[Federal Register: September 27, 2006 (Volume 71, Number 187)]
[Notices]
[Page 56573-56577]
[DOCID:fr27se06-147]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54479; File No. SR-NASD-2006-108]

Self-Regulatory Organizations: National Association of Securities
Dealers, Inc.; Notice of Filing of a Proposed Rule Change Relating to a
New NASD Trade Reporting Facility Established in Conjunction With the
National Stock Exchange

 September 21, 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 September 14, 2006, the National Association of Securities Dealers,
Inc. (``NASD'') 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 NASD. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    NASD is proposing to adopt rules relating to a new Trade Reporting
Facility (the ``NASD/NSX TRF'') to be established by NASD, in
conjunction with the National Stock Exchange (``NSX''), that would
provide members another mechanism for reporting trades in Nasdaq-listed
equity securities effected otherwise than on an exchange. The proposed
NASD/NSX TRF structure and rules are substantially similar to the Trade
Reporting Facility (``TRF'') established by NASD and Nasdaq Stock
Market, Inc. (the ``NASD/Nasdaq TRF'') and rules relating thereto,
which were approved by the Commission pursuant to proposed rule change
SR-NASD-2005-087.\3\ Pursuant to the proposed rule change, NASD is also
proposing: (1) Amendments to certain NASD rules to reflect the
operation of more than one Trade Reporting Facility established by
NASD; and (2) new NASD Rule 5140 relating to the use of multiple Market
Participant Symbols by members reporting trades to a Trade Reporting
Facility established by NASD.
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    \3\ See Securities Exchange Act Release No. 54084 (June 30,
2006), 71 FR 38935 (July 10, 2006) (SR-NASD-2005-087) (``Approval
Order''). SR-NASD-2005-087 became effective upon the date on which
The NASDAQ Stock Market LLC (the ``Nasdaq Exchange'') commenced
operation as a national securities exchange for Nasdaq-listed
securities, which was August 1, 2006.
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    The text of the proposed rule change is available on NASD's Web
site at (http://www.nasd.com), at the principal office of the NASD, at

the Commission's Public Reference Room, and the Commission's Web site
at (http://www.sec.gov).

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

    In its filing with the Commission, NASD included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. NASD has prepared summaries, set forth in sections A, B,
and C below, of the most significant aspects of such statements.

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

1. Purpose
    On June 30, 2006, the Commission approved SR-NASD-2005-087.\4\
Among other things, the Approval Order proposed: (1) Amendments to the
NASD Delegation Plan, NASD By-Laws and NASD rules to reflect a proposed
phased implementation strategy for the operation of the Nasdaq Exchange
as a national securities exchange with respect to Nasdaq-listed
securities during a transitional period; and (2) rules for reporting
trades effected otherwise than on an exchange to the NASD/Nasdaq TRF.
Pursuant to SR-NASD-2005-087, NASD proposed the NASD Rule 4000 Series
(The Trade Reporting Facility) and the NASD Rule 6100 Series (Clearing
and Comparison Rules), which generally apply to trade reporting and
clearing and comparison services via the NASD/Nasdaq TRF.
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    \4\ Id.
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NASD/NSX Trade Reporting Facility

    The NASD proposes to establish a new NASD/NSX TRF on substantially
the same terms as the NASD/Nasdaq TRF.\5\ The NASD/NSX TRF will provide
members another mechanism, which has been developed by NSX, for
reporting transactions in Nasdaq-listed equity securities executed
otherwise than on an exchange.\6\ Members will match and/or execute
orders internally or through proprietary systems and submit these
trades to the NASD/NSX TRF with the appropriate information and
modifiers. The NASD/NSX TRF will report the trades to the appropriate
exclusive securities information processor (``SIP'').\7\ As with trades
reported to the NASD/Nasdaq TRF, NASD/NSX TRF transactions disseminated
to the media will include a modifier indicating the source of such
transactions that would distinguish them from transactions executed on
or through the NSX. In addition, the NASD/NSX TRF will provide NASD
with a real-time copy of each trade report for regulatory review
purposes. At the option of the participant, the NASD/NSX TRF may also
provide the necessary clearing information regarding transactions to
the National Securities Clearing Corporation (``NSCC'').
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    \5\ In response to comments submitted to the Commission in
connection with the Approval Order, NASD indicated that it was
prepared to implement a TRF with any exchange based on whatever
technology the exchange has available to it. See Letter to Honorable
Christopher Cox, Chairman, Commission, dated May 2, 2006 from Robert
Glauber, Chairman and Chief Executive Officer, NASD.
    As the Commission noted in its Approval Order, the Act does not
prohibit NASD from establishing different facilities for purposes of
fulfilling its regulatory obligations. See Approval Order.
    \6\ NASD will submit a second proposed rule change relating to
reporting to the NASD/NSX TRF of transactions in all exchange-listed
securities executed otherwise than on an exchange.
    \7\ The NASD/NSX TRF will have controls in place to ensure that
transactions that are reported to the NASD/NSX TRF, but are priced
significantly away from the current market, will not be submitted to
the SIP. This is consistent with current practice, which is designed
to preserve the integrity of the tape; today, such trades are not
submitted to the SIP by the ADF or the NASD/Nasdaq TRF.
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    Like the NASD/Nasdaq TRF, the NASD/NSX TRF will be a facility of
NASD, subject to regulation by NASD and NASD's registration as a
national securities association. It will not be a service ``for the
purpose of effecting or reporting a transaction'' on the NSX; rather,
it will be a service for the purpose of reporting over-the-counter
transactions in Nasdaq-listed equity securities to NASD.\8\ Thus,
members that meet all applicable requirements will now have the option
of reporting transactions in Nasdaq-listed equity securities executed
otherwise than on an exchange to the NASD/NSX TRF,

NASD's Alternative Display Facility (``ADF'') or the NASD/Nasdaq
TRF.\9\
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    \8\ See Approval Order.
    \9\ NASD will have an integrated audit trail of NASD/Nasdaq TRF,
NASD/NSX TRF and ADF transactions and will have integrated
surveillance capabilities. NASD expects that comprehensive audit
trail and surveillance integration on an automated basis will be
completed by the end of the fourth quarter of 2006. Prior to that
time, NASD staff will be able to create an integrated audit trail on
a manual basis as needed for regulatory purposes.
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    NSX has developed the system that participants will use to access
the NASD/NSX TRF. Technical Specifications to connect to the NASD/NSX
TRF system are available upon request to NASD and will be accessible
through the NASD's Web site at a later date.

