[Federal Register Volume 86, Number 123 (Wednesday, June 30, 2021)]
[Notices]
[Pages 34815-34819]
[FR Doc No: 2021-13916]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92256; File No. SR-NASDAQ-2021-045]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing of Proposed Rule Change To Modify Certain Pricing
Limitations for Companies Listing in Connection With a Direct Listing
Primary Offering

June 24, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 11, 2021, The Nasdaq Stock Market LLC (``Nasdaq'' or the
``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 modify certain pricing limitations for
companies listing in connection with a Direct Listing primary offering
in which the company will sell shares itself in the opening auction on
the first day of trading on Nasdaq.
    The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules, 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
    Nasdaq recently adopted Listing Rule IM-5315-2 to permit a company
to list in connection with a primary offering in which the company will
sell shares itself in the opening auction on the first day of trading
on the Exchange (a ``Direct Listing with a Capital Raise''); \3\
created a new order type (the ``CDL Order''), which is used during the
Nasdaq Halt Cross (the ``Cross'') for the shares offered by the company
in a Direct Listing with a Capital Raise; and established requirements
for disseminating information, establishing the opening price and
initiating trading through the Cross in a Direct Listing with a Capital
Raise.\4\ For a Direct Listing with a Capital Raise, Nasdaq rules
currently require that the actual price calculated by the Cross be at
or above the lowest price and at or below the highest price of the
price range established by the issuer in its effective registration
statement (the ``Pricing Range Limitation'').
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    \3\ A Direct Listing with a Capital Raise includes situations
where either: (i) Only the company itself is selling shares in the
opening auction on the first day of trading; or (ii) the company is
selling shares and selling shareholders may also sell shares in such
opening auction.
    \4\ See Securities Exchange Act Release No. 91947 (May 19,
2021), 86 FR 28169 (May 25, 2021) (the ``Approval Order'').
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    Nasdaq now proposes to modify the Pricing Range Limitation such
that a Direct Listing with a Capital Raise can be executed in the Cross
at a price that is at or above the price that is 20% below the lowest
price and at or below the price that is 20% above the highest price of
the price range established by the issuer in its effective registration
statement.\5\ In addition, Nasdaq proposes to modify the Pricing Range
Limitation such that a Direct Listing with a Capital Raise can be
executed in the Cross at a price above the price that is 20% above the
highest price of such price range, provided that the company has
certified to Nasdaq that such price would not materially change the
company's previous disclosure in its effective registration statement.
Nasdaq also proposes to make related conforming changes.
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    \5\ References in this proposal to the price range established
by the issuer in its effective registration statement are to the
price range disclosed in the prospectus in such registration
statement. Separately, as explained in more details below, Nasdaq
proposes to prescribe that the 20% threshold will be calculated
using the high end of the price range in the prospectus at the time
of effectiveness and may be measured from either the high end (in
the case of an increase in the price) or low end (in the case of a
decrease in the price) of that range.
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    Listing Rule IM-5315-2 requires that securities listing in
connection with a Direct Listing with a Capital Raise must begin
trading on Nasdaq following the initial pricing through the Cross,
which is described in Rules 4120(c)(9) and 4753. Rule 4120(c)(9)
requires that in the case of a Direct Listing with a Capital Raise, for
purposes of releasing securities for trading on the first day of
listing, Nasdaq, in consultation with the financial advisor to the
issuer, will make the determination of whether the security is ready to
trade.
    Currently, in the case of the Direct Listing with a Capital Raise,
a security is not released for trading by Nasdaq unless the actual
price calculated by the Cross is at or above the lowest price and at or
below the highest price of the price range established by the issuer in
its effective registration statement.\6\ Specifically, under Rule
4120(c)(9)(B) Nasdaq shall release the security for trading only if:
(i) All market orders will be executed in the Cross; and (ii) the
actual price calculated by the Cross complies with the Pricing Range
Limitation.
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    \6\ See Rule 4120(c)(9)(B).
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    If there is insufficient buy interest to satisfy the CDL Order and
all other market orders, as required by the rule, or if the actual
price calculated by the Cross is outside the price range established by
the issuer in its effective registration statement, the Cross would not
proceed and such security would not begin trading. Nasdaq shall
postpone and reschedule the offering only if either or both such
conditions are not met. In such event, because the Cross cannot be
conducted, the Exchange would postpone and reschedule the offering and
notify market participants via a Trader Update that the Direct Listing
with a Capital Raise scheduled for that date has been cancelled and any
orders for that security that have been entered on the Exchange would
be cancelled back to the entering firms.
Proposed Change to Rule 4120(c)(9)
    While many companies are interested in alternatives to the
traditional IPOs, based on conversations with companies and their
advisors Nasdaq believes that there may be a reluctance to use the
existing Direct Listing with a Capital Raise rules because of concerns
about the Pricing Range Limitation.
    One potential benefit of a Direct Listing with a Capital Raise as
an alternative to a traditional IPO is that it could maximize the
chances of more efficient price discovery of the initial public sale of
securities for issuers and investors. Unlike an IPO where the offering
price is informed by underwriter engagement with potential investors to
gauge interest in the offering, but ultimately decided through
negotiations between the issuer and the underwriters for the offering,
in a Direct Listing with a Capital Raise the initial sale price is
determined based on market interest and the matching of buy and sell
orders in an auction open to all market participants. In that regard,
in the Approval Order the Commission stated that:

    The opening auction in a Direct Listing with a Capital Raise
provides for a different price discovery method for IPOs which may
reduce the spread between the IPO price and subsequent market
trades, a potential benefit to existing and potential investors. In
this way, the proposed rule change may result in additional
investment opportunities while providing companies more options for
becoming publicly traded.\7\
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    \7\ See Approval Order, 86 FR at 28177.

    A successful initial public offering of shares requires sufficient
investor interest. If an offering cannot be completed due to lack of
investor interest, there is likely to be a substantial amount of
negative publicity for the company and the offering may be delayed or
cancelled. The Pricing Range Limitation imposed on a Direct Listing
with a Capital Raise (but not on a traditional IPO) increases the
probability of such a failed offering because the offering cannot
proceed without some delay not only for the lack of investor interest,
but also if investor interest is greater than the company and its
advisors anticipated. In the Approval Order, the Commission noted a
frequent academic observation of traditional firm commitment
underwritten offerings that the IPO price, established through
negotiation between the underwriters and the issuer, is often lower
than the price that the issuer could have obtained for the securities,
based on a comparison of the IPO price to the closing price on the
first day of trading.\8\ Nasdaq believes that the price range in a
company's effective registration statement for a Direct Listing with a
Capital Raise would similarly be determined by the company and its
advisors and, therefore, there may be instances of offerings where the
price determined by the Nasdaq opening auction will exceed the highest
price of the price range in the company's effective registration
statement.
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    \8\ See Approval Order, footnote 91.
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    As explained above, under the existing rule a security subject to a

