[Federal Register Volume 85, Number 107 (Wednesday, June 3, 2020)]
[Notices]
[Pages 34257-34262]
[FR Doc No: 2020-11917]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88971; File No. SR-OCC-2020-804]

Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing of Advance Notice of and No Objection to The Options
Clearing Corporation's Proposal To Enter Into a New Credit Facility
Agreement

May 28, 2020.
    Pursuant to Section 806(e)(1) of Title VIII of the Dodd-Frank Wall
Street Reform and Consumer Protection Act, entitled Payment, Clearing
and Settlement Supervision Act of 2010 (``Clearing Supervision Act'')
\1\ and Rule 19b-4(n)(1)(i) \2\ under the Securities Exchange Act of
1934 (``Exchange Act'' or ``Act''),\3\ notice is hereby given that on
April 27, 2020, the Options Clearing Corporation (``OCC'') filed with
the Securities and Exchange Commission (``Commission'') an advance
notice as described in Items I, II and III below, which Items have been
prepared by OCC. The Commission is publishing this notice to solicit
comments on the advance notice from interested persons, and to provide
notice that the Commission does not object to the changes set forth in
the advance notice.
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    \1\ 12 U.S.C. 5465(e)(1).
    \2\ 17 CFR 240.19b-4(n)(1)(i).
    \3\ 15 U.S.C. 78a et seq.
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I. Clearing Agency's Statement of the Terms of Substance of the Advance
Notice

    This advance notice is submitted in connection with a proposed
change to OCC's operations in the form of the replacement of a
revolving credit facility that OCC maintains for a 364-day term and
that it may use: (i) In anticipation of a potential default by or
suspension of a Clearing Member; (ii) to meet obligations arising out
of the default or suspension of a Clearing Member; (iii) to meet
reasonably anticipated liquidity needs for same-day settlement as a
result of the failure of any bank or securities or commodities clearing
organization to achieve daily settlement; or (iv) to meet obligations
arising out of the failure of a bank or securities or commodities
clearing organization to perform its obligations due to its bankruptcy,
insolvency, receivership or suspension of operations. OCC has provided
a summary of the terms and conditions of the proposed renewal in
confidential Exhibit 3 to File No. SR-OCC-2020-804.
    The advance notice is available on OCC's website at https://

www.theocc.com/about/publications/bylaws.jsp. All terms with initial
capitalization that are not otherwise defined herein have the same
meaning as set forth in the OCC By-Laws and Rules.\4\
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    \4\ OCC's By-Laws and Rules can be found on OCC's public
website: http://optionsclearing.com/about/publications/bylaws.jsp.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Advance Notice

    In its filing with the Commission, OCC included statements
concerning the purpose of and basis for the advance notice and
discussed any comments it received on the advance notice. The text of
these statements may be examined at the places specified in Item IV
below. OCC has prepared summaries, set forth in sections A and B below,
of the most significant aspects of these statements.

A. Clearing Agency's Statement on Comments on the Advance Notice
Received From Members, Participants or Others

    Written comments were not and are not intended to be solicited with
respect to the advance notice and none have been received. OCC will
notify the Commission of any written comments received by OCC.

B. Advance Notices Filed Pursuant to Section 806(e) of the Payment,
Clearing, and Settlement Supervision Act

Description of Proposed Change

Background
    This advance notice is being filed in connection with a proposed
change in the form of the replacement of a revolving credit facility
that OCC maintains for a 364-day term and that it may use: (i) In
anticipation of a potential default by or suspension of a Clearing
Member; (ii) to meet obligations arising out of the default or
suspension of a Clearing Member; (iii) to meet reasonably anticipated
liquidity needs for same-day settlement as a result of the failure of
any bank or securities or commodities clearing organization to achieve
daily settlement; or (iv) to meet obligations arising out of the
failure of a bank or securities or commodities clearing organization to
perform its obligations due to its bankruptcy, insolvency, receivership
or suspension of operations (``Permitted Use Circumstances''). In any
such Permitted Use Circumstance, OCC has certain conditional authority
under its By-Laws and Rules to borrow or otherwise obtain funds from
third parties using Clearing Member margin deposits and/or Clearing
Fund contributions.\5\
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    \5\ See generally Article VIII of OCC's By-Laws and OCC Rules
1006(f), 1102, and 1104(b).
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    OCC's existing credit facility (``Existing Facility'') was
implemented as of June 26, 2019, through the execution of a credit
agreement among OCC, the administrative agent, the collateral agent,
and the lenders that are parties to the agreement from time to time.
The Existing Facility provides short-term secured borrowings in an
aggregate principal amount of $2 billion but may be increased to $3
billion if OCC so requests and sufficient commitments from lenders are
received and accepted.\6\ To obtain a loan under the Existing Facility,
OCC must pledge as collateral: (i) U.S. dollars; (ii) securities issued
or guaranteed by the U.S. Government, the Government of Canada, the
Federal Republic of Germany, the Republic of France, Japan or the
United Kingdom; (iii) S&P 500 Market Index equities; (iv) Exchange-
Traded Funds (``ETFs''); (v) American Depositary Receipts (``ADRs'');
or (vi) certain government-sponsored enterprise (``GSE'') debt
securities. Certain mandatory prepayments or deposits of additional
collateral are required depending on changes in the collateral's market
value. In connection with OCC's past implementation of the Existing
Facility, OCC filed an advance notice with the Commission on April 26,
2019, and the Commission published a Notice of No Objection on June 24,
2019.\7\
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    \6\ OCC notes that it previously exercised this accordion
feature under the Existing Facility to increase the commitment
amount from $2 billion to $2.5 billion, and then subsequently
reduced the commitment amount back to $2 billion. As a result, OCC
may only increase the commitment amount under the Existing Facility
by another $500 million (to a total of $2.5 billion).
    \7\ See Securities Exchange Act Release No. 86182 (June 24,
2019), 84 FR 31128 (June 28, 2019) (SR-OCC-2019-803).
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Description of the Proposal
    Renewal. The Existing Facility is set to expire on June 24, 2020.
OCC is currently negotiating the terms of a new credit facility (``New
Facility'') on substantially similar terms as the Existing Facility,
and the definitive documentation concerning the New Facility is
expected to be substantially similar to the definitive documentation
concerning the Existing Facility. The proposed terms and conditions
that are expected to be applicable to the New Facility, subject to
agreement by the lenders, are set forth in the Summary of Terms and
Conditions, which is not a public document.\8\ The New Facility would
include changes to the list of joint lead arrangers and bookrunners,
the back-up administrative agent, the back-up collateral agent, and the
syndication agents. The New Facility would also include changes to
certain commercial terms, such as the interest rate, commitment fee,
and upfront fees, which OCC believes are generally aligned with current
market rates for this type of facility. In addition, the New Facility
would update language concerning European Union (``EU'') bail-in
provisions to recognize the United Kingdom (``UK'') bail-in regime now
that the UK is no longer part of the EU. Finally, the Summary of Terms
and Conditions would be updated to include provisions that are
currently included in the credit agreement for the Existing Facility
but not previously included as part of the Summary of Terms and
Conditions. For example, the Summary of Terms and Conditions would
contain updates regarding the lenders' ability to assign and sell
participations in their loans and commitments to eligible banks. It
would also be updated to clarify the timing requirements for
calculating the market value of certain pledged equities.
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    \8\ OCC has separately submitted a request for confidential
treatment to the Commission regarding the Summary of Terms and
Conditions, which OCC has provided in Exhibit 3 to File No. SR-OCC-
2020-804.
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    The conditions regarding the availability of the New Facility,
which OCC anticipates will be satisfied on or about June 23, 2020,
include the execution and delivery of: (i) A credit agreement between
OCC and the administrative agent, collateral agent and various lenders
under the New Facility; (ii) a pledge agreement between OCC and the
administrative agent or collateral agent; and (iii) such other
documents as may be required by the parties. The definitive
documentation concerning the New Facility is expected to be consistent
with the Summary of Terms and Conditions that is provided in
confidential Exhibit 3, although it may include certain changes to
business terms as may be necessary to obtain the agreement of lenders
with sufficient funding commitments and certain changes as may be
necessary regarding administrative and operational terms being
finalized between the parties.
    Future Renewals. OCC expects to continue to renew its revolving
credit facility annually on substantially similar terms and conditions
as the New Facility. The terms and conditions of any such future
renewal (each a ``Future Renewal'') would be specified in subsequent
credit agreements among