NASD/NSX TRF Limited Liability Company Agreement

    NASD and NSX propose to enter into a Limited Liability Company
Agreement of NASD/NSX Trade Reporting Facility LLC (``the NASD/NSX LLC
Agreement''). The terms of the NASD/NSX LLC Agreement are substantially
similar to the terms of the LLC agreement that NASD entered with Nasdaq
Stock Market Inc. (``Nasdaq'').
    NASD will have sole regulatory responsibility for the NASD/NSX TRF,
while NSX agrees to pay the cost of regulation and will provide systems
to enable members to report trades to the NASD/NSX TRF. NSX will be
entitled to the profits and losses, if any, derived from the operation
of the NASD/NSX TRF.
    NASD, the SRO Member under the NASD/NSX LLC Agreement, will perform
SRO Responsibilities including, but not limited to:
    (1) Adoption, amendment and interpretation of policies arising out
of and regarding any aspect of the operation of the facility considered
material by the SRO Member, or regarding the meaning, administration,
or enforcement of an existing rule of the SRO Member, including any
generally applicable exemption from such a rule;
    (2) Approval of rule filings of the SRO Member prior to filing with
the Commission;
    (3) Regulation of the NASD/NSX TRF's activities of or relating to
SRO Responsibilities, including the right to review and approve, in the
SRO Member's sole reasonable discretion, the regulatory budget for the
NASD/NSX TRF;
    (4) Securities regulation and any other matter implicating SRO
Responsibilities; and
    (5) Real-time market surveillance.\10\
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    \10\ The SRO Member will perform real-time market surveillance
related to trades reported to the NASD/NSX TRF. However, because the
NASD/NSX TRF via the Business Member will submit transaction
information directly to the SIP, the NASD/NSX TRF via the Business
Member also will establish and implement controls to ensure that
transactions that are reported to the NASD/NSX TRF, but are priced
significantly away from the current market, will not be submitted to
the SIP. See supra note 7.
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    NSX, the ``Business Member'' under the NASD/NSX LLC Agreement, will
be primarily responsible for the management of the facility's business
affairs to the extent those activities are not inconsistent with the
regulatory and oversight functions of NASD. Under Section 9(d) of the
NASD/NSX LLC Agreement, each Member agrees to comply with the Federal
securities laws and the rules and regulations thereunder and to
cooperate with the Commission pursuant to its regulatory authority and
the provisions of the NASD/NSX LLC Agreement.
    The NASD/NSX TRF will be managed by or under the direction of a
Board of Directors to be established by the parties. NASD will have the
right to designate at least one Director, the SRO Member Director, who
may be a member of NASD's Board of Governors or an officer or employee
of NASD designated by the NASD Board of Governors. The SRO Member
Director will have veto power over all major actions of the NASD/NSX
LLC Board. Major Actions are defined in Section 10(e) of the NASD/NSX
LLC Agreement to include:
    (1) Approving pricing decisions that are subject to the SEC filing
process;
    (2) Approving contracts between the NASD/NSX TRF and the Business
Member, any of its affiliates, directors, officers or employees;
    (3) Approving Director compensation;
    (4) Selling, licensing, leasing or otherwise transferring material
assets used in the operation of the NASD/NSX TRF's business outside of
the ordinary course of business with an aggregate value in excess of $3
million;
    (5) Approving or undertaking a merger, consolidation or
reorganization of the NASD/NSX TRF with any other entity;
    (6) Entering into any partnership, joint venture or other similar
joint business undertaking;
    (7) Making any fundamental change in the market structure of the
NASD/NSX TRF from that contemplated by the Members as of the date of
the NASD/NSX LLC Agreement;
    (8) To the fullest extent permitted by law, taking any action to
effect the voluntary, or which would precipitate an involuntary,
dissolution or winding up of the Company, other than as contemplated by
Section 21 of the NASD/NSX LLC Agreement;
    (9) Conversion of the NASD/NSX TRF from a Delaware limited
liability company into any other type of entity;
    (10) Expansion of or modification to the business which results in
the NASD/NSX TRF engaging in material business unrelated to the
business of Non-System Trading; \11\
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    \11\ Pursuant to the NASD/NSX LLC Agreement, ``Non-System
Trading'' means trading otherwise than on an exchange of securities
for which the SEC has approved a transaction reporting plan pursuant
to Rule 601 of Regulation NMS under the Act.
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    (11) Changing the number of Directors on or composition of the
Board; and
    (12) Adopting or amending policies regarding access and credit
matters affecting the NASD/NSX TRF.
    In addition, each Director agrees to comply with the Federal
securities laws and the rules and regulations thereunder and to
cooperate with the Commission and the SRO Member pursuant to their
regulatory authority.
    The principal difference between the NASD/NSX LLC Agreement and the
LLC Agreement NASD entered with Nasdaq relates to termination. The
initial term of the agreement is three years. During that time, until
the NASD/NSX TRF reaches ``Substantial Trade Volume'' (defined as
250,000 trades or more per day for three consecutive months), NSX may
terminate the arrangement for convenience. After the NASD/NSX TRF
reaches Substantial Trade Volume, either Member may terminate NASD/NSX
Trade Reporting Facility LLC by providing to the other Member prior
written notice of at least one year (as in the case with Nasdaq).
Neither Member may deliver such notice before the second anniversary of
the effective date of the NASD/NSX LLC Agreement. In addition, at any
time, NASD may terminate in the event its status or reputation as a
preeminent SRO is called into jeopardy by the actions of NSX or the
NASD/NSX TRF. In the event of termination of the NASD/NSX TRF
arrangement, NASD will be able to fulfill all of its regulatory
obligations with respect to over-the-counter trade reporting through
its other facilities, including the NASD/Nasdaq TRF and ADF.

NASD/NSX Trade Reporting Facility Rules

    Members will report trades in Nasdaq-listed equity securities
effected otherwise than on an exchange to the NASD/NSX TRF pursuant to
NASD rules. As such, NASD is proposing rules relating to the use and
operation of the NASD/NSX TRF that are substantially similar to the
rules approved by the Commission relating to the NASD/

