[Federal Register: January 10, 2008 (Volume 73, Number 7)]
[Notices]
[Page 1869]
[DOCID:fr10ja08-33]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. EG07-80-000; EG07-81-000; EG07-82-000; EG07-83-000; EG07-
84-000; EG07-85-000; EG07-86-000; EG07-87-000; EG07-88-000; EG07-89-
000; FC07-54-000; FC07-55-000; FC07-56-000; FC07-57-000; FC07-58-000;
FC07-59-000]

NRG Cedar Bayou Development Company, LLC; EnergyCo Cedar Bayou 4,
LLC; Hackberry Wind, LLC; Smoky Hills Wind Farm, LLC; Cloud County Wind
Farm, LLC; Pioneer Prairie Wind Farm I, LLC; Sagebrush Power Partners,
LLC; Tatanka Wind Power, LLC; Snyder Wind Farm, LLC; FPL Energy Point
Beach, LLC; Enbridge Gas New Brunswick Inc.; Enbridge Wind Power Inc.;
Gazifere Inc.; Inuvik Gas Ltd.; NRGreen Power Limited Partnership;
Wirebury Connections Inc.; Notice of Effectiveness of Exempt Wholesale
Generator or Foreign Utility Company Status

December 26, 2007.
    Take notice that during the month of November 2007, the status of
the above-captioned entities as Exempt Wholesale Generators or Foreign
Utility Companies became effective by operation of the Commission's
regulations. 18 CFR 366.7(a).

Kimberly D. Bose,
Secretary.
 [FR Doc. E8-240 Filed 1-9-08; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 56 (Wednesday, March 23, 2011)]
[Rules and Regulations]
[Page 16297]
[FR Doc No: 2011-6880]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2011-0121]

Drawbridge Operation Regulation; Cerritos Channel, Long Beach, CA

AGENCY: Coast Guard, DHS.

ACTION: Notice of temporary deviation from regulations.

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SUMMARY: The Commander, Eleventh Coast Guard District, has issued a
temporary deviation from the regulation governing the operation of the
Commodore Schuyler F. Heim Drawbridge across Cerritos Channel, mile
4.9, at Long Beach, CA. The deviation is necessary to allow the
California Department of Transportation to perform critical repair and
replacement of electrical components for drawspan operation.

DATES: This deviation is effective from 7 a.m. to 7 p.m. on March 26,
2011.

ADDRESSES: Documents mentioned in this preamble as being available in
the docket are part of the docket USCG-2011-0121 and are available
online by going to http://www.regulations.gov, inserting USCG-2011-0121
in the ``Keyword'' box and then clicking ``Search''. They are also
available for inspection or copying at the Docket Management Facility
(M-30), U.S. Department of Transportation, West Building Ground Floor,
Room W12-140, 1200 New Jersey Avenue, SE., Washington, DC 20590,
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or e-mail David H. Sulouff, Chief, Bridge Section, Eleventh Coast
Guard District; telephone<PHONE_NUMBER>, e-mail
<EMAIL_ADDRESS>If you have questions on viewing the docket,
call Renee V. Wright, Program Manager, Docket Operations, telephone
202-366-9826.

SUPPLEMENTARY INFORMATION: The California Department of Transportation
requested a temporary change to the operation of the Commodore Schuyler
F. Heim Drawbridge, mile 4.9, over Cerritos Channel, at Long Beach, CA.
The drawbridge navigation span provides a vertical clearance of 37 feet
above Mean High Water in the closed-to-navigation position and 163 feet
in the full open to navigation position. As required by 33 CFR 117.147,
the draw shall open on signal; except that, from 6:30 a.m. to 8 a.m.
and 3:30 p.m. to 6 p.m., Monday through Friday except Federal holidays,
the draw need not be opened for the passage of vessels. Navigation on
the waterway is commercial, recreational, search and rescue, and law
enforcement.
    The drawspan will be secured in the closed-to-navigation position
from 7 a.m. through 7 p.m. on March 26, 2011 to perform critical repair
and replacement of electrical components for drawspan operation. The
alternative path around Terminal Island will be available for routine
and emergency navigation. This temporary deviation has been coordinated
with commercial and recreational waterway users. No objections to the
proposed temporary deviation were raised.
    Vessels that can transit the bridge, while in the closed-to-
navigation position, may continue to do so at any time.
    In accordance with 33 CFR 117.35(e), the drawbridge must return to
its regular operating schedule immediately at the end of the designated
time period. This deviation from the operating regulations is
authorized under 33 CFR 117.35.

    Dated: March 9, 2011.
D.H. Sulouff,
District Bridge Chief, Eleventh Coast Guard District.
[FR Doc. 2011-6880 Filed 3-22-11; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 83, Number 136 (Monday, July 16, 2018)]
[Notices]
[Pages 32929-32930]
[FR Doc No: 2018-15082]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83616; File No. SR-NYSEARCA-2018-51]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE
Arca Options Fee Schedule

July 10, 2018.
    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 July 2, 2018, 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, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to modify the NYSE Arca Options Fee Schedule
(``Fee Schedule''). The Exchange proposes to implement the fee change
effective July 2, 2018. The proposed rule change is available on the
Exchange's website 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 purpose of this filing is to modify the Fee Schedule, effective
July 2, 2018, to provide an incentive for Floor Brokers to bring
business to the Trading Floor in the newly listed options on the NYSE
FANG+ Index (``NYSE FANG+''), which trades under the symbol FAANG.
    The Exchange proposes to introduce rebates for Floor Broker
organizations that execute a certain number of FAANG contract sides on
the Exchange in a calendar month, based on the highest Tier achieved
(the ``Rebate'').
    The volume Tiers, and the associated proposed Rebate, are set forth
as follows:

                              FAANG Rebate
------------------------------------------------------------------------
                                  Floor broker FAANG
            Tier                      executions              Rebate
------------------------------------------------------------------------
1..........................  From 200 to 999 contract           ($1,000)
                              sides.
2..........................  From 1,000 to 1,999                 (2,500)
                              contract sides.
3..........................  2,000 to 19,999 contract            (5,000)
                              sides.
4..........................  20,000 or more contract            (10,000)
                              sides.
------------------------------------------------------------------------

    The Exchange believes the proposed Rebate would further the
Exchange's goal of introducing new products to the marketplace by
encouraging trading in this index, in particular by encouraging Floor
Brokers to bring business to the Trading Floor, which would in turn,
benefit all market participants through increased liquidity and more
opportunities to trade.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act, in general, and furthers the objectives
of Sections 6(b)(4) and (5) of the Act, in particular, because it
provides for the equitable allocation of reasonable dues, fees, and
other charges among its members, issuers and other persons using its
facilities and does not unfairly discriminate between customers,
issuers, brokers or dealers.
    The Exchange believes the proposal to introduce a Floor Broker
Rebate for executing a certain number of options contract sides on NYSE
FANG+ is reasonable, equitable and not unfairly discriminatory for the
following reasons. The Exchange believes the proposed rebates, which
apply equally to all Floor Broker transactions in NYSE FANG+,
regardless of account type, to

be reasonable and equitable because business brought to the Trading
Floor may be on behalf of any market participant. In addition, such
orders benefit all market participants by providing more trading
opportunities, which attracts Market Makers, Customers and other
participants. An increase in activity, in turn, facilitates tighter
spreads, which may result in a corresponding increase in order flow
from all market participants.

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

    In accordance with Section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The Exchange believes the proposed rebates for
Floor Broker organizations that achieve the proposed Rebate would not
place an unfair burden on competition as it would apply to all
similarly situated Floor Brokers, and is applicable to business from
all account types. The Exchange also believes the proposed Rebate is
procompetitive as it would further the Exchange's goal of introducing
new products to the marketplace and encouraging Floor Brokers to bring
business to the Trading Floor, which would in turn, benefit all market
participants. Market participants that do not wish to trade in NYSE
FANG+ are not obliged to do so.
    The Exchange does not believe that the proposed change will impair
the ability of any market participants or competing order execution
venues to maintain their competitive standing in the financial markets.
Further, the proposed Rebate would be applied to all similarly situated
participants (i.e., Floor Brokers), and, as such, the proposed change
would not impose a disparate burden on competition either among or
between classes of market participants.