OCC, the lenders that are parties thereto, the administrative agent,
and the collateral agent. To provide OCC and market participants with
greater certainty regarding a continuing source of committed liquidity
to meet OCC's settlement obligations, and thus mitigate OCC's liquidity
risk, OCC proposes to be able to enter Future Renewals without an
additional advance notice provided that the terms of the Future Renewal
adhere to certain conditions specified in (a) and (b) and (1) through
(4) below (collectively, ``Evergreen Provisions''). OCC believes these
Evergreen Provisions would be consistent with similar terms regarding
committed credit facility renewals by other registered clearing
agencies, for which the Commission issued a Notice of No Objection.\9\
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    \9\ See Securities Exchange Act Release No. 80605 (May 5, 2017),
82 FR 21850 (May 10, 2017) (SR-DTC-2017-802; SR-NSCC-2017-802).
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Evergreen Provisions
    OCC does not currently expect to make changes to:
    (a) The financial institution acting as lead administrative agent;
or
    (b) the commitment period (which would continue to be 364 calendar
days unless changes are necessary to avoid the expiration of the term
falling on a weekend or other day that is not a business day) in
connection with Future Renewals, but OCC would treat any such change in
a Future Renewal as subject to the requirement to file an advance
notice pursuant to Section 806(e)(1) of the Clearing Supervision
Act.\10\
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    \10\ 12 U.S.C. 5465(e)(1).
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    OCC may consider changes to:
    (1) The aggregate and potential additional commitment amounts that
it may seek, so long as such amounts considered:
    (i) Increase by no more than $500 million in total (whether in the
initial commitment amount, additional commitment amount, or both) above
the amount being sought by OCC under the New Facility, or
    (ii) decrease by no more than $500 million below the amount being
sought by OCC under the New Facility, provided that any decrease in the
initial commitment amount is replaced by other qualifying liquid
resources (as defined in Exchange Act Rule 17Ad-22(a)(14)) \11\ of an
equal amount; \12\
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    \11\ 17 CFR 240.17Ad-22(a)(14).
    \12\ For example, this may include an increase in OCC's Cash
Clearing Fund Requirement as required under Rule 1002(a) or other
committed liquidity resources for which the Commission has issued a
Notice of No Objection. See, e.g., Securities Exchange Act Release
No. 88317 (March 4, 2020), 85 FR 13681 (March 9, 2020) (SR-OCC-2020-
801).
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    (2) the syndicate so long as all lenders party to future credit
facilities are subject to the same credit review as those lenders that
are party to the New Facility;
    (3) pricing and collateral haircuts,\13\ so long as such terms are
consistent with the then current market practice; or
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    \13\ ``Collateral haircuts'' with respect to the collateral for
any borrowing under the credit facility refers to the schedule of
percentages of market value by type of collateral, determining the
collateral value of that type of collateral, for purposes of
securing a borrowing.
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    (4) representations, warranties, covenants, and terms of events of
default,\14\ so long as any modifications are immaterial to OCC as a
borrower and do not impair materially OCC's ability to borrow under the
line of credit consistent with the Evergreen Provisions. OCC would not
consider changes to the Evergreen Provisions within these specified
parameters as materially altering the terms and conditions of the New
Facility or Future Renewals.
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    \14\ ``Events of default'' refers to those events or conditions
which trigger or constitute a default of OCC under the credit
agreement.
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    So long as any Future Renewal adheres to the conditions specified
in the Evergreen Provisions, as described above, OCC would consider
such Future Renewal as being on substantially the same terms and
conditions as the New Facility such that it would not need to be
subject to the requirement to file an advance notice filing pursuant to
Section 806(e)(1) of the Clearing Supervision Act.\15\ In the event
that any annual Future Renewal of the New Facility is not on terms and
conditions that adhere to the Evergreen Provisions, such renewal would
be subject to an advance notice filing pursuant to Section 806(e)(1) of
the Clearing Supervision Act. If OCC determines to address Future
Renewals in such a filing, it would include in that filing the proposed
conditions to the terms of any subsequent renewals that could be done
without an additional advance notice.
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    \15\ 12 U.S.C. 5465(e)(1).
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Anticipated Effect on and Management of Risk

    Completing timely settlement is a key aspect of OCC's role as a
clearing agency performing central counterparty services. Overall, the
New Facility and Future Renewals would continue to promote the
reduction of risks to OCC, its Clearing Members, and the markets OCC
serves in general because it would allow OCC to obtain short-term funds
in the Permitted Use Circumstances. The existence of the New Facility
and Future Renewals would therefore help OCC minimize losses in the
event of a Permitted Use Circumstance by allowing it to obtain funds on
extremely short notice to ensure clearance and settlement of
transactions in options and other contracts without interruption. OCC
believes that the reduced settlement risk presented by OCC resulting
from the New Facility and Future Renewals would correspondingly reduce
systemic risk and promote the safety and soundness of the clearing
system. By drawing on the New Facility or under any Future Renewals,
OCC would also be able to avoid liquidating margin deposits or Clearing
Fund contributions in what would likely be volatile market conditions,
which would preserve funds available to cover any losses resulting from
the failure of a Clearing Member, bank, or other clearing organization.
    OCC believes that the proposed change would not otherwise affect or
alter the management of risk at OCC because the New Facility would
generally preserve the same terms and conditions as the Existing
Facility.

Consistency With the Payment, Clearing and Settlement Supervision Act

    The stated purpose of the Clearing Supervision Act is to mitigate
systemic risk in the financial system and promote financial stability
by, among other things, promoting uniform risk management standards for
systemically important financial market utilities and strengthening the
liquidity of systemically important financial market utilities.\16\
Section 805(a)(2) of the Clearing Supervision Act \17\ also authorizes
the Commission to prescribe risk management standards for the payment,
clearing and settlement activities of designated clearing entities,
like OCC, for which the Commission is the supervisory agency. Section
805(b) of the Clearing Supervision Act \18\ states that the objectives
and principles for risk management standards prescribed under Section
805(a) shall be to:
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    \16\ 12 U.S.C. 5461(b).
    \17\ 12 U.S.C. 5464(a)(2).
    \18\ 12 U.S.C. 5464(b).
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     Promote robust risk management;
     promote safety and soundness;
     reduce systemic risks; and
     support the stability of the broader financial system.
    The Commission has adopted risk management standards under Section
805(a)(2) of the Clearing Supervision Act and the Exchange Act in
furtherance of these objectives and principles.\19\

Rule 17Ad-22 requires registered clearing agencies, like OCC, to
establish, implement, maintain, and enforce written policies and
procedures that are reasonably designed to meet certain minimum
requirements for their operations and risk management practices on an
ongoing basis.\20\ Therefore, the Commission has stated \21\ that it
believes it is appropriate to review changes proposed in advance
notices against Rule 17Ad-22 and the objectives and principles of these
risk management standards as described in Section 805(b) of the
Clearing Supervision Act.\22\
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    \19\ 17 CFR 240.17Ad-22. See Securities Exchange Act Release
Nos. 68080 (October 22, 2012), 77 FR 66220 (November 2, 2012) (S7-
08-11) (``Clearing Agency Standards''); 78961 (September 28, 2016),
81 FR 70786 (October 13, 2016) (S7-03-14) (``Standards for Covered
Clearing Agencies'').
    \20\ 17 CFR 240.17Ad-22.
    \21\ See supra note 7.
    \22\ 12 U.S.C. 5464(b).
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    OCC believes that the proposed changes are consistent with Section
805(b)(1) of the Clearing Supervision Act \23\ because the New Facility
and Future Renewals would provide OCC with continued access to a stable
and reliable source of committed liquidity that can be accessed in a
timely manner to meet its settlement obligations, contain losses and
liquidity pressures, and mitigate OCC's liquidity risk. Accordingly,
OCC believes that the proposed changes: (i) Are designed to promote
robust risk management; (ii) are consistent with promoting safety and
soundness; and (iii) are consistent with reducing systemic risks and
promoting the stability of the broader financial system.
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    \23\ 12 U.S.C. 5464(b)(1).
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    OCC believes that the New Facility and Future Renewals that adhere
to the Evergreen Provisions are also consistent with the requirements
of Rule 17Ad-22(e)(7) under the Act.\24\ Rule 17Ad-22(e)(7) requires
OCC to establish, implement, maintain and enforce written policies and
procedures reasonably designed to effectively measure, monitor, and
manage liquidity risk that arises in or is borne by OCC, including
measuring, monitoring, and managing its settlement and funding flows on
an ongoing and timely basis, and its use of intraday liquidity, as
specified in the rule.\25\ In particular, Rule 17Ad-22(e)(7)(i) under
the Act \26\ directs that OCC meet this obligation by, among other
things, ``[m]aintaining sufficient liquid resources at the minimum in
all relevant currencies to effect same-day . . . settlement of payment
obligations with a high degree of confidence under a wide range of
foreseeable stress scenarios that includes, but is not limited to, the
default of the participant family that would generate the largest
aggregate payment obligation for [OCC] in extreme but plausible market
conditions.'' As described above, the New Facility would provide OCC
with a readily available liquidity resource that would enable it to,
among other things, continue to meet its obligations in a timely
fashion in a Permitted Use Circumstance and as an alternative to
selling Clearing Member collateral under what may be stressed and
volatile market conditions. Additionally, because the Evergreen
Provisions would ensure that any Future Renewals that adhere to those
terms would be substantially similar to the New Facility, such Future
Renewals also would provide OCC with a readily available liquidity
resource that would enable it to, among other things, continue to meet
its obligations in a timely fashion in a Permitted Use Circumstance,
thereby helping to contain losses and liquidity pressures. Allowing OCC
to enter Future Renewals pursuant to the Evergreen Provisions without
filing an additional advance notice would also reduce the risk of gaps
in liquidity coverage and better allow OCC to continually maintain
sufficient liquidity resources. For these reasons, OCC believes that
the proposal is consistent with Rule 17Ad-22(e)(7)(i).\27\
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    \24\ 17 CFR 240.17Ad-22(e)(7).
    \25\ Id.
    \26\ 17 CFR 240.17Ad-22(e)(7)(i).
    \27\ Id.
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    Rule 17Ad-22(e)(7)(ii) under the Act requires OCC to establish,
implement, maintain and enforce written policies and procedures
reasonably designed to hold qualifying liquid resources sufficient to
satisfy payment obligations owed to Clearing Members.\28\ Rule 17Ad-
22(a)(14) defines ``qualifying liquid resources'' to include, among
other things, lines of credit without material adverse change
provisions, that are readily available and convertible into cash.\29\
As with the Existing Facility, the New Facility would not be subject to
any material adverse change provision and would continue to be designed
to permit OCC to, among other things, help ensure that OCC has
sufficient, readily-available qualifying liquid resources to meet the
cash settlement obligations of its largest Clearing Member Group.
Similarly, because the Evergreen Provisions would ensure that any
Future Renewals that adhere to them would be substantially similar to
the New Facility, such Future Renewals also would permit OCC to enter
into a future credit facility designed to, among other things, help
ensure that OCC has sufficient, readily-available qualifying liquid
resources to meet the cash settlement obligations of its largest
Clearing Member Group. Therefore, OCC believes that the proposal is
consistent with Rule 17Ad-22(e)(7)(ii).\30\
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    \28\ 17 CFR 240.17Ad-22(e)(7)(ii).
    \29\ 17 CFR 240.17Ad-22(a)(14).
    \30\ 17 CFR 240.17Ad-22(e)(7)(ii).
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    For the foregoing reasons, OCC believes that the proposed changes
are consistent with Section 805(b)(1) of the Clearing Supervision Act
\31\ and Rule 17Ad-22(e)(7) \32\ under the Act.
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    \31\ 12 U.S.C. 5464(b)(1).
    \32\ 17 CFR 240.17Ad-22(e)(7).
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Accelerated Commission Action Requested

