[Federal Register Volume 82, Number 95 (Thursday, May 18, 2017)]
[Proposed Rules]
[Pages 22763-22766]
[FR Doc No: 2017-10031]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2017-0473; Directorate Identifier 2016-NM-195-AD]
RIN 2120-AA64

Airworthiness Directives; The Boeing Company Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: We propose to adopt a new airworthiness directive (AD) for all
The Boeing Company Model 737-100, -200, -200C, -300, -400, and -500
series airplanes. This proposed AD was prompted by a report indicating
that wear of the bearing plate slider bushings could cause
disconnection of certain elevator hinges, which could excite the
horizontal stabilizer under certain in-flight speed/altitude conditions
and lead to degradation of the structure. This proposed AD would
require repetitive inspections and checks of certain elevator hinges
and related components, repetitive replacements and tests of the
bearing plate, and related investigative and corrective actions if
necessary. We are proposing this AD to address the unsafe condition on
these products.

DATES: We must receive comments on this proposed AD by July 3, 2017.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    For service information identified in this NPRM, contact Boeing
Commercial Airplanes, Attention: Contractual & Data Services (C&DS),
2600 Westminster Blvd., MC 110-SK57, Seal Beach, CA 90740-5600;
telephone<PHONE_NUMBER>; Internet https://www.myboeingfleet.com. You may
view this referenced service information at the FAA, Transport Airplane
Directorate, 1601 Lind Avenue SW., Renton, WA. For information on the
availability of this material at the FAA, call<PHONE_NUMBER>. It is also
available on the internet at http://www.regulations.gov by searching
for and locating Docket No. FAA-2017-0473.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2017-
0473; or in person at the Docket Management Facility between 9 a.m. and
5 p.m., Monday through Friday, except Federal holidays. The AD docket
contains this proposed AD, the regulatory evaluation, any comments
received, and other information. The street address for the Docket
Office (phone:<PHONE_NUMBER>) is in the ADDRESSES section. Comments will
be available in the AD docket shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Lu Lu, Aerospace Engineer, Airframe
Branch, ANM-120S, FAA, Seattle Aircraft Certification Office (ACO),
1601 Lind Avenue SW., Renton, WA 98057-3356; phone:<PHONE_NUMBER>; fax:
425-917-6590; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to send any written relevant data, views, or
arguments about this proposal. Send your comments to an address listed
under the ADDRESSES section. Include ``Docket No. FAA-2017-0473;
Directorate Identifier 2016-NM-195-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this proposed AD. We
will consider all comments received by the closing date and may amend
this proposed AD because of those comments.
    We will post all comments we receive, without change, to http://www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact we
receive about this proposed AD.

Discussion

    We have received a report indicating that analysis following a
special certification review of the horizontal stabilizer determined
that wear of the bearing plate slider bushings could cause
disconnection of elevator hinge number 4 or number 6. This
disconnection could excite the horizontal stabilizer under certain in-
flight speed/altitude conditions and lead to degradation of the
structure due to tab flutter, hinge wear, spar chord corrosion, hinge
rib web chafing, hinge rib chord cracking, and inspar lower skin
cracking. One or more of these conditions, if not corrected, could
result in heavy airplane vibration and damage, which could lead to
departure of the elevator and/or horizontal stabilizer from the
airplane, and loss of continued safe flight and landing.

Related Service Information Under 1 CFR Part 51

    We reviewed Boeing Alert Service Bulletin 737-55A1099, Revision 1,
dated October 21, 2016. The service information describes procedures
for repetitive inspections and checks of elevator hinge numbers 4 and 6
and related components, repetitive replacements and tests of the
bearing plate, and related investigative and corrective actions. This
service information is reasonably available because the interested
parties have access to it through their normal course of business or by
the means identified in the ADDRESSES section.

FAA's Determination

    We are proposing this AD because we evaluated all the relevant
information and determined the unsafe condition described previously is
likely to exist or develop in other products of the same type design.

Proposed AD Requirements

    This proposed AD would require accomplishing the actions specified
in the service information identified previously, except as discussed
under ``Differences Between this Proposed AD and the Service
Information.'' For information on the procedures and compliance times,
see this service information at http://www.regulations.gov by searching
for and locating Docket No. FAA-2017-0473.
    The phrase ``related investigative actions'' is used in this
proposed AD. Related investigative actions are follow-on actions that
(1) are related to the primary action, and (2) further investigate the
nature of any condition found. Related investigative actions in an AD
could include, for example, inspections.
    The phrase ``corrective actions'' is used in this proposed AD.
Corrective actions correct or address any condition found. Corrective
actions in an AD could include, for example, repairs.

Differences Between This Proposed AD and the Service Information

    Boeing Alert Service Bulletin 737-55A1099, Revision 1, dated
October 21, 2016, specifies to contact the manufacturer for certain
instructions, but this proposed AD would require using repair methods,
modification deviations, and alteration deviations in one of the
following ways:
     In accordance with a method that we approve; or
     Using data that meet the certification basis of the
airplane, and that have been approved by the Boeing Commercial
Airplanes Organization Designation Authorization (ODA) whom we have
authorized to make those findings.

Costs of Compliance

    We estimate that this proposed AD affects 192 airplanes of U.S.
registry. We estimate the following costs to comply with this proposed
AD:

                                                 Estimated Costs
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                                                                                Cost on U.S.
              Action                    Labor cost        Parts cost      Cost per product        operators
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Elevator hinge high frequency      15 work-hours x $85              $0  $1,275 per           $244,800 per
 eddy current (HFEC) inspection,    per hour = $1,275                    inspection/check     inspection/check
 loose bolt check.                  per inspection/                      cycle.               cycle.
                                    check cycle.
Horizontal stabilizer HFEC and     13 work-hours x $85               0  $1,105 per           $212,160 per
 low frequency eddy current         per hour = $1,105                    inspection/check     inspection/check
 (LFEC) inspection, loose bolt      per inspection/                      cycle.               cycle.
 check.                             check cycle.
Horizontal stabilizer detailed     5 work-hours x 85                 0  $425 per inspection  $81,600 per
 corrosion inspection.              per hour = 425 per                   cycle.               inspection cycle.
                                    inspection cycle.
Elevator general visual            Up to 4 work-hours                0  Up to $340 per       Up to $65,280 per
 inspection for ply damage.         x 85 per hour =                      inspection cycle.    inspection cycle.
                                    340 per inspection
                                    cycle.
Elevator skin tap test inspection  Up to 6 work-hours                0  Up to $510 per       Up to $97,920 per
 for delamination.                  x 85 per hour =                      inspection cycle.    inspection cycle.
                                    510 per inspection
                                    cycle.
Elevator hinge bearing plate       Up to 20 work-hours           4,860  Up to $6,560 per     Up to $1,259,520
 replacement and binding test.      x 85 per hour =                      replacement/test     per replacement/
                                    1,700 per                            cycle.               test cycle.
                                    replacement/test
                                    cycle.
Elevator hinge fitting HFEC        Up to 5 work-hours                0  Up to $425 per       Up to $81,600 per
 inspection.                        x 85 per hour =                      inspection cycle.    inspection cycle.
                                    425 per inspection
                                    cycle.
----------------------------------------------------------------------------------------------------------------

    We estimate the following costs to do any necessary related
investigative and corrective actions that would be required based on
the results of the proposed inspection. We have no way of determining
the number of aircraft that might need these actions:

                                               On-Condition Costs
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                                                                                Cost per
                    Action                                 Labor cost               Parts cost        product
----------------------------------------------------------------------------------------------------------------
Elevator hinge conditional inspections,         28 work-hours x $85 per hour =            \1\ $0          $2,380
 measurements, replacements, and repairs.        $2,380.
Horizontal stabilizer conditional inspections,  28 work-hours x $85 per hour =             \1\ 0           2,380
 replacements, and repairs.                      $2,380.
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\1\ We have received no definitive data that would enable us to provide cost estimates for the parts for on-
  condition repairs.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. Subtitle VII: Aviation Programs,
describes in more detail the scope of the Agency's authority.
    We are issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701: ``General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979),
    (3) Will not affect intrastate aviation in Alaska, and
    (4) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13   [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive (AD):

The Boeing Company: Docket No. FAA-2017-0473; Directorate Identifier
2016-NM-195-AD.