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \4\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \5\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(3)(A).
    \5\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    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) \6\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

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

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 protected]. Please include
File Number SR-NYSEARCA-2018-51 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-2018-51. 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 the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEARCA-2018-51 and should be submitted
on or before August 6, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-15082 Filed 7-13-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 15 (Tuesday, January 26, 2021)]
[Notices]
[Pages 7159-7164]
[FR Doc No: 2021-01587]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90948; File No. SR-FICC-2020-015]

Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Order Approving Proposed Rule Change To Include Same-Day Settling
Trades in the Risk Management, Novation, Guarantee, and Settlement
Services of the Government Securities Division's Delivery-Versus-
Payment Service, and Make Other Changes

January 19, 2021.
    On November 19, 2020, Fixed Income Clearing Corporation (``FICC'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ proposed rule change SR-
FICC-2020-015 (the ``Proposed Rule Change'') to (1) expand FICC's
provision of central counterparty services to include the start leg of
certain repurchase agreement (``repo'') transactions, and (2) enable
participating FICC members to pair-off and settle certain offsetting
obligations, as described more fully below.\3\ The

Proposed Rule Change was published for public comment in the Federal
Register on December 8, 2020,\4\ and the Commission received no comment
letters regarding the changes proposed therein. For the reasons
discussed below, the Commission is approving the Proposed Rule Change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ On November 19, 2020, FICC also filed the proposals
contained in the Proposed Rule Change as advance notice SR-FICC-
2020-803 (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 December 29, 2020. Securities Exchange Act
Release No. 90736 (December 21, 2020), 85 FR 85743 (December 29,
2020) (File No. SR-FICC-2020-803) (``Notice of Filing''). The
Commission received no comment letters in response to the Notice of
Filing.
    \4\ Securities Exchange Act Release No. 90551 (December 2,
2020), 85 FR 79051 (December 8, 2020) (File No. SR-FICC-2020-015)
(``Notice'').
---------------------------------------------------------------------------

I. Description of the Proposed Rule Change

A. Background

    FICC, through its Government Securities Division (``GSD''), serves
as a central counterparty (``CCP'') and provider of clearance and
settlement services for cash-settled U.S. Treasury securities.\5\ Among
its services, FICC provides real-time trade matching, clearing, risk
management, and netting for repo transactions in U.S. Treasury
securities in which all securities delivery obligations are made
against full payment (``delivery-versus-payment'' or ``DVP'') (the
``DVP Service'').\6\
---------------------------------------------------------------------------

    \5\ FICC is composed of two divisions: GSD and the Mortgage-
Backed Securities Division (``MBSD''). GSD provides real-time trade
matching, clearing, risk management, and netting for trades in U.S.
government debt issues. MBSD provides real-time automated trade
matching, trade confirmation, risk management, netting, and
electronic pool notification to the mortgage-backed securities
(``MBS'') market. The Proposed Rule Change deals solely with
proposed changes to the GSD Rulebook (``Rules''), which are
available at http://www.dtcc.com/legal/rules-and-procedures.
    \6\ In addition to the DVP Service, FICC also facilitates
trading other types of repos. FICC's General Collateral Finance
(``GCF'') Repo[supreg] Service enables members to trade general
collateral finance repos based on rate, term, and underlying product
throughout the day on a blind basis. See Rule 20--Special Provisions
for GCF Repo Transactions, supra note 5. FICC's Centrally Cleared
Institutional Triparty (``CCIT'') Service enables trading of tri-
party repos between members that participate in the GCF Repo Service
and members that are institutional cash lenders (other than
investment companies registered under the Investment Company Act of
1940, as amended). See Rule 3B--CCIT Service, supra note 5. Unlike
the DVP Service, the GCF Repo and CCIT Services settle via the
triparty platform of a clearing bank. The Proposed Rule Change
proposes changes specific to the DVP Service.
---------------------------------------------------------------------------

    DVP repos involve a pair of transactions between two parties. The
first transaction (the ``Start Leg'') consists of the sale of
securities, in which one party delivers securities in exchange for the
other party's delivery of cash. The second transaction (the ``End
Leg'') occurs on a date after that of the Start Leg and consists of the
repurchase of securities, in which the obligations to deliver cash and
securities are the reverse of the Start Leg. The parties agree to the
terms of the trade, including the specific securities, principal
amount, interest rate, haircut, and date of maturity (i.e., either
overnight or term).
    A DVP repo that is scheduled to start one or more business days
after the submission of trade details to FICC is a ``forward starting''
repo. A DVP repo that is scheduled to start on the same business day as
trade details are submitted to FICC is a ``same-day starting'' repo.
For forward starting repos, FICC acts as CCP for both the Start Leg and
the End Leg. However, since the inception of the DVP Service, for same-
day starting repos, FICC generally has acted as CCP for the End Leg
only.\7\ Although FICC does not currently novate the Start Leg of same-
day starting repos, FICC collects margin from the parties for the End
Leg on the scheduled settlement date of the Start Leg.\8\ Currently,
the parties to a same-day starting repo settle the Start Leg
bilaterally outside of FICC.
---------------------------------------------------------------------------

    \7\ There is one limited scenario in which FICC currently acts
as CCP for the Start Leg of a brokered same-day starting repo.
Specifically, if the Start Leg fails to settle on its original
scheduled settlement date, FICC currently assumes responsibility for
settlement of the Start Leg on the evening of the original scheduled
settlement date. See Notice, supra note 4 at 79052.
    \8\ See Notice, supra note 4 at 79052, 58.
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    The first step in the clearance and settlement process of a DVP
repo is for the parties to submit the trade details to FICC.\9\ Upon
receipt, FICC validates the trade details in a procedure referred to in
FICC's Rules as ``Trade Comparison,'' which culminates in the legally
binding and enforceable contract between FICC and the parties to the
trade.\10\ There are different types of Trade Comparisons, depending on
which entity submits the trade details to FICC, and the procedures,
timing, and other applicable operational arrangements vary depending on
the type. For example, a Bilateral Comparison occurs when the
individual FICC members that are the parties to a trade each submit
trade details to FICC.\11\ A Demand Comparison occurs when an Inter-
Dealer Broker (``IDB'') or qualifying non-IDB repo broker \12\ (each, a
``Repo Broker'') submits trade details to FICC on behalf of both
parties to a trade.\13\
---------------------------------------------------------------------------

    \9\ Trade details may be submitted to FICC by, or on behalf of,
a member in a form, manner, and timeframe prescribed by FICC's
Rules. See Rule 5--Comparison System, supra note 5.
    \10\ Id.
    \11\ See Rule 6A--Bilateral Comparison, supra note 5.
    \12\ For purposes of the Proposed Rule Change, both IDBs and
non-IDB repo brokers are FICC members. A qualifying non-IDB repo
broker is one that FICC has determined: (1) Operates as a broker
with regard to activity in a segregated repo account, and (2) agrees
and participates in FICC's repo netting service in the same manner
as an IDB that participates in the service. See Rule 1--Definitions,
supra note 5.
    \13\ See Rule 6B--Demand Comparison, supra note 5.
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    FICC generally novates and guarantees settlement of a trade upon
Trade Comparison.\14\ Additionally, on a daily basis, FICC aggregates
and matches a member's offsetting obligations resulting from the
member's trades, thereby netting the member's total daily settlement
obligations.\15\ In the DVP Service, such netting takes place the night
before the scheduled settlement date of whichever leg of the repo would
settle on the following business day.\16\
---------------------------------------------------------------------------

    \14\ See Rule 5--Comparison System, supra note 5.
    \15\ See Rule 11--Netting System, supra note 5.
    \16\ See Notice, supra note 4 at 79054-55.
---------------------------------------------------------------------------

    Trades that settle bilaterally outside of FICC do not have the
benefit of FICC's CCP services, and therefore, such trades can be
subject to greater risk of settlement fails.\17\ Moreover, trades
facilitated by a Repo Broker that settle outside of FICC require
multiple bilateral securities movements between the parties to the
trade and the Repo Broker. The greater the number of bilateral
securities movements involved in trade settlement, the greater the
potential for operational risk resulting in settlement fails. If the
Start Leg of a DVP repo submitted by a Repo Broker fails to settle on
the original scheduled settlement date, FICC currently steps in that
evening as CCP and assumes responsibility for settling the trade.\18\
This process may involve FICC receiving securities from the failing
party or netting the settlement obligations arising from the Start Leg
against those of the End Leg of the same or another repo. FICC states
that although its current process of centralizing the settlement of
such failed Start Legs decreases further

settlement risk, the current process is operationally inefficient
because it does not eliminate the multiple securities movements that
give rise to the risk of settlement fails.\19\
---------------------------------------------------------------------------

