[Federal Register: October 24, 2008 (Volume 73, Number 207)]
[Notices]
[Page 63519-63523]
[DOCID:fr24oc08-129]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 28442; 812-13077]

Boulder Total Return Fund, Inc., et al.; Notice of Application

October 20, 2008.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from section 19(b) of
the Act and rule 19b-1 under the Act.

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SUMMARY OF APPLICATION: Applicants request an order to permit certain
closed-end investment companies to make periodic distributions of long-
term capital gains with respect to their outstanding common stock as
frequently as twelve times each year, and as frequently as
distributions are specified by or in accordance with the terms of any
outstanding preferred stock that such investment companies may issue.

Applicants: Boulder Total Return Fund, Inc., Boulder Growth & Income
Fund, Inc. and The Denali Fund Inc. (formerly, the Neuberger Berman
Real Estate Income Fund) and Stewart West Indies Trading Company, Ltd.
(doing business as Stewart Investment Advisers) and Boulder Investment
Advisers, LLC (together, the ``Advisers'').

Filing Dates: April 9, 2004, August 11, 2004, December 1, 2006, January
16, 2007 and August 22, 2008.

Hearing or Notification of Hearing: An order granting the application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the Commission's Secretary
and serving applicants with a copy of the request, personally or by
mail. Hearing requests should be received by the Commission by 5:30
p.m. on November 14, 2008, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.

ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street,
NE., Washington, DC 20549-1090; Applicants, 2344 Spruce Street, Suite
A, Boulder, CO 80302, Attention: Stephen C. Miller, Esq. or Joel L.
Terwilliger, Esq.

FOR FURTHER INFORMATION CONTACT: Wendy Friedlander, Senior Counsel, at
(202) 551-6837, or James M. Curtis, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Office of Chief Counsel).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee at the
Commission's Public Reference Room, 100 F Street, NE., Washington, DC
20549-1520 (telephone<PHONE_NUMBER>).

Applicants' Representations

    1. Each fund is a registered closed-end management investment
company organized as a Maryland corporation, and each has total return
as its primary objective.\1\ The common shares issued by each fund are
listed on the New York Stock Exchange, and the preferred shares are not
listed on any exchange. Applicants believe that the shareholders of the
funds are generally conservative, dividend-sensitive investors who
desire current income periodically coupled with long-term capital
appreciation and may favor a fixed distribution policy.
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    \1\ Applicants request that any order issued granting the relief
requested in the application also apply to any future closed-end
investment company (``future fund'') that: (a) Is advised by the
Advisers (including any successor in interest) or by any entity
controlling, controlled by, or under common control (within the
meaning of section 2(a)(9) of the Act) with the Advisers; and (b)
complies with the terms and conditions of the requested order. A
successor in interest is limited to entities that result from a
reorganization into another jurisdiction or a change in the type of
business organization.
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    2. The Advisers are registered under the Investment Advisers Act of
1940 and are responsible for the overall management of the funds. The
Advisers

are under common control and have the same principal portfolio manager.
    3. Applicants represent that at a meeting held on July 28, 2008,
the Board of Directors (the ``Board'') of each fund, including all of
the directors who are not ``interested persons'' of the funds as
defined in section 2(a)(19) of the Act (the ``Independent Directors'')
requested, and the Advisers provided, such information as was
reasonably necessary to inform the Boards regarding the possibility of
adopting a periodic distribution policy involving the payment of
capital gain dividends as often as monthly in any taxable year (a
``Plan'').
    4. Applicants represent that at that July 28, 2008 meeting, the
Boards determined that, prior to any fund or future fund adopting a
Plan that relies on the requested order:
    (i) The Board and the Independent Directors will request, and the
Advisers will provide, such information as is reasonably necessary to
an informed determination of whether the Board should adopt a Plan;
    (ii) The Board and the Independent Directors will review (A)
information regarding the purpose and terms of the Plan, the likely
effects of the Plan on the fund's long-term total return (in relation
to market price and net asset value per common share) and the
relationship between the fund's distribution rate on its common shares
under the Plan and its total return (in relation to net asset value per
share); (B) whether the rate of distribution would exceed the fund's
expected total return in relation to its net asset value per share; and
(C) any foreseeable material effects of the Plan on the fund's long-
term total return (in relation to market price and net asset value per
share); and
    (iii) The Independent Directors will consider what conflicts of
interest the Advisers and the affiliated persons of the Advisers and
the fund might have with respect to the adoption or implementation of
the Plan.
    Applicants represent that after considering such information the
Board, including the Independent Directors, will approve the Plan with
respect to the fund's common shares provided that the Plan is
consistent with the fund's investment objectives and in the best
interests of the fund's common shareholders.
    4. Applicants represent that the purpose of the Plan would be to
permit the fund to distribute over the course of each year, through
periodic distributions as nearly equal as practicable and any required
special distributions, an amount closely approximating the total
taxable income of the fund during such year and, if so determined by
its Board, all or a portion of the returns of capital paid by portfolio
companies to the fund during such year. Applicants represent that,
under the Plan, the fund would distribute to its common shareholders a
fixed monthly percentage of the market price of the fund's common
shares at a particular point in time or a fixed monthly percentage of
net asset value per share at a particular time or a fixed monthly
amount, any of which may be adjusted from time to time. Applicants
represent that under the Plan the minimum annual distribution rate with
respect to the fund's common shares would be independent of the fund's
performance during any particular period but would be expected to
correlate with the fund's performance over time. Except for
extraordinary distributions and potential increases or decreases in the
final dividend periods in light of the fund's performance for the
entire calendar year and to enable the fund to comply with the
distribution requirements of Subchapter M of the Internal Revenue Code
of 1986 (the ``Code'') for the calendar year, each distribution on the
common shares would be at the stated rate then in effect.
    5. Applicants represent that at the July 28, 2008 meeting, each
Board adopted policies and procedures under rule 38a-1 that:
    (i) Are reasonably designed to ensure that, when a Plan is adopted,
all notices required to be sent to the fund's shareholders pursuant to
section 19(a) of the Act, rule 19a-1 thereunder and condition IV below
(each a ``Notice'') will include the disclosure required by rule 19a-1
and by condition II(A) below, and that all other written communications
by the funds or their agents described in condition III(A) below about
the distributions under the Plan will include the disclosure required
by condition III(A) below; and
    (ii) When a Plan is adopted, will require the respective fund to
keep records that demonstrate its compliance with all of the conditions
of the Order and that are necessary for the fund to form the basis for,
or demonstrate the calculation of, the amounts disclosed in its
Notices.
    Applicants represent that the records of the actions of the Board
of Directors of each fund shall summarize the basis for approval of the
Plan, including its consideration of the factors described above. Such
records will be maintained for a period of at least six years from the
date of such meeting, the first two years in an easily accessible
place, or for such longer period as may otherwise be required by law.