(a) Comments Due Date

    We must receive comments by July 3, 2017.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to all The Boeing Company Model 737-100, -200, -
200C, -300, -400, and -500 series airplanes, certificated in any
category.

(d) Subject

    Air Transport Association (ATA) of America Code 55, Stabilizers.

(e) Unsafe Condition

    This AD was prompted by a report indicating that wear of the
bearing plate slider bushings could cause disconnection of elevator
hinge number 4 or number 6, which could excite the horizontal
stabilizer under certain in-flight speed/altitude conditions and
lead to degradation of the structure, departure of the elevator or
horizontal stabilizer from the airplane, and loss of continued safe
flight and landing.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Actions for Group 1 Airplanes

    For airplanes identified as Group 1 in Boeing Alert Service
Bulletin 737-55A1099, Revision 1, dated October 21, 2016: Within 120
days after the effective date of this AD, do inspections and checks
of the elevator and horizontal stabilizer at elevator hinge numbers
4 and 6 and the replacement and test of the bearing plate at
elevator hinge numbers 4 and 6, as specified in Boeing Alert Service
Bulletin 737-55A1099, Revision 1, dated October 21, 2016, and do all
applicable related investigative and corrective actions, using a
method approved in accordance with the procedures specified in
paragraph (m) of this AD.

(h) Inspections and Checks for Groups 2 and 3 Airplanes

    For airplanes identified as Groups 2 and 3 in Boeing Alert
Service Bulletin 737-55A1099, Revision 1, dated October 21, 2016:
Except as required by paragraph (j)(1) of this AD, at the applicable
time specified in paragraph 1.E., ``Compliance,'' of Boeing Alert
Service Bulletin 737-55A1099, Revision 1, dated October 21, 2016, do
the applicable inspections and checks of elevator hinge numbers 4
and 6 and related components specified in paragraphs (h)(1) through
(h)(8) of this AD, and do all applicable related investigative and
corrective actions, in accordance with the Accomplishment
Instructions of Boeing Alert Service Bulletin 737-55A1099, Revision
1, dated October 21, 2016, except as required by paragraph (j)(2) of
this AD. Do all applicable related investigative and corrective
actions before further flight. Repeat the actions specified in
paragraphs (h)(1) through (h)(8) of this AD thereafter at the
applicable times specified in paragraph 1.E., ``Compliance,'' of
Boeing Alert Service Bulletin 737-55A1099, Revision 1, dated October
21, 2016.
    (1) For Groups 2 and 3 airplanes: A high frequency eddy current
(HFEC) inspection for cracking of the elevator hinge numbers 4 and
6.
    (2) For Groups 2 and 3 airplanes: A loose bolt check at elevator
hinge numbers 4 and 6.
    (3) For Groups 2 and 3 airplanes: An HFEC inspection and low
frequency eddy current (LFEC) inspection for cracking of the
horizontal stabilizer forward of elevator hinge numbers 4 and 6.
    (4) For Groups 2 and 3 airplanes: A loose bolt check of
horizontal stabilizer attach plates at elevator hinge numbers 4 and
6.
    (5) For Groups 2 and 3 airplanes: A detailed inspection of the
horizontal stabilizer rear spar outer mold line, gusset plate, and
inspar skin for any corrosion.
    (6) For Group 2, Configuration 2, and Group 3 airplanes: A
general visual inspection of the elevator front spar around hinge
numbers 4 and 6 for any ply damage.
    (7) For Group 2 and 3 airplanes: A tap test inspection of the
elevator skin for any delamination at elevator hinge numbers 4 and
6.
    (8) For Group 2, Configuration 2, and Group 3 airplanes on which
elevator hinge fitting assembly 65C31307-( ) is installed at
elevator hinge number 6: An HFEC inspection of the hinge fitting for
any crack.

(i) Repetitive Bearing Plate Replacement and Test

    For airplanes identified as Group 2, Configuration 2, and Group
3 in Boeing Alert Service Bulletin 737-55A1099, Revision 1, dated
October 21, 2016: Except as required by paragraph (j)(1) of this AD,
at the applicable time specified in paragraph 1.E., ``Compliance,''
of Boeing Alert Service Bulletin 737-55A1099, Revision 1, dated
October 21, 2016, do the actions specified in paragraphs (i)(1) and
(i)(2) of this AD, and do all applicable related investigative and
corrective actions, in accordance with the Accomplishment
Instructions of Boeing Alert Service Bulletin 737-55A1099, Revision
1, dated October 21, 2016, except as required by paragraph (j)(2) of
this AD. All applicable related investigative and corrective actions
must be done before further flight. Repeat the actions specified in
paragraphs (i)(1) and (i)(2) of this AD thereafter at the applicable
time specified in paragraph 1.E., ``Compliance,'' of Boeing Alert
Service Bulletin 737-55A1099, Revision 1, dated October 21, 2016.
    (1) Replace the bearing plates at elevator hinge numbers 4 and
6.
    (2) Do an elevator hinge bearing plate binding test at hinge
numbers 4 and 6.

(j) Exceptions to Service Information Specifications

    (1) Where Boeing Alert Service Bulletin 737-55A1099, Revision 1,
dated October 21, 2016, specifies a compliance time ``after the
original issue date of this Service Bulletin,'' this AD requires
compliance within the specified compliance time after the effective
date of this AD.
    (2) Although Boeing Alert Service Bulletin 737-55A1099, Revision
1, dated October 21, 2016, specifies to contact Boeing for repair
instructions, and specifies that action as ``RC'' (Required for
Compliance), this AD requires repair before further flight using a
method approved in accordance with the procedures specified in
paragraph (m) of this AD.

(k) Parts Installation Limitation

    As of the effective date of this AD: A horizontal stabilizer, an
elevator, or a bearing plate may be installed on any airplane,
provided the actions required by paragraphs (h) and (i) of this AD
are done within the applicable compliance times specified in
paragraphs (h) and (i) of this AD.

(l) Credit for Previous Actions

    This paragraph provides credit for the actions specified in
paragraphs (h) and (i) of this AD, if those actions were performed
before the effective date of this AD using Boeing Alert Service
Bulletin 737-55A1099, dated July 5, 2016.

(m) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, Los Angeles Aircraft Certification Office
(ACO), FAA, has the authority to approve AMOCs for this AD, if
requested using the procedures found in 14 CFR 39.19. In accordance
with 14 CFR 39.19, send your request to your principal inspector or
local Flight Standards District Office, as appropriate. If sending
information directly to the manager of the ACO, send it to the
attention of the person identified in paragraph (n)(2) of this AD.
Information may be emailed to<EMAIL_ADDRESS>    (2) Before using any approved AMOC, notify your appropriate
principal inspector, or lacking a principal inspector, the manager
of the local flight standards district office/certificate holding
district office.
    (3) An AMOC that provides an acceptable level of safety may be
used for any repair, modification, or alteration required by this AD
if it is approved by the Boeing Commercial Airplanes Organization
Designation Authorization (ODA) that has

been authorized by the Manager, Los Angeles ACO, to make those
findings. To be approved, the repair method, modification deviation,
or alteration deviation must meet the certification basis of the
airplane, and the approval must specifically refer to this AD.
    (4) Except as required by paragraph (j)(2) of this AD: For
service information that contains steps that are labeled as Required
for Compliance (RC), the provisions of paragraphs (m)(4)(i) and
(m)(4)(ii) of this AD apply.
    (i) The steps labeled as RC, including substeps under an RC step
and any figures identified in an RC step, must be done to comply
with the AD. If a step or substep is labeled ``RC Exempt,'' then the
RC requirement is removed from that step or substep. An AMOC is
required for any deviations to RC steps, including substeps and
identified figures.
    (ii) Steps not labeled as RC may be deviated from using accepted
methods in accordance with the operator's maintenance or inspection
program without obtaining approval of an AMOC, provided the RC
steps, including substeps and identified figures, can still be done
as specified, and the airplane can be put back in an airworthy
condition.

