[Federal Register Volume 87, Number 96 (Wednesday, May 18, 2022)]
[Notices]
[Pages 30227-30229]
[FR Doc No: 2022-10699]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2013-D-0401]

Safety Considerations for Container Labels and Carton Labeling
Design To Minimize Medication Errors; Guidance for Industry;
Availability

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice of availability.

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SUMMARY: The Food and Drug Administration (FDA or Agency) is announcing
the availability of a final guidance for industry entitled ``Safety
Considerations for Container Labels and Carton Labeling Design to
Minimize Medication Errors.'' The guidance focuses on safety aspects of
the container label and carton labeling design for human prescription
drug and biological products. The guidance provides sponsors of new
drug applications (NDAs), biologics license applications (BLAs),
abbreviated new drug applications (ANDAs), and prescription drugs
marketed without an approved NDA or ANDA with a set of principles and
recommendations for ensuring that critical elements of product
container labels and carton labeling are designed to promote safe
dispensing, administration, and use of the product. This guidance
finalizes the draft guidance of the same title issued on April 24,
2013.

DATES: The announcement of the guidance is published in the Federal
Register on May 18, 2022.

ADDRESSES: You may submit either electronic or written comments on
Agency guidances at any time as follows:

Electronic Submissions

    Submit electronic comments in the following way:
     Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Comments submitted
electronically, including attachments, to https://www.regulations.gov
will be posted to the docket unchanged. Because your comment will be
made public, you are solely responsible for ensuring that your comment
does not include any confidential information that you or a third party
may not wish to be posted, such as medical information, your or anyone
else's Social Security number, or confidential business information,
such as a manufacturing process. Please note that if you include your
name, contact information, or other information that identifies you in
the body of your comments, that information will be posted on https://www.regulations.gov.
     If you want to submit a comment with confidential
information that you do not wish to be made available to the public,
submit the comment as a written/paper submission and in the manner
detailed (see ``Written/Paper Submissions'' and ``Instructions'').

Written/Paper Submissions

    Submit written/paper submissions as follows:
     Mail/Hand Delivery/Courier (for written/paper
submissions): Dockets Management Staff (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
     For written/paper comments submitted to the Dockets
Management Staff, FDA will post your comment, as well as any
attachments, except for information submitted, marked and identified,
as confidential, if submitted as detailed in ``Instructions.''
    Instructions: All submissions received must include the Docket No.
FDA-2013-D-0401 for ``Safety Considerations for Container Labels and
Carton Labeling Design to Minimize Medication Errors.'' Received
comments will be placed in the docket and, except for those submitted
as ``Confidential Submissions,'' publicly viewable at https://www.regulations.gov or at the Dockets Management Staff between 9 a.m.
and 4 p.m., Monday through Friday,<PHONE_NUMBER>.
     Confidential Submissions--To submit a comment with
confidential information that you do not wish to be made publicly
available, submit your comments only as a written/paper submission. You
should submit two copies total. One copy will include the information
you claim to be confidential with a heading or cover note that states
``THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.'' The Agency will
review this copy, including the claimed confidential information, in
its consideration of comments. The second copy, which will have the
claimed confidential information redacted/blacked out, will be
available for public viewing and posted on https://www.regulations.gov.
Submit both copies to the Dockets Management Staff. If you do not wish
your name and contact information to be made publicly available, you
can provide this information on the cover sheet and not in the body of
your comments and you must identify this information as
``confidential.'' Any information marked as ``confidential'' will not
be disclosed except in accordance with 21 CFR 10.20 and other
applicable disclosure law. For more information about FDA's posting of
comments to public dockets, see 80 FR 56469, September 18, 2015, or
access the information at: https://www.govinfo.gov/content/pkg/FR-2015-09-18/pdf/2015-23389.pdf.
    Docket: For access to the docket to read background documents or
the electronic and written/paper comments received, go to https://www.regulations.gov and insert the docket number, found in brackets in
the heading of this document, into the ``Search'' box and follow the
prompts and/or go to the Dockets Management Staff, 5630 Fishers Lane,
Rm. 1061, Rockville, MD 20852,<PHONE_NUMBER>.
    You may submit comments on any guidance at any time (see 21 CFR
10.115(g)(5)).
    Submit written requests for single copies of this guidance to the
Division of Drug Information, Center for Drug Evaluation and Research,
Food and Drug Administration, 10001 New Hampshire Ave., Hillandale
Building, 4th Floor, Silver Spring, MD 20993-0002; or to the Office of
Communication, Outreach and Development, Center for Biologics
Evaluation and Research (CBER), Food and Drug Administration, 10903 New
Hampshire Ave., Bldg. 71, Rm. 3128, Silver Spring, MD 20993-0002. Send
one self-addressed adhesive label to assist that office in processing
your requests. See the SUPPLEMENTARY INFORMATION section for electronic
access to the guidance document.

FOR FURTHER INFORMATION CONTACT: Irene Z. Chan, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Ave., Bldg. 22, Rm. 4420, Silver Spring, MD 20993-0002, 301-
796-3962; or Stephen Ripley, Center for Biologics Evaluation and
Research, Food and Drug Administration, 10903 New Hampshire Ave., Bldg.
71, Rm. 7301, Silver Spring, MD 20993-0002,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Background

    FDA is announcing the availability of a guidance for industry
entitled ``Safety Considerations for Container Labels and Carton
Labeling Design To Minimize Medication Errors.'' In Title I of the Food
and Drug Administration Amendments Act of 2007 (FDAAA) (Pub. L. 110-
85), Congress reauthorized and expanded the Prescription Drug User Fee
Act (PDUFA) program for fiscal years 2008 through 2012. As part of the
performance goals and procedures set forth in an enclosure to the
letter from the Secretary of Health and Human Services referred to in
section 101(c) of FDAAA, FDA committed to certain performance goals and
procedures. (See https://wayback.archive-it.org/7993/20171115015358/https://www.fda.gov/ForIndustry/UserFees/PrescriptionDrugUserFee/ucm119243.htm). In that letter, FDA stated that it would use fees
collected under PDUFA to implement various measures to reduce
medication errors related to look-alike and sound-alike proprietary
names, unclear label abbreviations, acronyms, dose designations, and
error-prone label and packaging designs. Among these measures, FDA
agreed that, after public consultation with academia, industry, other
stakeholders, and the general public, the Agency would publish a draft
guidance describing practices for naming, labeling, and packaging drugs
and biologics to reduce medication errors. On June 24 and 25, 2010, FDA
held a public workshop and opened a public docket (Docket No. FDA-2010-
N-0168) to receive comments on these measures. After reviewing public
input, a draft guidance was subsequently published by FDA in April 2013
(Docket No. FDA-2013-D-0401). Additional public comment was provided
through a docket. This guidance presents FDA's final recommendations
and conclusions after having reviewed this public input and considered
information learned through evaluating postmarketing medication errors.
    This guidance is intended to help entities holding NDAs, BLAs, and
ANDAs and entities manufacturing or distributing prescription drugs
marketed without an approved application. This guidance focuses on
safety aspects of the application holder's container label and carton
labeling design, and it provides a set of principles and
recommendations for ensuring that critical elements of a product's
container label and carton labeling are designed to promote safe
dispensing, administration, and use of the product.
    The recommendations in this guidance are intended to provide best
practices on how to improve the container label and carton labeling of
prescription drug and biological products to minimize medication
errors. The guidance also provides examples of container label and
carton labeling designs that resulted in postmarketing medication
errors.
    This guidance finalizes the draft guidance entitled ``Safety
Considerations for Container Labels and Carton Labeling Design to
Minimize Medication Errors'' published in the Federal Register of April
24, 2013 (78 FR 24211). FDA considered comments received on the draft
guidance as the guidance was finalized. Changes from the draft to the
final guidance include revisions to clarify language that some
commenters considered unnecessarily restrictive and emphasize that
labeling statements should be considered within a risk framework. In
addition, the guidance has been updated to reflect regulations and
policy that have been established since the draft guidance was

published. Furthermore, editorial changes were made to improve clarity.
    This guidance is being issued consistent with FDA's good guidance
practices regulation (21 CFR 10.115). The guidance represents the
current thinking of FDA on ``Safety Considerations for Container Labels
and Carton Labeling Design to Minimize Medication Errors.'' It does not
establish any rights for any person and is not binding on FDA or the
public. You can use an alternative approach if it satisfies the
requirements of the applicable statutes and regulations.