Nasdaq TRF.\12\ Specifically, NASD is proposing the new NASD Rule 4000C
and NASD Rule 6100C Series, which track the NASD Rule 4000 and NASD
Rule 6100 Series adopted pursuant to the Approval Order.
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    \12\ See Approval Order.
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    Similar to the NASD/Nasdaq TRF rules, to become a participant in
the NASD/NSX TRF, an NASD member must meet minimum requirements as
outlined in NASD Rule 6120C. These include execution of, and continuing
compliance with, a Participant Application Agreement; membership in, or
maintenance of an effective clearing arrangement with a participant of
a clearing agency registered pursuant to the Act; and the acceptance
and settlement of each trade that the NASD/NSX TRF identifies as having
been effected by the participant.
    Members that report trades to the NASD/NSX TRF must include the
details of the trade, as required by the proposed rules. Participants
must also include the unique order identifier assigned for purposes of
reporting to the Order Audit Trail System, thus enabling NASD to match
the order against the trade that was reported to the tape by the NASD/
NSX TRF.
    As with the NASD/Nasdaq TRF, participants may enter into ``give-
up'' arrangements whereby one member reports to the NASD/NSX TRF on
behalf of another member. Participants must complete and submit to the
NASD/NSX TRF the appropriate documentation reflecting the arrangement.
Proposed NASD Rule 4632C(g) provides that the member with the reporting
obligation remains responsible for the transaction submitted on its
behalf. Further, both the member with the reporting obligation and the
member submitting the trade to the NASD/NSX TRF are responsible for
ensuring that the information submitted is in compliance with all
applicable rules and regulations.\13\
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    \13\ As noted above, NASD/Nasdaq TRF participants may enter into
``give-up'' arrangements; however, the NASD/Nasdaq TRF rules
currently do not contain a provision similar to proposed NASD Rule
4632C(g). NASD has submitted a proposed rule change to amend the
NASD/Nasdaq TRF rules to include a provision that is identical to
proposed NASD Rule 4632C(g). See Securities Exchange Act Release No.
54451 (September 15, 2006) (SR-NASD-2006-104) (Notice).
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    In addition, participants will be able to submit ``riskless
principal'' transactions \14\ to the NASD/NSX TRF. Similar to the NASD/
Nasdaq TRF, the non-media portion of a riskless principal transaction
will not be reported to the tape, but will be submitted real-time to
NASD for regulatory purposes and, at the option of the user, to NSCC.
Proposed NASD Rule 4632C(d)(3)(B) \15\ would clarify that where the
media leg of the riskless principal transaction is reported to the
NASD/NSX TRF, the second, non-media leg must also be reported to the
NASD/NSX TRF. However, where the media leg of the riskless principal
transaction was previously reported by an exchange, the member would be
permitted, but not required, to report the second, non-media leg to the
NASD/NSX TRF. Members that choose to report such transactions to the
NASD/NSX TRF must include all data elements required under the rules.
Members should note, however, that transactions reported by an exchange
should not be reported to NASD/NSX TRF for media purposes, as that
would result in double reporting of the same transaction.\16\
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    \14\ A riskless principal transaction is a transaction in which
a member, after having received a customer order, executes an
offsetting transaction, as principal, with another customer or
broker-dealer to fill that customer order and both transactions are
executed at the same price.
    \15\ Proposed NASD Rule 4632C(d)(3)(B) mirrors recently proposed
amendments to NASD Rule 4632(d)(3)(B) of the NASD/Nasdaq TRF rules.
See Securities Exchange Act Release No. 54451 (September 15, 2006)
(SR-NASD-2006-104) (Notice).
    \16\ Proposed NASD Rule 4632C(e)(6) provides that transactions
reported on or through an exchange shall not be reported to the
NASD/NSX TRF for purposes of publication. This proposed rule mirrors
NASD Rule 4632(e)(6) of the NASD/Nasdaq TRF rules. See Securities
Exchange Act Release Nos. 54084 (June 30, 2006), 71 FR 38935 (July
10, 2006) (File No. SR-NASD-2005-087); 53977 (June 12, 2006), 71 FR
34976 (June 16, 2006) (File No. SR-NASD-2006-055); and 54318 (August
15, 2006), 71 FR 48959 (August 22, 2006) (File No. SR-NASD-2006-
098).
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    Finally, NASD will have the authority to halt trading otherwise
than on an exchange reported to the NASD/NSX TRF. The scope of NASD's
authority under proposed NASD Rule 4633C is identical to its authority
to halt trading reported to the NASD/Nasdaq TRF and the ADF.
    As described below, the proposed rules differ from the NASD/Nasdaq
TRF rules in certain respects. Currently, NASD Rules 4100 and
4200(a)(2) of the NASD/Nasdaq TRF rules define ``designated
securities'' as all Nasdaq National Market (now Nasdaq Global Market)
and Nasdaq Capital Market securities and convertible bonds listed on
Nasdaq.\17\ As defined in proposed NASD Rules 4100C and 4200C(a)(2),
``designated securities'' for purposes of reporting trades to the NASD/
NSX TRF means ``all equity securities listed on the Nasdaq Stock Market
LLC.'' The proposed definition is intended to capture the same universe
of Nasdaq-listed securities (except for convertible bonds) in current
NASD Rules 4100 and 4200(a)(2), without specifying the various Nasdaq
tiers.
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    \17\ On September 5, 2006, NASD filed a proposed rule change
that proposes, among other things, to amend the definition of
``designated securities'' in NASD Rules 4100 and 4200(a)(2) to apply
to all NMS stocks as defined in NASD Rule 600(b)(47) of Regulation
NMS under the Act. See Securities Exchange Act Release No. 54451
(September 15, 2006) (SR-NASD-2006-104) (Notice). NASD intends to
propose a similar amendment to the definition of ``designated
securities'' in proposed NASD Rules 4100C and 4200C(a)(2) in a
separate rule filing.
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    Second, pursuant to proposed NASD Rule 6120C, only members of NASD
may use the NASD/NSX TRF. Non-members will not be permitted to submit
trade reports to the NASD/NSX TRF. Under very limited circumstances,
certain Non-Member Clearing Organizations are granted access to and
participation in the NASD/Nasdaq TRF.
    Third, pursuant to proposed NASD Rule 6140C, all trades submitted
to the NASD/NSX TRF must be locked-in prior to entry into the System.
The NASD/NSX TRF will have no trade comparison functionality. Thus,
there are no proposed rules relating to trade matching, trade
acceptance or aggregate volume matching. Similarly, there will be no
``Browse'' function, meaning that participants will not be able to
review or query for trades in the NASD/NSX TRF identifying the
participant as a party to the transaction.
    Fourth, on the first day of operation, the NASD/NSX TRF will not be
able to support trade reporting for certain transactions. Specifically,
transactions executed outside of normal market hours cannot be reported
to the NASD/NSX TRF on an ``as/of'' or next day (T+1) basis, pursuant
to NASD Rule 4632C(a)(2). In addition, the NASD/NSX TRF will not
support the .W or .PRP modifiers and therefore proposed NASD Rule
4632C(a)(7) provides that Stop Stock Transactions (as such term is
defined in NASD Rule 4200C), transactions at prices based on average-
weighting or other special pricing formulae, and transactions that
reflect a price different from the current market when the execution
price is based on a prior reference point in time cannot be reported to
the NASD/NSX TRF. Thus, proposed NASD Rules 4632C(a)(2) and (7)
expressly require members to report such trades to NASD via an
alternative electronic mechanism.\18\
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    \18\ The NASD/NSX TRF is intended to ultimately have much of the
same functionality that will be provided by the NASD/Nasdaq TRF.
When and if such functionality is developed, NASD will file a
proposed rule change to amend the NASD/NSX TRF trade reporting rules
accordingly.
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    Similarly, proposed NASD Rule 4632C(a)(3) provides that
participants

must use an alternative electronic mechanism, and comply with all rules
applicable to such alternative mechanism, to report transactions to
NASD for which electronic submission to the NASD/NSX TRF is not
possible. Where last sale reports of transactions in designated
securities cannot be submitted to NASD via an alternative electronic
mechanism such as the ADF or another Trade Reporting Facility (for
example, where the ticker symbol for the security is no longer
available or a market participant identifier is no longer active),
members shall report such transactions as soon as practicable to the
NASD Market Regulation Department on Form T. Transactions that can be
reported to NASD electronically, whether on trade date or on a
subsequent date on an ``as of'' basis (T+N), shall not be reported on
Form T.
    Fifth, members will not be permitted to aggregate individual
executions of orders in a security at the same price into a single
transaction report submitted to the NASD/NSX TRF. Thus, the proposed
rule change does not contain a counterpart to NASD Rule 4632(f) or NASD
Rule 6100(e) permitting ``bunched'' trades to be reported to the NASD/
Nasdaq TRF.
    Finally, cancellation of any trade that has been submitted to the
NASD/NSX TRF must be reported in accordance with proposed NASD Rule
4632C(f). For trades that are cancelled after the day of execution of
the trade or trade cancellations that are not reported on the day of
execution of the trade, members must contact Trade Reporting Facility
Operations to report the trade cancellation.
    NASD notes that the proposed rule change does not include any
proposed rules relating to fees, assessments and credits specifically
related to the NASD/NSX TRF. Fees, assessments and credits, if any,
with respect to the NASD/NSX TRF will be the subject of a future rule
filing with the SEC.

Proposed Amendments to Certain Existing NASD Rules

    Although not explicitly detailed herein, it is important to note
that all other NASD rules that apply to over-the-counter trading
generally will apply to trades reported to the NASD/NSX TRF. However,
certain NASD rules must be amended in order to reflect the operation of
more than one Trade Reporting Facility.
    NASD Rule 5100 (Short Sale Rule), which restricts short selling on
a ``downbid,'' will apply to transactions reported to the NASD/NSX TRF.
The text of that rule currently provides that, with respect to trades
reported to NASD's Alternative Display Facility or the Trade Reporting
Facility, no member shall effect a short sale in a Nasdaq Global Market
Security otherwise than on an exchange at or below the current national
best (inside) bid when the current national best (inside) bid is below
the preceding national best (inside) bid. NASD is proposing a technical
amendment to NASD Rule 5100 to change the reference to ``the Trade
Reporting Facility'' to ``a Trade Reporting Facility'' to clarify that
the rule applies to trades reported to any Trade Reporting Facility
established by NASD. NASD is proposing an identical technical amendment
to NASD Interpretive Material (IM)-5100(b) to change the reference to
``the Trade Reporting Facility'' to ``a Trade Reporting Facility.''
NASD believes that the current language is too narrow and may suggest
that the rule applies only to trades reported to the NASD/Nasdaq TRF.
    In addition, NASD Rule 6120 currently provides that participation
in the System \19\ is mandatory for members that are participants of a
clearing agency registered with the Commission pursuant to Section 17A
of the Act, and for members that have a clearing arrangement with such
a participant, unless a member subscribes to TRACS. NASD is proposing
to amend this rule to provide that participation in the System is
mandatory for any member that has an obligation to report an over-the-
counter transaction to NASD, unless the member has an alternative
mechanism pursuant to NASD rules for reporting and clearing such
transaction. Thus, for example, participation in the System under NASD
Rule 6120 for purposes of reporting trades in Nasdaq-listed equity
securities would not be mandatory for a member that is a Participant in
the NASD/NSX TRF.
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    \19\ ``System'' is defined in NASD Rule 6110(m) to mean the
NASD/Nasdaq Trade Reporting Facility, the trade reporting service of
the ITS/CAES System, and the OTC Reporting Facility.
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Proposed New Rule Relating to Multiple Market Participant Symbols