    \17\ There are several risk factors inherent to trades that
clear bilaterally as opposed to trades that clear through a CCP. For
example, the credit risk associated with bilaterally cleared trades
remains with the original counterparties, who might not utilize
robust and transparent margin requirements, multilateral netting,
emergency liquidity and loss sharing arrangements, or other risk
mitigation measures. See U.S. Department of the Treasury Report, A
Financial System That Creates Economic Opportunities: Capital
Markets at 78, 81 (October 2017), available at https://www.treasury.gov/press-center/press-releases/documents/a-financial-system-capital-markets-final-final.pdf; Joint Staff Report: The U.S.
Treasury Market at 55 (October 15, 2014), available at https://www.treasury.gov/press-center/press-releases/Documents/Joint_Staff_Report_Treasury_10-15-2014.pdf; Treasury Market
Practices Group, White Paper on Clearing and Settlement in the
Secondary Market for U.S. Treasury Securities at 2-4 (July 11,
2019), available at https://www.newyorkfed.org/medialibrary/Microsites/tmpg/files/CS_FinalPaper_071119.pdf.
    \18\ See Section 5, Rule 19--Special Provisions for Brokered
Repo Transactions, supra note 5.
    \19\ See Notice, supra note 4 at 79052-53.
---------------------------------------------------------------------------

B. Proposed Same-Day Settling Service

    FICC states that its members have expressed an interest in FICC
acting as CCP for the Start Leg of same-day starting repos.\20\ FICC
proposes to modify its Rules to include the Start Leg of same-day
starting repos in the risk management, novation, guarantee, and
settlement services of the DVP Service (the ``Same-Day Settling
Service''). Upon Trade Comparison, FICC would act as CCP for the Start
Leg of same-day starting repos, which would settle on the same business
day. FICC's margin collection with respect to the trade would not
change from the current process. After FICC's novation, if the Start
Leg were to fail, the parties' obligations to and from FICC would go
through the netting process that evening, and FICC would continue to
apply the margin amounts collected with respect to the trade towards
FICC's risk management of the End Leg.
---------------------------------------------------------------------------

    \20\ See Notice, supra note 4 at 79052.
---------------------------------------------------------------------------

    FICC believes that the Same-Day Starting Service could increase
settlement efficiencies and decrease settlement risk because it would
eliminate the movement of securities between members by centralizing
the settlement of the Start Leg of same-day starting repos with
FICC.\21\ Moreover, for same-day starting repos submitted by Repo
Brokers, the Same-Day Settling Service would remove the Repo Broker
from the settlement process by eliminating the multiple bilateral
securities movements involved in the settlement of the Start Leg.
---------------------------------------------------------------------------

    \21\ See Notice, supra note 4 at 79052-53, 58.
---------------------------------------------------------------------------

1. Voluntary for Repo Brokers; Mandatory for Other Members
    FICC proposes to make participation in the proposed Same-Day
Settling Service voluntary for Repo Brokers. Repo Brokers often provide
a suite of services to their clients, including facilitating the
bilateral settlement of the Start Leg of same-day starting repos. FICC
states that a requirement on Repo Brokers to participate in the Same-
Day Settling Service could disrupt the current service offerings from
Repo Brokers to their clients.\22\ Since Repo Brokers submit trade
details to FICC on behalf of both parties to a trade, a Repo Broker
opting out of the Same-Day Settling Service would simply result in
settlement of the Start Leg bilaterally outside of FICC, as is done
currently. FICC believes that providing optionality would allow Repo
Brokers and their clients to determine whether a Repo Broker should
participate in the Same-Day Settling Service.\23\ For participating
Repo Brokers, FICC would no longer assume responsibility for a failed
Start Leg because FICC would already be acting as CCP for the Start Leg
upon Trade Comparison.
---------------------------------------------------------------------------

    \22\ See Notice, supra note 4 at 79054, 58.
    \23\ Id.
---------------------------------------------------------------------------

    For FICC's members that are not Repo Brokers, participation in the
Same-Day Settling Service would be mandatory. Unlike Repo Brokers,
FICC's individual members submit trade details with respect to their
own side of a trade only, such that Trade Comparison only occurs after
FICC validates the trade details submitted by both parties to the
trade.\24\ Accordingly, if one party to a same-day starting repo could
choose to opt out of the Same-Day Settling Service, FICC would not be
able to act as CCP with equal and opposite settlement obligations
between the two parties. Such trades would, therefore, need to settle
outside of FICC as they do currently. However, unlike the clients of a
Repo Broker, such members would not know in advance whether any given
Start Leg would settle with FICC as CCP or bilaterally outside of FICC.
By requiring such members to participate in the Same-Day Settling
Service, members would have certainty that their Compared Trades would
settle with FICC acting as CCP.
---------------------------------------------------------------------------

    \24\ See Rule 6A--Bilateral Comparison, supra note 5.
---------------------------------------------------------------------------

2. As-Of Trades
    For purposes of the Proposed Rule Change, same-day starting repos
would include As-Of Trades,\25\ in which a member submits a DVP repo
for comparison on the business day after the scheduled settlement date
for the Start Leg, and the End Leg is the current business day or
thereafter. FICC states that members occasionally submit As-Of Trades
due to human or operational errors.\26\ FICC further states that it
included As-Of Trades in the Proposed Rule Change in order to
reasonably include as many variations of same-day starting repos as
possible to ensure that FICC would provide consistent settlement
processing for all same-day starting repos.\27\
---------------------------------------------------------------------------

    \25\ See Rule 1, supra note 5.
    \26\ See Notice, supra note 4 at 79053.
    \27\ Id.
---------------------------------------------------------------------------

    Currently, the Start Leg of an As-Of Trade settles outside of FICC.
An End Leg scheduled to settle on the current business day also settles
outside of FICC. However, an End Leg scheduled to settle on a date
after the current business day settles with FICC acting as CCP. FICC
proposes to act as CCP with respect to both the Start and End Legs of a
same-day starting repo, regardless of the timing of the respective
scheduled settlement dates.
3. Settlement at Contract Value or System Value
    As mentioned above, netting in the DVP Service occurs the night
before the scheduled settlement date. Because settlement of Start Legs
within the Same-Day Settling Service would occur on the same business
day as Trade Comparison, such transactions would generally not be
netted.\28\ Instead, FICC would settle such transactions on a trade-
for-trade basis. Transactions that FICC settles on a trade-for-trade
basis (i.e., transactions that are not netted) settle at ``Contract
Value,'' which means the dollar value at which the transaction is to be
settled on the scheduled settlement date.\29\ Transactions that settle
on a future date (i.e., transactions that are netted) settle at
``System Value,'' which includes accrued interest. For consistency with
the foregoing, FICC proposes to clarify the Rules with respect to the
Same-Day Settling Service to reflect that any leg of a DVP repo to be
settled on a trade-for-trade basis would settle at Contract Value,
whereas any leg to be settled on a future date would settle at System
Value.\30\
---------------------------------------------------------------------------

    \28\ The Start Leg of same-day starting repos would be netted in
the limited scenario of a brokered repo settlement fail on the
scheduled settlement date. See supra note 7; Notice, supra note 4 at
79052.
    \29\ See Rule 1--Definitions, supra note 5.
    \30\ For example, for an overnight repo that is an As-Of Trade,
both legs would settle at Contract Value because both would settle
on the date of Trade Comparison and therefore would not be netted.
For an overnight repo that is a same-day starting repo, the Start
Leg would settle on the date of Trade Comparison at Contract Value,
whereas the End Leg would be netted that evening and settle the
following business day at System Value. For an overnight repo that
is forward starting (i.e., both legs would settle on dates in the
future), both legs would be subject to netting and settle at System
Value. Notice, supra note 4 at 79054.
---------------------------------------------------------------------------

4. Late-Day Compared Trades
    FICC states that members occasionally execute same-day starting
repos after the close of the Fedwire Securities Service (``Fedwire''),
which is the service that members generally use for settling bilateral
securities obligations.\31\