Applicants' Legal Analysis

    1. Section 19(b) generally makes it unlawful for any registered
investment company to make long-term capital gains distributions more
than once each year. Rule 19b-1 limits the number of capital gains
dividends, as defined in section 852(b)(3)(C) of the Code
(``distributions''), that a fund may make with respect to any one
taxable year to one, plus a supplemental ``clean up'' distribution made
pursuant to section 855 of the Code not exceeding 10% of the total
amount distributed for the year, plus one additional capital gain
dividend made in whole or in part to avoid the excise tax under section
4982 of the Code.
    2. Section 6(c) provides that the Commission may, by order upon
application, conditionally or unconditionally exempt any person,
security, or transaction, or any class or classes of persons,
securities or transactions, from any provision of the Act, if and to
the extent that the exemption is necessary or appropriate in the public
interest and consistent with the protection of investors and the
purposes fairly intended by the policy and provisions of the Act.
    3. Applicants state that one of the concerns underlying section
19(b) and rule 19b-1 is that shareholders might be unable to
differentiate between regular distributions of capital gains and
distributions of investment income. Applicants state, however, that
rule 19a-1 effectively addresses this concern by requiring that a
separate statement showing the sources of a distribution (e.g.,
estimated net income, net short-term capital gains, net long-term
capital gains and/or return of capital) accompany any distributions (or
the confirmation of the reinvestment of distributions) estimated to be
sourced in part from capital gains or capital. Applicants state that
the same information also is included in each fund's annual reports to
shareholders and on its IRS Form 1099-DIV, which is sent to each common
and preferred shareholder who received distributions during the year.
    4. Applicants further state that each fund will make the additional
disclosures required by the conditions set forth below, and each of
them has adopted compliance policies and procedures in accordance with
rule 38a-1 to ensure that all required notices and disclosures are sent
to shareholders. Applicants argue that by providing the information
required by section 19(a) and rule 19a-1, and by complying with

the procedures adopted under each Plan and the conditions listed below,
the funds would ensure that each fund's shareholders are provided
sufficient information to understand that their periodic distributions
are not tied to the fund's net investment income (which for this
purpose is the fund's taxable income other than from capital gains) and
realized capital gains to date, and may not represent yield or
investment return. Applicants also state that compliance with each
fund's compliance procedures and condition III set forth below will
ensure that prospective shareholders and third parties are provided
with the same information. Accordingly, applicants assert that
continuing to subject the funds to section 19(b) and rule 19b-1 would
afford shareholders no extra protection.
    5. Applicants note that section 19(b) and rule 19b-1 also were
intended to prevent certain improper sales practices, including, in
particular, the practice of urging an investor to purchase shares of a
fund on the basis of an upcoming capital gains dividend (``selling the
dividend''), where the dividend would result in an immediate
corresponding reduction in NAV and would be in effect a taxable return
of the investor's capital. Applicants assert that the ``selling the
dividend'' concern should not apply to closed-end investment companies,
such as the funds, which do not continuously distribute shares.
According to Applicants, if the underlying concern extends to secondary
market purchases of shares of closed-end funds that are subject to a
large upcoming capital gains dividend, adoption of a Plan actually
helps minimize the concern by avoiding, through periodic distributions,
any buildup of large end-of-the-year distributions.
    6. Applicants also note that common shares of closed-end funds that
invest primarily in equity securities often trade in the marketplace at
a discount to their net NAV. Applicants believe that this discount may
be reduced for closed-end funds that pay relatively frequent dividends
on their common shares at a consistent rate, whether or not those
dividends contain an element of long-term capital gain.
    7. Applicants assert that the application of rule 19b-1 to a Plan
actually could have an undesirable influence on portfolio management
decisions. Applicants state that, in the absence of an exemption from
rule 19b-1, the implementation of a Plan imposes pressure on management
(i) not to realize any net long-term capital gains until the point in
the year that the fund can pay all of its remaining distributions in
accordance with rule 19b-1, and (ii) not to realize any long-term
capital gains during any particular year in excess of the amount of the
aggregate pay-out for the year (since as a practical matter excess
gains must be distributed and accordingly would not be available to
satisfy pay-out requirements in following years), notwithstanding that
purely investment considerations might favor realization of long term
gains at different times or in different amounts. Applicants thus
assert that the limitation on the number of capital gain distributions
that a fund may make with respect to any one year imposed by rule 19b-
1, may prevent the efficient operation of a Plan whenever that fund's
realized net long-term capital gains in any year exceed the total of
the periodic distributions that may include such capital gains under
the rule.
    8. In addition, Applicants assert that rule 19b-1 may cause fixed
regular periodic distributions under a Plan to be funded with returns
of capital \2\ (to the extent net investment income and realized short-
term capital gains are insufficient to fund the distribution), even
though realized net long-term capital gains otherwise could be
available. To distribute all of a fund's long-term capital gains within
the limits in rule 19b-1, a fund may be required to make total
distributions in excess of the annual amount called for by its Plan, or
to retain and pay taxes on the excess amount. Applicants thus assert
that the requested order would minimize these effects of rule 19b-1 by
enabling the funds to realize long-term capital gains as often as
investment considerations dictate without fear of violating rule 19b-1.
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    \2\ Returns of capital as used in the application means return
of capital for financial accounting purposes and not for tax
accounting purposes.
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    9. Applicants state that Revenue Ruling 89-81 under the Code
requires that a fund that has both common stock and preferred stock
outstanding designate the types of income, e.g., investment income and
capital gains, in the same proportion as the total distributions
distributed to each class for the tax year. To satisfy the
proportionate designation requirements of Revenue Ruling 89-81,
whenever a fund has realized a long term capital gain with respect to a
given tax year, the fund must designate the required proportionate
share of such capital gain to be included in common and preferred stock
dividends. Applicants state that although rule 19b-1 allows a fund some
flexibility with respect to the frequency of capital gains
distributions, a fund might use all of the exceptions available under
the rule for a tax year and still need to distribute additional capital
gains allocated to the preferred stock to comply with Revenue Ruling
89-81.
    10. Applicants assert that the potential abuses addressed by
section 19(b) and rule 19b-1 do not arise with respect to preferred
stock issued by a closed-end fund. Applicants assert that such
distributions are either fixed or are determined in periodic auctions
by reference to short-term interest rates rather than by reference to
performance of the issuer, and Revenue Ruling 89-81 determines the
proportion of such distributions that are comprised of the long-term
capital gains.
    11. Applicants also submit that the ``selling the dividend''
concern is not applicable to preferred stock, of which the funds have
issued, and which entitles a holder to no more than a periodic dividend
at a fixed rate or the rate determined by the market, and, like a debt
security, is priced based upon its liquidation value, dividend rate,
credit quality, and frequency of payment. Applicants state that
investors buy preferred shares for the purpose of receiving payments at
the frequency bargained for, and do not expect the liquidation value of
their shares to change.
    12. Applicants request an order under section 6(c) granting an
exemption from the provisions of section 19(b) and rule 19b-1 to permit
each fund to distribute periodic capital gains dividends (as defined in
section 852(b)(3)(C) of the Code) as often as monthly in any one
taxable year in respect of its common shares and as often as specified
by or determined in accordance with the terms thereof in respect of its
preferred shares.\3\
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    \3\ Applicants state that a future fund that relies on the
requested order will satisfy each of the representations in the
application except that such representations will be made in respect
of actions by the board of directors of such future fund and will be
made at a future time.
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Applicants' Conditions