    NASD is proposing a new rule in the NASD Rule 5000 Series (Trading
Otherwise Than On An Exchange) relating to the use of multiple Market
Participant Symbols (``MPIDs'') by members using a Trade Reporting
Facility established by NASD. Proposed NASD Rule 5140 (Multiple MPIDs
for Trade Reporting Facility Participants) would provide that any Trade
Reporting Facility Participant that wishes to use more than one MPID
for purposes of reporting trades to a Trade Reporting Facility must
submit a written request to, and obtain approval from, NASD Operations
for such additional MPID(s).
    In addition, NASD is proposing new NASD Interpretive Material (IM)-
5140 stating that NASD considers the issuance of, and trade reporting
with, multiple MPIDs to be a privilege and not a right. A Trade
Reporting Facility Participant must identify the purpose(s) for which
the multiple MPIDs will be used. If NASD determines that the use of
multiple MPIDs is detrimental to the marketplace, or that a Trade
Reporting Facility Participant is using one or more additional MPIDs
improperly or for other than the purpose(s) identified by the
Participant, NASD staff retains full discretion to limit or withdraw
its grant of the additional MPID(s) to such Trade Reporting Facility
Participant for purposes of reporting trades to a Trade Reporting
Facility. NASD believes that the proposed new rule and interpretive
material are necessary in order to consolidate the process of issuing
multiple MPIDs with NASD.\20\
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    \20\ Currently, members that use the NASD/Nasdaq TRF are able to
obtain and use multiple MPIDs upon request. NASD notes that NASD/
Nasdaq TRF Participants using existing multiple MPIDs will be
grandfathered and will not be required to submit a new form to NASD
Operations in order to continue using their MPIDs. However, any such
Participant wishing to obtain additional MPIDs after implementation
of proposed NASD Rule 5140 would need the approval of NASD
Operations. To the extent that a Participant is a member of multiple
SROs and intends to use the MPID(s) on multiple SRO systems, NASD
will work with the other SRO(s) to coordinate the MPID approval
process.
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    NASD will announce the effective date of the proposed rule change
no later than 30 days following Commission approval.
2. Statutory Basis
    NASD believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\21\ which requires, among
other things, that NASD rules be designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating, clearing, settling, processing
information with respect to and facilitating transactions in
securities, to remove impediments to and protect the mechanism of a
free and open market and a national market system and, in general, to
protect investors and the public interest. NASD believes that
establishment of the NASD/NSX TRF is in the public interest and
appropriate for the protection of investors and the maintenance of fair
and orderly markets because it will provide members another mechanism
to report

transactions in Nasdaq-listed equity securities effected otherwise than
on an exchange.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------

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

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

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

    Written comments were neither solicited nor received.

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

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

IV. Solicitation of Comments

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

Electronic Comments

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

File Number SR-NASD-2006-108 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASD-2006-108. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments, all

written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room. Copies of such
filing also will be available for inspection and copying at the
principal office of NASD.
    All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-NASD-2006-108
and should be submitted on or before October 18, 2006.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\22\
---------------------------------------------------------------------------

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

J. Lynn Taylor,
Assistant Secretary.
 [FR Doc. E6-15792 Filed 9-26-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 76, Number 72 (Thursday, April 14, 2011)]
[Notices]
[Page 20971]
[FR Doc No: 2011-9070]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. P-13346-001]

Free Flow Power Corporation; Notice of Intent To File License
Application, Filing of Pre-Application Document, and Approving Use of
the Traditional Licensing Process

    a. Type of Filing: Notice of Intent to File License Application and
Request to Use the Traditional Licensing Process.
    b. Project No. 13346-001.
    c. Dated Filed: February 18, 2011.
    d. Submitted By: Free Flow Power Corporation (Free Flow Power), on
behalf of its subsidiary Paynebridge, LLC.
    e. Name of Project: Williams Dam Water Power Project.
    f. Location: At the existing Williams dam owned by the Indiana
Department of Natural Resources on the East Fork of the White River in
Lawrence County, Indiana. No Federal lands are occupied by the project
works or located within the project boundary.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 808(b)(1) and 18
CFR 5.5 of the Commission's regulations.
    h. Potential Applicant Contact: Ramya Swaminathan, Chief Operating
Officer, Free Flow Power Corporation, 239 Causeway Street, Boston, MA
02114-2130; or at<PHONE_NUMBER>.
    i. FERC Contact: Aaron Liberty at<PHONE_NUMBER>; or e-mail at
<EMAIL_ADDRESS>    j. On February 18, 2011, Free Flow Power filed its request to use
the Traditional Licensing Process and provided public notice of its
request. On April 7, 2011, the Director, Division of Hydropower
Licensing, approved the request to use the Traditional Licensing
Process.
    k. With this notice, we are initiating informal consultation with:
(a) The U.S. Fish and Wildlife Service under section 7 of the
Endangered Species Act and the joint agency regulations thereunder at
50 CFR part 402 and (b) the Indiana State Historic Preservation
Officer, as required by section 106 of the National Historic
Preservation Act, and the implementing regulations of the Advisory
Council on Historic Preservation at 36 CFR 800.2.
    l. With this notice, we are designating Free Flow Power as the
Commission's non-Federal representative for carrying out informal
consultation pursuant to section 7 of the Endangered Species Act and
section 106 of the National Historic Preservation Act.
    m. Free Flow Power filed a Pre-Application Document (PAD),
including a proposed process plan and schedule with the Commission,
pursuant to 18 CFR 5.6 of the Commission's regulations.
    n. A copy of the PAD is available for review at the Commission in
the Public Reference Room or may be viewed on the Commission's Web site
(http://www.ferc.gov), using the ``eLibrary'' link. Enter the docket
number, excluding the last three digits in the docket number field to
access the document. For assistance, contact FERC Online Support at
<EMAIL_ADDRESS>or toll free at 1-866-208-3676, or for TTY,
(202) 502-8659. A copy is also available for inspection and
reproduction at the address in paragraph h.
    o. Register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via e-mail of new filing and issuances
related to this or other pending projects. For assistance, contact FERC
Online Support.

    Dated: April 8, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-9070 Filed 4-13-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: May 30, 2008 (Volume 73, Number 105)]
[Proposed Rules]
[Page 31043-31046]
[DOCID:fr30my08-13]

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

40 CFR Part 52

[EPA-R03-OAR-2007-0449; FRL-8574-2]

Approval and Promulgation of Air Quality Implementation Plans;
Delaware; Reasonably Available Control Technology Under the 8-Hour
Ozone National Ambient Air Quality Standard

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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

SUMMARY: EPA is proposing to approve a State Implementation Plan (SIP)
revision submitted by the State of Delaware. This SIP revision pertains
to the requirements in meeting the reasonably available control
technology (RACT) under the 8-hour ozone national ambient air quality
standard (NAAQS). These requirements are based on: Certification that
previously adopted RACT controls in Delaware's SIP that were approved
by EPA under the 1-hour ozone NAAQS are based on the currently
available technically and economically feasible controls, and that they
continue to represent RACT for the 8-hour implementation purposes; the
adoption of new or more stringent regulations that represent RACT
control levels; and a negative declaration that certain categories of
sources do not exist in Delaware. This action is being taken under the
Clean Air Act (CAA).

