[Federal Register Volume 83, Number 3 (Thursday, January 4, 2018)]
[Rules and Regulations]
[Pages 468-469]
[FR Doc No: 2017-28466]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

18 CFR Part 381

[Docket No. RM18-3-000]

Annual Update of Filing Fees

AGENCY: Federal Energy Regulatory Commission, DOE.

ACTION:  Final rule; annual update of Commission filing fees.

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SUMMARY: In accordance with the Commission regulations, the Commission
issues this update of its filing fees. This notice provides the yearly
update using data in the Commission's Financial System to calculate the
new fees. The purpose of updating is to adjust the fees on the basis of
the Commission's costs for Fiscal Year 2017.

DATES: Effective Date: February 5, 2018.

FOR FURTHER INFORMATION CONTACT:  Vu-Hang Nguyen, Office of the
Executive Director, Federal Energy Regulatory Commission, 888 First
Street NE, Room 42-65, Washington, DC 20426,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:
    Document Availability: 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 FERC's Home Page (http://www.ferc.gov) and in FERC's Public Reference Room during normal
business hours (8:30 a.m. to 5:00 p.m. Eastern time) at 888 First
Street NE, Room 2A, Washington, DC 20426.
    From FERC's website on the internet, this information is available
in the eLibrary. The full text of this document is available on
eLibrary in PDF and Microsoft Word format for viewing, printing, and/or
downloading. To access this document in eLibrary, type the docket
number excluding the last three digits of this document in the docket
number field and follow other directions on the search page.
    User assistance is available for eLibrary and other aspects of
FERC's website during normal business hours. For assistance, contact
FERC Online Support at [email protected] or toll free at (866)
208-3676, or for TTY, contact<PHONE_NUMBER>.

Annual Update of Filing Fees

(Issued December 28, 2017)

    The Federal Energy Regulatory Commission (Commission) is issuing
this notice to update filing fees that the Commission assesses for
specific services and benefits provided to identifiable beneficiaries.
Pursuant to 18 CFR 381.104, the Commission is establishing updated fees
on the basis of the Commission's Fiscal Year 2017 costs. The adjusted
fees announced in this notice are effective February 5, 2018. The
Commission has determined, with the concurrence of the Administrator of
the Office of Information and Regulatory Affairs of the Office of
Management and Budget, that this final rule is not a major rule within
the meaning of section 251 of Subtitle E of Small Business Regulatory
Enforcement Fairness Act, 5 U.S.C. 804(2). The Commission is submitting
this final rule to both houses of the United States Congress and to the
Comptroller General of the United States.
    The new fee schedule is as follows:

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              Fees Applicable to the Natural Gas Policy Act
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1. Petitions for rate approval pursuant to 18 CFR                $13,500
 284.123(b)(2). (18 CFR 381.403)........................
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                  Fees Applicable to General Activities
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1. Petition for issuance of a declaratory order (except           27,130
 under Part I of the Federal Power Act). (18 CFR
 381.302(a))............................................
2. Review of a Department of Energy remedial order:
    Amount in controversy
        $0-9,999. (18 CFR 381.303(b))...................             100
        $10,000-29,999. (18 CFR 381.303(b)).............             600
        $30,000 or more. (18 CFR 381.303(a))............          39,610
3. Review of a Department of Energy denial of
 adjustment:
    Amount in controversy
        $0-9,999. (18 CFR 381.304(b))...................             100
        $10,000-29,999. (18 CFR 381.304(b)).............             600
        $30,000 or more. (18 CFR 381.304(a))............          20,770
4. Written legal interpretations by the Office of                  7,780
 General Counsel. (18 CFR 381.305(a))...................
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                Fees Applicable to Natural Gas Pipelines
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1. Pipeline certificate applications pursuant to 18 CFR          * 1,000
 284.224. (18 CFR 381.207(b))...........................
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        Fees Applicable to Cogenerators and Small Power Producers
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1. Certification of qualifying status as a small power            23,330
 production facility. (18 CFR 381.505(a))...............
2. Certification of qualifying status as a cogeneration           26,410
 facility. (18 CFR 381.505(a))..........................
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* This fee has not been changed.

List of Subjects in 18 CFR Part 381

    Electric power plants, Electric utilities, Natural gas, reporting
and recordkeeping requirements.

Anton C. Porter,
Executive Director.
    In consideration of the foregoing, the Commission amends Part 381,
Chapter I, Title 18, Code of Federal Regulations, as set forth below.