Currently, such trades settle bilaterally between the parties outside
of FICC, provided that both parties use the same clearing bank for
settlement. FICC proposes to include such late-day trades in the Same-
Day Settling Service (i.e., FICC proposes to act as CCP for the Start
Leg) on a reasonable efforts basis, meaning that FICC would attempt to
contact the parties to the trade and FICC's clearing bank to confirm
agreement to settle the trade.\32\
---------------------------------------------------------------------------

    \31\ The Fedwire is a service provided by the Federal Reserve
Banks that includes settlement and transfer of DVP securities
transactions. The Fedwire operates daily from 8:30 a.m. to 3:30 p.m.
(All times herein are Eastern Time.) See Fedwire and National
Securities Service, Federal Reserve Bank of New York (March 2015),
available at https://www.newyorkfed.org/aboutthefed/fedpoint/fed43.html; Fedwire Securities Service, Board of Governors of the
Federal Reserve System (July 31, 2014), available at https://www.federalreserve.gov/paymentsystems/fedsecs_about.htm.
    \32\ See Notice, supra note 4 at 79056.
---------------------------------------------------------------------------

    Specifically, for members that clear at FICC's clearing bank, FICC
would attempt to settle any same-day starting repos that are compared
between 3:01 p.m. and 5:00 p.m., provided that (1) FICC is able to
contact the parties to the trade and FICC's clearing bank, and (2) the
parties and FICC's clearing bank agree to settle the trade. For members
that do not clear at FICC's clearing bank, FICC proposes to attempt to
settle, on a reasonable efforts basis, same-day starting repos that are
compared during the Fedwire reversal period between 3:01 p.m. and 3:30
p.m., provided that (1) FICC is able to contact FICC's clearing bank
and the parties to the trade, (2) FICC's clearing bank and the parties
to the trade confirm agreement to settle the trade, and (3) FICC's
clearing bank, the member's clearing bank, and the Federal Reserve Bank
of New York each permit settlement of the trade.
5. Other Changes to FICC's Rules To Incorporate the Same-Day Settling
Service
    FICC proposes changes to several Rule provisions to ensure the
relevant applicability of such provisions to the Same-Day Settling
Service. FICC proposes to add a newly defined term ``Same-Day Settling
Trade'' to capture the universe of DVP repos that would be covered by
the Same-Day Settling Service. FICC proposes to modify the definitions
of ``Deliver Obligation'' and ``Receive Obligation'' to include
references to Same-Day Settling Trades. FICC proposes to modify the
definitions of ``Settlement Value'' and ``System Value'' to contemplate
that Same-Day Settling Trades could settle at Contract Value or System
Value, depending on the circumstances of the trade, as described above.
    FICC proposes to incorporate Same-Day Settling Trades into the
existing Rule provisions governing the Comparison System and Netting
System. FICC proposes to add Rule provisions addressing eligibility
requirements for Same-Day Settling Trades to qualify for FICC's
novation and settlement guarantee. FICC proposes to incorporate Same-
Day Settling Trades into the Rule provisions governing how parties
satisfy their obligations to FICC, including trades that become
uncompared or canceled. FICC proposes to incorporate Same-Day Settling
Trades into the Rule provisions dealing with settlement fails. Finally,
FICC proposes to include appropriate cross-references to ensure that
various Rule provisions related to general securities settlement apply
to Same-Day Settling Trades.

C. Proposed Pair-Off Service

    Settlement fails occur because one party does not have inventory to
settle with the other party on the scheduled settlement date.
Currently, a member's obligations that remain unsettled when the
Fedwire closes go through FICC's overnight netting system for
settlement the following business day, and the member is subject to
FICC's fails charge.\33\ In a scenario where a member has offsetting
unsettled failed obligations in the same security (i.e., separate
failed obligations to both deliver and receive the same security) after
the close of the Fedwire, those obligations currently go through the
overnight netting system for settlement the following day.
---------------------------------------------------------------------------

    \33\ See Section 14, Rule 11--Netting System, supra note 5.
---------------------------------------------------------------------------

    FICC proposes an optional service for members whereby FICC would
pair-off a member's offsetting failed securities settlement obligations
each day, beginning at 3:32 p.m. (shortly after the Fedwire closes)
until 4:00 p.m. (the ``Pair-Off Service''). Additionally, the member
would receive either a debit or credit, as applicable, to account for
any difference in the settlement value of its deliver and receive
obligations as part of FICC's intraday funds-only settlement (``FOS'')
process. Therefore, the proposed Pair-Off Service would enable
participating members to settle their obligations on the day they
arise, rather than continuing to the next day as unsettled failed
obligations, as they would under the current practice. Failed
obligations that remain unsettled overnight present market risk
exposure to both FICC and the parties to such trades. FICC believes
that by enabling the earlier settlement of a member's offsetting
obligations, the proposed Pair-Off Service could reduce such overnight
market risk.\34\
---------------------------------------------------------------------------

    \34\ See Notice, supra note 4 at 79058.
---------------------------------------------------------------------------

    FICC proposes to start the Pair-Off Service at approximately 3:32
p.m., and provide FOS banks with their intraday net FOS figures by 4:00
p.m. for acknowledgement by 4:30 p.m. Accordingly, FICC proposes to
change the timing of FOS processing from the current time of 3:15 p.m.
to 4:30 p.m. to enable FICC to settle any net money differences that
would arise from the proposed Pair-Off Service.

II. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act \35\ directs the Commission to
approve a proposed rule change of a self-regulatory organization if it
finds that such proposed rule change is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to such organization. After careful consideration, the
Commission finds that the Proposed Rule Change is consistent with the
requirements of the Act and the rules and regulations applicable to
FICC. In particular, the Commission finds that the Proposed Rule Change
is consistent with Section 17A(b)(3)(F) \36\ of the Act and Rule 17Ad-
22(e)(21) \37\ thereunder.
---------------------------------------------------------------------------

    \35\ 15 U.S.C. 78s(b)(2)(C).
    \36\ 15 U.S.C. 78q-1(b)(3)(F).
    \37\ 17 CFR 240.17Ad-22(e)(21)(i), (ii), and (iii).
---------------------------------------------------------------------------

A. Consistency With Section 17A(b)(3)(F) of the Act

    Section 17A(b)(3)(F) \38\ of the Act requires, in part, that the
rules of a clearing agency, such as FICC, be designed to (1) promote
the prompt and accurate clearance and settlement of securities
transactions, (2) assure the safeguarding of securities and funds which
are in the custody or control of the clearing agency or for which it is
responsible, and (3) remove impediments to and perfect the mechanism of
a national system for the prompt and accurate clearance and settlement
of securities transactions. The Commission believes that the Proposed
Rule Change is consistent with Section 17A(b)(3)(F) of the Act for the
reasons stated below.
---------------------------------------------------------------------------

    \38\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

1. Prompt and Accurate Clearance and Settlement; Remove Impediments and
Perfect the Mechanism
    As described above in Section I.A., FICC currently acts as CCP for
only the End Leg of a same-day starting DVP repo transaction. The Start
Leg currently settles bilaterally outside of FICC

between the parties to the trade. Trades that settle bilaterally
outside of FICC are generally exposed to more operational risk and
consequently may result in more settlement fails than trades which are
novated and risk-managed by FICC in its role as CCP.\39\ By
centralizing settlement of the Start Leg of same-day starting repos,
the Same-Day Settling Service would eliminate the current bilateral
settlement of securities between the parties.
---------------------------------------------------------------------------

    \39\ See supra note 17.
---------------------------------------------------------------------------

    Additionally, as discussed above in Section I.A., trades
facilitated by a Repo Broker that settle outside of FICC require
multiple bilateral securities movements between the parties to the
trade and the Repo Broker. The greater the number of bilateral
securities movements involved in trade settlement, the greater the
potential for operational risk resulting in settlement fails. FICC
currently manages the risk of a failed Start Leg for a brokered repo by
assuming responsibility for trade settlement on the evening of the
original scheduled settlement date. While this approach decreases
further settlement risk, it neither prevents the original settlement
fail nor does it eliminate the multiple bilateral securities movements
for settling the Start Leg until after a settlement fail. For
participating Repo Brokers, the Same-Day Settling Service would
eliminate the bilateral securities movements and the associated risk of
settlement fails because FICC would novate and guarantee settlement of
the Start Leg upon Trade Comparison. As a result, the Commission
believes that the Same-Day Settling Service is designed to improve
efficiency in the settlement process for brokered DVP repos and thereby
reduce the risk of settlement fails.
    The Commission believes that the proposed Same-Day Settling Service
should increase efficiency in FICC's settlement process for DVP repos
and reduce the operational risk associated with bilateral settlement
that can lead to settlement fails. Streamlining the settlement process
for DVP repos and reducing the operational risk that can lead to
settlement fails should, in turn, (i) promote the prompt and accurate
clearance and settlement of securities transactions, and (ii) remove
impediments to and perfect the mechanism of a national system for the
prompt and accurate clearance and settlement of securities
transactions. Accordingly, the Commission believes that the proposed
Same-Day Settling Service is consistent with Section 17A(b)(3)(F) of
the Act.\40\
---------------------------------------------------------------------------