    Applicants agree that, with respect to each fund seeking to rely on
the order, the order will be subject to the following conditions:

I. Compliance Review and Reporting

    The fund's chief compliance officer will: (a) Report to the fund
Board, no less frequently than once every three months or at the next
regularly scheduled quarterly board meeting, whether (i) the fund and
the fund's Advisers have complied with the conditions to the requested
order, and (ii) a Material Compliance Matter, as

defined in rule 38a-1(e)(2), has occurred with respect to compliance
with such conditions; and (b) review the adequacy of the policies and
procedures adopted by the fund no less frequently than annually.

II. Disclosures to Fund Shareholders

    A. Each Notice to the holders of the fund's common shares, in
addition to the information required by section 19(a) and rule 19a-1:
    1. Will provide, in a tabular or graphical format:
    (a) The amount of the distribution, on a per share basis, together
with the amounts of such distribution amount, on a per share basis and
as a percentage of such distribution amount, from estimated: (A) Net
investment income; (B) net realized short-term capital gains; (C) net
realized long-term capital gains; and (D) return of capital or other
capital source;
    (b) The fiscal year-to-date cumulative amount of distributions, on
a per share basis, together with the amounts of such cumulative amount,
on a per share basis and as a percentage of such cumulative amount of
distributions, from estimated: (A) Net investment income; (B) net
realized short-term capital gains; (C) net realized long-term capital
gains; and (D) return of capital or other capital source;
    (c) The average annual total return in relation to the change in
NAV for the 5-year period (or, if the fund's history of operations is
less than five years, the time period commencing immediately following
the fund's first public offering) ending on the last day of the month
prior to the most recent distribution declaration date compared to the
current fiscal period's annualized distribution rate expressed as a
percentage of NAV as of the last day of the month prior to the most
recent distribution declaration date; and
    (d) The cumulative total return in relation to the change in NAV
from the last completed fiscal year to the last day of the month prior
to the most recent distribution declaration date compared to the fiscal
year-to-date cumulative distribution rate expressed as a percentage of
NAV as of the last day of the month prior to the most recent
distribution declaration date.

Such disclosure shall be made in a type size at least as large and as
prominent as the estimate of the sources of the current distribution;
and
    2. Will include the following disclosure:
    (a) ``You should not draw any conclusions about the fund's
investment performance from the amount of this distribution or from the
terms of the fund's Plan'';
    (b) ``The fund estimates that it has distributed more than its
income and net realized capital gains; therefore, a portion of your
distribution may be a return of capital. A return of capital may occur
for example, when some or all of the money that you invested in the
fund is paid back to you. A return of capital distribution does not
necessarily reflect the fund's investment performance and should not be
confused with `yield' or `income'''; and
    (c) ``The amounts and sources of distributions reported in this
Notice are only estimates and are not being provided for tax reporting
purposes. The actual amounts and sources of the amounts for [accounting
and] tax reporting purposes will depend upon the fund's investment
experience during the remainder of its fiscal year and may be subject
to changes based on tax regulations. The fund will send you a Form 1099
DIV for the calendar year that will tell you how to report these
distributions for federal income tax purposes.''

Such disclosure shall be made in a type size at least as large as and
as prominent as any other information in the Notice and placed on the
same page in close proximity to the amount and the sources of the
distribution.
    B. On the inside front cover of each report to shareholders under
rule 30e-1 under the Act, the fund will:
    1. Describe the terms of the Plan (including the fixed amount or
fixed percentage of the distributions and the frequency of the
distributions);
    2. Include the disclosure required by condition II.A.2(a) above;
    3. State, if applicable, that the Plan provides that the Board may
amend, suspend or terminate the Plan at any time without prior notice
to fund shareholders; and
    4. Describe any reasonably foreseeable circumstances that might
cause the fund to suspend or terminate the Plan and any reasonably
foreseeable consequences of such suspension or termination.
    C. Each report provided to shareholders under rule 30e-1 and each
prospectus filed with the Commission on Form N-2 under the Act, will
provide the fund's total return in relation to changes in NAV in the
financial highlights table and in any discussion about the fund's total
return.

III. Disclosure to Shareholders, Prospective Shareholders and Third
Parties

    A. The fund will include the information contained in the relevant
Notice, including the disclosure required by condition II.A.2 above, in
any written communication (other than a Form 1099) about the Plan or
distributions under the Plan by the fund, or shareholder, prospective
shareholder or third-party information provider;
    B. The fund will issue, contemporaneously with the issuance of any
Notice, a press release containing the information in the Notice and
will file with the Commission the information contained in such Notice,
including the disclosure required by condition II.A.2 above, as an
exhibit to its next filed Form N-CSR; and
    C. The fund will post prominently a statement on its (or its
adviser's) Web site containing the information in each Notice,
including the disclosure required by condition II.A.2 above, and will
maintain such information on such Web site for at least 24 months.