DATES: Written comments must be received on or before June 30, 2008.

ADDRESSES: Submit your comments, identified by Docket ID Number EPA-
R03-OAR-2007-0449 by one of the following methods:
    A. http://www.regulations.gov. Follow the online instructions for
submitting comments.
    B. E-mail<EMAIL_ADDRESS>    C. Mail: EPA-R03-OAR-2007-0449, Cristina Fernandez, Chief, Air
Quality Planning Branch, Mailcode 3AP21, U.S. Environmental Protection
Agency, Region III, 1650 Arch Street, Philadelphia, Pennsylvania 19103.
    D. Hand Delivery: At the previously-listed EPA Region III address.
Such deliveries are only accepted during the Docket's normal hours of
operation, and special arrangements should be made for deliveries of
boxed information.
    Instructions: Direct your comments to Docket ID No. EPA-R03-OAR-
2007-0449. EPA's policy is that all comments received will be included
in the public docket without change, and may be made available online
at http://www.regulations.gov, including any personal information
provided, unless the comment includes information claimed to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Do not submit information that you
consider to be CBI or otherwise protected through http://
www.regulations.gov or e-mail. The http://www.regulations.gov Web site
is an ``anonymous access'' system, which means EPA will not know your
identity or contact information unless you provide it in the body of
your comment. If you send an e-mail comment directly to EPA without
going through http://www.regulations.gov, your e-mail address will be
automatically captured and included as part of the comment that is
placed in the public docket and made available on the Internet. If you
submit an electronic comment, EPA recommends that you include your name
and other contact information in the body of your comment and with any
disk or CD-ROM you submit. If EPA cannot read your comment due to
technical difficulties and cannot contact you for clarification, EPA
may not be able to consider your comment. Electronic files should avoid
the use of special characters, any form of

encryption, and be free of any defects or viruses.
    Docket: All documents in the electronic docket are listed in the
http://www.regulations.gov index. Although listed in the index, some
information is not publicly available, i.e., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, is not placed on the Internet and will be
publicly available only in hard copy form. Publicly available docket
materials are available either electronically in http://
www.regulations.gov or in hard copy during normal business hours at the
Air Protection Division, U.S. Environmental Protection Agency, Region
III, 1650 Arch Street, Philadelphia, Pennsylvania 19103. Copies of the
State submittal are available at the Delaware Department of Natural
Resources and Environmental Control, 89 Kings Highway, P.O. Box 1401,
Dover, Delaware 19901.

FOR FURTHER INFORMATION CONTACT: Rose Quinto,<PHONE_NUMBER>, or by e-
mail at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: On October 2, 2006, the Delaware Department
of Natural Resources and Environmental Control (DNREC) submitted a
revision to its SIP that addresses the requirements of RACT under the
8-hour ozone NAAQS. On October 5, 2006, DNREC submitted a supplement to
this SIP revision.

I. Background

    Ozone is formed in the atmosphere by photochemical reactions
between volatile organic compounds (VOC), oxides of nitrogen
(NOX) and carbon monoxide (CO) in the presence of sunlight.
In order to reduce ozone concentrations in the ambient air, the CAA
requires all nonattainment areas to apply control on VOC/NOX
emission sources to achieve emission reductions. Among effective
control measures, RACT controls are a major group for reducing VOC and
NOX emissions from stationary sources.
    RACT is defined as the lowest emission limitation that a particular
source is capable of meeting by the application of control technology
that is reasonably available considering technological and economic
feasibility (44 FR 53761 at 53762, September 17, 1979). Section 182 of
the CAA sets forth two separate RACT requirements for ozone
nonattainment areas. The first requirement, contained in section
182(a)(2)(A) of the CAA, and referred to as RACT fix-up requires the
correction of RACT rules for which EPA identified deficiencies before
the CAA was amended in 1990. Delaware has no deficiencies to correct
under this section of the CAA. The second requirement, set forth in
section 182(b)(2) of the CAA, applies to moderate (or worse) ozone
nonattainment areas as well as to marginal and attainment areas in
ozone transport regions (OTRs) established pursuant to section 184 of
the CAA, and requires these areas to implement RACT controls on all
major VOC and NOX emission sources and on all sources and
source categories covered by a control technique guideline (CTG) issued
by EPA.
    Under the 1-hour ozone NAAQS, Kent and New Castle Counties in
Delaware were designated part of a severe ozone nonattainment area, and
Sussex County was designated as a marginal ozone nonattainment area
located in an OTR. Therefore, all three counties were subject to RACT
requirements under the 1-hour ozone standard. Since the early 1990s,
Delaware implemented numerous RACT controls throughout the State to
meet the CAA RACT requirements. These RACT controls were promulgated in
the Delaware Air Pollution Control Regulation No. 24 for VOC sources
and Regulation No. 12 for NOX sources.
    Under the 8-hour ozone NAAQS, the entire State of Delaware (Kent,
New Castle and Sussex Counties) is a part of the Philadelphia moderate
nonattainment area, and is therefore subject to the CAA requirements.
Delaware is required to submit to EPA a SIP revision that addresses how
Delaware meets the RACT requirements under the 8-hour ozone standard.
The entire State of Delaware is also part of the OTR established under
section 184 of the CAA.
    EPA requires under the 8-hour ozone NAAQS that states meet the CAA
RACT requirements, either through a certification that previously
adopted RACT controls in their SIP revisions approved by EPA under the
1-hour ozone NAAQS represent adequate RACT control levels for 8-hour
attainment purposes, or through the adoption of new or more stringent
regulations that represent RACT control levels. A certification must be
accompanied by appropriate supporting information such as consideration
of information received during the public comment period and
consideration of new data. This information may supplement existing
RACT guidance documents that were developed for the 1-hour standard,
such that the State's SIP accurately reflects RACTs for the 8-hour
ozone standard based on the current availability of technically and
economically feasible controls. Adoption of new RACT regulations will
occur when states have new stationary sources not covered by existing
RACT regulations, or when new data or technical information indicates
that a previously adopted RACT measure does not represent a newly
available RACT control level. Another 8-hour ozone NAAQS requirement
for RACT is to submit a negative declaration that there are no CTG or
non-CTG major sources of VOC and NOX emissions within
Delaware.

II. Summary of SIP Revision

    Delaware's SIP revision contains the requirements of RACT set forth
by the CAA under the 8-hour ozone NAAQS. Delaware's SIP revision
satisfies the 8-hour RACT requirements through (1) certification that
previously adopted RACT controls in Delaware's SIP that were approved
by EPA under the 1-hour ozone NAAQS are based on the currently
available technically and economically feasible controls, and continues
to represent RACT for the 8-hour implementation purposes; (2) the
adoption of new or more stringent regulations that represent RACT
control levels; and (3) a negative declaration that certain CTG or non-
CTG major sources of VOC and NOX sources do not exist in
Delaware.

VOC RACT Controls

    Delaware Air Pollution Control Regulation No. 1124 (formerly
Regulation 24) contains Delaware's VOC RACT controls that were
implemented and approved in the Delaware SIP under the 1-hour ozone
NAAQS.
    Table 1 lists Delaware's VOC RACT controls.