(n) Related Information

    (1) For more information about this AD, contact Lu Lu, Aerospace
Engineer, Airframe Branch, ANM-120S, FAA, Seattle ACO, 1601 Lind
Avenue SW., Renton, WA 98057-3356; phone:<PHONE_NUMBER>; fax: 425-
917-6590; email<EMAIL_ADDRESS>    (2) For information about AMOCs, contact George Garrido,
Aerospace Engineer, Airframe Branch, ANM-120L, FAA, Los Angeles ACO,
3960 Paramount Boulevard, Lakewood, CA 90712-4137; phone: 562-627-
5357; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>    (3) For service information identified in this AD, contact
Boeing Commercial Airplanes, Attention: Contractual & Data Services
(C&DS), 2600 Westminster Blvd., MC 110-SK57, Seal Beach, CA 90740-
5600; telephone<PHONE_NUMBER>; Internet https://www.myboeingfleet.com. You may view this referenced service
information at the FAA, Transport Airplane Directorate, 1601 Lind
Avenue SW., Renton, WA. For information on the availability of this
material at the FAA, call<PHONE_NUMBER>.

    Issued in Renton, Washington, on May 10, 2017.
Jeffrey E. Duven,
Manager, Transport Airplane Directorate, Aircraft Certification
Service.
[FR Doc. 2017-10031 Filed 5-17-17; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register: March 24, 2006 (Volume 71, Number 57)]
[Notices]
[Page 14977-14982]
[DOCID:fr24mr06-134]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53520; File No. SR-PCX-2005-117]

Self-Regulatory Organizations; Pacific Exchange, Inc. (n/k/a NYSE
Arca, Inc.); Notice of Filing and Order Granting Accelerated Approval
of Proposed Rule Change and Amendment No. 1 Thereto Relating to the
Trading of Shares of the iShares[reg] Silver Trust Pursuant to Unlisted
Trading Privileges

March 20, 2006.
    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 October 11, 2005, the Pacific Exchange, Inc. (n/k/a NYSE Arca, Inc.)
(``Exchange''),\3\ through its wholly owned subsidiary PCX Equities,
Inc. (n/k/a NYSE Arca Equities, Inc.), has filed with the Securities
and Exchange Commission (``Commission'') the proposed rule change as
described in Items I and II below, which Items have been prepared by
the Exchange. The Exchange proposes to amend the rules governing
Archipelago Exchange, LLC (n/k/a NYSE Arca, LLC), the equities trading
facility of NYSE Arca Equities, Inc. On March 3, 2006, the Exchange
filed Amendment No. 1 to the proposed rule change.\4\ The Commission is
publishing this notice to solicit comments on the proposed rule change,
as amended, from interested persons and is approving the proposal on an
accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ On March 6, 2006, the Pacific Exchange, Inc. (``PCX''),
filed with the Commission a proposed rule change, which was
effective upon filing, to change the name of the Exchange, as well
as several other related entities, to reflect Archipelago's recent
acquisition of PCX and the merger of the NYSE with Archipelago. See
File No. SR-PCX-2006-24. All references herein have been changed to
reflect these transactions. Telephone conference between David
Strandberg, Director, NYSE Arca Equities Inc., and Florence E.
Harmon, Senior Special Counsel, Division of Market Regulation
(``Division''), Commission, on March 10, 2006.
    \4\ In Amendment No. 1, the Exchange clarified and supplemented
certain aspects of its proposal. Amendment No. 1 replaces and
supplements the information provided in various sections of the
Exchange's Form 19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange, through its wholly-owned subsidiary, NYSE Arca
Equities, Inc., proposes to amend its rules governing the Archipelago
Exchange (n/k/a NYSE Arca MarketPlace), the equities trading facility
of NYSE Arca Equities, Inc. The Exchange proposes to trade, pursuant to
unlisted trading privileges (``UTP''), shares (``Shares'') of the
iShares[reg] Silver Trust (the ``Trust'').\5\
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    \5\ iShares[reg] is a registered trademark of Barclays Global
Investors, N.A.
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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 III below, and is set forth in Sections A, B, and C below.

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

1. Purpose
    The Exchange proposes to trade the Shares pursuant to UTP under
NYSE Arca Equities, Inc. Rule 8.201. Under NYSE Arca Equities, Inc.
Rule 8.201, which the Exchange adopted in January 2005,\6\ the Exchange
may propose to list and/or trade pursuant to UTP ``Commodity-Based
Trust Shares.'' \7\ The Exchange currently trades shares of the iShares
COMEX Gold Trust \8\ and the streetTRACKS Gold Trust \9\ pursuant to
UTP under NYSE Arca Equities, Inc. Rule 8.201. The American Stock
Exchange LLC (``Amex'') has filed a rule proposal to list and trade the
Shares,\10\ which the Commission approved on March 20, 2006.\11\
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    \6\ See Securities Exchange Act Release No. 51067 (January 21,
2005), 70 FR 3952 (January 27, 2005) (approving the listing and
trading of Commodity-Based Trust Shares and trading of shares of the
iShares COMEX Gold Trust pursuant to UTP).
    \7\ Commodity-Based Trust Shares are securities issued by a
trust that represent investors' discrete identifiable and undivided
beneficial ownership interest in the commodities deposited into the
trust. Unlike trust issued receipts (``TIRs''), Commodity-Based
Trust Shares hold one or more physical commodities, rather than one
or more discrete securities.
    \8\ See supra, note 7.
    \9\ See Securities Exchange Act Release No. 34-51245 (February
23, 2005), 70 FR 10731 (March 4, 2005) (approving the trading of
shares of the streetTRACKS Gold Trust pursuant to UTP).
    \10\ See Securities Exchange Act Release No. 53130 (January 17,
2006), 71 FR 3570 (January 23, 2006) (SR-AMEX-2005-072) (``Amex
Notice'').
    \11\ See Securities Exchange Act Release No. 53521 (March 20,
2006) (``Amex Order'').
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    The Shares represent beneficial ownership interests in the net
assets of the Trust consisting primarily of silver bullion
(``silver''). The investment objective of the Trust is for the Shares
to reflect the performance of the price of silver, less the Trust's
expenses.

(a) The Shares

    A description of the silver and the Shares, the operation of the
Trust, and other information about the Shares is set forth in the Amex
Notice and Amex Order. To summarize, issuances of Shares will be made
only in baskets of 50,000 Shares or multiples thereof (``Baskets'' or
``Basket Aggregations''). The Trust will issue and redeem the Shares on
a continuous basis, by or through participants that have entered into
participant agreements (each, an ``Authorized Participant'')\12\ with
Barclays Global Investors International, Inc. (the ``Sponsor'') and The
Bank of New York (the ``Trustee'' or ``BNY'').
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    \12\ An ``Authorized Participant'' is a person, who at the time
of submitting to the trustee an order to create or redeem one or
more Baskets, (i) is a registered broker-dealer, (ii) is a
Depository Trust Company Participant or an Indirect Participant and
(iii) has in effect a valid Authorized Participant Agreement.
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    Baskets will be issued as an in-kind exchange for a corresponding
amount of silver. The basket amount of silver, measured in ounces (the
``Basket Silver Amount'') will be determined on each business day by
the Trustee.\13\ The Basket Silver Amount necessary for the creation of
a Basket will slightly diminish each day depending on the Trust's daily
expense accrual.\14\ Authorized Participants that wish to purchase a
Basket must transfer the Basket Silver Amount to the Trust in exchange
for a Basket of Shares. Baskets are then separable upon issuance into
the Shares that will be traded on NYSE Arca MarketPlace on a UTP
basis.\15\
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    \13\ On each business day, the Trustee will make available
immediately prior to the opening of trading on the Amex, the
Indicative Basket Silver Amount for the creation of a Basket. The
Sponsor will also make the next day's Indicative Basket Silver
Amount available on the Trust's Web site at http://www.iShares.com

