[Federal Register: June 11, 2008 (Volume 73, Number 113)]
[Notices]
[Page 33121-33125]
[DOCID:fr11jn08-103]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57925; File No. SR-Amex-2008-36]

Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of a Proposed Rule Change Relating to the Listing and
Trading of Shares of the MacroShares $100 Oil Up Trust and the
MacroShares $100 Oil Down Trust

June 5, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 20, 2008, the American Stock Exchange LLC (``Amex'' or
``Exchange''), filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been substantially prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend Amex Rules 1400, 1401, 1402 and 1405
relating to the trading of Paired Trust Shares and to list and trade
shares of the MacroShares $100 Oil Up Trust (``Up Trust'') and the
MacroShares $100 Oil Down Trust (``Down Trust'') (collectively, the
``Trusts'') under those rules, as amended. The shares of the Up Trust
are referred to as the Up MacroShares, the shares of the Down Trust are
referred to as the Down MacroShares, and they are referred to
collectively as the ``Shares.'' The text of the proposed rule change is
available at the Exchange, the Commission's Public Reference Room, and
http://www.amex.com.

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

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

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

1. Purpose
    The Exchange proposes to amend Amex Rules 1400, 1401, 1402 and 1405
relating to the trading of Paired Trust Shares and to list and trade
the Shares under those rules, as amended.\3\ The Up MacroShares and the
Down MacroShares will be offered by the Up Trust and the Down Trust,
respectively. The Trusts were established by MACRO Securities
Depositor, LLC, as depositor, under the laws of the State of New York.
The Trusts are not registered with the Commission as investment
companies.\4\
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    \3\ The Commission approved the listing and trading of a similar
product on the Exchange when it approved new Amex Rules 1400-1405.
See Securities Exchange Act Release No. 54839 (November 29, 2006),
71 FR 70804 (December 6, 2006) (SR-Amex-2006-82) (approving the
listing and trading of Claymore MACROshares Oil Up Tradeable Shares
and Claymore MACROshares Oil Down Tradeable Shares). Amex Rules 1403
and 1404 would also be applicable to the Up MacroShares and Down
MacroShares described herein, although the Exchange is not proposing
to amend those rules.
    \4\ The Shares are being offered by the Trusts under the
Securities Act of 1933, as amended. On April 17, 2008, the depositor
filed with the Commission a Registration Statement on Form S-1 for
both the Up MacroShares (File No. 333-150282-01) (``Up Trust
Registration Statement'') and the Down MacroShares (File No. 333-
150282-02) (``Down Trust Registration Statement'' and together with
the Up Trust Registration Statement, the ``Registration
Statements'').
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a. Amendment to Amex Rules 1400, 1401, 1402 and 1405
    The Exchange proposes to amend Amex Rules 1400, 1401, 1402 and
1405, which apply to Paired Trust Shares, to accommodate the listing
and trading of the Up MacroShares and the Down MacroShares. In their
current form, these rules apply to Paired Trust Shares that consist of
Holding Shares and Tradeable Shares.\5\
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    \5\ Holding Shares are issued by a matched pair of trusts
(``Holding Trusts'') in exchange for cash; Tradeable Shares are
issued by a different pair of trusts (``Tradeable Trusts'') in
exchange for the deposit of Holding Shares.
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    As described in more detail below, the structure of the series of
Paired Trust Shares proposed to be listed and traded on the Exchange
pursuant to this proposal varies from the structure contemplated under
the current rules for Paired Trust Shares in that there is only one set
of trusts instead of two. As a result of a recent interpretation by the
staff of the Internal Revenue Service relating to the inability to
interpose a grantor trust in order to utilize a certain tax reporting
form, the Exchange has been notified that the need for the current two-
tier trust structure set forth in Amex Rule 1400 for Paired Trust
Shares is no longer necessary.\6\ The Exchange represents that there
are no substantive differences between the proposed structure (a single
set of Trading Trusts that issue Trading Shares and hold financial
instruments) and the current two-tier structure (a set of Tradeable
Trusts that issue Tradeable Shares and hold Holding Shares issued by a
set of Holding Trusts that invest in financial instruments).\7\
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    \6\ See email from William Love, Vice President and Associate
General Counsel, Amex, to Christopher W. Chow and Ronesha Butler,
Special Counsels, Commission, dated May 29, 2008 (``May 29 E-
mail'').
    \7\ See id.
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    Therefore, the Exchange proposes to amend Amex Rules 1400, 1401,
1402 and 1405 to provide for the listing and trading of Paired Trust
Shares in the case of a series that has only one set of paired trusts.
Under the proposed amendments to Amex Rule 1400, the term ``Paired
Trust Shares'' refers to: (1) Both Holding Shares and any related
Tradeable Shares; or (2) solely ``Trading Shares,'' which is a new
defined term. As proposed, Trading Shares has the same definition as
Holding Shares, except that it is not required that a majority of
Trading Shares be acquired and deposited in a related Tradeable Trust,
as it is with Holding Shares. The Exchange proposes conforming changes
in Amex Rules 1401, 1402 and 1405.\8\
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    \8\ In paragraph (b)(i) of Amex Rule 1402, the Exchange also
proposes to correct an error that was inadvertently made when the
rule was originally adopted by replacing the word ``certificates''
with the word ``shares'' (consistent with all other references to
shares in the rules for Paired Trust Shares).
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b. Description of the Shares and the Trusts
    The Up Trust and the Down Trust would issue Up MacroShares and Down
MacroShares, respectively, on a continuous basis at the direction of
authorized participants, as described in more detail below.\9\ The Up
MacroShares and the Down MacroShares represent undivided beneficial
interests in the Up Trust and the Down Trust, respectively.
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    \9\ See May 29 E-mail, supra note 6.
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    The assets of each Trust will include an income distribution
agreement and settlement contracts entered into with the other Trust.
Under the income distribution agreement, as of any distribution date,
each Trust will either: (1) Be required to pay all or a portion of its
available income to the other Trust; or (2) be entitled to receive all
or

