Based on the Commission's existing information about SROs, the
Commission believes that such entities will not be small entities, but
rather part of large business entities that exceed the thresholds
defining ``small entities'' set out above. Additionally, while other
clearing agencies may become eligible to operate as central
counterparties for

security-based swaps, the Commission does not believe that any such
entities will be ``small entities'' as defined in Exchange Act Rule 0-
10.\296\ Furthermore, the Commission believes it is unlikely that
clearing agencies acting as central counterparties for security-based
swaps would have annual receipts of less than $6.5 million.
Accordingly, the Commission believes that any clearing agencies
clearing security-based swaps by acting as central counterparties for
such transactions will exceed the thresholds for ``small entities'' set
forth in Exchange Act Rule 0-10.
---------------------------------------------------------------------------

    \296\ See 17 CFR 240.0-10(d).
---------------------------------------------------------------------------

B. Security-Based Swap Counterparties

    New Rule 3Ca-1 will apply to any counterparty to a security-based
swap subject to the clearing requirement that applies for a stay of a
mandatory clearing requirement. For the purposes of Commission
rulemaking and as applicable to new Rule 3Ca-1, a small entity
includes: (i) When used with reference to a clearing agency, a clearing
agency that (a) compared, cleared and settled less than $500 million in
securities transactions during the preceding fiscal year, (b) had less
than $200 million of funds and securities in its custody or control at
all times during the preceding fiscal year (or at any time that it has
been in business, if shorter) and (c) is not affiliated with any person
(other than a natural person) that is not a small business or small
organization; \297\ (ii) when used as reference to an ``issuer'' or a
``person,'' other than an investment company, an ``issuer'' or a
``person'' that, on the last day of its most recent fiscal year, had
total assets of $5 million or less; \298\ or (iii) when used as
reference to broker-dealer, a broker-dealer (a) with total capital (net
worth plus subordinated liabilities) of less than $500,000 on the date
in the prior fiscal year as of which its audited financial statements
were prepared pursuant to Rule 17a-5(d) under the Exchange Act, or, if
not required to file such statements, a broker-dealer that had total
capital (net worth plus subordinated liabilities) of less than $500,000
on the last business day of the preceding fiscal year (or in that time
that it has been in business, if shorter) and (b) is not affiliated
with any person (other than a natural person) that is not a small
business or small organization.\299\ Under the standards adopted by the
Small Business Administration, small entities in the finance industry
include the following: (i) For entities engaged in investment banking,
securities dealing and securities brokerage activities, entities with
$6.5 million or less in annual receipts; (ii) for entities engaged in
trust, fiduciary and custody activities, entities with $6.5 million or
less in annual receipts; and (iii) funds, trusts and other financial
vehicles with $6.5 million or less in annual receipts.\300\
---------------------------------------------------------------------------

    \297\ 17 CFR 240.0-10(d).
    \298\ 17 CFR 240.0-10(a).
    \299\ 17 CFR 240.0-10(c).
    \300\ 13 CFR 121.201, Sector 52.
---------------------------------------------------------------------------

    While the Commission is unable to anticipate whether any
counterparties to security-based swap transactions that apply for a
stay of a mandatory clearing requirement would meet the definition of a
``small entity'' under Exchange Act Rule 0-10, the Commission believes
that it is unlikely that the stay application process of new Rule 3Ca-1
will have a significant economic impact upon such an entity. Given that
the new stay application process entails the submission of a written
statement to the Commission setting forth information about the
security-based swap transaction for which the stay is sought, the
Commission believes the impact of the application process on a
counterparty would be minimal.\301\ Furthermore, even if the stay
application process were to have a significant economic impact upon
such non-clearing agency counterparty, the Commission believes that the
number of entities so impacted will be no more than 30.\302\
Accordingly, in respect of non-clearing agency counterparties to
security-based swap transactions, the Commission believes that new Rule
3Ca-1 will not have a significant economic impact on a substantial
number of small entities.
---------------------------------------------------------------------------

    \301\ In the economic analysis, the Commission estimated that
the 30 counterparties would incur $1,062,000 in total aggregate
costs to prepare and submit applications requesting a stay of a
clearing requirement, which breaks down to $35,400 per stay. See
supra note 278 and accompanying text.
    \302\ As previously noted, the Commission is unable to estimate
accurately the number of times it will receive an application for a
stay pursuant to Section 3C(c)(1) because it has not yet made any
mandatory clearing determinations and it does not know what
counterparties may object to a determination or when they would make
an application for a stay. However, the Commission recognizes that
there will likely be applications for stays and, for purposes of
conducting the PRA analysis, the Commission estimated there would be
five applications for stays of a clearing requirement per clearing
agency per year. This figure represents one quarter of the estimated
number of Security-Based Swap Submissions from each clearing agency
per year, for a total of 30 applications for stays per year. While
the Commission recognizes that a counterparty may submit multiple
stay applications, in order to use the most conservative estimate
possible, the Commission is assuming that each of the 30 estimated
applications will be submitted by different counterparties. See
supra section III.D.4.
---------------------------------------------------------------------------

C. Certification

    For the reasons stated above, the Commission certifies that the
amendments to Rule 19b-4, including new Rules 19b-4(n) and (o) and all
corresponding amendments to Form 19b-4, and new Rules 3Ca-1 and 3Ca-2
will not have a significant economic impact on a substantial number of
small entities for the purposes of the RFA.

VI. Statutory Authority

    Pursuant to the Exchange Act, and particularly Sections 3C, 17A and
19(b) thereof, 15 U.S.C. 78c-3, 78q-1 and 78s(b) and Section 806(e) of
the Clearing Supervision Act, 12 U.S.C 5465(e), the Commission is
amending Rule 19b-4 and Form 19b-4 and adding Rules 3Ca-1 and 3Ca-2, as
set forth below.

List of Subjects in 17 CFR Parts 240 and 249

    Brokers, Reporting and recordkeeping requirements, Securities.

Text of the Final Rule

    In accordance with the foregoing, Title 17, chapter II of the Code
of Federal Regulations is amended as follows:

PART 240--GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF
1934

0
1. The general authority citation for part 240 is revised and a sub-
authority is added in section number order to read as follows:

    Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3,
77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78c-3, 78d, 78e, 78f, 78g,
78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78o, 78o-4, 78p, 78q,
78s, 78u-5, 78w, 78x, 78ll, 78mm, 80a-20, 80a-23, 80a-29, 80a-37,
80b-3, 80b-4, 80b-11, and 7201 et seq.; 18 U.S.C. 1350, 12 U.S.C.
5221(e)(3), and Pub. L. 111-203, Sec.  939A, 124 Stat. 1376, (2010),
unless otherwise noted.
* * * * *
    Section 240.19b-4 is also issued under 12 U.S.C. 5465(e).
* * * * *
0
2. Add an undesignated center heading and Sec. Sec.  240.3Ca-1 and
240.3Ca-2 following Sec.  240.3b-19 to read as follows:

Clearing of Security-Based Swaps

240.3Ca-1 Stay of clearing requirement and review by the Commission.
240.3Ca-2 Submission of security-based swaps for clearing.
* * * * *

Sec.  240.3Ca-1  Stay of clearing requirement and review by the
Commission.

    (a) After making a determination pursuant to a clearing agency's
security-based swap submission that a security-based swap, or any
group, category, type or class of security-based swaps, is required to
be cleared, the Commission, on application of a counterparty to a
security-based swap or on the Commission's own initiative, may stay the
clearing requirement until the Commission completes a review of the
terms of the security-based swap (or group, category, type, or class of
security-based swaps) and the clearing of the security-based swap (or
group, category, type, or class of security-based swaps) by the
clearing agency that has accepted it for clearing.
    (b) A counterparty to a security-based swap applying for a stay of
the clearing requirement for a security-based swap (or group, category,
type, or class of security-based swaps) shall submit a written
statement to the Commission that includes:
    (1) A request for a stay of the clearing requirement;
    (2) The identity of the counterparties to the security-based swap
and a contact at the counterparty requesting the stay;
    (3) The identity of the clearing agency clearing the security-based
swap;
    (4) The terms of the security-based swap subject to the clearing
requirement and a description of the clearing arrangement; and
    (5) Reasons why such stay should be granted and why the security-
based swap should not be subject to a clearing requirement,
specifically addressing the same factors a clearing agency must address
in its security-based-swap submission pursuant to Sec.  240.19b-
4(o)(3).
    (c) A stay of the clearing requirement may be granted with respect
to a security-based swap, or the group, category, type, or class of
security-based swaps, as determined by the Commission.
    (d) The Commission's review shall include a quantitative and
qualitative assessment of the factors specified in Sec.  240.19b-
4(o)(3). Any clearing agency that has accepted for clearing a security-
based swap, or any group, category, type or class of security-based
swaps, that is subject to the stay of the clearing requirement shall
provide information requested by the Commission as necessary to assess
any of the factors it determines to be appropriate in the course of its
review.
    (e) Upon completion of its review, the Commission may:
    (1) Determine, subject to any terms and conditions that the
Commission determines to be appropriate in the public interest, that
the security-based swap, or group, category, type, or class of
security-based swaps must be cleared; or
    (2) Determine that the clearing requirement will not apply to the
security-based swap, or group, category, type, or class of security-
based swaps, but clearing may continue on a non-mandatory basis.