shortly after 4 p.m. ET each business day. The Amex stated that the
Basket Silver Amount, Indicative Basket Silver Amount and net asset
value (``NAV'') will be publicly available simultaneously to all
market participants (to avoid any informational advantage) on either
the Trust's Web site or the Amex Web site. These items will also be
communicated to Authorized Participants via facsimile or electronic
mail message.
    \14\ According to the Amex Notice, the initial Basket Silver
Amount is 500,000 ounces of silver (with each Share initially
representing 10 ounces of silver). The number of ounces of silver
required to create a basket or to be delivered upon a redemption of
a basket will gradually decrease over time because the silver shares
comprising a basket will represent a decreasing amount of silver due
to the sale of the Silver Trust's silver to pay Trust expenses.
    \15\ Shares are separate and distinct from the underlying silver
comprising the portfolio of the Trust. The Exchange expects that the
number of outstanding Shares will increase and decrease as a result
of in-kind deposits and withdrawals of the underlying silver.
---------------------------------------------------------------------------

    The Shares will not be individually redeemable but will only be
redeemable

in Baskets. To redeem, an Authorized Participant will be required to
accumulate enough Shares to constitute a Basket (i.e., 50,000 Shares).
Authorized Participants that wish to redeem a Basket will receive the
Basket Silver Amount in exchange for each Basket surrendered. The
operation of the Trust and creation and redemption process is described
in more detail in the Amex Notice and Order.
    When calculating the net asset value (``NAV'') per Share, the
Trustee will value the silver held by the Trust on the basis of the
day's announced London silver fix price. The calculation methodology
for the NAV is described in more detail in the Amex Notice.
    After the NAV is determined, at or about 4 p.m. Eastern Time
(``ET'') each business day, the Trustee will then determine the Basket
Silver Amount for orders placed by Authorized Participants received
before 4 p.m. ET that day. The Trustee will also at the same time
determine an ``Indicative Basket Silver Amount'' that Authorized
Participants can use as an indicative amount of silver to be deposited
for issuance of the Shares on the next business day. Thus, although
Authorized Participants place orders to purchase Shares throughout the
trading day, the actual Basket Silver Amount is determined at 4 p.m. ET
or shortly thereafter.
    After 4 p.m. ET each business day, the Trustee and the Sponsor will
disseminate the NAV for the Shares, the Basket Silver Amount (for
orders properly placed by 4 p.m. ET during the day), and the next day's
Indicative Basket Silver Amount. The Basket Silver Amount, the
Indicative Basket Silver Amount, and the NAV are communicated by the
Trustee to all Authorized Participants via facsimile or electronic mail
message and on the Trust's Web site at http://www.iShares.com (to which

the Exchange will provide a link).
    The Sponsor fee, in the absence of any extraordinary expenses and
liabilities, is established at 0.50% of the net assets of the Trust. As
a result, assuming there is no extraordinary movement in the intra-day
market price of silver, the amount of silver by which the Basket Silver
Amount will decrease each day will be predictable (i.e., 1/365th of the
net asset value of the Trust multiplied by 0.50%). Given the
anticipated predictability of the daily decline in the Basket Silver
Amount, as stated, the Trustee will disclose and disseminate the
Indicative Basket Silver Amount for the next business day shortly after
4 p.m. ET. Authorized Participants may use the Indicative Basket Silver
Amount as guidance regarding the amount of silver expected to be
deposited with the custodian, JP Morgan Chase Bank, N.A., London
Branch, in connection with the issuance of Shares on the next business
day.
    As a result, the amount of silver required for the Basket Silver
Amount is not disseminated during the trading day to correspond to
changes in the value of silver as measured by spot silver prices.
Before 4 p.m. ET, Authorized Participants may use the Indicative Basket
Silver Amount published by the Sponsor and the Trustee the day before
as guidance in respect of the amount of silver that they may expect to
be required to deposit. But if the Indicative Basket Silver Amount
published by the Sponsor and the Trustee turns out to be incorrect (for
example, because the Trust incurred an extraordinary expense such as
legal fees in excess of the amount assumed by the Sponsor), the amount
actually determined by the Trustee will prevail, resulting in a greater
decrease in the Basket Silver Amount.

(b) Dissemination of Information About Silver Prices, the Shares, and
the Indicative Trust Value

1. Availability of Information Regarding Silver Prices
    Although the spot price of silver will not be disseminated over the
facilities of Consolidated Tape Association (``CTA''), the last sale
price for the Shares, as is the case for all equity securities traded
on the Exchange, will be disseminated over the CTA's Network B. In
addition, there is a considerable amount of silver price and market
information available on public Web sites and through professional and
subscription services.
    Investors may obtain on a 24-hour basis silver pricing information
based on the spot price of an ounce of silver from various financial
information service providers, such as Reuters and Bloomberg. In
addition, the daily London silver fix is also disseminated by various
market data vendors and is available from the Web site of the London
Bullion Market Association (``LBMA''). Reuters and Bloomberg provide at
no charge on their Web sites delayed information regarding the spot
price of silver and last sale prices of silver futures contracts and
related options, as well as information about news and developments in
the silver market. Reuters and Bloomberg also offer a professional
service to subscribers for a fee that provides information on silver
prices directly from market participants.\16\ Complete real-time data
for silver futures contracts and options prices traded on the COMEX, a
division of the New York Mercantile Exchange, Inc. (``NYMEX''), is
available by subscription from Reuters and Bloomberg and also on a
delayed basis free of charge on the NYMEX Web site at http://www.nymex.com.
 The Exchange also notes that there are a variety of

other public Web sites providing information on silver, ranging from
those specializing in precious metals to sites maintained by major
newspapers, such as The Wall Street Journal. Current silver spot prices
are also generally available with bid/ask spreads from silver bullion
dealers.
---------------------------------------------------------------------------

    \16\ According to the Amex Notice, EBS, a London-based provider
of foreign exchange trading solutions, also provides an electronic
trading platform to institutions such as bullion banks and dealers
for the trading of spot silver, as well as a feed of live streaming
prices to Reuters and Moneyline Telerate subscribers. Approximately
4 million ounces in silver are traded each day over the EBS trading
platform. See Amex Notice, footnote 34; see also http://www.ebs.com.

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

    The Exchange will provide at no charge on its Web site at http://www.archipelago.com
,\17\ via a link to the Trust's Web site, updated

bids and offers indicative of the spot price (i.e., real time
information) of silver.\18\
---------------------------------------------------------------------------

    \17\ NYSE Arca Inc.'s new Web site is http://www.nysearca.com.

Telephone conference between David Strandberg, Director, NYSE Arca
Equities Inc., and Florence E. Harmon, Senior Special Counsel,
Division, Commission, on March 20, 2006.
    \18\ The Trust Web site's silver spot price will be provided by
TheBullionDesk at http://www.thebulliondesk.com. The Exchange will

provide a link to the Trust Web site. TheBullionDesk is not
affiliated with the Trust, Sponsor, Custodian or the Exchange. The
silver spot price is indicative only, constructed using a variety of
sources to compile a spot price that is intended to represent a
theoretical quote that might be obtained from a market maker from
time to time. The Trust Web site will indicate that there are other
sources for obtaining the silver spot price.
---------------------------------------------------------------------------

2. Availability of Information Regarding Silver Shares
    The Web site for the Trust, which will be publicly accessible at no
charge, will contain the following information: (a) The prior business
day's NAV and the reported closing price; (b) the mid-point of the bid-
ask price in relation to the NAV as of the time the NAV is calculated
(the ``Bid-Ask Price''); (c) calculation of the premium or discount of
such price against such NAV; (d) data in chart form displaying the
frequency distribution of discounts and premiums of the Bid-Ask Price
against the NAV, within appropriate ranges for each of the four
previous calendar quarters; (e) the Basket Silver Amount; (f) the
Indicative Basket Silver Amount; (g) the

