[Federal Register: November 24, 2010 (Volume 75, Number 226)]
[Notices]
[Page 71765-71768]
[DOCID:fr24no10-138]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63334; File No. SR-Phlx-2010-159]

Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Exchange-Traded Notes

November 17, 2010.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that on November 15, 2010, NASDAQ OMX PHLX LLC (``Phlx'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend Exchange Rule 1009, titled Criteria
for Underlying Securities, at Commentary .09 to: (a) Permit trading
options on leveraged (multiple or inverse) exchange-traded notes, and
(b) broaden the definition of ``Futures-Linked Securities.''
    The text of the proposed rule change is available on the Exchange's
Web site at http://www.nasdaqtrader.com/micro.aspx?id=PHLXRulefilings,
at the principal office of the Exchange, 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 purpose of the proposed rule change is to amend Exchange Rule
1009 at Commentary .09 to: (a) permit trading options on leveraged
(multiple or inverse) exchange-traded notes (``ETNs''), and (b) broaden
the definition of ``Futures-Linked Securities.'' ETNs are also known as
``Index-Linked Securities,'' which are designed for investors who
desire to participate in a specific market segment by providing
exposure to one or more identifiable underlying securities,
commodities, currencies, derivative instruments or market indexes of
the foregoing. Index- Linked Securities are the non-convertible debt of
an issuer that have a term of at least one (1) year but not