PART 381--FEES

0
1. The authority citation for Part 381 continues to read as follows:

    Authority:  15 U.S.C. 717-717w; 16 U.S.C. 791-828c, 2601-2645;
31 U.S.C. 9701; 42 U.S.C. 7101-7352; 49 U.S.C. 60502; 49 App. U.S.C.
1-85.

Sec.  381.302   [Amended]

0
2. In 381.302, paragraph (a) is amended by removing ``$25,640'' and
adding ``$27,130'' in its place.

Sec.  381.303   [Amended]

0
3. In 381.303, paragraph (a) is amended by removing ``$37,430'' and
adding ``$39,610'' in its place.

Sec.  381.304  [Amended]

0
4. In 381.304, paragraph (a) is amended by removing ``$19,630'' and
adding ``$20,770'' in its place.

Sec.  381.305   [Amended]

0
5. In 381.305, paragraph (a) is amended by removing ``$7,350'' and
adding ``$7,780'' in its place.

Sec.  381.403   [Amended]

0
6. Section 381.403 is amended by removing ``$12,760'' and adding
``$13,500'' in its place.

Sec.  381.505   [Amended]

0
7. In 381.505, paragraph (a) is amended by removing ``$22,050'' and
adding ``$23,330'' in its place and by removing ``$24,960'' and adding
``$26,410'' in its place.

[FR Doc. 2017-28466 Filed 1-3-18; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register: December 28, 2007 (Volume 72, Number 248)]
[Notices]
[Page 73913-73918]
[DOCID:fr28de07-182]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56993; File No. SR-CBOE-2007-104]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing of a Proposed Rule Change and Amendment
No. 1 Thereto to List and Trade Range Options

December 19, 2007.
    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 September 6, 2007, the Chicago Board Options Exchange, Incorporated
(the ``CBOE'' or ``Exchange'') filed with the Securities and Exchange
Commission (the ``SEC'' or ``Commission'') the proposed rule change as
described in Items I, II, and III below, which Items have been
substantially prepared by the Exchange. CBOE filed Amendment No. 1 to
the proposed rule change on December 3, 2007.\3\ The Commission is

publishing this notice to solicit comments on the proposed rule change,
as amended, from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 replaces the original filing in its
entirety. The purpose of Amendment No. 1 is to: (i) revise the
proposed changes to CBOE Rule 12.3, Margin Requirements, to specify
initial and/or maintenance margin requirements for margin and cash
accounts and to conform the proposed rule text to existing rule text
for other products; (ii) revise the proposed definitions of ``Range
Interval,'' ``Low Range and Low Range Exercise Value,'' ``High Range
and High Range Exercise Value,'' ``Exercise Settlement Amount,'' and
to add a new proposed definition of ``exercise price;'' (iii) revise
proposed CBOE Rule 20.3 to state specifically that Range Options are
a separate class from other options overlying the same index; (iv)
revise proposed CBOE Rules 20.6, Position Limits, and 20.7, Reports
Related Position Limits and Liquidation of Positions, to provide
that Range Options will be aggregated with other option contracts on
the same underlying index, including other classes of Range Options
overlying the same index, for position limit purposes; (v) revise
proposed CBOE Rule 20.11 to reference certain rules of The Options
Clearing Corporation (``OCC''); (vi) add new proposed CBOE Rule
20.12 to provide that, for purposes of Range Options, reference in
the Exchange Rules to the ``appropriate committee'' shall be read to
be the ``Exchange;'' (vii) provide additional information regarding
FLEX options; (viii) delete footnote 2 from the original proposed
rule change, because the proposal referenced therein, SR-CBOE-2006-
99, is now effective (See Securities Exchange Act Release No. 56792
(November 15, 2007), 72 FR 65776 (November 23, 2007)); and (ix) make
conforming changes, clarifications and corrections in the
``Purpose'' section of the filing.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its rules to provide for the listing
and trading of Range Options that may overlie any index that is
eligible for options trading on the Exchange.\4\ The text of the
proposed rule change is available at CBOE, the Commission's Public
Reference Room, and http://www.cboe.org.legal.