IV. Delivery of 19(a) Notices to Beneficial Owners

    If a broker, dealer, bank or other person (``financial
intermediary'') holds common stock issued by the fund in nominee name,
or otherwise, on behalf of a beneficial owner, the fund: (a) Will
request that the financial intermediary, or its agent, forward the
Notice to all beneficial owners of the fund's shares held through such
financial intermediary; (b) will provide, in a timely manner, to the
financial intermediary, or its agent, enough copies of the Notice
assembled in the form and at the place that the financial intermediary,
or its agent, reasonably requests to facilitate the financial
intermediary's sending of the Notice to each beneficial owner of the
fund's shares; and (c) upon the request of any financial intermediary,
or its agent, that receives copies of the Notice, will pay the
financial intermediary, or its agent, the reasonable expenses of
sending the Notice to such beneficial owners.

V. Additional Board Determinations for Funds Whose Shares Trade at a
Premium

    If:
    A. The fund's common shares have traded on the exchange that they
primarily trade on at the time in question at an average premium to NAV
equal to or greater than 10%, as determined on the basis of the average
of the discount or premium to NAV of the fund's common shares as of the
close of each trading day over a 12-week rolling period (each such 12-
week rolling period ending on the last trading day of each week); and
    B. The fund's annualized distribution rate for such 12-week rolling
period, expressed as a percentage of NAV as of

the ending date of such 12-week rolling period is greater than the
fund's average annual total return in relation to the change in NAV
over the 2-year period ending on the last day of such 12-week rolling
period; then:
    1. At the earlier of the next regularly scheduled meeting or within
four months of the last day of such 12-week rolling period, the Board
including a majority of the Independent Directors:
    (a) Will request and evaluate, and the fund's adviser will furnish,
such information as may be reasonably necessary to make an informed
determination of whether the Plan should be continued or continued
after amendment;
    (b) Will determine whether continuation, or continuation after
amendment, of the Plan is consistent with the fund's investment
objective(s) and policies and in the best interests of the fund and its
shareholders, after considering the information in condition V.B.1.a
above; including, without limitation:
    (1) Whether the Plan is accomplishing its purpose(s);
    (2) The reasonably foreseeable effects of the Plan on the fund's
long-term total return in relation to the market price and NAV of the
fund's common shares; and
    (3) The fund's current distribution rate, as described in condition
V.B above, compared with the fund's average annual taxable income or
total return over the 2-year period, as described in condition V.B, or
such longer period as the Board deems appropriate; and
    (c) Based upon that determination, will approve or disapprove the
continuation, or continuation after amendment, of the Plan; and
    2. The Board will record the information considered by it and the
basis for its approval or disapproval of the continuation, or
continuation after amendment, of the Plan in its meeting minutes, which
must be made and preserved for a period of not less than six years from
the date of such meeting, the first two years in an easily accessible
place.

VI. Public Offerings

    The fund will not make a public offering of the fund's common
shares other than:
    A. A rights offering below NAV to holders of the fund's common
stock;
    B. An offering in connection with a dividend reinvestment plan,
merger, consolidation, acquisition, spin off or reorganization of the
fund; or
    C. An offering other than an offering described in conditions VI.A
and VI.B above, unless, with respect to such other offering:
    1. The fund's average annual distribution rate for the six months
ending on the last day of the month ended immediately prior to the most
recent distribution declaration date,\4\ expressed as a percentage of
NAV per share as of such date, is no more than 1 percentage point
greater than the fund's average annual total return for the five-year
period ending on such date; \5\ and
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    \4\ If the fund has been in operation fewer than two years, the
measured period will begin immediately following the fund's first
public offering.
    \5\ If the fund has been in operation fewer than five years, the
measured period will begin immediately following the fund's first
public offering.
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    2. The transmittal letter accompanying any registration statement
filed with the Commission in connection with such offering discloses
that the fund has received an order under section 19(b) to permit it to
make periodic distributions of long-term capital gains with respect to
its common stock as frequently as twelve times each year, and as
frequently as distributions are specified by or determined in
accordance with the terms of any outstanding preferred stock that such
fund may issue.

VII. Amendments to Rule 19b-1

    The requested order will expire on the effective date of any
amendments to rule 19b-1 that provide relief permitting certain closed-
end investment companies to make periodic distributions of long-term
capital gains with respect to their outstanding common stock as
frequently as twelve times each year.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-25402 Filed 10-23-08; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 7 (Thursday, January 10, 2013)]
[Notices]
[Pages 2302-2304]
[FR Doc No: 2013-00306]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68583; File No. SR-C2-2012-038]

Self-Regulatory Organizations; C2 Options Exchange, Incorporated;
Order Approving a Proposed Rule Change To Address the Authority To
Cancel Orders When a Technical or Systems Issue Occurs and To Describe
the Operation of Routing Service Error Accounts

January 4, 2013.

I. Introduction

    On November 8, 2012, the C2 Options Exchange, Incorporated
(``Exchange'' or ``C2'') filed with the Securities and Exchange
Commission (``Commission''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to (i) address the authority of
the Exchange to cancel orders (or release routing-related orders) when
a technical or systems issue occurs; and (ii) describe the operation of
an Exchange error account(s) and routing broker error account(s), which
may be used to liquidate unmatched executions that may occur in the
provision of the Exchange's routing service. The proposed rule change
was published for comment in the Federal Register on November 26,
2012.\3\ The Commission received no comment letters regarding the
proposed rule change. This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 68260 (November 19,
2012), 77 FR 70496 (November 26, 2012) (SR-C2-2012-038)
(``Notice'').
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II. Description of the Proposal

    In its proposal, the Exchange states that it operates a system of
trading that allows automatic executions to occur electronically.\4\ As
part of this infrastructure, the Exchange states that it automatically
routes orders to other exchanges under certain circumstances. These
routing services are provided in conjunction with one or more routing
brokers that are not affiliated with the Exchange.\5\ Mechanically,
when the Exchange receives an order from a Trading Permit Holder that
is held in the Exchange system and determines to route an order to
another exchange, the Exchange provides the routing broker with a
corresponding order and instructions to route the order to another
exchange. The routing broker then sends the corresponding order to the
other exchange.
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    \4\ See Notice, 77 FR at 70496.
    \5\ See Notice, 77 FR at 70496-97 n.5, n.9, and accompanying
text.
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    In its proposal, C2 states that the Exchange may encounter
situations that make it necessary to cancel orders (or release routing-
related orders),\6\ and to resolve error positions that result from
errors of the Exchange, routing brokers, or another exchange.\7\
---------------------------------------------------------------------------