Sec.  240.3Ca-2  Submission of security-based swaps for clearing.

    Pursuant to section 3C(a)(1) of the Act (15 U.S.C. 78c-3(a)(1)), it
shall be unlawful for any person to engage in a security-based swap
unless that person submits such security-based swap for clearing to a
clearing agency that is registered under this Act or a clearing agency
that is exempt from registration under the Act if the security-based
swap is required to be cleared. The phrase submits such security-based
swap for clearing to a clearing agency in the clearing requirement of
Section 3C(a)(1) of the Act shall mean that the security-based swap
will be submitted for central clearing to a clearing agency that
functions as a central counterparty.

0
3. Sec.  240.19b-4 is amended by:
0
a. Removing the phrase ``Preliminary Note:'' in the introductory text;
0
b. Removing paragraph (b);
0
c. Redesignating paragraph (a) as paragraph (b);
0
d. Adding new paragraph (a);
0
e. In paragraph (i), adding the phrase ``, notices and submissions''
after ``of all filings'';
0
f. In paragraph (i), adding the words ``notice or submission,'' after
the phrase ``any such filing,'';
0
g. In paragraph (i), removing the phrase ``the filing of the proposed
rule change.'' and adding in its place ``the filing, notice or
submission of the proposed rule change, advance notice or security-
based swap submission, as applicable.'';
0
h. In paragraph (j), first sentence, removing the words ``with respect
to proposed rule changes'';
0
i. Revising paragraph (l), introductory text;
0
j. Adding paragraph (n); and
0
k. Adding paragraph (o).
    The additions and revisions read as follows:

Sec.  240.19b-4  Filings, notices or submissions with respect to
proposed rule changes, advance notices or security-based swap
submissions by self-regulatory organizations.

* * * * *
    (a) Definitions. As used in this section:
    (1) The term advance notice means a notice required to be made by a
designated clearing agency pursuant to Section 806(e) of the Payment,
Clearing and Settlement Supervision Act (12 U.S.C. 5465(e));
    (2) The term designated clearing agency means a clearing agency
that is registered with the Commission, and for which the Commission is
the Supervisory Agency (as determined in accordance with section 803(8)
of the Payment, Clearing and Settlement Supervision Act (12 U.S.C.
5462(8)), that has been designated by the Financial Stability Oversight
Council pursuant to section 804 of the Payment, Clearing and Settlement
Supervision Act (12 U.S.C. 5463) as systemically important or likely to
become systemically important;
    (3) The term Payment, Clearing and Settlement Supervision Act means
Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (124 Stat. 1802, 1803, 1807, 1809, 1811, 1814, 1816, 1818, 1820,
1821; 12 U.S.C. 5461 et seq.);
    (4) The term proposed rule change has the meaning set forth in
Section 19(b)(1) of the Act (15 U.S.C. 78s(b)(1));
    (5) The term security-based swap submission means a submission of
identifying information required to be made by a clearing agency
pursuant to section 3C(b)(2) of the Act (15 U.S.C. 78c-3(b)(2)) for
each security-based swap, or any group, category, type or class of
security-based swaps, that such clearing agency plans to accept for
clearing;
    (6) The term stated policy, practice, or interpretation means:
    (i) Any material aspect of the operation of the facilities of the
self-regulatory organization; or
    (ii) Any statement made generally available to the membership of,
to all participants in, or to persons having or seeking access
(including, in the case of national securities exchanges or registered
securities associations, through a member) to facilities of, the self-
regulatory organization (``specified persons''), or to a group or
category of specified persons, that establishes or changes any
standard, limit, or guideline with respect to:
    (A) The rights, obligations, or privileges of specified persons or,
in the case of national securities exchanges or registered securities
associations, persons associated with specified persons; or
    (B) The meaning, administration, or enforcement of an existing
rule.
* * * * *
    (l) The self-regulatory organization shall post each proposed rule
change,

and any amendments thereto, on its Web site within two business days
after the filing of the proposed rule change, and any amendments
thereto, with the Commission. If a self-regulatory organization does
not post a proposed rule change on its Web site on the same day that it
filed the proposal with the Commission, then the self-regulatory
organization shall inform the Commission of the date on which it posted
such proposal on its Web site. Such proposed rule change and amendments
shall be maintained on the self-regulatory organization's Web site
until:
* * * * *
    (n)(1)(i) A designated clearing agency shall provide an advance
notice to the Commission of any proposed change to its rules,
procedures, or operations that could materially affect the nature or
level of risks presented by such designated clearing agency. Except as
provided in paragraph (n)(1)(ii) of this section, such advance notice
shall be submitted to the Commission electronically on Form 19b-4
(referenced in 17 CFR 249.819). The Commission shall, upon the filing
of any advance notice, provide for prompt publication thereof.
    (ii) Any designated clearing agency that files an advance notice
with the Commission prior to December 10, 2012, shall file such advance
notice in electronic format to a dedicated email address to be
established by the Commission. The contents of an advance notice filed
pursuant to this paragraph (n)(1)(ii) shall contain the information
required to be included for advance notices in the General Instructions
for Form 19b-4 (referenced in 17 CFR 249.819).
    (2)(i) For purposes of this paragraph (n), the phrase materially
affect the nature or level of risks presented, when used to qualify
determinations on a change to rules, procedures, or operations at the
designated clearing agency, means matters as to which there is a
reasonable possibility that the change could affect the performance of
essential clearing and settlement functions or the overall nature or
level of risk presented by the designated clearing agency.
    (ii) Changes to rules, procedures, or operations that could
materially affect the nature or level of risks presented by a
designated clearing agency may include, but are not limited to, changes
that materially affect participant and product eligibility, risk
management, daily or intraday settlement procedures, default
procedures, system safeguards, governance or financial resources of the
designated clearing agency.
    (iii) Changes to rules, procedures, or operations that may not
materially affect the nature or level of risks presented by a
designated clearing agency include, but are not limited to:
    (A) Changes to an existing procedure, control, or service that do
not modify the rights or obligations of the designated clearing agency
or persons using its payment, clearing, or settlement services and that
do not adversely affect the safeguarding of securities, collateral, or
funds in the custody or control of the designated clearing agency or
for which it is responsible; or
    (B) Changes concerned solely with the administration of the
designated clearing agency or related to the routine, daily
administration, direction, and control of employees;
    (3) The designated clearing agency shall post the advance notice,
and any amendments thereto, on its Web site within two business days
after the filing of the advance notice, and any amendments thereto,
with the Commission. Such advance notice and amendments shall be
maintained on the designated clearing agency's Web site until the
earlier of:
    (i) The date the designated clearing agency withdraws the advance
notice or is notified that the advance notice is not properly filed; or
    (ii) The date the designated clearing agency posts a notice of
effectiveness as required by paragraph (n)(4)(ii) of this section.
    (4)(i) The designated clearing agency shall post a notice on its
Web site within two business days of the date that any change to its
rules, procedures, or operations referred to in an advance notice has
been permitted to take effect as such date is determined in accordance
with Section 806(e) of the Payment, Clearing and Settlement Supervision
Act (12 U.S.C. 5465).
    (ii) The designated clearing agency shall post a notice on its Web
site within two business days of the effectiveness of any change to its
rules, procedures, or operations referred to in an advance notice.
    (5) A designated clearing agency shall provide copies of all
materials submitted to the Commission relating to an advance notice
with the Board of Governors of the Federal Reserve System
contemporaneously with such submission to the Commission.
    (6) The publication and Web site posting requirements contained in
paragraphs (n)(1), (n)(3), and (n)(4) of this section do not apply to
any information contained in an advance notice for which a designated
clearing agency has requested confidential treatment following the
procedures set forth in Sec.  240.24b-2.
    (o)(1) Every clearing agency that is registered with the Commission
that plans to accept a security-based swap, or any group, category,
type, or class of security-based swaps for clearing shall submit to the
Commission a security-based swap submission and provide notice to its
members of such security-based swap submission.
    (2)(i) Except as provided in paragraph (o)(2)(ii) of this section,
a clearing agency shall submit each security-based swap submission to
the Commission electronically on Form 19b-4 (referenced in 17 CFR
249.819) with the information required to be submitted for a security-
based swap submission, as provided in Sec.  240.19b-4 and Form 19b-4.
Any information submitted to the Commission electronically on Form 19b-
4 that is not complete or otherwise in compliance with this section and
Form 19b-4 shall not be considered a security-based swap submission and
the Commission shall so inform the clearing agency within twenty-one
business days of the submission on Form 19b-4 (referenced in 17 CFR
249.819).
    (ii) Any clearing agency that files a security-based swap
submission with the Commission prior to December 10, 2012, shall file
such security-based swap submission in electronic format to a dedicated
email address to be established by the Commission. The contents of a
security-based swap submission filed pursuant to this paragraph
(o)(2)(ii) shall contain the information required to be included for
security-based swap submissions in the General Instructions for Form
19b-4.
    (3) A security-based swap submission submitted by a clearing agency
to the Commission shall include a statement that includes, but is not
limited to:
    (i) How the security-based swap submission is consistent with
Section 17A of the Act (15 U.S.C. 78q-1);
    (ii) Information that will assist the Commission in the
quantitative and qualitative assessment of the factors specified in
Section 3C of the Act (15 U.S.C. 78c-3), including, but not limited to:
    (A) The existence of significant outstanding notional exposures,
trading liquidity, and adequate pricing data;
    (B) The availability of a rule framework, capacity, operational
expertise and resources, and credit support infrastructure to clear the
contract on terms that are consistent with the material terms and
trading conventions on which the contract is then traded;