                                     Table 1.--Delaware's VOC RACT Controls
----------------------------------------------------------------------------------------------------------------
                                Control of volatile organic compound emissions (formerly Regulation 24)
                     -------------------------------------------------------------------------------------------
   Regulation 1124                                 State effective      Federal
                          Title of regulation            date        Register date             Citation
----------------------------------------------------------------------------------------------------------------
Section 10..........  Aerospace Coatings.........         02/11/03         03/24/04  69 FR 13737.
Section 11..........  Mobile Equipment Repair and         11/11/01         11/22/02  67 FR 70315.
                       Refinishing.
Section 12..........  Surface Coating of Plastics         11/29/94         01/26/96  61 FR 2419.
                       Parts.
Section 13..........  Automobile and Light-Duty           01/11/93         05/03/95  60 FR 21707.
                       Truck Coating Operations.
Section 14..........  Can Coating................         01/11/93         05/03/95  60 FR 21707.
Section 15..........  Coil Coating...............         01/11/93         05/03/95  60 FR 21707.
Section 16..........  Paper Coating..............         01/11/93         05/03/95  60 FR 21707.
Section 17..........  Fabric Coating.............         01/11/93         05/03/95  60 FR 21707.
Section 18..........  Vinyl Coating..............         01/11/93         05/03/95  60 FR 21707.
Section 19..........  Coating of Metal Furniture.         01/11/93         05/03/95  60 FR 21707.
Section 20..........  Coating of Large Appliances         01/11/93         05/03/95  60 FR 21707.
Section 21..........  Coating of Magnet Wire.....         11/29/94         01/26/96  61 FR 2419.
Section 22..........  Coating of Miscellaneous            01/11/93         05/03/95  60 FR 21707.
                       Metal Parts.
Section 23..........  Coating of Flat Wood                01/11/93         05/03/95  60 FR 21707.
                       Paneling.
Section 24..........  Bulk Gasoline Plants.......         01/11/93         05/03/95  60 FR 21707.
Section 25..........  Bulk Gasoline Terminals....         11/29/92         01/26/96  61 FR 2419.
Section 26..........  Gasoline Dispensing                 01/11/02         11/14/03  68 FR 64520.
                       Facility--Stage I Vapor
                       Recovery.
Section 27..........  Gasoline Tank Trucks.......         01/11/93         05/03/95  60 FR 21707.
Section 28..........  Petroleum Refinery Sources.         01/11/93         05/03/95  60 FR 21707.
Section 29..........  Leaks from Petroleum                11/29/94         01/26/96  61 FR 2419.
                       Refinery Equipment.
Section 30..........  Petroleum Liquid Storage in         11/29/94         01/26/96  61 FR 2419.
                       External Floating Roof
                       Tanks.
Section 31..........  Petroleum Liquid Storage in         11/29/94         01/26/96  61 FR 2419.
                       Fixed Roof Tanks.
Section 32..........  Leaks from Natural Gas/             11/29/94         01/26/96  61 FR 2419.
                       Gasoline Processing
                       Equipment.
Section 33..........  Solvent Metal Cleaning and          11/11/01         11/22/02  67 FR 70315.
                       Drying.
Section 34..........  Cutback and Emulsified              01/11/93         05/03/95  60 FR 21707.
                       Asphalt.
Section 35..........  Manufacture of Synthesized          11/29/94         01/26/96  61 FR 2419.
                       Pharmaceutical Products.
Section 36..........  Stage II Vapor Recovery....         01/11/02         11/14/03  68 FR 64540.
Section 37..........  Graphic Arts Systems.......         11/29/94         01/26/96  61 FR 2419.
Section 38..........  Petroleum Solvent Dry               01/11/93         05/03/95  60 FR 21707.
                       Cleaners.
Section 39..........  Perchloroethylene Dry               01/11/93         05/03/95  60 FR 21707.
                       Cleaning.
Section 40..........  Leaks from Synthetic                01/11/93         05/03/95  60 FR 21707.
                       Organic Chemical, Polymer,
                       and Resin Manufacturing
                       Equipment.
Section 41..........  Manufacture of High-Density         01/11/93         05/03/95  60 FR 21707.
                       Polyethylene,
                       Polypropylene and
                       Polystyrene Resins.
Section 42..........  Air Oxidation Processes in          01/11/93         05/03/95  60 FR 21707.
                       the Synthetic Organic
                       Chemical Manufacturing
                       Industry.
Section 43..........  Bulk Gasoline Marine Tank           11/29/94         01/26/96  61 FR 2419.
                       Vessel Loading Facilities.
Section 44..........  Batch Processing Operations         11/29/94         01/26/96  61 FR 2419.
Section 45..........  Industrial Cleaning                 11/29/94         01/26/96  61 FR 2419.
                       Solvents.
Section 47..........  Offset Lithographic                 11/29/94         01/26/96  61 FR 2419.
                       Printing.
Section 48..........  Reactor Processes and               11/29/94         01/26/96  61 FR 2419.
                       Distillation Operations in
                       the Synthetic Organic
                       Chemical Manufacturing
                       Industry.
Section 49..........  Control of Volatile Organic         11/29/94         01/26/96  61 FR 2419.
                       Compound Emissions from
                       Volatile Organic Liquid
                       Storage Vessels.
Section 50..........  Other Facilities that Emit          11/29/94         01/26/96  61 FR 2419.
                       Volatile Organic Compounds
                       (VOCs).
----------------------------------------------------------------------------------------------------------------

    Delaware adopted a new VOC RACT control for lightering operations
(Section 46) and submitted it to EPA as a SIP revision. EPA approved
this VOC RACT on September 13, 2007 (72 FR 52285) with an effective
date of October 15, 2007.
    Delaware also submitted a negative declaration that the following
VOC CTG or non-CTG major sources do not exist in Delaware: Manufacture
of pneumatic rubber tires; wood furniture manufacturing operations; and
shipbuilding and ship repair operations (surface coating).

NOX RACT Controls

    Delaware Air Pollution Control Regulation No. 12 contains
Delaware's NOX RACT controls that were implemented and
approved into the Delaware SIP under the 1-hour ozone NAAQS.
    Table 2 lists Delaware's NOX RACT controls.

                                     Table 2.--Delaware's NOX RACT Controls
----------------------------------------------------------------------------------------------------------------
               Regulation 12                                 Control of nitrogen oxide emissions
----------------------------------------------------------------------------------------------------------------
                                            State effective      Federal
               Source group                       date        Register date                Citation
----------------------------------------------------------------------------------------------------------------
Fuel burning equipment with an input               11/24/93         06/14/01  66 FR 32231.
 capacity of 100 mmBTU/hour or greater.
Fuel burning equipment with an input               11/24/93         06/14/01  66 FR 32231.
 capacity of 50 mmBTU/hour or greater and
 less than 100 mmBTU/hour.
Fuel burning equipment with an input               11/24/93         06/14/01  66 FR 32231.
 capacity of less than 50 mmBTU/hour.
Alternative requirement for fuel burning           11/24/93         06/14/01  66 FR 32231.
 equipment--Seasonal fuel switching (April
 1 through October 31) to a low NOX
 emitting fuel.
Gas turbines..............................         11/24/93         06/14/01  66 FR 32231.
Stationary internal combustion engines....         11/24/93         06/14/01  66 FR 32231.
Fuel burning equipment used exclusively            11/24/93         06/14/01  66 FR 32231.
 for providing residential comfort heating
 and hot water.
Incinerator or thermal/catalytic oxidizer          11/24/93         06/14/01  66 FR 32231.
 constructed before November 15, 1992, and
 used primarily for the control of air
 pollution.
Fuel burning equipment with rated heat             11/24/93         06/14/01  66 FR 32231.
 capacity of less than 15 mmBTU/hour.
Stationary internal combustion engine with         11/24/93         06/14/01  66 FR 32231.
 a rated capacity of less than 450 hp of
 output power.
Any source operating during the month of           11/24/93         06/14/01  66 FR 32231.
 November to the end of March and
 operating with a capacity factor of five
 percent or less from April 1 to October
 31.
Any fuel burning equipment, gas turbine,           11/24/93         06/14/01  66 FR 32231.
 or internal combustion engine with an
 annual capacity factor of less than five
 percent.
Case-by-case RACT determination...........         11/24/93         06/14/01  66 FR 32231.
----------------------------------------------------------------------------------------------------------------

    Delaware submitted a negative declaration that the following CTG or
non-CTG major sources of NOX emissions do not exist in
Delaware: cement kilns and stationary internal combustion engines.