    Pursuant to Section 806(e)(1)(I) of the Clearing Supervision
Act,\33\ OCC requests that the Commission notify OCC that it has no
objection to the New Facility not later than Friday, June 19, 2020,
which shall be two business days prior to the expected June 23, 2020,
availability of the New Facility. OCC requests Commission action by
this date to ensure that there is no period that OCC operates without
this essential liquidity resource, given its importance to OCC's
borrowing capacity in connection with its management of liquidity and
settlement risk and timely completion of clearance and settlement.
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    \33\ 12 U.S.C. 5465(e)(1)(I).
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III. Date of Effectiveness of the Advance Notice and Timing for
Commission Action

    The proposed change may be implemented if the Commission does not
object to the proposed change within 60 days of the later of (i) the
date the proposed change was filed with the Commission or (ii) the date
any additional information requested by the Commission is received. OCC
shall not implement the proposed change if the Commission has any
objection to the proposed change.
    The Commission may extend the period for review by an additional 60
days if the proposed change raises novel or complex issues, subject to
the Commission providing the clearing agency with prompt written notice
of the extension. A proposed change may be implemented in less than 60
days from the date the advance notice is filed, or the date further
information requested by the Commission is received, if the Commission
notifies the clearing agency in writing that it does not object to the
proposed change and authorizes the clearing agency to implement the
proposed change on an

earlier date, subject to any conditions imposed by the Commission.
    OCC shall post notice on its website of proposed changes that are
implemented. The proposal shall not take effect until all regulatory
actions required with respect to the proposal are completed.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the advance
notice is consistent with the Clearing Supervision 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-OCC-2020-804 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-OCC-2020-804. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the advance notice that are filed with the
Commission, and all written communications relating to the advance
notice between the Commission and any person, other than those that may
be withheld from the public in accordance with the provisions of 5
U.S.C. 552, will be available for website viewing and printing in the
Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the self-regulatory
organization.
    All comments received will be posted without change. Persons
submitting comments are cautioned that we do not redact or edit
personal identifying information from comment submissions. You should
submit only information that you wish to make available publicly.
    All submissions should refer to File Number SR-OCC-2020-804 and
should be submitted on or before June 18, 2020.

V. Commission Findings and Notice of No Objection

    Although the Clearing Supervision Act does not specify a standard
of review for an advance notice, its stated purpose is instructive: To
mitigate systemic risk in the financial system and promote financial
stability by, among other things, promoting uniform risk management
standards for systemically important financial market utilities and
strengthening the liquidity of systemically important financial market
utilities.\34\ Section 805(a)(2) of the Clearing Supervision Act
authorizes the Commission to prescribe risk management standards for
the payment, clearing, and settlement activities of designated clearing
entities and financial institutions engaged in designated activities
for which it is the supervisory agency or the appropriate financial
regulator.\35\ Section 805(b) of the Clearing Supervision Act \36\
states that the objectives and principles for the risk management
standards prescribed under Section 805(a) shall be to:
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    \34\ 12 U.S.C. 5461(b).
    \35\ 12 U.S.C. 5464(a)(2).
    \36\ 12 U.S.C. 5464(b).
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     Promote robust risk management;
     promote safety and soundness;
     reduce systemic risks; and
     support the stability of the broader financial system.\37\
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    \37\ Id.
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    The Commission has adopted risk management standards under Section
805(a)(2) of the Clearing Supervision Act \38\ and Section 17A of the
Exchange Act (``Rule 17Ad-22'').\39\ Rule 17Ad-22 requires registered
clearing agencies to establish, implement, maintain, and enforce
written policies and procedures that are reasonably designed to meet
certain minimum requirements for their operations and risk management
practices on an ongoing basis.\40\ Therefore, it is appropriate for the
Commission to review changes proposed in advance notices against Rule
17Ad-22 and the objectives and principles of the risk management
standards described in Section 805(b) of the Clearing Supervision
Act.\41\ As discussed below, the Commission believes that the proposal
in the Advance Notice is consistent with the objectives and principles
described in Section 805(b) of the Clearing Supervision Act,\42\ and in
Rule 17Ad-22 under the Exchange Act, particularly Rule 17Ad-
22(e)(7).\43\
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    \38\ 12 U.S.C. 5464(a)(2).
    \39\ See 17 CFR 240.17Ad-22.
    \40\ Id.
    \41\ 12 U.S.C. 5464(b).
    \42\ Id.
    \43\ See 17 CFR 240.17Ad-22(e)(7).
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A. Consistency With Section 805(b) of the Clearing Supervision Act

    The Commission believes that the proposal contained in OCC's
Advance Notice is consistent with the stated objectives and principles
of Section 805(b) of the Clearing Supervision Act. Specifically, as
discussed below, the Commission believes that the changes proposed in
the Advance Notice are consistent with promoting robust risk
management, including in the area of liquidity risk, promoting safety
and soundness, reducing systemic risks, and supporting the stability of
the broader financial system.\44\
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    \44\ 12 U.S.C. 5464(b).
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    The Commission believes that the changes proposed in the Advance
Notice are consistent with promoting robust risk management, in
particular management of liquidity risk presented to OCC. Renewing and
maintaining a credit facility for this purpose and in the manner
proposed by OCC would provide OCC with continued access to a stable and
reliable source of committed liquidity that can be accessed in a timely
manner to meet its settlement obligations, contain losses and liquidity
pressures, and mitigate OCC's liquidity risk, while also helping to
maintain the current diversity of liquidity resources that OCC may use
to resolve a Clearing Member default.\45\ Additionally, allowing OCC
annually to renew the credit facility under certain specified
circumstances without an additional advance notice and subject to the
Evergreen Provisions described above would facilitate OCC's ability to
secure a continuing source of committed liquidity to meet its
settlement obligations. Further, because the Evergreen Provisions would
ensure that any such annual renewals would be substantially similar to
the currently proposed credit facility, the Commission believes that
any such renewals would promote robust risk management by diversifying
the liquidity resources that OCC may use to resolve a Clearing Member
default in the same manner as the currently proposed credit facility.
As such, the Commission believes that the proposal would

promote robust risk management practices at OCC, consistent with
Section 805(b) of the Clearing Supervision Act.\46\
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    \45\ OCC also maintains a minimum amount of cash in its Clearing
Fund as well as a non-bank liquidity facility. See Securities
Exchange Act Release No. 82501 (Jan. 12, 2018), 83 FR 2843 (Jan. 19,
2018) (File No. SR-OCC-2017-808) and Securities Exchange Act Release
No. 76821 (Jan. 4, 2016), 81 FR 3208 (Jan. 20, 2016) (File No. SR-
OCC-2015-805), respectively.
    \46\ 12 U.S.C. 5464(b).
---------------------------------------------------------------------------