    (C) The effect on the mitigation of systemic risk, taking into
account the size of the market for such contract and the resources of
the clearing agency available to clear the contract;
    (D) The effect on competition, including appropriate fees and
charges applied to clearing; and
    (E) The existence of reasonable legal certainty in the event of the
insolvency of the relevant clearing agency or one or more of its
clearing members with regard to the treatment of customer and security-
based swap counterparty positions, funds, and property;
    (iii) A description of how the rules of the clearing agency
prescribe that all security-based swaps submitted to the clearing
agency with the same terms and conditions are economically equivalent
within the clearing agency and may be offset with each other within the
clearing agency, as applicable to the security-based swaps described in
the security-based swap submission; and
    (iv) A description of how the rules of the clearing agency provide
for non-discriminatory clearing of a security-based swap executed
bilaterally or on or through the rules of an unaffiliated national
securities exchange or security-based swap execution facility, as
applicable to the security-based swaps described in the security-based
swap submission.
    (4) A clearing agency shall submit security-based swaps to the
Commission for review by group, category, type or class of security-
based swaps, to the extent reasonable and practicable to do so.
    (5) A clearing agency shall post each security-based swap
submission, and any amendments thereto, on its Web site within two
business days after the submission of the security-based swap
submission, and any amendments thereto, with the Commission. Such
security-based swap submission and amendments shall be maintained on
the clearing agency's Web site until the Commission makes a
determination regarding the security-based swap submission or the
clearing agency withdraws the security-based swap submission, or is
notified that the security-based swap submission is not properly filed.
    (6) In connection with any security-based swap submission that is
submitted by a clearing agency to the Commission, the clearing agency
shall provide any additional information requested by the Commission as
necessary to assess any of the factors it determines to be appropriate
in order to make the determination of whether the clearing requirement
applies.
    (7) Notices of orders issued pursuant to Section 3C of the Act (15
U.S.C. 78c-3), regarding security-based swap submissions will be given
by prompt publication thereof, together with a statement of written
reasons therefor.

PART 249--FORMS, SECURITIES EXCHANGE ACT OF 1934

0
4. The general authority citation for part 249 is revised and a sub-
authority is added in section number order to read as follows:

    Authority: 15 U.S.C. 78a et seq. and 7201 et seq.; 12 U.S.C.
5461 et seq.; and 18 U.S.C. 1350, unless otherwise noted.
* * * * *
    Section 249.819 is also issued under 12 U.S.C. 5465(e).
* * * * *

0
5. Revise Sec.  249.819 to read as follows:

Sec.  249.819  Form 19b-4, for electronic filings with respect to
proposed rule changes, advance notices and security-based swap
submissions by all self-regulatory organizations.

    This form shall be used by all self-regulatory organizations, as
defined in Section 3(a)(26) of the Securities Exchange Act of 1934 (15
U.S.C. 78c(a)(26)), to file electronically proposed rule changes with
the Commission pursuant to Section 19(b) of the Act (15 U.S.C. 78s(b))
and Sec.  240.19b-4 of this chapter, advance notices with the
Commission pursuant to Section 806(e) of the Payment, Clearing and
Settlement Supervision Act (12 U.S.C. 5465(e)) and Sec.  240.19b-4 of
this chapter and security-based swap submissions with the Commission
pursuant to Section 3C(b)(2) of the Act (15 U.S.C. 78c-3(b)(2)) and
Sec.  240.19b-4 of this chapter.

0
6. Form 19b-4 (referenced in Sec.  249.819) is revised to read as
follows:

    Note:  The text of Form 19b-4 does not and the amendments will
not appear in the Code of Federal Regulations.

BILLING CODE 8011-01-P

[GRAPHIC] [TIFF OMITTED] TR13JY12.003

[GRAPHIC] [TIFF OMITTED] TR13JY12.004

BILLING CODE 8011-01-C

General Instructions for Form 19b-4

A. Use of the Form

    All self-regulatory organization proposed rule changes (except
filings with respect to proposed rule changes by self-regulatory
organizations submitted pursuant to Section 19(b)(7) \1\

of the Securities Exchange Act of 1934 (``Act'')), security-based swap
submissions, and advance notices shall be filed in an electronic format
through the Electronic Form 19b-4 Filing System (``EFFS''), a secure
Web site operated by the Commission. This form shall be used for
filings of proposed rule changes by all self-regulatory organizations
pursuant to Section 19(b) of the Act, except filings with respect to
proposed rule changes by self-regulatory organizations submitted
pursuant to Section 19(b)(7) of the Act. National securities exchanges,
registered securities associations, registered clearing agencies, and
the Municipal Securities Rulemaking Board are self-regulatory
organizations for purposes of this form. This form shall be used for
all security-based swap submissions and advance notices filed by
registered clearing agencies. A proposed change that is required to be
filed with the Commission under more than one of these three processes
(a proposed rule change, security-based swap submission, or advance
notice) shall be submitted on the same Form 19b-4.
---------------------------------------------------------------------------

    \1\ Because Section 19(b)(7)(C) of the Act states that filings
abrogated pursuant to this Section should be re-filed pursuant to
paragraph (b)(1) of Section 19 of the Act, SROs are required to file
electronically such proposed rule changes in accordance with this
form.
---------------------------------------------------------------------------

B. Need for Careful Preparation of the Completed Form, Including
Exhibits

    This form, including the exhibits, is intended to elicit
information necessary for the public to provide meaningful comment on
the proposed rule change, security-based swap submission, or advance
notice and for the Commission to determine whether the proposed rule
change, security-based swap submission, or advance notice is consistent
with the requirements of the Act and the rules and regulations
thereunder or the Payment, Clearing and Settlement Supervision Act and
the rules and regulations thereunder, in each case as applicable to the
self-regulatory organization and in accordance with the requirements
for each type of filing. The self-regulatory organization must provide
all the information called for by the form, including the exhibits, and
must present the information in a clear and comprehensible manner.
    The proposed rule change, security-based swap submission, or
advance notice shall be considered filed on the date on which the
Commission receives the proposed rule change, security-based swap
submission, or advance notice if the filing complies with all
requirements of this form. Any filing that does not comply with the
requirements of this form may be returned to the self-regulatory
organization. Any filing so returned shall for all purposes be deemed
not to have been filed with the Commission. See also Rule 0-3 under the
Act (17 CFR 240.0-3).

C. Documents Comprising the Completed Form

    The completed form filed with the Commission shall consist of the
Form 19b-4 Page 1, numbers and captions for all items, responses to all
items, and exhibits required in Item 11. In responding to an item, the
completed form may omit the text of the item as contained herein if the
response is prepared to indicate to the reader the coverage of the item
without the reader having to refer to the text of the item or its
instructions. Each filing shall be marked on the Form 19b-4 with the
initials of the self-regulatory organization, the four-digit year, and
the number of the filing for the year (e.g., SRO-YYYY-XX). If the SRO
is filing Exhibits 2 or 3 via paper, the exhibits must be filed within
5 calendar days of the electronic submission of all other required
documents.