III. Proposed Action

    EPA is proposing to approve the Delaware SIP revision that
addresses the requirements of RACT under the 8-hour ozone NAAQS.
Delaware submitted this SIP revision on October 2, 2006 and a
supplement submittal on October 5, 2006. This SIP revision is based on
a combination of (1) certification that previously adopted RACT
controls in Delaware's SIP that were approved by EPA under the 1-hour
ozone NAAQS are based on the currently available technically and
economically feasible controls, and that they continue to represent
RACT for the 8-hour implementation purposes; (2) the adoption of new or
more stringent regulations that represent RACT control levels; and (3)
the negative declaration that there are no CTG or non-CTG major sources
of VOC and NOX emissions within Delaware. EPA is soliciting
public comments on the issues discussed in this document. These
comments will be considered before taking final action.

IV. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the CAA and applicable
Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, EPA's role is to approve state choices,
provided that they meet the criteria of the Clean Air Act. Accordingly,
this action merely proposes to approve state law as meeting Federal
requirements and does not impose additional requirements beyond those
imposed by state law. For that reason, this proposed action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Order
12866 (58 FR 51735, October 4, 1993);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the CAA; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, this proposed rule, pertaining to the Delaware RACT
under the 8-hour ozone NAAQS, does not have tribal implications as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000),
because the SIP is not approved to apply in Indian country located in
the state, and EPA notes that it will not impose substantial direct
costs on tribal governments or preempt tribal law.

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Nitrogen dioxide,
Ozone, Reporting and recordkeeping requirements, Volatile organic
compounds.

    Authority: 42 U.S.C. 7401 et seq.

    Dated: May 21, 2008.
William T. Wisniewski,
Acting Regional Administrator, Region III.
[FR Doc. E8-12122 Filed 5-29-08; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register Volume 75, Number 238 (Monday, December 13, 2010)]
[Notices]
[Pages 77685-77687]
[FR Doc No: 2010-31199]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63454; File No. SR-NYSEAmex-2010-111]

Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Amex LLC Extending the
Operative Date of NYSE Amex Equities Rule 92(c)(3) From December 31,
2010 to August 1, 2011

December 7, 2010.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on November 29, 2010, NYSE Amex LLC (the ``Exchange'' or
``NYSE Amex'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes to extend the operative date of NYSE Amex
Equities Rule 92(c)(3) from December 31, 2010 to August 1, 2011. The
text of the proposed rule change is available at the Exchange, the
Commission's Public Reference Room, on the Commission's Web site at
http://www.sec.gov, and http://www.nyse.com.

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

    In its filing with the Commission, the self-regulatory organization
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 those 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 parts of such statements.

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

1. Purpose
    The Exchange is proposing to extend the delayed operative date of
Rule 92(c)(3) from December 31, 2010 to August 1, 2011. The Exchange
believes that this extension will provide the time necessary for the
Exchange, the New York Stock Exchange LLC (``NYSE''), and the Financial
Industry Regulatory Authority, Inc. (``FINRA'') to harmonize their
respective rules concerning customer order protection to achieve a
standardized industry practice.\4\
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    \4\ NYSE has filed a companion rule filing to conform its Rules
to the changes proposed in this filing. See SR-NYSE-2010-76,
formally submitted November 29, 2010.
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Background
    On July 5, 2007, the Commission approved amendments to NYSE Rule 92
to permit riskless principal trading at the NYSE.\5\ These amendments
were filed in part to begin the harmonization process between NYSE Rule
92 and FINRA's Manning Rule.\6\ In connection with those amendments,
the NYSE implemented for an operative date of January 16, 2008, NYSE
Rule 92(c)(3), which permits NYSE member organizations to submit
riskless principal orders to the NYSE, but requires them to submit to a
designated NYSE database a report of the execution of the facilitated
order. That rule also requires members to submit to that same database
sufficient information to provide an electronic link of the execution
of the facilitated order to all of the underlying orders.
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    \5\ See Securities Exchange Act Release No. 56017 (Jul. 5,
2007), 72 FR 38110 (Jul. 12, 2007) (SR-NYSE-2007-21).
    \6\ See NASD Rule 2111 and IM-2110-2.
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    For purposes of NYSE Rule 92(c)(3), the NYSE informed member
organizations that when executing riskless principal transactions,
firms must submit order execution reports to the NYSE's Front End
Systemic Capture (``FESC'') database linking the execution of the
riskless principal order on the NYSE to the specific underlying orders.
The information provided must be sufficient for both member firms and
the NYSE to reconstruct in a time-sequenced manner all orders,
including allocations to the underlying orders, with respect to which a
member organization is claiming the riskless principal exception.
    Because the rule change required both the NYSE and member
organizations to make certain changes to their trading and order
management systems, the NYSE filed to delay to May 14, 2008 the
operative date of the NYSE Rule 92(c)(3) requirements, including
submitting end-of-day allocation reports for riskless principal
transactions and using the riskless principal account type
indicator.\7\ The NYSE filed for additional extensions of the operative
date of Rule 92(c)(3) to December 31, 2010.\8\ Because NYSE Amex
adopted NYSE Rule 92 in its then current form,\9\ the delayed operative
date for the NYSE Rule 92(c)(3) reporting requirements also applied for
NYSE Amex Equities Rule 92(c)(3) reporting requirements