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    \4\ Range Options are European-style, cash settled options that
have a payout if the settlement value of the underlying index falls
within the specified Range Length at expiration. The term ``Range
Length'' is defined in proposed CBOE Rule 20.1(c).
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

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

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

1. Purpose
    The Exchange states that the purpose of the proposed rule change is
to enable the initial and continued listing and trading on the Exchange
of Range Options that overlie any index eligible for options trading on
the Exchange. Range Options are European-style options that have a
positive payout if the settlement value of the underlying index falls
within the specified Range Length at expiration. Range Options will be
based on the same framework as existing options that are traded on the
Exchange. However, the maximum payout amount will be capped (as
specified by the Exchange at listing) and the specific exercise
settlement amount may vary based on where on the Range Length the
settlement value of the underlying index value falls.

The Payout Structure of Range Options

    The universe of possible payout amounts for Range Options resembles
the shape of an isosceles trapezoid spread over a range of index values
or the ``Range Length.'' The Range Length, or the bottom parallel (and
longer) line of the trapezoid, defines the entire length of index
values for which the option pays a positive amount if the settlement
value of the underlying index falls within the specific Range Length.
In other words, the Range Length equals the total span between two
underlying index values, as set by the Exchange at listing, that is
used to determine whether a Range Option is in or out of the money at
expiration.
    The Range Length is comprised of three segments that are defined by
the ``Range Interval,'' which is a value that the Exchange will specify
at listing and the minimum Range Interval will be at least 5 index
points. Using the isosceles trapezoid diagram below, the ``Range
Interval,'' defines congruent triangles on opposite sides of the
trapezoid, which have base angles of equal degrees and equal base
lengths.
    The first triangle at the start of the Range Length defines the
``Low Range'' for the Range Option and if the settlement value of the
underlying index value falls in the Low Range (the ``Low Range Exercise
Value''), the option will pay an amount that increases as the index
value increases within the Low Range. To determine the exercise
settlement amount if the settlement value of the index falls within the
Low Range, the Low Range Exercise Value will be multiplied by the
contract multiplier, set by the Exchange at listing.
    The second triangle at the end of the Range Length defines the
``High Range'' for the Range Option and if the settlement value of the
underlying index falls in the High Range, the option will pay an amount
that decreases as the index value increases within the High Range
(``High Range Exercise Value''). To determine the exercise settlement
amount if the settlement value of index falls within the High Range,
the High Range Exercise Value will be multiplied by the contract
multiplier, set by the Exchange at listing. Lastly, the Low Range and
High Range are segments of equal lengths at opposite ends on the Range
Length and if the settlement value of the underlying index falls at the
starting value of the Low Range, at the ending value of the High Range
or outside of either the Low Range or the High Range, the option will
pay $0.
[GRAPHIC] [TIFF OMITTED] TN28DE07.005

    The third segment of the Range Option is defined as the ``Middle
Range,'' and its length is equal to the Range Length minus twice the
Range Interval, or as illustrated in the above diagram, its length is
equal to the length of the top parallel (and shorter) line of the
trapezoid. If the settlement value of the underlying index falls
anywhere within the Middle Range at expiration, the payout is a fixed
amount (set by the Exchange at listing) and does not vary depending on
where in the Middle Range the index value falls. Also, if the index
value falls in the Middle Range, this will be the highest amount that
can be paid out for a Range Option and is defined as the ``Maximum
Range Exercise Value.'' To determine the exercise settlement amount if
the settlement value of the index falls anywhere within the Middle
Range, the Maximum Range Exercise Value will be multiplied by the
contract multiplier, set by the Exchange at listing.
    Unlike other options, Range Options will only be of a single type,
and there will not be traditional calls and puts. Also, the exercise or
``strike'' price for Range Options will be the Range Length that, akin
to a regular strike price, will be used to determine if the Range
Option is in or out of the money. When applicable, the ``strike price''
for a Range Option (i.e., the Range Length) will be used to determine
the degree that the option is in-the-money (capped at the Maximum Range
Exercise Value) if the settlement value of the underlying index falls
within either the High or Low Range of the Range Length.

Determination and Example of Exercise Values

    The examples and diagrams below demonstrate the variations of
payout amounts for Range Options. Assume the Exchange identifies the
S&P 500 Index (``SPX'') as the underlying index and defines the Range
Length as between 1340 and 1410. Also assume that the Exchange sets the
Range Interval at 10 index points and the Maximum Range Exercise Value
at 10 and the contract multiplier as $100.