    The Commission also believes that the changes proposed in the
Advance Notice are consistent with promoting safety and soundness. As
described above, the New Facility would maintain OCC's access to a
significant liquidity resource in the event of a Clearing Member
default. The Evergreen Provisions would preserve access to this
resource by ensuring that any annual renewals implemented without
filing an advance notice would be substantially similar to the
currently proposed credit facility, the Commission believes that any
such annual renewals can be expected to promote safety and soundness
for the same reasons. Further, by ensuring the continuity and
consistency of any subsequent renewals, the Advance Notice would
support OCC's continued access to a readily available liquidity
resource that could enable OCC to continue to meet its obligations to
Clearing Members in a timely fashion in the event of a Clearing Member
default, thereby helping to contain losses and liquidity pressures from
that default. As such, the Commission believes it is consistent with
promoting safety and soundness as contemplated in Section 805(b) of the
Clearing Supervision Act.\47\
---------------------------------------------------------------------------

    \47\ Id.
---------------------------------------------------------------------------

    In addition, the Commission believes that the changes proposed in
the Advance Notice are consistent with reducing systemic risks and
promoting the stability of the broader financial system. As mentioned
above, allowing OCC to enter into the New Facility would enable OCC,
which has been designated a systemically important FMU,\48\ to maintain
an additional liquidity resource that OCC may access to help manage a
Clearing Member default. In addition, as noted above, because the
Evergreen Provisions would ensure that any annual renewals entered into
without filing an advance notice would be on substantially similar
terms to the currently proposed credit facility, such future renewals
also would enable OCC to maintain an additional liquidity resource that
OCC may access to help manage a Clearing Member default. Moreover,
allowing the annual renewal of the credit facility under the proposed
Evergreen Provisions without filing an additional advance notice would
facilitate the continued availability of this liquidity resource. These
provisions would provide heightened certainty and stability for OCC and
market participants that OCC would be able to maintain access to
liquidity resources to help manage a Clearing Member default and would
have flexibility to increase the size of its liquidity resources in
response to market developments. Accordingly, the Commission believes
that the proposal would help to reduce the systemic risk of OCC, which
in turn would help to support the stability of the broader financial
system, consistent with Section 805(b) of the Clearing Supervision
Act.\49\
---------------------------------------------------------------------------

    \48\ The Financial Stability Oversight Council designated OCC a
systemically important financial market utility on July 18, 2012.
See Financial Stability Oversight Council 2012 Annual Report,
Appendix A, http://www.treasury.gov/initiatives/fsoc/Documents/2012%20Annual%20Report.pdf.
    \49\ Id.
---------------------------------------------------------------------------

    Accordingly, and for the reasons stated above, the Commission
believes the changes proposed in the Advance Notice are consistent with
Section 805(b) of the Clearing Supervision Act.\50\
---------------------------------------------------------------------------

    \50\ 12 U.S.C. 5464(b).
---------------------------------------------------------------------------

B. Consistency With Rule 17Ad-22(e)(7) Under the Exchange Act

    Rule 17Ad-22(e)(7)(ii) requires, in part, OCC to establish,
implement, maintain and enforce written policies and procedures
reasonably designed to effectively measure, monitor, and manage
liquidity risk that arises in or is borne by OCC, including measuring,
monitoring, and managing its settlement and funding flows on an ongoing
and timely basis, and its use of intraday liquidity by, at a minimum,
holding qualifying liquid resources sufficient to meet the minimum
liquidity resource requirement under Rule 17Ad-22(e)(7)(i) \51\ in each
relevant currency for which the covered clearing agency has payment
obligations owed to Clearing Members.\52\ Rule 17Ad-22(a)(14) of the
Exchange Act defines ``qualifying liquid resources'' to include, among
other things, lines of credit without material adverse change
provisions that are readily available and convertible into cash.\53\
---------------------------------------------------------------------------

    \51\ Rule 17Ad-22(e)(7)(i) requires OCC to establish, implement,
maintain and enforce written policies and procedures reasonably
designed to effectively measure, monitor, and manage liquidity risk
that arises in or is borne by OCC, including measuring, monitoring,
and managing its settlement and funding flows on an ongoing and
timely basis, and its use of intraday liquidity by, at a minimum,
maintaining sufficient liquid resources at the minimum in all
relevant currencies to effect same-day settlement of payment
obligations with a high degree of confidence under a wide range of
foreseeable stress scenarios that includes, but is not limited to,
the default of the participant family that would generate the
largest aggregate payment of obligation for the covered clearing
agency in extreme but plausible conditions. 17 CFR 240.17Ad-
22(e)(7)(i).
    \52\ 17 CFR 240.17Ad-22(e)(7)(ii).
    \53\ 17 CFR 240.17Ad-22(a)(14).
---------------------------------------------------------------------------

    As described above, the implementation of the New Facility would
provide OCC with continued access to a $2 billion revolving credit
facility on substantially similar terms to the Existing Facility. As
the Commission noted previously, the Existing Facility provides OCC
with access to a single credit facility designed to help ensure that
OCC has sufficient, readily available qualifying liquid resources to
meet the cash settlement obligations of its largest family of
affiliated members.\54\ Implementation of the New Facility on
substantially similar terms to the Existing Facility would ensure that
OCC maintains continued access to such a credit facility. Because the
Evergreen Provisions would ensure that any annual renewals also would
be substantially similar to both the Existing Facility and the New
Facility, the provisions would help ensure that OCC has sufficient,
readily-available qualifying liquid resources to meet the cash
settlement obligations of its largest family of affiliated members.
Therefore, the Commission believes that the proposal is consistent with
Rule 17Ad-22(e)(7)(ii).
---------------------------------------------------------------------------

    \54\ Securities Exchange Act Release No. 83529 (Jun. 27, 2018),
83 FR 31237, 31241 (Jul. 3, 2018) (SR-OCC-2018-802).
---------------------------------------------------------------------------

VI. Conclusion

    It is therefore noticed, pursuant to Section 806(e)(1)(I) of the
Clearing Supervision Act, that the Commission does not object to the
Advance Notice SR-OCC-2020-804 and OCC can and hereby is authorized to
implement the change as of the date of this notice.

    By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-11917 Filed 6-2-20; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 161 (Monday, August 22, 2022)]
[Notices]
[Page 51409]
[FR Doc No: 2022-18042]

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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: RP22-1122-000.
    Applicants: Leucrotta Exploration Inc., Coelacanth Energy Inc.
    Description: Joint Petition for Temporary Limited Waiver of
Capacity Release Regulations, et al. of Leucrotta Exploration Inc., et
al.
    Filed Date: 8/11/22.
    Accession Number: 20220811-5156.
    Comment Date: 5 p.m. ET 8/23/22.

    Docket Numbers: RP22-1123-000.
    Applicants: Florida Gas Transmission Company, LLC.
    Description: Sec.  4(d) Rate Filing: Update Electric Portion of
GT&C Section 27 to be effective 9/12/2022.
    Filed Date: 8/12/22.
    Accession Number: 20220812-5033.
    Comment Date: 5 p.m. ET 8/24/22.

    Docket Numbers: RP22-1124-000.
    Applicants: El Paso Natural Gas Company, L.L.C.
    Description: Sec.  4(d) Rate Filing: Negotiated Rate Agreement
Update (Shell Aug 22) to be effective 8/15/2022.
    Filed Date: 8/12/22.
    Accession Number: 20220812-5057.
    Comment Date: 5 p.m. ET 8/24/22.

    Docket Numbers: RP22-1125-000.
    Applicants: Enable Gas Transmission, LLC.
    Description: Compliance filing: Baseline Tenth Revised Volume No. 1
to be effective 9/15/2022.
    Filed Date: 8/15/22.
    Accession Number: 20220815-5027.
    Comment Date: 5 p.m. ET 8/29/22.

    Docket Numbers: RP22-1126-000.
    Applicants: Enable Gas Transmission, LLC.
    Description: Compliance filing: Third Revised Volume Filed
Agreements to be effective 9/15/2022.
    Filed Date: 8/15/22.
    Accession Number: 20220815-5028.
    Comment Date: 5 p.m. ET 8/29/22.

    Docket Numbers: RP22-1127-000.
    Applicants: Enable Gas Transmission, LLC.
    Description: Tariff Amendment: Cancellation of Ninth Revised Volume
No. 1 Tariff to be effective 9/15/2022.
    Filed Date: 8/15/22.
    Accession Number: 20220815-5047.
    Comment Date: 5 p.m. ET 8/29/22.

    Docket Numbers: RP22-1128-000.
    Applicants: El Paso Natural Gas Company, L.L.C.
    Description: Sec.  4(d) Rate Filing: Negotiated Rate Agreement
Update (Koch) to be effective 8/16/2022.
    Filed Date: 8/15/22.
    Accession Number: 20220815-5153.
    Comment Date: 5 p.m. ET 8/29/22.