greater than thirty (30) years. Despite the fact that Index-Linked
Securities are linked to an underlying index, each trade as a single,
exchange-listed security. Accordingly, rules pertaining to the listing
and trading of standard equity options apply to Index-Linked
Securities.
Leveraged ETN Options
    The Exchange proposes to amend Exchange Rule 1009 at Commentary .09
to permit the listing of options on leveraged (multiple or inverse)
ETNs. Multiple leveraged ETNs seek to provide investment results that
correspond to a specified multiple of the percentage performance on a
given day of a particular Reference Asset. Inverse leveraged ETNs seek
to provide investment results that correspond to the inverse (opposite)
of the percentage performance on a given day of a particular Reference
Asset by a specified multiple. Multiple leveraged ETNs and inverse
leveraged ETNs differ from traditional ETNs in that they do not merely
correspond to the performance of a given Reference Asset, but rather
attempt to match a multiple or inverse of a Reference Asset's
performance.
    The Barclays Long B Leveraged S&P 500 TR ETN (``BXUB''), the
Barclays Long C Leveraged S&P 500 TR ETN (``BXUC'') and the UBS AG 2x
Monthly Leveraged Long Exchange Traded Access Securities (``E-TRACS'')
linked to the Alerian MLP Infrastructure Index due July 9, 2040
(``MLPL'') currently trade on the NYSE Arca Stock Exchange and are
examples of multiple leveraged ETNs. In addition, the Barclays ETN +
Inverse S&P 500 VIX Short-Term Futures ETN (``XXV'') currently trades
on the NYSE Arca Stock Exchange and is an example of an inverse
leveraged ETN. The NYSE Arca Stock Exchange also lists several other
inverse leveraged ETNs for trading.\3\
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    \3\ These ETNs include: the Barclays Short B Leveraged Inverse
S&P 500 TR ETN (``BXDB''), the Barclays Short C Leveraged Inverse
S&P 500 TR ETN (``BXDC'') and the Barclays Short D Leveraged Inverse
S&P 500 TR ETN (``BXDD'').
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    Currently, Exchange Rule 1009, Commentary .09 provides that
securities deemed appropriate for options trading shall include shares
or other securities (``Equity Index-Linked Securities,'' ``Commodity-
Linked Securities,'' ``Currency-Linked Securities,'' ``Fixed Income
Index-Linked Securities,'' ``Futures-Linked Securities,'' and
``Multifactor Index-Linked Securities,'' collectively known as ``Index-
Linked Securities'') that are principally traded on a national
securities exchange and an ``NMS Stock'' (as defined in Rule 600 of
Regulation NMS under the Securities Exchange Act of 1934), and
represent ownership of a security that provides for the payment at
maturity, as described below:
     Equity Index-Linked Securities are securities that provide
for the payment at maturity of a cash amount based on the performance
of an underlying index or indexes of equity securities (``Equity
Reference Asset'');
     Commodity-Linked Securities are securities that provide
for the payment at maturity of a cash amount based on the performance
of one or more physical commodities or commodity futures, options on
commodities, or other commodity derivatives or Commodity-Based Trust
Shares or a basket or index of any of the foregoing (``Commodity
Reference Asset'');
     Currency-Linked Securities are securities that provide for
the payment at maturity of a cash amount based on the performance of
one or more currencies, or options on currencies or currency futures or
other currency derivatives or Currency Trust Shares (as defined in
Commentary .06 to this Rule 1009), or a basket or index of any of the
foregoing (``Currency Reference Asset'');
     Fixed Income Index-Linked Securities are securities that
provide for the payment at maturity of a cash amount based on the
performance of one or more notes, bonds, debentures or evidence of
indebtedness that include, but are not limited to, U.S. Department of
Treasury securities (``Treasury Securities''), government sponsored
entity securities (``GSE Securities''), municipal securities, trust
preferred securities, supranational debt and debt of a foreign country
or a subdivision thereof or a basket or index of any of the foregoing
(``Fixed Income Reference Asset'');
     Futures-Linked Securities are securities that provide for
the payment at maturity of a cash amount based on the performance of an
index of (a) futures on Treasury Securities, GSE Securities,
supranational debt and debt of a foreign country or a subdivision
thereof, or options or other derivatives on any of the foregoing; or
(b) interest rate futures or options or derivatives on the foregoing in
this subparagraph (b); (``Futures Reference Asset''); and
     Multifactor Index-Linked Securities are securities that
provide for the payment at maturity of a cash amount based on the
performance of any combination of two or more Equity Reference Assets,
Commodity Reference Assets, Currency Reference Assets, Fixed Income
References Assets, or Futures Reference Assets (``Multifactor Reference
Asset'').
    For purposes of Exchange Rule 1009, Commentary .09, Equity
Reference Assets, Commodity Reference Asset, Currency Reference Assets,
Fixed Income Reference Assets, Futures Reference Assets together with
Multifactor Reference Assets, collectively are referred to as
``Reference Assets.''
    In addition, Index-Linked Securities must meet the criteria and
guidelines for underlying securities set forth in Exchange Rule 1009 at
Commentary .01; or (ii) the Index-Linked Securities must be redeemable
at the option of the holder at least on a weekly basis through the
issuer at a price related to the applicable underlying Reference Asset.
In addition, the issuing company is obligated to issue or repurchase
the securities in aggregation units for cash, or cash equivalents,
satisfactory to the issuer of Index-Linked Securities which underlie
the option as described in the Index-Linked Securities prospectus.
    The Exchange proposes to amend Exchange Rule 1009, Commentary .09
to expand the type of Index-Linked Securities that may underlie options
to include leveraged (multiple or inverse) ETNs. To affect this change,
the Exchange proposes to amend Commentary .09 of Exchange Rule 1009 at
subparagraph (a) by adding the phrase, ``or the leveraged (multiple or
inverse) performance'' to each of the subparagraphs ((i) through (vi))
in that section which set forth the different eligible Reference
Assets.
    The Exchange's current continuing listing standards for ETN options
will continue to apply. Specifically, under Exchange Rule 1010,
Commentary .12, ETN options shall not be deemed to meet the Exchange's
requirements for continued approval, and the Exchange shall not open
for trading any additional series or option contracts of the class
covering such Securities whenever the underlying Securities are
delisted and trading in the Securities is suspended on a national
securities exchange, or the Securities are no longer an ``NMS Stock''
(as defined in Rule 600 of Regulation NMS under the Securities Exchange
Act of 1934). In addition, the Exchange shall consider the suspension
of opening transactions in any series of options of the class covering
Index-Linked Securities in any of the following circumstances: (1) The
underlying Index-Linked Security fails to comply with the terms of
Exchange Rule 1009, Commentary .09, (2) in accordance with the terms of
Exchange Rule 1010, Commentary .01, in the case of options covering
Index-Linked Securities when such options were approved pursuant to
Exchange Rule 1009, Commentary .09,

