[Federal Register Volume 79, Number 233 (Thursday, December 4, 2014)]
[Notices]
[Pages 72036-72039]
[FR Doc No: 2014-28473]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73701; File No. SR-NYSEArca-2014-135]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change to Reflect a Change
to the Process for Determining the Benchmark Values Used by the ETFS
Platinum Trust, ETFS Palladium Trust, ETFS Precious Metals Trust and
ETFS White Metals Basket Trust

November 28, 2014.
    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 25, 2014, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 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 change rule [sic] to reflect a change to
the process for determining the benchmark values used by the ETFS
Platinum Trust, the ETFS Palladium Trust, the ETFS Precious Metals
Trust and the ETFS White Metals Basket Trust, each of which is
currently listed on the Exchange under NYSE Arca Equities Rule 8.201,
with respect to calculation of the net asset value of shares of each
such trust. The text of the proposed rule change is available on the
Exchange's Web site at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to reflect a change in the administrative
process for determining the benchmark values used by the ETFS Platinum
Trust, the ETFS Palladium Trust, the ETFS Precious Metals Trust and the
ETFS White Metals Basket Trust (each a ``Trust'' and, collectively, the
``Trusts'') with respect to calculation of the net asset value
(``NAV'') of shares (``Shares'') of each such Trust. The Trusts are
listed and traded pursuant to NYSE Arca Equities Rules 8.201 for
Commodity-Based Trust Shares. The sponsor for the Trusts is ETFS
Services USA LLC (``Sponsor'').
    The proposed administrative change would replace as of the close of
business November 30, 2014 references to the ``London AM Fix'' and
``London PM Fix,'' (collectively, the ``London Fix''), the current
platinum and palladium price mechanism that the London Platinum and
Palladium Fixing Company Limited (the ``LPPFCL'') manually administers,
with an electronic platinum and palladium bullion price fixing system
(known as LMEbullion) administered by the London Metal Exchange
(``LME''),\4\ as described below.
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    \4\ The LME is regulated by the Financial Conduct Authority
(FCA), an independent non-governmental body which exercises
statutory regulatory power under the Financial Services and Markets
Act of 2000 of the United Kingdom and which also regulates the major
participating members of the London Bullion Market Association and
the London Platinum and Palladium Market (the ``LPPM'').
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Revised London Fix Procedures for Platinum and Palladium
    On November 18, 2014, the Sponsor issued a press release (``Press
Release'') stating that the LPPFCL has announced its intention to
revise the London Fix pricing benchmark processes for platinum and
palladium after November 30, 2014. The afternoon session of the London
Fix has been the ``Benchmark Price'' for valuation of platinum and
palladium bullion held respectively by each of the Trusts. The LPPFCL
has accepted a proposal by the LME to administer revised platinum and
palladium price benchmark mechanisms on its behalf. Commencing December
1, 2014, the LME will operate platinum and palladium bullion price
fixing systems (LMEbullion) that will replicate electronically the
current manual London Fix processes employed by the LPPFCL as well as
provide electronic market clearing processes for platinum and palladium
bullion transactions at the fixed prices established by the LME pricing
mechanism.\5\ The new electronic price fixing processes to be used by
the LME will continue to establish and publish fixed prices for troy
ounces of platinum and palladium twice each London trading day during
fixing sessions beginning at 9:45 a.m. London time (the ``LME AM Fix'')
and 2:00 p.m. London time (the ``LME PM Fix''). In addition to
utilizing the same London Fix standards and methods, the LME will also
supervise the platinum and palladium electronic price fixing processes
through its market operations, compliance, internal audit and third-
party complaint handling capabilities in order to support the integrity
of the LME AM and PM Fixes.
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    \5\ In a press release dated October 16, 2014, LME stated that
LME's electronic solution relating to the fix for platinum and
palladium, LMEbullion, will provide a pricing methodology that fully
meets the administrative and regulatory needs of market participants
including the International Organization of Securities Commissions
(``IOSCO'') Principles for Financial Benchmarks.
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    The Sponsor anticipates that, commencing December 1, 2014, the
Sponsor will determine that the LME PM Fix will continue to be an
appropriate basis for valuing platinum and palladium, as applicable,
received upon purchase of a Trust's Shares, delivered upon redemption
of a Trust's Shares and for determining the value of a Trust's platinum
and palladium bullion, as applicable each trading day. The Sponsor also
expects to determine that the LME PM Fix will fairly represent the
commercial value of platinum and palladium bullion, as applicable, held
by each Trust.
Exchange-Listed Platinum and Palladium-based Products
    The Exchange lists and trades shares of exchange traded products
that reference the London Fix for one or more purposes. Specifically,
the Exchange lists and trades shares of the ETFS Platinum Trust \6\,
the ETFS