Payout if Closing Value of Underling Index Falls in Low or High Ranges

    Example 1: If, at expiration, the underlying index value falls in
either the Low Range or the High Range, the payout will be determined
based on where the settlement value falls within the respective range.
If the settlement value falls within the Low Range, the Low Range
Exercise Value will equal a value that falls within a progressive
upward slope that ends at the beginning of the Middle Range. For
example, if the settlement value of the SPX is 1342, the exercise
settlement amount would be $200 ($100 x 2) or if the settlement value
of the SPX is 1347, the exercise settlement would be $700 ($100 x 7).
If at expiration, the settlement value of the SPX is 1340 or lower, the
option would expire worthless.
[GRAPHIC] [TIFF OMITTED] TN28DE07.006

    Example 2: If the settlement value falls within the High Range, the
High Range Exercise Value will equal a value that falls within a
regressive downward slope that starts at the end of the Middle Range.
For example, if the settlement value of the SPX is 1402, the exercise
settlement amount would be $800 ($100 x 8) or if the settlement value
of the SPX is 1406, the exercise settlement would be $400 ($100 x 4).
If at expiration, the settlement value of the SPX is 1410 or higher,
the option would expire worthless.
[GRAPHIC] [TIFF OMITTED] TN28DE07.007

Maximum, Fixed Payout if Underlying Index Value Falls in Middle Range

    Example 3: If at expiration, the settlement value of the SPX is
1351, the option holder would be entitled to receive and the writer
would be obligated to pay $1,000 ($100 x 10) and if the settlement
value of the SPX is 1375, the exercise settlement amount would also be
$1,000. This is because if the settlement value of the SPX falls
anywhere within the Middle Range at expiration, the payout is a fixed
amount (Maximum Range Exercise Value times the contract multiplier) and
does not vary depending on where in the Middle Range the SPX value
falls.

[GRAPHIC] [TIFF OMITTED] TN28DE07.008

Benefits of Range Options

    The Exchange believes that the introduction of Range Options will
provide advantages to the investing public that are not provided for by
other index options. First, the Exchange believes that Range Options
offer investors a relatively low risk security where the risk reduction
results from knowing the maximum risk exposure when the contract is
written. While there may be variations in the exercise settlement
amount, the maximum exercise settlement amount is set at listing and
the maximum risk therefore is limited and known at listing. Second,
Range Options are structured similar to two-sided European binary
options that provide additional flexibility because the option pays a
reduced amount if the underlying index settles outside the main range
covered by the option.

