance on given day of a particular domestic equity,
international or global equity, or fixed income securities indexes or a
combination thereof.
Availability of Information about Fund Shares and Underlying Indexes
    Proposed new Commentary .01 to Amex Rule 1002A provides that the
portfolio composition of a Fund will be disclosed on a public Web site.
Web site disclosure of portfolio holdings that will form the basis for
the calculation of the net asset value by the issuer of a series of
Multiple Fund Shares or Inverse Fund Shares will be made daily and will
include, as applicable, the identity and number of shares held of each
specific equity security, the identity and amount held of each fixed
income security, the specific types of Financial Instruments and
characteristics of such instruments, cash equivalents and amount of
cash held in the portfolio of a Fund. This public Web site disclosure
of the portfolio composition of a Fund, that will form the basis for
the calculation of the net asset value, will coincide with the
disclosure of the ``IIV

File'' \14\ and the ``PCF File.'' \15\ Therefore, the same portfolio
information (including accrued expenses and dividends) will be provided
on the public Web site as well as in the IIV File and PCF File provided
to ``Authorized Participants.'' \16\ The format of the public Web site
disclosure and the IIV File and PCF File may differ because the public
Web site will list all portfolio holdings that will form the basis for
the calculation of the net asset value while the IIV File and PCF File
will similarly provide the portfolio holdings but in a format
appropriate for Authorized Participants, i.e., the exact components of
a Creation Unit. Accordingly, investors will have access to the current
portfolio composition of a Fund through the Fund's Web site and/or at
the Exchange's Web site at http://www.amex.com.
---------------------------------------------------------------------------

    \14\ Because the NSCC's system for the receipt and dissemination
to its participants of the portfolio composition file ``PCF'' is not
currently capable of processing information with respect to
Financial Instruments, an ``IIV File'' has been developed which is
used to disclose a Funds' holdings of Financial Instruments. The IIV
File is posted to a password-protected Web site before the opening
of business on each business day, and all NSCC participants and the
Exchange have access to a password and the Web site containing the
IIV File.
    \15\ The portfolio composition file or ``PCF'' for a Fund
includes the list of names and the required number of shares of each
deposit security as well as any cash information to be included in
the next trading day's Creation Unit. The information in the PCF
will be available to all participants in the NSCC system.
    \16\ Authorized Participants are the only persons that may place
orders to create and redeem Creation Units. Authorized Participants
must be registered broker-dealers or other securities market
participants, such as banks and other financial institutions that
are exempt from registration as broker-dealers to engage in
securities transactions, who are participants in DTC.
---------------------------------------------------------------------------

Trading Halts
    Existing trading halt requirements for IFSs will apply to Multiple
Fund Shares and Inverse Fund Shares. In particular, Amex Rule
1002A(b)(ii) provides if the Intraday Indicative Value or the index
value applicable to that series of IFSs is not being disseminated as
required, the Exchange may halt trading during the day in which the
interruption to the dissemination of the Intraday Indicative Value or
the index value occurs. If the interruption to the dissemination of the
Intraday Indicative Value or the index value persists past the trading
day in which it occurred, the Exchange will halt trading no later than
the beginning of the trading day following the interruption.\17\
---------------------------------------------------------------------------

    \17\ If an IFS is traded on the Exchange pursuant to unlisted
trading privileges, the Exchange will halt trading if the primary
listing market halts trading in such IFS because the Intraday
Indicative Value and/or the index value is not being disseminated.
See Securities Exchange Act Release No. 55018 (December 28, 2006),
72 FR 1040 (January 9, 2007) (SR-Amex-2006-109).
---------------------------------------------------------------------------