II. Paperwork Reduction Act of 1995

    While this guidance contains no collection of information, it does
refer to previously approved FDA collections of information. Therefore,
clearance by the Office of Management and Budget (OMB) under the
Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3501-3521) is not
required for this guidance. The previously approved collections of
information are subject to review by OMB under the PRA. The collections
of information in 21 CFR part 314 have been approved under OMB control
number 0910-0001. The collections of information in 21 CFR part 601
have been approved under OMB control number 0910-0338. The collections
of information in 21 CFR part 203 described in the final rule entitled
``Prescription Drug Marketing Act of 1987; Prescription Drug Amendments
of 1992; Policies, Requirements, and Administrative Policies'' have
been approved under OMB control number 0910-0435. The collections of
information in part 201 (21 CFR part 201) described in the final rule
entitled ``Bar Code Label Requirement for Human Drug Products and
Biological Products'' have been approved under OMB control number 0910-
0537. The collections of information for prescription drug product
labeling in Sec.  201.56 and 201.57 (21 CFR 201.56 and 201.57) have
been approved under OMB control number 0910-0572. The collections of
information described in the FDA guidance for industry entitled ``Drug
Supply Chain Security Act Implementation: Identification of Suspect
Product and Notification'' have been approved under OMB control number
0910-0806.
    In addition, the inclusion of warning statements on labels for
certain drug products would be exempt from review by OMB under the PRA
because the public disclosure of information originally supplied by the
Federal government to the recipient for the purpose of disclosure to
the public is not included within the definition of ``collection of
information'' (see 5 CFR 1320.3(c)(2)).

III. Electronic Access

    Persons with access to the internet may obtain the guidance at
https://www.fda.gov/drugs/guidance-compliance-regulatory-information/guidances-drugs, https://www.fda.gov/vaccines-blood-biologics/guidance-compliance-regulatory-information-biologics/biologics-guidances,
https://www.fda.gov/regulatory-information/search-fda-guidance-documents, or https://www.regulations.gov.

    Dated: May 12, 2022.
Lauren K. Roth,
Associate Commissioner for Policy.
[FR Doc. 2022-10699 Filed 5-17-22; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register Volume 82, Number 237 (Tuesday, December 12, 2017)]
[Notices]
[Pages 58410-58411]
[FR Doc No: 2017-26692]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2017-D-6528]

Refusal of Inspection by a Foreign Food Establishment or Foreign
Government; Draft Guidance for Industry; Availability

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice of availability.

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SUMMARY: The Food and Drug Administration (FDA or we) is announcing the
availability of a draft guidance for industry entitled ``Refusal of
Inspection by a Foreign Food Establishment or Foreign Government.''
This draft guidance, when finalized, will provide information for
foreign food establishments subject to our inspection, as well as
foreign governments, on when we may consider that a foreign food
establishment or a government of a foreign country has refused to
permit an inspection by us as provided in the Federal Food, Drug, and
Cosmetic Act (FD&C Act).

DATES: Submit either electronic or written comments on the draft
guidance by February 26, 2018 to ensure that the Agency considers your
comment on the draft guidance before it begins work on the final
version of the guidance.

ADDRESSES: You may submit comments on any guidance at any time as
follows:

Electronic Submissions

    Submit electronic comments in the following way:
     Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Comments submitted
electronically, including attachments, to https://www.regulations.gov
will be posted to the docket unchanged. Because your comment will be
made public, you are solely responsible for ensuring that your comment
does not include any confidential information that you or a third party
may not wish to be posted, such as medical information, your or anyone
else's Social Security number, or confidential business information,
such as a manufacturing process. Please note that if you include your
name, contact information, or other information that identifies you in
the body of your comments, that information will be posted on https://www.regulations.gov.
     If you want to submit a comment with confidential
information that you do not wish to be made available to the public,
submit the comment as a written/paper submission and in the manner
detailed (see ``Written/Paper Submissions'' and ``Instructions'').

Written/Paper Submissions

    Submit written/paper submissions as follows:
     Mail/Hand delivery/Courier (for written/paper
submissions): Dockets Management Staff (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
     For written/paper comments submitted to the Dockets
Management Staff, FDA will post your comment, as well as any
attachments, except for information submitted, marked and identified,
as confidential, if submitted as detailed in ``Instructions.''
    Instructions: All submissions received must include the Docket No.
FDA-2017-D-6528 for ``Refusal of Inspection by a Foreign Food
Establishment or Foreign Government.'' Received comments will be placed
in the docket and, except for those submitted as ``Confidential
Submissions,'' publicly viewable at https://www.regulations.gov or at
the Dockets Management Staff between 9 a.m. and 4 p.m., Monday through
Friday.
     Confidential Submissions--To submit a comment with
confidential information that you do not wish to be made publicly
available, submit your comments only as a written/paper submission. You
should submit two copies total. One copy will include the information
you claim to be confidential with a heading or cover note that states

``THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.'' The Agency will
review this copy, including the claimed confidential information, in
its consideration of comments. The second copy, which will have the
claimed confidential information redacted/blacked out, will be
available for public viewing and posted on https://www.regulations.gov.
Submit both copies to the Dockets Management Staff. If you do not wish
your name and contact information to be made publicly available, you
can provide this information on the cover sheet and not in the body of
your comments and you must identify this information as
``confidential.'' Any information marked as ``confidential'' will not
be disclosed except in accordance with 21 CFR 10.20 and other
applicable disclosure law. For more information about FDA's posting of
comments to public dockets, see 80 FR 56469, September 18, 2015, or
access the information at: https://www.gpo.gov/fdsys/pkg/FR-2015-09-18/pdf/2015-23389.pdf.
    Docket: For access to the docket to read background documents or
the electronic and written/paper comments received, go to https://www.regulations.gov and insert the docket number, found in brackets in
the heading of this document, into the ``Search'' box and follow the
prompts and/or go to the Dockets Management Staff, 5630 Fishers Lane,
Rm. 1061, Rockville, MD 20852.
    You may submit comments on any guidance at any time (see 21 CFR
10.115(g)(5)).
    Submit written requests for single copies of the draft guidance to
the Compliance Policy Staff/Office of Compliance, Center for Food
Safety and Applied Nutrition (HFS-605), Food and Drug Administration,
5001 Campus Dr., College Park, MD 20740. Send two self-addressed
adhesive labels to assist that office in processing your request. See
the SUPPLEMENTARY INFORMATION section for electronic access to the
draft guidance.

FOR FURTHER INFORMATION CONTACT: Mischelle B. Ledet, Center for Food
Safety and Applied Nutrition (HFS-605), Food and Drug Administration,
5001 Campus Dr., College Park, MD 20740,<PHONE_NUMBER>, or Eric Nelson,
Center for Veterinary Medicine (HFV-230), Food and Drug Administration,
7519 Standish Pl., Rockville, MD 20855,<PHONE_NUMBER>, or Tyler
Scandalios, Office of Regulatory Affairs, Food and Drug Administration,
12420 Parklawn Dr., Element Bldg., Rockville, MD 20857,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Background

    We are announcing the availability of a draft guidance for industry
entitled ``Refusal of Inspection by a Foreign Food Establishment or
Foreign Government.'' We are issuing the draft guidance consistent with
our good guidance practices regulation (21 CFR 10.115). The draft
guidance, when finalized, will represent the current thinking of the
FDA on this topic. It does not establish any rights for any person and
is not binding on FDA or the public. You can use an alternate approach
if it satisfies the requirements of the applicable statutes and
regulations. The guidance is not subject to Executive Order 12866.
    The FDA Food Safety Modernization Act (FSMA) (Pub. L. 111-353),
enacted on January 4, 2011, amended the FD&C Act to expand and enhance
our ability to ensure that imported food products meet U.S. standards
and are safe for consumers. Among the FSMA changes to the FD&C Act, we
now must refuse admission of a food into the United States if it is
from a foreign factory, warehouse, or other establishment of which the
owner, operator, or agent in charge, or the government of the foreign
country, refuses to permit entry of United States inspectors or other
individuals duly designated by the Secretary of Health and Human
Services, upon request, to inspect such factory, warehouse, or other
establishment (section 807(b) of the FD&C Act (21 U.S.C. 384c(b))). In
addition, the FD&C Act, at section 807(b), states that an owner,
operator, or agent in charge is considered to have refused an
inspection if the owner, operator, or agent in charge does not permit
an inspection of a factory, warehouse, or other establishment during
the 24-hour period after we submit an inspection request, or after such
other time period, as agreed upon by FDA and the foreign factory,
warehouse, or other establishment.
    This draft guidance, when finalized, will provide information for
foreign food establishments subject to our inspection, as well as
foreign governments, on when we may consider that a foreign food
establishment or a government of a foreign country has refused to
permit an inspection by us as provided in section 807(b) of the FD&C
Act.

II. Electronic Access

    Persons with access to the internet may obtain the draft guidance
at either https://www.fda.gov/FoodGuidances or https://www.regulations.gov. Use the FDA website listed in the previous
sentence to find the most current version of the guidance.

    Dated: December 6, 2017.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2017-26692 Filed 12-11-17; 8:45 am]
 BILLING CODE 4164-01-P


[Federal Register: November 30, 2005 (Volume 70, Number 229)]
[Notices]
[Page 71867-71873]
[DOCID:fr30no05-87]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 27166; 812-12909]

AEW Real Estate Income Fund, et al.; Notice of Application

Date: November 23, 2005.
AGENCY: Securities and Exchange Commission (``SEC'' or ``Commission'').

ACTION: Notice of application for an order under section 12(d)(1)(J) of
the Investment Company Act of 1940 (the ``Act'') for an exemption from
section 12(d)(1) of the Act, under sections 6(c) and 17(b) of the Act
for an exemption from section 17(a) of the Act, under section 6(c) of
the Act for an exemption from sections 18(f) and 21(b) of the Act, and
under section 17(d) of the Act and Rule 17d-1 under the Act to permit
certain joint arrangements.

