[Federal Register: February 27, 2008 (Volume 73, Number 39)]
[Notices]
[Page 10503-10505]
[DOCID:fr27fe08-91]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57361; File No. SR-Phlx-2008-06]

Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing of a Proposed Rule Change, as Modified by Amendment
No. 1 Thereto, Relating to U.S. Dollar-Settled FCO Spot Prices

February 20, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 28, 2008, the Philadelphia Stock Exchange, Inc. (``Phlx'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been substantially prepared by the
Exchange. On February 19, 2008, the Exchange filed Amendment No. 1 to
the proposed rule change. The Commission is publishing this notice to
solicit comments on the proposed rule change, as amended, from
interested persons.
---------------------------------------------------------------------------

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

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

    The Phlx proposes to amend Exchange Rules 722, ``Margin Accounts,''
1000, ``Applicability, Definitions and References,'' and 1012, ``Series
of Options Open for Trading.'' These amendments are proposed in order
to change the term ``Spot Sales Price'' in Rule 1000(b)(16) to ``Spot
Price'' (the term ``Spot Price'' will be used hereafter in this
proposed rule change), and to amend the definition of Spot Price so
that it may include foreign currency quotes of entities other than
commercial banks. Specifically, the Exchange wishes to use certain bid
and ask prices (``Thomson Quotes'') provided by Tenfore Systems Limited
(``Tenfore'') \3\ through Thomson Financial, LLC (``Thomson'') as Spot
Prices commencing April 1, 2008. The Exchange is proposing that these
new Spot Prices will be used by the Exchange in determining applicable
margin requirements and strike prices for the Exchange's U.S. dollar-
settled foreign currency options (``FCOs''). The text of the proposed
rule change is available on the Exchange's Web site at http://
www.Phlx.com/exchange/phlx_rule_fil.html, at the Exchange, and at the
Commission's Public Reference Room.
---------------------------------------------------------------------------

    \3\ Tenfore is an independent provider of globally sourced real
time market data.
---------------------------------------------------------------------------

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

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

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

1. Purpose
    The purpose of the proposed rule change is to permit the Exchange
to use the Thomson Quotes as the Spot Prices that will be the basis for
calculating Phlx's current spot price of foreign currencies for various
purposes. The current spot price is used by the Exchange in connection
with its determination of strike prices and margin requirements for its
FCO contracts.\4\
---------------------------------------------------------------------------

    \4\ As noted above, the Exchange is substituting the term ``Spot
Prices'' for the defined term ``Spot Sales Prices'' in Rule
1000(b)(16), as a clarification that this defined term includes both
bids and offers made by participants in the foreign currency markets
(as opposed to offers only).
---------------------------------------------------------------------------

    The Exchange is required pursuant to Rule 1012, ``Series of Options
Open for Trading,'' to refer to the spot prices of foreign currencies
in determining strike prices for U.S. dollar-settled FCOs.\5\ Rule 722,
``Margin Accounts,'' requires the Exchange to establish margin
requirements for FCO transactions based upon the spot price of the
foreign currency underlying the option, and defines the term ``current
spot market price'' in subsection (a) of that rule.
---------------------------------------------------------------------------

    \5\ Commentary .06 of Rule 1012 provides that the Exchange will
initially list exercise strike prices for each expiration of U.S.
dollar settled options on currencies other than the Japanese yen
within a ten percent band around the current spot price at half-cent
($.005) intervals. It provides that as the spot price for U.S.
dollar settled FCO moves, the Exchange will list new strike prices
that, at the time of listing, do not exceed the spot price by more
than 5% and are not less than the spot price by 5%. Commentary .06
provides that with respect to U.S. dollar-settled options on the
Japanese yen, the Exchange will initially list exercise strike
prices for each expiration within a ten percent band around the
current spot price, at intervals of $.00005. Similarly, Commentary
.07 provides that the exercise price of each series of FCOs opened
for trading on the Exchange normally shall be fixed at a price per
unit which is reasonably close to the spot sales price per unit of
the underlying foreign currency in the interbank foreign exchange
market at or before the time such series of options is first opened
for trading on the Exchange, as determined by finding the arithmetic
mean of the spot sales prices at or about such time quoted by a
group of commercial banks selected for this purpose by the Exchange.
---------------------------------------------------------------------------

    Currently, the Exchange receives Spot Prices which are contributor
bank quotes from a vendor \6\ in real-time and

takes the weighted average of the various quotes, to determine the
Phlx's foreign currency spot price.\7\ The Exchange now wishes to amend
the definition of Spot Prices so that it can use the Thomson Quotes,
which are not limited to quotes from banks but also include quotes from
other foreign currency market participants, as Spot Prices for the
setting of margin requirements and strike prices and for any other
necessary purposes in connection with Phlx's FCO contracts.\8\
---------------------------------------------------------------------------

    \6\ The vendor currently used by the Exchange is Reuters. For
the current FCO spot price associated with physical delivery FCOs,
Phlx receives raw contributor bid and ask spot quotes from
approximately 21 different bank contributors via a Reuters real-time
FX feed throughout the trading day. When the bid and ask are
received from the Reuters feed, the Exchange computes the average
and distributes that value as the foreign currency spot value over
the facilities of the Options Price Reporting Authority (``OPRA'')
to vendors and individual customers. The value is disseminated
whenever a contributor quote causes a recalculation of the foreign
currency spot value. The Exchange will cease disseminating this
foreign currency spot value after March 14, 2008, in connection with
its planned delisting of its physical delivery FCO contracts. The
Exchange will cease receiving bank quotes from Reuters as effective
April 1, 2008. See Securities Exchange Act Release No. 56949
(December 12, 2007), 72 FR 71720 (December 18, 2007) (SR-OPRA-2007-
03).
    \7\ Phlx spot prices are a weighted average of a minimum of two
and up to five of the most recent contributor quotes. If there are
less than two contributor quotes, spot prices will not be calculated
and disseminated. Contributor quotes greater than three minutes old
are discarded. Newer contributor quotes (less than one minute old)
are given the greatest weighting. Spots are recalculated and
disseminated for each contributor quote received.
    \8\ The Exchange is also proposing to amend Rule 722 such that
the current spot market price of an underlying foreign currency
shall be determined using spot prices at 4:00 (the close of trading
for U.S. dollar-settled FCOs) rather than 2:30 (the close of trading
for physical delivery FCOs).
---------------------------------------------------------------------------