    \6\ See Notice, 77 FR at 70497. For examples of some of the
circumstances in which the Exchange may decide to cancel orders, see
Notice, 77 FR at 70497-98.
    \7\ See Notice, 77 FR at 70497. Specifically, new C2 Rule 6.37
defines ``error positions'' as ``unmatched trade positions that may
occur in connection with the routing service provided under Rule
6.36''.
    For examples of some of the circumstances that may lead to error
positions, see Notice, 77 FR at 70499.
---------------------------------------------------------------------------

Proposed Rule 6.47 (Order Cancellation/Release)

    New C2 Rule 6.47 provides C2 with general authority to cancel
orders as it deems to be necessary to maintain fair and orderly markets
if a technical or systems issue occurs at the Exchange, a routing
broker in connection with the routing service provided under C2 Rule
6.36, or another exchange to which an Exchange order has been routed.
It also provides that a routing broker may only cancel orders being
routed to another exchange based on the Exchange's standing or specific
instructions or as otherwise provided in the Exchange Rules. C2 will be
required to provide notice of the cancellation to affected Trading
Permit Holders as soon as practicable.\8\
---------------------------------------------------------------------------

    \8\ See C2 Rule 6.47(a).
---------------------------------------------------------------------------

    Paragraph (b) of the rule provides that the Exchange may also
determine to release orders being held on the Exchange awaiting an away
exchange execution as it deems to be necessary to maintain fair and
orderly markets if a technical or systems issues occurs at the
Exchange, a routing broker, or another exchange to which an order has
been routed. Paragraph (c) of the rule provides that, for purposes of
Rule 6.47, technical or system issues would include, without
limitation, instances where the Exchange has not received confirmation
of an execution (or cancellation) on another exchange from a routing
broker within a response time interval designated by the Exchange,
which interval may not be less than three (3) seconds.

Proposed Rule 6.37 (Routing Service Error Accounts)

    New C2 Rule 6.37 provides that each routing broker shall maintain,
in the name of the routing broker, one or more accounts for the purpose
of liquidating error positions. In addition the Exchange may also
maintain, in the name of the Exchange, one or more Exchange error
accounts (``Exchange Error Account'') for the purposes of liquidating
error positions, subject to the procedures prescribed in new C2 Rule
6.37.
    Paragraph (a) of the rule provides that errors to which the rule
applies include any action or omission by the Exchange, a routing
broker, or another exchange to which an Exchange order has been routed,
that result in an unmatched trade position due to the execution of an
order that is subject to the away market routing service and for which
there is no corresponding order to pair with the execution (each a
``routing error''); and that such routing errors would include, without
limitation, positions resulting from determinations by the Exchange to
cancel or release an order pursuant to C2 Rule 6.47.
    Paragraph (b) of the rule provides that, generally, each routing
broker will use its own error account to liquidate error positions. In
certain circumstances, however, the Exchange may use an Exchange Error
Account. In particular, in instances where the routing broker is unable
to use its own error account (e.g., due to a technical, systems or
other issue that prevents the routing broker from doing so) \9\ or
where the error is due to a technical or systems issue at the Exchange,
the Exchange

may (but would not be required to) determine it is appropriate to use
an Exchange Error Account. The Exchange states that in making such a
determination to use an Exchange Error Account, the Exchange would
consider whether it has sufficient time, information, and capabilities
considering the market circumstances to determine that an error is due
to such circumstances and whether the Exchange can address the
error.\10\
---------------------------------------------------------------------------

    \9\ See Notice, 77 FR at 70498.
    \10\ See id.
---------------------------------------------------------------------------

    Pursuant to paragraph (c), the Exchange will not be permitted to
accept any positions in an Exchange Error Account from an account of a
Trading Permit Holder or permit any Trading Permit Holder to transfer
any positions from the Trading Permit Holder's account to an Exchange
Error Account. In other words, the Exchange may not accept from a
Trading Permit Holder positions that are delivered to the Trading
Permit Holder through the clearance and settlement process, even if
those positions may have been the result of an error.\11\
---------------------------------------------------------------------------

    \11\ See Notice, 77 FR at 70498 n.18. This provision would not
apply if the Exchange incurred a position to settle a Trading Permit
Holder purchase, as the Trading Permit Holder did not yet have a
position in its account as a result of the purchase at the time of
the Exchange's action. See id.
---------------------------------------------------------------------------

    To the extent a routing broker uses its own account to liquidate
error positions, paragraph (d) of new C2 Rule 6.37 provides that the
routing broker shall liquidate the error positions as soon as
practicable. The routing broker could determine to liquidate the
position itself or have a third-party broker-dealer liquidate the
position on the routing broker's behalf. Paragraph (d) also provides
that the routing broker shall establish and enforce policies and
procedures reasonably designed to (i) adequately restrict the flow of
confidential and proprietary information associated with the
liquidation of the error position in accordance with Rule 6.36,\12\ and
(ii) prevent the use of information associated with other orders
subject to the routing services when making determinations regarding
the liquidation of error positions. In addition, paragraph (d) provides
that the routing broker shall make and keep records associated with the
liquidation of such routing broker error positions and shall maintain
such records in accordance with Rule 17a-4 under the Act.\13\
---------------------------------------------------------------------------

    \12\ Rule 6.36(b) provides that the Exchange shall establish and
maintain procedures and internal controls reasonably designed to
adequately restrict the flow of confidential and proprietary
information between the Exchange and the routing broker, and any
other entity, including any affiliate of the routing broker, and, if
the routing broker or any of its affiliates engages in any other
business activities other than providing routing services to the
Exchange, between the segment of the routing broker or affiliate
that provides the other business activities and the segment of the
routing broker that provides the routing services.
    \13\ 17 CFR 240.17a-4.
---------------------------------------------------------------------------

    Paragraph (e) of the rule provides that, to the extent an Exchange
Error Account is used to liquidate error positions, the Exchange shall
liquidate the error positions as soon as practicable. In liquidating
error positions in an Exchange Error Account, the Exchange shall
provide complete time and price discretion for the trading to a third-
party broker-dealer and shall not attempt to exercise any influence or
control over the timing or methods of such trading.\14\ Such a third-
party broker-dealer may include a routing broker not affiliated with
the Exchange. Paragraph (e) also provides that the Exchange shall
establish and enforce policies and procedures reasonably designed to
adequately restrict the flow of confidential and proprietary
information between the Exchange and the third-party broker-dealer
associated with the liquidation of the error positions.
---------------------------------------------------------------------------