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    Summary of Application: Applicants request an order that would
permit certain registered management investment companies to invest
cash balances in affiliated money market funds and to participate in a
joint lending and borrowing facility.
    Applicants: AEW Real Estate Income Fund, IXIS Advisor Funds Trust I
(formerly CDC Nvest Funds Trust I), IXIS Advisor Funds Trust II
(formerly CDC Nvest Funds Trust II), IXIS Advisor Funds Trust III
(formerly CDC Nvest Funds Trust III), IXIS Advisor Funds Trusts IV
(formerly CDC Nvest Companies Trust I), IXIS Advisor Cash Management
Trust (formerly CDC Nvest Cash Management Trust), Harris Associates
Investment Trust, Loomis Sayles Funds I (formerly Loomis Sayles
Investment Trust), Loomis Sayles Funds II (formerly Loomis Sayles
Funds), Delafield Fund, Inc., Institutional Daily Income Fund, Cortland
Trust, Inc., and Short Term Income Fund, Inc. (each, a ``Trust,'' and
each Trust on behalf of itself and its existing series, an ``Existing
Fund''); AEW Management and Advisers, L.P., IXIS Asset Management
Advisors, L.P. (formerly CDC IXIS Asset Management Advisers, L.P.),
Harris Associates L.P., Loomis, Sayles & Company, L.P., and Reich &
Tang Asset Management, LLC (each, an ``Applicant Adviser'').
    Filing Dates: The application was filed on December 12, 2002, and
amended on November 2, 2005.
    Hearing or Notification of Hearing: An order granting the
application will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving Applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on December 20, 2005 and should be accompanied by proof of
service on the Applicants in the form of an affidavit or, for lawyers,
a certificate of service. Hearing requests should state the nature of
the writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.

ADDRESSES: Secretary, SEC, 100 F Street, NE., Washington, DC 20549-
9303; Applicants, c/o Coleen Downs Dinneen, Esq., IXIS Asset Advisors,
L.P., 399 Boylston Street, Boston, MA 02116.

FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, at
(202) 551-6876, or Stacy L. Fuller, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Office of Investment Company
Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the
Application. The complete application may be obtained for a fee at the
SEC's Public Reference Branch, 100 F Street, NE., Washington, DC 20549-
0102 at telephone<PHONE_NUMBER>.

Applicants' Representations

    1. Each of the Existing Funds is a management investment company
registered under the Act, and is organized as a Massachusetts business
trust or a Maryland corporation. All but one of the Existing Funds are
open-end investment companies (``open-end Funds''); the AEW Real Estate
Income Fund is a closed-end investment company (``closed-end Fund'').
Certain of the open-end Funds are money market funds subject to the
requirements of Rule 2a-7 under the Act (each, a ``Central Fund''). Any
Funds that are not Central Funds are referred to herein as
``Participating Funds.''
    2. Applicants request that any relief granted pursuant to the
Application also apply to any future series of the Trusts and to any
other existing or future registered management investment companies, or
series thereof, for which an Applicant Adviser, or a company
controlling, controlled by, or under common control with an Applicant
Adviser (together with the Applicant Advisers, the ``Advisers''), acts
as investment adviser or sub-adviser (``Future Funds'' and together
with the Existing Funds, the ``Funds'').\1\ Each Applicant Adviser is
registered as an investment adviser under the Investment Advisers Act
of 1940, and is an investment adviser to one or more of the Existing
Funds. Each Applicant Adviser is an indirect wholly-owned subsidiary of
IXIS Asset Management North America, L.P. Each Adviser, as the primary
investment adviser or as subadviser to a Participating Fund is, and
will be, responsible for the investment of Cash Balances, as defined
below.
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    \1\ All existing Funds that presently intend to rely on the
order are named as Applicants. Any existing or future Fund that
subsequently relies on the order will comply with the terms and
conditions in the Application.

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A. Investment of Cash Balances in the Central Funds

    1. Each Participating Fund has, or may be expected to have, cash
reserves that have not been invested in portfolio securities
(``Uninvested Cash'') held by its custodian. Uninvested Cash may result
from a wide variety of sources, including dividends or interest
received on portfolio securities, unsettled securities transactions,
strategic reserves, matured investments, liquidations of investment
securities, and new investor monies. In addition, certain of the
Participating Funds also may participate in a securities lending
program (``Securities Lending Program'') under which the Participating
Funds lend their securities to registered broker-dealers or other
institutional investors. These loans are continuously secured by
collateral equal at all times to at least the market value of the
securities loaned. Collateral for these loans may include cash (``Cash
Collateral,'' and together with Uninvested Cash, ``Cash Balances'').
Any Securities Lending Program, including any investment of Cash
Collateral will comply with all present and future Commission and staff
positions regarding securities lending arrangements.
    2. Applicants request an order to permit each Participating Fund to
use its Cash Balances to purchase shares of one or more of the Central
Funds that are in the same group of investment companies (as defined in
section 12(d)(1)(G) of the Act) as the Participating Fund, and each
Central Fund to sell its shares to, and redeem its shares from,
Participating Funds that are in the same group of investment companies
as the Central Fund (``Cash Sweep''). Investment by a Participating
Fund of Cash Balances in shares of the Central Funds will be in
accordance with each Participating Fund's investment restrictions and
will be consistent with each Participating Fund's policies as set forth
in its prospectus or statement of additional information (``SAI'').
Applicants believe that by investing Cash Balances in the Central
Funds, Participating Funds may reduce their transaction costs, create
more liquidity, increase returns, and diversify holdings.
    3. In connection with the proposed Cash Sweep transactions,
applicants request an order under (i) section 12(d)(1)(J) of the Act
granting relief from sections 12(d)(1)(A) and (B) of the Act; (ii)
sections 6(c) and 17(b) of the Act granting relief from section 17(a)
of the Act; (iii) section 17(d) of the Act and Rule 17d-1 under the Act
to permit certain joint arrangements.

B. Interfund Lending Program

    1. Under current arrangements, the Funds may lend money to banks,
brokers or other entities by entering into repurchase agreements or
purchasing other short-term instruments. In addition, the open-end
Funds may borrow money from the same or other banks for temporary or
emergency purposes to satisfy redemption requests or to cover
unanticipated cash shortfalls, such as trade ``fails'' in which cash
payments for a portfolio security sold by a Fund have been delayed. The
open-end Funds may have credit arrangements with their custodians under
which a custodian may, but is not obligated to, lend money to the Funds
to meet their temporary or emergency cash needs. The open-end Funds may
also borrow money from banks, brokers and other entities by entering
into reverse repurchase agreements and economically similar
transactions.
    2. If an open-end Fund borrows money from any bank under its
current arrangements or under other arrangements, the Fund will pay
interest on the borrowed cash at a significantly higher rate than the
rate that would be earned by other (non-borrowing) Funds on repurchase
agreements and other short-term instruments of the same maturity as the
bank loan. Applicants believe this differential represents the bank's
profit for serving as a middleman between a borrower and lender. Other
bank loan arrangements, such as committed lines of credit, may require
a borrowing Fund to pay substantial commitment fees in addition to the
interest rate to be paid by the Fund on outstanding loans.
    3. Applicants request an order that would permit Funds that are in
the same group of investment companies to enter into lending agreements
(``Interfund Lending Agreements'') to lend and borrow money for
temporary purposes directly to and from each other through a credit
facility (``Interfund Loans'').\2\ Applicants believe that the proposed
credit facility (``Credit Facility'') would both substantially reduce
the borrowing costs of an open-end Fund that sought to borrow money for
temporary or emergency purposes and enhance the ability of a lending
Fund to earn higher rates of interest on its short-term loans than it
might otherwise earn on high quality, short-term, interest-bearing
investments. Although the Credit Facility would substantially reduce an
open-end Fund's reliance on bank credit arrangements, the Funds may
continue to maintain bank loan facilities.
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    \2\ The Central Funds and closed-end Funds will participate in
the Credit Facility only as lenders.
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    4. Applicants state that the Credit Facility would likely provide a
borrowing Fund with significant savings when its cash position is
insufficient to meet temporary cash requirements. This situation could
arise when redemptions exceed anticipated volumes and the borrowing
Fund has insufficient cash on hand to satisfy such redemptions. When
the Funds liquidate portfolio securities to meet redemption requests,
which normally are effected immediately, they often do not receive
payment in settlement for up to three days (or longer for certain
foreign transactions). The Credit Facility would provide a source of
immediate, short-term liquidity pending settlement of the sale of
portfolio securities.
    5. Applicants also propose using the Credit Facility when a sale of
securities fails due to circumstances beyond a Fund's control, such as
delay in the delivery of cash to the Fund's custodian or improper
delivery instructions by the broker effecting the transaction (``sales
fails''). Sales fails may present a cash shortfall if the Fund has
undertaken to purchase a security with the proceeds from securities
sold. Under such circumstances, the Fund could fail on its intended
purchase due to lack of funds from the previous sale, resulting in
additional costs to the Fund, or sell a security on a same day
settlement basis, earning a lower return on the investment. Use of the
Credit Facility would enable the Funds to have access to immediate
short-term liquidity without incurring overdraft or other charges.
    6. While bank borrowings generally could supply needed cash to
cover unanticipated redemptions and sales fails, under the Credit
Facility a borrowing Fund would pay lower interest rates than those
that would be payable under short-term loans offered by banks. In
addition, Funds making short-term cash loans directly to other Funds
would earn interest at a rate higher than they otherwise could obtain
from investing their cash in repurchase agreements or purchasing shares
of Central Funds. Thus, Applicants assert that the Credit Facility
would benefit both borrowing and lending Funds.
    7. The interest rate to be charged on Interfund Loans (the
``Interfund Rate'') would be determined daily and would be the average
of (i) the higher of (x) the ``OTD Rate,'' as defined below, and (y)
the ``Repo Rate,'' as defined below, and (ii) the ``Bank Loan Rate,''
as defined below. The OTD Rate on any day would be the highest rate
available to the lending Funds from investments in