Prospectus; and (h) other applicable quantitative information.
    As described above, the NAV for the Trust will be calculated and
disseminated daily. According to the Amex Notice, the Amex also intends
to disseminate for the Trust on a daily basis by means of CTA/CQ High
Speed Lines information with respect to the Indicative Trust Value
(``ITV'') (as discussed below), recent NAV, and shares outstanding. As
stated, the Trust Web site will also provide a real-time indicative
silver spot price through TheBullionDesk at http://www.thebulliondesk.com
, which will be used to calculate the ITV,

according to the Amex Notice. Notwithstanding that they will be
provided free of charge, the indicative spot price from the BullionDesk
on the Trust Web site and the ITV per Share disseminated via the CTA,
will be provided essentially on a real-time basis.\19\
---------------------------------------------------------------------------

    \19\ That these values are subject to an average delay of 5 to
10 seconds.
---------------------------------------------------------------------------

    The Exchange will make available on its Web site, http://www.archipelago.com
, daily trading volume, closing prices, NAV, and the

Basket Silver Amount. The London silver fix price is readily available
from the LBMA at http://www.lbma.org.uk, automated quotation systems,

published or other public sources, or online information services such
as Bloomberg or Reuters. In addition, the Exchange will provide a
hyperlink on its Web site at http://www.archipelago.com to the Trust's Web site at http://www.iShares.com.

3. Dissemination of Indicative Trust Value
    As noted above, the Trustee calculates the NAV of the Trust once
each trading day. In addition, the Trustee causes to be made available
on a daily basis the required amount of silver to be deposited in
connection with the issuance of Shares in Basket Aggregations. In
addition, other investors can request such information directly from
the Trustee.
    In order to provide updated information relating to the Trust for
use by investors, professionals, and Authorized Persons wishing to
create or redeem Shares, the Amex will disseminate through the
facilities of CTA an updated ITV. The ITV will be disseminated on a per
Share basis at least every 15 seconds from 9:30 a.m. to 4:15 p.m. ET.
The ITV will be calculated based on the amount of silver required for
creations and redemptions and a price of silver derived from updated
bids and offers indicative of the spot price of silver. The ITV on a
per Share basis should not be viewed as a real time update of the NAV,
which is calculated only once a day.
    The Exchange believes that dissemination of the ITV based on the
amount of silver required for a Basket Aggregation provides additional
information that is not otherwise available to the public and is useful
to professionals and investors in connection with Shares trading on the
Exchange or the creation or redemption of Shares. In addition, as noted
above, the Trust's Web site at http://www.iShares.com will also provide

from TheBullionDesk updated bids and offers indicative of the spot
price of silver in the OTC market for the purpose of disclosing to
investors on a real-time basis the underlying or spot price of silver.

(c) UTP Criteria

    The Exchange will cease trading in the Shares if (a) the listing
market stops trading the Shares because of a regulatory halt similar to
a halt based on NYSE Arca Equities, Inc. Rule 7.12 or a halt because
the ITV or the value of the underlying silver is no longer available as
described in the Amex Order; or (b) the listing market delists the
Shares. Additionally, the Exchange may cease trading the Shares if such
other event shall occur or condition exists which in the opinion of the
Exchange makes further dealings on the Exchange inadvisable.

(d) Trading Rules

    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Fund subject to the Exchange's existing rules
governing the trading of equity securities. Trading in the Shares on
the Exchange will occur in accordance with NYSE Arca Equities, Inc.
Rule 7.34(a), except that the Shares will not be eligible to trade
during the Opening Session (4:00 a.m. to 9:30 a.m. ET) or the Late
Trading Session (4:15 p.m. to 8 p.m. ET). The minimum trading increment
for Shares on the Exchange will be $0.01.
    Further, NYSE Arca Equities, Inc. Rule 8.201 sets forth certain
restrictions on ETP Holders acting as registered Market Makers in the
Shares to facilitate surveillance. Pursuant to NYSE Arca Equities, Inc.
Rule 8.201(h), an ETP Holder acting as a registered Market Maker in the
Shares is required to provide the Exchange with information relating to
its trading in the underlying silver, related futures or options on
futures, or any other related derivatives. NYSE Arca Equities, Inc.
Rule 8.201(i) prohibits an ETP Holder acting as a registered Market
Maker in the Shares from using any material nonpublic information
received from any person associated with an ETP Holder or employee of
such person regarding trading by such person or employee in the
underlying silver, related futures or options on futures or any other
related derivative (including the Shares). In addition, NYSE Arca
Equities, Inc. Rule 8.201(g) prohibits an ETP Holder acting as a
registered Market Maker in the Shares from being affiliated with a
market maker in the underlying silver, related futures or options on
futures, or any other related derivative unless adequate information
barriers are in place, as provided in NYSE Arca Equities, Inc. Rule
7.26.
    As a general matter, the Exchange has regulatory jurisdiction over
its ETP Holders and their associated persons, which include any person
or entity controlling an ETP Holder, as well as a subsidiary or
affiliate of an ETP Holder that is in the securities business. A
subsidiary or affiliate of an ETP Holder that does business only in
commodities or futures contracts would not be subject to Exchange
jurisdiction, but the Exchange could obtain information regarding the
activities of such subsidiary or affiliate through surveillance sharing
agreements with regulatory organizations of which such subsidiary or
affiliate is a member.
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares. Trading on the Exchange in the Shares may be
halted because of market conditions or for reasons that, in the view of
the Exchange, make trading in the Shares inadvisable. These may include
(1) the extent to which conditions in the underlying silver market have
caused disruptions and/or lack of trading, or (2) whether other unusual
conditions or circumstances detrimental to the maintenance of a fair
and orderly market are present. In addition, trading in the Shares will
be subject to trading halts caused by extraordinary market volatility
pursuant to the Exchange's ``circuit breaker'' rule.\20\ In addition,
the Exchange will cease trading the Shares if (a) the listing market
stops trading the Shares because of a regulatory halt similar to NYSE
Arca Equities, Inc. Rule 7.12 or a halt because the ITV or the value of
the underlying silver is no longer available as described in the Amex
Order, or (b) the listing market delists the Shares.
---------------------------------------------------------------------------

    \20\ See NYSE Arca Equities, Inc. Rule 7.12.
---------------------------------------------------------------------------

    Shares will be deemed ``Eligible Listed Securities,'' as defined in
NYSE

Arca Equities, Inc. Rule 7.55, for purposes of the Intermarket Trading
System (``ITS'') Plan and therefore will be subject to the trade
through provisions of NYSE Arca Equities, Inc. Rule 7.56, which require
that ETP Holders avoid initiating trade-throughs for ITS securities.
    Unless exemptive or no-action relief is available, the Shares will
be subject to the short sale rule, Rule 10a-1 and Regulation SHO under
the Act.\21\ If exemptive or no-action relief is provided, the Exchange
will issue a notice detailing the terms of the exemption or relief.
---------------------------------------------------------------------------

    \21\ According to the Amex Notice, the Silver Trust has
requested relief from the Commission in connection with the trading
of the Shares from the operation of the short sale rule, Rule 10a-1,
and Regulation SHO under the Act.
---------------------------------------------------------------------------

(e) Surveillance

    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products and shares of the
streetTRACKS Gold Trust \22\ to monitor trading in the Shares. The
Exchange represents that these procedures are adequate to properly
monitor Exchange trading of the Shares.
---------------------------------------------------------------------------

    \22\ See supra, note 10.
---------------------------------------------------------------------------

    The Exchange's current trading surveillance focuses on detecting
securities trading outside their normal patterns. When such situations
are detected, surveillance analysis follows and investigations are
opened, where appropriate, to review the behavior of all relevant
parties for all relevant trading violations. Also, as noted above,
pursuant to NYSE Arca Equities, Inc. Rule 8.201(h), the Exchange is
able to obtain information regarding trading in the Shares and the
underlying silver, silver futures contracts, options on silver futures,
or any other silver derivative, through ETP Holders acting as
registered Market Makers, in connection with such ETP Holders'
proprietary or customer trades which they effect on any relevant
market. In addition, the Exchange may obtain trading information via
the Intermarket Surveillance Group (``ISG'') from other exchanges who
are members or affiliates of the ISG. Also, the Exchange has an
Information Sharing Agreement with the NYMEX for the purpose of sharing
information in connection with trading in or related to COMEX silver
futures contracts.