except that, in the case of options covering Index-Linked Securities
approved pursuant to Exchange Rule 1009, Commentary .09(c)(ii) that are
redeemable at the option of the holder at least on a weekly basis, then
option contracts of the class covering such Securities may only
continue to be open for trading as long as the Securities are listed on
a national securities exchange and are ``NMS'' stock as defined in Rule
600 of Regulation NMS; (3) in the case of any Index-Linked Security
trading pursuant to Exchange Rule 1009, Commentary .09, the value of
the Reference Asset is no longer calculated; or (4) such other event
shall occur or condition exist that in the opinion of the Exchange make
further dealing in such options on the Exchange inadvisable. Expanding
the eligible types of ETNs for options trading under Exchange Rule
1009, Commentary .09 will not have any effect on the rules pertaining
to position and exercise limits \4\ or margin.\5\
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    \4\ See Exchange Rules 1001 and 1002 regarding Position Limits
and Exercise Limits, respectively.
    \5\ See Exchange Rule 721 concerning Margin.
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    This proposal is necessary to enable the Exchange to list and trade
options on shares of the BXUB, BXUC, XXV, BXDB, BXDC, BXDD and the
MLPL. The Exchange believes the ability to trade options on leveraged
(multiple or inverse) ETNs will provide investors with greater risk
management tools. The proposed amendment to the Exchange's listing
criteria for options on ETNs is necessary to ensure that the Exchange
will be able to list options on the above listed leveraged (multiple
and inverse) ETNs as well as other leveraged (multiple and inverse)
ETNs that may be introduced in the future.
    The Exchange represents that its existing surveillance procedures
applicable to trading in options are adequate to properly monitor the
trading in leveraged (multiple and inverse) ETN options.
    It is expected that The Options Clearing Corporation will seek to
revise the Options Disclosure Document (``ODD'') to accommodate the
listing and trading of leveraged (multiple and inverse) ETN options.
Broaden the Definition of ``Futures-Linked Securities''
    The second change being proposed by this filing is to amend the
definition of ``Futures-Linked Securities'' set forth in Exchange Rule
1009, Commentary .09(a)(v). Currently, the definition of ``Futures-
Linked Securities'' is limited to securities that provide for the
payment at maturity of a cash amount based on the performance of an
index of (a) futures on Treasury Securities, GSE Securities,
supranational debt and debt of a foreign country or a subdivision
thereof, or options or other derivatives on any of the foregoing; or
(b) interest rate futures or options or derivatives on the foregoing in
this subparagraph (b).
    Exchange Rule 1009 sets forth generic listing criteria for
securities that may serve as underlyings for listed options trading.
The Exchange believes that the current definition of ``Futures-Linked
Securities'' is unnecessarily restrictive and requires the Exchange to
submit a filing to amend the definition each time a new ETN is issued
that tracks the performance of an index of futures/options on futures
that is not enumerated in the existing rule. To address this issue, the
Exchange is proposing to revise the definition of ``Futures-Linked
Securities'' to provide that they are securities that for the payment
at maturity of a cash amount based on the performance or the leveraged
(multiple or inverse) performance of an index or indexes of futures
contracts or options or derivatives on futures contracts (``Futures
Reference Asset''). The Exchange notes that all ETNs eligible for
options trading must be principally traded on a national securities
exchange and must be an ``NMS Stock.'' As a result, the Exchange
believes that broadening the definition of ``Futures-Linked
Securities'' by no longer specifically listing the types of futures and
options on futures contracts that may be tracked by an ETN is
appropriate.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \6\ in general, and furthers the objectives of Section
6(b)(5) of the Act \7\ in particular, in that it is 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 facilitating transactions in securities, and to
remove impediments to and perfect the mechanisms of a free and open
market and a national market system, and, in general, to protect
investors and the public interest. The Exchange believes that the
proposed rules applicable to trading pursuant to generic listing and
trading criteria serve to foster investor protection.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