    \40\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    Finally, as discussed above in Section I.C., the proposed Pair-Off
Service would enable participating members to settle their offsetting
failed securities settlement obligations each day after the Fedwire
closes. FICC's current process is for such failed obligations to go
through the evening netting system, with settlement rescheduled for the
following business day. The Commission believes that the proposed Pair-
Off Service represents a more efficient process for resolving failed
settlement obligations because settlement would occur on the day they
arise, rather than continuing as settlement fails to the next business
day. Streamlining the process for resolving failed securities
settlement obligations to enable earlier settlement and minimize
settlement fails should, in turn, (i) promote the prompt and accurate
clearance and settlement of securities transactions, and (ii) remove
impediments to and perfect the mechanism of a national system for the
prompt and accurate clearance and settlement of securities
transactions. Accordingly, the Commission finds that the proposed Pair-
Off Service is consistent with Section 17A(b)(3)(F) of the Act.\41\
---------------------------------------------------------------------------

    \41\ Id.
---------------------------------------------------------------------------

2. Safeguarding of Securities and Funds
    When a CCP novates a trade and takes offsetting and guaranteed
positions between the two original parties to the trade, the length of
time from novation to trade settlement may affect the CCP's exposure to
credit, market, and liquidity risk.\42\ For example, settlement fails
extend the time to settlement and can thereby present risk to the CCP
that a member's positions and other resources that the CCP holds
(generally, the member's margin) decline in market value as the CCP
considers whether and how it might liquidate, transfer, or otherwise
dispose of such assets to minimize losses. Settlement fails can also
affect the amount of liquidity risk a CCP may need to bear for purposes
of settling an unsettled trade because CCPs may rely on incoming
payments from some members to facilitate payments to other members.
---------------------------------------------------------------------------

    \42\ See, eg., Securities Exchange Act Release No. 78962
(September 28, 2016), 81 FR 69240 at 69250 (October 5, 2016) (S7-22-
16).
---------------------------------------------------------------------------

    As described above, the Proposed Rule Change is designed to reduce
settlement fails in the DVP repo market. Specifically, as described
above in Section I.A., FICC currently acts as CCP for only the End Leg
of a same-day starting DVP repo. Trades that settle bilaterally outside
of FICC are generally exposed to more operational risk and consequently
may result in more settlement fails than trades which are novated and
risk-managed by FICC in its role as CCP.\43\ Additionally, as discussed
above in Section I.A., trades facilitated by a Repo Broker that settle
outside of FICC require multiple bilateral securities movements between
the parties to the trade and the Repo Broker. The Same-Day Settling
Service would eliminate the current bilateral settlement of securities
between the parties and thereby reduce the risk of settlement fails.
---------------------------------------------------------------------------

    \43\ See supra note 17.
---------------------------------------------------------------------------

    Finally, as discussed above in Section I.C., the proposed Pair-Off
Service would enable participating members to settle their offsetting
failed securities settlement obligations each day after the Fedwire
closes as opposed to allowing such failed obligations to go through the
evening netting system, with settlement rescheduled for the following
business day. Failed obligations that remain unsettled overnight
present market risk exposure to both FICC and the parties to such
trades. By enabling the earlier settlement of a member's offsetting
obligations, the proposed Pair-Off Service could reduce such overnight
market risk.
    For the reasons stated above, the Commission believes that FICC
designed the proposed Same-Day Settling Service and Pair-Off Service to
limit the occurrence and effects of settlement fails, and thereby,
reduce FICC's exposure to the associated credit, market, and liquidity
risks. Reducing such risks would help FICC assure the safeguarding of
securities and funds which are in its custody or control. Accordingly,
the Commision believes the Proposed Rule Change is consistent with
Section 17A(b)(3)(F) of the Act.\44\
---------------------------------------------------------------------------

    \44\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

B. Consistency With Rule 17Ad-22(e)(21)

    Rule 17Ad-22(e)(21) under the Act requires each covered clearing
agency to establish, implement, maintain, and enforce written policies
and procedures reasonably designed to be efficient and effective in
meeting the requirements of its participants and the markets it serves,
and have the covered clearing agency's management regularly review the
efficiency and effectiveness of its (i) clearing and settlement
arrangements, (ii) operating structure, including risk management
policies, procedures and systems, and (iii) scope of products cleared
or settled.\45\
---------------------------------------------------------------------------

    \45\ 17 CFR 240.17Ad-22(e)(21).

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

    As discussed above in Section I.B, the proposed Same-Day Settling
Service would eliminate bilateral settlements between the parties to
the Start Leg of a DVP repo and allow FICC to settle both the Start and
End Legs of a DVP Repo. In that regard, the proposed Same-Day Settling
Service represents a more efficient and effective settlement process
than FICC's current process, which generally includes bilateral
settlement of the Start Leg. FICC designed the Same-Day Settling
Service in response to requests from its members, to mitigate the
operational risk that can result in settlement fails. As discussed
above, if not contained, settlement fails can spread to other market
participants and undermine the liquidity of a well-functioning
market.\46\ In contrast, reducing the occurrence of settlement fails
(and their resultant effects) would strengthen broader market
liquidity. Therefore, by reducing the risk of settlement fails, the
proposal would benefit FICC's members when it results in transactions
that settle on time that might have otherwise failed, with lower
overall transaction costs. Accordingly, the Commission believes that
adopting the proposed Same-Day Settling Service would be consistent
with Rule 17Ad-22(e)(21) \47\ because the proposal would broaden the
scope of the DVP Service to include the Start Leg of same-day starting
repos in a manner designed to be efficient and effective in reducing
settlement fails to the benefit of FICC's members and the broader DVP
repo market.
---------------------------------------------------------------------------

    \46\ Additionally, when a FICC member fails to meet its
settlement obligations, the member incurs FICC's fails charge, which
could further impact the member's liquidity. See Section 14, Rule
11--Netting System, supra note 5.
    \47\ 17 CFR 240.17Ad-22(e)(21).
---------------------------------------------------------------------------

    Moreover, as discussed above in Section I.C, the proposed Pair-Off
Service would enable participating members to settle their offsetting
failed securities settlement obligations each day, shortly after the
Fedwire closes. Under FICC's current process, such failed obligations
go through the evening netting system, with settlement rescheduled for
the following business day. The proposed Pair-Off Service represents a
more efficient process for resolving failed settlement obligations
because settlement would occur on the day the obligations arise, rather
than continuing as settlement fails to the next business day. As
discussed above, failed obligations that remain unsettled overnight
present market risk exposure to both FICC and the parties to such
trades. By enabling earlier settlement of a member's offsetting
obligations, the proposed Pair-Off Service could reduce such overnight
market risk. Accordingly, the Commission believes that adopting the
proposed Pair-Off Service would be consistent with Rule 17Ad-22(e)(21)
\48\ because the proposal would enable the earlier settlement of a
member's offsetting failed obligations in a manner designed to be
efficient and effective in reducing overnight market risk to the
benefit of FICC's members.
---------------------------------------------------------------------------

    \48\ Id.
---------------------------------------------------------------------------

III. Conclusion

    On the basis of the foregoing, the Commission finds that the
Proposed Rule Change is consistent with the requirements of the Act and
in particular with the requirements of Section 17A of the Act \49\ and
the rules and regulations promulgated thereunder.
---------------------------------------------------------------------------

    \49\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act
\50\ that Proposed Rule Change SR-FICC-2020-015, be, and hereby is,
Approved.\51\
---------------------------------------------------------------------------

    \50\ 15 U.S.C. 78s(b)(2).
    \51\ In approving the Proposed Rule Change, the Commission
considered the proposals' impact on efficiency, competition, and
capital formation. 15 U.S.C. 78c(f).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\52\
---------------------------------------------------------------------------

    \52\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-01587 Filed 1-25-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 39 (Thursday, February 27, 2020)]
[Notices]
[Pages 11378-11381]
[FR Doc No: 2020-03898]

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

DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2020-0002]

Changes in Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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

SUMMARY: New or modified Base (1-percent annual chance) Flood
Elevations (BFEs), base flood depths, Special Flood Hazard Area (SFHA)
boundaries or zone designations, and/or regulatory floodways
(hereinafter referred to as flood hazard determinations) as shown on
the indicated Letter of Map Revision (LOMR) for each of the communities
listed in the table below are finalized. Each LOMR revises the Flood
Insurance Rate Maps (FIRMs), and in some cases the Flood Insurance
Study (FIS) reports, currently in effect for the listed communities.
The flood hazard determinations modified by each LOMR will be used to
calculate flood insurance premium rates for new buildings and their
contents.