    As set forth above, the Exchange is also proposing to adopt
Commentary .01 to Amex Rule 1002A to provide additional circumstances
for a halt in trading of the Fund Shares. Proposed Commentary .01 to
Amex Rule 1002A would require the Exchange to halt trading in a series
of Multiple Fund Shares and/or Inverse Fund Shares if the Exchange
becomes aware that the open-end investment company issuing the Fund
Shares fails to disseminate the NAV to all market participants at the
same time. Similarly, the proposed Commentary also provides for the
halt of trading in the Fund Shares if the Exchange becomes aware that
daily public Web site disclosure of portfolio holdings by the open-end
investment company issuing the Fund Shares does not occur. Pursuant to
the proposed Commentary, the Exchange may resume trading in the Fund
Shares only when the NAV is disseminated to all market participants at
the same time or daily public Web site disclosure of portfolio holding
is properly resumed, as appropriate.
    In addition to other factors that may be relevant, the Exchange may
consider factors such as those set forth in Amex Rule 918C(b) in
exercising its discretion to halt or suspend trading in Multiple and/or
Inverse Fund Shares. These factors would include, but are not limited
to, (1) the extent to which trading is not occurring in securities
comprising an Underlying Index and/or the Financial Instruments of a
Multiple or Inverse Fund, or (2) whether other unusual conditions or
circumstances detrimental to the maintenance of a fair and orderly
market are present. In the case of the Financial Instruments held by a
Multiple or Inverse Fund, the Exchange represents that a notification
procedure will be implemented so that timely notice from the investment
adviser of such Multiple or Inverse Fund is received by the Exchange
when a particular Financial Instrument is in default or shortly to be
in default. Notification from the investment adviser will be made by
phone, facsimile or e-mail. The Exchange would then determine on a
case-by-case basis whether a default of a particular Financial
Instrument justifies a trading halt of the Multiple and/or Inverse Fund
Shares. Trading in Multiple and/or Inverse Fund Shares will also be
halted if the circuit breaker parameters under Amex Rule 117 have been
reached.
Suitability
    Prior to commencement of trading, the Exchange will issue an
Information Circular to its members and member organizations providing
guidance with regard to member firm compliance responsibilities
(including suitability obligations) when effecting transactions in the
Fund Shares and highlighting the special risks and characteristics of
Multiple and Inverse Funds Shares as well as applicable Exchange rules.
    This Information Circular will set forth the requirements relating
to Commentary .05 to Amex Rule 411 (Duty to Know and Approve
Customers). Specifically, the Information Circular will remind members
of their obligations in recommending transactions in the Shares so that
members have a reasonable basis to believe that (1) the recommendation
is suitable for a customer given reasonable inquiry concerning the
customer's investment objectives, financial situation, needs, and any
other information known by such member, and (2) the customer can
evaluate the special characteristics, and is able to bear the financial
risks, of such investment. In connection with the suitability
obligation, the Information Circular will also provide that members
make reasonable efforts to obtain the following information: (1) The
customer's financial status; (2) the customer's tax status; (3) the
customer's investment objectives; and (4) such other information used
or considered to be reasonable by such member or registered
representative in making recommendations to the customer.
2. Statutory Basis
    The Exchange believes the rule proposal is consistent with the Act
and the rules and regulations thereunder applicable to a national
securities exchange and, in particular, the requirements of Section
6(b) of the Act.\18\ Specifically, the Exchange believes that the
proposed rule change is consistent with the requirements under Section
6(b)(5) of the Act \19\ that the rules of an exchange be designed to
prevent fraudulent and manipulative acts and practices, 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 transaction in
securities, and, in general to protect investors and the public
interest. The Exchange believes that the ability to list and trade
Multiple and Inverse Fund

Shares pursuant to the existing generic listing standards applicable to
IFSs that do not have a multiple or inverse component would promote and
facilitate transactions in these securities, while at the same time
protecting investors and the public interest. In addition, the Exchange
submits that the proposal further seeks to facilitate transactions in
securities by easing unnecessary administrative and regulatory burdens
that do not exist for ETFs based on the same underlying indexes or
portfolios.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    The Exchange neither solicited nor received comments on the
proposal.

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 Amex 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-Amex-2007-131 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-Amex-2007-131. 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 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-Amex-2007-131 and should be
submitted on or before April 3, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
---------------------------------------------------------------------------

    \20\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-4983 Filed 3-12-08; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 2 (Tuesday, January 5, 2016)]
[Notices]
[Pages 234-235]
[FR Doc No: 2015-33121]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #1

    Take notice that the Commission received the following electric
rate filings:
---------------------------------------------------------------------------

    \1\ Johnny Isakson, David Perdue, and Earl L. `Buddy' Carter.
---------------------------------------------------------------------------

    Docket Numbers: ER10-2192-026 ER15-1537-003; ER15-1539-003; ER10-
2178-026; ER13-1536-010; ER11-2010-023; ER12-1829-013; ER12-1223-018
---------------------------------------------------------------------------