Direct Listing with a Capital Raise cannot be released for trading by
Nasdaq if the actual price calculated by the Cross is above the highest
price of the price range established by the issuer in its effective
registration statement. In this case, Nasdaq would have to cancel or
postpone the offering until the company amends its effective
registration statement. At a minimum, such a delay exposes the company
to market risk of changing investor sentiment in the event of an
adverse market event. In addition, as explained above, the
determination of the public offering price of a traditional IPO is not
subject to limitations similar to the Pricing Range Limitation for a
Direct Listing with a Capital Raise, which, in Nasdaq's view, could
make companies reluctant to use this alternative method of going public
despite its expected potential benefits.
    Accordingly, Nasdaq proposes to modify the Pricing Range Limitation
such that in the case of the Direct Listing with a Capital Raise, a
security shall not be released for trading by Nasdaq unless the actual
price at which the Cross would occur is at or above the price that is
20% below the lowest price of the price range established by the issuer
in its effective registration statement and at or below the price that
is 20% above the highest price of the price range. In other words,
Nasdaq would release the security for trading, provided all other
necessary conditions are satisfied, even if the actual price calculated
by the Cross is outside the price range established by the issuer in
its effective registration statement; provided however that the actual
price cannot be more than 20% below the lowest price or more than 20%
above the highest price of such range; and the company specified the
quantity of shares registered, as permitted by Securities Act Rule 457,
as explained below. In addition, there would be no limitation on
releasing the security for trading at a price above the price that is
20% above the highest price of the price range established by the
issuer in its effective registration statement if the company has
certified to Nasdaq that such offering price would not materially
change the company's previous disclosure in its effective registration
statement.
    Nasdaq believes that this approach is consistent with SEC Rule 430A
and question 227.03 of the SEC Staff's Compliance and Disclosure
Interpretations, which generally allow a company to price a public
offering 20% outside of the disclosed price range without regard to the
materiality of the changes to the disclosure contained in the company's
registration statement.\9\ Nasdaq believes such guidance also allows
deviation above the price range beyond the 20% threshold if such change
or deviation does not materially change the previous disclosure.
Accordingly, Nasdaq believes that a company listing in connection with
a Direct Listing with a Capital Raise can specify the quantity of
shares registered, as permitted by Securities Act Rule 457, and, when
an auction prices outside of the disclosed price range, use a Rule
424(b) prospectus, rather than a post-effective amendment, when either
(i) the 20% threshold noted in Rule 430A is not exceeded, regardless of
the materiality or non-materiality of resulting changes to the
registration statement disclosure that would be contained in the Rule
424(b) prospectus, or (ii) when there is a deviation above the price
range beyond the 20% threshold noted in Rule 430A if such deviation
would not materially change the previous disclosure, in each case
assuming the number of shares issued is not increased from the number
of shares disclosed in the prospectus. Consistent with the Commission's
Staff guidance on Rule 430A, Nasdaq proposes to prescribe that this 20%
threshold will be calculated using the high end of the price range in
the prospectus at the time of effectiveness and may be measured from
either the high end (in the case of an increase in the price) or low
end (in the case of a decrease in the price) of that range.
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    \9\ Securities Act Rule 457 permits issuers to register
securities either by specifying the quantity of shares registered,
pursuant to Rule 457(a), or the proposed maximum aggregate offering
amount. Nasdaq expects that companies selling shares through a
Direct Listing with a Capital Raise will register securities by
specifying the quantity of shares registered and not a maximum
offering amount. See also Compliance & Disclosure Interpretation of
Securities Act Rules #227.03 at https://www.sec.gov/divisions/corpfin/guidance/securitiesactrules-interps.htm.
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    Finally, given that, as proposed, there may be a Direct Listing
with a Capital Raise that could price outside the price range of the
company's effective registration statement and that there may be no
upside limit above which the Cross could not proceed, in each instance
of a Direct Listing with a Capital Raise, Nasdaq will issue an industry
wide trader alert \10\ to inform the market participants that the
auction could price up to 20% below the lowest price of the price range
in the company's effective registration statement and specify what that
price is. Nasdaq will also indicate in such trader alert whether or not
there is an upside limit above which the Cross could not proceed, based
on the company's certification, as described above. If there is no
upside limit, Nasdaq will caution the market participants about the use
of market orders explaining that unlike a limit order a market order
can be executed at any price determined by the Cross.
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    \10\ Trader alert is an industry wide subscription based free
service provided by Nasdaq.
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Proposed Conforming Changes to Listing Rule IM-5315-2
    Listing Rule IM-5315-2 allows a company that has not previously had
its common equity securities registered under the Act to list its
common equity securities on the Nasdaq Global Select Market at the time
of effectiveness of a registration statement pursuant to which the
company itself will sell shares in the opening auction on the first day
of trading on the Exchange.
    Listing Rule IM-5315-2 provides that in determining whether a
company listing in connection with a Direct Listing with a Capital
Raise satisfies the Market Value of Unrestricted Publicly Held Shares
\11\ for initial listing on the Nasdaq Global Select Market, the
Exchange will deem such company to have met the applicable requirement
if the amount of the company's Unrestricted Publicly Held Shares before
the offering along with the market value of the shares to be sold by
the company in the Exchange's opening auction in the Direct Listing
with a Capital Raise is at least $110 million (or $100 million, if the
company has stockholders' equity of at least $110 million).
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    \11\ See Listing Rules 5005(a)(23) and 5005(a)(45).
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    Listing Rule IM-5315-2 further provides that, for this purpose, the
Market Value of Unrestricted Publicly Held Shares will be calculated
using a price per share equal to the lowest price of the price range
disclosed by the issuer in its effective registration statement.
    Because Nasdaq proposes to allow the opening auction to price up to
20% below the lowest price of the price range established by the issuer
in its effective registration statement, Nasdaq proposes to make a
conforming change to Listing Rule IM-5315-2 to provide that the price
used to determine such company's compliance with the Market Value of
Unrestricted Publicly Held Shares is the price per share equal to the
price that is 20% below the lowest price of the price range disclosed
by the issuer in its effective registration statement as this is the
minimum price at which the company could qualify to be listed. Nasdaq
will determine that the company has met the applicable bid