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

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

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms does not become operative for 30 days after the
date of this filing, or such shorter time as the Commission may
designate if consistent with the protection of investors and the public
interest, the proposed rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to provide the Commission
with written notice of its intent to file the proposed rule change,
along with a brief description and text of the proposed rule change,
at least five business days prior to the date of filing of the
proposed rule change, or such shorter time as designated by the
Commission. The Exchange has fulfilled this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. The Exchange requests that the Commission waive
the 30-day operative delay so that the Exchange can list and trade
options on leveraged (multiple or inverse) ETNs and implement the
amended definition of ``Futures-Linked Securities'' immediately. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public
interest.\10\ The Commission notes the proposal is substantively
identical to a proposal that was recently approved by the Commission,
and does not raise any

new regulatory issues.\11\ For these reasons, the Commission designates
the proposed rule change as operative upon filing.
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    \10\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
    \11\ See Securities Exchange Act Release No. 63202 (October 28,
2010), 75 FR 67794 (November 3, 2010) (SR-CBOE-2010-080).
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    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.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-Phlx-2010-159 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-Phlx-2010-159. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange.\12\ All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-Phlx-2010-159 and should be
submitted on or before December 15, 2010.
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    \12\ The text of the proposed rule change is available on the
Commission's Web site at http://www.sec.gov.
    \13\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-29562 Filed 11-23-10; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: August 28, 2009 (Volume 74, Number 166)]
[Notices]
[Page 44410]
[DOCID:fr28au09-88]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon written request, copies available from: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.

Extension: Form 1-E, Regulation E; SEC File No. 270-221; OMB Control
No. 3235-0232.

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (the ``Commission'') is soliciting comments on the
collection of information summarized below. The Commission plans to
submit this existing collection of information of the Office of
Management and Budget for extension and approval.
    Form 1-E (17 CFR 239.200) under the Securities Act of 1933 (15
U.S.C. 77a et seq.) (``Securities Act'') is the form that a small
business investment company (``SBIC'') or business development company
(``BDC'') uses to notify the Commission that it is claiming an
exemption under Regulation E from registering its securities under the
Securities Act. Rule 605 of Regulation E (17 CFR 230.605) under the
Securities Act requires an SBIC or BDC claiming such an exemption to
file an offering circular with the Commission that must also be
provided to persons to whom an offer is made. Form 1-E requires an
issuer to provide the names and addresses of the issuer, its
affiliates, directors, officers, and counsel; a description of events
which would make the exemption unavailable; the jurisdictions in which
the issuer intends to offer the securities; information about
unregistered securities issued or sold by the issuer within one year
before filing the notification on Form 1-E; information as to whether
the issuer is presently offering or contemplating offering any other
securities; and exhibits, including copies of the rule 605 offering
circular and any underwriting contracts.
    The Commission uses the information provided in the notification on
Form 1-E and the offering circular to determine whether an offering
qualifies for the exemption under Regulation E. It is estimated that
approximately six issuers file eight notifications, together with
attached offering circulars, on Form 1-E with the Commission annually.
The Commission estimates that the total burden hours for preparing
these notifications would be 800 hours in the aggregate. Estimates of
the burden hours are made solely for the purposes of the PRA, and are
not derived from a comprehensive or even a representative survey or
study of the costs of SEC rules and forms.
    Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information collected; and (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
    Please direct your written comments to Charles Boucher, Director/
CIO, Securities and Exchange Commission, C/O Shirley Martinson, 6432
General Green Way, Alexandria, VA 22312; or send an e-mail to: PRA_
<EMAIL_ADDRESS>
    Dated: August 21, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-20705 Filed 8-27-09; 8:45 am]

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[Federal Register: July 28, 2010 (Volume 75, Number 144)]
[Notices]
[Page 44304-44305]
[DOCID:fr28jy10-134]

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DEPARTMENT OF TRANSPORTATION

Noise Exposure Map Notice, Portland International Airport,
Portland, OR

AGENCY: Federal Aviation Administration, DOT.

ACTION: Notice.

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SUMMARY: The Federal Aviation Administration (FAA) announces its
determination that the noise exposure maps submitted by Port of
Portland for Portland International Airport under the provisions of 49
U.S.C. 47501 et seq. (Aviation Safety and Noise Abatement Act) and 14
CFR part 150 are in compliance with applicable requirements.

DATES: Effective Date: The effective date of the FAA's determination on
the noise exposure maps is July 21, 2010.