a portion of the other Trust's available income, based, in each case,
on the level of the Applicable Reference Price of Crude Oil (as defined
below) for each day during the preceding calculation period. Under each
settlement contract, in connection with the final scheduled termination
date, an early termination date or any redemption date, each Trust will
either be required to make a final payment out of its assets to the
other Trust or be entitled to receive a final payment from the other
Trust out of the assets of the other Trust, based, in each case, on the
change in the level of the Applicable Reference Price of Crude Oil from
its starting level on the closing date to its ending level on the
relevant price determination day preceding the final scheduled
termination date, early termination date, or redemption date, as the
case may be. Each Trust will also hold U.S. Treasuries and repurchase
agreements on U.S. Treasuries (collectively, ``treasuries'') to secure
its obligations under the income distribution agreement and the
settlement contracts.\10\
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    \10\ See id.
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    Each Trust will make quarterly distributions of income on the
treasuries and a final distribution of all assets it holds on deposit
on the final scheduled termination date, an early termination date or a
redemption date.\11\ Each quarterly and final distribution will be
based on the value of the Applicable Reference Price of Crude Oil,
which is defined as the settlement price of the New York Mercantile
Exchange (``NYMEX'') division light sweet crude oil futures contract of
the designated maturity, as established and reported by the NYMEX on a
per barrel basis in U.S. dollars at the end of each price determination
day.\12\ For this purpose, a price determination day refers to each day
on which trading of the light sweet crude oil futures contract of the
designated maturity occurs by open outcry on the trading floor of
NYMEX.\13\ The Applicable Reference Price of Crude Oil is the reference
value on the basis of which quarterly and final distributions on the Up
MacroShares and Down MacroShares are calculated.
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    \11\ Each Trust's quarterly distribution to holders of that
Trust's Shares will be made out of the income that it holds on
deposit after it has deducted an appropriate amount for fees, either
made or received a payment under the income distribution agreement,
and acquired treasuries with an aggregate purchase price equal to
the aggregate par amount of the outstanding Shares of that Trust on
that distribution date. On any distribution date, if a Trust's
actual fees and expenses exceeds its income from the treasuries,
there will be a corresponding reduction in the underlying value of
the Trust that will be permanent unless it can be made up out of
treasury income on future distribution dates, net of fees and
expenses on those distribution dates.
    Each Trust's final distribution to holders of that Trust's
Shares will depend on the payments that it is required to make to,
or that it is entitled to receive from, the other Trust under the
settlement contracts that are settled in connection with the final
scheduled termination date, early termination date, or redemption
date, as the case may be.
    \12\ See id.
    \13\ If trading of the NYMEX division's light sweet crude oil
futures contract ceases to occur by open outcry and is transferred
by NYMEX to an electronic platform, a price determination day will
be based upon trading on such electronic platform.
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    With respect to the Up Trust, if the level of the Applicable
Reference Price of Crude Oil on any price determination day exceeds its
starting level on the closing date (the date on which the Trusts
entered into the income distribution agreement), the underlying value
of the Up Trust will increase to include all of its assets plus a
portion of the assets of the paired Down Trust. Conversely, if the
level of the Applicable Reference Price of Crude Oil on any price
determination day falls below its starting level, the Up Trust's
underlying value will decrease because a portion of its assets will be
included in the underlying value of the paired Down Trust. The
underlying value of the Up Trust on each price determination day
represents the aggregate amount of the assets in the paired Trusts to
which the Up Trust would be entitled if the settlement contracts were
settled on that day.
    With respect to the Down Trust, if the level of the Applicable
Reference Price of Crude Oil on any price determination day exceeds its
starting level on the closing date, the underlying value of the Down
Trust will decrease because a portion of its assets will be included in
the underlying value of the paired Up Trust. Conversely, if the level
of the Applicable Reference Price of Crude Oil on any price
determination day falls below its starting level, the Down Trust's
underlying value will increase to include all of its assets plus a
portion of the assets of the paired Up Trust. The underlying value of
the Down Trust on each price determination day represents the aggregate
amount of the assets in the paired Trusts to which the Down Trust would
be entitled if the settlement contracts were settled on that day.
    The Up MacroShares and the Down MacroShares may be issued only in
MacroShares Units, consisting of 50,000 Up MacroShares issued by the Up
Trust and 50,000 Down MacroShares issued by the Down Trust. The Up
Trust and Down Trust will issue their Shares on an ongoing basis at any
time after the closing date only to persons who qualify as authorized
participants at the per share underlying value of those shares on the
business day on which a creation order for the Shares is delivered to
and accepted by MacroMarkets LLC, the administrative agent for both
Trusts.\14\ The Shares may then be sold by authorized participants to
the public at the market price prevailing at the time of any such sale.
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    \14\ Authorized participants must also pay a transaction fee of
$2,000 for any paired redemption or issuance. All of the shares
created on the closing date will be sold to authorized participants
at their underlying value plus a fee of $0.10 per share, which will
be applied to cover the formation costs of the Trusts.
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    The Up MacroShares (Down MacroShares) may be redeemed on any
business day together with Down MacroShares (Up MacroShares) by any
holder who is an authorized participant only in MacroShares Units (as
described above) at the respective per Share underlying values of those
Shares, as measured on the date on which the applicable redemption
order was placed. Unless earlier redeemed on a redemption date or an
early termination date, a final distribution will be made on both the
Up MacroShares and the Down MacroShares on the distribution date
occurring in December of 2013.
    The Registration Statements contain more information regarding the
Shares, the Trusts, the Applicable Reference Price of Crude Oil,
quarterly distributions, final distributions, underlying values, risks,
fees and expenses, termination triggers, and creation and redemption
procedures.
c. Availability of Information Regarding the Shares
    Intraday Indicative Values. Throughout each price determination
day, the Amex, acting as the calculation agent for each Trust, will
calculate and disseminate, at least every 15 seconds during regular
Amex trading hours, through the facilities of the Consolidated Tape
Association (``CTA''), an estimated value (referred to as an ``Intraday
Indicative Value'' or ``IIV'') for the underlying value per Share of
both the Up MacroShares and the Down MacroShares. The purpose of this
disclosure is to promote liquidity and intraday pricing transparency
with respect to these estimated per Share underlying values, which can
be used in connection with other related market information. To enable
this calculation, the Amex will receive real time price data from the
NYMEX through major market data vendors for the light sweet crude oil
futures contract of the designated maturity that trades on the
NYMEX.\15\
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    \15\ See May 29 E-mail, supra note 6.