    Tenfore has more than 21 contributors reporting, consisting of
banks, spot currency portals, the European Central Bank, and brokers.
The list of the primary contributors to Tenfore includes Dresdner
Frankfurt, Dresdner Singapore, OHV, Tullett Prebon, Allied Irish Bank,
Barclays, CMC Markets (US), LLC, European Central Bank, Merita Bank,
OKO Bank, Sampo, Saxo Bank, Trinkaus, UBS, Khanani & Kallia, Realtime
Forex Geneva, Rada Forex NY, Reems UAE and HotSpot Fxi. Tenfore's bid
and ask Spot Prices are at any given point in time the latest bid and
ask supplied to Tenfore by the last in time of any Tenfore contributor
to report.
    Under the current proposal, the Exchange would receive the latest
Thomson Quotes from Thomson, which in turn obtains this data from
Tenfore. With the exception of Japanese yen, the Exchange would then
calculate the average of the bid and ask received to determine the
current spot market price that the Exchange will use for purposes of
calculating margin requirements and strike prices with respect to U.S.
dollar-settled FCO contracts. Because the Thomson Quote is expressed
differently for the Japanese yen than for the other currencies (in
foreign currency units per U.S. dollar rather than in U.S. dollars per
unit of foreign currency) the spot price that Phlx will use for the
Japanese yen will be the inverse of the average of the Thomson Quote
bid and ask (that is, one divided by the average of the Thomson Quote
bid and ask).
    The Exchange would not disseminate the current spot market value it
calculates based upon the Thomson Quotes. However, the Exchange
currently does, and will continue to, disseminate its modified spot
value--also based upon the Thomson Quotes--real-time over Network B of
the Consolidated Tape Association.\9\ This modified spot value is more
widely distributed, carried by more vendors, and more easily accessible
than the Exchange's current foreign currency spot market price
calculated on the basis of the bank quotes provided by Reuters.
---------------------------------------------------------------------------

    \9\ The Exchange currently disseminates, over the facilities of
the Consolidated Tape Association at least once every fifteen
seconds while the Exchange is open for trading, a modified spot rate
for currencies underlying U.S. dollar-settled FCOs. The Exchange
does not propose to change the modified spot rate in this proposed
rule change. In the proposed rule changes filed by the Exchange for
the modified spot rate, the Exchange stated that the modified spot
rate would be disseminated over the facilities of the Consolidated
Tape Association at least once every fifteen seconds while the
Exchange is open for trading, but would not otherwise amend or
affect the Exchange's existing rules governing U.S. dollar-settled
FCOs. See Securities Exchange Act Release Nos. 55513 (March 22,
2007), 72 FR 14636 (March 28, 2007) (SR-Phlx-2007-28) and 56034
(July 10, 2007), 72 FR 38853 (July 16, 2007) (SR-Phlx-2007-34).
---------------------------------------------------------------------------

    The proposed process of calculating the average between the latest
single bid and offer received is different from the process the
Exchange currently uses to calculate a spot price. However, based on
past experience, the Exchange believes that the methods of calculating
the current and the proposed Phlx Spot Price, over time, would produce
minor differences. To make this determination, the Exchange conducted
an analysis using a statistical testing technique (a two-tail
difference of means) from August 3, 2007 to November 30, 2007. The t-
statistic and p-value were such that the Exchange could conclude there
is no significant difference between the Phlx Spot Price calculated
using bank quotes from the Exchange's current vendor and the Phlx Spot
Price calculated using the Thomson Quotes. The Exchange believes that
the Thomson Quotes provide a reliable basis for determining a Phlx Spot
Price which is representative of foreign currency spot market prices.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\10\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\11\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.

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

    No written comments were either solicited or received.

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

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-Phlx-2008-06 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-Phlx-2008-06. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, on official business
days between the hours of 10 a.m. and 3 p.m. Copies of the filing also
will be available for inspection and copying at the principal office of
the Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
Phlx-2008-06 and should be submitted on or before March 19, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

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

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-3668 Filed 2-26-08; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 219 (Monday, November 14, 2011)]
[Notices]
[Pages 70523-70527]
[FR Doc No: 2011-29254]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65700; File No. SR-FINRA-2011-064]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of Proposed Rule Change to Adopt
FINRA Rule 4524 (Supplemental FOCUS Information) and Proposed
Supplementary Schedule to the Statement of Income (Loss) Page of FOCUS
Reports

November 7, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on November 1, 2011, Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by FINRA. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    FINRA is proposing to adopt FINRA Rule 4524 (Supplemental FOCUS
Information) to require each member, as FINRA shall designate, to file
such additional financial or operational schedules or reports as FINRA
may deem necessary as a supplement to the FOCUS report. The content of
such supplemental schedules or reports would be specified in a
Regulatory Notice (or similar communication), which FINRA would file
with the SEC pursuant to proposed FINRA Rule 4524. As part of the
proposed rule change, FINRA is filing one such proposed schedule, a
supplement to the Statement of Income (Loss) page of the FOCUS Report.
    The text of the proposed rule change is available on FINRA's Web
site at http://www.finra.org, at the principal office of FINRA and at
the Commission's Public Reference Room.

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

    In its filing with the Commission, FINRA 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. FINRA has prepared summaries, set forth in sections A,
B, and C below, of the most significant aspects of such statements.