price and market capitalization requirements based on the same per
share price.
    Any company listing in connection with a Direct Listing with a
Capital Raise would continue to be subject to, and required to meet,
all other applicable initial listing requirements, including the
requirements to have the applicable number of shareholders and at least
1,250,000 Unrestricted Publicly Held Shares outstanding at the time of
initial listing, and the requirement to have a price per share of at
least $4.00 at the time of initial listing.\12\
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    \12\ See Listing Rules 5315(f)(1), (e)(1) and (2), respectively.
Rule 5315(f)(1) requires a security to have: (A) At least 550 total
holders and an average monthly trading volume over the prior 12
months of at least 1,100,000 shares per month; or (B) at least 2,200
total holders; or (C) a minimum of 450 round lot holders and at
least 50% of such round lot holders must each hold unrestricted
securities with a market value of at least $2,500.
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Proposed Conforming Changes to Rules 4753(a)(3)(A) and 4753(b)(2)
    Nasdaq proposes to amend Rules 4753(a)(3)(A) and 4753(b)(2) to
conform the requirements for disseminating information and establishing
the opening price through the Cross in a Direct Listing with a Capital
Raise to the proposed amendment to allow the opening auction to price
as much as 20% below the lowest price of the price range established by
the issuer in its effective registration statement.
    Specifically, Nasdaq proposes changes to Rules 4753(a)(3)(A) and
4753(b)(2) to make adjustments to the calculation of the Current
Reference Price, which is disseminated in the Nasdaq Order Imbalance
Indicator, in the case of a Direct Listing with a Capital Raise and for
how the price at which the Cross will execute. These rules currently
provide that where there are multiple prices that would satisfy the
conditions for determining a price, the fourth tie-breaker for a Direct
Listing with a Capital Raise is the price that is closest to the lowest
price of the price range disclosed by the issuer in its effective
registration statement.
    To conform these rules to the modification of the Pricing Range
Limitation change, as described above, Nasdaq proposes to modify the
fourth tie-breaker for a Direct Listing with a Capital Raise, to use
the price closest to the price that is 20% below the lowest price of
the price range disclosed by the issuer in its effective registration
statement.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\13\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\14\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest.
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    \13\ 15 U.S.C. 78f(b).
    \14\ 15 U.S.C. 78f(b)(5).
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    Nasdaq believes that the proposed amendment to modify the Pricing
Range Limitation is consistent with the protection of investors because
this approach is not substantively different from pricing of an IPO
where an issuer is permitted to price outside of the price range
disclosed by the issuer in its effective registration statement in
accordance with the SEC's Staff guidance, as described above.
Specifically, Nasdaq believes that a company listing in connection with
a Direct Listing with a Capital Raise can specify the quantity of
shares registered, as permitted by Securities Act Rule 457, and, when
an auction prices outside of the disclosed price range, use a Rule
424(b) prospectus, rather than a post-effective amendment, when either
(i) the 20% threshold noted in Rule 430A is not exceeded, regardless of
the materiality or non-materiality of resulting changes to the
registration statement disclosure that would be contained in the Rule
424(b) prospectus, or (ii) when there is a deviation above the price
range beyond the 20% threshold noted in Rule 430A if such deviation
would not materially change the previous disclosure, in each case
assuming the number of shares issued is not increased from the number
of shares disclosed in the prospectus. As a result, Nasdaq will allow
the Cross to take place as low as 20% below the lowest price of the
price range disclosed by the issuer in its effective registration
statement, but no lower, and so this is the minimum price at which the
company could be listed. In addition, to better inform investors and
market participants, Nasdaq will issue an industry wide trader alert to
inform the participants that the auction could price up to 20% below
the lowest price of the price range in the company's effective
registration statement and specify what that price is. Nasdaq will also
indicate in such trader alert whether or not there is an upside limit
above which the Cross could not proceed, based on the company's
certification, as described above. If there is no upside limit, Nasdaq
will caution the market participants about the use of market orders
explaining that unlike a limit order a market order can be executed at
any price determined by the Cross.
    Nasdaq believes that the Commission Staff has already concluded
that such pricing is appropriate for a company conducting an initial
public offering notwithstanding it being outside of the range stated in
an effective registration statement, and investors have become familiar
with this approach at least since the Commission Staff last revised
Compliance and Disclosure Interpretation 227.03 in January 2009.\15\
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    \15\ https://www.sec.gov/divisions/corpfin/guidance/securitiesactrules-interps.htm.
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    Nasdaq believes that the proposed amendments to Listing Rule IM-
5315-2 and Rules 4753(a)(3)(A) and 4753(b)(2) to conform these rules to
the modification of the Pricing Range Limitation is consistent with the
protection of investors. These amendments would simply substitute
Nasdaq's reliance on the price equal to the lowest price of the price
range disclosed by the issuer in its effective registration statement
to the price that is 20% below such lowest price. In the case of
Listing Rule IM-5315-2, a company listing in connection with a Direct
Listing with a Capital Raise would still need to meet all applicable
initial listing requirements based on the price that is 20% below the
lowest price of the price range disclosed by the issuer in its
effective registration statement. In the case of the Rules
4753(a)(3)(A) and 4753(b)(2) such price, which is the minimum price at
which the Cross will occur, will serve as the fourth tie-breaker where
there are multiple prices that would satisfy the conditions for
determining the auction price, as described above.
    Nasdaq also believes that the proposal, by eliminating an
impediment to companies using a Direct Listing with a Capital Raise,
will help removing potential impediments to free and open markets
consistent with Section 6(b)(5) of the Exchange Act while also
supporting capital formation.

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. The proposed amendments would
not impose any burden on competition, but would rather increase
competition. Nasdaq believes that allowing listing venues to improve
their rules enhances competition among exchanges. Nasdaq also believes
that this proposed change will give issuers interested in this

pathway to access the capital markets additional flexibility in
becoming a public company, and in that way promote competition among
service providers, such as underwriters and other advisors, to such
companies.

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

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2021-045 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-NASDAQ-2021-045. 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 such filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NASDAQ-2021-045, and should be submitted
on or before July 21, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-13916 Filed 6-29-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 51 (Monday, March 16, 2020)]
[Notices]
[Pages 14938-14939]
[FR Doc No: 2020-05253]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

[FRL-10006-35-OA]

Notification of Two Public Teleconferences of the Chartered
Science Advisory Board

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: The Environmental Protection Agency (EPA) Science Advisory
Board (SAB) Staff Office announces two public teleconferences of the
chartered SAB to review the scientific and technical basis of the
following proposed rules: (1) Oil and Natural Gas Sector: Emission
Standards for New, Reconstructed and Modified Sources Review and (2)
National Primary Drinking Water Regulations: Proposed Lead and Copper
Rule Revisions.

DATES: The public teleconferences of the chartered Science Advisory
Board will be held on Monday, March 30, 2020, from 1:00 p.m. to 5:00
p.m. (Eastern Time) and Monday, May 11, 2020, from 1:00 p.m. to 5:00
p.m. (Eastern Time).

ADDRESSES: The teleconferences will be conducted by telephone only.

FOR FURTHER INFORMATION CONTACT: Any member of the public who wants
further information concerning the public teleconferences may contact
Dr. Thomas Armitage, Designated Federal Officer (DFO), EPA Science
Advisory Board (1400R), U.S. Environmental Protection Agency, 1200
Pennsylvania Avenue NW, Washington, DC 20460; via telephone/voice mail
(202) 564-2155, or email at<EMAIL_ADDRESS>General
information concerning the SAB can be found on the EPA website at
http://www.epa.gov/sab.