overnight time deposits. The Repo Rate on any day would be the highest
interest rate available to the lending Funds from investments in
overnight repurchase agreements. The Bank Loan Rate for any day would
be calculated by the Interfund Lending Team, as defined below,
according to a formula established by the board of trustees of each
Fund (``Board''), intended to approximate the lowest interest rate at
which short-term bank loans are available to the Funds. The formula
would be based upon a publicly available rate (e.g., Federal funds rate
plus 25 basis points) and would vary with that rate to reflect changing
bank loan rates. The initial formula and any subsequent modification
thereto would be subject to the approval of the Board of each Fund. In
addition, each Fund's Board periodically would review the continuing
appropriateness of reliance on the publicly available rate used to
determine the Bank Loan Rate, as well as the relationship between the
Bank Loan Rate and current bank loan rates available to the Funds.
    8. The Credit Facility would be administered by personnel at Reich
& Tang Asset Management, LLC (``Reich & Tang'') who have accounting
experience, are members of its mutual fund administration group or the
financial analysis department, and who are not portfolio managers of a
Fund (``Interfund Lending Team''). No portfolio manager from any Fund
would participate in the administration of the Credit Facility. Under
the Credit Facility, the portfolio managers for each Fund could provide
standing instructions to participate daily as a borrower or lender. On
each business day the Interfund Lending Team would collect data on the
uninvested cash and borrowing requirements of the Funds from each
Fund's custodian, portfolio managers and/or administrators. Once it had
determined the aggregate amount of cash available for loans and
borrowing demand, the Interfund Lending Team would allocate loans among
borrowing Funds without any further communication from portfolio
managers. Applicants expect there to be far more available cash each
day than borrowing demand. After allocating cash for Interfund Loans,
the Interfund Lending Team would invest any remaining cash in
accordance with the standing instructions of the relevant Fund's
portfolio managers or return remaining amounts for investment directly
by the portfolio manager of the Fund.
    9. The Interfund Lending Team would allocate borrowing demand and
cash available for lending among the Funds on what the Interfund
Lending Team believed to be an equitable basis, subject to certain
administrative requirements applicable to all Funds, such as the time
of filing requests to participate, minimum loan sizes, and the need to
minimize the number of transactions and associated administrative
costs. To reduce transaction costs, each Interfund Loan may be
allocated to minimize the number of participants necessary to complete
that Interfund Loan transaction. The Interfund Lending Team would not
solicit cash for loans from any Funds or publish or disseminate the
amount of current borrowing demand to portfolio managers.
    10. The Interfund Lending Team would (i) monitor the interest rates
charged and the other terms and conditions of the Interfund Loans, (ii)
limit the borrowings and loans entered into by each Fund to ensure that
they comply with the Fund's investment policies and limitations, (iii)
ensure equitable treatment of each Fund under the Credit Facility, and
(iv) make quarterly reports to the Funds' Boards concerning any
transactions by the Funds under the Credit Facility and the Interfund
Rates. The method of allocation and related administrative procedures
would be approved by each Fund's Board, including a majority of
trustees who are not interested persons of the Fund, as defined in
section 2(a)(19) of the Act (``Independent Trustees''), to ensure that
both borrowing Funds and lending Funds participate in the Credit
Facility on an equitable basis.
    11. Reich & Tang would administer the Credit Facility pursuant to a
form of Interfund Lending Agreement (to which Reich & Tang and each
Fund participating in the Credit Facility would be a party). Reich &
Tang would not receive any fees in connection with its administration
of the Credit Facility.
    12. No Fund would participate in the Credit Facility unless (i) it
had fully disclosed all material information concerning the Credit
Facility in its prospectus or SAI, or, in the case of a closed-end
Fund, in its registration statement or shareholder reports, (ii) it had
obtained shareholder approval to participate in the Credit Facility, if
shareholder approval were required by the Fund's fundamental investment
policies, and (iii) the Fund's participation in the Credit Facility was
consistent with its investment policies and restrictions and its
organizational documents.
    13. In connection with the Credit Facility, Applicants request an
order under (i) section 6(c) granting relief from sections 18(f) and
21(b) of the Act; (ii) section 12(d)(1)(J) granting relief from
sections 12(d)(1)(A) and (B) of the Act; (iii) sections 6(c) and 17(b)
granting relief from sections 17(a) and (iv) section 17(d) and Rule
17d-1 to permit certain joint arrangements.

Applicants' Legal Analysis

A. Investment of Cash Balances in the Central Funds

    1. Section 12(d)(1)(A) provides that no registered investment
company may acquire securities of another investment company
representing more than 3% of the acquired company's outstanding voting
stock, more than 5% of the acquiring company's total assets, or,
together with the securities of other investment companies, more than
10% of the acquiring company's total assets. Section 12(d)(1)(B)
provides that no registered open-end investment company, its principal
underwriter or any broker or dealer, may sell the company's securities
to another investment company if the sale will cause the acquiring
company to own more than 3% of the acquired company's voting stock, or
if the sale will cause more than 10% of the acquired company's voting
stock to be owned by investment companies.
    2. Section 12(d)(1)(J) provides that the Commission may exempt any
person, security, or transaction, or classes of persons, securities or
transactions, from any provision of section 12(d)(1) if and to the
extent that the exemption is consistent with the public interest and
the protection of investors. Applicants request relief under section
12(d)(1)(J) from the limitations of sections 12(d)(1)(A) and (B) to
permit each Participating Fund to invest its Cash Balances in the
Central Funds that are in the same group of investment companies as the
Participating Fund; under the requested order, the Participating Fund's
aggregate investment of Uninvested Cash in the Central Funds would not
exceed the greater of 25% of such Participating Fund's total assets or
$10 million.
    3. Applicants state that the proposed investment of Cash Balances
in the Central Funds will not result in the abuses meant to be
addressed by section 12(d)(1), including undue influence, layering of
fees and complexity. Applicants state that because each Central Fund
will maintain a highly liquid portfolio and both the Participating Fund
and the Central Fund are in the same group of investment companies,
there should not be a concern about undue influence by a Participating
Fund over a Central Fund.