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    Because the NYMEX market for the light sweet crude oil futures
contract will be closed for portions of the Amex trading day, the IIV
calculated values will become fixed and will not be updated at such
times that the NYMEX contract is not trading.\16\ Conversely, at times
when the light sweet crude oil futures contract of the designated
maturity is trading on NYMEX, those trades will be used to update the
IIV values.
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    \16\ The IIV calculated during the period following the daily
opening of trading of the Shares on the Amex but prior to any trades
taking place on the NYMEX in the relevant light sweet crude oil
futures contract will be based on the final price of the futures
contract on the prior trading day.
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    The per-Share IIVs disseminated during Amex trading hours should
not be viewed as real time updates of the underlying value of an Up
MacroShare and a Down MacroShare, as these values are calculated only
once a day. The Exchange believes, however, that dissemination of the
IIVs provides additional information that is useful to professionals
and investors in connection with the trading of the Shares on the
Exchange or the creation or redemption of Shares.
    The Amex will make available through its in-house systems, for use
by the specialist and market makers, the IIV values distributed through
the facilities of the CTA. This data will also be available to Amex
surveillance systems and personnel for their purposes.
    Availability of Other Information and Data. At the end of each
price determination day, the Amex will also calculate the premium or
discount of the midpoint of the bid/offer for the Up MacroShares at the
close on the Amex relative to the underlying value per Share for that
price determination day, after the latter is calculated and provided to
the Amex by the trustee. The Amex will also perform the same
calculation with respect to the Down MacroShares. The Amex will then
post these premiums/discounts, together with the end-of-day price
information for the Shares, on its Web site (http://www.amex.com/
amextrader). Further, the Amex will post on its Web site any
corrections made by NYMEX to the Applicable Reference Price of Crude
Oil that was reported by NYMEX for any price determination day. The
Amex also intends to disseminate a variety of data with respect to the
Shares on a daily basis by means of CTA and CQ High Speed Lines,
including quotation and last sale data information.
    On each price determination day, State Street Bank and Trust
Company, the trustee for the Up Trust and the Down Trust, will
calculate the underlying value of the Up Trust and the Down Trust and
the per-Share underlying value of one Up MacroShare and one Down
MacroShare, based on the Applicable Reference Price of Crude Oil
established and reported by NYMEX. The trustee will then provide such
values to the administrative agent, which will post them on its Web
site (http://www.macromarkets.com). All investors and market
participants will have access to the administrative agent's Web site at
no charge.
    Information regarding secondary market prices and volume of the
Shares will be broadly available on a real-time basis throughout the
trading day on brokers' computer screens and other electronic services.
The previous day's closing price and trading volume information will be
published daily in the financial section of newspapers.
    Delayed information on futures contracts is often publicly
available from futures exchanges.\17\ Daily settlement prices for the
oil futures contract designated as the Applicable Reference Price of
Crude Oil for the Shares is publicly available on NYMEX's Web site.\18\
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    \17\ See e-mail from William Love, Vice President and Associate
General Counsel, Amex, to Christopher W. Chow and Ronesha Butler,
Special Counsels, Commission, dated May 30, 2008 (``May 30 E-
mail'').
    \18\ See id.
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d. Initial and Continued Listing Criteria
    Amex Rule 1402 sets forth initial and continued listing criteria
applicable to Paired Trust Shares. These criteria are currently
applicable to Holding Shares and Tradeable Shares, and the proposed
rule change would make them applicable to Trading Shares as well.
    A minimum of 150,000 Up MacroShares and 150,000 Down MacroShares
will be required to be outstanding at the commencement of trading. The
Exchange believes that this minimum number of outstanding Shares at the
start of trading is sufficient to provide adequate market liquidity,
and it is the same initial minimum requirement that was applicable to
the Claymore MACROshares Oil Up Tradeable Shares and the Claymore
MACROshares Oil Down Tradeable Shares (the first series of Paired Trust
Shares to be listed and traded on the Exchange). The starting level for
the Applicable Reference Price of Crude Oil will be $100 and is based
on recent prices for a barrel of light sweet crude oil. The Exchange
will obtain a representation on behalf of the Up Trust and the Down
Trust that the underlying value per share of each Up Share and Down
Share, respectively, will be calculated daily and will be made
available to all market participants at the same time. The Exchange
will remove from listing the Up MacroShares or the Down MacroShares
under the following circumstances, pursuant to proposed Amex Rule 1402:
     If following the initial twelve month period following the
commencement of trading of the Shares: (1) The Up Trust or the Down
Trust has more than 60 days remaining until termination and there are
fewer than 50 record and/or beneficial holders of Up MacroShares or
Down MacroShares, respectively, for 30 or more consecutive trading
days; (2) if the Up Trust or the Down Trust has fewer than 50,000 Up
MacroShares or Down MacroShares, respectively, issued and outstanding;
or (3) if the combined market value of all Shares issued and
outstanding for the Up Trust and the Down Trust combined is less than
$1,000,000;
     If the intraday level of the Applicable Reference Price of
Crude Oil is no longer calculated or available on at least a 15-second
delayed basis during the time the Shares trade on the Amex from a
source unaffiliated with the sponsor, custodian, depositor, Up Trading
Trust, Down Trading Trust or the Exchange that is a major market data
vendor;
     If the IIV of each Up Trading Share or Down Trading Share,
as the case may be, is no longer made available on at least a 15-second
delayed basis by a major market data vendor during the time the shares
trade on the Exchange;
     If a replacement benchmark is selected for the
determination of the Applicable Reference Price of Crude Oil, unless
the Exchange files with the Commission a related proposed rule change
pursuant to Rule 19b-4 under the Act seeking approval to continue
trading the Up MacroShares or Down MacroShares and such rule change is
approved by the Commission; or
     If such other event shall occur or condition exists which
in the opinion of the Exchange makes further dealings on the Exchange
inadvisable.
e. Trading Halts
    Prior to the commencement of trading, the Exchange will issue an
Information Circular (described below) to members informing them of,
among other things, Exchange policies regarding halts in trading of the
Shares. First, the Information Circular (described below) will advise
that trading will be halted in the event the market volatility trading
halt parameters set forth in Amex Rule 117 have been reached. In
exercising its discretion to