(f) Information Bulletin

    Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin of the special characteristics
and risks associated with trading the Shares. Specifically, the
Information Bulletin will discuss the following: (1) The procedures for
purchases and redemptions of Shares in Baskets (including noting that
Shares are not individually redeemable); (2) NYSE Arca Equities, Inc.
Rule 9.2(a),\23\ which imposes a duty of due diligence on its ETP
Holders to learn the essential facts relating to every customer prior
to trading the Shares; (3) how information regarding the ITV is
disseminated; (4) the requirement that ETP Holders deliver a prospectus
to investors purchasing newly issued Shares prior to or concurrently
with the confirmation of a transaction; and (5) trading information.
For example, the Information Bulletin will advise ETP Holders, prior to
the commencement of trading, of the prospectus delivery requirements
applicable to the Trust. The Exchange notes that investors purchasing
Shares directly from the Trust (by delivery of the Basket Silver
Amount) will receive a prospectus. ETP Holders purchasing Shares from
the Trust for resale to investors will deliver a prospectus to such
investors.
---------------------------------------------------------------------------

    \23\ The Exchange has proposed to amend NYSE Arca Equities, Inc.
Rule 9.2(a) (``Diligence as to Accounts'') to provide that ETP
Holders, before recommending a transaction, must have reasonable
grounds to believe that the recommendation is suitable for the
customer based on any facts disclosed by the customer as to his
other security holdings and as to his financial situation and needs.
Further, the proposed rule amendment provides that prior to the
execution of a transaction recommended to a non-institutional
customer, the ETP Holders should make reasonable efforts to obtain
information concerning the customer's financial status, tax status,
investment objectives and any other information that they believe
would be useful to make a recommendation. See Amendment No. 1 to SR-
PCX-2005-115 (November 21, 2005).
---------------------------------------------------------------------------

    In addition, the Information Bulletin will reference that the Trust
is subject to various fees and expenses described in the Registration
Statement and that the number of ounces of silver required to create a
basket or to be delivered upon redemption of a basket will gradually
decrease over time because the Silver Shares comprising a basket will
represent a decreasing amount of silver due to the sale of the Silver
Trust's silver to pay Trust expenses.\24\ The Information Bulletin will
also reference the fact that there is no regulated source of last sale
information regarding physical silver, that the Commission has no
jurisdiction over the trading of silver as a physical commodity, and
that the CFTC has regulatory jurisdiction over the trading of silver
futures contracts and options on silver futures contracts.
---------------------------------------------------------------------------

    \24\ Telephone Conference between David Strandberg, Director,
NYSE Arca Equities Inc., and Florence E. Harmon, Senior Special
Counsel, Division, Commission, on March 10, 2006.
---------------------------------------------------------------------------

    The Information Bulletin will also discuss any relief, if granted,
by the Commission or the staff from any rules under the Act.
2. Statutory Basis
    The Exchange believes that the proposed rule change, as amended, is
consistent with Section 6(b) of the Act \25\ in general and furthers
the objectives of Section 6(b)(5),\26\ in particular, in that it is
designed to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transaction in securities, to remove impediments and perfect the
mechanisms of a free and open market, and, in general, to protect
investors and the public interest.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78s(b).
    \26\ 15 U.S.C. 78s(b)(5).
---------------------------------------------------------------------------

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

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

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

    Written comments on the proposed rule change were neither solicited
nor received.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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-PCX-2005-117 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-PCX-2005-117. 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. Copies of such filing also will be available for
inspection and copying at the principal office of NYSE Arca, Inc. 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-PCX-2005-117 and should be
submitted on or before April 14, 2006.

IV. Commission's Findings and Order Granting Accelerated Approval of
Proposed Rule Change

    The Commission finds that the proposed rule change, as amended, is
consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities
exchange.\27\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\28\ which
requires that an exchange have rules designed, among other things, 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.
---------------------------------------------------------------------------

    \27\ In approving this rule change, the Commission notes that it
has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
    \28\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In addition, the Commission finds that the proposal is consistent
with Section 12(f) of the Act,\29\ which permits an exchange to trade,
pursuant to UTP, a security that is listed and registered on another
exchange.\30\ The Commission notes that it previously approved the
listing and trading of the Shares on the Amex.\31\ The Commission also
finds that the proposal is consistent with Rule 12f-5 under the
Act,\32\ which provides that an exchange shall not extend UTP to a
security unless the exchange has in effect a rule or rules providing
for transactions in the class or type of security to which the exchange
extends UTP. NYSE Arca Equities, Inc. rules deem the Shares to be
equity securities, thus trading in the Shares will be subject to the
Exchange's existing rules governing the trading of equity
securities.\33\
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78l(f).
    \30\ Section 12(a) of the Act, 15 U.S.C. 78l(a), generally
prohibits a broker-dealer from trading a security on a national
securities exchange unless the security is registered on that
exchange pursuant to Section 12 of the Act. Section 12(f) of the Act
excludes from this restriction trading in any security to which an
exchange ``extends UTP.'' When an exchange extends UTP to a
security, it allows its members to trade the security as if it were
listed and registered on the exchange even though it is not so
listed and registered.
    \31\ See Amex Order.
    \32\ 17 CFR 240.12f-5.
    \33\ See NYSE Arca Equities, Inc. Rule 7.34.
---------------------------------------------------------------------------

    The Commission further believes that the proposal is consistent
with Section 11A(a)(1)(C)(iii) of the Act,\34\ which sets forth
Congress's finding that it is in the public interest and appropriate
for the protection of investors and the maintenance of fair and orderly
markets to assure the availability to brokers, dealers, and investors
of information with respect to quotations for and transactions in
securities. Quotations for and last sale information regarding Silver
Shares will be disseminated via the CTA/CQS. Furthermore, as noted by
the Exchange, various means exist for investors to obtain reliable
silver price information and thereby monitor the underlying spot market
in silver relative to the NAV of their Shares. Additionally, the Amex
will make available via the CTA an updated ITV at least every 15
seconds during regular trading hours of 9:30 a.m. to 4:15 p.m. ET.
---------------------------------------------------------------------------

    \34\ 15 U.S.C. 78k-1(a)(1)(C)(iii).

    In connection with the Exchange's UTP of the Shares, the Exchange
will cease trading in the Shares if: (a) The listing market stops
trading the Shares because of a regulatory halt similar to NYSE Arca
Equities, Inc. Rule 7.12 or a halt because the ITV or the value of the
underlying silver is no longer available; or (b) if the primary market
delists the Shares. The Commission notes that, if Silver Shares were to
be delisted by Amex, the Exchange would no longer have authority to
---------------------------------------------------------------------------
trade Silver Shares pursuant to this order.