With respect to layering of fees, Applicants note that shares of the
Central Funds sold to the Participating Funds will not be subject to a
sales load, redemption fee, distribution fee under a plan adopted in
accordance with Rule 12b-1 under the Act, or service fee (as defined in
Rule 2830(b)(9) of the National Association of Securities Dealers, Inc.
Conduct Rules (``NASD Conduct Rules'')). Applicants state that if a
Central Fund offers more than one class of shares, a Participating Fund
will invest its Cash Balances only in the class with the lowest expense
ratio at the time of the investment. In addition, before the next
meeting of the Board of a Participating Fund is held for the purpose of
voting on any investment advisory contract, the investment adviser will
provide the Board with information on the approximate cost to the
adviser of, or portion of the advisory fee under the existing contract
attributable to, managing the Participating Fund's Uninvested Cash that
may be invested in the Central Funds. Further, before approving any
investment advisory contract for a Participating Fund, the Board of the
Participating Fund, including a majority of the Independent Trustees,
will consider to what extent, if any, the investment advisory fees
charged to the Participating Fund should be reduced to account for the
reduced services provided to the Participating Fund as a result of
Uninvested Cash being invested in the Central Funds. With regard to
complexity, Applicants include a condition that the Central Funds will
not acquire shares of any other investment company or company relying
on sections 3(c)(1) or 3(c)(7) of the Act in excess of the limits
contained in section 12(d)(1)(A), except as permitted by a Commission
order governing interfund loans.
    4. Section 17(a) makes it unlawful for any affiliated person of a
registered investment company, or any affiliated person of the
affiliated person (``Second Tier Affiliate''), acting as principal,
knowingly to sell any security to or purchase any security from the
investment company. Section 2(a)(3) of the Act defines an ``affiliated
person'' to include any person directly or indirectly owning,
controlling, or holding with power to vote 5% or more of the
outstanding voting securities of the other person; any person directly
or indirectly controlling, controlled by, or under common control with
the other person; and, in the case of an investment company, its
investment adviser. Applicants state that because the Funds share a
common Adviser or have Advisers that are under common control, the
Funds may be deemed to be under common control and, thus, affiliated
persons of each other. In addition, applicants state that a
Participating Fund may acquire more than 5% of a Central Fund's
outstanding voting securities and, as a result, the Participating Fund
and the Central Fund may be deemed to be affiliated persons of each
other. The sale of shares by the Central Funds to the Participating
Funds and the redemption of such shares would thus be prohibited under
section 17(a).
    5. Section 17(b) authorizes the Commission to exempt a transaction
from section 17(a) if the terms of the proposed transaction, including
the consideration to be paid or received, are reasonable and fair and
do not involve overreaching on the part of any person concerned, and
the proposed transaction is consistent with the policy of each
registered investment company concerned and with the general purposes
of the Act. Section 6(c) authorizes the Commission to exempt any person
or transaction from any provision of the Act if the exemption is
necessary or appropriate in the public interest and consistent with the
protection of investors and the purposes fairly intended by the policy
and provisions of the Act.
    6. Applicants submit that the request for relief to permit the
purchase and redemption of shares of the Central Funds by the
Participating Funds satisfies the standards in sections 6(c) and 17(b).
Applicants note that shares of the Central Funds will be purchased and
redeemed at their net asset value, the same consideration paid and
received for these shares by any other shareholder. In addition,
Applicants state that the Participating Funds will retain their ability
to invest Cash Balances directly in money market or other instruments
as authorized by their respective investment objectives and policies if
they believe they can obtain a higher rate of return or for any other
reason. Each Central Fund reserves the right to discontinue selling
shares to any of the Participating Funds if its Board determines that
the sale will adversely affect its portfolio management and operations.
    7. Section 17(d) and Rule 17d-1 prohibit any affiliated person of a
registered investment company, acting as principal, from participating
in or effecting any transaction in connection with any joint enterprise
or joint arrangement in which the investment company participates.
Applicants state that each Participating Fund (by purchasing shares of
the Central Funds), the Advisers (by managing the assets of the
Participating Funds and the Central Funds, including the Participating
Funds' investments in the Central Funds), and each Central Fund (by
selling shares to the Participating Funds) could be deemed to be
participants in a ``joint enterprise or other joint arrangement''
within the meaning of section 17(d) and Rule 17d-1.
    8. Rule 17d-1 permits the Commission to approve a joint arrangement
covered by the terms of section 17(d). In determining whether to
approve a transaction, the Commission considers whether the investment
company's participation in the joint enterprise is consistent with the
provisions, policies, and purposes of the Act, and the extent to which
the participation is on a basis different from or less advantageous
than that of other participants. Applicants submit that investments by
the Participating Funds will be at net asset value and will be
indistinguishable from any other shareholder account maintained by the
Central Funds, and that the transactions will be consistent with the
Act. Applicants further submit that the arrangement is not intended to
increase the fees earned by the Advisers. Thus, applicants contend that
the proposed transactions meet the standards for relief under Rule 17d-
1.

B. Interfund Lending Program

    1. Section 17(a)(3) of the Act generally prohibits any affiliated
person or Second-Tier Affiliate from borrowing money or other property
from a registered investment company. Section 21(b) generally prohibits
any registered management company from lending money or other property
to any person if that person controls or is under common control with
the company. As discussed above, Applicants believe that the Funds may
be deemed to be under common control and, as a result, prohibited from
participating in the Credit Facility because of sections 17(a)(3) and
21(b).
    2. Applicants submit that sections 17(a)(3) and 21(b) were intended
to prevent a party with potential adverse interests to, and some
influence over the investment decisions of, a registered investment
company from causing or inducing the investment company to engage in
lending transactions that unfairly benefit that party and that are
detrimental to the best interests of the investment company and its
shareholders. Applicants assert that the proposed transactions do not
raise such concerns for the following reasons: (i) Reich & Tang would
receive no

compensation for administering the Credit Facility; (ii) all Interfund
Loans would consist only of uninvested cash reserves that the Fund
otherwise would invest in short-term repurchase agreements or other
short-term investments; (iii) the Interfund Loans would not involve a
greater risk than such other investments; (iv) the lending Fund would
earn interest on Interfund Loans at a rate higher than it could obtain
through such other investments; and (v) the borrowing Fund would pay
interest at a rate lower than otherwise available to it under bank loan
agreements and avoid commitment fees associated with committed lines of
credit. Moreover, Applicants believe that the other conditions proposed
would effectively preclude the possibility of any Fund obtaining undue
advantage over any other Fund.
    3. Applicants also seek exemptions from section 17(a)(1) under
sections 6(c) and 17(b) and from section 12(d)(1) under section
12(d)(1)(J) with respect to the Credit Facility. Applicants state that
the obligation of a borrowing Fund to repay an Interfund Loan may
constitute a security under sections 17(a)(1) and 12(d)(1). Applicants
contend that the standards under sections 6(c), 17(b), and 12(d)(1)(J),
as stated above, are satisfied for all the reasons set forth in the two
preceding paragraphs in support of their request for relief from
sections 17(a)(3) and 21(b) and for the reasons set forth below.
    4. As discussed above, Applicants state that section 12(d)(1) was
intended to prevent the pyramiding of investment companies in order to
avoid, among other things, duplicative costs and fees that are
generated by multiple layers of investment companies. Applicants submit
that the Credit Facility does not involve these types of abuses.
Regarding duplicative costs, Applicants state that Reich & Tang would
administer the Credit Facility pursuant to an Interfund Lending
Agreement between it and the relevant Fund and would not receive any
compensation for its services. Applicants further state that the
purpose of the Credit Facility is to provide economic benefits for all
participating Funds.
    5. Section 18(f)(1) prohibits open-end investment companies from
issuing any senior security, except that a company may borrow from any
bank so long as immediately after the borrowing there is asset coverage
of at least 300% for all borrowings of the company. Under section 18(g)
of the Act, the term ``senior security'' includes any bond, debenture,
note, or similar obligation or instrument constituting a security and
evidencing indebtedness. Applicants request exemptive relief from
section 18(f)(1) to the limited extent necessary to implement the
Credit Facility (because the lending Funds are not banks).
    6. Applicants believe that granting relief under section 6(c) is
appropriate. Based on the conditions and safeguards described in the
Application, Applicants also submit that to allow the Funds to borrow
from other Funds under the Credit Facility is consistent with the
purposes and policies of section 18(f)(1).
    7. Applicants also request an order under Rule 17d-1 with respect
to the Credit Facility. Applicants state that the Credit Facility could
be deemed to be a ``joint enterprise or other joint arrangement''
within the meaning of section 17(d) and Rule 17d-1. Applicants submit
that the proposed transactions meet the standards of Rule 17d-1 because
the Credit Facility offers both reduced borrowing costs to borrowing
Funds and enhanced returns on loaned funds to lending Funds. Applicants
note that each Fund would have an equal opportunity to borrow and lend
on equal terms consistent with its investments policies and fundamental
investment limitations and that Reich & Tang would not receive any
compensation for administering the Credit Facility. Applicants
therefore believe that each Fund's participation in the Credit Facility
would be on terms that are no different from or less advantageous than
those of other participants.

Applicants' Conditions

    Applicants agree that any order of the Commission granting the
requested relief will be subject to the following conditions:

A. Investment of Cash Balances in the Central Funds

    1. The shares of the Central Funds sold to and redeemed by the
Participating Funds will not be subject to a sales load, redemption
fee, distribution fee under a plan adopted in accordance with Rule 12b-
1 under the Act, or service fee (as defined in NASD Conduct Rule
2830(b)(9)).
    2. No Central Fund will acquire securities of any other investment
company or company relying on section 3(c)(1) or 3(c)(7) of the Act in
excess of the limits contained in section 12(d)(1)(A) of the Act,
except as permitted by an SEC order governing interfund loans.
    3. Before the next meeting of the Board of a Participating Fund is
held for the purpose of voting on an investment advisory contract of
the Participating Fund under section 15 of the Act, the investment
adviser to the Participating Fund will provide the Board with specific
information regarding the approximate cost to the investment adviser
of, or the portion of the investment advisory fee under the existing
investment advisory agreement attributable to, managing the Uninvested
Cash of the Participating Fund that may be invested in the Central
Funds. Before approving any investment advisory contract for a
Participating Fund, the Board of the Participating Fund, including a
majority of the Independent Trustees, shall consider to what extent, if
any, the investment advisory fees charged to the Participating Fund
should be reduced to account for reduced services provided to the
Participating Fund as a result of Uninvested Cash being invested in the
Central Funds. The minute books of the Participating Fund will record
fully the Board's consideration in approving the investment advisory
contract, including the considerations relating to the fees referred to
above.
    4. A Participating Fund may invest Uninvested Cash in, and hold
shares of, the Central Funds only to the extent that such Participating
Fund's aggregate investment of Uninvested Cash in the Central Funds
does not exceed the greater of 25% of the Participating Fund's total
assets or $10 million.
    5. Each Participating Fund and Central Fund shall be advised by an
Adviser. Each Participating Fund may only invest in Central Funds that
are in the same group of investment companies, as defined in section
12(d)(1)(G) of the Act, as the Participating Fund. A Participating Fund
that is subadvised by an Adviser may rely on the order provided that
the Adviser manages Cash Balances.
    6. Investment of Cash Balances by a Participating Fund in shares of
the Central Funds will be consistent with each Participating Fund's
respective investment restrictions and policies as set forth in its
prospectus and SAI or, in the case of a closed-end Fund, in its
registration statement or shareholder reports.
    7. Before a Participating Fund may participate in a Securities
Lending Program, a majority of the Board, including a majority of the
Independent Trustees, will approve the Participating Fund's
participation in the Securities Lending Program. The Board also will
evaluate the Securities Lending Program and its results no less
frequently than annually and determine that any investment of Cash
Collateral in the Central Funds is in the best interest of the
shareholders of the Participating Fund.