    Docket Numbers: RP22-1129-000.
    Applicants: Gulfstream Natural Gas System, L.L.C.
    Description: Sec.  4(d) Rate Filing: August 2022 Clean-up Filing to
be effective 9/16/2022.
    Filed Date: 8/16/22.
    Accession Number: 20220816-5015.
    Comment Date: 5 p.m. ET 8/29/22.

    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.
    The filings are accessible in the Commission's eLibrary system
(https://elibrary.ferc.gov/idmws/search/fercgensearch.asp) by querying
the docket number.
    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: August 16, 2022.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2022-18042 Filed 8-19-22; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 32 (Wednesday, February 16, 2011)]
[Notices]
[Pages 9020-9022]
[FR Doc No: 2011-3476]

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

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2004-N-0390] (formerly Docket No. 2004N-0503)

Agency Information Collection Activities; Submission for Office
of Management and Budget Review; Comment Request; Guidance on
Consultation Procedures: Foods Derived From New Plant Varieties

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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

SUMMARY: The Food and Drug Administration (FDA) is announcing that a
proposed collection of information has been submitted to the

Office of Management and Budget (OMB) for review and clearance under
the Paperwork Reduction Act of 1995.

DATES: Fax written comments on the collection of information by March
18, 2011.

ADDRESSES: To ensure that comments on the information collection are
received, OMB recommends that written comments be faxed to the Office
of Information and Regulatory Affairs, OMB, Attn: FDA Desk Officer,
FAX:<PHONE_NUMBER>, or e-mailed to<EMAIL_ADDRESS>All
comments should be identified with the OMB control number 0910-New and
title ``Guidance on Consultation Procedures: Foods Derived From New
Plant Varieties.'' Also include the FDA docket number found in brackets
in the heading of this document.

FOR FURTHER INFORMATION CONTACT: Denver Presley, Jr., Office of
Information Management, Food and Drug Administration, 1350 Piccard Dr.,
PI50-400B, Rockville, MD 20850,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: In compliance with 44 U.S.C. 3507, FDA has
submitted the following proposed collection of information to OMB for
review and clearance.

Guidance on Consultation Procedures: Foods Derived From New Plant
Varieties--(OMB Control Number 0910-NEW)

I. Background

    Since 1992, when FDA issued its Statement of Policy: Foods Derived
From New Plant Varieties (the 1992 policy) (57 FR 22984, May 29, 1992),
FDA has encouraged developers of new plant varieties, including those
varieties that are developed through biotechnology, to consult with FDA
during the plant development process to discuss possible scientific and
regulatory issues that might arise. In the 1992 policy, FDA explained
that, under the Federal Food, Drug, and Cosmetic Act (the FD&C Act),
developers of new foods (in this document food refers to both human
food and animal feed) have a responsibility to ensure that the foods
they offer to consumers are safe and are in compliance with all
requirements of the FD&C Act (57 FR 22984 at 22985).
    FDA has long regarded it to be a prudent practice for producers who
use biotechnology in the manufacture or development of foods and food
ingredients to work cooperatively with FDA to ensure that products
derived through biotechnology are safe and comply with all applicable
legal requirements. Consequently, FDA instituted a voluntary
consultation process with industry. The guidance on Consultation
Procedures: From New Plant Varieties (originally published in 1996 and
revised October 1997; the updated version is available on FDA's Web
site at http://www.fda.gov/FoodGuidances) fosters communication by
encouraging developers to submit to FDA their evaluation of the food
safety of their new plant variety. Such communication will help to
ensure that any potential food safety issues regarding a new plant
variety are resolved during development, and will help to ensure that
all market entry decisions by the industry are made consistently and in
full compliance with the standards of the FD&C Act.
    Description of Respondents: Respondents to this collection of
information include developers of new plant varieties intended for food
use.
    In the Federal Register of February 18, 2010 (75 FR 7274), FDA
published a 60-day notice requesting public comment on the proposed
collection of information. FDA received one letter, containing multiple
comments, in response to the notice. One comment expressed strong
support for the consultation procedures, generally.
    (Comment 1) One comment noted with appreciation that Form FDA 3665
will provide a standardized format and an ability to provide electronic
information.
    (Response) FDA agrees. As discussed elsewhere in this document, the
new form will prompt developers to submit to FDA certain information in
a standard format. In addition, the form and attachments can be
submitted in an electronic format. FDA believes that use of the form
and electronic submission will facilitate both the preparation and
review of the submission because it organizes the information necessary
to support the safety of the food derived from the new plant variety.
FDA also expects that use of the form will decrease the overall
paperwork burden on respondents.
    (Comment 2) Another comment noted that the use of the new form and
electronic submission of data and information for FDA's use should
assure the protection of proprietary data and information submitted to
FDA.
    (Response) The submission to FDA may contain trade secret and
commercial confidential information. Only information that is
releasable under 21 CFR part 20 would be released to the public. This
information is also safeguarded by section 301(j) of the FD&C Act (21
U.S.C. 331(j)) and would be protected from disclosure under sections
552(a) and (b) of the Freedom of Information Act (5 U.S.C. 552(a) and
(b)).
    FDA estimates the burden of this collection of information as
follows:

                                                     Table 1--Estimated Annual Reporting Burden \1\
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Annual
                 Activity                           FDA Form No.             Number of     frequency per   Total annual      Hours per      Total hours
                                                                            respondents      response        responses       response
--------------------------------------------------------------------------------------------------------------------------------------------------------
Initial consultation......................  None........................              20               2              40               4             160
Final consultation........................  FDA 3665....................              12               1              12             150           1,800
                                           -------------------------------------------------------------------------------------------------------------
    Total.................................  ............................  ..............  ..............  ..............  ..............           1,960
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ There are no capital costs or operating and maintenance costs associated with this collection of information.

II. Initial Consultations

    Initial consultations are generally a one-time burden, although a
developer might return more than once to discuss additional issues
before submitting a final consultation. As noted in its guidance to
industry, FDA encourages developers to consult early in the development
phase of their products, and as often as necessary. Historically, firms
developing a new bioengineered plant variety intended for food use have
generally initiated consultation with FDA early in the process of
developing such a variety, even though there is no legal obligation for
such consultation. These consultations have served to make FDA aware of
foods and food ingredients before these products are distributed
commercially, and have provided FDA with the information

necessary to address any potential questions regarding the safety,
labeling, or regulatory status of the food or food ingredient. As such,
these consultations have provided assistance to both industry and the
Agency in exercising their mutual responsibilities under the FD&C Act.
    Generally, for an initial consultation, a developer requests a
meeting by sending FDA a letter with an agenda. A mutually convenient
time is arranged and the developer comes to discuss their product. In
preparation for a meeting, a developer might prepare written materials
or a slide presentation to discuss their product under development. A
meeting between the developer and FDA typically lasts between 1 and 2
hours. As a result of such a meeting, FDA establishes a file called a
biotechnology notification file, or BNF, to collect all documentation
and communication regarding the bioengineered plant. For example, FDA
typically places information such as the developer's letter, agenda,
and any written materials (such as copies of a slide presentation) in a
BNF, as well as any memorandum FDA prepares as a record of the meeting.
FDA has not issued any recommendations as to the format for these types
of materials (e.g., there is no form associated with requesting a
meeting).
    Depending on the introduced trait, the experience the developer has
had with the kind of modification being considered, and their
familiarity with the consultation procedures, a developer might choose
to do a final consultation without an initial consultation.

III. Final Consultations

    Final consultations are a one-time burden. At some stage in the
process of research and development, a developer will have accumulated
the information that the developer believes is adequate to ensure that
food derived from the new plant variety is safe and that it
demonstrates compliance with the relevant provisions of the FD&C Act.
The developer will then be in a position to conclude any ongoing
consultation with FDA. The developer submits to FDA a summary of the
safety and nutritional assessment that has been conducted about the
bioengineered food that is intended to be introduced into commercial
distribution. FDA evaluates the submission to ensure that all potential
safety and regulatory questions have been addressed. FDA has recently
developed a form that prompts a developer to include certain elements
in the final consultation in a standard format. New Form FDA 3665 is
entitled ``Final Consultation for Food Derived From a New Plant Variety
(Biotechnology Final Consultation).'' The form, and elements that would
be prepared as attachments to the form, can be submitted in electronic
format.
    The summary information of the safety and nutritional assessment
for a new plant variety submitted to FDA (on the form and in
attachments to the form) includes the following information:
     The name of the bioengineered food and the crop from which
it is derived;
     A description of the various applications or uses of the
bioengineered food, including animal feed uses;
     Information concerning the sources, identities, and
functions of introduced genetic material;
     Information on the purpose or intended technical effect of
the modification, and its expected effect on the composition or
characteristic properties of the food or feed;
     Information concerning the identity and function of
expression products encoded by the introduced genetic material,
including an estimate of the concentration of any expression product in
the bioengineered crop or food derived therefrom;
     Information regarding any known or suspected allergenicity
and toxicity of expression products and the basis for concluding that
foods containing the expression products can be safely consumed;
     Information comparing the composition or characteristics
of the bioengineered food to that of food derived from the parental
variety or other commonly consumed varieties of the same crop with
special emphasis on important nutrients, and toxicants that occur
naturally in the food;
     A discussion of the available information that addresses
whether the potential for the food derived from a bioengineered plant
to induce an allergic response has been altered by the genetic
modification; and
     Any other information relevant to the safety and
nutritional assessment of the bioengineered food.
    In 2001, FDA contacted 5 firms that had made one or more
biotechnology consultation submissions under the 1996 procedures. FDA
asked each of these firms for an estimate of the hourly burden to
prepare a submission under the voluntary biotechnology consultation
process. Three of these firms subsequently provided the requested
information. Based on this information, FDA estimated that the average
time to prepare a submission for final consultation under the 1996
procedures is 150 hours (69 FR 68381, November 24, 2004). The
availability of the form, and the opportunity to provide the
information in electronic format, could reduce this estimate. However,
as a conservative approach for the purpose of this analysis, FDA is
assuming that the availability of the form and the opportunity to
submit the information in electronic format will have no effect on the
average time to prepare a submission for final consultation under the
1996 procedures.