SUPPLEMENTARY INFORMATION:
    Background: The SAB was established pursuant to the Environmental
Research, Development, and Demonstration Authorization Act (ERDDAA),
codified at 42 U.S.C. 4365, to provide independent scientific and
technical advice to the EPA Administrator on the scientific and
technical basis for agency positions and regulations. The SAB is a
Federal Advisory Committee chartered under the Federal Advisory
Committee Act (FACA), 5 U.S.C., App. 2. The SAB will comply with the
provisions of FACA and all appropriate SAB Staff Office procedural
policies. Pursuant to FACA and EPA policy, notice is hereby given that
the SAB will hold two public teleconferences to review the scientific
and technical basis of two proposed rules. Under the SAB's authorizing
statute, the SAB ``may make available to the Administrator, within the
time specified by the Administrator, its advice and comments on the
adequacy of the scientific and technical basis'' of proposed rules. The
SAB will hold a public teleconference on Monday, March 30, 2020, to
receive briefings from the EPA on the following two proposed rules and
discuss whether to review the scientific and technical basis of the
proposed rules: (1) Oil and Natural Gas Sector: Emissions Standards for
New, Reconstructed and Modified Sources Review and (2) National Primary
Drinking Water Regulations: Proposed Lead and Copper Rule Revisions (84
FR 61684). If the SAB decides to provide advice and comments to EPA on
the two proposed rules, SAB workgroups will be formed to develop draft
reports on the proposed rules and the SAB will hold a second
teleconference on May 11, 2020, to discuss the workgroup reports.
    Availability of Meeting Materials: Prior to the teleconferences,
the agenda and other meeting materials for each teleconference will be
placed on the SAB website at http://epa.gov/sab.
    Procedures for Providing Public Input: Public comment for
consideration by EPA's federal advisory committees and panels has a
different purpose from public comment provided to EPA program offices.
Therefore, the process for submitting comments to a federal advisory
committee is different from the process used to submit comments to an
EPA program office.
    Federal advisory committees and panels, including scientific
advisory committees, provide independent advice to the EPA. Members of
the public can submit relevant comments pertaining to the committee's
charge or meeting materials. Input from the public to the SAB will have
the most impact if it provides specific scientific or technical
information or analysis for the SAB to consider or if it relates to the
clarity or accuracy of the technical information. Members of the public
wishing to provide comment should contact the DFO directly.
    Oral Statements: In general, individuals or groups requesting an
oral presentation at a public teleconference will be limited to three
minutes. Persons interested in providing oral statements on March 30,
2020, should contact Dr. Thomas Armitage, DFO, in writing (preferably
via email) at the contact information noted above by March 23, 2020, to
be placed on the list of registered speakers. Persons interested in
providing oral statements on May 11, 2020, should contact Dr. Armitage
by

May 4, 2020, to be placed on the list of registered speakers.
    Written Statements: Written statements will be accepted throughout
the advisory process; however, for timely consideration by SAB members,
statements should be received in the SAB Staff Office by March 23,
2020, for consideration at the public teleconference on March 30, 2020.
Written statements should be received in the SAB Staff Office by May 4,
2020, for consideration at the public teleconference on May 11, 2020.
Written statements should be supplied to the DFO at the contact
information above via email (preferred) or in hard copy with original
signature. Submitters are requested to provide a signed and unsigned
version of each document because the SAB Staff Office does not publish
documents with signatures on its websites. Members of the public should
be aware that their personal contact information, if included in any
written comments, may be posted to the SAB website. Copyrighted
material will not be posted without explicit permission of the
copyright holder.
    Accessibility: For information on access or services for
individuals with disabilities, please contact Dr. Armitage at the phone
number or email address noted above, preferably at least ten days prior
to the meeting, to give the EPA as much time as possible to process
your request.

V. Khanna Johnston,
Deputy Director, EPA Science Advisory Board Staff Office.
[FR Doc. 2020-05253 Filed 3-13-20; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register: September 22, 2010 (Volume 75, Number 183)]
[Rules and Regulations]
[Page 57666-57669]
[DOCID:fr22se10-6]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2009-0715; Directorate Identifier 2008-NM-211-AD;
Amendment 39-16432; AD 2010-19-04]
RIN 2120-AA64

Airworthiness Directives; Empresa Brasileira de Aeronautica S.A.
(EMBRAER) Model EMB-120, -120ER, -120FC, -120QC, and -120RT Airplanes

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

ACTION: Final rule.

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SUMMARY: We are adopting a new airworthiness directive (AD) for the
products listed above. This AD results from mandatory continuing
airworthiness information (MCAI) originated by an aviation authority of
another country to identify and correct an unsafe condition on an
aviation product. The MCAI describes the unsafe condition as:

    It has been found the occurrence of corrosion on the Auxiliary
Power Unit (APU) mounting rods that could cause the APU rod to
break, affecting the APU support structure integrity.
* * * * *
APU support structure failure could result in loss of power of the APU
and possible loss of control of the airplane. We are issuing this AD to
require actions to correct the unsafe condition on these products.

DATES: This AD becomes effective October 27, 2010.
    The Director of the Federal Register approved the incorporation by
reference of a certain publication listed in this AD as of October 27,
2010.

ADDRESSES: You may examine the AD docket on the Internet at http://
www.regulations.gov or in person at the U.S. Department of
Transportation, Docket Operations, M-30, West Building Ground Floor,
Room W12-140, 1200 New Jersey Avenue, SE., Washington, DC.

FOR FURTHER INFORMATION CONTACT: Todd Thompson, Aerospace Engineer,
International Branch, ANM-116, Transport Airplane Directorate, FAA,
1601 Lind Avenue, SW., Renton, Washington 98057-3356; telephone (425)
227-1175; fax<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Discussion

    We issued a notice of proposed rulemaking (NPRM) to amend 14 CFR
part 39 to include an AD that would apply to the specified products.
That NPRM was published in the Federal Register on August 19, 2009 (74
FR 41805). That NPRM proposed to correct an unsafe condition for the
specified products. The MCAI states:

    It has been found the occurrence of corrosion on the Auxiliary
Power Unit (APU) mounting rods that could cause the APU rod to
break, affecting the APU support structure integrity.
* * * * *
APU support structure failure could result in loss of power of the APU
and possible loss of control of the airplane. The required action is
doing an external detailed inspection for corrosion of the APU
auxiliary and center mounting rods and rod ends, and corrective actions
if necessary. Corrective actions include removing corrosion, applying
anticorrosive treatment, and replacing mounting rods. You may obtain
further information by examining the MCAI in the AD docket.

Comments

    We gave the public the opportunity to participate in developing
this AD. We considered the comments received.

Request To Revise the Unsafe Condition Specified in Paragraph (e) of
the NPRM

    EMBRAER states that the undetectable fire condition described in
the NPRM is not verifiable since two events must happen for APU rod
breakage to occur.
    EMBRAER states that the first event is a fire, because the rod
breakage by itself is not enough to promote sparks or overheating of
any kind. EMBRAER also states that the rod breakage has not been shown
to cause leakage of APU oil in the gearbox or leakage of the fuel lines
in the compartment. EMBRAER states both ignition sources and flammable
fluids would be required to ignite a fire.
    EMBRAER states that for the second event to occur, a fire must
start due to the unforeseeable scenario described previously, at which
time damage to the fire detector, located in the vicinity of the
combustion chamber and accessory gearbox, could occur. EMBRAER states
that in-service experience demonstrates that the fire detector must be
punctured or extensively crushed for it to lose its capability to
detect a fire.
    From these statements we infer that EMBRAER requests that we revise
paragraph (e) of the NPRM to clarify the unsafe condition. We agree
with the scenarios EMBRAER has described previously in regards to an
undetected fire occurring in the tail cone of the airplane. Therefore,
we have changed the Summary section and paragraph (e) of this AD to
state, ``APU support structure failure could result in loss of power of
the APU and possible loss of control of the airplane.''