D. Amendments

    If information on this form is or becomes inaccurate before the
Commission takes action on the proposed rule change or the security-
based swap submission, or prior to the expiration of the statutory
review period with respect to advance notices (as determined in
accordance with Section 806(e) of the Payment, Clearing and Settlement
Supervision Act), the self-regulatory organization shall correct any
such inaccuracy. Amendments shall be filed as specified in Instruction
F.
    Amendments to a filing shall include the Form 19b-4 Page 1 marked
to number consecutively the amendments, numbers and captions for each
amended item, amended response to the item, and required exhibits. The
amended response to Item 3 shall explain the purpose of the amendment
and, if the amendment changes the purpose of or basis for the proposed
rule change, security-based swap submission, or advance notice, the
amended response shall also provide a revised purpose and basis
statement. Exhibit 1 or Exhibit 1A, as applicable, shall be re-filed if
there is a material change from the immediately preceding filing in the
language of the proposed rule change or in the information provided
relating to the proposed rule change, security-based swap submission,
or advance notice.
    If the amendment alters the text of an existing rule, the amendment
shall include the text of the existing rule, marked in the manner
described in Item 1(a) using brackets to indicate words to be deleted
from the existing rule and underscoring to indicate words to be added.
The purpose of this marking requirement is to maintain a current copy
of how the text of the existing rule is being changed.
    If the amendment alters the text of the proposed rule change as it
appeared in the immediately preceding filing (even if the proposed rule
change does not alter the text of an existing rule), the amendment
shall include, as Exhibit 4, the entire text of the rule as altered.
This full text shall be marked, in any convenient manner, to indicate
additions to and deletions from the immediately preceding filing. The
purpose of Exhibit 4 is to permit the staff to identify immediately the
changes made from the text of the rule with which it has been working.
    If the self-regulatory organization is amending only part of the
text of a lengthy proposed rule change, it may, with the Commission's
permission, file only those portions of the text of the proposed rule
change in which changes are being made if the filing (i.e., partial
amendment) is clearly understandable on its face. Such partial
amendment shall be clearly identified and marked to show deletions and
additions.
    If, after the Form 19b-4 is filed but before the Commission takes
final action on it, the self-regulatory organization receives or
prepares any correspondence or other communications reduced to writing
(including comment letters) to and from such self-regulatory
organization concerning the proposed rule change, security-based swap
submission, or advance notice, the communications shall be filed as
Exhibit 2. If information in the communication makes the filing
inaccurate, the filing shall be amended to correct the inaccuracy. If
such communications cannot be filed electronically in accordance with
Instruction F, the communications shall be filed in accordance with
Instruction G.

E. Completion of Action by the Self-Regulatory Organization on the
Proposed Rule Change

    The Commission will not approve a proposed rule change or make a
determination regarding a security-based swap submission or raise no
objection to an advance notice before the self-regulatory organization
has completed all action required to be taken under its constitution,
articles of incorporation, bylaws, rules, or instruments corresponding
thereto (excluding action specified in any such

instrument with respect to (i) compliance with the procedures of the
Act or (ii) the formal filing of amendments pursuant to state law).

F. Signature and Filing of the Completed Form

    All proposed rule changes, security-based swap submissions, advance
notices, amendments, extensions, and withdrawals of proposed rule
changes, security-based swap submissions, and advance notices shall be
filed through the EFFS. In order to file Form 19b-4 through EFFS, self-
regulatory organizations must request access to the SEC's External
Application Server by completing a request for an external account user
ID and password. Initial requests will be received by contacting the
Trading and Markets Administrator located on our Web site (http://www.sec.gov). An email will be sent to the requestor that will provide
a link to a secure Web site where basic profile information will be
requested.
    A duly authorized officer of the self-regulatory organization shall
electronically sign the completed Form 19b-4 as indicated on Page 1 of
the Form. In addition, a duly authorized officer of the self-regulatory
organization shall manually sign one copy of the completed Form 19b-4,
and the manually signed signature page shall be maintained pursuant to
Section 17 of the Act. A registered clearing agency for which the
Commission is not the appropriate regulatory agency also shall file
with its appropriate regulatory agency three copies of the form, one of
which shall be manually signed, including exhibits. A clearing agency
that also is a designated clearing agency shall file with the Board of
Governors of the Federal Reserve System (``Federal Reserve'') three
copies of any form containing an advance notice, one of which shall be
manually signed, including exhibits; provided, however, that this
requirement may be satisfied instead by providing the copies to the
Federal Reserve in an electronic format as permitted by the Federal
Reserve. The Municipal Securities Rulemaking Board also shall file
copies of the form, including exhibits, with the Federal Reserve, the
Comptroller of the Currency, and the Federal Deposit Insurance
Corporation.

G. Procedures for Submission of Paper Documents for Exhibits 2 and 3

    To the extent that Exhibits 2 and 3 cannot be filed electronically
in accordance with Instruction F, four copies of Exhibits 2 and 3 shall
be filed with the Division of Trading and Markets, Securities and
Exchange Commission, 100 F Street NE., Washington, DC 20549. Page 1 of
the electronic Form 19b-4 shall accompany paper submissions of Exhibits
2 and 3. If the SRO is filing Exhibits 2 and 3 via paper, they must be
filed within five calendar days of the electronic filing of all other
required documents.

H. Withdrawals of Proposed Rule Changes, Security-Based Swap
Submissions or Advance Notices

    If a self-regulatory organization determines to withdraw a proposed
rule change, security-based swap submission, or advance notice, it must
complete Page 1 of the Form 19b-4 and indicate by selecting the
appropriate check box to withdraw the filing.

I. Procedures for Granting an Extension of Time for Commission Final
Action

    After the Commission publishes notice of a proposed rule change or
security-based swap submission, if a self-regulatory organization
wishes to grant the Commission an extension of the time to take final
action as specified in Section 19(b)(2) or Section 3C, the self-
regulatory organization shall indicate on the Form 19b-4 Page 1 the
granting of said extension as well as the date the extension expires.
Information To Be Included in the Completed Form (``Form 19b-4
Information'')
1. Text of the Proposed Rule Change
    (a) Include the text of the proposed rule change, security-based
swap submission, or advance notice. Text of the proposed rule change
should be included either in Exhibit 5 or Exhibit 1 (or Exhibit 1A in
the filing of a clearing agency). Changes in, additions to, or
deletions from, any existing rule shall be set forth with brackets used
to indicate words to be deleted and underscoring used to indicate words
to be added.
    If any form, report, or questionnaire is:
    (i) proposed to be used in connection with the implementation or
operation of the proposed rule change, security-based swap submission,
or advance notice, or
    (ii) prescribed or referred to in the proposed rule change,
security-based swap submission, or advance notice, then the form,
report, or questionnaire must be attached to and shall be considered as
part of the proposed rule change, security-based swap submission, or
advance notice. If completion of the form, report, or questionnaire is
voluntary or is required pursuant to an existing rule of the self-
regulatory organization, then the form, report, or questionnaire,
together with a statement identifying any existing rule that requires
completion of the form, report, or questionnaire, shall be attached as
Exhibit 3. If the form, report, or questionnaire cannot be filed
electronically in accordance with Instruction F, the documents shall be
filed in accordance with Instruction G.
    (b) If the self-regulatory organization reasonably expects that the
proposed rule change, security-based swap submission, or advance notice
will have any direct effect, or significant indirect effect, on the
application of any other rule of the self-regulatory organization, set
forth the designation or title of any such rule and describe the
anticipated effect of the proposed rule change, security-based swap
submission, or advance notice on the application of such other rule.
    (c) Include the file numbers for prior filings with respect to any
existing rule specified in response to Item 1(b).
2. Procedures of the Self-Regulatory Organization
    Describe action on the proposed rule change, security-based swap
submission, or advance notice taken by the members or board of
directors or other governing body of the self-regulatory organization.
See Instruction E.
3. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
    Provide a statement of the purpose of the proposed rule change and
its basis under the Act and the rules and regulations thereunder
applicable to the self-regulatory organization. With respect to
proposed rule changes filed pursuant to Section 19(b)(1) of the Act,
except for proposed rule changes that have been abrogated pursuant to
Section 19(b)(7)(C) of the Act, the statement should be sufficiently
detailed and specific to support a finding that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to the self-regulatory organization.
With respect to proposed rule changes filed pursuant to Section
19(b)(1) of the Act that have been abrogated pursuant to Section
19(b)(7)(C) of the Act, the statement should be sufficiently detailed
and specific to support a finding under Section 19(b)(7)(D) of the Act
that the proposed rule change does not unduly burden competition or
efficiency, does not conflict with the securities laws, and is not
inconsistent with the public

interest or the protection of investors. At a minimum, the statement
should:
    (a) Describe the reasons for adopting the proposed rule change, any
problems the proposed rule change is intended to address, the manner in
which the proposed rule change will operate to resolve those problems,
the manner in which the proposed rule change will affect various
persons (e.g., brokers, dealers, issuers, and investors), and any
significant problems known to the self-regulatory organization that
persons affected are likely to have in complying with the proposed rule
change; and
    (b) Explain why the proposed rule change is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to the self-regulatory organization. A mere assertion that
the proposed rule change is consistent with those requirements is not
sufficient. With respect to a proposed rule change filed pursuant to
Section 19(b)(1) of the Act that has been abrogated pursuant to Section
19(b)(7)(C) of the Act, explain why the proposed rule change does not
unduly burden competition or efficiency, does not conflict with the
securities laws, and is not inconsistent with the public interest and
the protection of investors, in accordance with Section 19(b)(7)(D) of
the Act. A mere assertion that the proposed rule change satisfies these
requirements is not sufficient. In the case of a registered clearing
agency, also explain how the proposed rule change will be implemented
consistently with the safeguarding of securities and funds in its
custody or control or for which it is responsible. Certain limitations
that the Act imposes on self-regulatory organizations are summarized in
the notes that follow.
    Failure to describe and justify the proposed rule change in the
manner described above may result in the Commission not having
sufficient information to make an affirmative finding that the proposed
rule change is consistent with the Act and the rules and regulations
issued thereunder that are applicable to the self-regulatory
organization.