    8. The Board of any Participating Fund will satisfy the fund
governance standards as defined in rule 0-1(a)(7) under the Act by the
compliance date for the rule.

B. Interfund Lending Under the Credit Facility

    1. The interest rate to be charge to the Funds under the Credit
Facility will be the average of (i) the higher of (x) the OTD Rate and
(y) the Repo Rate and (ii) the Bank Loan Rate.
    2. The Interfund Lending Team on each business day will compare the
Bank Loan Rate with the Repo Rate and the OTD Rate and will make cash
available for Interfund Loans only if the Interfund Rate is (i) more
favorable to the lending Fund than both the Repo Rate and the OTD Rate
and (ii) more favorable to the borrowing Fund than the Bank Loan Rate.
    3. If a Fund has outstanding borrowings, then any Interfund Loans
to the Fund (i) will be at an interest rate equal to or lower than any
outstanding bank loan, (ii) will be secured at least on an equal
priority basis with at least an equivalent percentage of collateral to
loan value as any outstanding bank loan that requires collateral, (iii)
will have a maturity no longer than any outstanding bank loan (and in
no event more than seven days) and (iv) will provide that if an event
of default occurs under any agreement evidencing an outstanding bank
loan to the Fund, that event of default will automatically (without
need for action or notice by the lending Fund) constitute an immediate
event of default under the Interfund Lending Agreement. This event of
default will entitle the lending Fund to call the Interfund Loan and
exercise all rights with respect to the collateral, if any. Such call
will be made if a lending bank or banks exercise their rights to call
their loan under an agreement with the borrowing Fund.
    4. A Fund may make an unsecured borrowing through the Credit
Facility if its outstanding borrowings from all sources immediately
after the interfund borrowing total 10% or less of its total assets,
provided that if the Fund has a secured loan outstanding from any other
lender, including but not limited to another Fund, the Fund's interfund
borrowing will be secured on at least an equal priority basis with at
least an equivalent percentage of collateral to loan value as any
outstanding loan that requires collateral. If a Fund's total
outstanding borrowings immediately after an interfund borrowing would
be greater than 10% of its total assets, the Fund may borrow through
the Credit Facility only on a secured basis. A Fund may not borrow
through the Credit Facility or from any other source if its total
outstanding borrowings immediately after the interfund borrowing would
be more than 33\1/3\% of its total assets.
    5. Before any Fund that has outstanding interfund borrowings may,
through additional borrowings, cause its outstanding borrowings from
all sources to exceed 10% of its total assets, the Fund must first
secure each outstanding Interfund Loan by the pledge of segregated
collateral with a market value at least equal to 102% of the
outstanding principal value of the loan. If the total outstanding
borrowings of a Fund with outstanding Interfund Loans exceed 10% of its
total assets for any other reason (such as a decline in net asset value
or shareholder redemptions), the Fund will within one business day
thereafter (i) repay all of its outstanding Interfund Loans, (ii)
reduce its outstanding indebtedness to 10% or less of its total assets
or (iii) secure each outstanding Interfund Loan by a pledge of
segregated collateral with a market value at least equal to 102% of the
outstanding principal value of the loan until the Fund's total
outstanding borrowings cease to exceed 10% of its total assets, at
which time the collateral called for by this condition (5) will no
longer be required. Until each Interfund Loan that is outstanding any
time that a Fund's total outstanding borrowings exceed 10% is repaid or
the Fund's total outstanding borrowings cease to exceed 10% of its
total assets, the Fund will mark the value of the collateral to market
each day and will pledge such additional collateral as is necessary to
maintain the market value of the collateral that secures each
outstanding Interfund Loan at least equal to 102% of the outstanding
principal value of the Interfund Loan.
    6. No Fund may loan funds through the Credit Facility if the loan
would cause its aggregate outstanding loans through the Credit Facility
to exceed 15% of its net assets at the time of the loan.
    7. A Fund's Interfund Loans to any one Fund shall not exceed 5% of
the lending Fund's net assets.
    8. The duration of Interfund Loans will be limited to the time
required to receive payment for securities sold, but in no event more
than seven days. Loans effected within seven days of each other will be
treated as separate loan transactions for purposes of this condition
(8).
    9. Unless the Fund has a policy that prevents it from borrowing for
other than temporary or emergency purposes, its borrowing through the
Credit Facility, as measured on the day the most recent Interfund Loan
was made to it, will not exceed the greater of 125% of the Fund's total
net cash redemptions or 102% of sales fails for the preceding seven
calendar days.
    10. Each Interfund Loan may be called on one business day's notice
by the lending Fund and may be repaid on any day by the borrowing Fund.
    11. A Fund's participation in the Credit Facility must be
consistent with its investment policies and limitations and
organizational documents.
    12. The Interfund Lending Team will calculate total Fund borrowing
and lending demand through the Credit Facility, and allocate Interfund
Loans on an equitable basis among Funds, without the intervention of
any portfolio manager of any Fund. The Interfund Lending Team will not
solicit cash for the Credit Facility from any Fund or prospectively
publish or disseminate loan demand data to portfolio managers. The
Interfund Lending Team will invest amounts remaining after satisfaction
of borrowing demand in accordance with standing instructions from
portfolio managers or return remaining amounts for investment directly
by the relevant Fund's portfolio managers.
    13. The Interfund Lending Team will monitor the interest rates
charged and the other terms and conditions of the Interfund Loans and
will make a quarterly report to each Fund's Board concerning the
participation of the Fund in the Credit Facility and the terms and
other conditions of any extensions of credit under the Credit Facility.
    14. Each Fund's Board, including a majority of the Independent
Trustees: (i) Will review no less frequently than quarterly the Fund's
participation in the Credit Facility during the preceding quarter for
compliance with the conditions of any order permitting such
transactions; (ii) will establish the Bank Loan Rate formula used to
determine the interest rate on Interfund Loans, and review no less
frequently than annually the continuing appropriateness of such Bank
Loan Rate formula; and (iii) will review no less frequently than
annually the continuing appropriateness of the Fund's participation in
the Credit Facility.
    15. If an Interfund Loan is not paid according to its terms and
such default is not cured within two business days from its maturity or
from the time the lending Fund makes a demand for payment under the
provisions of the Interfund Lending Agreement, the Interfund Lending
Team promptly will refer such loan for arbitration to an independent
arbitrator who has been selected by the Board of any Fund involved in
the loan who will serve as

arbitrator of disputes concerning Interfund Loans.\3\ The arbitrator
will resolve any problem promptly, and the arbitrator's decision will
be binding on both Funds. The arbitrator will submit, at least
annually, a written report to the Board of the Funds involved in any
such dispute setting forth a description of the nature of any dispute
and the actions taken by the Funds to resolve the dispute.
---------------------------------------------------------------------------

    \3\ If the dispute involves Funds with separate Boards, the
Board of each Fund will select an independent arbitrator that is
satisfactory to each Fund.
---------------------------------------------------------------------------

    16. Each Fund will maintain and preserve for a period of not less
than six years from the end of the fiscal year in which any Interfund
Loan occurred, the first two years in an easily accessible place, a
written record of all such transactions setting forth a description of
the terms of the transaction, including the amount, the maturity and
the rate of interest on the loan, the OTD Rate, the rate of interest
available at the time on overnight repurchase agreements and bank
borrowings, and such other information presented to the Fund's Board in
connection with the review required by conditions (13) and (14).
    17. The Interfund Lending Team will prepare and submit to the Board
of each Fund for review an initial report describing the operations of
the Credit Facility and the procedures to be implemented to ensure that
all Funds are treated fairly. After the Credit Facility commences
operations, the Interfund Lending Team will report to the Board
quarterly on the operations of the Credit Facility.
    In addition, for two years following the commencement of the Credit
Facility, the independent public accountant for each Fund shall prepare
an annual report that evaluates the Interfund Lending Team's assertion
that it has established procedures reasonably designed to achieve
compliance with the conditions of the order. The report shall be
prepared in accordance with the Statements on Standards for Attestation
Engagements No. 10 and it shall be filed pursuant to Item 77Q3 of Form
N-SAR, as such Statements or Form may be revised, amended, or
superseded from time to time. In particular, the report shall address
procedures designed to achieve the following objectives: (i) That the
Interfund Rate will be higher than both the Repo Rate and the OTD Rate
but lower than the Bank Loan Rate; (ii) compliance with the collateral
requirements described in this application; (iii) compliance with the
percentage limitations on interfund borrowing and lending; (iv)
allocation of interfund borrowing and lending demand in an equitable
manner and in accordance with procedures established by the Board: and
(v) that the interest rate on any Interfund Loan does not exceed the
interest rate on any third party borrowings of a borrowing Fund at the
time of the Interfund Loan.
    After the final report is filed, the Fund's external auditors, in
connection with their Fund audit examinations, will continue to review
the operation of the Credit Facility for compliance with the conditions
of the Application and their review will form the basis, in part, of
the auditor's report on internal accounting controls in Form N-SAR.
    18. No Fund will participate in the Credit Facility unless it has
fully disclosed in its prospectus or SAI or, in the case of a closed-
end Fund in its registration statement or shareholder reports, all
material facts about its intended participation.
    19. The Board of each borrowing and lending Fund will satisfy the
fund governance standards as defined in Rule 0-1(a)(7) under the Act by
the compliance date for the rule.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 05-23492 Filed 11-29-05; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 78, Number 78 (Tuesday, April 23, 2013)]
[Rules and Regulations]
[Pages 23845-23846]
[FR Doc No: 2013-09550]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2013-0237]

Drawbridge Operation Regulations; Narrow Bay, Smith Point, NY

AGENCY: Coast Guard, DHS.