Request To Extend the Proposed Initial Compliance Time

    EMBRAER states that the European Aviation Safety Agency (EASA) and
the Ag[ecirc]ncia Nacional de Avia[ccedil][atilde]o Civil (ANAC) fleets
have accomplished their respective ADs. EMBRAER states that not one APU
rod was removed due to moderate or heavy corrosion, with the exception
of one event of corrosion reported at the rod terminal. EMBRAER also
states that there is no evidence that Empresa Brasileira de Aeronautica
S.A. (EMBRAER) Model EMB-120, -120ER, -120FC, -120QC, and -120RT
airplanes are prone to the corrosion event.
    EMBRAER states that with the considerations stated previously,
meaning lack of real fire in the compartment, and lack of evidence or
reports of corrosion spreading in the current Model EMB 120 fleet, the
initial compliance time of 500 flight hours or 2 months after the
effective date of the AD is too conservative. EMBRAER states that this
leads to extensive burden and labor costs on operators, and does not
lead to a real increased margin of safety levels related to this issue.
EMBRAER states that, according to Brazilian Airworthiness Directive
2008-08-01, dated October 21, 2008; and EMBRAER Service Bulletin 120-
49-0023, Revision 01, dated June 30, 2008; an adequate approach could
be taken within 1,500 flight hours or 6 months from the effective date
of the AD, whichever occurs first.
    We infer that EMBRAER requests that we extend the proposed
compliance time specified in the NPRM. We agree with the commenter's
request. Since the NPRM has been published, we have determined that the
compliance time can be extended as the inspection reports received
provided sufficient technical information to do so. We have revised the
initial compliance time in paragraph (f)(1) of this AD from 500 flight
hours or 2 months after the effective date of this AD to 1,500 flight
hours or 6 months (whichever occurs first) after the effective date of
this AD. The revised compliance time correlates with Brazilian
Airworthiness Directive 2008-08-01, dated October 21, 2008.

Request To Eliminate Repetitive Detailed Inspections

    EMBRAER states that the repetitive inspection interval currently
required by the maintenance review board (MRB) report for C-Checks
(4,000 flight cycles) states:

    Zonal Inspection Task 313-01Z Tail Cone Fairing (APU installed).
Inspection of the APU mounting structure for condition, security of
installation or chafing.

EMBRAER states that these findings demonstrate that the inspection
interval in the MRB report is adequate. EMBRAER also states that few
APU rods are reportedly replaced over time, apart from this proposed
AD, demonstrating the MRB task is effective for the repetitive
inspections. EMBRAER states that the repetitive detailed inspections in
the NPRM are more restrictive than the general visual inspection
specified in the MRB report.
    Ameriflight, LLC, states that the repetitive inspection interval of
``not to exceed 1,500 flight hours or 6 months, whichever occurs
first,'' is adding an additional inspection item outside the scope of
the EMBRAER EMB120 MRB. Ameriflight, LLC, states that due to the fact
that all of the corrosion control and corrosion prevention items
contained in the MRB report are calendar driven, it would seem relevant
to have the repetitive APU mounting rod corrosion inspection interval
come due at a calendar limit rather than on an hourly basis.
Ameriflight, LLC, also states that the MRB report contains a 12-month
inspection for the airplane, and that the repetitive inspection of the
APU mounting rods should be completed at a 12-month interval so it
could be completed during the normal inspection cycle contained in the
MRB report.
    From these statements, we infer that EMBRAER and Ameriflight, LLC,
believe that the repetitive detailed inspections specified in the NPRM
are more restrictive than the repetitive inspections in the MRB report,
and that Ameriflight, LLC, believes that the repetitive inspections
could be completed during the same inspection cycle specified in the
MRB report.
    We agree with EMBRAER and Ameriflight, LLC, that the repetitive
detailed inspection proposed in the NPRM is more conservative than the
inspection in the MRB report. Since the NPRM was published, we have
determined that the proposed repetitive inspections are no longer
necessary as the inspection reports received provided sufficient
technical information to remove the requirement. Therefore, the
repetitive inspections have been removed from this AD.

Request To Extend the Compliance Time for the Reporting Requirement

    EMBRAER states that the EASA and ANAC ADs were issued in advance of
this proposed NPRM. EMBRAER also states that the current status of U.S.
operators that have proactively started inspecting their fleets is 46
percent of the total fleet, meaning nearly 50 airplanes have already
been inspected. EMBRAER states that since the proposed compliance time
for the initial inspection specified in the NPRM is 500 flight hours,
with the current average of 100 flight hours per month fleet usage, it
would take more than 5 months to complete the first inspection. EMBRAER
states that, since the results remain unchanged with time, it is
recommended that the 30-day reporting requirement be extended to 120
days minimum, reducing the unnecessary labor burden and processing for
the operators.
    We disagree with extending the compliance time for submitting the
inspection results. We also disagree that the report is an undue burden
to the operator. A reporting requirement is instrumental in ensuring
that we can gather as much information as possible regarding the extent
and nature of the problem, especially when findings of corrosion are
involved and in cases where those data might not be available through
other established means. This information is necessary to ensure that

proper corrective action will be taken. We have not changed this AD
regarding this issue.

Removal of Reporting Requirement for Light Corrosion

    Since the NPRM was issued, we have received sufficient technical
information to remove the reporting requirement for light corrosion
only (characterized by discoloration or pitting). We have revised
paragraph (f)(3) of this AD to remove light corrosion from the
reporting requirement of this AD. In addition, EMBRAER has provided us
with an e-mail address for submission of reports. We have added that e-
mail address to paragraph (f)(3) of this AD.

Conclusion

    We reviewed the available data, including the comments received,
and determined that air safety and the public interest require adopting
the AD with the changes described previously. We determined that these
changes will not increase the economic burden on any operator or
increase the scope of the AD.

Differences Between This AD and the MCAI or Service Information

    We have reviewed the MCAI and related service information and, in
general, agree with their substance. But we might have found it
necessary to use different words from those in the MCAI to ensure the
AD is clear for U.S. operators and is enforceable. In making these
changes, we do not intend to differ substantively from the information
provided in the MCAI and related service information.
    We might also have required different actions in this AD from those
in the MCAI in order to follow our FAA policies. Any such differences
are highlighted in a NOTE within the AD.

Explanation of Changes to Costs of Compliance

    Since issuance of the NPRM, we have increased the labor rate used
in the Costs of Compliance from $80 per work-hour to $85 per work-hour.
The Costs of Compliance information, below, reflects this increase in
the specified hourly labor rate.

Costs of Compliance

    We estimate that this AD will affect 90 products of U.S. registry.
We also estimate that it will take about 8 work-hours per product to
comply with the basic requirements of this AD. The average labor rate
is $85 per work-hour. Based on these figures, we estimate the cost of
this AD to the U.S. operators to be $61,200, or $680 per product.