    Note 1. National Securities Exchanges and Registered Securities
Associations. Under Sections 6 and 15A of the Act, rules of a
national securities exchange or registered securities association
may not permit unfair discrimination between customers, issuers,
brokers, or dealers, and may not regulate, by virtue of any
authority conferred by the Act, matters not related to the purposes
of the Act or the administration of the self-regulatory
organization. Rules of a registered securities association may not
fix minimum profits or impose any schedule of or fix rates of
commissions, allowances, discounts, or other fees to be charged by
its members.
    Under Section 11A(c)(5) of the Act, a national securities
exchange or registered securities association may not limit or
condition the participation of any member in any registered clearing
agency.

    Note 2. Registered Clearing Agencies. Under Section 17A of the
Act, rules of a registered clearing agency may not permit unfair
discrimination in the admission of participants or among
participants in the use of the clearing agency, may not regulate, by
virtue of any authority conferred by the Act, matters not related to
the purposes of Section 17A of the Act or the administration of the
clearing agency, and may not impose any schedule of prices, or fix
rates or other fees, for services rendered by its participants.

    Note 3. Municipal Securities Rulemaking Board. Under Section 15B
of the Act, rules of the Municipal Securities Rulemaking Board may
not permit unfair discrimination between customers, issuers,
municipal securities brokers, or municipal securities dealers, may
not fix minimum profits, or impose any schedule or fix rates of
commissions, allowances, discounts, or other fees to be charged by
municipal securities brokers or municipal securities dealers, and
may not regulate, by virtue of any authority conferred by the Act,
matters not related to the purposes of the Act with respect to
municipal securities or the administration of the Municipal
Securities Rulemaking Board.

4. Self-Regulatory Organization's Statement on Burden on Competition
    State whether the proposed rule change will have an impact on
competition and, if so, (i) state whether the proposed rule change will
impose any burden on competition or whether it will relieve any burden
on, or otherwise promote, competition and (ii) specify the particular
categories of persons and kinds of businesses on which any burden will
be imposed and the ways in which the proposed rule change will affect
them. If the proposed rule change amends an existing rule, state
whether that existing rule, as amended by the proposed rule change,
will impose any burden on competition. If any impact on competition is
not believed to be a significant burden on competition, explain why.
Explain why any burden on competition is necessary or appropriate in
furtherance of the purposes of the Act. In providing those
explanations, set forth and respond in detail to written comments as to
any significant impact or burden on competition perceived by any person
who has made comments on the proposed rule change to the self-
regulatory organization. A mere assertion that the proposed rule change
satisfies these requirements is not sufficient. The statement
concerning burdens on competition should be sufficiently detailed and
specific to support a Commission finding that the proposed rule change
does not impose any unnecessary or inappropriate burden on competition.
Failure to describe and justify the proposed rule change in the manner
described above may result in the Commission not having sufficient
information to make an affirmative finding that the proposed rule
change is consistent with the Act and the rules and regulations issued
thereunder that are applicable to the self-regulatory organization.
5. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
    If written comments were received (whether or not comments were
solicited) from members of or participants in the self-regulatory
organization or others, summarize the substance of all such comments
received and respond in detail to any significant issues that those
comments raised about the proposed rule change. If an issue is
summarized and responded to in detail under Item 3 or Item 4, that
response need not be duplicated if appropriate cross-reference is made
to the place where the response can be found. If comments were not or
are not to be solicited, so state.
6. Extension of Time Period for Commission Action
    If the proposed rule change is subject to Commission approval,
state whether the self-regulatory organization consents to an extension
of the time period specified in Section 19(b)(2) or Section 19(b)(7)(D)
of the Act and the duration of the extension, if any, to which the
self-regulatory organization consents.
7. Basis for Summary Effectiveness Pursuant to Section 19(b)(3) or for
Accelerated Effectiveness Pursuant to Section 19(b)(2) or Section
19(b)(7)(D)
    (a) If the proposed rule change is to take, or to be put into,
effect, pursuant to Section 19(b)(3), state whether the filing is made
pursuant to paragraph (A) or (B) thereof.
    (b) In the case of paragraph (A) of Section 19(b)(3), designate
that the proposed rule change:
    (i) Is a stated policy, practice, or interpretation with respect to
the meaning, administration, or enforcement of an existing rule,
    (ii) Establishes or changes a due, fee, or other charge,
    (iii) Is concerned solely with the administration of the self-
regulatory organization,
    (iv) Effects a change in an existing service of a registered
clearing agency

that either (A)(1) does not adversely affect the safeguarding of
securities or funds in the custody or control of the clearing agency or
for which it is responsible and (2) does not significantly affect the
respective rights or obligations of the clearing agency or persons
using the service or (B)(1) primarily affects the futures clearing
operations of the clearing agency with respect to futures that are not
security futures and (2) does not significantly affect any securities
clearing operations of the clearing agency or any related rights or
obligations of the clearing agency or persons using such service, and
set forth the basis on which such designation is made,
    (v) Effects a change in an existing order-entry or trading system
of a self-regulatory organization that (A) does not significantly
affect the protection of investors or the public interest; (B) does not
impose any significant burden on competition; and (C) does not have the
effect of limiting the access to or availability of the system, or
    (vi) Effects a change that (A) does not significantly affect the
protection of investors or the public interest; (B) does not impose any
significant burden on competition; and (C) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest; provided that the
self-regulatory organization has given the Commission written notice of
its intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule change,
or such shorter time as designated by the Commission. If it is
requested that the proposed rule change become operative in less than
30 days, provide a statement explaining why the Commission should
shorten this time period.
    (c) In the case of paragraph (B) of Section 19(b)(3), set forth the
basis upon which the Commission should, in the view of the self-
regulatory organization, determine that the protection of investors,
the maintenance of fair and orderly markets, or the safeguarding of
securities and funds requires that the proposed rule change should be
put into effect summarily by the Commission.

    Note. The Commission has the power under Section 19(b)(3)(C) of
the Act to summarily temporarily suspend within sixty days of its
filing any proposed rule change which has taken effect upon filing
pursuant to Section 19(b)(3)(A) of the Act or was put into effect
summarily by the Commission pursuant to Section 19(b)(3)(B) of the
Act. In exercising its summary power under Section 19(b)(3)(B), the
Commission is required to make one of the findings described above
but may not have a full opportunity to make a determination that the
proposed rule change otherwise is consistent with the requirements
of the Act and the rules and regulations thereunder. The Commission
will generally exercise its summary power under Section 19(b)(3)(B)
on condition that the proposed rule change to be declared effective
summarily shall also be subject to the procedures of Section
19(b)(2) of the Act. Accordingly, in most cases, a summary order
under Section 19(b)(3)(B) shall be effective only until such time as
the Commission shall enter an order, pursuant to Section 19(b)(2)(A)
of the Act, to approve such proposed rule change or, depending on
the circumstances, until such time as the Commission shall institute
proceedings to determine whether to disapprove such proposed rule
change or, alternatively, such time as the Commission shall, at the
conclusion of such proceedings, enter an order, pursuant to Section
19(b)(2)(B), approving or disapproving such proposed rule change.

    (d) If accelerated effectiveness pursuant to Section 19(b)(2) or
Section 19(b)(7)(D) of the Act is requested, provide a statement
explaining why there is good cause for the Commission to accelerate
effectiveness.
8. Proposed Rule Change Based on Rules of Another Self-Regulatory
Organization or of the Commission
    State whether the proposed rule change is based on a rule either of
another self-regulatory organization or of the Commission, and, if so,
identify the rule and explain any differences between the proposed rule
change and that rule, as the filing self-regulatory organization
understands it. In explaining any such differences, give particular
attention to differences between the conduct required to comply with
the proposed rule change and that required to comply with the other
rule.
9. Security-Based Swap Submissions Filed Pursuant to Section 3C of the
Act
    (a) A clearing agency shall submit to the Commission on this Form
19b-4, a security-based swap submission for any security-based swap, or
any group, category, type or class of security-based swaps that the
clearing agency plans to accept for clearing.
    (b) The clearing agency shall include in the security-based swap
submission a statement that includes, but is not limited to:
    (i) How the security-based swap submission is consistent with
Section 17A of the Act (15 U.S.C. 78q-1);
    (ii) Information that will assist the Commission in the
quantitative and qualitative assessment of the factors specified in
Section 3C of the Act (15 U.S.C. 78c-3), including, but not limited to:
    (A) The existence of significant outstanding notional exposures,
trading liquidity and adequate pricing data;
    (B) The availability of a rule framework, capacity, operational
expertise and resources, and credit support infrastructure to clear the
contract on terms that are consistent with the material terms and
trading conventions on which the contract is then traded;
    (C) The effect on the mitigation of systemic risk, taking into
account the size of the market for such contract and the resources of
the clearing agency available to clear the contract;
    (D) The effect on competition, including appropriate fees and
charges applied to clearing; and
    (E) The existence of reasonable legal certainty in the event of the
insolvency of the relevant clearing agency or one or more of its
clearing members with regard to the treatment of customer and security-
based swap counterparty positions, funds, and property;
    (iii) A description of how the rules of the clearing agency
prescribe that all security-based swaps submitted to the clearing
agency with the same terms and conditions are economically equivalent
within the clearing agency and may be offset with each other within the
clearing agency, as applicable to the security-based swaps described in
the security-based swap submission; and
    (iv) A description of how the rules of the clearing agency provide
for non-discriminatory clearing of a security-based swap executed
bilaterally or on or through the rules of an unaffiliated national
securities exchange or security-based swap execution facility, as
applicable to the security-based swaps described in the security-based
swap submission.