Proposed New Rules

    To accommodate the introduction of Range Options, the Exchange
proposes to adopt new Chapter XX to its rules and to make amendments to
existing CBOE Rules 6.1, Days and Hours of Business, and 12.3, Margin
Requirements. An introductory paragraph to Chapter XX will explain that
the proposed rules in the proposed Chapter are applicable only to Range
Options. Trading in Range Options will also be subject to the rules in
Chapter I through XIX, XXIV, XXIVA and XXIVB, in some cases
supplemented by the proposed rules in the Chapter, except for existing
rules that will be replaced by the proposed rules in the Chapter and
except where the context otherwise requires. As proposed, the majority
of the rules governing index options will equally apply to Range
Options. Those new proposed rules and those proposed amendments to
existing rules pertaining to Range Options are described below.
    (a) Definitions (Proposed CBOE Rule 20.1).
    Proposed Chapter XX includes new definitions applicable to Range
Options in CBOE Rule 20.1. In particular, the terms ``Range Option,''
``settlement value,'' ``Range Length,'' ``Range Interval,'' ``Low Range
and Low Range Exercise Value,'' ``High Range and High Range Exercise
Value,'' ``Middle Range and Maximum Range Exercise Value,'' ``contract
multiplier,'' ``exercise settlement amount,'' and ``exercise price''
are proposed to be defined.
    (b) Days and Hours of Business (Proposed CBOE Rule 20.2 and
Amendment to CBOE Rule 6.1).
    Proposed CBOE Rule 20.2 and an amendment to CBOE Rule 6.1, Days and
Hours of Business Days and Hours of Business, provide that transactions
in Range Options may be effected during normal Exchange option trading
hours for other options on the same index.
    (c) Designation of Range Option Contracts and Maintenance Listing
Standards (Proposed CBOE Rules 20.3 and 20.4).
    Proposed CBOE Rule 20.3 provides that the Exchange may from time to
time approve for listing and trading on the Exchange Range Option
contracts that overlie any index that is eligible for options trading
on the Exchange. Range Options will be a separate class from other
options overlying the same index. The Exchange may add new series of
Range Options of the same class (i.e., overlying the same index) as
provided for by the rules governing options on the same underlying
index. Additional series of Range Options may be opened for trading on
the Exchange when the Exchange deems it necessary to maintain an
orderly market or to meet customer demand. The opening of a new series
of Range Options on the Exchange will not affect any other series of
options of the same class previously opened.
    Proposed CBOE Rule 20.4 provides that the maintenance listing
standards with respect to options on indexes set forth in CBOE Rule
24.2 and the Interpretations and Policies thereunder will be applicable
to Range Options on indexes. CBOE Rule 24.2, Designation of the Index,
sets forth initial and maintenance listing criteria for index options.
    (d) Limitation of Liability of Exchange and of Reporting Authority
(Proposed CBOE Rule 20.5).
    Proposed CBOE Rule 20.5 provides that CBOE Rule 6.7, Exchange
Liability, will be applicable in respect of any class of Range Options
and that CBOE Rule 24.14, Disclaimers, will be applicable in respect of
any reporting authority that is the source of values of any index
underlying any class of Range Options.
    (e) Position Limits, Reporting Relating to Position Limits and
Liquidation of Positions and Exercise Limits (Proposed CBOE Rules 20.6-
20.8).
    Proposed CBOE Rule 20.6 provides that in determining compliance
with CBOE Rules 4.11, Position Limits, 24.4, Position Limits for Broad-
Based Index Options, 24.4A, Position Limits for Industry Index Options,
and 24.4B, Position Limits for Options on Micro Narrow-Based Indexes as
Defined Under Rule 24.2(d), cash-settled Range Options will have a
position limit equal to those for options on the same underlying index.
In determining compliance with the applicable position limits, Range
Options shall be aggregated with other option contracts on the same
underlying index, including other classes of Range Options overlying
the same index.
    Proposed CBOE Rule 20.7 provides that Range Options will be subject
to the same reporting and other requirements triggered for options on
the same underlying index. In computing reportable Range Options, Range
Options will be aggregated with other option contracts on the same
underlying index, including other classes of Range Options overlying
the same index.
    Proposed CBOE Rule 20.8 provides that exercise limits for Range
Options will be the same as those for other options on the same
underlying index. To illustrate, CBOE Rule 24.4 provides that the
standard position limit for options on the CBOE Russell 2000 Volatility
Index (``RVX'') is 50,000 contracts, and the near-term position