    Dated: February 11, 2011.
Leslie Kux,
Acting Assistant Commissioner for Policy.
[FR Doc. 2011-3476 Filed 2-15-11; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register Volume 86, Number 170 (Tuesday, September 7, 2021)]
[Notices]
[Pages 50097-50098]
[FR Doc No: 2021-19372]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP21-462-001]

Roaring Fork Interstate Gas Transmission, LLC; Notice of
Amendment to Application and Establishing Intervention Deadline

    Take notice that on August 26, 2021, Roaring Fork Interstate Gas
Transmission, LLC (RFIGT), 1125 17th Street, Suite 650, Denver,
Colorado 80202, filed, pursuant to section 7(c) of the Natural Gas Act
(NGA) and Part 157 of the Commission's regulations an amendment to its
application in Docket No. CP21-462-000 to acquire certain facilities
from Kaiser-Frontier Midstream, LLC in Laramie County, Wyoming and Weld
County, Colorado. RFIGT filed revised versions of Exhibits N, P, and S,
which includes an acquisition adjustment in its rate base and cost of
service. Thus, RFIGT amends its proposal to reflect a maximum monthly
reservation recourse rate for Rate Schedule FT of $12.59 per dekatherm
(Dth) per month and a commodity rate for interruptible services under
Rate Schedule IT to $0.41 per Dth, all as more fully set forth in the
application which is on file with the Commission and open for public
inspection.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://ferc.gov) using the
``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. At this time,
the Commission has suspended access to the Commission's Public
Reference Room, due to the proclamation declaring a National Emergency
concerning the Novel Coronavirus Disease (COVID-19), issued by the
President on March 13, 2020. For assistance, contact the Federal Energy
Regulatory Commission at<EMAIL_ADDRESS>or call toll-free,
(886) 208-3676 or TYY,<PHONE_NUMBER>.
    Any questions regarding RFIGT's application may be directed to Mark
R. Haskell, Counsel for Roaring Fork Interstate Gas Transmission, LLC,
Blank Rome LLP, 1825 Eye Street NW, Washington, DC 20006, by telephone
at<PHONE_NUMBER> or by email at<EMAIL_ADDRESS>    Pursuant to Section 157.9 of the Commission's Rules of Practice and
Procedure,\1\ within 90 days of this Notice the Commission staff will
either: Complete its environmental review and place it into the
Commission's public record (eLibrary) for this proceeding; or issue a
Notice of Schedule for Environmental Review. If a Notice of Schedule
for Environmental Review is issued, it will indicate, among other
milestones, the anticipated date for the Commission staff's issuance of
the final environmental impact statement (FEIS) or environmental
assessment (EA) for this proposal. The filing of an EA in the
Commission's public record for this proceeding or the issuance of a
Notice of Schedule for Environmental Review will serve to notify
federal and state agencies of the timing for the completion of all
necessary reviews, and the subsequent need to complete all federal
authorizations within 90 days of the date of issuance of the Commission
staff's FEIS or EA.
---------------------------------------------------------------------------

    \1\ 18 CFR (Code of Federal Regulations) 157.9.
---------------------------------------------------------------------------

Public Participation

    There are three ways to become involved in the Commission's review
of this project: You can file a protest to the project, you can file a
motion to intervene in the proceeding, and you can file comments on the
project. There is no fee or cost for filing protests, motions to
intervene, or comments. The deadline for filing protests, motions to
intervene, and comments is 5:00 p.m. Eastern Time on September 22,
2021. How to file comments and motions to intervene is explained below.

Comments

    Any person wishing to comment on the project may do so. The
Commission considers all comments received about the project in
determining the appropriate action to be taken. To ensure that your
comments are timely and properly recorded, please submit your comments
on or before September 22, 2021. However, the filing of a comment alone
will not serve to make the filer a party to the proceeding. To become a
party, you must intervene in the proceeding.
    Persons who comment on the environmental review of this project
will be placed on the Commission's environmental mailing list, and will
receive notification when the environmental documents (EA or EIS) are
issued for this project and will be

notified of meetings associated with the Commission's environmental
review process.

Interventions

    Any person, which includes individuals, organizations, businesses,
municipalities, and other entities,\2\ has the option to file a motion
to intervene in this proceeding. Only intervenors have the right to
request rehearing of Commission orders issued in this proceeding and to
subsequently challenge the Commission's orders in the U.S. Circuit
Courts of Appeal.
---------------------------------------------------------------------------

    \2\ 18 CFR 385.102(d).
---------------------------------------------------------------------------

    To intervene, you must submit a motion to intervene to the
Commission in accordance with Rule 214 of the Commission's Rules of
Practice and Procedure \3\ and the regulations under the NGA \4\ by the
intervention deadline for the project, which is September 22, 2021. As
described further in Rule 214, your motion to intervene must state, to
the extent known, your position regarding the proceeding, as well as
your interest in the proceeding. [For an individual, this could include
your status as a landowner, ratepayer, resident of an impacted
community, or recreationist. You do not need to have property directly
impacted by the project in order to intervene.] For more information
about motions to intervene, refer to the FERC website at https://www.ferc.gov/resources/guides/how-to/intervene.asp.
---------------------------------------------------------------------------

    \3\ 18 CFR 385.214.
    \4\ 18 CFR 157.10.
---------------------------------------------------------------------------

    All timely, unopposed motions to intervene are automatically
granted by operation of Rule 214(c)(1). Motions to intervene that are
filed after the intervention deadline are untimely and may be denied.
Any late-filed motion to intervene must show good cause for being late
and must explain why the time limitation should be waived and provide
justification by reference to factors set forth in Rule 214(d) of the
Commission's Rules and Regulations. A person obtaining party status
will be placed on the service list maintained by the Secretary of the
Commission and will receive copies (paper or electronic) of all
documents filed by the applicant and by all other parties.

How To File Comments and Interventions

    There are two ways to submit your comments and motions to intervene
to the Commission. In all instances, please reference the Project
docket number CP21-462-001 in your submission. The Commission
encourages electronic filing of submissions.
    (1) You may file your comments or motions to intervene
electronically by using the eFiling feature, which is located on the
Commission's website (www.ferc.gov) under the link to Documents and
Filings. New eFiling users must first create an account by clicking on
``eRegister.'' You will be asked to select the type of filing you are
making; first select ``General'' and then select ``Comment on a
Filing'' or ``Intervention''; or
    (2) You can file a paper copy of your comments by mailing them to
the following address below. Your written comments must reference the
Project docket number (CP21-462-001).

To mail via USPS, use the following address: Kimberly D. Bose,
Secretary, Federal Energy Regulatory Commission, 888 First Street NE,
Washington, DC 20426
To mail via any other courier, use the following address: Kimberly D.
Bose, Secretary, Federal Energy Regulatory Commission, 12225 Wilkins
Avenue, Rockville, Maryland 20852

    Motions to intervene must be served on the applicants either by
mail or email (with a link to the document) at: Blank Rome LLP, 1825
Eye Street NW, Washington, DC 20006 or at<EMAIL_ADDRESS>Any
subsequent submissions by an intervenor must be served on the
applicants and all other parties to the proceeding. Contact information
for parties can be downloaded from the service list at the eService
link on FERC Online. Service can be via email with a link to the
document.
    All timely, unopposed \5\ motions to intervene are automatically
granted by operation of Rule 214(c)(1).\6\ Motions to intervene that
are filed after the intervention deadline are untimely, and may be
denied. Any late-filed motion to intervene must show good cause for
being late and must explain why the time limitation should be waived
and provide justification by reference to factors set forth in Rule
214(d) of the Commission's Rules and Regulations.\7\ A person obtaining
party status will be placed on the service list maintained by the
Secretary of the Commission and will receive copies (paper or
electronic) of all documents filed by the applicant and by all other
parties.
---------------------------------------------------------------------------

    \5\ The applicant has 15 days from the submittal of a motion to
intervene to file a written objection to the intervention.
    \6\ 18 CFR 385.214(c)(1).
    \7\ 18 CFR 385.214(b)(3) and (d).
---------------------------------------------------------------------------

Tracking the Proceeding

    Throughout the proceeding, additional information about the
projects will be available from the Commission's Office of External
Affairs, at (866) 208-FERC, or on the FERC website at www.ferc.gov
using the ``eLibrary'' link as described above. The eLibrary link also
provides access to the texts of all formal documents issued by the
Commission, such as orders, notices, and rulemakings.
    In addition, the Commission offers a free service called
eSubscription which allows you to keep track of all formal issuances
and submittals in specific dockets. This can reduce the amount of time
you spend researching proceedings by automatically providing you with
notification of these filings, document summaries, and direct links to
the documents. For more information and to register, go to
www.ferc.gov/docs-filing/esubscription.asp.
    Intervention Deadline: 5:00 p.m. Eastern Time on September 22,
2021.