    \14\ This provision is not intended to preclude the Exchange
from providing the third-party broker-dealer with standing
instructions with respect to the manner in which it should handle
all error account transactions. For example, the Exchange might
instruct the broker-dealer to treat all orders as ``not held'' and
to attempt to minimize any market impact on the price of the option
being traded.
---------------------------------------------------------------------------

    Finally, paragraph (e) provides that the Exchange shall make and
keep records to document all determinations to treat positions as error
positions under the rule (whether or not an Exchange Error Account is
used to liquidate such error positions), as well as records associated
with the liquidation of Exchange Error Account error positions through
a third-party broker-dealer, and shall maintain such records in
accordance with Rule 17a-1 under the Act.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 240.17a-1.
---------------------------------------------------------------------------

III. Discussion and Commission's Findings

    After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of Section 6(b) of the Act
\16\ and the rules and regulations thereunder applicable to a national
securities exchange.\17\ In particular, the Commission finds that the
proposed rule change is consistent with Section 6(b)(5) of the Act,\18\
which requires, among other things, that the rules of a national
securities exchange be designed to prevent fraudulent and manipulative
acts and practices, 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; and are not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. In addition, the Commission
believes the proposed rule change is consistent with Section
11A(a)(1)(C) of the Act \19\ in that it seeks to assure economically
efficient execution of securities transactions.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78f(b).
    \17\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \18\ 15 U.S.C. 78f(b)(5).
    \19\ 15 U.S.C. 78k-1(a)(1)(C).
---------------------------------------------------------------------------

    The Commission recognizes that technical or systems issues may
occur, and believes that C2 Rule 6.47, in allowing C2 to cancel or
release orders affected by technical or systems issues, should provide
a reasonably efficient means for C2 to handle such orders, and appears
reasonably designed to permit C2 to maintain fair and orderly
markets.\20\
---------------------------------------------------------------------------

    \20\ The Commission notes that C2 states it believes that
allowing the Exchange to cancel or release orders under such
circumstances would allow the Exchange to maintain fair and orderly
markets, and that C2 Rule 6.37 is designed to ensure full trade
certainty for market participants, and avoid disrupting the
clearance and settlement process. See Notice, 77 FR at 70500. The
Commission also notes that C2 states that a decision to cancel or
release orders due to a technical or systems issue is not equivalent
to the Exchange declaring self-help against a routing destination
pursuant to Rule 611 of Regulation NMS. See 17 CFR 242.611(b). See
also Notice, 77 FR at 70497 n.10.
---------------------------------------------------------------------------

    The Commission also believes that allowing the Exchange to resolve
error positions through the use of error accounts maintained by its
routing brokers or the Exchange itself pursuant to the procedures set
forth in the rule, and as described above, is consistent with the Act.
The Commission notes that the rule establishes criteria for determining
which positions are error positions to which the rule applies, and the
procedures for the handling of such positions. In particular, the
Commission notes that C2 Rule 6.37 only applies to error positions that
result from the Exchange's routing service, and that such positions
shall be liquidated by the routing broker or the Exchange, as
applicable, as soon as practicable.\21\ In this regard, the Commission
believes that the new rule appears reasonably designed to further just
and equitable

principles of trade and the protection of investors and the public
interest, and to help prevent unfair discrimination, in that it should
help assure the handling of error positions will be based on clear and
objective criteria, and that the resolution of those positions will
occur promptly through a transparent process.
---------------------------------------------------------------------------

    \21\ See C2 Rule 6.37.
---------------------------------------------------------------------------

    The Commission is also concerned about the potential for misuse of
confidential and proprietary information. The Commission notes that C2
or a routing broker, as applicable, will establish and enforce policies
and procedures reasonably designed to (1) adequately restrict the flow
of confidential and proprietary information associated with the
liquidation of the error positions, and (2) in the case of liquidations
by a routing broker, prevent the use of information associated with
other orders subject to the routing services when making determinations
regarding the liquidation of error positions.\22\ Furthermore, to the
extent the Exchange uses an Exchange Error Account to liquidate error
positions, the Exchange shall provide complete time and price
discretion for the trading to liquidate error positions in an Exchange
Error Account to a third-party broker-dealer and shall not attempt to
exercise any influence or control over the timing or methods of such
trading.\23\ The Commission believes that these requirements should
help mitigate the Commission's concerns. In particular, the Commission
believes that these requirements should help assure that none of C2,
its routing brokers, or any third-party broker-dealer is able to misuse
confidential or proprietary information obtained in connection with the
liquidation of error positions for its own benefit. The Commission also
notes that routing brokers would be required to make and keep records
associated with the liquidation of routing broker error positions \24\
and C2 would be required to make and keep records to document all
determinations to treat positions as error positions under this Rule
(whether or not an Exchange Error Account is used to liquidate such
error positions), as well as records associated with the liquidation of
Exchange Error Account error positions through a third-party broker-
dealer.\25\
---------------------------------------------------------------------------

    \22\ See C2 Rules 6.37(d)(i); 6.37(e)(ii).
    \23\ See C2 Rule 6.37(e)(i).
    \24\ See C2 Rule 6.37(d)(ii).
    \25\ See C2 Rule 6.37(e)(iii).
---------------------------------------------------------------------------

    Finally, the Commission notes that the proposed procedures for
canceling orders and the handling of error positions are consistent
with procedures the Commission has approved for other exchanges.\26\
---------------------------------------------------------------------------

    \26\ See, e.g., Securities Exchange Act Release Nos. 67281 (June
27, 2012), 77 FR 39543 (July 3, 2012) (SR-NASDAQ-2012-057); 66963
(May 10, 2012), 77 FR 28919 (May 16, 2012) (SR-NYSEArca-2012-22);
67010 (May 17, 2012), 77 FR 30564 (May 23, 2012) (SR-EDGX-2012-08);
and 67011 (May 17, 2012), 77 FR 30562 (May 23, 2012) (SR-EDGA-2012-
09).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\27\ that the proposed rule change (SR-C2-2012-038) be, and it
hereby is, approved.
---------------------------------------------------------------------------

    \27\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
---------------------------------------------------------------------------

    \28\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-00306 Filed 1-9-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 30 (Monday, February 14, 2011)]
[Notices]
[Pages 8399-8400]
[FR Doc No: 2011-3194]

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

DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

Reports, Forms and Record Keeping Requirements; Agency
Information Collection Activity Under OMB Review

AGENCY: National Highway Traffic Safety Administration, DOT.