    \2\ Meeting Summary from December 10, 2015 call with FERC, HDR
Engineering, Inc., and International Paper regarding Columbia to
Eastover Project.
---------------------------------------------------------------------------

    Applicants: Constellation Energy Commodities Group Maine, LLC,
Constellation Energy Services, Inc., Constellation Energy Services of
New York, Inc., Constellation NewEnergy, Inc., Exelon Generation
Company, LLC, Exelon Wind 4, LLC, Shooting Star Wind Project, LLC,
Wildcat Wind, LLC
---------------------------------------------------------------------------

    \3\ Richard Hudson, Renee Ellmers, George Holding, and Davis
Rouzer.
---------------------------------------------------------------------------

    Description: Updated Market Power Analysis for the Southwest Power
Pool Region of the Exelon SPP Entities.
    Filed Date: 12/29/15.
    Accession Number: 20151229-5163.
    Comments Due: 5 p.m. ET 2/29/16.

    Docket Numbers: ER16-180-001.
    Applicants: Public Service Company of Colorado.
    Description: Tariff Amendment: 20151229_Amended JDA to be effective
1/1/2016.
    Filed Date: 12/29/15.
    Accession Number: 20151229-5208.
    Comments Due: 5 p.m. ET 1/19/16.

    Docket Numbers: ER16-641-000.
    Applicants: Public Service Company of New Mexico
    Description: Tariff Cancellation: Notice of Cancellation of
Expedited Service Agreement to be effective 12/10/2015.
    Filed Date: 12/28/15.
    Accession Number: 20151228-5226.
    Comments Due: 5 p.m. ET 1/19/16.

    Docket Numbers: ER16-642-000.
    Applicants: Idaho Power Company.
    Description: Section 205(d) Rate Filing: PAC Imnaha NITSA April
2016 to be effective 4/1/2016.
    Filed Date: 12/29/15.
    Accession Number: 20151229-5003.
    Comments Due: 5 p.m. ET 1/19/16.

    Docket Numbers: ER16-643-000.
    Applicants: Golden Spread Electric Cooperative, Inc.
    Description: Section 205(d) Rate Filing: WPC 2016 TCEC Ex C Filing
to be effective 1/31/2016.
    Filed Date: 12/29/15.
    Accession Number: 20151229-5142.
    Comments Due: 5 p.m. ET 1/19/16.

    Docket Numbers: ER16-644-000.
    Applicants: Entergy Services, Inc.

    Description: Application of Entergy Services, Inc. on behalf of
Entergy Arkansas, Inc. to collect nuclear decommissioning costs for
Nuclear One Unit 2 generating plant.
    Filed Date: 12/29/15.
    Accession Number: 20151229-5162.
    Comments Due: 5 p.m. ET 1/19/16.

    Docket Numbers: ER16-645-000.
    Applicants: RE Barren Ridge 1 LLC.
    Description: Baseline eTariff Filing: Application for MBR to be
effective 2/29/2016.
    Filed Date: 12/29/15.
    Accession Number: 20151229-5173.
    Comments Due: 5 p.m. ET 1/19/16.

    Docket Numbers: ER16-646-000.
    Applicants: PJM Interconnection, L.L.C., American Electric Power
Service Corporation.
    Description: Section 205(d) Rate Filing: AEPSC submits updated
depreciation rate revisions to Attach. H-14 and H-20 to be effective 7/
1/2016.
    Filed Date: 12/29/15.
    Accession Number: 20151229-5183.
    Comments Due: 5 p.m. ET 1/19/16.

    Docket Numbers: ER16-647-000.
    Applicants: Otter Tail Power Company.
    Description: Section 205(d) Rate Filing: Revisions to Service
Agreement No. 4 Under the CASOT to be effective 1/1/2016.
    Filed Date: 12/29/15.
    Accession Number: 20151229-5211.
    Comments Due: 5 p.m. ET 1/19/16.

    Take notice that the Commission received the following electric
securities filings:

    Docket Numbers: ES16-18-000.
    Applicants: NorthWestern Corporation.
    Description: Application for Authorization Under Section 204 of the
Federal Power Act to Issue Securities of NorthWestern Corporation.
    Filed Date: 12/28/15.
    Accession Number: 20151228-5287.
    Comments Due: 5 p.m. ET 1/19/16.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: December 29, 2015.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2015-33121 Filed 1-4-16; 8:45 am]
 BILLING CODE 6717-01-P