    In support of the portion of the proposal, the Exchange has made
the following representations:
    1. NYSE Arca, Inc. has appropriate rules to facilitate transactions
in this type of security in all trading sessions.
    2. NYSE Arca, Inc. surveillance procedures are adequate to properly
monitor the trading of the Shares on the Exchange.
    3. NYSE Arca, Inc. will distribute an Information Bulletin to its
ETP Holders prior to the commencement of trading of the Shares on the
Exchange that explains the terms, characteristics, and risks of trading
such shares.
    4. NYSE Arca, Inc. will require that investors purchasing Shares
directly from the Trust (by delivery of the Basket Silver Amount) will
receive a prospectus and that ETP Holders purchasing Shares from the
Trust for resale to investors will deliver a prospectus to such
investors.
    5. The Exchange will cease trading in the Shares if: (a) the
listing market stops trading the Shares because of a regulatory halt
similar to NYSE Arca Equities, Inc. 7.12 or a halt because the ITV or
the value of the underlying silver is no longer available as described
in the Amex Order; or (b) if the primary market delists the Shares.
    This approval order is conditioned on NYSE Arca, Inc.'s adherence
to these representations.
    The Commission finds good cause for approving this proposed rule
change, as amended, before the thirtieth day after the publication of
notice thereof in the Federal Register. As noted previously, the
Commission previously found that the listing and trading of these
Shares on the Amex is consistent with the Act.\35\ The Commission
presently is not aware of any issue that would cause it to revisit that
earlier finding or preclude the trading of these funds on the Exchange
pursuant to UTP. Therefore, accelerating approval of this proposed rule
change should benefit investors by creating, without undue delay,
additional competition in the market for these Shares.
---------------------------------------------------------------------------

    \35\ See Amex Order.
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (SR-PCX-2005-117), as amended, is hereby
approved on an accelerated basis.\36\
---------------------------------------------------------------------------

    \36\ 15 U.S.C. 78s(b)(2).

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

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\37\
Nancy M. Morris,
Secretary.
---------------------------------------------------------------------------

    \37\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

[FR Doc. E6-4270 Filed 3-23-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 82, Number 122 (Tuesday, June 27, 2017)]
[Proposed Rules]
[Pages 29014-29016]
[FR Doc No: 2017-13364]

========================================================================
Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.

========================================================================

Federal Register / Vol. 82, No. 122 / Tuesday, June 27, 2017 /
Proposed Rules

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2017-0626; Directorate Identifier 2016-NM-210-AD]
RIN 2120-AA64

Airworthiness Directives; Bombardier, Inc., Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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

SUMMARY: We propose to adopt a new Airworthiness Directive (AD), for
certain Bombardier, Inc., Model CL-600-2B16 (CL-604 Variant) airplanes.
This proposed AD was prompted by reports of in-flight uncommanded
rudder movements. This proposed AD would require modification of the
wiring for the yaw damper control system. We are proposing this AD to
address the unsafe condition on these products.

DATES: We must receive comments on this proposed AD by August 11, 2017.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    For service information identified in this NPRM, contact
Bombardier, Inc., 400 C[ocirc]te Vertu Road West, Dorval, Qu[eacute]bec
H4S 1Y9, Canada; Widebody Customer Response Center North America toll-
free telephone 1-866-538-1247 or direct-dial telephone 1-514-855-2999;
fax<PHONE_NUMBER>; email<EMAIL_ADDRESS>Internet http://www.bombardier.com. You may view this referenced service information at
the FAA, Transport Airplane Directorate, 1601 Lind Avenue SW., Renton,
WA. For information on the availability of this material at the FAA,
call<PHONE_NUMBER>.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2017-
0626; or in person at the Docket Management Facility between 9 a.m. and
5 p.m., Monday through Friday, except Federal holidays. The AD docket
contains this proposed AD, the regulatory evaluation, any comments
received, and other information. The street address for the Docket
Operations office (telephone<PHONE_NUMBER>) is in the ADDRESSES section.
Comments will be available in the AD docket shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Cesar Gomez, Aerospace Engineer,
Airframe and Mechanical Systems Branch, ANE-171, FAA, New York Aircraft
Certification Office, 1600 Stewart Avenue, Suite 410, Westbury, NY
11590; telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to send any written relevant data, views, or
arguments about this proposed AD. Send your comments to an address
listed under the ADDRESSES section. Include ``Docket No. FAA-2017-0626;
Directorate Identifier 2016-NM-210-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this proposed AD. We
will consider all comments received by the closing date and may amend
this proposed AD based on those comments.
    We will post all comments we receive, without change, to http://www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact we
receive about this proposed AD.

Discussion

    Transport Canada Civil Aviation (TCCA), which is the aviation
authority for Canada, has issued Canadian Airworthiness Directive CF-
2016-38, effective December 12, 2016 (referred to after this as the
Mandatory Continuing Airworthiness Information, or ``the MCAI''), to
correct an unsafe condition for certain Bombardier, Inc., Model CL-600-
2B16 (CL-604 Variant) airplanes. The MCAI states:

    The [Canadian] AD CF-2013-22 [which corresponds to FAA AD 2014-
16-06, Amendment 39-17930 (79 FR 48972, August 19, 2014)] was issued
on 12 August 2013 to mandate the introduction of an emergency
procedure to the Aeroplane Flight Manual to address the uncommanded
rudder movement.
    Since the original issue of [Canadian] AD CF-2013-22, Bombardier
Aerospace has developed a wiring modification for the yaw damper
control system to prevent uncommanded movement of the rudder.
    This [Canadian] AD mandates the incorporation of Service
Bulletins (SB) 604-22-007 and 605-22-002 * * * *.

    This proposed AD would require modification of the wiring for the
yaw damper control system. You may examine the MCAI in the AD docket on
the Internet at http://www.regulations.gov by searching for and
locating Docket No. FAA-2017-0626.

Related Service Information Under 1 CFR Part 51

    Bombardier, Inc., issued Service Bulletin 604-22-007, Revision 01,
dated July 25, 2016; and Service Bulletin 605-22-002, Revision 01,
dated July 25, 2016. The service information describes procedures for
modifying the wiring harness for the yaw damper control system. These
documents are distinct since they apply to different airplane
configurations. This service information is reasonably available
because the interested parties have access to it through their normal
course of business or by the means identified in the ADDRESSES section.

FAA's Determination and Requirements of This Proposed AD

    This product has been approved by the aviation authority of another
country, and is approved for operation in the United States. Pursuant
to our bilateral agreement with the State of Design Authority, we have
been notified

of the unsafe condition described in the MCAI and service information
referenced above. We are proposing this AD because we evaluated all
pertinent information and determined an unsafe condition exists and is
likely to exist or develop on other products of the same type design.

Costs of Compliance

    We estimate that this proposed AD affects 120 airplanes of U.S.
registry.
    We estimate the following costs to comply with this proposed AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
            Action                  Labor cost         Parts cost      Cost per product   Cost on U.S. operators
----------------------------------------------------------------------------------------------------------------
Modification..................  50 work-hours x    Up to $478.......  Up to $4,728......  Up to $567,360
                                 $85 per hour =
                                 $4,250.
----------------------------------------------------------------------------------------------------------------

    According to the manufacturer, some of the costs of this proposed
AD may be covered under warranty, thereby reducing the cost impact on
affected individuals. We do not control warranty coverage for affected
individuals. As a result, we have included all costs in our cost
estimate.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. ``Subtitle VII: Aviation
Programs,'' describes in more detail the scope of the Agency's
authority.
    We are issuing this rulemaking under the authority described in
``Subtitle VII, Part A, Subpart III, Section 44701: General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    1. Is not a ``significant regulatory action'' under Executive Order
12866;
    2. Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979);
    3. Will not affect intrastate aviation in Alaska; and
    4. Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13   [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new Airworthiness
Directive (AD):

Bombardier, Inc.: Docket No. FAA-2017-0626; Directorate Identifier
2016-NM-210-AD.

(a) Comments Due Date

    We must receive comments by August 10, 2017.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to Bombardier, Inc., Model CL-600-2B16 (CL-604
Variant) airplanes, certificated in any category, serial numbers (S/
Ns) 5301 through 5665 inclusive, 5701 through 5911 inclusive, 5913,
and 5914.

(d) Subject

    Air Transport Association (ATA) of America Code 22, Autopilot
System.

(e) Reason

    This AD was prompted by reports of in-flight uncommanded rudder
movements. We are issuing this AD to prevent in-flight uncommanded
rudder movements, which could lead to structural failure and
subsequent loss of the airplane.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Modification

    Within 48 months after the effective date of this AD: Modify the
wiring harness for the yaw damper control system, in accordance with
the Accomplishment Instructions of the applicable service
information identified in paragraphs (g)(1) and (g)(2) of this AD.
    (1) For airplanes having S/Ns 5301 through 5665 inclusive:
Bombardier Service Bulletin 604-22-007, Revision 01, dated July 25,
2016.
    (2) For airplanes having S/Ns 5701 through 5911 inclusive, 5913,
and 5914: Bombardier Service Bulletin 605-22-002, Revision 01, dated
July 25, 2016.