halt or suspend trading in the Shares, the Exchange may also consider
other relevant factors and the existence of unusual conditions or
circumstances that may be detrimental to the maintenance of a fair and
orderly market. During any trading halt in the Shares, the underlying
light sweet crude oil futures contracts are expected to continue to
trade on the NYMEX because the NYMEX does not provide for trading halts
in these contracts.
    In the event that (a) The underlying value of each Trust or the
per-Share underlying values of each of the Up Trading Shares or the
Down Trading Shares are not disseminated daily to all market
participants at the same time, (b) the IIV, updated at least every
fifteen (15) seconds, for the underlying value per Share of the Up
Trading Shares or the Down Trading Shares is no longer being calculated
or disseminated by a major market data vendor during the time the
Shares trade on the Amex, or (c) the price of the NYMEX light sweet
crude oil futures contract is no longer available at least every 15
seconds from a major market data vendor during the time the Shares
trade on the Amex \19\ (e.g., due to a temporary disruption in
connection with either the pricing of the light sweet crude oil futures
contract on the NYMEX or the transmission of real time price data from
the NYMEX), then the Exchange will halt trading.\20\ However, in the
case of (b) or (c) involving interruption to the required dissemination
of IIVs or futures contract prices, the Exchange may consider relevant
factors and exercise its discretion regarding the halt or suspension of
trading during the day in which the interruption to the dissemination
of the IIVs or the futures contract prices occurs. If the interruption
to the dissemination of the IIVs or the futures contract prices
persists past the trading day in which it occurred, the Exchange will
halt trading no later than the beginning of the trading day following
the interruption.
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    \19\ Trading in the MACRO Tradeable Shares will not be halted on
the Amex, however, simply because price data from the NYMEX based on
current trading is not available outside the normal open outcry
trading hours of light sweet crude oil futures contracts on the
NYMEX from 10 a.m. to 2:30 p.m., Eastern Time.
    \20\ In each of these circumstances, the Exchange may contact
the Commission staff to discuss the matter.
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f. Trading Rules
    The Shares are equity securities subject to Amex Rules governing
the trading of equity securities, including, among others, rules
governing priority, parity and precedence of orders, specialist
responsibilities and account opening and customer suitability (Amex
Rule 411). The Shares will trade on the Amex from 9:30 a.m. until
either 4 p.m. or 4:15 p.m. Eastern Time each business day for each
series, as specified by the Exchange, and will trade in a minimum price
variation of $0.01 pursuant to Amex Rule 127-AEMI. Trading rules
pertaining to odd-lot trading in Amex equities (Amex Rule 205-AEMI)
will also apply.
    Amex Rule 154-AEMI(c)(ii) provides that stop and stop limit orders
to buy or sell a security the price of which is derivatively priced
based upon another security or index of securities, may be elected by a
quotation, as set forth in subparagraphs (c)(ii)(1)-(4) of Amex Rule
154-AEMI . By this rule filing, the Exchange is designating the Shares
as eligible for this treatment.\21\ In addition, Amex Rule 126A-AEMI
complies with Rule 611 of Regulation NMS, which requires, among other
things, that the Exchange adopt and enforce written policies and
procedures that are reasonably designed to prevent trade-throughs of
protected quotations. Members and member organizations will be subject
to Commentary .03 to Amex Rule 1400 prohibiting such member or member
organizations from entering into the Exchange's order routing system
multiple limit orders as agent (i.e., customer agency orders).
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    \21\ See Securities Exchange Act Release No. 29063 (April 10,
1991), 56 FR 15652 (April 17, 1991) (SR-Amex-90-31) at note 9,
regarding the Exchange's designation of equity derivative securities
as eligible for such treatment by means of a new rule filing with
the Commission. In the instant case, the price of the Up MacroShares
and the Down MacroShares are derivatively based upon, and should
fluctuate with, the value of the underlying settlement contracts
held by the Up Trust or the Down Trust, as the case may be, which
settlement contracts: (1) Determine the amount of the aggregate
assets in the paired Trusts to which each respective Trust would be
entitled if settlement occurred on that day; and (2) have a value
that is determined by the level of the Applicable Reference Price of
Crude Oil. Consequently, as with other equity derivative securities
designated by the Exchange as eligible under the terms of Securities
Exchange Act Release No. 29063 to allow stop and stop limit orders
to be elected by a quotation, the Exchange believes that the
derivative pricing relationship to which the Shares are subject does
not present the type of opportunity for manipulation and trading
abuses in connection with elections of stop orders by specialists
that the Commission seeks to prohibit.
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g. Information Circular
    Prior to the commencement of trading, the Exchange will inform its
members and member organizations in an Information Circular of the
special characteristics and risks associated with trading the Shares.
Specifically, the Information Circular will discuss the following: (1)
What the Shares are; (2) the procedures for purchases and paired
optional redemptions of Shares, which may only be effected in
MacroShares Units or multiples thereof by Authorized Participants
(noting in particular that Shares are not individually redeemable); (3)
prospectus delivery requirements that are applicable in connection with
the purchase of newly issued Shares by investors; (4) applicable Amex
rules; (5) dissemination of information regarding the underlying value
of each Trust and the share of that underlying value allocable to one
Up MacroShare and one Down MacroShare; (6) trading information; and (7)
suitability obligations of members with respect to recommended
transactions to customers in the Shares (see below).
    In addition, the Information Circular will reference that the
Shares are subject to various fees and expenses described in the
Registration Statement on Form S-1 for the Up MacroShares or the Down
MacroShares, as applicable.\22\ The Information Circular will discuss
any exemptive, no-action, and interpretive relief granted by the
Commission from any rules under the Exchange Act. It will also
reference the fact that the Commission has no jurisdiction over the
trading of the NYMEX light sweet crude oil futures contract. Finally,
the Information Circular will also advise members that the upside gains
to investors are capped once the price level percentage change of the
Applicable Reference Price of Crude Oil equals or exceeds 100%.
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    \22\ See supra note 4.
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h. Suitability
    The Exchange, in the Information Circular referenced above, will
inform members and member organizations of the characteristics of the
Trusts and the Shares and of applicable Exchange rules, as well as of
the requirements of Amex Rule 411 (Duty to Know and Approve Customers).
    The Exchange notes that pursuant to Amex Rule 411, members and
member organizations are required in connection with recommending
transactions in the Shares to have a reasonable basis to believe that a
customer is suitable for the particular investment given reasonable
inquiry concerning the customer's investment objectives, financial
situation, needs, and any other information known by such member.
i. Surveillance
    The Exchange represents that its surveillance procedures are
adequate to properly monitor the trading of the Shares and to deter and
detect violations of Exchange rules and