limit is 30,000 contracts. Therefore, the standard position limit for
Range Options overlying the RVX would also be 50,000 contracts, and the
near-term position limit would be 30,000 contracts. The 30,000 contract
near-term position limit would also be the applicable exercise limit
for Range Options on the RVX.\5\
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    \5\ See CBOE Rule 24.5, Exercise Limits, which provides, inter
alia, that in determining compliance with CBOE Rule 4.12, exercise
limits for index option contracts shall be applicable to the
position limits prescribed for option contracts with the nearest
expiration date in CBOE Rules 24.4 or 24.4A.
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    For the purpose of determining compliance with the above limits,
Range Options on the RVX would be aggregated with all other options on
the RVX, including all series of Range Options on the RVX. This same
aggregation would also be utilized to calculate the reporting
requirements set forth in CBOE Rule 4.13, Reports Related to Position
Limits.\6\
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    \6\ CBOE Rule 4.13 sets forth the general reporting requirement
for customer accounts that maintain a position in excess of 200
contracts (long or short) in any single class of option contracts.
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    (f) Determination of Settlement Value of the Underlying Index
(Proposed CBOE Rule 20.9).
    Proposed CBOE Rule 20.9 provides that Range Options that are ``in-
the-money,'' or ``out-of-the-money'' are a function of the settlement
value of the underlying index and whether at expiration the settlement
values falls within or outside of the Range Length.
    (g) Premium Bids and Offers; Minimum Increments (Proposed CBOE Rule
20.10).
    Proposed CBOE Rule 20.10 provides that all bids or offers made for
Range Option contracts will be deemed to be for one contract unless a
specific number of option contracts is expressed in the bid or offer. A
bid or offer for more than one option contract, which is not made all-
or-none, will be deemed to be for that amount or any lesser number of
option contracts. An all-or-none bid or offer will be deemed to be made
only for the amount stated. Proposed CBOE Rule 20.10 also provides that
all bids or offers made for Range Option contracts will be governed by
the CBOE Rule 24.8, Meaning of Premium Bids and Offers, as that rule
applies to index options.
    (h) Exercise of Range Options (Proposed CBOE Rule 20.11).
    Proposed CBOE Rule 20.11 provides that Range Options will be
exercised at expiration if the settlement value of the underlying index
falls within the Range Length, and that Range Options shall be subject
to the exercise by exception processing procedures set forth in OCC
Rules 805 and 1804. OCC Rules 805 and 1804 contain provisions which,
inter alia, permit option holders to give instructions to not exercise
an option contract.
    (i) Exchange Authority (Proposed CBOE Rule 20.12).
    Proposed CBOE Rule 20.12 provides that for purposes of Range
Options, references in the Exchange Rules to the appropriate committee
shall be read to be the Exchange.\7\ The Exchange is proposing this
provision because it may determine to assign the applicable authorities
with respect to Range Options to committees and/or Exchange staff. This
provision will provide the Exchange with flexibility to delegate the
authorities under the rules with respect to Range Options to an
appropriate committee or appropriate Exchange staff and will not have
to make a rule change merely to accommodate the reassignment of such
authority. For example, the Exchange may determine to delegate the
authority to determine the applicable opening parameter settings to the
Office of the Chairman.
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    \7\ Thus, for example, references to determinations regarding
the applicable opening parameter settings established by the
``appropriate Procedure Committee'' in CBOE Rule 6.2B, Hybrid
Opening System (``HOSS''), shall be read to be by the ``Exchange.''
See e.g., Securities Exchange Act Release No. 55919 (June 18, 2007),
72 FR 34495 (June 22, 2007) (rule change providing, inter alia, that
for purposes of Credit Options, references in the Exchange Rules to
the appropriate committee shall be read to be the Exchange.).
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    (j) FLEX Trading (Proposed CBOE Rule 20.13).
    Proposed CBOE Rule 20.13 provides that Range Options will be
eligible for trading as Flexible Exchange Options as provided for in
Chapter XXIVA and XXIVB.\8\ For purposes of CBOE Rules 24A.4 and 24B.4,
the parties will designate the Range Length, Range Interval and Maximum
Exercise Value. CBOE Rules 24A.9 and 24B.9, regarding the minimum quote
width, will not apply to Range Options.
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    \8\ FLexible Exchange[supreg] Options (FLEX Options) are
customized equity or index option contracts that provide investors
with the ability to customize key contract terms, like exercise
prices, exercise styles and expiration dates. More information about
FLEX options may be found at: http://www.cboe.com/institutional/IndexFlex.aspx
.

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    (k) Margin (Proposed Amendment to CBOE Rule 12.3).
    The Exchange is proposing to amend CBOE Rule 12.3, Margin
Requirements, to include requirements applicable to Range Options.\9\
Under the proposed requirements, for a margin account, no Range Option
carried for a customer will be considered of any value for purposes of
computing the margin requirement in the account of such customer and
each Range Option carried for a customer will be margined separately.
The initial and maintenance margin required on any Range Option carried
long in a customer's account will be 100% of the purchase price of such
Range Option. The initial and maintenance margin required on any Range
Option carried short in a customer's account will be the Maximum Range
Exercise Value times the contract multiplier.
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    \9\ The Exchange is proposing the addition of new subparagraph
(n) to CBOE Rule 12.3 for Range Options and is proposing to reserve
subparagraph (m). The Exchange is seeking to reserve subparagraph
(m) because the Exchange previously proposed to use that paragraph
to codify margin requirements for a product that is the subject of a
pending rule filing. See SR-CBOE-2006-105 (proposal to list and
trade binary options on broad based indexes).
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    For a cash account, a Range Option carried short in a customer's
account will be deemed a covered position, and eligible for the cash
account if either one of the following is held in the account at the
time the option is written or is received into the account promptly
thereafter: (i) Cash or cash equivalents equal to 100% of the Maximum
Range Exercise Value times the contract multiplier; or (ii) an escrow
agreement. The escrow agreement must certify that the bank holds for
the account of the customer as security for the agreement: (A) cash,
(B) cash equivalents, (C) one or more qualified equity securities, or
(D) a combination thereof having an aggregate market value of not less
than 100% of the Maximum Range Exercise Value times the contract
multiplier and that the bank will promptly pay the member organization
the cash settlement amount in the event the account is assigned an
exercise notice.
    The Exchange believes that these proposed levels are appropriate
because risk exposure is limited with Range Options and the proposed
customer initial and maintenance margin is equal to the maximum risk
exposure.\10\
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    \10\ In accordance with CBOE Rule 12.10, Margin Required is
Minimum, the Exchange has the ability to determine at any time to
impose higher margin requirements than those described above in
respect of any Range Option position when it deems such higher
margin requirements are appropriate.
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    (l) Options Disclosure Document.
    In order to accommodate the listing and trading of Range Options,
it is expected that OCC will amend its By-Laws and Rules to reflect the
different structure of Range Options. In addition, it is expected that
OCC will seek a revision to the Options Disclosure Document (``ODD'')
to incorporate Range Options.
    (m) Systems Capacity.
    The Exchange represents that it believes the Exchange and the
Options Price Reporting Authority have the