ACTION: Notice.

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

SUMMARY: In compliance with the Paperwork Reduction Act of 1995 (44
U.S.C. 3501 et seq.), this notice announces that the Information
Collection Request (ICR) abstracted below has been forwarded to the
Office of Management and Budget (OMB) for review and comment. The ICR
describes the nature of the information collections and their expected
burden. The Federal Register Notice with a 60-day comment period was
published on September 2, 2010 (75 FR 54000). The agency received no
comments.

DATES: Comments must be submitted on or before March 16, 2011.

ADDRESSES: Send comments, within 30 days, to the Office of Information
and Regulatory Affairs, Office of Management and Budget, 725-17th
Street, NW., Washington, DC 20503, Attention NHTSA Desk Officer.
    Comments are invited on: Whether the proposed collection of
information is necessary for the proper performance of the functions of
the Department, including whether the information will have practical
utility; the accuracy of the Department's estimate of the burden of the
proposed information collection; ways to enhance the quality, utility
and clarity of the information to be collected; and ways to minimize
the burden of the collection of information on respondents, including
the use of automated collection techniques or other forms of
information technology. A comment to OMB is most effective if OMB
receives it within 30 days of publication.

FOR FURTHER INFORMATION CONTACT: Ms. Deborah Mazyck at the National
Highway Traffic Safety Administration, Office of International Policy,
Fuel Economy and Consumer Programs, 1200 New Jersey Avenue, SE., West
Building, Room W43-443, Washington, DC 20590. Ms. Mazyck's telephone
number is<PHONE_NUMBER>).

SUPPLEMENTARY INFORMATION:

National Highway Traffic Safety Administration

    Title: 49 CFR Part 583--Automobile Parts Content Labeling.
    OMB Number: 2127-0573.
    Type of Request: Request for public comment on a previously
approved collection of information.
    Abstract: Part 583 establishes requirements for the disclosure of
information relating to the countries of origin of the equipment of new
passenger motor vehicles. This information will be used by NHTSA to
determine whether manufacturers are complying with the American
Automobile Labeling Act (49 U.S.C. 32304). The American Automobile
Labeling Act requires all new passenger motor vehicles (including
passenger

cars, certain small buses, all light trucks and multipurpose passenger
vehicles with a gross vehicle weight rating of 8,500 pounds or less),
to bear labels providing information about domestic and foreign content
of their equipment. With the affixed label on the new passenger motor
vehicles, it serves as an aid to potential purchasers in the selection
of new passenger motor vehicles by providing them with information
about the value of the U.S./Canadian and foreign parts of each vehicle,
the countries of origin of the engine and transmission, and the site of
the vehicle's final assembly.
    NHTSA anticipates approximately 22 vehicle manufacturers will be
affected by these reporting requirements. NHTSA does not believe that
any of these 22 manufacturers are a small business (i.e., one that
employs less than 500 persons) since each manufacturer employs more
than 500 persons. Manufacturers of new passenger motor vehicles,
including passenger cars, certain small buses, and light trucks with a
gross vehicle weight rating of 8,500 pounds or less, must file a report
annually.
    Affected Public: Vehicle manufacturers.
    Estimated Total Annual Burden: NHTSA estimates that the vehicle
manufacturers will incur a total annual reporting hour and cost burden
of 52,962 hours and $2,355,150. The amount includes annual burden hours
incurred by multi-stage manufacturers and motor vehicle equipment
suppliers.
    There is a decrease in the annual reporting and recordkeeping hour
burden from 55,484 to 52,962 because the number of respondents
decreased from 22 to 21. There is a decrease in annual reporting and
recordkeeping cost burden from $2,467,300 to $2,355,150 because there
will be fewer responses. The hour burden and cost burden published in
the Federal Register are different due to errors in the preliminary
information provided.
    Comments are invited on: Whether the proposed collection of
information is necessary for the proper performance of the functions of
the Department, including whether the information will have practical
utility; the accuracy of the Department's estimate of the burden of the
proposed information collection; ways to enhance the quality, utility
and clarity of the information to be collected; and ways to minimize
the burden of the collection of information on respondents, including
the use of automated collection techniques or other forms of
information technology. A comment to OMB is most effective if OMB
receives it within 30 days of publication.

    Issued on: February 8, 2011.
Joseph S. Carra,
Acting Associate Administrator for Rulemaking.
[FR Doc. 2011-3194 Filed 2-11-11; 8:45 am]
BILLING CODE 4910-59-P


[Federal Register Volume 84, Number 63 (Tuesday, April 2, 2019)]
[Rules and Regulations]
[Pages 12488-12490]
[FR Doc No: 2019-06394]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 95

[Docket No. 31246: Amdt. No. 545]

IFR Altitudes; Miscellaneous Amendments

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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

SUMMARY: This amendment adopts miscellaneous amendments to the required
IFR (instrument flight rules) altitudes and changeover points for
certain Federal airways, jet routes, or direct routes for which a
minimum or maximum en route authorized IFR altitude is prescribed. This
regulatory action is needed because of changes occurring in the
National Airspace System. These changes are designed to provide for the
safe and efficient use of the navigable airspace under instrument
conditions in the affected areas.

DATES: 0901 UTC, April 25, 2019.

FOR FURTHER INFORMATION CONTACT: Thomas J. Nichols, Flight Procedures
and Airspace Group, Flight Technologies and Procedures Division, Flight
Standards Service, Federal Aviation Administration. Mailing Address:
FAA Mike Monroney Aeronautical Center, Flight Procedures and Airspace
Group, 6500 South MacArthur Blvd., Registry Bldg 29, Room 104, Oklahoma
City, OK 73125. Telephone:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: This amendment to part 95 of the Federal
Aviation Regulations (14 CFR part 95) amends, suspends, or revokes IFR
altitudes governing the operation of all aircraft in flight over a
specified route or any portion of that route, as well as the changeover
points (COPs) for Federal airways, jet routes, or direct routes as
prescribed in part 95.