applicable federal securities laws.\23\ Specifically, the Amex will
rely on its existing surveillance procedures applicable to derivative
securities products, including Paired Trust Shares, to monitor trading
in the Shares. In addition, the Exchange also has a general policy
prohibiting the distribution of material, non-public information by its
employees.
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    \23\ See May 30 E-mail supra note 17.
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    The Exchange currently has in place a comprehensive surveillance
sharing agreement with the NYMEX for the purpose of providing
information in connection with trading in, or related to, futures
contracts traded on the NYMEX that will serve as the Applicable
Reference Price of Crude Oil. This agreement supports the surveillance
responsibilities of the two exchanges, including monitoring for
fraudulent and manipulative practices in the trading of the Shares. The
Exchange also notes that NYMEX is a member of the Intermarket
Surveillance Group (``ISG'') and a signatory to the existing ISG
Agreement, as is the Amex. Pursuant to the ISG Agreement, NYMEX has the
obligation to provide relevant surveillance information in response to
a request from Amex.\24\
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    \24\ See id.
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2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \25\ that a national securities
exchange have rules that are designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, 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 that the proposed rule
amendments will facilitate the listing and trading of additional types
of exchange-traded products that will enhance competition among market
participants, to the benefit of investors and the marketplace. In
addition, the listing and trading criteria set forth in the proposed
rules are intended to protect investors and the public interest.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition 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 on the proposed rule change were neither solicited
nor received.

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

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    A. By order approve such proposed rule change, or
    B. Institute proceedings to determine whether the proposed rule
change should be disapproved.
    The Exchange has requested accelerated approval of this proposed
rule change prior to the 30th day after the date of publication of the
notice of the filing thereof. The Commission is considering granting
accelerated approval of the proposed rule change at the end of a 15-day
comment period.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-Amex-2008-36 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-Amex-2008-36. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of 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-Amex-2008-36 and should be
submitted on or before June 26, 2008.
---------------------------------------------------------------------------

    \26\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-13030 Filed 6-10-08; 8:45 am]

BILLING CODE 8010-01-P


Page 1 of 2 Memorandum From: Jan Matuszko USEPA/ OW/ OST ph: ( 202) 566 1035 matuszko. jan@ epa. gov To: 304( m) Record ( EPA Docket Number OW 2003 0074)

Date: December 1, 2003 Re: Status of Timber Products Processing ( CFR Part 429) Review During EPA's screening level analysis for its effluent guidelines program plan for 2004, EPA identified timber products processing as a Group II category. This industry currently ranks 29th and 2nd in TRI and PCS rankings, respectively. This category covers wood preserving ( which we estimate to be the major source of toxic releases), sawmills, and " manufactured wood products" such as plywood, oriented strand board, and particle board. The effluent guidelines for several Timber Products subcategories are zero discharge of " process wastewater." Noncontact cooling water, material storage yard runoff, and boiler blowdown are explicitly excluded from the definition of process wastewater. The primary pollutants discharged ( pounds of pollutants collectively discharged in the highest quantities) by this industry are ammonia nitrogen, BOD 5, COD, TSS, and creosote. The lb equivalent results, however, are largely driven by dioxin and polyaromatic hydrocarbon compounds.

EPA recently proposed National Emission Standards for Hazardous Air Pollutants ( NESHAPs) for the Plywood and Composite Wood Products industrial category ( 40 CFR Part 63, Subpart DDDD) based on the use of wet air pollution control ( January 9, 2003; 68 FR 1276). Industry has requested EPA amend the effluent guidelines in 40 CFR part 429 which require no discharge of process wastewater pollutants, to allow discharge of wastewaters from air pollution control devices ( APCD) operation and maintenance. Industry suggests that effluent limitations for these wastewaters be developed by permit writers on a case by case basis using BPJ.

The preamble to the proposed NESHAP stated that EPA " will consider, through the CWA section 304( m) planning process, whether it is appropriate to revise part 429 at a later time," ( 68 FR 1305). We are still considering whether to revise Part 429 to address wastewaters associated with the APCD operation and maintenance.

As noted above, we estimate that wood preserving is the major source of toxic releases reported by this industry category. EPA and wood preservers have voluntarily agreed to cancel certain chromated copper arsenate ( CCA) wood preservative products and terminate certain uses Page 2 of 2 of other CCA products ( 68 FR 17366; April 9, 2003). These changes, when fully implemented, may affect the toxicity of discharged process wastewater.

The PCS results indicate that only a few facilities are primarily contributing pollutants collectively for this category; however, TRI results indicate that the pollutant discharges may be more widespread. We will continue investigating the pollutant discharges from this industry with a focus on the wood preserving subcategories.


Comment Info: =================

General Comment:Vaping has completely changed my life. I went from smoking a pack a day, to quitting instantly with the help of e-cigarettes. I've converted over 20 smokers to vapers, and changed their lives drastically as well. I don't smell like smoke, and neither does my clothes, house, and car. I FEEL better, and it's all because of vaping.