ACTION: Notice of temporary deviation from regulations.

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SUMMARY: The Commander, First Coast Guard District, has issued a
temporary deviation from the regulation governing the operation of the
Smith Point Bridge, mile 6.1, across Narrow Bay, between Smith Point
and Fire Island, New York. The deviation is necessary to facilitate the
Smith Point Triathlon. This deviation allows the bridge to remain
closed for two hours to facilitate public safety during a public event.

DATES: This deviation is effective between 7 a.m. and 9 a.m. on August
4, 2013.

ADDRESSES: The docket for this deviation, [USCG-2013-0237] is available
at http://www.regulations.gov.

Type the docket number in the ``SEARCH'' box and click ``SEARCH.''
Click on Open Docket Folder on the line associated with this deviation.
You may also visit the Docket Management Facility in Room W12-140, on
the ground floor of the Department of Transportation West Building,
1200 New Jersey Avenue SE., Washington, DC, 20590, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary deviation, call or email Ms. Judy Leung-Yee, Project Officer,
First Coast Guard District<EMAIL_ADDRESS>or (212) 668-
7165. If you have questions on viewing the docket, call Barbara
Hairston, Program Manager, Docket Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The Smith Point Bridge, mile 6.1, across
Narrow Bay, between Smith Point and Fire Island, New York, has a
vertical clearance in the closed position of 16 feet at mean high water
and 18 feet at mean low water. The drawbridge operation regulations are
listed at 33 CFR 117.799.
    The waterway users are recreational vessels of various sizes.
    The owner of the bridge, Suffolk County Department of Public Works,
requested a temporary deviation from the regulations to allow the
bridge to remain closed for two hours to facilitate public safety
during a public event, the Smith Point Triathlon.
    Under this temporary deviation the Smith Point Bridge, mile 6.1,
across Narrow Bay between Smith Point and Fire Island, will remain in
the closed position between 7 a.m. and 9 a.m. on August 4, 2013.
    Vessels that can pass under the bridge in the closed position may
do so at any time. There are no alternate routes; however, the bridge
can open in an emergency. Vessel operators will be notified of the
bridge closure through a Safety Marine Information Broadcast (SMIB)
issued by the Coast Guard.
    In accordance with 33 CFR 117.35(e), the bridge must return to its
regular operating schedule immediately at the end of the designated
time period. This deviation from the operating regulations is
authorized under 33 CFR 117.35.

    Dated: April 10, 2013.
Gary Kassof,
Bridge Program Manager, First Coast Guard District.
[FR Doc. 2013-09550 Filed 4-22-13; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 87, Number 61 (Wednesday, March 30, 2022)]
[Notices]
[Pages 18436-18439]
[FR Doc No: 2022-06632]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94509; File No. SR-CboeEDGX-2022-015]

Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Fee Schedule

March 24, 2022.
    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 March 14, 2022, Cboe EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') 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

    Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') is filing
with the Securities and Exchange Commission (``Commission'') a proposed
rule change to amend its Fee Schedule. The text of the proposed rule
change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/options/regulation/rule_filings/edgx/), 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, 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 its fee schedule for its equity
options platform (``EDGX Options'') to adopt fees for Certification
Logical Port fees, effective March 1, 2022.\3\
---------------------------------------------------------------------------

    \3\ The Exchange initially filed the proposed fee changes on
March 1, 2022 (SR-CboeEDGX-2022-011). On March 14, 2022, the
Exchange withdrew that filing and submitted this proposal.
---------------------------------------------------------------------------

    By way of background, the Exchange offers a variety of logical
ports, which provide users with the ability within the Exchange's
System to accomplish a specific function through a connection, such as
order entry, data receipt or access to information. Specifically, the
Exchange offers Logical Ports,\4\ Logical Ports with Bulk Quoting
Capabilities,\5\ Purge Ports,\6\ GRP Ports and Multicast PITCH Server
Ports.\7\ For each type of the aforementioned logical ports that is

used in the production environment, the Exchange also offers
corresponding ports which provide Members and non-Members access to the
Exchange's certification environment to test proprietary systems and
applications (i.e., ``Certification Logical Ports''). The certification
environment facilitates testing using replicas of the Exchange's
production environment process configurations which provide for a
robust and realistic testing experience. For example, the certification
environment allows unlimited firm-level testing of order types, order
entry, order management, order throughput, acknowledgements, risk
settings, mass cancelations, and purge requests. Historically, the
Exchange has not assessed fees for Certification Logical Ports. The
Exchange now proposes to establish a monthly fee for Certification
Logical Ports. Particularly, the Exchange proposes to adopt a monthly
fee of $250 per Certification Logical Port. However, the Exchange notes
that it will continue to offer free of charge one Certification Logical
Port per logical port type offered in the production environment (i.e.,
Logical Ports, Logical Ports with Bulk Quoting Capabilities, Purge
Ports, GRP Ports and Multicast PITCH Server Ports) to each Member or
non-Member, as applicable. Any additional Certification Logical Ports
will be assessed $250 per month per port.\8\ The Exchange notes that
purchasing additional Certification Logical Ports is voluntary and not
required in order to participate in the production environment,
including live production trading on the Exchange. Additionally,
Members and non-Members are not required to purchase any particular
production logical port in order to receive a corresponding
Certification Logical Port free of charge.\9\ Further, the Exchange
also notes that other exchanges similarly assess fees related to their
respective testing environments.\10\
---------------------------------------------------------------------------

    \4\ Logical Ports include FIX and BOE ports (used for order
entry), drop logical port (which grants users the ability to receive
and/or send drop copies) and ports that are used for receipt of
certain market data feeds.
    \5\ Bulk Quoting Capabilities Ports provide users with the
ability to submit and update multiple bids and offers in one message
through logical ports enabled for bulk-quoting.
    \6\ Purge Ports allow users to submit a cancelation for all open
orders, or a subset thereof, across multiple sessions under the same
Executing Firm ID (``EFID'').
    \7\ Spin Ports and GRP Ports are used to request and receive a
retransmission of data from the Exchange's Multicast PITCH data
feeds.
    \8\ For example, if a Member maintains 3 FIX Certification
Logical Ports, 1 Purge Certification Logical Port, and 1 set of
Multicast PITCH Spin Server Certification Logical Port, the Member
will be assessed $500 per month for Certification Logical Port Fees
(i.e., 1 FIX, 1 Purge and 1 set of Multicast PITCH Spin Server
Certification Logical Ports x $0 and 2 FIX Certification Logical
Ports x $250).
    \9\ For example, a Member may obtain a Certification Purge Port
free of charge, even if that Member has not otherwise purchased a
Purge Port for the live production environment. Certification
Logical Ports are not automatically enabled for each User, but
rather must be proactively requested by users.
    \10\ See e.g., Nasdaq Stock Market LLC, Equity 7, Pricing
Schedule, Section 130. See also MIAX Options Exchange Fee Schedule,
Section 4, Testing and Certification Fees.
---------------------------------------------------------------------------

    Lastly, the Exchange does not intend to prorate Certification
Logical Ports for the first month of service and intends to make this
clear in the notes section under the Options Logical Port Fees section
of the Fees Schedule.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\11\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \12\ requirements 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
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. Additionally,
the Exchange believes the proposed rule change is consistent with
Section 6(b)(4) of the Act,\13\ which requires that Exchange rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its Members and other persons using its facilities.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
    \13\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    As noted above, the Exchange's certification environment provides a
robust and realistic testing experience using a replica of the
Exchange's production environment process configurations. This
environment enables market participants to manage risk more effectively
through testing software development changes in certification prior to
implementing them in the live trading environment, thereby reducing the
likelihood of a potentially disruptive system failure in the live
trading environment, which has the potential to affect all market
participants. As such, the Exchange believes it's reasonable to adopt a
Certification Logical Port fee as it better enables the Exchange to
continue to maintain and improve its testing environment, which the
Exchange believes serves to improve live production trading on the
Exchange. The Exchange also believes the proposed Certification Logical
Port fee is reasonable because while such ports will no longer be
completely free, Members and non-Members will continue to be entitled
to receive free of charge one Certification Logical Port for each type
of logical port that are currently offered in the production
environment. Notably, the Exchange believes one Certification Logical
Port per logical port type will be sufficient for most users and indeed
anticipates that the majority of users will not purchase additional
Certification Logical Ports. More specifically, while the Exchange has
no way of predicting with certainty the impact of the proposed changes,
it anticipates approximately 16% of Users to be assessed fees for
Certification Logical Ports (i.e., request Certification Ports in
excess of the Certification Logical Ports provided free of charge). For
those users who wish to obtain additional Certification Logical Ports
based on their respective business needs, they are able to do so for a
modest fee. Indeed, the proposed fee is lower than the fees assessed
for the corresponding logical ports used in the Exchange's production
environment.\14\ Additionally, the Exchange notes other exchanges
similarly assess fees relating to their respective testing
environments.\15\ Further, the decision to purchase additional ports is
optional and no market participant is required or under any regulatory
obligation to purchase excess Certification Logical Ports in order to
access the Exchange's certification environment.\16\
---------------------------------------------------------------------------