and the Exchange filed for additional extensions of the operative date,
the most recent of which was an extension to December 31, 2010.\10\
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    \7\ See Securities Exchange Act Release No. 56968 (Dec. 14,
2007), 72 FR 72432 (Dec. 20, 2007) (SR-NYSE-2007-114).
    \8\ See Securities Exchange Act Release Nos. 57682 (Apr. 17,
2008), 73 FR 22193 (Apr. 24, 2008) (SR-NYSE-2008-29); 59621 (Mar.
23, 2009), 74 FR 14179 (Mar. 30, 2009) (SR-NYSE-2009-30); 60396
(July 30, 2009), 74 FR 39126 (Aug. 5, 2009) (SR-NYSE-2009-73); 61251
(Dec. 29, 2009), 75 FR 482 (Jan. 5, 2010) (SR-NYSE-2009-129); and
62541 (July 21, 2010), 75 FR 44042 (July 27, 2010) (SR-NYSE-2010-
52).
    \9\ The NYSE Amex Equities Rules, which became operative on
December 1, 2008, are substantially identical to the current NYSE
Rules 1-1004 and the Exchange continues to update the NYSE Amex
Equities Rules as necessary to conform with rule changes to
corresponding NYSE Rules filed by the NYSE. See Securities Exchange
Act Release Nos. 58705 (Oct. 1, 2008), 73 FR 58995 (Oct. 8, 2008)
(SR-Amex-2008-63); 58833 (Oct. 22, 2008), 73 FR 64642 (Oct. 30,
2008) (SR-NYSE-2008-106); 58839 (Oct. 23, 2008), 73 FR 64645
(October 30, 2008) (SR-NYSEALTR-2008-03); 59022 (Nov. 26, 2008), 73
FR 73683 (Dec. 3, 2008) (SR-NYSEALTR-2008-10); and 59027 (Nov. 28,
2008), 73 FR 73681 (Dec. 3, 2008) (SR-NYSEALTR-2008-11).
    \10\ See Securities Exchange Act Release Nos. 59620 (Mar. 23,
2009), 74 FR 14176 (Mar. 30, 2009) (SR-NYSEALTR-2009-29); 60397
(July 30, 2009), 74 FR 39128 (Aug. 5, 2009) (SR-NYSEAmex-2009-48);
61250 (Dec. 29, 2009), 75 FR 477 (Jan. 5, 2010) (SR-NYSEAmex-2009-
92); and 62540 (July 21, 2010), 75 FR 44040 (July 27, 2010) (SR-
NYSEAmex-2010-70).
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Request for Extension
    FINRA, NYSE, and the Exchange have been working diligently on fully
harmonizing their respective rules, including reviewing the
possibilities for a uniform reporting standard for riskless principal
transactions. However, because of the complexity of the existing
customer order protection rules, including the need for input from
industry participants as well as Commission approval, the Exchange,
NYSE, and FINRA will not have harmonized their respective customer
order protection rules by the current December 31, 2010 date for the
implementation of the FESC riskless principal reporting.
    The Exchange notes that it has agreed with NYSE and FINRA to pursue
efforts to harmonize customer order protection rules. On December 10,
2009, FINRA filed with the Commission its rule proposal to adopt a new
industry standard for customer order protection as proposed FINRA Rule
5320.\11\ That proposed filing is based on the draft rule text that
FINRA and NYSE Regulation each circulated to their respective member
participants and includes copies of the comment letters that FINRA and
NYSE Regulation received on the rule proposal. The Exchange intends to
adopt a new customer order protection rule that is substantially
identical to proposed FINRA Rule 5320.
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    \11\ See Securities Exchange Act Release No. 61168 (Dec. 15,
2009), 74 FR 68084 (Dec. 22, 2009) (SR-FINRA-2009-90).
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    FINRA has filed to extend the time for Commission action on its
rule filing to adopt proposed FINRA Rule 5320 to December 3, 2010. As
proposed by FINRA, however, its proposed new rule will not be effective
upon approval. Rather, the rule filing will become effective at a later
date, not yet known, in order to provide time for FINRA, NYSE, and
market participants to implement programming changes associated with
the proposed new rule.
    The Exchange continues to believe that pending full harmonization
of the respective customer order protection rules, it would be
premature to require firms to meet the current Rule 92(c)(3) FESC
reporting requirements.\12\ Indeed, having differing reporting
standards for riskless principal orders would be inconsistent with the
overall goal of the harmonization process.
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    \12\ The Exchange notes that it would also need to make
technological changes to implement the proposed FESC reporting
solution for Rule 92(c)(3).
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    Accordingly, to provide the Exchange, NYSE, and FINRA the time
necessary to obtain Commission approval for and implement a harmonized
rule set that would apply across their respective marketplaces,
including a harmonized approach to riskless principal trade reporting,
the Exchange is proposing to delay the operative date for NYSE Amex
Equities Rule 92(c)(3) from December 31, 2010 to August 1, 2011.
    Pending the harmonization of the three rules, the Exchange will
continue to require that, as of the date each member organization
implements riskless principal routing, the member organization have in
place systems and controls that allow them to easily match and tie
riskless principal execution on the Exchange to the underlying orders
and that they be able to provide this information to the Exchange upon
request. To make clear that this requirement continues, the Exchange
proposes to amend supplementary material .95 to Rule 92 to specifically
provide that the Rule 92(c)(3) reporting requirements are suspended
until August 1, 2011 and that member organizations are required to have
in place such systems and controls relating to their riskless principal
executions on the Exchange. Moreover, the Exchange will coordinate with
NYSE and FINRA to examine for compliance with the rule requirements for
those firms that engage in riskless principal trading under Rule 92(c).
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Securities Exchange Act of 1934 (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 prevent fraudulent and
manipulative acts and practices, 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. The Exchange
believes the proposed extension provides the Exchange, NYSE, and FINRA
the time necessary to develop a harmonized rule concerning customer
order protection that will enable member organizations to participate
in the national market system without unnecessary impediments.
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    \13\ 15 U.S.C. 78f(b).
    \14\ 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 that is not necessary or appropriate
in furtherance of the purposes of the Act.

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

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

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

    Because the foregoing proposed rule change does not:
    (i) Significantly affect the protection of investors or the public
interest;
    (ii) Impose any significant burden on competition; and
    (iii) Become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, if
consistent with the protection of investors and the public interest, it
has become effective pursuant to Section 19(b)(3)(A) of the Act \15\
and Rule 19b-4(f)(6) thereunder.\16\
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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the self-regulatory organization to submit to the
Commission 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 satisfied this requirement.
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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-NYSEAmex-2010-111 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-NYSEAmex-2010-111.
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 on
official business days between the hours of 10 a.m. and 3 p.m. Copies
of such filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NYSEAmex-2010-111 and should be submitted on or before
January 3, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-31199 Filed 12-10-10; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 164 (Thursday, August 25, 2022)]
[Rules and Regulations]
[Page 52335]
[FR Doc No: 2022-18289]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 100

[Docket No. USCG-2022-0697]

Special Local Regulations; Marine Events Within the Captain of
the Port Charleston

AGENCY: Coast Guard, DHS.

ACTION: Notification of enforcement of regulation.

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SUMMARY: The Coast Guard will enforce a special local regulation for
the Swim Around Charleston on September 18, 2022, to provide for the
safety of life on navigable waterways during this event. Our regulation
for marine events within the Captain of the Port Charleston identifies
the regulated area for this event in Charleston, SC. During the
enforcement periods, the operator of any vessel in the regulated area
must comply with directions from the Captain of the Port Charleston or
a designated representative.

DATES: The regulations in 33 CFR 100.704 will be enforced for the
location identified in Item 9 of Table 1 to Sec.  100.704, from 9 a.m.
through 3 p.m. on September 18, 2022.

FOR FURTHER INFORMATION CONTACT: If you have questions about this
notification of enforcement, call or email Petty Officer Thomas Welker,
Sector Charleston, Waterways Management Division, U.S. Coast Guard;
telephone<PHONE_NUMBER>, email [email protected].

SUPPLEMENTARY INFORMATION: The Coast Guard will enforce special local
regulations in 33 CFR 100.704, Table 1 to Sec.  100.704, Item 9, for
the Swim Around Charleston regulated area from 9 a.m. to 3 p.m. on
September 18, 2022. This action is being taken to provide for the
safety of life on navigable waterways during this event. Our regulation
for marine events within the Captain of the Port Charleston, Sec.
100.704, specifies the location of the regulated area for the Swim
Around Charleston as a moving safety zone including all waters 50 yards
in front of the lead safety vessel preceding the first race
participants, 50 yards behind the safety vessel trailing the last race
participants, and at all times extends 100 yards on either side of
safety vessels. The Swim Around Charleston swimming race consists of a
12 mile course that starts at Remley's Point on the Wando River in
approximate position 32[deg]48'49'' N, 79[deg]54'27'' W, crosses the
main shipping channel under the main span of the Ravenel Bridge, and
finishes at the I-526 bridge and boat landing on the Ashley River in
approximate position 32[deg]50'14'' N, 80[deg]01'23'' W. During the
enforcement periods, as reflected in Sec.  100.704(c)(1), if you are
the operator of a vessel in the regulated area you must comply with
directions from the Captain of the Port Charleston or a designated
representative.
    In addition to this notification of enforcement in the Federal
Register, the Coast Guard plans to provide notification of this
enforcement period via the Local Notice to Mariners and marine
information broadcasts.

    Dated: August 19, 2022.
J.D. Cole,
Captain, U.S. Coast Guard, Captain of the Port Charleston.
[FR Doc. 2022-18289 Filed 8-24-22; 8:45 am]
BILLING CODE 9110-04-P