Authority for This Rulemaking

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

Regulatory Findings

    We determined that this AD will not have federalism implications
under Executive Order 13132. This AD will not have a substantial direct
effect on the States, on the relationship between the national
government and the States, or on the distribution of power and
responsibilities among the various levels of government.
    For the reasons discussed above, I certify this AD:
    1. Is not a ``significant regulatory action'' under Executive Order
12866;
    2. Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979); and
    3. Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.
    We prepared a regulatory evaluation of the estimated costs to
comply with this AD and placed it in the AD docket.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://
www.regulations.gov; or in person at the Docket Operations office
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. The AD docket contains the NPRM, the regulatory evaluation,
any comments received, and other information. The street address for
the Docket Operations office (telephone<PHONE_NUMBER>) is in the
ADDRESSES section. Comments will be available in the AD docket shortly
after receipt.

List of Subjects in 14 CFR Part 39

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

Adoption of the Amendment

0
Accordingly, under the authority delegated to me by the Administrator,
the FAA amends 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

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

2010-19-04 Empresa Brasileira de Aeronautica S.A. (EMBRAER):
Amendment 39-16432. Docket No. FAA-2009-0715; Directorate Identifier
2008-NM-211-AD.

Effective Date

    (a) This airworthiness directive (AD) becomes effective October
27, 2010.

Affected ADs

    (b) None.

Applicability

    (c) This AD applies to Empresa Brasileira de Aeronautica S.A.
(EMBRAER) Model EMB-120, -120ER, -120FC, -120QC, and -120RT
airplanes, certified in any category; as identified in EMBRAER
Service Bulletin 120-49-0023, Revision 01, dated June 30, 2008.

Subject

    (d) Air Transport Association (ATA) of America Code 49: Airborne
Auxiliary Power.

Reason

    (e) The mandatory continuing airworthiness information (MCAI)
states:

    It has been found the occurrence of corrosion on the Auxiliary
Power Unit (APU) mounting rods that could cause the APU rod to
break, affecting the APU support structure integrity.

APU support structure failure could result in loss of power of the
APU and possible loss of control of the airplane. The required
action is doing an external detailed inspection for corrosion of the
APU auxiliary and center mounting rods and rod ends, and corrective
actions if necessary. Corrective actions include removing corrosion,
applying anticorrosive treatment, and replacing mounting rods.

Actions and Compliance

    (f) Unless already done do the following actions:
    (1) Within 1,500 flight hours or 6 months after the effective
date of this AD, whichever occurs first, do an external detailed
inspection for corrosion of the APU, auxiliary

and center mounting rods, and rod ends. If any corrosion is found
during any inspection, before further flight, do the actions
required by paragraphs (f)(1)(i), (f)(1)(ii), and (f)(1)(iii) of
this AD, as applicable. Do all actions required by this paragraph in
accordance with the Accomplishment Instructions of EMBRAER Service
Bulletin 120-49-0023, Revision 01, dated June 30, 2008.
    (i) If light corrosion (characterized by discoloration or
pitting) is found on a mounting rod, remove the corrosion and apply
an anticorrosive treatment.
    (ii) If moderate corrosion (characterized by surface blistering
or evidence of scaling and flaking), or heavy corrosion
(characterized by severe blistering exfoliation, scaling and
flaking) is found, replace the affected mounting rod with a new
mounting rod having the same part number.
    (iii) If any corrosion is detected on the rod ends, remove the
corrosion and apply an anticorrosive treatment.
    (2) Accomplishing of the inspection and corrective actions
required by paragraph (f)(1) of this AD before the effective date of
this AD in accordance with EMBRAER Service Bulletin 120-49-0023,
dated April 18, 2008, is acceptable for compliance with the
corresponding requirements of paragraph (f)(1) of this AD.
    (3) For mounting rods with moderate or heavy corrosion, submit a
report of the positive findings (including level of corrosion such
as moderate or heavy; guidance on corrosion can be found in Chapter
51-11-01 of the EMBRAER Corrosion Prevention Manual) of the
inspection required by paragraph (f)(1) of this AD to Mr. Antonio
Claret--Customer Support Group, Embraer Aircraft Holding, Inc, 276
S.W 34th Street Fort Lauderdale, FL 33315--USA; telephone (954) 359-
3826; e-mail<EMAIL_ADDRESS>at the applicable time
specified in paragraph (f)(3)(i) or (f)(3)(ii) of this AD. The
report must include the inspection results, a description of any
discrepancies found, the airplane serial number, and the number of
landings and flight hours on the airplane.
    (i) If the inspection was done on or after the effective date of
this AD: Submit the report within 30 days after the inspection.
    (ii) If the inspection was accomplished prior to the effective
date of this AD: Submit the report within 30 days after the
effective date of this AD.

FAA AD Differences

    Note 1: This AD differs from the MCAI and/or service information
as follows:
    (1) Although Brazilian Airworthiness Directive 2008-08-01, dated
October 21, 2008, does not include a reporting requirement, the
service bulletin identified in paragraph (f)(1) of this AD does
specify reporting findings to EMBRAER. This AD requires that
operators report the results of the inspections to EMBRAER because
the required inspection report will help determine the extent of the
corrosion in the affected fleet, from which we will determine if
further corrective action is warranted. This difference has been
coordinated with ANAC.
    (2) Brazilian Airworthiness Directive 2008-08-01, dated October
21, 2008, allows replacement of the affected APU mounting rods by
``new ones bearing a new P/N [part number] approved by ANAC
[Ag[ecirc]ncia Nacional de Avia[ccedil][atilde]o Civil].'' However,
paragraph (f)(1)(ii) of this AD requires replacing the affected
mounting rod only with a new mounting rod having the same part
number. Operators may request approval of an alternative method of
compliance to install a new part number in accordance with the
procedures specified in paragraph (g)(1) of this AD. This difference
has been coordinated with ANAC.

Other FAA AD Provisions

    (g) The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
International Branch, ANM-116, Transport Airplane Directorate, FAA,
has the authority to approve AMOCs for this AD, if requested using
the procedures found in 14 CFR 39.19. Send information to ATTN: Todd
Thompson, Aerospace Engineer, International Branch, ANM-116,
Transport Airplane Directorate, FAA, 1601 Lind Avenue, SW., Renton,
Washington 98057-3356; telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>.
Before using any approved AMOC on any airplane to which the AMOC
applies, notify your principal maintenance inspector (PMI) or
principal avionics inspector (PAI), as appropriate, or lacking a
principal inspector, your local Flight Standards District Office.
The AMOC approval letter must specifically reference this AD.
    (2) Airworthy Product: For any requirement in this AD to obtain
corrective actions from a manufacturer or other source, use these
actions if they are FAA-approved. Corrective actions are considered
FAA-approved if they are approved by the State of Design Authority
(or their delegated agent). You are required to assure the product
is airworthy before it is returned to service.
    (3) Reporting Requirements: For any reporting requirement in
this AD, under the provisions of the Paperwork Reduction Act (44
U.S.C. 3501 et seq.), the Office of Management and Budget (OMB) has
approved the information collection requirements and has assigned
OMB Control Number 2120-0056.
    (4) Special Flight Permits: Special flight permits may be issued
in accordance with sections 21.197 and 21.199 of the Federal
Aviation Regulations (14 CFR 21.197 and 21.199) to operate the
airplane to a location where the airplane can be modified (if the
operator elects to do so), except if two or more center mounting
rods or rod ends are heavily corroded or broken, a special flight
permit is not permitted.