necessary systems capacity to handle the additional traffic associated
with the listing and trading of Range Options as proposed herein. The
Exchange does not anticipate that there will be any additional quote
mitigation strategy necessary to accommodate the trading of Range
Options.
    (n) Surveillance Program.
    The Exchange represents that it will have in place adequate
surveillance procedures to monitor trading in Range Options prior to
listing and trading such options, thereby helping to ensure the
maintenance of a fair and orderly market for trading in Range Options.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations under the Act applicable to a
national securities exchange and, in particular, the requirements of
section 6(b) of the Act. Specifically, the Exchange believes the
proposed rule change is consistent with the section 6(b)(5) Act \11\
requirements that the rules of an exchange be designed to promote just
and equitable principles of trade, to prevent fraudulent and
manipulative acts, to remove impediments to and to perfect the
mechanism for a free and open market and a national market system, and,
in general, to protect investors and the public interest.
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    \11\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    CBOE believes that the proposed rule change will not 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 solicited or received with respect to the
proposed rule change.

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

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-CBOE-2007-104 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-CBOE-2007-104. 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-CBOE-2007-104 and should be
submitted on or before January 18, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-25181 Filed 12-27-07; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 71 (Wednesday, April 13, 2016)]
[Notices]
[Page 21858]
[FR Doc No: 2016-08476]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2829-000]

City of Loveland, Co; Notice of Authorization for Continued
Project Operation

    The Loveland Hydroelectric Project is located in Larimer County,
Colorado on the Big Thompson River.
    The license for Project No. 2829 was issued for a period ending
March 8, 2016. Section 15(a) (1) of the FPA, 16 U.S.C. 808(a)(1),
requires the Commission, at the expiration of a license term, to issue
from year-to-year an annual license to the then licensee under the
terms and conditions of the prior license until a new license is
issued, or the project is otherwise disposed of as provided in section
15 or any other applicable section of the FPA. If the project's prior
license waived the applicability of section 15 of the FPA, then, based
on section 9(b) of the Administrative Procedure Act, 5 U.S.C. 558(c),
and as set forth at 18 CFR 16.21(a), if the licensee of such project
has filed an application for a subsequent license, the licensee may
continue to operate the project in accordance with the terms and
conditions of the license after the minor or minor part license
expires, until the Commission acts on its application. If the licensee
of such a project has not filed an application for a subsequent
license, then it may be required, pursuant to 18 CFR 16.21(b), to
continue project operations until the Commission issues someone else a
license for the project or otherwise orders disposition of the project.
    If the project is subject to section 15 of the FPA, notice is
hereby given that an annual license for Project No. 2829 is issued to
the licensee for a period effective March 9, 2016 through March 8, 2017
or until the issuance of a new license for the project or other
disposition under the FPA, whichever comes first. If issuance of a new
license (or other disposition) does not take place on or before March
8, 2017, notice is hereby given that, pursuant to 18 CFR 16.18(c), an
annual license under section 15(a)(1) of the FPA is renewed
automatically without further order or notice by the Commission, unless
the Commission orders otherwise.\1\
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    \1\ On November 12, 2014, City of Loveland, Colorado filed an
application to surrender its license due to severe damage to the
powerhouse and other project features as a result of flooding in
September of 2013. The surrender application is currently pending.
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    If the project is not subject to section 15 of the FPA, notice is
hereby given that the licensee, City of Loveland, Colorado, is
authorized to continue operation of the Loveland Hydroelectric Project,
until such time as the Commission acts on its application to surrender
its license.