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

1. Purpose
    Pursuant to SEA Rule 17a-5, members are required to file with FINRA
reports concerning their financial and operational status using SEC
Form X-17A-5, Financial and Operational Combined Uniform Single (FOCUS)
Report.\3\ SEA Rule 17a-5 generally requires members that clear
transactions or carry customer accounts to file a FOCUS Report Part II,
and requires certain other members to file a FOCUS Report Part IIA.
Members that use Appendix E to SEA Rule 15c3-1 to calculate net capital
file a FOCUS Report Part II CSE \4\ that is similar to the FOCUS Report
Part II (collectively, the FOCUS Reports Part II, Part IIA, and Part II
CSE are referred to hereinafter as ``FOCUS Reports'').
---------------------------------------------------------------------------

    \3\ 17 CFR 240.17a-5.
    \4\ A broker-dealer that calculates its net capital under
Appendix E of SEA Rule 15c3-1 is referred to as Alternative Net
Capital (``ANC'') firm.
---------------------------------------------------------------------------

    FINRA is proposing to adopt FINRA Rule 4524, a rule that would
provide the mechanism by which FINRA can obtain from members more
detailed financial information to augment the FOCUS reports required to
be filed pursuant to SEA Rule 17a-5. Proposed FINRA Rule 4524 would
require members to file such additional financial or operational
schedules or reports to supplement FOCUS reports as FINRA may deem
necessary or appropriate for the protection of investors or in the
public interest.\5\ Thus, the rule would provide FINRA the framework to
request more specific information regarding, among other things, the
assets and liabilities of a member, the generation of revenues and
allocation of expenses by business segment or product lines, the
sources of trading gains and losses, the types and amounts of fees
earned, and the nature and extent of participation in securities
offerings. Depending on the nature of the proposed supplemental
schedule or report, FINRA may require that all members or any specified
subset of members submit the schedule or report to FINRA.
---------------------------------------------------------------------------

    \5\ Nothing in proposed FINRA Rule 4524 should be construed as
altering in any manner a member's obligations under SEA Rule 17a-
5(a)(2)(iv).
---------------------------------------------------------------------------

    FOCUS Reports provide FINRA with valuable information regarding a
member's business; however, FINRA believes that it can better discharge
its regulatory obligations with the benefit of additional information
that gives FINRA a more complete and detailed view of a member's
business operations. Accordingly, proposed FINRA Rule 4524 would
provide FINRA a means and process to obtain greater transparency into a
member's business activities and to better illuminate industry trends,
allowing for more focused and effective examinations.
    FINRA would effectuate proposed FINRA Rule 4524 by way of a
Regulatory Notice or similar communication, the content of which would
be filed with the Commission. To that end, as an initial report
required pursuant to proposed FINRA Rule 4524, FINRA is also proposing
a Supplemental Statement of Income (``SSOI'') to magnify the data from
the Statement of Income (Loss) page of the FOCUS Reports.\6\
---------------------------------------------------------------------------

    \6\ See Exhibit 3.
---------------------------------------------------------------------------

    The proposed SSOI is intended to capture more granular detail of a
firm's revenue and expense information. The lack of more specific
revenue and expense categories for certain business

activities on the Statement of Income (Loss) page of the FOCUS Reports
has led many firms to report much of their revenue and expenses as
``other'' (miscellaneous), a very general categorization that provides
FINRA limited visibility into revenue and expense trends. The proposed
SSOI is divided into sections containing line items that seek
additional detail to permit FINRA to better understand revenue sources
and expense composition on an ongoing basis. This additional detail
would allow FINRA to better assess risk at a firm, and as a result,
better allocate examination resources. Each member would be required to
file with FINRA the proposed SSOI within 17 business days of the end of
each calendar quarter.
    The proposed SSOI contains a de minimis exception for providing
details of revenue and expenses for certain designated sections. If a
member's total dollar amount for a designated section is $5,000 or less
for the reporting period, the member would only be required to enter
the total dollar amount to complete the section. Additionally, not
every line item would apply to every member, especially those with
limited product offerings, thus limiting the burden of completing the
form.
    The proposed SSOI includes a new Operational Page that would
collect additional information from certain members with respect to
participation in unregistered offerings during the reporting period.
Members whose revenue from unregistered offerings exceeds 10% of total
revenue for the reporting period would be required to complete the
Operational Page by providing specific information about each
unregistered offering. FINRA believes that such information would
provide it with greater transparency and a stronger understanding
regarding the types of unregistered offerings that generate significant
revenue for members.
    The proposed rule change will be effective upon Commission
approval. FINRA will announce the implementation dates of both proposed
FINRA Rule 4524 and the proposed schedule (i.e., the proposed SSOI) in
a Regulatory Notice to be published no later than 60 days following
Commission approval of the proposed rule change. The implementation
date of the proposed schedule will be no sooner than 180 days, and no
later than 365 days, following Commission approval of the proposed rule
change.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\7\ which requires, among
other things, that FINRA rules must be designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest. FINRA believes that the proposed rule change is
consistent with the provisions of the Act noted above in that
supplemental FOCUS information will further strengthen FINRA's ability
to protect investors through a more informed understanding of the
drivers of members' business that can be used for more targeted
examinations.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------

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

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

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

    The proposed rule change and the proposed SSOI were published for
comment in Regulatory Notice 10-33 (July 2010) (the ``Notice''). FINRA
received 28 comment letters in response to the Notice.\8\ A copy of the
Notice is attached as Exhibit 2a.\9\ A list of the comment letters
received in response to the Notice is attached as Exhibit 2b. Copies of
the comment letters received in response to the Notice are attached as
Exhibit 2c.\10\ Below is a summary of the comments and FINRA's
responses.
---------------------------------------------------------------------------