Palladium Trust \7\, the ETFS White Metals Basket Trust \8\ and the
ETFS Precious Metals Basket Trust,\9\ each of which is currently listed
on the Exchange under NYSE Arca Equities Rule 8.201.
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    \6\ See Securities Exchange Act Release Nos. 60970 (November 9,
2009), 74 FR 59319 (November 17, 2009) (SR-NYSEArca-2009-95) (notice
of filing of proposed rule change to list and trade shares of the
ETFS Platinum Trust) (``ETFS Platinum Notice''); 61220 (December 22,
2009), 74 FR 68886 (December 29, 2009) (SR-NYSEArca-2009-95) (order
approving proposed rule change to list and trade shares of the ETFS
Platinum Trust).
    \7\ See Securities Exchange Act Release Nos. 60971 (November 9,
2009), 74 FR 59283 (November 17, 2009) (SR-NYSEArca-2009-94) (notice
of filing of proposed rule change to list and trade shares of the
ETFS Palladium Trust) (``ETFS Palladium Notice''); 61220 (December
22, 2009), 74 FR 68895 (December 29, 2009) (SR-NYSEArca-2009-94)
(order approving proposed rule change to list and trade shares of
the ETFS Palladium Trust).
    \8\ See Securities Exchange Act Release No. 62620 (July 30,
2010), 75 FR 47655 (August 6, 2010) (SR-NYSEArca-2010-71) (notice of
filing of proposed rule change to list and trade shares of the ETFS
White Metals Basket Trust); 62875 (September 9, 2010), 75 FR 56156
(September 15, 2010) (SR-NYSEArca-2010-71) (order approving proposed
rule change to list and trade shares of the ETFS White Metals Basket
Trust).
    \9\ See Securities Exchange Act Release No. 62402 (June 29,
2010), 75 FR 39292 (July 8, 2010) (SR-NYSEArca-2010-56) (notice of
filing of proposed rule change to list and trade shares of the ETFS
Precious Metals Basket Trust); 62692 (August 11, 2010), 75 FR 50789
(August 17, 2010) (order approving proposed rule change to list and
trade shares of the ETFS Precious Metals Basket Trust).
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    With respect to the Trusts, the NAV of Shares of the respective
Trusts is based on the London PM Fix, as described in the applicable
rule filings relating to listing and trading of Shares of each of the
Trusts \10\ and in the registration statement under the Securities Act
of 1933 Act (``1933 Act'') relating to each such Trust.\11\ After
November 30, 2014, the Trusts will utilize the benchmark price
ascertained through the LME administered electronic fixing process for
purposes of calculating the NAV of such Trust's Shares. The Sponsor of
the Trusts has represented that, on December 1, 2014, the Sponsor
intends to use the LME PM Fix for purposes of determining the net asset
value of Shares of the Trusts. Accordingly, the Exchange proposes to
change the benchmark price used by the Trusts for calculation of the
NAV of Shares of each of such Trust to the LME PM Fix.
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    \10\ As described in the ETFS Platinum Notice and the ETFS
Palladium Notice, twice daily during London trading hours there is a
fix which provides reference platinum and palladium prices for that
day's trading. Many long-term contracts will be priced on the basis
of either the morning (AM) or afternoon (PM) London Fix, and market
participants will usually refer to one or the other of these prices
when looking for a basis for valuations. The London Fix is the most
widely used benchmark for daily platinum and palladium prices and is
quoted by various financial information sources. The LPPM designated
the LPPFCL to administer the London Fix. Formal participation in the
London Fix is traditionally limited to four firms, each of which is
a bullion dealer and a member of the LPPM. The chairmanship now
rotates annually among the four LPPM fixing member firms. The
morning session of the fix starts at 9:45 a.m. London time and the
afternoon session starts at 2:00 p.m. London time. The four LPPM
fixing members are currently: BASF SE., Goldman Sachs Group Inc.,
HSBC Holdings and Standard Bank PLC. Any other market participant
wishing to participate in platinum and palladium trading on the fix
is required to do so through one of the four LPPM fixing members.
Orders are placed either with one of the four LPPM fixing members or
with another precious metals dealer who will then be in contact with
a LPPM fixing member during the fixing. The fixing members net-off
all orders when communicating their net interest at the fixing. The
fix begins with the fixing chairman suggesting a ``trying price,''
reflecting the market price prevailing at the opening of the fix.
This is relayed by the fixing members to their dealing rooms which
have direct communication with all interested parties. Any market
participant may enter the fixing process at any time, or adjust or
withdraw his order. The platinum or palladium price is adjusted up
or down until all the buy and sell orders are matched, at which time