A 75 day comment period is insufficient time for the vaping industry and the wider vaping community to comment on the proposed deeming regulations. I would respectfully request that the period for comment be extended to 180 days.


[Federal Register Volume 86, Number 90 (Wednesday, May 12, 2021)]
[Notices]
[Pages 26112-26113]
[FR Doc No: 2021-10054]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91788; File No. SR-NSCC-2021-002]

Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Designation of Longer Period for Commission
Action and Longer Period for Comment on Proposed Rule Change To Amend
the Supplemental Liquidity Deposit Requirements

May 7, 2021.

I. Introduction

    On March 5, 2021, National Securities Clearing Corporation
(``NSCC'') filed with the Securities and Exchange Commission
(``Commission'') proposed rule change SR-NSCC-2021-002 (the ``Proposed
Rule Change'') pursuant to Section 19(b)(1) of the Securities Exchange
Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder \2\ to amend its
supplemental liquidity deposit requirements.\3\ The Proposed Rule
Change was published for comment in the Federal Register on March 24,
2021,\4\ and the Commission has received comments in support of the
changes proposed therein.\5\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Notice of Filing, infra note 4, at 86 FR 15738. On March
5, 2021, NSCC also filed the proposals contained in the Proposed
Rule Change as advance notice SR-NSCC-2021-801 (the ``Advance
Notice'') with the Commission pursuant to Section 806(e)(1) of the
Dodd-Frank Wall Street Reform and Consumer Protection Act entitled
the Payment, Clearing, and Settlement Supervision Act of 2010
(``Clearing Supervision Act''), 12 U.S.C. 5465(e)(1), and Rule 19b-
4(n)(1)(i) of the Act, 17 CFR 240.19b-4(n)(1)(i). Notice of filing
of the Advance Notice was published in the Federal Register on March
24, 2021. Securities Exchange Act Release No. 91347 (March 18,
2021), 86 FR 15750 (March 24, 2021) (File No. SR-NSCC-2021-801).
    \4\ Securities Exchange Act Release No. 91350 (March 18, 2021),
86 FR 15738 (March 24, 2021) (File No. SR-NSCC-2021-002) (``Notice
of Filing'').
    \5\ Comments are available at https://www.sec.gov/comments/sr-nscc-2021-002/srnscc2021002.htm. To date, the comments received
generally support the proposal.

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

    Section 19(b)(2) of the Act \6\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the notice for the proposed rule change
is effectively May 7, 2021.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission is extending the 45-day time period for Commission
action on the proposed rule change. The Commission finds that it is
appropriate to designate a longer period within which to take action on
the proposed rule change so that it has sufficient time to consider and
take action on the proposed rule change.
    Accordingly, pursuant to Section 19(b)(2) of the Act \7\ and for
the reasons stated above, the Commission designates June 21, 2021 as
the date by which the Commission shall either approve, disapprove, or
institute proceedings to determine whether to disapprove the proposed
rule change (File No. SR-NSCC-2021-002).
---------------------------------------------------------------------------

    \7\ Id.
---------------------------------------------------------------------------

    The Commission also seeks to extend the comment period to help
further inform its analysis of the proposed rule change. The comment
period for the proposed rule change ended on April 14, 2021.\8\ As of
May 5, 2021, the Commission has received numerous comment letters to
the proposed rule change.\9\ The Commission is extending the comment
period for the proposed rule change to allow interested persons
additional time to analyze the issues and prepare their comments.
Accordingly, the Commission designates May 31, 2021 as the date
comments should be submitted on or before.
---------------------------------------------------------------------------

    \8\ Notice of Filing, supra note 4, 86 FR at 15738.
    \9\ See supra note 5. The comments received generally support
the proposal, although they do not generally provide substantive
analysis of the proposal.
---------------------------------------------------------------------------

    Specifically, the Commission invites interested persons to provide
views, data, and arguments concerning the proposed rule change,
including whether the proposed rule change is consistent with the Act
and the applicable rules or regulations thereunder. Please note that
comments previously received on the substance of the proposed rule
change will be considered together with comments submitted in response
to this notice. Therefore, while commenters are free to submit
additional comments at this time, they need not re-submit earlier
comments.
    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-NSCC-2021-002 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NSCC-2021-002. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of NSCC and on DTCC's website
(http://dtcc.com/legal/sec-rule-filings.aspx). 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-NSCC-2021-002 and should be submitted on
or before June 2, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-10054 Filed 5-11-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 191 (Monday, October 3, 2016)]
[Notices]
[Pages 68068-68069]
[FR Doc No: 2016-23762]

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

SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC
20549-2736

Extension:
    Regulation S-AM; SEC File No. 270-548, OMB Control No. 3235-
0609.

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and
Exchange Commission (``Commission'') is soliciting comments on the
existing collection of information provided for in Regulation S-AM (17
CFR part 248, subpart B), under the Fair Credit Reporting Act (15
U.S.C. 1681 et seq.) (``FCRA''), the Securities Exchange Act of 1934
(15 U.S.C. 78a et seq.), the Investment Company Act of 1940 (15 U.S.C.
80a-1 et seq.), and the Investment Advisers Act of 1940 (15 U.S.C. 80b-
1 et seq.). The Commission plans to submit this existing collection of
information to the Office of Management and Budget (``OMB'') for
extension and approval.
    Regulation S-AM implements the requirements of Section 624 of the
FCRA (15 U.S.C. 1681s-3) with respect to investment advisers and
transfer agents registered with the Commission, as well as brokers,
dealers and investment companies (collectively, ``Covered Persons'').
Section 624 and Regulation S-AM limit a Covered Person's use of certain
consumer financial information received from an affiliate to solicit a
consumer for marketing purposes, unless the consumer has been given
notice and a reasonable opportunity and a reasonable and simple method
to opt out of such solicitations. Regulation S-AM potentially applies
to all of the approximately 32,061 Covered Persons registered with the
Commission, although only approximately 17,954 of them have one or more
corporate affiliates, and the regulation requires only approximately
3,206 to provide consumers with an affiliate marketing notice and an
opt-out opportunity.
    The Commission staff estimates that there are approximately 17,954
Covered Persons having one or more affiliates, and that they each spend
an average of 0.20 hours per year to review affiliate marketing
practices, for, collectively, an estimated annual time burden of 3,591
hours at an annual internal staff cost of approximately $1,798,991. The
staff also estimates that approximately 3,206 Covered Persons provide
notice and opt-out opportunities to consumers, and that they each spend
an average of 7.6 hours per year creating notices, providing notices
and opt-out opportunities, monitoring the opt-out notice process,
making and updating records of opt-out elections, and addressing
consumer questions and concerns about opt-out notices, for,
collectively, an estimated annual time burden of 24,366 hours at an
annual internal staff cost of approximately $4,489,806. Thus, the staff
estimates that the collection of information requires a total of
approximately 17,954 respondents to incur an estimated annual time
burden of a total of 27,957 hours at a total annual internal cost of