    \14\ See Cboe EDGX Options Fees Schedule, Options Logical Port
Fees.
    \15\ See e.g., Nasdaq Stock Market LLC, Equity 7, Pricing
Schedule, Section 130. See also MIAX Options Exchange Fee Schedule,
Section 4, Testing and Certification Fees.
    \16\ Although many Users use Certification Logical Ports on a
daily basis, the Exchange notes frequency of use of Certification
Logical Ports varies by User and depends on a User's business needs.
To the extent a User purchases additional Certification Logical
Ports and its respective needs change or it determines it no longer
wishes to maintain excess Certification Logical Ports, the User is
free to cancel such ports for the following month(s).
---------------------------------------------------------------------------

    The Exchange believes the proposed fee is also equitable and not
unfairly discriminatory because it applies uniformly to all market
participants that choose to obtain additional Certification Logical
Ports. The Exchange also believes the proposed fee is reasonable,
equitable and not unfairly discriminatory because it is designed to
encourage market participants to be efficient with their respective
Certification Logical Port usage. Without some sort of fee for its
Certification Logical Ports, the Exchange believes that Members and
non-Members may be less efficient in testing their systems, potentially
resulting in excessive time and resources being consumed by the

Exchange in supporting testing and certifying Members and non-Members
to the detriment of all market participants as Exchange resources are
diverted away from other trading operations. Additionally, similar to
its production environment, the Exchange's certification environment
does not have unlimited system capacity to support unlimited testing.
As such, the proposed fee structure also ensures that firms that use
the most capacity pay for that capacity, rather than placing that
burden on market participants that have more modest needs. The Exchange
lastly believes that its proposed fee is aligned with the goals of the
Commission in facilitating a competitive market for all firms that
trade on the Exchange and of ensuring that critical market
infrastructure has ``levels of capacity, integrity, resiliency,
availability, and security adequate to maintain their operational
capability and promote the maintenance of fair and orderly markets.''
\17\
---------------------------------------------------------------------------

    \17\ See Securities Exchange Act Release No. 73639 (November 19,
2014), 79 FR 72251 (December 5, 2014) (File No. S7-01-13)
(Regulation SCI Adopting Release).
---------------------------------------------------------------------------

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 intramarket or intermarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act. The
Exchange does not believe that the proposed rule change will impose any
burden on intramarket competition because as the proposed change
applies uniformly to all market participants. Additionally, the
Exchange does not believe that the proposed fee creates an undue burden
on competition because the Exchange will continue to offer free of
charge one Certification Logical Port per each logical port type
offered in the production environment. Although the Exchange now
proposes to charge users for additional Certification Logical Ports,
the Exchange believes without some sort of fee assessed for excess
Certification Logical Ports, Members and non-Members may be less
efficient in testing their systems, potentially resulting in excessive
time and resources being consumed by the Exchange and also potentially
impacting the certification environment's capacity thresholds. The
proposed fee structure therefore would ensure that market participants
that pay the proposed fee are the ones that demand the most resources
from the Exchange. Also as discussed, the purchase of additional ports
is optional and based on the business needs of each market participant.
Moreover, such market participants will continue to benefit from access
to the certification environment, which the Exchange believes provides
a robust and realistic testing experience via a replica of the
production environment.
    The Exchange does not believe that the proposed rule changes will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Particularly,
the proposed change applies only to the Exchange's certification
environment. Additionally, the Exchange notes that it operates in a
highly competitive market. Members have numerous alternative venues
that they may participate on and direct their order flow, including 15
other options exchanges, as well as off-exchange venues, where
competitive products are available for trading. Indeed, participants
can readily choose to send their orders to other exchange, and,
additionally off-exchange venues, if they deem overall fee levels at
those other venues to be more favorable. Moreover, the Commission has
repeatedly expressed its preference for competition over regulatory
intervention in determining prices, products, and services in the
securities markets. Specifically, in Regulation NMS, the Commission
highlighted the importance of market forces in determining prices and
SRO revenues and, also, recognized that current regulation of the
market system ``has been remarkably successful in promoting market
competition in its broader forms that are most important to investors
and listed companies.'' \18\ The fact that this market is competitive
has also long been recognized by the courts. In NetCoalition v.
Securities and Exchange Commission, the D.C. Circuit stated as follows:
``[n]o one disputes that competition for order flow is `fierce.' . . .
As the SEC explained, `[i]n the U.S. national market system, buyers and
sellers of securities, and the broker-dealers that act as their order-
routing agents, have a wide range of choices of where to route orders
for execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers'. . . .''.\19\ Accordingly, the Exchange does not believe its
proposed fee change imposes any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \18\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
    \19\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
---------------------------------------------------------------------------

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) of the Act \20\ and paragraph (f) of Rule 19b-4 \21\
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. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78s(b)(3)(A).
    \21\ 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 protected]. Please include
File Number SR-CboeEDGX-2022-015 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-CboeEDGX-2022-015. 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 website (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 website 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. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. All submissions should refer to
File Number SR-CboeEDGX-2022-015 and should be submitted on or before
April 20, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
---------------------------------------------------------------------------

    \22\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-06632 Filed 3-29-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 210 (Monday, October 31, 2011)]
[Rules and Regulations]
[Pages 67058-67059]
[FR Doc No: 2011-27960]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2011-0430; Airspace Docket No. 11-AGL-10]

Amendment of Class E Airspace; Sturgis, SD

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action amends Class E airspace for Sturgis, SD, to
accommodate new Area Navigation (RNAV) Standard Instrument Approach
Procedures at Sturgis Municipal Airport. The FAA is taking this action
to enhance the safety and management of Instrument Flight Rule (IFR)
operations at the airport.

DATES: Effective date: 0901 UTC, February 9, 2012. The Director of the
Federal Register approves this incorporation by reference action under
1 CFR part 51, subject to the annual revision of FAA Order 7400.9 and
publication of conforming amendments.

FOR FURTHER INFORMATION CONTACT: Scott Enander, Central Service Center,
Operations Support Group, Federal Aviation Administration, Southwest
Region, 2601 Meacham Blvd., Fort Worth, TX 76137; telephone (817) 321-
7716.

SUPPLEMENTARY INFORMATION:

History

    On July 21, 2011, the FAA published in the Federal Register a
notice of proposed rulemaking to amend Class E airspace for Sturgis,
SD, creating controlled airspace at Sturgis Municipal Airport (76 FR
43612) Docket No. FAA-2011-0430. 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 7400.9V dated
August 9, 2011, and effective September 15, 2011, which is incorporated
by reference in 14 CFR Part 71.1. The Class E airspace designations
listed in this document will be published subsequently in the Order.

The Rule

    This action amends Title 14 Code of Federal Regulations (14 CFR)
Part 71 by creating additional Class E airspace extending upward from
700 feet above the surface for new standard instrument approach
procedures at Sturgis

Municipal Airport, Sturgis, SD. This action is necessary for the safety
and management of IFR operations at the airport.
    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.
Therefore, this regulation: (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 will only affect air traffic procedures and air navigation, it is
certified that this rule, when promulgated, will not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the U.S. Code. Subtitle 1, 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 controlled airspace for Sturgis Municipal Airport,
Sturgis, SD.

List 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 14 CFR Part 71 continues to read as
follows:

    Authority:  49 U.S.C. 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 Part 71.1 of the Federal
Aviation Administration Order 7400.9V, Airspace Designations and
Reporting Points, dated August 9, 2011, and effective September 15,
2011, is amended as follows:

Paragraph 6005 Class E airspace areas extending upward from 700
feet or more above the surface of the earth.

* * * * *

AGL SD E5 Sturgis, SD [Amended]

Sturgis Municipal Airport, SD
(Lat. 44[deg]25'05''N., long. 103[deg]22'32''W.)

    That airspace extending upward from 700 feet above the surface
within a 7-mile radius of Sturgis Municipal Airport, and within 1.7
miles each side of the 302 degree bearing from the airport extending
from the 7-mile radius to 9 miles northwest of the airport.

    Issued in Fort Worth, Texas, on October 11, 2011.
David P. Medina,
Manager, Operations Support Group, ATO Central Service Center.
[FR Doc. 2011-27960 Filed 10-28-11; 8:45 am]
BILLING CODE 4910-13-P