the price is declared fixed. All fixing orders are transacted on the
basis of this fixed price, which is instantly relayed to the market
through various media. The London Fix is widely viewed as a full and
fair representation of all market interest at the time of the fix.
    \11\ See the registration statement for the ETFS Palladium Trust
on Form S-3, filed with the Commission on April 17, 2014 (No. 333-
195335); the registration statement for the ETFS Platinum Trust on
Form S-3ASR, filed with the Commission on June 3, 2013, and Post-
Effective Amendment No. 1 thereto, filed with the Commission on June
5, 2013 (File No. 333-189061); Post-Effective Amendment No. 1 to the
registration statement for the ETFS Precious Metals Trust on Form S-
3, filed with the Commission on August 13, 2014 (No. 333-195675);
and Post-Effective Amendment No. 1 to the registration statement for
the ETFS White Metals Basket Trust on Form S-1, filed with the
Commission on August 13, 2014 (No. 333-195441) (each a
``Registration Statement'' and, collectively, the ``Registration
Statements'').
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    Each LME AM and PM Fix is widely expected to be viewed as a full
and fair representation of all market interest. The LME's electronic
price fixing processes are similar to the non-electronic processes
previously used to establish the applicable London Fix where the London
Fix process adjusted the platinum or palladium price up or down until
all the buy and sell orders entered by LPPM fixing members are matched,
at which time the price was declared fixed. Nevertheless, the LME AM
and PM Fixes have several advantages over the previous London Fix. The
LME's electronic price fixing processes will be fully transparent in
real time to the platinum and palladium market participants and, at the
close of each electronic fixing, to the general public. The LME AM and
PM Fixes are also to be established by more LBBM [sic] members
(initially approximately ten) than was the London Fix (four LPPM fixing
members). The LME's electronic price fixing processes also will be
fully auditable by third parties since an audit trail exists from the
beginning of each fixing session. Moreover, the market operation,
compliance, internal audit and third-party complaint handling
capabilities of the LME will support the integrity of the LME AM and PM
Fix.\12\
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    \12\ The Prudential Regulation Authority (PRA) at the Bank of
England has overall responsibility for the prudential regulation of
banks, building societies, credit unions, insurers and major
investment firms, many of whom are active in the bullion market. The
conduct of financial institutions is overseen by the Financial
Conduct Authority (FCA), which was formed from the former Financial
Services Authority and is separate from the Bank of England.
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    The Exchange believes the new LME electronic price fixing processes
will serve as an appropriate replacement to the London Fix for purposes
of determining the NAV of Shares of the Trusts because of the
transparency of the fixing process, the anticipated participation of an
increased number of market participants compared to the London Fix, and
the auditability of the palladium and platinum pricing mechanism.
    In connection with this proposed rule change, (1) the Sponsor of
the Trusts will issue a press release informing the public of the date
a Trust will first use the LME PM Fix to value the palladium or
platinum, as applicable, held by a Trust; (2) the Sponsor will file the
applicable press release with the Commission by means of Form 8-K,
which will be available on the applicable Trust's Web site; and (3) the
Sponsor will file an amendment to the applicable Registration Statement
relating to the proposed change.\13\
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    \13\ The Sponsor for the Trusts represents that it manages the
Trusts in the manner described in the applicable proposed rule
change (see supra, notes 6-9), and will not implement the changes
described herein until the instant proposed rule change is
operative.
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    The Sponsor for the Trusts represents that there is no change to
the investment objective of the applicable Trust from that described in
the applicable proposed rule change.\14\ The Trusts will be subject to
all initial and continued listing requirements under NYSE Arca Equities
Rule 8.201.
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    \14\ See supra, notes 6-9.
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    Except for the changes noted above, all other facts presented and
representations made in the proposed rule changes referenced above
remain unchanged.