compliance of approximately $6,288,897.
    Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed collection of information; (c)
ways to enhance the quality, utility, and clarity of the information
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology.
Consideration will be given to comments and suggestions submitted in
writing within 60 days of this publication.
    An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
    Please direct your written comments to: Pamela Dyson, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or send an email
to<EMAIL_ADDRESS>
    Dated: September 27, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-23762 Filed 9-30-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 88, Number 68 (Monday, April 10, 2023)]
[Proposed Rules]
[Pages 21142-21144]
[FR Doc No: 2023-07301]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2023-0881; Airspace Docket No. 22-AEA-34]
RIN 2120-AA66

Amendment of VOR Federal Airways V-469 and V-501, and Revocation
of VOR Federal Airway V-474 in the Vicinity of St. Thomas, PA

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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

SUMMARY: This action proposes to amend Very High Frequency (VHF)
Omnidirectional Range (VOR) Federal airways V-469 and V-501, and revoke
V-474. The FAA is proposing this action due to the planned
decommissioning of the VOR portion of the St. Thomas, PA (THS), VOR/
Tactical Air Navigation (VORTAC) navigational aid (NAVAID). The St.
Thomas VOR is being decommissioned in support of the FAA's VOR Minimum
Operational Network (MON) program.

DATES: Comments must be received on or before May 25, 2023.

ADDRESSES: Send comments identified by FAA Docket No. FAA-2023-0881 and
Airspace Docket No. 22-AEA-34 using any of the following methods:
    * Federal eRulemaking Portal: Go to www.regulations.gov and follow
the

online instructions for sending your comments electronically.
    * Mail: Send comments to Docket Operations, M-30; U.S. Department
of Transportation, 1200 New Jersey Avenue SE, Room W12-140, West
Building Ground Floor, Washington, DC 20590-0001.
    * Hand Delivery or Courier: Take comments to Docket Operations in
Room W12-140 of the West Building Ground Floor at 1200 New Jersey
Avenue SE, Washington, DC, between 9 a.m. and 5 p.m., Monday through
Friday, except Federal holidays.
    * Fax: Fax comments to Docket Operations at<PHONE_NUMBER>.
    Docket: Background documents or comments received may be read at
www.regulations.gov at any time. Follow the online instructions for
accessing the docket or go to the Docket Operations in Room W12-140 of
the West Building Ground Floor at 1200 New Jersey Avenue SE,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.
    FAA Order JO 7400.11G, Airspace Designations and Reporting Points,
and subsequent amendments can be viewed online at www.faa.gov/air_traffic/publications/. You may also contact the Rules and
Regulations Group, Office of Policy, Federal Aviation Administration,
800 Independence Avenue SW, Washington DC 20591; telephone: (202) 267-
8783.

FOR FURTHER INFORMATION CONTACT: Colby Abbott, Rules and Regulations
Group, Office of Policy, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
the airspace necessary to ensure the safety of aircraft and the
efficient use of airspace. This regulation is within the scope of that
authority as it would modify the National Airspace System (NAS) as
necessary to preserve the safe and efficient flow of air traffic.

Comments Invited

    The FAA invites interested persons to participate in this
rulemaking by submitting written comments, data, or views. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal. The most
helpful comments reference a specific portion of the proposal, explain
the reason for any recommended change, and include supporting data. To
ensure the docket does not contain duplicate comments, commenters
should submit only one time if comments are filed electronically, or
commenters should send only one copy of written comments if comments
are filed in writing.
    The FAA will file in the docket all comments it receives, as well
as a report summarizing each substantive public contact with FAA
personnel concerning this proposed rulemaking. Before acting on this
proposal, the FAA will consider all comments it receives on or before
the closing date for comments. The FAA will consider comments filed
after the comment period has closed if it is possible to do so without
incurring expense or delay. The FAA may change this proposal in light
of the comments it receives.
    Privacy: In accordance with 5 U.S.C. 553(c), DOT solicits comments
from the public to better inform its rulemaking process. DOT posts
these comments, without edit, including any personal information the
commenter provides, to www.regulations.gov, as described in the system
of records notice (DOT/ALL-14 FDMS), which can be reviewed at
www.dot.gov/privacy.

Availability of Rulemaking Documents

    An electronic copy of this document may be downloaded through the
internet at www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's web page at
www.faa.gov/air_traffic/publications/airspace_amendments/.
    You may review the public docket containing the proposal, any
comments received and any final disposition in person in the Dockets
Operations office (see ADDRESSES section for address, phone number, and
hours of operations). An informal docket may also be examined during
normal business hours at the office of the Operations Support Group,
Central Service Center, Federal Aviation Administration, 10101 Hillwood
Parkway, Fort Worth, TX, 76177.