Related Information

    (h) Refer to MCAI Brazilian Airworthiness Directive 2008-08-01,
dated October 21, 2008; and EMBRAER Service Bulletin 120-49-0023,
Revision 01, dated June 30, 2008; for related information.

Material Incorporated by Reference

    (i) You must use EMBRAER Service Bulletin 120-49-0023, Revision
01, dated June 30, 2008, to do the actions required by this AD,
unless the AD specifies otherwise.
    (1) The Director of the Federal Register approved the
incorporation by reference of this service information under 5
U.S.C. 552(a) and 1 CFR part 51.
    (2) For service information identified in this AD, contact
Empresa Brasileira de Aeronautica S.A. (EMBRAER), Technical
Publications Section (PC 060), Av. Brigadeiro Faria Lima, 2170-
Putim-12227-901 S[atilde]o Jose dos Campos-SP-BRASIL; telephone +55
12 3927-5852 or +55 12 3309-0732; fax +55 12 3927-7546; e-mail
<EMAIL_ADDRESS>Internet http://www.flyembraer.com.
    (3) You may review copies of the service information at the FAA,
Transport Airplane Directorate, 1601 Lind Avenue, SW., Renton,
Washington. For information on the availability of this material at
the FAA, call<PHONE_NUMBER>.
    (4) You may also review copies of the service information that
is incorporated by reference at the National Archives and Records
Administration (NARA). For information on the availability of this
material at NARA, call<PHONE_NUMBER>, or go to: http://
www.archives.gov/federal_register/code_of_federal_regulations/
ibr_locations.html.

    Issued in Renton, Washington, on August 30, 2010.
Ali Bahrami,
Manager, Transport Airplane Directorate, Aircraft Certification
Service.
[FR Doc. 2010-22849 Filed 9-21-10; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 81, Number 133 (Tuesday, July 12, 2016)]
[Notices]
[Pages 45172-45173]
[FR Doc No: 2016-16436]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID: FEMA-2016-0016; OMB No. 1660-0134]

Agency Information Collection Activities: Proposed Collection;
Comment Request; America's PrepareAthon! National Day of Action Event
Registration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: The Federal Emergency Management Agency, as part of its
continuing effort to reduce paperwork and respondent burden, invites
the general public and other Federal agencies to take this opportunity
to comment on a revision of a currently approved information
collection. In accordance with the Paperwork Reduction Act of 1995,
this notice seeks comments concerning the registration for events in
support of America's PrepareAthon! National Day of Action. This is part
of a FEMA effort to coordinate a comprehensive campaign to build and
sustain national preparedness, including public outreach and community-
based and private-sector programs to enhance national resilience.

DATES: Comments must be submitted on or before September 12, 2016.

ADDRESSES: To avoid duplicate submissions to the docket, please use
only one of the following means to submit comments:
    (1) Online. Submit comments at www.regulations.gov under Docket ID
FEMA-2016-0016. Follow the instructions for submitting comments.
    (2) Mail. Submit written comments to Docket Manager, Office of
Chief Counsel, DHS/FEMA, 500 C Street SW., 8NE, Washington, DC 20472-
3100.
    All submissions received must include the agency name and Docket
ID. Regardless of the method used for submitting comments or material,
all submissions will be posted, without change, to the Federal
eRulemaking Portal at http://www.regulations.gov, and will include any
personal information you provide. Therefore, submitting this
information makes it public. You may wish to read the Privacy Act
notice that is available via the link in the footer of
www.regulations.gov.

FOR FURTHER INFORMATION CONTACT: Samuel Hultzman, IT Program Manager,
DHS/FEMA, Individual and Community Preparedness,<PHONE_NUMBER>. You
may contact the Records Management Division for copies of the proposed
collection of information at email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: As part of 6 U.S.C. 742 and Presidential
Policy Directive 8 (PPD-8): National Preparedness, the President tasked
the Secretary of Homeland Security to:

coordinate a comprehensive campaign to build and sustain national
preparedness, including public outreach and community-based and
private-sector programs to enhance national resilience.

    The Federal Emergency Management Agency (FEMA) intends to conduct
one (or more) National Day of Action, coordinated nationally by FEMA.
Schools, businesses, faith-based organizations, governments at all
levels, other community organizations, and families will participate in
this National Day of Action by voluntarily taking part in a
simultaneous multi-hazard drill and public education effort. These
entities taking part in the National Day of Action register their
planned events through this information collection effort. This
collection was previously titled, Community Drill Day Registration and
was OMB Control Number: 1660-NW79. It is now OMB Control Number 1660-
0134.

Collection of Information

    Title: America's PrepareAthon! National Day of Action Event
Registration.
    Type of Information Collection: Revision of a currently approved
information collection.
    OMB Number: 1660-0134.

    FEMA Forms: FEMA Form 008-0-8, America's PrepareAthon! National Day
of Action Registration.
    Abstract: As part of 6 U.S.C. 742 and Presidential Policy Directive
8 (PPD-8): National Preparedness, the President tasked the Secretary of
Homeland Security to:

coordinate a comprehensive campaign to build and sustain national
preparedness, including public outreach and community-based and
private-sector programs to enhance national resilience.

These entities taking part in the National Day of Action register their
planned events through this information collection effort.
    Affected Public: Individuals or households; Farms; Business or
other for-profit; Federal Government; Not-for-profit institutions;
State, local or Tribal Government.
    Number of Respondents: 50,000.
    Number of Responses: 50,000.
    Estimated Total Annual Burden Hours: 15,000 hours.
    Estimated Cost: The estimated annual cost to respondents for the
hour burden is $487,830. There are no annual costs to respondents'
operations and maintenance costs for technical services. There are no
annual start-up or capital costs. The cost to the Federal Government is
$332,361.86.

Comments

    Comments may be submitted as indicated in the ADDRESSES caption
above. Comments are solicited to (a) evaluate whether the proposed data
collection is necessary for the proper performance of the agency,
including whether the information shall have practical utility; (b)
evaluate the accuracy of the agency's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used; (c) enhance the quality, utility, and
clarity of the information to be collected; and (d) minimize the burden
of the collection of information on those who are to respond, including
through the use of appropriate automated, electronic, mechanical, or
other technological collection techniques or other forms of information
technology, e.g., permitting electronic submission of responses.