DATES: Each LOMR was finalized as in the table below.

ADDRESSES: Each LOMR is available for inspection at both the respective
Community Map Repository address listed in the table below and online
through the FEMA Map Service Center at https://msc.fema.gov.

FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
400 C Street SW, Washington, DC 20472,<PHONE_NUMBER>, or (email)
<EMAIL_ADDRESS>or visit the FEMA Map Information
eXchange (FMIX) online at https://www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency
(FEMA) makes the final flood hazard determinations as shown in the
LOMRs for each community listed in the table below. Notice of these
modified flood hazard determinations has been published in newspapers
of local circulation and 90 days have elapsed since that publication.
The Deputy Associate Administrator for Insurance

and Mitigation has resolved any appeals resulting from this
notification.
    The modified flood hazard determinations are made pursuant to
section 206 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4105, and are in accordance with the National Flood Insurance Act of
1968, 42 U.S.C. 4001 et seq., and with 44 CFR part 65.
    For rating purposes, the currently effective community number is
shown and must be used for all new policies and renewals.
    The new or modified flood hazard information is the basis for the
floodplain management measures that the community is required either to
adopt or to show evidence of being already in effect in order to remain
qualified for participation in the National Flood Insurance Program
(NFIP).
    This new or modified flood hazard information, together with the
floodplain management criteria required by 44 CFR 60.3, are the minimum
that are required. They should not be construed to mean that the
community must change any existing ordinances that are more stringent
in their floodplain management requirements. The community may at any
time enact stricter requirements of its own or pursuant to policies
established by other Federal, State, or regional entities.
    This new or modified flood hazard determinations are used to meet
the floodplain management requirements of the NFIP and are used to
calculate the appropriate flood insurance premium rates for new
buildings, and for the contents in those buildings. The changes in
flood hazard determinations are in accordance with 44 CFR 65.4.
    Interested lessees and owners of real property are encouraged to
review the final flood hazard information available at the address
cited below for each community or online through the FEMA Map Service
Center at https://msc.fema.gov.

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

Michael M. Grimm,
Assistant Administrator for Risk Management, Department of Homeland
Security, Federal Emergency Management Agency.

--------------------------------------------------------------------------------------------------------------------------------------------------------
                      Location and case                                                                                Community
  State and county           No.          Chief executive officer of community    Community map repository         Date of modification          No.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Alabama: Mobile      Unincorporated       The Honorable Connie Hudson,          Mobile County Government      Jan. 27, 2020................       015008
 (FEMA Docket No.:    areas of Mobile      President, Mobile County              Plaza, 205 Government
 B-1970).             County (19-04-       Commission, 205 Government Street,    Street, 6th Floor, South
                      3563P).              10th Floor, South Tower, Mobile, AL   Tower, Mobile, AL 36644.
                                           36644.
Colorado:
    Adams (FEMA      Unincorporated       The Honorable Mary Hodge, Chair,      Adams County Public Works     Jan. 24, 2020................       080001
     Docket No.: B-   areas of Adams       Adams County Board of                 Department, 4430 South
     1970).           County (19-08-       Commissioners, 4430 South Adams       Adams County Parkway,
                      0428P).              County Parkway, Suite C5000A,         Brighton, CO 80601.
                                           Brighton, CO 80601.
    Arapahoe (FEMA   City of Aurora (19-  The Honorable Bob LeGare, Mayor,      Engineering Department,       Jan. 24, 2020................       080002
     Docket No.: B-   08-0428P).           City of Aurora, 15151 East Alameda    15151 East Alameda Parkway,
     1970).                                Parkway, Aurora, CO 80012.            Aurora, CO 80012.
    Archuleta (FEMA  Town of Pagosa       The Honorable Don Volger, Mayor,      Town Hall, 551 Hot Springs    Jan. 31, 2020................       080019
     Docket No.: B-   Springs (19-08-      Town of Pagosa Springs, P.O. Box      Boulevard, Pagosa Springs,
     1970).           0182P).              1859, Pagosa Springs, CO 81147.       CO 81147.
    Archuleta (FEMA  Unincorporated       Mr. Scott Wall, Archuleta County      Archuleta County Planning     Jan. 31, 2020................       080273
     Docket No.: B-   areas of Archuleta   Administrator, P.O. Box 1507,         Department, 1122 Highway
     1970).           County (19-08-       Pagosa Springs, CO 81147.             84, Pagosa Springs, CO
                      0182P).                                                    81147.
    Boulder (FEMA    City of Boulder (19- The Honorable Suzanne Jones, Mayor,   Planning and Development      Jan. 22, 2020................       080024
     Docket No.: B-   08-0401P).           City of Boulder, 1777 Broadway,       Services Department, 1739
     1970).                                Boulder, CO 80302.                    Broadway, Boulder, CO
                                                                                80302.
    El Paso (FEMA    City of Colorado     The Honorable John Suthers, Mayor,    Pikes Peak Regional           Feb. 3, 2020.................       080060
     Docket No.: B-   Springs (19-08-      City of Colorado Springs, 30 South    Development Center, 2880
     1970).           0304P).              Nevada Avenue, Suite 601, Colorado    International Circle,
                                           Springs, CO 80903.                    Colorado Springs, CO 80910.
Florida:
    Charlotte (FEMA  Unincorporated       The Honorable Ken Doherty, Chairman,  Charlotte County Community    Dec. 31, 2019................       120061
     Docket No.: B-   areas of Charlotte   Charlotte County Board of             Development Department,
     1970).           County (18-04-       Commissioners, 18500 Murdock          18400 Murdock Circle, Port
                      3990P).              Circle, Suite 536, Port Charlotte,    Charlotte, FL 33948.
                                           FL 33948.
    Lake (FEMA       City of Clermont     The Honorable Gail L. Ash, Mayor,     Engineering Department, 400   Jan. 28, 2020................       120133
     Docket No.: B-   (19-04-1054P).       City of Clermont, 685 West Montrose   12th Street, Clermont, FL
     1970).                                Street, Clermont, FL 34711.           34711.
    Lake (FEMA       Town of Howey in     The Honorable David Nebel, Mayor,     Town Hall, 101 North Palm     Jan. 30, 2020................       120585
     Docket No.: B-   the Hills (19-04-    Town of Howey in the Hills, 101       Avenue, Howey in the Hills,
     1970).           2449P).              North Palm Avenue, Howey in the       FL 34737.
                                           Hills, FL 34737.
    Lake (FEMA       Unincorporated       Mr. Jeff Cole, Lake County Manager,   Lake County Public Works      Jan. 28, 2020................       120421
     Docket No.: B-   areas of Lake        315 West Main Street, Tavares, FL     Department, 323 North
     1970).           County (19-04-       32778.                                Sinclair Avenue, Tavares,
                      1054P).                                                    FL 32778.
    Lake (FEMA       Unincorporated       Mr. Jeff Cole, Lake County Manager,   Lake County Public Works      Jan. 30, 2020................       120421
     Docket No.: B-   areas of Lake        315 West Main Street, Tavares, FL     Department, 323 North
     1970).           County (19-04-       32778.                                Sinclair Avenue, Tavares,
                      2449P).                                                    FL 32778.
    Lee (FEMA        City of Bonita       The Honorable Peter Simmons, Mayor,   Community Development         Jan. 28, 2020................       120680
     Docket No.: B-   Springs (19-04-      City of Bonita Springs, 9101 Bonita   Department, 9220 Bonita
     1974).           5151P).              Beach Road, Bonita Springs, FL        Beach Road, Bonita Springs,
                                           34135.                                FL 34135.