    All terms referenced but not defined herein are defined in the
applicable proposed rule changes referenced above.\15\
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    \15\ See supra, notes 6-9.
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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) \16\ that an exchange have rules that
are 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, in general, to protect investors and the public interest.
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    \16\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that,
according to the LME press release, the new LMEbullion fixing processes
will provide a pricing methodology that fully meets the administrative
and regulatory needs of market participants, including the IOSCO
Principles for Financial Benchmarks (the ``IOSCO Principles'').\17\ In
order to meet the IOSCO Principles, the LMEbullion electronic process
will be auditable and transparent. Moreover, the LME AM and PM Fix will
be the clearing prices for platinum and palladium bullion transactions
that will clear through an electronic clearing process that the LME is
establishing simultaneously with the establishment of the LMEbullion
process. The Exchange believes the new LME fixing processes will serve
as an appropriate replacement to the London Fix for platinum and
palladium for purposes of determining the NAV of Shares of the Trusts
because of the transparency of the fixing process, the participation of
an increased number of market participants (initially, approximately
ten LPPM members) compared to the London Fix (four LPPM members), and
the auditability of the pricing mechanism. For each LME AM and PM Fix
session, buying and selling order placements will be displayed
electronically in real time for all platinum and palladium fixing
participants. The LME will observe all fixing session buying and
selling order placements, including the identity of those submitting
orders. In addition, each LME AM and PM Fix and all order placement
information will become publicly available electronically through the
LME via financial news media services (such as, Bloomberg, Thomson
Reuters, FactSet, Metal Radar and other services) instantly after the
conclusion of the fixing process, as described above.
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    \17\ The IOSCO Principles are designed to enhance the integrity,
the reliability and the oversight of benchmarks by establishing
guidelines for benchmark administrators and other relevant bodies in
the following areas: Governance: To protect the integrity of the
benchmark determination process and to address conflicts of
interest; Benchmark quality: To promote the quality and integrity of
benchmark determinations through the application of design factors;
Quality of the methodology: To promote the quality and integrity of
methodologies by setting out minimum information that should be
addressed within a methodology. These principles also call for
credible transition policies in case a benchmark may cease to exist
due to market structure change. Accountability mechanisms: To
establish complaints processes, documentation requirements and audit
reviews. The IOSCO Principles provide a framework of standards that
might be met in different ways, depending on the specificities of
each benchmark. In addition to a set of high level principles, the
framework offers a subset of more detailed principles for benchmarks
having specific risks arising from their reliance on submissions
and/or their ownership structure. For further information concerning
the IOSCO Principles, see http://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf.
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    The proposed change will permit the Trusts to continue to function
as platinum- and palladium-based exchange-traded products by utilizing
a new price mechanism to replace the London Fix, which is not expected
to be available after November 30, 2014, and that will provide a sound
and reasonable basis for calculation of NAV. Such prices will be widely
disseminated by one or more major market data vendors and/or exchanges.
Prior to or following the effectiveness of this proposed rule change,
(1) the Sponsor of the Trusts will issue a press release informing the
public of the date a Trust will first use the LME Fix to value the
platinum and palladium held by a Trust; (2) the Sponsor of the Trusts
will file the applicable press release with the Commission by means of
Form 8-K, which will be available on the applicable Trust's Web site;
and (3) the Sponsor will file an amendment to the applicable
Registration Statements under the 1933 Act relating to the proposed
change. Such press releases and Registration Statement amendments will
protect investors and the public interest by providing notification to
investors of the new LME price mechanism prior to the use of the LME PM
Fix by the Trusts. The Sponsor represents that there is no change to
the investment objective of the applicable Trust from that described in
the applicable proposed rule change. The Trusts will comply with all
initial and continued listing requirements under NYSE Arca Equities
Rule 8.201. Except for the changes noted above, all other facts
presented and representations made in proposed rule changes referenced
above remain unchanged.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that the LME's electronic price fixing processes
will be fully transparent in real time to the platinum and palladium
market participants and, at the close of each electronic fixing, to the
general public. The LME's electronic price fixing processes also will
be fully auditable by third parties since an audit trail exists from
the beginning of each fixing session. Moreover, the market operation,
compliance, internal audit and third-party complaint handling
capabilities of the LME will support the integrity of the LME AM and PM
Fix. The Trusts will continue to be listed and traded on the Exchange
pursuant to the initial and continued listing criteria in NYSE Arca
Equities Rule 8.201. Except for the changes noted above, all other
facts presented and representations made in proposed rule changes
referenced above remain unchanged.\18\
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    \18\ See supra, notes 6-9.
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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. The proposed change will
permit the Trusts to continue to function as platinum- or palladium-
based exchange-traded products by utilizing an electronic mechanism to
replace the manual London Fix, which is not expected to be available
after November 30, 2014, and that will provide a sound and reasonable
basis for calculation of NAV.