    Note. In connection with the factor specified in Item
9(b)(ii)(A) above, the statement describing the existence of
outstanding notional exposures, trading liquidity and adequate
pricing data could address pricing sources, models and procedures
demonstrating an ability to obtain price data to measure credit
exposures in a timely and accurate manner, as well as measures of
historical market liquidity and trading activity, and expected
market liquidity and trading activity if the security-based swap is
required to be cleared (including information on the sources of such
measures). With respect to the factor specified in Item 9(b)(ii)(B)
above, the statement describing the availability of a rule framework
could include a discussion of the rules, policies or procedures
applicable to the clearing of the relevant security-based swap.
Additionally, the discussion of credit support

infrastructure specified in Item 9(b)(ii)(B) above could include the
methods to address and communicate requests for, and posting of,
collateral. With respect to the factor specified in Item 9(b)(ii)(C)
above, the discussion of systemic risk could include a statement on
the clearing agency's risk management procedures including, among
other things, the measurement and monitoring of credit exposures,
initial and variation margin methodology, methodologies for stress
testing and back testing, settlement procedures and default
management procedures. With respect to the factor specified in Item
9(b)(ii)(D) above, the discussion of fees and charges could address
any volume incentive programs that may apply or impact the fees and
charges. With respect to the factor specified in Item 9(b)(ii)(E)
above, the discussion of legal certainty in the event of an
insolvency could address segregation of accounts and all other
customer protection measures under insolvency.
    In describing the security-based swap (or group, category, type
or class of security-based swaps) referenced in the security-based
swap submission, the clearing agency could discuss the relevant
product specifications, including copies of any standardized legal
documentation, generally accepted contract terms, standard practices
for managing and communicating any life cycle events associated with
the security-based swap and related adjustments, and the manner in
which the information contained in the confirmation of the security-
based swap trade is transmitted. The clearing agency also could
discuss its financial and operational capacity to provide clearing
services to all customers potentially subject to the clearing
requirements as applicable to the particular security-based swap.
Finally, the clearing agency could include an analysis of the effect
of a clearing requirement on the market for the group, category,
type, or class of security-based swaps, both domestically and
globally, including the potential effect on market liquidity,
trading activity, use of security-based swaps by direct and indirect
market participants and any potential market disruption or benefits.
This analysis could include whether the members of the clearing
agency are operationally and financially capable of absorbing
clearing business (including indirect access market participants)
that may result from a determination that the security-based swap
(or group, category, type or class of security-based swaps) is
required to be cleared.

    (c) A clearing agency shall submit security-based swaps to the
Commission for review by group, category, type or class of security-
based swaps, to the extent reasonable and practicable to do so.
    (d) A clearing agency shall file as an amendment to this Form 19b-4
any additional information necessary to assess any of the factors the
Commission determines to be appropriate in order to make a
determination regarding the clearing requirement.
    (e) A security-based swap submission pursuant to Section 3C that
also is required to be filed as a proposed rule change under Section
19(b) or an advance notice under Section 806(e) of the Payment,
Clearing and Settlement Supervision Act shall not take effect until
determinations are obtained under each of the other applicable
statutory provisions.
10. Advance Notices Filed Pursuant to Section 806(e) of the Payment,
Clearing and Settlement Supervision Act
    (a) A designated clearing agency shall provide notice on this Form
19b-4 sixty (60) days in advance of any proposed change to its rules,
procedures, or operations that could, as defined in Rule 19b-4,
materially affect the nature or level of risks presented by the
designated clearing agency.
    (b) A designated clearing agency shall include in the advance
notice a description of:
    (i) The nature of the change and expected effects on risks to the
designated clearing agency, its participants, or the market; and
    (ii) how the designated clearing agency plans to manage any
identified risks.
    (c) A designated clearing agency shall file as amendment to this
Form 19b-4 any additional information that is required to be filed by
the Commission as necessary to assess the effect the proposed change
would have on the nature or level of risks associated with the
designated clearing agency's payment, clearing, or settlement
activities and the sufficiency of any proposed risk management
techniques.
    (d) A designated clearing agency that implements a proposed change
on an emergency basis must file notice with the Commission on Form 19b-
4 within 24 hours of implementing the change. In addition to the
information required for advance notices, the notice of an emergency
change shall include a description of the nature of the emergency and
the reason the change was necessary for the designated clearing agency
to continue to operate in a safe and sound manner. Any change
implemented by a designated clearing agency on an emergency basis also
must comply with Section 19(b) and Section 3C of the Act to the extent
those sections are applicable.
    (e) A proposed change filed pursuant to Section 806(e) that is also
required to be filed as a proposed rule change under Section 19(b) or a
security-based swap submission under Section 3C shall not take effect
until determinations are obtained under each of the other applicable
statutory provisions.
11. Exhibits
    List of exhibits to be filed, as specified in Instructions C and D:
    Exhibit 1. Completed Notice of Proposed Rule Change for publication
in the Federal Register. Amendments to Exhibit 1 should be filed in
accordance with Instructions D and F.
    Exhibit 1A. Completed Notice of Proposed Rule Change, Security-
Based Swap Submission, or Advance Notice filed by Clearing Agencies for
publication in the Federal Register. Amendments to Exhibit 1A should be
filed in accordance with Instructions D and F.
    Exhibit 2 (a) Copies of notices issued by the self-regulatory
organization soliciting comment on the proposed rule change, security-
based swap submission, or advance notice and copies of all written
comments on the proposed rule change, security-based swap submission,
or advance notice received by the self-regulatory organization (whether
or not comments were solicited), presented in alphabetical order,
together with an alphabetical listing of such comments. If such notices
and comments cannot be filed electronically in accordance with
Instruction F, the notices and comments shall be filed in accordance
with Instruction G.
    (b) Copies of any transcript of comments on the proposed rule
change, security-based swap submission, or advance notice made at any
public meeting or, if a transcript is not available, a copy of the
summary of comments on the proposed rule change, security-based swap
submission, or advance notice made at such meeting. If such transcript
of comments or summary of comments cannot be filed electronically in
accordance with Instruction F, the transcript of comments or summary of
comments shall be filed in accordance with Instruction G.
    (c) If after the proposed rule change, security-based swap
submission, or advance notice is filed but before the Commission takes
final action on it, the self-regulatory organization prepares or
receives any correspondence or other communications reduced to writing
(including comment letters) to and from such self-regulatory
organization concerning the proposed rule change, security-based swap
submission, or advance notice, the communications shall be filed in
accordance with Instruction F. If such communications cannot be filed
electronically in accordance with Instruction F, the communications
shall be filed in accordance with Instruction G.

    Exhibit 3. Copies of any form, report, or questionnaire covered by
Item 1(a). If such form, report, or questionnaire cannot be filed
electronically in accordance with Instruction F, the form, report, or
questionnaire shall be filed in accordance with Instruction G.
    Exhibit 4. For amendments to a filing, marked copies, if required
by Instruction D, of the text of the proposed rule change as amended.
    Exhibit 5. The SRO may choose to attach as Exhibit 5 proposed
changes to rule text in place of providing it in Item I and which may
otherwise be more easily readable if provided separately from Form 19b-
4. Exhibit 5 shall be considered part of the proposed rule change.
SPECIFIC INSTRUCTIONS FOR EXHIBIT 1--NOTICE OF PROPOSED RULE CHANGE
EXHIBIT 1

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34- ; File No. SR ]
[Date]
    Self-Regulatory Organizations; [Name of Self-Regulatory
Organization]; Notice of Filing [and Immediate Effectiveness] of a
Proposed Rule Change Relating to [brief description of subject matter
of proposed rule change]

General Instructions

A. Format Requirements

    The notice must comply with the guidelines for publication in the
Federal Register, as well as any requirements for electronic filing as
published by the Commission (if applicable). For example, all
references to the federal securities laws must include the
corresponding cite to the United States Code in a footnote. All
references to SEC rules must include the corresponding cite to the Code
of Federal Regulations in a footnote. All references to Securities
Exchange Act Releases must include the release number, release date,
Federal Register cite, Federal Register date, and corresponding file
number (e.g., SR-[SRO]-XX-XX). A material failure to comply with these
guidelines will result in the proposed rule change being deemed not
properly filed. See also Rule 0-3 under the Act (17 CFR 240.0-3). Leave
a 1-inch margin at the top, bottom, and right hand side, and a 1\1/2\
inch margin at the left hand side. Number all pages consecutively,
consistent with Rule 0-3 under the Act (17 CFR 240.0-3). Double space
all primary text and single space lists of items, quoted material when
set apart from primary text, footnotes, and notes to tables.