    \8\ See Letter from Ivy League Financial Services, Inc., dated
July 21, 2010 (``Ivy''); letter from M.S. Howells & Co., dated July
23, 2010 (``M.S. Howells''); letter from Hunter, Keith, Marshall &
Co., Inc, dated July 27, 2010 (``HKM''); letter from Balanced
Financial Securities, dated July 31, 2010 (``BFS''); letter from
Foresters Equity Services, Inc., dated August 5, 2010 (``FES'');
letter from Hodges Capital Management-First Dallas Securities, dated
August 5, 2010 (``HCM''); letter from Farragut Capital LLC, dated
August 12, 2010 (``Farragut''); letter from Integrity Investments,
Inc., dated August 12, 2010 (``Integrity''); letter from Stephen
Kinkade CPA, dated August 15, 2010 (``Kinkade''); letter from
Wachtel & Co., Inc., dated August 16, 2010 (``Wachtel''); letter
from First Asset Financial Inc., dated August 17, 2010 (``FAF'');
letter from Aileen Gallagher, dated August 17, 2010 (``Gallagher'');
letter from National Association of Independent Broker-Dealers,
Inc., dated August 17, 2010 (``NAIBD''); letter from Securities
Industry and Financial Markets Association, dated August 17, 2010
(``SIFMA''); letter from Wilson-Davis & Co., Inc., dated August 17,
2010 (``WDC''); letter from Allegheny Investments, LTD, dated August
18, 2010 (``Allegheny''); letter from Berkshire Bridge Capital, LLC,
dated August 18, 2010 (``Berkshire''); letter from IBG Trading Inc.,
dated August 18, 2010 (``IBG''); letter from Integrated Management
Solutions, dated August 18, 2010 (``IMS''); letter from Probitas
Partners, dated August 18, 2010 (``Probitas''); letter from Real
Estate Investment Securities Association, dated August 18, 2010
(``REISA''); letter from Regional Bond Dealers Association, dated
August 18, 2010 (``RBDA''); letter from Sutherland Asbill & Brennan
LLP, dated August 18, 2010 (``Sutherland''); letter from Southlake
Capital Advisors, Inc., dated August 18, 2010 (``SCA''); letter from
Trust Advisory Group, Ltd., dated August 18, 2010 (``TAG''); letter
from Wedbush Securities Inc., dated August 18, 2010 (``Wedbush'');
letter from Bank of America Merrill Lynch, dated August 19, 2010
(``B of A''); and letter from Citigroup Global Markets, Inc., dated
August 20, 2010 (``Citi'').
    \9\ The Commission notes that while provided in Exhibit 2a to
FINRA's filing with the Commission, the Notice is not attached
hereto. The Notice can be accessed online at http://www.finra.org/web/groups/industry/@ip/<EMAIL_ADDRESS>    \10\ The Commission notes that while provided in Exhibit 2c to
the filing, the list of the commenters and comment letters received
by FINRA are not attached hereto. Those comment letters can be
accessed online at http://www.finra.org/Industry/Regulation/Notices/2010/P121743. As stated previously, all references to ``commenters''
are to the commenters to the Notice, which are listed in Exhibit 2b.
---------------------------------------------------------------------------

A. Schedule Not Needed or Justified

    A number of commenters argued that the proposed SSOI is not needed
or justified.\11\ Some commenters stated that FINRA or the SEC can
already request the information required by the proposed SSOI.\12\ One
commenter believed that the current reports provide sufficient detail
for FINRA to understand a member's business.\13\ Two commenters
believed that routine exams already give a detailed view of a member's
business operations.\14\ Several other commenters did not see how the
requested information protected investors.\15\ Finally, one commenter
argued that FINRA has not justified why the proposed SSOI is the best
means of achieving FINRA's regulatory objectives without undue burden
on members.\16\ FINRA disagrees with the contentions that the
information sought is unnecessary or superfluous. As stated in the
Notice, FINRA believes that it can better discharge its regulatory
obligations with the benefit of additional information that gives FINRA
a more complete and detailed view of a member's business operations.
Moreover, FINRA believes the proposed SSOI is the most effective and
timely way to obtain the additional detail of the generation of
revenues and allocation of expenses by business segment or product
lines, the sources of trading gains and losses, the types and

amounts of fees earned, and the nature and extent of participation in
securities offerings.
---------------------------------------------------------------------------

    \11\ Allegheny, FAF, Farragut, Integrity, Ivy, Kinkade,
Probitas, REISA, Sutherland and WDC.
    \12\ Allegheny, Sutherland, Farragut, Integrity and Kinkade.
    \13\ Ivy.
    \14\ REISA and WDC.
    \15\ Farragut, Kinkade, Probitas and WDC.
    \16\ RBDA.
---------------------------------------------------------------------------

B. Small Firm Concerns

    Several commenters stated that the proposed SSOI will be costly and
time consuming for small firms.\17\ Some of these commenters argued
that FINRA should provide an exemption from the rule for smaller
firms.\18\ Several commenters asserted that the Operational Page
creates an unfair bias against smaller firms.\19\ FINRA believes that
the required information is important to identify regulatory risk and
trends, irrespective of firm size. Therefore, FINRA does not believe a
small firm exemption is appropriate. However, as mentioned above, the
proposed SSOI contains a de minimis exception that will make the form
less time consuming for many smaller firms. Additionally, FINRA points
out that many of the line items will not apply to smaller firms with
limited product offerings.
---------------------------------------------------------------------------

    \17\ Allegheny, BFS, FAF, Farragut, FES, Gallagher, HCM, HKM,
IMS, Integrity, Kinkade, M.S. Howells, Probitas, RBDA, REISA, TAG,
Wachtel and WDC.
    \18\ BFS, HKM, Wachtel and WDC.
    \19\ HKM, Kinkade, NAIBD and REISA.
---------------------------------------------------------------------------