FOR FURTHER INFORMATION CONTACT: Cayla Morgan, Federal Aviation
Administration, Airports Division, 1601 Lind Avenue, SW., Renton, WA
98057-3356, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: This notice announces that the FAA finds
that the noise exposure maps submitted for Portland International
Airport are in compliance with the applicable requirements of part 150,
effective July 20, 2010. Under 49 U.S.C. section 47503 of the Aviation
Safety and Noise Abatement Act (hereinafter referred to as ``the
Act''), an airport operator may submit to the FAA noise exposure maps
which meet applicable regulations and which depict non-compatible land
uses as of the date of submission of such maps, a description of
projected aircraft operations and the ways in which such operations
will affect such maps. The Act requires such maps to be developed in
consultation with interested parties in the local community, government
agencies, and persons using the airport. An airport operator who has
submitted noise exposure maps that are found by the FAA to be in
compliance with the requirements of Federal Aviation Regulations (FAR)
part 150, promulgated pursuant to the Act, may submit a noise
compatibility program for the FAA approval which sets forth the
measures the operator has taken or proposes to take to reduce the
existing non-compatible uses and prevent the introduction of additional
non-compatible uses.
    The FAA has completed its review of the noise exposure maps and
accompanying documentation submitted by Port of Portland for Portland
International Airport. The documentation that constitutes the ``noise
exposure maps'' as defined in section 150.7 of Part 150 includes the
following from the July, 2010, FAR Part 150 Noise Exposure Map Update,
Portland International Airport:
     Existing 2008 Noise Exposure Map
     Future 2017 Noise Exposure Map
     Table 2-1, Average Daily Aircraft Operations by Type, Time
of Day, and Stage Length, 2008
     Table 2-2, Average Daily Aircraft Operations by Type, Time
of Day, and Stage Length, 2017
     Table 2-3, Runway Use Summary--2008
     Table 2-4, Runway Use Summary--2017
     Figure 2-1, Noise Exposure Map depicting estimated
population, residential units and acres within DNL 65, 70 and 75 noise
contours, 2008
     Figure 2-2, Noise Exposure Map depicting estimated
population, residential units and acres within DNL 65,70 and 75 noise
contours, 2017
     There are no properties on or eligible for inclusion in
the National Register of Historic Places within the 65 DNL contour
     Appendix B--Evidence of Public and Stakeholder Involvement
     Appendix C--Flight Track Data
    The FAA has determined that these noise exposure maps and
accompanying documentation are in compliance with the applicable
requirements. This determination is effective July 21, 2010.
    FAA's determination of an airport operator's noise exposure maps is
limited to a finding that the maps were developed in accordance with
the procedures contained in appendix A of FAR Part 150. Such
determination does

not constitute approval of the applicant's data, information or plans,
or a commitment to approve a noise compatibility program or to fund the
implementation of that program. If questions arise concerning the
precise relationship of specific properties to noise exposure contours
depicted on a noise exposure map submitted under section 47503 of the
Act, it should be noted that the FAA is not involved in any way in
determining the relative locations of specific properties should be
covered by the provisions of section 47506 of the Act. These functions
are inseparable from the ultimate land use control and planning
responsibilities of local government. These local responsibilities are
not changed in any way under Part 150 or through FAA's review of noise
exposure maps. Therefore, the responsibility for detailed overlaying of
the noise exposure contours onto the map depicting properties on the
surface rests exclusively with the airport operator that submitted
those maps, or with those public agencies and planning agencies with
which consultation is required under section 47503 of the Act. The FAA
has relied on the certification by the airport operator, under section
150.21 of FAR Part 150, that the statutorily required consultation has
been accomplished.
    Copies of the full noise exposure map documentation and of the
FAA's evaluation of the maps are available for examination at the
following locations:

Federal Aviation Administration, Seattle Airports District Office, 1601
Lind Avenue, SW., Renton, Washington.
Port of Portland, Portland International Airport, 7200 N.E. Airport
Way, Portland, Oregon 97218.

    Questions may be directed to the individual names above under the
heading FOR FURTHER INFORMATION CONTACT.

    Issued in Renton, Washington, July 21, 2010.
Carolyn T. Read,
 Acting Manager, Airports Division, Northwest Mountain Region.
[FR Doc. 2010-18478 Filed 7-27-10; 8:45 am]
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