B. Need for Careful Preparation of the Notice

    The self-regulatory organization must provide all information
required in the notice and present it in a clear and comprehensible
manner. It is the responsibility of the self-regulatory organization to
prepare Items I, II and III of the notice. The Commission cautions
self-regulatory organizations to pay particular attention to assure
that the notice accurately reflects the information provided in the
Form 19b-4 it accompanies. Any filing that does not comply with the
requirements of Form 19b-4, including the requirements applicable to
the notice, may be returned to the self-regulatory organization. Any
document so returned shall for all purposes be deemed not to have been
filed with the Commission. See Instruction B to Form 19b-4.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934, 15 U.S.C. 78s(b)(1), notice is hereby given that on (date) \*\,
the (name of self-regulatory organization) filed with the Securities
and Exchange 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.
---------------------------------------------------------------------------

    \*\ To be completed by the Commission. This date will be the
date on which the Commission receives the proposed rule change if
the filing complies with all requirements of this form. See
Instruction B to Form 19b-4.
---------------------------------------------------------------------------

Information to Be Included in the Completed Notice

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

    (Supply a brief statement of the terms of substance of the proposed
rule change. If the proposed rule change is relatively brief, a
separate statement need not be prepared, and the text of the proposed
rule change may be inserted in lieu of the statement of the terms of
substance. If the proposed rule change amends an existing rule,
indicate changes in the rule by brackets for words to be deleted and
underlined for words to be added.)

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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in sections A, B, and C below, of the
most significant aspects of such statements. (Reproduce the headings,
and summarize briefly the most significant aspects of the responses, to
Items 3, 4, and 5 of Form 19b-4, redesignating them as A, B, and C,
respectively.)

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

    (If the proposed rule change is to be considered by the Commission
pursuant to Section 19(b)(2) of the Act, the following paragraph should
be used.)
    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) by order approve or disapprove such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.
    (If the proposed rule change is to take, or to be put into, effect
pursuant to Section 19(b)(3)(A) of the Act and paragraph (f)(6) of Rule
19b-4 thereunder, the following paragraph should be used.)
    Because the foregoing proposed rule change does not:
    (i) significantly affect the protection of investors or the public
interest;
    (ii) impose any significant burden on competition; and
    (iii) become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act and Rule
19b-4(f)(6) thereunder.
    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
    (If the proposed rule change is to take, or to be put into, effect
pursuant to Section 19(b)(3)(A) of the Act and subparagraphs (1)-(5) of
paragraph (f) of Rule 19b-4 thereunder, the following paragraph should
be used.)

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act and paragraph (f) of Rule 19b-4 thereunder. At
any time within 60 days of the filing of the proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
    (If the proposed rule change is to be considered by the Commission
pursuant to Section 19(b)(7)(D) of the Act, the following paragraph
should be used.)
    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) by order approve such proposed rule change, or
    (B) after consultation with the Commodity Futures Trading
Commission, institute proceedings to determine whether the proposed
rule change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

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

Paper Comments

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

All submissions should refer to File Number XX. 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 the filing also will be available for inspection
and copying at the principal office of the [self-regulatory
organization]. 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 XX and
should be submitted on or before [insert date 21 days from publication
in the Federal Register].
    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\1\
---------------------------------------------------------------------------

    \1\ 17 CFR 200.30-3(a)(12).

Secretary
SPECIFIC INSTRUCTIONS FOR EXHIBIT 1A--NOTICE OF PROPOSED RULE CHANGE,
SECURITY-BASED SWAP SUBMISSION, OR ADVANCE NOTICE FILED BY CLEARING
AGENCIES
EXHIBIT 1A

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34- ; File No. SR ]
[Date]
Self-Regulatory Organizations; [Name of Clearing Agency]; Proposed Rule
Change, Security-Based Swap Submission, or Advance Notice Relating to
[brief description of subject matter of proposed rule change, security-
based swap submission, or advance notice]

General Instructions

A. Format Requirements

    The notice must comply with the guidelines for publication in the
Federal Register, as well as any requirements for electronic filing as
published by the Commission (if applicable). For example, all
references to the federal securities laws must include the
corresponding cite to the United States Code in a footnote. All
references to SEC rules must include the corresponding cite to the Code
of Federal Regulations in a footnote. All references to Securities
Exchange Act Releases must include the release number, release date,
Federal Register cite, Federal Register date, and corresponding file
number (e.g., SR-[SRO]-XX-XX). A material failure to comply with these
guidelines will result in the proposed rule change, security-based swap
submission, or advance notice being deemed not properly filed. See also
Rule 0-3 under the Act (17 CFR 240.0-3). Leave a 1-inch margin at the
top, bottom, and right hand side, and a 1\1/2\ inch margin at the left
hand side. Number all pages consecutively, consistent with Rule 0-3
under the Act (17 CFR 240.0-3). Double space all primary text and
single space lists of items, quoted material when set apart from
primary text, footnotes, and notes to tables.

B. Need for Careful Preparation of the Notice

    The clearing agency must provide all information required in the
notice and present it in a clear and comprehensible manner. It is the
responsibility of the clearing agency to prepare Items I, II and III of
the notice. The Commission cautions clearing agencies to pay particular
attention to assure that the notice accurately reflects the information
provided in the Form 19b-4 it accompanies. Any filing that does not
comply with the requirements of Form 19b-4, including the requirements
applicable to the notice, may be returned to the clearing agency. Any
document so returned shall for all purposes be deemed not to have been
filed with the Commission. See Instruction B to Form 19b-4
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934, 15 U.S.C. 78s(b)(1) and Rule 19b-4, 17 CFR 240.19b-4, notice is
hereby given that on (date)\*\, the (name of clearing agency) filed
with the Securities and Exchange Commission the proposed rule change,
security-based swap submission, or advance notice as described in Items
I, II and III below, which Items have been prepared by the clearing
agency. The Commission is publishing this notice to solicit comments on
the proposed rule change, security-based swap submission, or advance
notice from interested persons.
---------------------------------------------------------------------------

    \*\ To be completed by the Commission. This date will be the
date on which the Commission receives the proposed rule change,
security-based swap submission, or advance notice filing if the
filing complies with all requirements of this form. See Instruction
B to Form 19b-4.

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

Information to Be Included in the Completed Notice

I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change, Security-Based Swap Submission, or Advance Notice

    (Supply a brief statement of the terms of substance of the proposed
rule change, security-based swap submission, or advance notice. If the
proposed rule change is relatively brief, a separate statement need not
be prepared, and the text of the proposed rule change may be inserted
in lieu of the statement of the terms of substance. If the proposed
rule change amends an existing rule, indicate changes in the rule by
brackets for words to be deleted and underlined for words to be added.)

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change, Security-Based Swap Submission, or
Advance Notice

    In its filing with the Commission, the clearing agency included
statements concerning the purpose of and basis for the proposed rule
change, security-based swap submission, or advance notice and discussed
any comments it received on the proposed rule change, security-based
swap submission, or advance notice. The text of these statements may be
examined at the places specified in Item IV below. The clearing agency
has prepared summaries, set forth in sections A, B, and C below, of the
most significant aspects of such statements. (Reproduce the headings,
and summarize briefly the most significant aspects of the responses, to
Items 3, 4, 5, 9 or 10 of Form 19b-4, as applicable, redesignating them
as A, B, C, D or E, as applicable, respectively.)