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 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, the

proposed rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \19\ and Rule 19b-4(f)(6) thereunder.\20\
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    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the 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.
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    The Exchange has asked the Commission to waive the 30-day operative
delay so that the proposal may become operative immediately upon
filing. The Exchange states that the proposed change will provide
additional transparency to platinum and palladium pricing compared to
the previous London Fix for several reasons. The Exchange represents
that LME's electronic price fixing processes will be fully transparent
in real time to the platinum and palladium market participants and, at
the close of each electronic fixing, to the general public. The
Exchange represents that LME's electronic price fixing processes also
will be fully auditable by third parties because an audit trail exists
from the beginning of each fixing session. Moreover, the Exchange
states that the market operation, compliance, internal audit and third-
party complaint handling capabilities of the LME will support the
integrity of the LME AM and PM Fix. The Exchange represents that the
number of platinum and palladium participants that initially are
expected to participate in the LMEbullion fixing process (approximately
ten LPPM members) exceeds the number of market participants determining
the London Fix prior to December 1, 2014 (currently four LPPM fixing
members), and will contribute to the integrity and reliability of the
pricing process.
    The Commission believes that waiver of the operative delay is
consistent with the protection of investors and the public interest.
Waiver of the operative delay will allow the Trusts, whose Shares are
actively traded, to use the LME Fix as the basis for calculating the
NAV by December 1, 2014, thereby facilitating the transition to the new
price mechanism without disruption in trading. Therefore, the
Commission designates the proposed rule change to be operative upon
filing.\21\
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    \21\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \22\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \22\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2014-135 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2014-135. 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 Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing will also 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-NYSEArca-2014-135 and should
be submitted on or before December 26, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2014-28473 Filed 12-3-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: March 28, 2006 (Volume 71, Number 59)]
[Notices]
[Page 15408]
[DOCID:fr28mr06-58]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2114-116 Washington]

Public Utility District No. 2 of Grant County, WA; Notice of
Intent To Hold Public Meetings

March 22, 2006.
    In accordance with the National Environmental Policy Act of 1969
and the Federal Energy Regulatory Commission's (Commission)
regulations, 18 CFR part 380 (Order No. 486, 52 FR 47897), the Office
of Energy Projects has reviewed the application for a new license for
the Priest Rapids Hydroelectric Project No. 2114-116, located on the
mid-Columbia River, near the city of Ellensburg, in portions of Grant,
Yakima, Kittitas, Douglas, Benton, and Chelan Counties, Washington, and
issued a draft Environmental Impact Statement (EIS) for the project on
February 28, 2006.
    Copies of the draft EIS are available for review at the
Commission's Public Reference Branch, Room 2A, located at 888 First
Street, NE., Washington, DC 20426 or may be viewed on the Commission's
Web site at http://www.ferc.gov under the e-Library link by entering

the docket number, P-2114, in the e-Library docket number field. For
assistance, e-mail FERC Online Support at<EMAIL_ADDRESS>or
call toll-free at 1-866-208-3676, or for TTY,<PHONE_NUMBER>.
    You are invited to attend either one or both of two public meetings
that will be held to receive comments on the draft EIS. The time and
location of the meetings are as follows:
    Date: April 19, 2006.
    Time: 2:30 to 5 p.m. and 7 to 9:30 p.m. (PST).
    Place: Moses Lake Convention Center.
    Address: 1475 Nelson Rd., NE., Moses Lake, WA 98837.
    At these meetings, resource agency personnel and other interested
persons will have the opportunity to provide oral and written comments
and recommendations regarding the draft EIS. The meetings will be
recorded by a court reporter, and all statements (verbal and written)
will become part of the Commission's public record for the project.
These meetings are posted on the Commission's calendar located at
http://www.ferc.gov/EventCalendar/EventsList.aspx along with other

related information.
    Whether or not you attend one of these meetings, you are invited to
submit written comments on the draft EIS. Comments should be filed with
Magalie R. Salas, Secretary, Federal Energy Regulatory Commission, 888
First Street, NE., Washington, DC 20426. All comments must be filed by
May 2, 2006, and should reference Project No. 2114-116. Comments may be
filed electronically via the Internet in lieu of paper. The Commission
strongly encourages electronic filings. See 18 CFR 385.2001(a)(1)(iii)
and instructions on the Commission's Web site at http://www.ferc.gov

under the ``e-Library'' link.
    The Commission staff will consider comments made on the draft EIS
in preparing a final EIS for the project. Before the Commission makes a
licensing decision, it will take into account all concerns relevant to
the public interest. The final EIS will be part of the record from
which the Commission will make its decision.
    For further information, contact Charles Hall at<PHONE_NUMBER> or
at<EMAIL_ADDRESS>
Magalie R. Salas,
Secretary.
[FR Doc. E6-4452 Filed 3-27-06; 8:45 am]

BILLING CODE 6717-01-P