    Lee (FEMA        Town of Fort Myers   The Honorable Anita Cereceda, Mayor,  Community Development         Jan. 23, 2020................       120673
     Docket No.: B-   Beach (19-04-        Town of Fort Myers Beach, 2525        Department, 2525 Estero
     1970).           4050P).              Estero Boulevard, Fort Myers Beach,   Boulevard, Fort Myers
                                           FL 33931.                             Beach, FL 33931.
    Lee (FEMA        Town of Fort Myers   The Honorable Anita Cereceda, Mayor,  Community Development         Jan. 27, 2020................       120673
     Docket No.: B-   Beach (19-04-        Town of Fort Myers Beach, 2525        Department, 2525 Estero
     1970).           5110P).              Estero Boulevard, Fort Myers Beach,   Boulevard, Fort Myers
                                           FL 33931.                             Beach, FL 33931.
    Lee (FEMA        Unincorporated       Mr. Roger Desjarlais, Lee County      Lee County Building           Dec. 31, 2019................       125124
     Docket No.: B-   areas of Lee         Manager, 2115 2nd Street, Fort        Department, 1500 Monroe
     1970).           County (18-04-       Myers, FL 33901.                      Street, Fort Myers, FL
                      3990P).                                                    33901.
    Lee (FEMA        Unincorporated       Mr. Roger Desjarlais, Lee County      Lee County Building           Jan. 29, 2020................       125124
     Docket No.: B-   areas of Lee         Manager, 2115 2nd Street, Fort        Department, 1500 Monroe
     1970).           County (19-04-       Myers, FL 33901.                      Street, Fort Myers, FL
                      0766P).                                                    33901.
    Monroe (FEMA     City of Marathon     The Honorable John Bartus, Mayor,     Planning Department, 9805     Jan. 29, 2020................       120681
     Docket No.: B-   (19-04-5677P).       City of Marathon, 9805 Overseas       Overseas Highway, Marathon,
     1970).                                Highway, Marathon, FL 33050.          FL 33050.
    Monroe (FEMA     Unincorporated       The Honorable Sylvia Murphy, Mayor,   Monroe County Building        Jan. 22, 2020................       125129
     Docket No.: B-   areas of Monroe      Monroe County Board of                Department, 2798 Overseas
     1970).           County (19-04-       Commissioners, 102050 Overseas        Highway, Suite 300,
                      3460P).              Highway, Suite 234, Key Largo, FL     Marathon, FL 33050.
                                           33037.
    Monroe (FEMA     Unincorporated       The Honorable Sylvia Murphy, Mayor,   Monroe County Building        Jan. 29, 2020................       125129
     Docket No.: B-   areas of Monroe      Monroe County Board of                Department, 2798 Overseas
     1970).           County (19-04-       Commissioners, 102050 Overseas        Highway, Suite 300,
                      5713P).              Highway, Suite 234, Key Largo, FL     Marathon, FL 33050.
                                           33037.
    Orange (FEMA     City of Orlando (19- The Honorable Buddy W. Dyer, Mayor,   Public Works Department,      Jan. 28, 2020................       120186
     Docket No.: B-   04-5111P).           City of Orlando, P.O. Box 4990,       Engineering Division, 400
     1974).                                Orlando, FL 32802.                    South Orange Avenue, 8th
                                                                                Floor, Orlando, FL 32801.
    Polk (FEMA       Unincorporated       The Honorable George Lindsey III,     Polk County Land Development  Jan. 30, 2020................       120261
     Docket No.: B-   areas of Polk        Chairman, Polk County Board of        Division, 330 West Church
     1974).           County (19-04-       Commissioners, P.O. Box 9005,         Street, Bartow, FL 33830.
                      0781P).              Drawer BC01, Bartow, FL 33831.
Louisiana: Lincoln   City of Ruston (19-  The Honorable Ronny Walker, Mayor,    Department of Public Works,   Dec. 26, 2019................       220347
 (FEMA Docket No.:    06-2114P).           City of Ruston, P.O. Box 2069,        701 East Tennessee Avenue,
 B-1970).                                  Ruston, LA 71273.                     Ruston, LA 71273.
North Carolina:
    Cherokee (FEMA   Unincorporated       The Honorable Dan Eichenbaum,         Cherokee County, GIS Mapping  Feb. 6, 2020.................       370059
     Docket No.: B-   areas of Cherokee    Chairman, Cherokee County Board of    Department, 75 Peachtree
     1981).           County (18-04-       Commissioners, 75 Peachtree Street,   Street, Murphy, NC 28906.
                      7507P).              Murphy, NC 28906.
    Orange (FEMA     Town of Carrboro     The Honorable Lydia Lavelle, Mayor,   Planning Department, 301      Feb. 4, 2020.................       370275
     Docket No.: B-   (19-04-0720P).       Town of Carrboro, 301 West Main       West Main Street, Carrboro,
     1974).                                Street, Carrboro, NC 27510.           NC 27510.
South Carolina:      City of North        Mr. Mike Mahaney, City of North       Building Department, 1018     Jan. 27, 2020................       450110
 Horry (FEMA Docket   Myrtle Beach (19-    Myrtle Beach Manager, 1018 2nd        2nd Avenue South, North
 No.: B-1970).        04-5172P).           Avenue South, North Myrtle Beach,     Myrtle Beach, SC 29582.
                                           SC 29582.
Texas:
    Bexar (FEMA      City of San Antonio  The Honorable Ron Nirenberg, Mayor,   Transportation and Capitol    Dec. 30, 2019................       480045
     Docket No.: B-   (19-06-1449P).       City of San Antonio, P.O. Box         Improvements Department,
     1970).                                839966, San Antonio, TX 78283.        Storm Water Division, San
                                                                                Antonio, TX 78204.
    Collin (FEMA     City of Frisco (19-  The Honorable Jeff Cheney, Mayor,     Engineering Services          Feb. 3, 2020.................       480134
     Docket No.: B-   06-1915P).           City of Frisco, 6101 Frisco Square    Department, 6101 Frisco
     1974).                                Boulevard, Frisco, TX 75034.          Square Boulevard, Frisco,
                                                                                TX 75034.
    Collin (FEMA     City of Princeton    The Honorable John Mark Caldwell,     Development Services          Feb. 3, 2020.................       480757
     Docket No.: B-   (19-06-0798P).       Mayor, City of Princeton, 123 West    Department, 123 West
     1970).                                Princeton Drive, Princeton, TX        Princeton Drive, Princeton,
                                           75407.                                TX 75407.
    Collin (FEMA     Unincorporated       The Honorable Chris Hill, Collin      Collin County Engineering     Feb. 3, 2020.................       480130
     Docket No.: B-   areas of Collin      County Judge, 2300 Bloomdale Road,    Department, 4690 Community
     1970).           County (19-06-       Suite 4192, McKinney, TX 75071.       Avenue, Suite 200,
                      0798P).                                                    McKinney, TX 75071.
    Denton (FEMA     City of Highland     Mr. Michael Leavitt, City of          City Hall, 1000 Highland      Jan. 31, 2020................       481105
     Docket No.: B-   Village (19-06-      Highland Village Manager, 1000        Village Road, Highland
     1974).           0868P).              Highland Village Road, Highland       Village, TX 75077.
                                           Village, TX 75077.
    Harris (FEMA     Unincorporated       The Honorable Lina Hidalgo, Harris    Harris County Engineering     Jan. 27, 2020................       480287
     Docket No.: B-   areas of Harris      County Judge, 1001 Preston Street,    Department, Permits
     1974).           County (19-06-       Suite 911, Houston, TX 77002.         Division, 10555 Northwest
                      0834P).                                                    Freeway, Suite 120,
                                                                                Houston, TX 77092.
    Montgomery       Unincorporated       The Honorable Mark J. Keough,         Montgomery County Alan B.     Jan. 27, 2020................       480483
     (FEMA Docket     areas of             Montgomery County Judge, 501 North    Sadler Commissioners Court
     No.: B-1974).    Montgomery County    Thompson Street, Suite 401, Conroe,   Building, 501 North
                      (19-06-0834P).       TX 77301.                             Thompson Street, Suite 100,
                                                                                Conroe, TX 77301.
    Tarrant (FEMA    City of Fort Worth   The Honorable Betsy Price, Mayor,     Transportation and Public     Jan. 27, 2020................       480596
     Docket No.: B-   (19-06-0340P).       City of Fort Worth, 200 Texas         Works Department, 200 Texas
     1970).                                Street, Fort Worth, TX 76102.         Street, Fort Worth, TX
                                                                                76102.