(h) Part Installation Limitation

    As of the effective date of this AD, no person may install on
any airplane a yaw damper actuator having part number 622-9968-002,
unless the modification required by paragraph (g) of this AD has
been accomplished.

(i) Credit for Previous Actions

    This paragraph provides credit for the modification required by
paragraph (g) of this AD, if the modification was performed before
the effective date of this AD using the applicable service
information identified in paragraph (i)(1) or (i)(2) of this AD.
    (1) Bombardier Service Bulletin 604-22-007, dated June 23, 2015.
    (2) Bombardier Service Bulletin 605-22-002, dated June 23, 2015.

(j) Other FAA AD Provisions

    The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager, New
York Aircraft Certification Office (ACO), ANE-170, FAA, has the
authority to approve AMOCs for this AD, if requested using the
procedures found in 14 CFR 39.19. In accordance with 14 CFR 39.19,
send your request to your principal inspector or local Flight
Standards District Office, as appropriate. If sending information
directly to the manager of the ACO, send it to ATTN: The Program
Manager, Continuing Operational Safety, FAA, New York ACO, 1600
Stewart Avenue, Suite 410, Westbury, NY 11590; telephone 516-228-
7300; fax<PHONE_NUMBER>. Before using any approved AMOC, notify your
appropriate principal inspector, or lacking a principal inspector,

the manager of the local flight standards district office/
certificate holding district office.
    (2) Contacting the Manufacturer: For any requirement in this AD
to obtain corrective actions from a manufacturer, the action must be
accomplished using a method approved by the Manager, New York ACO,
ANE-170, FAA; or Transport Canada Civil Aviation (TCCA); or
Bombardier, Inc.,'s TCCA Design Approval Organization (DAO). If
approved by the DAO, the approval must include the DAO-authorized
signature.

(k) Related Information

    (1) Refer to Mandatory Continuing Airworthiness Information
(MCAI) Canadian Airworthiness Directive CF-2016-38, dated December
12, 2016, for related information. This MCAI may be found in the AD
docket on the Internet at http://www.regulations.gov by searching
for and locating Docket No. FAA-2017-0626.
    (2) For more information about this AD, contact Cesar Gomez,
Aerospace Engineer, Airframe and Mechanical Systems Branch, ANE-171,
FAA, New York Aircraft Certification Office, 1600 Stewart Avenue,
Suite 410, Westbury, NY 11590; telephone<PHONE_NUMBER>; fax 516-794-
5531.
    (3) For service information identified in this AD, contact
Bombardier, Inc., Q-Series Technical Help Desk, 123 Garratt
Boulevard, Toronto, Ontario M3K 1Y5, Canada; telephone<PHONE_NUMBER>;
fax<PHONE_NUMBER>; email<EMAIL_ADDRESS>Internet
http://www.bombardier.com. You may view this service information at
the FAA, Transport Airplane Directorate, 1601 Lind Avenue SW.,
Renton, WA. For information on the availability of this material at
the FAA, call<PHONE_NUMBER>.

    Issued in Renton, Washington, on June 19, 2017.
John P. Piccola, Jr.,
Acting Manager, Transport Airplane Directorate, Aircraft Certification
Service.
[FR Doc. 2017-13364 Filed 6-26-17; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 87, Number 98 (Friday, May 20, 2022)]
[Notices]
[Pages 31019-31020]
[FR Doc No: 2022-10816]

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

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-188, OMB Control No. 3235-0212]

Submission for OMB Review; Comment Request; Extension: Rule 12b-1

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

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (the ``Commission'') has submitted to the Office of
Management and Budget (``OMB'') a request for extension of the
previously approved collection of information discussed below.
    Rule 12b-1 under the Investment Company Act of 1940 (17 CFR
270.12b-1) permits a registered open-end investment company (``fund'')
to bear expenses associated with the distribution of its shares,
provided that the fund complies with certain requirements, including,
among other things, that it adopt a written plan (``rule 12b-1 plan'')
and that it preserves in writing any agreements relating to the rule
12b-1 plan. The rule in part requires that (i) the adoption or material
amendment of a rule 12b-1 plan be approved by the fund's directors,
including its independent directors, and, in certain circumstances, its
shareholders; (ii) the board review quarterly reports of amounts spent
under the rule 12b-1 plan; and (iii) the board, including the
independent directors, consider continuation of the rule 12b-1 plan and
any related

agreements at least annually. Rule 12b-1 also requires funds relying on
the rule to preserve for six years, the first two years in an easily
accessible place, copies of the rule 12b-1 plan and any related
agreements and reports, as well as minutes of board meetings that
describe the factors considered and the basis for adopting or
continuing a rule 12b-1 plan.
    Rule 12b-1 also prohibits funds from paying for distribution of
fund shares with brokerage commissions on their portfolio transactions.
The rule requires funds that use broker-dealers that sell their shares
to also execute their portfolio securities transactions, to implement
policies and procedures reasonably designed to prevent: (i) The persons
responsible for selecting broker-dealers to effect transactions in fund
portfolio securities from taking into account broker-dealers'
promotional or sales efforts when making those decisions; and (ii) a
fund, its adviser, or its principal underwriter, from entering into any
agreement under which the fund directs brokerage transactions or
revenue generated by those transactions to a broker-dealer to pay for
distribution of the fund's (or any other fund's) shares.
    The board and shareholder approval requirements of rule 12b-1 are
designed to ensure that fund shareholders and directors receive
adequate information to evaluate and approve a rule 12b-1 plan and,
thus, are necessary for investor protection. The requirement of
quarterly reporting to the board is designed to ensure that the rule
12b-1 plan continues to benefit the fund and its shareholders. The
recordkeeping requirements of the rule are necessary to enable
Commission staff to oversee compliance with the rule. The requirement
that funds or their advisers implement, and fund boards approve,
policies and procedures in order to prevent persons charged with
allocating fund brokerage from taking distribution efforts into account
is designed to ensure that funds' selection of brokers to effect
portfolio securities transactions is not influenced by considerations
about the sale of fund shares.
    Commission staff estimates that there are approximately 6,358 funds
(for purposes of this estimate, registered open-end investment
companies or series thereof) that have at least one share class subject
to a rule 12b-1 plan and approximately 454 fund families with common
boards of directors that have at least one fund with a 12b-1 plan. The
Commission further estimates that the annual hour burden for complying
with the rule is 425 hours for each fund family with a portfolio that
has a rule 12b-1 plan. We therefore estimate that the total hourly
burden per year for all funds to comply with current information
collection requirements under rule 12b-1 is 192,950 hours. Commission
staff estimates that approximately three funds per year prepare a proxy
in connection with the adoption or material amendment of a rule 12b-1
plan. The staff further estimates that the cost of each fund's proxy is
$30,000. Thus, the total annual cost burden of rule 12b-1 to the fund
industry is $90,000.
    Estimates of average burden hours and costs are made solely for
purposes of the Paperwork Reduction Act and are not derived from a
comprehensive or even representative survey or study of the costs of
Commission rules and forms. The collections of information required by
rule 12b-1 are necessary to obtain the benefits of the rule. Notices to
the Commission will not be kept confidential. An agency may not conduct
or sponsor, and a person is not required to respond to a collection of
information unless it displays a currently valid OMB control number.
    The public may view background documentation for this information
collection at the following website: www.reginfo.gov. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
by June 21, 2022 to (i) [email protected] and
(ii) David Bottom, Director/Chief Information Officer, Securities and
Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC
20549, or by sending an email to: [email protected].

    Dated: May 16, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-10816 Filed 5-19-22; 8:45 am]
BILLING CODE 8011-01-P