    Dated: April 7, 2016.
Kimberly D. Bose,
Secretary.
[FR Doc. 2016-08476 Filed 4-12-16; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 60 (Friday, March 28, 2014)]
[Notices]
[Pages 17523-17524]
[FR Doc No: 2014-06874]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP14-100-000]

National Fuel Gas Supply Corporation; Notice of Application

    Take notice that on March 7, 2014, National Fuel Gas Supply
Corporation (National Fuel), 6363 Main Street, Williamsville, New York
14221, filed in Docket No. CP14-100-000, an application pursuant to
sections 7(b) and 7(c) of the Natural Gas Act and Part 157 of the
Commission's regulations, for a certificate of public convenience and
necessity authorizing National Fuel to construct and operate its
Northern Access 2015 Project located in New York. Specifically, the
Project consists of: (i) Construct a new 15,400 horsepower (hp)
compressor station at Hinsdale, NY, (ii) add a new 7,700 hp compressor
unit to the existing Concord, NY compressor station, (iii) install
over-pressure protection facilities at National Fuel's East Eden
Station, (iv) a tap and side valve on the high pressure Line-X at
National Fuel's Eden, NY measurement and regulator station (``East Eden
Station''); and (v) other appurtenant facilities along with the
facilities required to tie the National Fuel Line X tap and side valve
at the East Eden Station into Tennessee Gas Pipeline Company, L.L.C.'s
(``Tennessee'') Hamburg Station. National Fuel requests authorization
to abandon by lease to Tennessee 140,000 Dth per day of capacity, all
as more fully set forth in the application, which is on file with the
Commission and open to public inspection. The filing may also be viewed
on the web at http://www.ferc.gov using the ``eLibrary'' link. Enter
the docket number excluding the last three digits in the docket number
field to access the document. There is an ``eSubscription'' link on the
Web site that enables subscribers to receive email notification when a
document is added to a subscribed docket(s). For assistance, contact
FERC at<EMAIL_ADDRESS>or call toll-free,<PHONE_NUMBER> or
TTY,<PHONE_NUMBER>.
    Any questions regarding this application should be directed to
Alice A. Curtiss, Deputy General Counsel for National Fuel, 6363 Main
Street, Williansville, New York 14221, phone:<PHONE_NUMBER>, fax:
(716) 857-7206, email<EMAIL_ADDRESS>    Pursuant to section 157.9 of the Commission's rules, 18 CFR 157.9,
within 90 days of this Notice the Commission staff will either:
Complete its environmental assessment (EA) 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 EA for this
proposal. The filing of the 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.
    There are two ways to become involved in the Commission's review of
this project. First, any person wishing to obtain legal status by
becoming a party to the proceedings for this project should, on or
before the comment date stated below, file with the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426, a
motion to intervene in accordance with the requirements of the
Commission's Rules of Practice and Procedure (18 CFR 385.214 or
385.211) and the Regulations under the NGA (18 CFR 157.10). A person
obtaining party status will be placed on the service list maintained by
the Secretary of the Commission and will receive copies of all
documents filed by the applicant and by all other parties. A party must
submit 7 copies of filings made with the Commission and must mail a
copy to the applicant and to every other party in

the proceeding. Only parties to the proceeding can ask for court review
of Commission orders in the proceeding.
    However, a person does not have to intervene in order to have
comments considered. The second way to participate is by filing with
the Secretary of the Commission, as soon as possible, an original and
two copies of comments in support of or in opposition to this project.
The Commission will consider these comments in determining the
appropriate action to be taken, but the filing of a comment alone will
not serve to make the filer a party to the proceeding. The Commission's
rules require that persons filing comments in opposition to the project
provide copies of their protests only to the party or parties directly
involved in the protest.
    Persons who wish to comment only on the environmental review of
this project should submit an original and two copies of their comments
to the Secretary of the Commission. Environmental commentors will be
placed on the Commission's environmental mailing list, will receive
copies of the environmental documents, and will be notified of meetings
associated with the Commission's environmental review process.
Environmental commentors will not be required to serve copies of filed
documents on all other parties. However, the non-party commentors will
not receive copies of all documents filed by other parties or issued by
the Commission (except for the mailing of environmental documents
issued by the Commission) and will not have the right to seek court
review of the Commission's final order.
    The Commission strongly encourages electronic filings of comments,
protests and interventions in lieu of paper using the ``eFiling'' link
at http://www.ferc.gov. Persons unable to file electronically should
submit an original and 5 copies of the protest or intervention to the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426.
    Comment Date: April 11, 2014.

    Dated: March 21, 2014.
Kimberly D. Bose,
Secretary.
[FR Doc. 2014-06874 Filed 3-27-14; 8:45 am]
BILLING CODE 6717-01-P