    Travis (FEMA     City of Lakeway (19- Mr. Steven Jones, Manager, City of    City Hall, 1102 Lohmans       Jan. 23, 2020................       481303
     Docket No.: B-   06-0745P).           Lakeway, 1102 Lohmans Crossing        Crossing Road, Lakeway, TX
     1967).                                Road, Lakeway, TX 78734.              78734.
--------------------------------------------------------------------------------------------------------------------------------------------------------

[FR Doc. 2020-03898 Filed 2-26-20; 8:45 am]
BILLING CODE 9110-12-P


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

General Comment:Supplemental Materials Document Title:  Final Programmatic Environmental Impact Statement 951 pages


[Federal Register Volume 79, Number 90 (Friday, May 9, 2014)]
[Notices]
[Pages 26797-26798]
[FR Doc No: 2014-10797]

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

SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]

Clear Skies Solar, Inc., Debut Broadcasting Corporation, Inc.,
Physicians Healthcare Management Group, Inc., Technipower Systems, Inc.
(a/k/a Solomon Technologies, Inc.), Theater Xtreme Entertainment Group,
Inc., WorldGate Communications, Inc., and YTB International, Inc. (a/k/
a 1803 International, Inc.); Order of Suspension of Trading

May 7, 2014.
    Clear Skies Solar, Inc. (CIK No. 1402857) is a void Delaware
corporation located in Farmingdale, New York with a class of securities
registered with the Commission pursuant to Exchange Act Section 12(g).
Clear Skies Solar, Inc. is delinquent in its periodic filings with the
Commission, having not filed any periodic reports since it filed a Form
10-Q for the period ended September 30, 2011, which reported a net loss
of $3,163,652 for the prior nine months. As of May 1, 2014, the
company's stock (symbol ``CSKH'') was quoted on OTC Link, had eight
market makers, and was eligible for the ``piggyback'' exception of
Exchange Act Rule 15c2-11(f)(3). It appears to the Securities and
Exchange Commission that there is a lack of current and accurate
information concerning the securities of Clear Skies Solar, Inc.
because it has not filed any periodic reports since the period ended
September 30, 2011.
    Debut Broadcasting Corporation, Inc. (CIK No. 1254371) is a
defaulted Nevada corporation located in Nashville, Tennessee with a
class of securities registered with the Commission pursuant to Exchange
Act Section 12(g). Debut Broadcasting Corporation, Inc. is delinquent
in its periodic filings with the Commission, having not filed any
periodic reports since it filed a Form 10-Q for the period ended
September 30, 2011, which reported a net loss of $411,205 for the prior
nine months. As of May 1, 2014, the company's stock (symbol ``DBTB'')
was quoted on OTC Link, had seven market makers, and was eligible for
the ``piggyback'' exception of Exchange Act Rule 15c2-11(f)(3). It
appears to the Securities and Exchange Commission that there is a lack
of current and accurate information concerning the securities of Debut
Broadcasting Corporation, Inc. because it has not filed any periodic
reports since the period ended September 30, 2011.
    Physicians Healthcare Management Group, Inc. (CIK No. 1528006) is a
Nevada corporation located in Miami, Florida with a class of securities
registered with the Commission pursuant to Exchange Act Section 12(g).
Physicians Healthcare Management Group, Inc. is delinquent in its
periodic filings with the Commission, having not filed any periodic
reports since it filed a Form 10-Q for the period ended September 30,
2011, which reported a net loss of $5,238,240 since the company's
February 14, 2005 inception. Moreover, the company has never filed a
Form 10-K. As of May 1, 2014, the company's stock (symbol ``PHYH'') was
quoted on OTC Link, had eight market makers, and was eligible for the
``piggyback'' exception of Exchange Act Rule 15c2-11(f)(3). It appears
to the Securities and Exchange Commission that there is a lack of
current and accurate information concerning the securities of
Physicians Healthcare Management Group, Inc. because it has not filed
any periodic reports since the period ended September 30, 2011.
    Technipower Systems, Inc. (a/k/a Solomon Technologies, Inc.) (CIK
No. 1240722) is a void Delaware corporation located in Danbury,
Connecticut with a class of securities registered with the Commission
pursuant to Exchange Act Section 12(g). Technipower Systems is
delinquent in its periodic filings with the Commission, having not
filed any periodic reports since it filed a Form 10-Q for the period
ended September 30, 2008, which reported a net loss of over $5,120,887
for the prior nine months. As of May 1, 2014, the company's stock
(symbol ``TECZ'') was quoted on OTC Link, had six market makers, and
was eligible for the ``piggyback'' exception of Exchange Act Rule 15c2-
11(f)(3). It appears to the Securities and Exchange Commission

that there is a lack of current and accurate information concerning the
securities of Technipower Systems, Inc. because it has not filed any
periodic reports since the period ended September 30, 2008.
    Theater Xtreme Entertainment Group, Inc. (CIK No. 1089775) is a
dissolved Florida corporation located in Newark, Delaware with a class
of securities registered with the Commission pursuant to Exchange Act
Section 12(g). Theater Xtreme Entertainment Group is delinquent in its
periodic filings with the Commission, having not filed any periodic
reports since it filed a Form 10-Q for the period ended September 30,
2008, which reported a net loss of over $987,815 for the prior three
months. As of May 1, 2014, the company's stock (symbol ``TXEGQ'') was
quoted on OTC Link, had five market makers, and was eligible for the
``piggyback'' exception of Exchange Act Rule 15c2-11(f)(3). It appears
to the Securities and Exchange Commission that there is a lack of
current and accurate information concerning the securities of Theater
Xtreme Entertainment Group, Inc. because it has not filed any periodic
reports since the period ended September 30, 2008.
    WorldGate Communications, Inc. (CIK No. 1030058) is a forfeited
Delaware corporation located in Trevose, Pennsylvania with a class of
securities registered with the Commission pursuant to Exchange Act
Section 12(g). WorldGate Communications, Inc. is delinquent in its
periodic filings with the Commission, having not filed any periodic
reports since it filed a Form 10-Q for the period ended September 30,
2011, which reported a net loss of $4,470,000 for the prior nine
months. As of May 1, 2014, the company's stock (symbol ``WGATQ'') was
quoted on OTC Link, had ten market makers, and was eligible for the
``piggyback'' exception of Exchange Act Rule 15c2-11(f)(3). It appears
to the Securities and Exchange Commission that there is a lack of
current and accurate information concerning the securities of WorldGate
Communications, Inc. because it has not filed any periodic reports
since the period ended September 30, 2011.
    YTB International, Inc. (a/k/a 1803 International, Inc.) (CIK No.
852766) is a Delaware corporation located in Wood River, Illinois with
a class of securities registered with the Commission pursuant to
Exchange Act Section 12(g). YTB International, Inc. is delinquent in
its periodic filings with the Commission, having not filed any periodic
reports since it filed a Form 10-Q for the period ended September 30,
2011, which reported a net loss of $668,000 for the prior three months.
As of May 1, 2014, the company's stock (symbol ``YTBLQ'') was quoted on
OTC Link, had ten market makers, and was eligible for the ``piggyback''
exception of Exchange Act Rule 15c2-11(f)(3). It appears to the
Securities and Exchange Commission that there is a lack of current and
accurate information concerning the securities of YTB International,
Inc. because it has not filed any periodic reports since the period
ended September 30, 2011.
    The Commission is of the opinion that the public interest and the
protection of investors require a suspension of trading in the
securities of the above-listed companies.
    Therefore, it is ordered, pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that trading in the securities of the
above-listed companies is suspended for the period from 9:30 a.m. EDT
on May 7, 2014, through 11:59 p.m. EDT on May 20, 2014.

    By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2014-10797 Filed 5-7-14; 4:15 pm]
BILLING CODE 8011-01-P