    Dated: July 6, 2016.
Richard W. Mattison,
Records Management Program Chief, Mission Support, Federal Emergency
Management Agency, Department of Homeland Security.
[FR Doc. 2016-16436 Filed 7-11-16; 8:45 am]
 BILLING CODE 9111-27-P


[Federal Register: September 1, 2006 (Volume 71, Number 170)]
[Notices]
[Page 52183-52185]
[DOCID:fr01se06-92]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 54374; File No. SR-BSE-2005-09]

Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Notice of Filing of Proposed Rule Change and Amendment Nos. 1 and 2
Thereto Relating to Its Minor Rule Violation Plan

 August 28, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on February 7, 2005, the Boston Stock Exchange, Inc. (``BSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which items have been prepared by the Exchange. The
Exchange filed Amendment No. 1 to the proposed rule change on July 7,
2006, and Amendment No. 2 on August 18, 2006.\3\ The Commission is
publishing this notice to solicit comments on the proposed rule change,
as amended, from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 replaced and superseded the original filing,
and Amendment No. 2 superseded and replaced Amendment No. 1.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange seeks to amend and make additions to its minor rule
violation plan (``MRVP''). The text of the proposed rule change is
available on the Exchange's Web site (http://www.bostonstock.com/legal/index.html
), at the Exchange's principal office, 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 proposal, 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

    The proposal modifies BSE Rule Chapter XXX (``Disciplining of
Members--Denial of Membership'') and BSE Rule Chapter XXXIV (``Minor
Rule Violations'') in several areas. Most notably, the Exchange
proposes adding to BSE Rule Chapter XXX new language setting forth
``Principal Considerations in Determining Sanctions.'' In addition, the
Exchange proposes moving its Acceptance Waiver and Consent Procedures
(``AWC'') from BSE Rule Chapter XXXIV to BSE Rule Chapter XXX. The
Exchange also proposes adding to BSE Rule Chapter XXX a ``late charge''
where a member fails to pay a fine on a timely basis. Also, BSE
proposes clarifying language and restructuring of the fine levels of
several existing rule violations listed in the MRVP, as well as the
addition of a new paragraph addressing violations of the Exchange's
rules governing the Intermarket Trading System (``ITS''). Each of these
changes is discussed below.
    The Exchange proposes three changes to BSE Rule Chapter XXX. First,
the Exchange proposes new language setting forth ``Principal
Considerations in Determining Sanctions'' by providing a list of
factors to be considered when determining whether sanctions should be
imposed. The purpose is to provide factors that should be considered in
conjunction with the imposition of sanctions. The Exchange recognizes,
as other exchanges have, that mitigating factors may exist in certain
instances, and those circumstances should be considered when
determining whether sanctions should be imposed. Second, the Exchange
proposes moving the AWC currently provided in the MRVP to the
Exchange's formal disciplinary procedures (BSE Rule Chapter XXX).\4\
When the AWC was initially proposed, the intent and application was for
the AWC to apply to all disciplinary matters, not just minor rule
violations. Therefore, the current placement has caused some confusion.
In addition, the Exchange proposes to change the references to the
``Chief Regulatory Officer'' found in the original AWC to the ``General
Counsel or his/her delegatee.'' \5\ Third, the Exchange proposes to
provide a late charge where a member fails to pay a fine or fee on a
timely basis.\6\
    Furthermore, the Exchange proposes a number of changes to its MRVP.
In Section 2(c) of BSE Rule Chapter XXXIV (Failure to Display Limit
Orders), Section 2(f) (Floor Order Facilitation), Section 2(n) (Failure
to Designate an Order (PPS)), and Section 2(o) (Dealings Outside of
Exchange Operating Hours), the Exchange proposes to restructure the
fine levels resulting from violations. The Exchange proposes to
increase some of the fine amounts and provide for their application
through a defined number of violations. Also, because existing Section
1 of BSE Rule Chapter XXXIV provides for formal disciplinary action at
the discretion of the Exchange at any level of offense, the Exchange is
not precluded from proceeding with more stringent action at any point,
regardless of the listed fine levels. The Exchange represents that it
is structuring its fines to address repeat offenses, so that fine
levels increase as the number of offenses increase.
---------------------------------------------------------------------------

    \4\ See proposed BSE Rule Chapter XXX, Section 10.
    \5\ The Exchange has recently undergone a restructuring. The
General Counsel is now a member of the BSE Regulatory Department.
    \6\ See proposed BSE Rule Chapter XXX, Section 11.
---------------------------------------------------------------------------

    In Section 2(j) of BSE Rule Chapter XXXIV, the Exchange proposes
adjusting the fine levels for short sale violations to increase as the
number of violations increase and providing that offenses in excess of
ten, over a 12-month rolling period, would result in formal
disciplinary action. In so doing, the Exchange believes that the
proposed change provides progressively significant punitive measures
for short sale rule violations.
    The Exchange also proposes the addition of a new MRVP provision
establishing sanctions for violations of the Exchange's rules governing
ITS. In the past, the Exchange has levied fines on its member
specialists under Section 2(f) of BSE Rule Chapter XXXIV for the
failure to execute valid ITS commitments. Now, in proposed Section 2(p)
of BSE Rule Chapter XXXIV, the Exchange seeks to identify the failure
to execute valid ITS commitments as its own specific offense, rather
than continuing to enforce compliance through a broader ``catch-all''
provision of its MRVP. The Exchange believes that this new provision
would impose liability for each violation, with progressively
significant penalties as the number of violations increases.
2. Statutory Basis
    The Exchange believes that the proposed rule change, as amended, is
consistent with Section 6(b)(5) of the Act \7\ in that it is designed
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating
securities transactions, to remove impediments to perfect the mechanism
of a free and open market and a national market system and, in general,
to protect investors and the public interest.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

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

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

    No written comments were either solicited or received.

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

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve such proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-BSE-2005-09 on the subject line.

Paper Comments

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

All submissions should refer to File No. SR-BSE-2005-09. 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 changes between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room. Copies of such
filing will also be available for inspection and copying at the
principal office of the BSE. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File No. SR-BSE-2005-09 and should be submitted on or before September
22, 2006.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E6-14530 Filed 8-31-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 88, Number 177 (Thursday, September 14, 2023)]
[Notices]
[Page 63102]
[FR Doc No: 2023-19884]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas and Oil Pipeline Rate and Refund Report filings:

Filings in Existing Proceedings

    Docket Numbers: RP23-917-002.
    Applicants: Viking Gas Transmission Company.
    Description: Compliance filing: Compliance Filing--Native File
Format to be effective N/A.
    Filed Date: 9/8/23.
    Accession Number: 20230908-5083.
    Comment Date: 5 p.m. ET 9/20/23.

    Any person desiring to protest in any the above proceedings must
file in accordance with Rule 211 of the Commission's Regulations (18
CFR 385.211) on or before 5:00 p.m. Eastern time on the specified
comment date. The filings are accessible in the Commission's eLibrary
system (https://elibrary.ferc.gov/idmws/search/fercgensearch.asp) by
querying the docket number. eFiling is encouraged. More detailed
information relating to filing requirements, interventions, protests,
service, and qualifying facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information,
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.
    The Commission's Office of Public Participation (OPP) supports
meaningful public engagement and participation in Commission
proceedings. OPP can help members of the public, including landowners,
environmental justice communities, Tribal members and others, access
publicly available information and navigate Commission processes. For
public inquiries and assistance with making filings such as
interventions, comments, or requests for rehearing, the public is
encouraged to contact OPP at<PHONE_NUMBER> or [email protected].

Kimberly D. Bose,
Secretary.
[FR Doc. 2023-19884 Filed 9-13-23; 8:45 am]
BILLING CODE 6717-01-P


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