    Dated: September 1, 2021.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2021-19372 Filed 9-3-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 86, Number 98 (Monday, May 24, 2021)]
[Notices]
[Pages 27956-27957]
[FR Doc No: 2021-10811]

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DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[DOT-NHTSA-2020-0105]

National Emergency Medical Services Advisory Council Notice of
Public Meeting

AGENCY: National Highway Traffic Safety Administration (NHTSA),
Department of Transportation (DOT).

ACTION: Notice of public meeting.

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SUMMARY: This notice announces a meeting of the National Emergency
Medical Services Advisory Council (NEMSAC).

DATES: The meeting will be held November 3-4, 2021, from 9:00 a.m. to
5:00 p.m. EST.
    Requests to attend the meeting must be received by October 29,
2021.
    Requests for accommodations to a disability must be received by
October 29, 2021.
    If you wish to speak during the meeting, you must submit a written
copy of your remarks to DOT by October 29, 2021.
    Requests to submit written materials to be reviewed during the
meeting must be received no later than October 29, 2021.

ADDRESSES: The meeting will be held virtually (depending on the status
of the Coronavirus Disease 2019 (COVID-19) pandemic) or at the U.S.
Department of Transportation, 1200 New Jersey Avenue SE, Washington, DC
20590. Copies of the meeting minutes will be available on the NEMSAC
internet website at EMS.gov. The detailed agenda will be posted on the
NEMSAC internet website at EMS.gov at least one week in advance of the
meeting.

FOR FURTHER INFORMATION CONTACT: Clary Mole, EMS Specialist, DOT, at
<EMAIL_ADDRESS>or<PHONE_NUMBER>. Any committee related requests
should be sent to the person listed in this section.

SUPPLEMENTARY INFORMATION:

I. Background

    The NEMSAC was established pursuant to Section 31108 of the Moving
Ahead for Progress in the 21st Century (MAP-21) Act of 2012, under the
Federal Advisory Committee Act. The purpose of NEMSAC is to serve as a
nationally recognized council of emergency medical services (EMS)
representatives to provide advice and consult with:
    a. The Federal Interagency Committee on Emergency Medical Services
(FICEMS) on matters relating to EMS issues; and
    b. The Secretary of Transportation on matters relating to EMS
issues affecting DOT.
    The NEMSAC provides an important national forum for the non-Federal
deliberation of national EMS issues and serves as a platform for advice
on DOT's national EMS activities. NEMSAC also provides advice and
recommendations to the FICEMS. NEMSAC is authorized under Section 31108
of the MAP-21 Act of 2012, codified at 42 U.S.C. 300d-4.

II. Agenda

    At the meeting, the agenda will cover the following topics:

 Updates from Federal Emergency Services Liaisons
 Emergency Services Personnel Safety and Wellness
 Information on FICEMS Initiatives
 Update on NHTSA Initiatives
 Committee Reports

III. Public Participation

    The meeting will be open to the public on a first-come, first-
served basis, as space is limited. Members of the public who wish to
attend in person must RSVP to the person listed in the FOR FURTHER
INFORMATION CONTACT section with your name and affiliation.
    DOT is committed to providing equal access to this meeting for all
participants. If you need alternative formats or services because of a
disability, such as sign language, interpretation, or other ancillary
aids, please contact the person listed in the FOR FURTHER INFORMATION
CONTACT section no later than the deadline listed in the DATES section.
    There will be a thirty (30) minute period allotted for comments
from members of the public joining the meeting. To accommodate as many
speakers as possible, the time for each commenter may be limited.
Individuals wishing to reserve speaking time during the meeting must
submit a request at the time of registration, as well as the name,
address, and organizational affiliation of the proposed speaker. If the
number of

registrants requesting to make statements is greater than can be
reasonably accommodated during the meeting, the NHTSA office of EMS may
conduct a lottery to determine the speakers. Speakers are requested to
submit a written copy of their prepared remarks for inclusion in the
meeting records and for circulation to NEMSAC members. All prepared
remarks submitted on time will be accepted and considered as part of
the record. Any member of the public may present a written statement to
the committee at any time.

    Authority: 42 U.S.C. 300d-4(b); 49 CFR 1.95(i)(4).

Nanda Narayanan Srinivasan,
Associate Administrator, Research and Program Development.
[FR Doc. 2021-10811 Filed 5-21-21; 8:45 am]
BILLING CODE 4910-59-P


[Federal Register Volume 82, Number 208 (Monday, October 30, 2017)]
[Notices]
[Pages 50139-50141]
[FR Doc No: 2017-23519]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2017-N-5925]

Standard Development Organizations Whose Susceptibility Test
Interpretive Criteria Standards May Be Recognized by the Food and Drug
Administration; Request for Information

AGENCY: Food and Drug Administration, HHS.

ACTION: Request for information.

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

SUMMARY: The Food and Drug Administration (FDA, the Agency, or we) is
requesting information to assist in identifying standard development
organizations (SDOs) that meet the requirements in the Federal Food,
Drug, and Cosmetic Act (FD&C Act), of the 21st Century Cures Act (Cures
Act), which was signed into law on December 13, 2016.

DATES: Submit either electronic or written comments on the notice by
November 29, 2017.

ADDRESSES:  You may submit comments and information as follows. Please
note that late, untimely filed comments will not be considered.
Electronic comments must be submitted on or before November 29, 2017.
The https://www.regulations.gov electronic filing system will accept
comments until midnight Eastern Time at the end of November 29, 2017.
Comments received by mail/hand delivery/courier (for written/paper
submissions) will be considered timely if they are postmarked or the
delivery service acceptance receipt is on or before that date.

Electronic Submissions

    Submit electronic comments in the following way:
     Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Comments submitted
electronically, including attachments, to https://www.regulations.gov
will be posted to the docket unchanged. Because your comment will be
made public, you are solely responsible for ensuring that your comment
does not include any confidential information that you or a third party
may not wish to be posted, such as medical information, your or anyone
else's Social Security number, or confidential business information,
such as a manufacturing process. Please note that if you include your
name, contact information, or other information that identifies you in
the body of your

comments, that information will be posted on https://www.regulations.gov.
     If you want to submit a comment with confidential
information that you do not wish to be made available to the public,
submit the comment as a written/paper submission and in the manner
detailed (see ``Written/Paper Submissions'' and ``Instructions'').

Written/Paper Submissions

    Submit written/paper submissions as follows:
     Mail/Hand delivery/Courier (for written/paper
submissions): Dockets Management Staff (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
     For written/paper comments submitted to the Dockets
Management Staff, FDA will post your comment, as well as any
attachments, except for information submitted, marked and identified,
as confidential, if submitted as detailed in ``Instructions.''
    Instructions: All submissions received must include the Docket No.
FDA-2017-N-5925 for ``Standard Development Organizations Whose
Susceptibility Test Interpretive Criteria Standards May Be Recognized
by FDA; Request for Information.'' Received comments, those filed in a
timely manner (see ADDRESSES), will be placed in the docket and, except
for those submitted as ``Confidential Submissions,'' publicly viewable
at https://www.regulations.gov or at the Dockets Management Staff
between 9 a.m. and 4 p.m., Monday through Friday.
     Confidential Submissions--To submit a comment with
confidential information that you do not wish to be made publicly
available, submit your comments only as a written/paper submission. You
should submit two copies total. One copy will include the information
you claim to be confidential with a heading or cover note that states
``THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.'' The Agency will
review this copy, including the claimed confidential information, in
its consideration of comments. The second copy, which will have the
claimed confidential information redacted/blacked out, will be
available for public viewing and posted on https://www.regulations.gov.
Submit both copies to the Dockets Management Staff. If you do not wish
your name and contact information to be made publicly available, you
can provide this information on the cover sheet and not in the body of
your comments and you must identify this information as
``confidential.'' Any information marked as ``confidential'' will not
be disclosed except in accordance with 21 CFR 10.20 and other
applicable disclosure law. For more information about FDA's posting of
comments to public dockets, see 80 FR 56469, September 18, 2015, or
access the information at: https://www.gpo.gov/fdsys/pkg/FR-2015-09-18/pdf/2015-23389.pdf.
    Docket: For access to the docket to read background documents or
the electronic and written/paper comments received, go to https://www.regulations.gov and insert the docket number, found in brackets in
the heading of this document, into the ``Search'' box and follow the
prompts and/or go to the Dockets Management Staff, 5630 Fishers Lane,
Rm. 1061, Rockville, MD 20852.