III. Date of Effectiveness of the Proposed Rule Change, Security-Based
Swap Submission, and Advance Notice and Timing for Commission Action

    (If the proposed rule change is to be considered by the Commission
pursuant to Section 19(b)(2) of the Act, the following paragraph should
be used.)
    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) by order approve or disapprove such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.
    (If the proposed rule change is to take, or to be put into, effect
pursuant to Section 19(b)(3)(A) of the Act and paragraph (f)(6) of Rule
19b-4 thereunder, the following paragraph should be used.)
    Because the foregoing proposed rule change does not:
    (i) significantly affect the protection of investors or the public
interest;
    (ii) impose any significant burden on competition; and
    (iii) become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act and Rule
19b-4(f)(6) thereunder.
    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
    (If the proposed rule change is to take, or to be put into, effect
pursuant to Section 19(b)(3)(A) of the Act and subparagraphs (1)-(5) of
paragraph (f) of Rule 19b-4 thereunder, the following paragraph should
be used.)
    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act and paragraph (f) of Rule 19b-4 thereunder. At
any time within 60 days of the filing of the proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
    (If the proposed rule change is to be considered by the Commission
pursuant to Section 19(b)(7)(D) of the Act, the following paragraph
should be used.)
    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) by order approve such proposed rule change, or
    (B) after consultation with the Commodity Futures Trading
Commission institute proceedings to determine whether the proposed rule
change should be disapproved.
    (If the proposed change is filed as a security-based swap
submission pursuant to Section 3C of the Act, the following paragraph
should be used.)
    Within 90 days after receiving a security-based swap submission,
unless the submitting clearing agency agrees to an extension of time
limitation, the Commission shall by order make its determination
whether the security-based swap, or group, category, type or class of
security-based swaps, described in the security-based swap submission
is required to be cleared. In making its determination that the
clearing requirement shall apply, the Commission may include such terms
and conditions to the requirement as the Commission determines to be
appropriate in the public interest.
    The clearing agency shall post notice on its Web site of any
clearing requirement that is implemented.
    (If the proposed change is filed as an advance notice pursuant to
the Payment, Clearing and Settlement Supervision Act, the following
paragraph should be used.)
    The proposed change may be implemented if the Commission does not
object to the proposed change within 60 days of the later of (i) the
date that the proposed change was filed with the Commission or (ii) the
date that any additional information requested by the Commission is
received. The clearing agency shall not implement the proposed change
if the Commission has any objection to the proposed change.
    The Commission may extend period for review by an additional 60
days if the proposed change raises novel or complex issues, subject to
the Commission or the Board of Governors of the Federal Reserve System
providing the clearing agency with prompt written notice of the
extension. A proposed change may be implemented in less than 60 days
from the date the advance notice is filed, or the date further
information requested by the Commission is received, if the Commission
notifies the clearing agency in writing that it does not object to the
proposed change and authorizes the clearing agency to implement the
proposed change on an earlier date, subject to any conditions imposed
by the Commission.
    The clearing agency shall post notice on its Web site of proposed
changes that are implemented.
    (If the proposed change is filed following the implementation of a
change on an emergency basis pursuant to the Payment, Clearing and

Settlement Supervision Act, the following paragraph should be used.)
    The clearing agency implemented a proposed change that otherwise
would be required to be filed as an advance notice because the clearing
agency determined that (i) an emergency existed and (ii) immediate
implementation was necessary for the clearing agency to continue to
provide its services in a safe and sound manner. The Commission may
require modification or recision of the proposed change if it finds it
is not consistent with the purposes of the Payment, Clearing and
Settlement Supervision Act or any applicable rules, orders, or
standards prescribed under Section 805(a).
    (If the proposal is submitted pursuant to more than one filing
requirement, the clearing agency shall add the following language in
addition to the language above.)
    The proposal shall not take effect until all regulatory actions
required with respect to the proposal are completed.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change, security-based swap submission, or advance notice 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 XX on the subject line.

Paper Comments

     Send paper comments in triplicate to [Name of Secretary],
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549.
All submissions should refer to File Number XX. 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, security-based
swap submission, or advance notice that are filed with the Commission,
and all written communications relating to the proposed rule change,
security-based swap submission, or advance notice 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
the filing also will be available for inspection and copying at the
principal office of the [clearing agency]. 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 XX and should be submitted on or before
[insert date 21 days from publication in the Federal Register].
---------------------------------------------------------------------------

    \1\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
---------------------------------------------------------------------------
pursuant to delegated authority.\1\

    Secretary

    By the Commission.

    Dated: June 28, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-16233 Filed 7-12-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: May 22, 2006 (Volume 71, Number 98)]
[Notices]
[Page 29330-29331]
[DOCID:fr22my06-47]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 925-010]

City of Ottumwa, IA; Notice of Application Tendered for Filing
With the Commission, Soliciting Additional Study Requests, and
Establishing Procedural Schedule for Relicensing and a Deadline for
Submission of Final Amendments

May 12, 2006.
    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection.
    a. Type of Application: New License.
    b. Project No.: 925-010.
    c. Date Filed: April 26, 2006.
    d. Applicant: City of Ottumwa, Iowa.
    e. Name of Project: Ottumwa Hydroelectric Project.
    f.  Location: On the Des Moines River in the City of Ottumwa,
Wapello

County, Iowa. The project does not occupy Federal lands.
    g. Filed Pursuant to: Federal Power Act 16 U.S.C. 791 (a)-825(r).
    h. Applicant Contact: Richard Wilcox, Ottumwa Water and Hydro, 230
Turner Drive, Ottumwa, Iowa 52501,<PHONE_NUMBER>.
    i.  FERC Contact: Timothy Konnert,<PHONE_NUMBER> or
<EMAIL_ADDRESS>
    j. Cooperating agencies: We are asking Federal, state, local, and
tribal agencies with jurisdiction and/or special expertise with respect
to environmental issues to cooperate with us in the preparation of the
environmental document. Agencies who would like to request cooperating
status should follow the instructions for filing comments described in
item l below.
    k. Pursuant to Sec.  4.32(b)(7) of 18 CFR of the Commission's
regulations, if any resource agency, Indian Tribe, or person believes
that an additional scientific study should be conducted in order to
form an adequate factual basis for a complete analysis of the
application on its merit, the resource agency, Indian Tribe, or person
must file a request for a study with the Commission not later than 60
days from the date of filing of the application, and serve a copy of
the request on the applicant.
    l. Deadline for filing additional study requests and requests for
cooperating agency status: June 26, 2006.
    All documents (original and eight copies) should be filed with:
Magalie R. Salas, Secretary, Federal Energy Regulatory Commission, 888
First Street, NE., Washington, DC 20426.
    The Commission's Rules of Practice require all intervenors filing
documents with the Commission to serve a copy of that document on each
person on the official service list for the project. Further, if an
intervenor files comments or documents with the Commission relating to
the merits of an issue that may affect the responsibilities of a
particular resource agency, they must also serve a copy of the document
on that resource agency.
    Additional study requests and requests for cooperating agency
status 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 the instructions on the Commission's Web site
(http://www.ferc.gov) under the ``eFiling'' link.

    m. This application is not ready for environmental analysis at this
time.
    n. The existing Ottumwa Project consists of: (1) An 18-foot-high
dam with a 641-foot-long spillway section equipped with eight Taintor
gates and one bascule gate; (2) a 125-acre reservoir with a normal
water surface elevation of 638.5 feet msl; (3) a powerhouse integral to
the dam containing three generating units, unit 1 and unit 3 each rated
at 1,000 kW and unit 2 rated at 1,250 kW; and (4) appurtenant
facilities. The applicant estimates that the average annual generation
would be 10,261,920 kilowatt hours using the three generating units
with a combined capacity of 3,250 kW.
    o. A copy of the application is available for review at the
Commission in the Public Reference Room or may be viewed on the
Commission's Web site at http://www.ferc.gov using the ``eLibrary''

link. Enter the docket number excluding the last three digits in the
docket number field to access the document. For assistance, contact
FERC Online Support at<EMAIL_ADDRESS>or toll-free at 1-
866-208-3676, or for TTY,<PHONE_NUMBER>. A copy is also available for
inspection and reproduction at the address in item h above.
    You may also register online at http://www.ferc.gov/docs-filing/esubscription.asp
 to be notified via e-mail of new filings and

issuances related to this or other pending projects. For assistance,
contact FERC Online Support.
    p. With this notice, we are initiating consultation with the Iowa
State Historic Preservation Officer (SHPO), as required by section 106,
National Historic Preservation Act, and the regulations of the Advisory
Council on Historic Preservation, 36 CFR 800.4.
    q. Procedural schedule and final amendments: The application will
be processed according to the following Hydro Licensing Schedule.
Revisions to the schedule will be made as appropriate. The Commission
staff proposes to issue one environmental assessment rather than issue
a draft and final EA. Comments, terms and conditions, recommendations,
prescriptions, and reply comments, if any, will be addressed in an EA.
Staff intents to give at least 30 days for entities to comment on the
EA, and will take into consideration all comments received on the EA
before final action is taken on the license application.
    Issue Acceptance or Deficiency Letter: June 2006.
    Issue Scoping Document: July 2006.
    Notice of application is ready for environmental analysis:
September 2006.
    Notice of the availability of the EA: March 2007.
    Ready for Commission's decision on the application: May 2007.
    Final amendments to the application must be filed with the
Commission no later than 30 days from the issuance date of the notice
of ready for environmental analysis.

Magalie R. Salas,
Secretary.
 [FR Doc. E6-7700 Filed 5-19-06; 8:45 am]

BILLING CODE 6717-01-P