C. Clarifications and Recommended Changes

    Certain commenters requested clarification of the information
required on the proposed SSOI.\20\ Several commenters suggested that
FINRA should include instructions and definitions for the proposed
SSOI.\21\ One commenter had concerns that the ``numbers reported on the
FOCUS Report and the Proposed Schedule will not automatically `match.'
'' \22\ Further, several commenters recommended changes to specific
line items on the proposed SSOI.\23\ In response to these comments,
FINRA has developed instructions for the proposed SSOI, which are
included in the attached Exhibit 3. The instructions include guidance,
clarifications and definitions with respect to certain line items that
FINRA believes should ameliorate the commenters' concerns.
Additionally, in response to recommended changes to specific line
items, FINRA has amended the proposed SSOI by making the requested tax
information less burdensome, allowing flexibility regarding the
reporting of dividends and interest for principal trades and allowing
revenue from unit investment trusts that are open-end companies to be
included with revenue from investment company shares.
---------------------------------------------------------------------------

    \20\ Allegheny, B of A, Citi, FAF, IMS, Kinkade, NAIBD, RBDA,
Sutherland and WDC.
    \21\ Citi, IMS, Kinkade, NAIBD, RBDA and Sutherland.
    \22\ Sutherland.
    \23\ B of A, IMS and Kinkade.
---------------------------------------------------------------------------

D. Data Capture

    Several commenters suggested that the profit and loss information
required by the proposed SSOI should be based on established units
within a firm rather than by product.\24\ In response, FINRA believes
that requiring information by product is the best way to understand
revenue sources and expense composition. However, FINRA is allowing
firms, in certain instances, a choice as to which section and/or line
item on the proposed SSOI to reflect revenue or expense. Firms must
document the methodology chosen and apply it consistently across
reporting periods. Additionally, the methodology must be made available
to FINRA staff upon request.
---------------------------------------------------------------------------

    \24\ B of A, Citi, IMS, Kinkade, M.S. Howells and SIFMA.
---------------------------------------------------------------------------

E. Confidentiality

    One commenter expressed competitive concerns with providing FINRA
detailed departmental data.\25\ Another commenter was concerned that
the proposed SSOI could compromise otherwise confidential deal
making.\26\ The commenter stated that members ``specializing in
restructuring/distressed situations are frequently bound to
confidentiality by U.S. bankruptcy laws that would preclude the release
of certain information.'' \27\ FINRA does not believe these concerns
are valid as the proposed SSOI would be treated with the same
confidentiality as the FOCUS Report to which it relates.\28\ In regard
to the commenter's concern about being bound to confidentiality by U.S.
bankruptcy laws, FINRA notes that the commenter did not provide any
specific examples of such U.S. bankruptcy laws or discussion of the
manner in which such laws would preclude a member from complying with
the proposed rulemaking.
---------------------------------------------------------------------------

    \25\ M.S. Howells.
    \26\ NAIBD.
    \27\ NAIBD.
    \28\ See SEA Rule 17a-5(a)(3).
---------------------------------------------------------------------------

F. Use of the Proposed SSOI

    Several commenters were concerned that the proposed SSOI would be
used as the basis for the calculation of various assessments, fees and
dues on members.\29\ As previously mentioned, the proposed SSOI is
intended to provide information about a member's revenue and expenses
in greater detail. The proposed SSOI supplements the FOCUS report and
would not be used as the basis for any assessments, fees or dues;
however, total revenue on the proposed SSOI should equal total revenue
on the FOCUS report.
---------------------------------------------------------------------------

    \29\ B of A, BBC, SIFMA and Wedbush.
---------------------------------------------------------------------------

G. Reporting Period

    Several commenters recommended that reporting of the proposed SSOI
be on a quarterly basis.\30\ These commenters stated that ``[m]any
firms as a matter of course have more detailed reporting requirements--
both internal and external--on a quarterly basis, which would
facilitate this additional FINRA reporting while limiting the need for
additional resources.'' \31\ FINRA agrees with the commenters and has
proposed quarterly basis reporting for the proposed SSOI.
---------------------------------------------------------------------------

    \30\ B of A and SIFMA.
    \31\ B of A and SIFMA.
---------------------------------------------------------------------------

H. Filing Time Frame

    Two commenters suggested that the proposed SSOI should be filed
within the time frames for current supplemental reporting and not on
the FOCUS filing date.\32\ They believed that filing within such time
frames would address resource constraints and would be consistent with
other reporting time frames. FINRA disagrees with the commenters and
instead has proposed to require the proposed SSOI to be filed within 17
business days after the end of the calendar quarter, consistent with
the time frame allowed for the filing of the FOCUS Reports. FINRA
believes that this time frame strikes the proper balance of ensuring
FINRA receives timely information while giving firms' sufficient time
to file the proposed SSOI.
---------------------------------------------------------------------------

    \32\ B of A and SIFMA.
---------------------------------------------------------------------------

I. Operational Page of the Proposed SSOI

    Several commenters believed that FINRA is unfairly targeting
Regulation D offerings.\33\ One commenter suggested that the
Operational Page only apply to all offerings that exceed a fixed dollar
amount, rather than offerings in excess of 10% of total revenue.\34\
Another commenter stated that the information requested by the
Operational Page for firm underwriting and selling group arrangements
is identical to the information requested following a blue sheet
transaction.\35\ The commenter urged that if the proposed SSOI is
incorporated as represented, FINRA cease routinely requiring firms to
provide identical information for firm underwriting and selling group

arrangements following a blue-sheet transaction.\36\ Finally, one
commenter stated that Operational Page reporting should be
disassociated with financial reporting for any member filing FOCUS
Report Part IIA (not filing FOCUS Report Part II) by having its own
format, frequency and deadline schedule.\37\
---------------------------------------------------------------------------

    \33\ Farragut and REISA.
    \34\ Kinkade.
    \35\ NAIBD.
    \36\ NAIBD.
    \37\ Kinkade.
---------------------------------------------------------------------------