FOR FURTHER INFORMATION CONTACT: Katherine Schumann, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Ave., Bldg. 22, Rm. 6242, Silver Spring, MD 20993-0002, 301-
796-1182 or [email protected].

SUPPLEMENTARY INFORMATION:

I. Background

    Antimicrobial susceptibility testing is used to determine if
certain microorganisms that are isolated from a patient with an
infection are likely to be killed or inhibited by a particular
antimicrobial drug at the concentrations of the drug that are
attainable at the site of infection. Historically, susceptibility test
interpretive criteria has been contained in the Microbiology subsection
of antimicrobial drug labeling, and there have been significant
challenges associated with ensuring that this information is up-to-date
for individual antimicrobial drug labels. For some time, FDA and other
stakeholders have recognized that susceptibility test interpretive
criteria standards established by nationally or internationally
recognized SDOs can be useful sources of information to identify and
update susceptibility test interpretive criteria.
    Section 511A of the FD&C Act (21 U.S.C. 360a) was added by section
3044 of the Cures Act (Pub. L. 114-255), which was signed into law on
December 13, 2016. This provision clarifies FDA's authority to identify
and efficiently update susceptibility test interpretive criteria,
including through the recognition by FDA of standards established by
SDOs. It also clarifies that sponsors of antimicrobial susceptibility
testing devices may rely upon listed susceptibility test interpretive
criteria to support premarket authorization of their devices, provided
they meet certain conditions, which provides for a more streamlined
process for incorporating up-to-date information into such devices.
    Section 511A of the FD&C Act requires FDA to establish within 1
year after the date of enactment of the Cures Act an interpretive
criteria Web site containing a list of FDA-recognized susceptibility
test interpretive criteria standards, as well as other susceptibility
test interpretive criteria identified by FDA. The list of standards
consists of new or updated susceptibility test interpretive criteria
standards with respect to legally marketed antimicrobial drugs that
have been: (1) Established by nationally or internationally recognized
SDOs that meet the requirements under section 511A(b)(2)(A)(i) of the
FD&C Act and (2) recognized, in whole or in part, by FDA, pursuant to
section 511A(c) of the FD&C Act.
    Section 511A(b)(2)(A)(i) of the FD&C Act requires that in order for
FDA to recognize, in whole or in part, new or updated susceptibility
test interpretive criteria standards established by an SDO, the SDO
must: (1) Be a nationally or internationally recognized SDO that
establishes and maintains procedures to address potential conflicts of
interest and ensure transparent decision making; (2) hold meetings to
ensure that there is an opportunity for public input by interested
parties, and establishes and maintains processes to ensure that such
input is considered in decision making; and (3) permit its standards to
be made publicly available, through the National Library of Medicine or
a similar source acceptable to the Secretary of Health and Human
Services.

II. Issues for Consideration and Request for Information

    FDA is currently identifying SDOs that meet the requirements under
section 511A(b)(2)(A)(i) of the FD&C Act and invites submission of
information relevant to this task. FDA is particularly interested in
publicly available information illustrating how an SDO has national or
international recognition, information illustrating an SDO's
established and maintained procedures on how the SDO addresses
potential conflicts of interest and ensures transparent decision-
making, information illustrating that an SDO holds open meetings and
has established and maintained processes to ensure that public input by
interested parties is considered in decision-making, and information
illustrating that an SDO's standards are made publicly available
through the National

Institutes of Health/National Library of Medicine or a similar source.
When providing this information, please provide weblinks to where this
information is publicly available. This information may assist in FDA's
determination of which SDOs may fulfill the statutory requirements.

    Dated: October 25, 2017.
Lauren Silvis,
Chief of Staff.
[FR Doc. 2017-23519 Filed 10-27-17; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register: December 29, 2008 (Volume 73, Number 249)]
[Notices]
[Page 79535-79536]
[DOCID:fr29de08-106]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59118; File No. SR-NYSE-2008-129]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Establish the Minimum Price Variation of $0.01 for Orders and
Quotations in Bonds Admitted to Dealings on NYSE

December 18, 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 December 16, 2008, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') 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
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

    The Exchange proposes to amend Exchange Rule 86 (NYSE Bonds \SM\)
to establish the minimum price variation of $0.01 for orders and
quotations in bonds admitted to dealings on NYSE.

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

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

1. Purpose
    The Exchange seeks to amend Exchange Rule 86 (NYSE Bonds \SM\) to
establish the minimum price variation of $0.01 for orders and
quotations in bonds admitted to dealings through the NYSE Bond System.
    NYSE Bonds is the Exchange's electronic system for receiving,
processing, executing and reporting bids, offers and executions in
bonds. Rule 86 (NYSE Bonds \SM\) prescribes how bonds are traded
through the NYSE Bonds trading platform, including the receipt,
execution and reporting of bond transactions. Rule 86 was approved by
the Commission in March 2007.\3\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 55496 (March 20,
2007), 72 FR 14631 (March 28, 2007) (approving SR-NYSE-2006-37).
---------------------------------------------------------------------------

    Rule 86(f) provides that NYSE Bonds will accept bids and offers in
bonds priced to three decimal places. The Exchange proposes to amend
Rule 86(f) to provide that NYSE Bonds will accept bids and offers in
bonds price to two decimal places.
    The Exchange believes this change will place its bond trading on a
more competitive basis with how bonds are traded in other systems.
Since the implementation of the new trading system for NYSE bonds, the
Exchange has sought to increase the liquidity on its bond trading
system. The Exchange believes that some of its potential liquidity
providers, e.g., retail customers, have been reluctant to place orders
representing such liquidity when there is a high possibility that their
orders can be ``stepped ahead'' by other orders that ``improve'' the
price by a sub-penny. To address this, the Exchange believes that a two
decimal minimum price variation will act to level the playing field
among its bond customers, and serve to make the Exchange bond market
more attractive to a retail customer base.
    The Exchange notes that parallel changes are proposed to be made to
the rules of the NYSE Alternext Exchange (formerly the American Stock
Exchange). These changes are described in SR-NYSEALTR-2008-13.\4\
---------------------------------------------------------------------------

    \4\ See SR-NYSEALTR 2008-13 (formally submitted on December 16,
2008).
---------------------------------------------------------------------------

2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (the ``Act'')
\5\ for this proposed rule change is the requirement under Section
6(b)(5) \6\ that an Exchange have rules that are designed to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, 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. The proposed rule change
also is designed to support the principles of Section 11A(a)(1) \7\ in
that it seeks to assure economically efficient execution of securities
transactions, make it practicable for brokers to execute investors'
orders in the best market and provide an opportunity for investors'
orders to be executed without the participation of a dealer. As
outlined above, the Exchange believes that the instant proposal is in
keeping with these principles in that it seeks to amend NYSE Rule 86 to
place its bond trading system on a more competitive basis with other
markets trading bonds.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78a.
    \6\ 15 U.S.C. 78f(b)(5).
    \7\ 15 U.S.C. 78k-1(a)(1).
---------------------------------------------------------------------------

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

    No written comments were either solicited or received with respect
to the proposed rule change.

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

    The Exchange represented that the proposed rule change qualifies
for immediate effectiveness pursuant to Section 19(b)(3)(A) of the Act
\8\ and Rule 19b-4(f)(6) thereunder \9\ because it: (i) Does not
significantly affect the protection of investors or the public
interest; (ii) does not impose any significant burden on competition;
and (iii) by its terms, does not become operative for 30 days from the
date on which it was filed, or such shorter time as the Commission may
designate if

consistent with the protection of investors and the public
interest.\10\
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ In addition, Rule 19b-4(f)(6)(iii) requires a self-
regulatory organization to give the Commission written notice of its
intent to file the proposed rule change at least five business days
prior to the date of filing of the proposed rule change, or such
shorter time as designated by the Commission. The Commission has
determined to waive the five-day pre-filing notice requirement in
this case.
---------------------------------------------------------------------------

    The Exchange has requested that the Commission waive the 30-day
operative delay, so that the proposed rule change may become operative
upon filing. The Commission hereby grants the Exchange's request and
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest.\11\ As a result of
this action, the Exchange will be able to implement without undue delay
a proposed rule change that reduces the likelihood of quotations or
orders on NYSE Bonds from being stepped ahead of by an insignificant
amount. Accordingly, the Commission designates the proposed rule change
operative upon filing with the Commission.
---------------------------------------------------------------------------

    \11\ For the purposes only of waiving the 30-day operative
delay, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.

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-NYSE-2008-129 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2008-129. 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, 100 F Street, NE.,
Washington, DC 20549, 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-NYSE-2008-129 and should be
submitted on or before January 20, 2009.

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

    \12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-30789 Filed 12-24-08; 8:45 am]

BILLING CODE 8011-01-P