Incorporation by Reference

    VOR Federal airways are published in paragraph 6010(a) of FAA Order
JO 7400.11, Airspace Designations and Reporting Points, which is
incorporated by reference in 14 CFR 71.1 on an annual basis. This
document proposes to amend the current version of that order, FAA Order
JO 7400.11G, dated August 19, 2022, and effective September 15, 2022.
These updates would be published in the next update to FAA Order JO
7400.11. That order is publicly available as listed in the ADDRESSES
section of this document.
    FAA Order JO 7400.11G lists Class A, B, C, D, and E airspace areas,
air traffic service routes, and reporting points.

Background

    The FAA is planning to decommission the VOR portion of the St.
Thomas, PA, VORTAC in November 2023. The St. Thomas VOR is one of the
candidate VORs identified for discontinuance by the FAA's VOR MON
program and listed in the Final policy statement notice, ``Provision of
Navigation Services for the Next Generation Air Transportation System
(NextGen) Transition to Performance-Based Navigation (PBN) (Plan for
Establishing a VOR Minimum Operational Network),'' published in the
Federal Register on July 26, 2016 (81 FR 48694), Docket No. FAA-2011-
1082.
    Although the VOR portion of the St. Thomas VORTAC is planned for
decommissioning, the co-located Tactical Air Navigation (TACAN) portion
of the NAVAID is being retained to provide navigational service for
military operations and Distance Measuring Equipment (DME) service
supporting current and future NextGen PBN flight procedure
requirements.
    The VOR Federal airways affected by the planned decommissioning of
the St. Thomas VOR are V-469, V-474, and V-501. With the planned
decommissioning of the St. Thomas VOR, the remaining ground-based
NAVAID coverage in the area is insufficient to enable the continuity of
the affected airways. As such, proposed modifications to V-469 would
result in a gap in the airway, to V-474 would result in the airway
being revoked, and to V-501 would result in the airway being amended to
replace the St. Thomas VORTAC route point with a reporting point Fix.
    To address the affected airway proposed amendments and revocation,
instrument flight rules (IFR) traffic could receive air traffic control
(ATC) radar vectors or use adjacent VOR Federal airways V-12, V-268, or
V-377 to fly around or through the affected

area. Additionally, pilots equipped with RNAV capabilities could also
navigate point to point using the existing fixes that would remain in
place to support continued operations though the affected area. Visual
flight rules (VFR) pilots who elect to navigate via the affected VOR
Federal airways could also take advantage of the adjacent airways or
ATC services listed previously.
    Prior to this NPRM, the FAA published a rule for Docket No. FAA-
2022-1424 in the Federal Register (88 FR 18026; March 27, 2023)
amending V-474 by removing the airway segment overlying the Indian
Head, PA, VORTAC between the intersection of the Morgantown, WV, VOR/
Distance Measuring Equipment (VOR/DME) 010[deg] and Johnstown, PA, VOR/
DME 260[deg] radials (NESTO Fix) and the St. Thomas, PA, VORTAC. The V-
474 airway amendment is effective June 15, 2023 and is reflected in
this action.

The Proposal

    The FAA is proposing an amendment to 14 CFR part 71 to amend VOR
Federal airways V-469 and V-501, and revoke V-474 due to the planned
decommissioning of the VOR portion of the St. Thomas, PA, VORTAC. The
proposed airway actions are described below.
    V-469: V-469 currently extends between the Danville, VA, VORTAC and
the Woodstown, NJ, VORTAC. The FAA proposes to remove the airway
segment between the Johnstown, PA, VOR/DME and the Harrisburg, PA,
VORTAC. As amended, the airway would be changed to extend between the
Danville VORTAC and the Johnstown VOR/DME and between the Harrisburg
VORTAC and the Woodstown VORTAC.
    V-474: V-474 currently extends between the St. Thomas, PA, VORTAC
and the Modena, PA, VORTAC. The FAA proposes to remove the airway in
its entirety.
    V-501: V-501 currently extends between the Martinsburg, WV, VORTAC
and the Philipsburg, PA, VORTAC. The FAA proposes to remove the St.
Thomas, PA, VORTAC airway point and replace it with the VINSE reporting
point Fix at the intersection of the Harrisburg, PA, VORTAC
244[deg](T)/254[deg](M) and Philipsburg, PA, VORTAC 178[deg](T)/
188[deg](M) radials. The VINSE Fix is being added to the Low Enroute
charts and is located approximately three nautical miles north of the
St. Thomas VORTAC. As amended, the airway would continue to extend
between the Martinsburg VORTAC and the Philipsburg VORTAC.
    The NAVAID radials listed in the V-469 description below are
unchanged and stated in degrees True north. The NAVAID radials listed
in the V-501 description below are proposed and stated in degrees True
(T) north and Magnetic (M) north.

Regulatory Notices and Analyses

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

Environmental Review

    This proposal will be subject to an environmental analysis in
accordance with FAA Order 1050.1F, ``Environmental Impacts: Policies
and Procedures'' prior to any FAA final regulatory action.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

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

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

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1. The authority citation for 14 CFR part 71 continues to read as
follows:

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

Sec.  71.1  [Amended]

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2. The incorporation by reference in 14 CFR 71.1 of FAA Order JO
7400.11G, Airspace Designations and Reporting Points, dated August 19,
2022, and effective September 15, 2022, is amended as follows:

Paragraph 6010(a) Domestic VOR Federal Airways.

* * * * *

V-469 [Amended]

    From Danville, VA; Lynchburg, VA; INT Lynchburg 347[deg] and
Elkins, WV, 142[deg] radials; Elkins; Morgantown, WV; INT Morgantown
010[deg] and Johnstown, PA, 260[deg] radials; to Johnstown. From
Harrisburg, PA; Dupont, DE; to Woodstown, NJ.
* * * * *

V-474 [Removed]

* * * * *

V-501 [Amended]

    From Martinsburg, WV; Hagerstown, MD; INT Harrisburg, PA,
244[deg](T)/254[deg](M) and Philipsburg, PA, 178[deg](T)/188[deg](M)
radials; to Philipsburg.
* * * * *

    Issued in Washington, DC, on April 3, 2023.
Brian Konie,
Acting Manager, Airspace Rules and Regulations.
[FR Doc. 2023-07301 Filed 4-7-23; 8:45 am]
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