    FINRA believes the Operational Page of the proposed SSOI would
provide greater transparency and valuable information regarding
unregistered offerings. A fixed dollar amount threshold would be
inappropriate as FINRA needs to capture revenue that is significant to
the member. Members that exceed the 10% of total revenue threshold are
considered to be obtaining significant revenue from unregistered
offerings. Additionally, the information requested from the Operational
Page is not identical to the information requested in a blue sheet
transaction.\38\ Finally, the Operational Page is part of the proposed
SSOI, and therefore would be subject to the same frequency and deadline
schedule of the proposed SSOI.
---------------------------------------------------------------------------

    \38\ See SEA Rule 17a-25.
---------------------------------------------------------------------------

J. Implementation

    Several commenters requested that FINRA provide sufficient lead
time for members to prepare for the new rule.\39\ A number of
commenters stated system changes would be needed to capture the
requested information.\40\ One commenter suggested that the
implementation of the proposed SSOI be staged as a series of pilots,
beginning with clearing firms, then gradually covering the membership
by firm size.\41\ FINRA is sensitive to the operational and systems
changes that may be necessary for members to complete the proposed
SSOI, and as a result, is proposing to implement the SSOI no sooner
than 180 days, and no later than 365 days, following Commission
approval of the proposed rule change.
---------------------------------------------------------------------------

    \39\ Citi, RBDA and SIFMA.
    \40\ Citi, FAF, HCM, M.S. Howells, NAIBD, RBDA and SIFMA.
    \41\ NAIBD.
---------------------------------------------------------------------------

K. Alternatives to Schedule

    A number of commenters offered alternatives to the proposed
SSOI.\42\ Several commenters suggested that more detailed information
should not be required unless the particular line item represents a
specified percentage of a firm's business or at least a dollar amount
threshold.\43\ One commenter suggested that FINRA consider requiring
that the information requested by the proposed SSOI be submitted
annually with the audit report.\44\ Another commenter believed that
instead of adopting the proposed SSOI, FINRA should meet with members
to discuss whether a new regulatory report is needed; what format works
best with the FOCUS Report; and consider the costs of implementing a
system.\45\ FINRA has considered these alternatives and believes that
obtaining information regarding the detail of revenues earned or
expenses incurred by product or other more specific categories is best
achieved through the proposed SSOI. FINRA notes that it consulted with
its advisory committees in connection with the development of the
proposed SSOI.
---------------------------------------------------------------------------

    \42\ Allegheny, NAIBD, Sutherland and Wachtel.
    \43\ NAIBD, Sutherland and Wachtel.
    \44\ Allegheny.
    \45\ Sutherland.
---------------------------------------------------------------------------

L. New Financial and Operational Reports or Schedules

    Several commenters suggested that any new financial or operational
report or schedule required by FINRA be submitted to the SEC as a
proposed rule change to allow members an opportunity to provide FINRA
with feedback.\46\ One commenter suggested that such submission is
necessary due to possible conflicts that FINRA schedules and reports
may have with other laws and rules.\47\ Another commenter argued that
the opportunity for member comment is needed because specific line
items may be missing or irrelevant over time.\48\
---------------------------------------------------------------------------

    \46\ IMS, NAIBD, RBDA and Sutherland.
    \47\ Sutherland.
    \48\ NAIBD.
---------------------------------------------------------------------------

    As stated above, pursuant to proposed FINRA Rule 4524, FINRA will
file with the SEC the content of any Regulatory Notice (or similar
communication) issued pursuant to the proposed rule. Further, if such
content contains material substantive changes, FINRA will file the
content for comment with the SEC. Commenters will have an opportunity
to express their concerns and provide feedback at that time.

M. Comment Period

    One commenter expressed disappointment that the comment period
ended the same day FINRA sent the Notice.\49\ The commenter believed
that FINRA did not give the public ample opportunity to study the
matter. FINRA believes the commenter is mistaken as the Notice was
issued on July 19, 2010, requesting comment until August 18, 2010.
---------------------------------------------------------------------------

    \49\ SCA.
---------------------------------------------------------------------------

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

    Within 45 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 or disapprove such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-FINRA-2011-064 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-FINRA-2011-064. 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 a.m. and 3 p.m. Copies of such
filing also will be available for inspection and copying at the
principal office of FINRA. All comments received will be posted without
change; the Commission does not edit personal identifying information
from submissions. You should submit only information that you wish to
make available publicly. All submissions should refer to File Number
SR-FINRA-2011-064 and should be submitted on or before December 5,
2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\50\
---------------------------------------------------------------------------

    \50\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-29254 Filed 11-10-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 180 (Tuesday, September 17, 2019)]
[Notices]
[Pages 48924-48925]
[FR Doc No: 2019-20062]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Numbers: RP15-23-012.
    Applicants: Transwestern Pipeline Company, LLC.
    Description: Compliance filing RP15-23 Compliance to be effective
8/9/2019.
    Filed Date: 9/9/19.
    Accession Number: 20190909-5088.
    Comments Due: 5 p.m. ET 9/23/19.

    Docket Numbers: RP19-1426-002.
    Applicants: National Fuel Gas Supply Corporation.
    Description: Compliance filing CF Rate Schedule W-1 to be effective
9/1/2019.
    Filed Date: 9/9/19.
    Accession Number: 20190909-5046.
    Comments Due: 5 p.m. ET 9/23/19.

    Docket Numbers: RP19-1548-000.
    Applicants: Texas Eastern Transmission, LP.
    Description: Sec.  4(d) Rate Filing: Negotiated Rate--MC Global to
CIMA 8959258 to be effective 9/7/2019.
    Filed Date: 9/9/19.
    Accession Number: 20190909-5079.

    Comments Due: 5 p.m. ET 9/23/19.

    Docket Numbers: RP19-1549-000.
    Applicants: Texas Gas Transmission, LLC.
    Description: Sec.  4(d) Rate Filing: Clarifications and Clean-up
Items related to Future GMS Implementation to be effective 10/9/2019.
    Filed Date: 9/9/19.
    Accession Number: 20190909-5084.
    Comments Due: 5 p.m. ET 9/23/19.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: September 10, 2019.
Nathaniel J. Davis Sr.,
Deputy Secretary.
[FR Doc. 2019-20062 Filed 9-16-19; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register: May 28, 2009 (Volume 74, Number 101)]
[Notices]
[Page 25526-25527]
[DOCID:fr28my09-45]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings  1

May 20, 2009.
    Take notice that the Commission received the following electric
rate filings:
    Docket Numbers: ER08-1574-003.
    Applicants: ORNI 18, LLC.
    Description: Notice of Non-Material Change in Status of ORNI 18,
LLC.
    Filed Date: 05/18/2009.
    Accession Number: 20090518-5061.
    Comment Date: 5 p.m. Eastern Time on Monday, June 8, 2009.

    Docket Numbers: ER09-1141-000.
    Applicants: J.P. Morgan Commodities Canada Corporation.
    Description: JP Morgan Commodities Canada Corp submits Petition for
Acceptance of Initial Tariff, Waivers and Blanket Authority and Request
for Expedited Consideration, FERC Electric Tariff, Original Volume 1,
effective 6/15/09.
    Filed Date: 05/15/2009.
    Accession Number: 20090518-0305.
    Comment Date: 5 p.m. Eastern Time on Friday, June 5, 2009.

    Docket Numbers: ER09-1144-000.
    Applicants: ISO New England Inc., New England Power Pool.
    Description: ISO New England Inc et al submits further revisions to
the Forward Capacity Market rules.
    Filed Date: 05/15/2009.
    Accession Number: 20090518-0313.
    Comment Date: 5 p.m. Eastern Time on Friday, June 5, 2009.

    Docket Numbers: ER09-1149-000.
    Applicants: Ameren Services Company.
    Description: Union Electric Company submits Original Service
Agreement 2027 to FERC Electric Tariff, Third Revised Volume 1.
    Filed Date: 05/15/2009.
    Accession Number: 20090518-0311.
    Comment Date: 5 p.m. Eastern Time on Friday, June 5, 2009.

    Docket Numbers: ER09-1150-000.
    Applicants: Entergy Services, Inc.
    Description: Entergy Arkansas, Inc et al submits an unexecuted
Network Integration Transmission Service Agreement and Network
Operating Agreement and the Missouri Joint Municipal Electric Utility
Commission etc.
    Filed Date: 05/15/2009.
    Accession Number: 20090518-0309.
    Comment Date: 5 p.m. Eastern Time on Friday, June 5, 2009.

    Docket Numbers: ER09-1151-000.
    Applicants: Trans-Allegheny Interstate Line Company.
    Description: Trans-Allegheny Interstate Line Company submits Second
Revised Sheet 314l.03 et al to its FERC Electric Tariff, Sixth Revised
Volume 1.
    Filed Date: 05/15/2009.
    Accession Number: 20090518-0312.
    Comment Date: 5 p.m. Eastern Time on Friday, June 5, 2009.

    Docket Numbers: ER09-1152-000.
    Applicants: Southwest Power Pool Inc.
    Description: Southwest Power Pool, Inc submits an unexecuted Large
Generator Interconnection Agreement with Sunflower Electric Power Corp
et al.
    Filed Date: 05/15/2009.
    Accession Number: 20090518-0304.
    Comment Date: 5 p.m. Eastern Time on Friday, June 5, 2009.

    Docket Numbers: ER09-1153-000.
    Applicants: ISO New England Inc.
    Description: ISO New England, Inc submits its Capital Projects
Report and schedule of the unamortized costs of the ISO's funded
capital expenditures for quarter ending 3/31/09, to be effective 4/1/
09.
    Filed Date: 05/15/2009.
    Accession Number: 20090518-0308.
    Comment Date: 5 p.m. Eastern Time on Friday, June 5, 2009.

    Docket Numbers: ER09-1154-000.
    Applicants: UNS Electric, Inc.
    Description: UNS Electric, Inc submits Second Revised Sheet 90A et
al. to FERC Electric Tariff, First Revised Volume 1 to Attachment C of
its Open Access Transmission Tariff.
    Filed Date: 05/15/2009.
    Accession Number: 20090518-0307.
    Comment Date: 5 p.m. Eastern Time on Friday, June 5, 2009.

    Docket Numbers: ER09-1155-000.
    Applicants: American Electric Power Service Corporation.
    Description: American Electric Power Service Corp submits a fully
executed Letter Agreement dated 41/6/09 with FPL Elk City Wind, LLC.
    Filed Date: 05/15/2009.
    Accession Number: 20090518-0306.
    Comment Date: 5 p.m. Eastern Time on Friday, June 5, 2009.

    Docket Numbers: ER09-1161-000.
    Applicants: Ashtabula Wind, LLC.
    Description: Ashtabula Wind, LLC submits the Amended and Restated
Common Facilities Agreement by and between Otter Tail Corporation as
Licensee and Ashtabula Wind as owner, designated Rate Schedule FERC 1.
    Filed Date: 05/15/2009.
    Accession Number: 20090518-0310.
    Comment Date: 5 p.m. Eastern Time on Friday, June 5, 2009.

    Docket Numbers: ER09-1162-000.
    Applicants: Commonwealth Edison Company.
    Description: Commonwealth Edison's Section 205 filing.
    Filed Date: 05/15/2009.
    Accession Number: 20090518-0315.
    Comment Date: 5 p.m. Eastern Time on Friday, June 5, 2009.

    Take notice that the Commission received the following public
utility holding company filings:
    Docket Numbers: PH09-18-000.
    Applicants: Buckeye Power, Inc., Buckeye Power Generating, LLC.
    Description: FERC-65A Exemption Notification of Buckeye Power, Inc.
    Filed Date: 05/15/2009.
    Accession Number: 20090515-5142.
    Comment Date: 5 p.m. Eastern Time on Friday, June 5, 2009.

    Any person desiring to intervene or to protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214) on or before 5 p.m. Eastern time on the specified comment
date. It is not necessary to separately intervene again in a subdocket
related to a compliance filing if you have previously intervened in the
same docket. Protests will be considered by the Commission in
determining the appropriate action to be taken, but will not serve to
make protestants parties to the proceeding. Anyone filing a motion to
intervene or protest must serve a copy of that document on the
Applicant. In reference to filings initiating a new proceeding,
interventions or protests submitted on or before the comment deadline
need not be served on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://
www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St. NE., Washington, DC 20426.

    The filings in the above proceedings are accessible in the
Commission's eLibrary system by clicking on the appropriate link in the
above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive e-mail notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please e-mail<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. E9-12352 Filed 5-27-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 84, Number 22 (Friday, February 1, 2019)]
[Rules and Regulations]
[Pages 976-977]
[FR Doc No: 2019-00655]

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

ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R06-OAR-2007-0314; FRL-9988-58-Region 6]

Air Plan Approval; Oklahoma; Interstate Transport Requirements
for the 1997 Ozone National Ambient Air Quality Standards

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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

SUMMARY: Pursuant to the Federal Clean Air Act (CAA or the Act), the
Environmental Protection Agency (EPA) is approving a portion of an
Oklahoma State Implementation Plan (SIP) submittal that pertains to the
good neighbor provision requirements of the CAA with respect to
interstate transport of air pollution which will interfere with
maintenance of the 1997 ozone National Ambient Air Quality Standards
(NAAQS). The good neighbor provision requires, in part, that each
state, in its SIP, prohibit emissions that will interfere with
maintenance of a new or revised NAAQS in another state. In this action,
EPA is approving the Oklahoma SIP submittal as having met the interfere
with maintenance requirement of the good neighbor provision for the
1997 ozone NAAQS in accordance with section 110 of the CAA.

DATES: This rule is effective on March 4, 2019.

ADDRESSES: The EPA has established a docket for this action under
Docket ID No. EPA-R06-OAR-2007-0314. All documents in the docket are
listed on the https://www.regulations.gov website. Although listed in
the index, some information is not publicly available, e.g.,
Confidential Business Information or other information whose disclosure
is restricted by statute. Certain other material, such as copyrighted
material, is not placed on the internet and will be publicly available
only in hard copy form. Publicly available docket materials are
available either electronically through https://www.regulations.gov or
in hard copy at the EPA Region 6, 1445 Ross Avenue, Suite 700, Dallas,
Texas 75202-2733.

FOR FURTHER INFORMATION CONTACT: Carl Young,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document ``we,'' ``us,'' and
``our'' means the EPA.

I. Background

    The background for this action is discussed in detail in our
November 16, 2018 proposal (83 FR 57701). In that document we proposed
to (1) approve the portion of a May 1, 2007 Oklahoma SIP submittal
pertaining to the interfere with maintenance requirement of CAA section
110(a)(2)(D)(i)(I) with respect to the 1997 ozone NAAQS and (2) find
that the state's conclusion that Oklahoma emissions do not interfere
with maintenance of the 1997 ozone NAAQS in another state is consistent
with our conclusion regarding this good neighbor obligation. We did not
receive any comments regarding our proposal.

II. Final Action

    We are approving the portion of a May 1, 2007 Oklahoma SIP
submittal pertaining to the interfere with maintenance requirement of
CAA section 110(a)(2)(D)(i)(I) with respect to the 1997 ozone NAAQS. We
find that the state's conclusion that Oklahoma emissions do not
interfere with maintenance of the 1997 ozone NAAQS in another state is
consistent with our conclusion regarding this good neighbor obligation.
This action is being taken under section 110 of the Act.

III. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the Act and applicable
Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, the EPA's role is to approve state choices,
provided that they meet the criteria of the CAA. Accordingly, this
action merely approves state law as meeting Federal requirements and
does not impose additional requirements beyond those imposed by state
law. For that reason, this action:

     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Orders
12866 (58 FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21,
2011);
     Is not an Executive Order 13771 (82 FR 9339, February 2,
2017) regulatory action because SIP approvals are exempted under
Executive Order 12866;
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the CAA; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, the SIP is not approved to apply on any Indian
reservation land or in any other area where EPA or an Indian tribe has
demonstrated that a tribe has jurisdiction. In those areas of Indian
country, the rule does not have tribal implications and will not impose
substantial direct costs on tribal governments or preempt tribal law as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000).
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by April 2, 2019. Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this action for the purposes of
judicial review nor does it extend the time within which a petition for
judicial review may be filed, and shall not postpone the effectiveness
of such rule or action. This action may not be challenged later in
proceedings to enforce its requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Ozone.

    Dated: December 27, 2018.
Anne Idsal,
Regional Administrator, Region 6.

    40 CFR part 52 is amended as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

0
1. The authority citation for part 52 continues to read as follows:

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

Subpart LL--Oklahoma

0
2. In Sec.  52.1920, paragraph (e), the table titled ``EPA-Approved
Nonregulatory Provisions and Quasi-Regulatory Measures in the Oklahoma
SIP'' is amended by revising the entry for ``Interstate transport for
the 1997 ozone NAAQS (contribute to nonattainment)'' to read as
follows:

Sec.  52.1920   Identification of plan.

* * * * *
    (e) * * *

             EPA-Approved Nonregulatory Provisions and Quasi-Regulatory Measures in the Oklahoma SIP
----------------------------------------------------------------------------------------------------------------
                                     Applicable
     Name of SIP provision          geographic or    State submittal   EPA approval date        Explanation
                                 nonattainment area        date
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
Interstate transport for the     Statewide.........        5/1/2007   2/1/2019, [Insert   The contribute to
 1997 ozone NAAQS (contribute                                          Federal Register    nonattainment portion
 to nonattainment or interfere                                         citation].          was approved on 12/29/
 with maintenance).                                                                        2011, (76 FR 81837).

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------

[FR Doc. 2019-00655 Filed 1-31-19; 8:45 am]
 BILLING CODE 6560-50-P