The Rule

    The specified IFR altitudes, when used in conjunction with the
prescribed changeover points for those routes, ensure navigation aid
coverage that is adequate for safe flight operations and free of
frequency interference. The reasons and circumstances that create the
need for this amendment involve matters of flight safety and
operational efficiency in the National Airspace System, are related to
published aeronautical charts that are essential to the user, and
provide for the safe and efficient use of the navigable airspace. In
addition, those various reasons or circumstances require making this
amendment effective before the next scheduled charting and publication
date of the flight information to assure its timely availability to the
user. The effective date of this amendment reflects those
considerations. In view of the close and immediate relationship between
these regulatory changes and safety in air commerce, I find that notice
and public procedure before adopting this amendment are impracticable
and contrary to the public interest and that, good cause exists for
making the amendment effective in less than 30 days.

Conclusion

    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore--(1) is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a regulatory evaluation as the
anticipated impact is so minimal. For the same reason, the FAA
certifies that this amendment will not have a significant economic
impact on a substantial number of small entities under the criteria of
the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 95

    Airspace, Navigation (air).

    Issued in Washington, DC, on March 22, 2019.
Rick Domingo,
Executive Director, Flight Standards Service.

Adoption of the Amendment

    Accordingly, pursuant to the authority delegated to me by the
Administrator, part 95 of the Federal Aviation Regulations (14 CFR part
95) is amended as follows effective at 0901 UTC, April 25, 2019.

0
1. The authority citation for part 95 continues to read as follows:

     Authority:  49 U.S.C. 106(g), 40103, 40106, 40113, 40114,
40120, 44502, 44514, 44719, 44721.

0
2. Part 95 is amended to read as follows:

                                  Revisions to IFR Altitudes & Changeover Point
                                  [Amendment 545 Effective Date April 25, 2019]
----------------------------------------------------------------------------------------------------------------
                     From                                         To                        MEA          MAA
----------------------------------------------------------------------------------------------------------------
                                     Sec.   95.3000 Low Altitude RNAV Routes
                            Sec.   95.3273 RNAV Route T273 Is Amended To Read in Part
----------------------------------------------------------------------------------------------------------------
AYKID, AK FIX.................................  TUVVO, AK FIX.........................         6400        17500
----------------------------------------------------------------------------------------------------------------

               From                           To                 MEA
------------------------------------------------------------------------
                    Sec.   95.6001 Victor Routes-U.S.
    Sec.   95.6014 VOR Federal Airway V14 Is Amended To Read in Part
------------------------------------------------------------------------
CHISUM, NM VORTAC................  ONSOM, NM FIX...........  ...........
    *6000--MOCA..................  W BND...................        *7000
                                   E BND...................        *7500
LUBBOCK, TX VORTAC...............  CHILDRESS, TX VORTAC....         5100
------------------------------------------------------------------------

    Sec.   95.6044 VOR Federal Airway V44 Is Amended To Read in Part
------------------------------------------------------------------------
SEA ISLE, NJ VORTAC..............  *KARRS, NJ FIX..........       **6000
    *7000--MCA KARRS, NJ FIX, NE
     BND.
    **1800--MOCA.................
    **2000--GNSS MEA.............
KARRS, NJ FIX....................  GAMBY, NJ FIX...........        *7000
    *1300--MOCA..................
    *2500--GNSS MEA..............
GAMBY, NJ FIX....................  DEER PARK, NY VOR/DME...        *5000
    *1600--MOCA..................
    *2500--GNSS MEA..............
------------------------------------------------------------------------
    Sec.   95.6063 VOR Federal Airway V63 Is Amended To Read in Part
------------------------------------------------------------------------
BURLINGTON, IA VOR/DME...........  MOLINE, IL VOR/DME......         3100
MOLINE, IL VOR/DME...............  DAVENPORT, IA VORTAC....         3100
------------------------------------------------------------------------
    Sec.   95.6068 VOR Federal Airway V68 Is Amended To Read in Part
------------------------------------------------------------------------
CHISUM, NM VORTAC................  HAGER, NM FIX...........
                                   W BND...................         6000
                                   E BND...................         6500
------------------------------------------------------------------------
    Sec.   95.6078 VOR Federal Airway V78 Is Amended To Read in Part
------------------------------------------------------------------------
IRON MOUNTAIN, MI VOR/DME........  VUKFI, MI FIX...........         3300
VUKFI, MI FIX....................  ESCANABA, MI VOR/DME....        *3000
    *2300--MOCA..................
------------------------------------------------------------------------
    Sec.   95.6148 VOR Federal Airway V148 Is Amended To Read in Part
------------------------------------------------------------------------
IRONWOOD, MI VOR/DME.............  HOUGHTON, MI VOR/DME....        *3700
    *3200--MOCA..................
------------------------------------------------------------------------
    Sec.   95.6175 VOR FEDERAL AIRWAY V175 Is Amended To Read in Part
------------------------------------------------------------------------
MALDEN, MO VORTAC................  BUNKS, MO FIX...........        *4000
    *2700--MOCA..................
BUNKS, MO FIX....................  VICHY, MO VOR/DME.......         3000
VICHY, MO VOR/DME................  ZIPUR, MO FIX...........        *3000
    *2500--MOCA..................
ZIPUR, MO FIX....................  HALLSVILLE, MO VORTAC...         2700
HALLSVILLE, MO VORTAC............  MACON, MO VOR/DME.......         3100
    *LINDE, IA FIX...............  **MADUP, IA FIX.........      ***5500
    *5500--MRA...................
    **5500--MRA..................
    ***3000--MOCA................
    *MADUP, IA FIX **WELTE, IA
     FIX 5500.
    *5500--MRA...................
    **3900--MRA..................
    *WELTE, IA FIX...............  SIOUX CITY, IA VORTAC...
                                   W BND...................         3000
                                   E BND...................         5500
    *3900--MRA...................
REDWOOD FALLS, MN VOR/DME........  ALEXANDRIA, MN VOR/DME..         3600
ALEXANDRIA, MN VOR/DME...........  PARK RAPIDS, MN VOR/DME.         3300
ROSEAU, MN VOR/DME...............  U.S. CANADIAN BORDER....        *3600
    *2600--MOCA..................
------------------------------------------------------------------------
    Sec.   95.6217 VOR Federal Airway V217 Is Amended To Read in Part
------------------------------------------------------------------------
GREEN BAY, WI VORTAC.............  WISOM, WI FIX...........         2700
WISOM, WI FIX....................  RHINELANDER, WI VOR/DME.         3600
------------------------------------------------------------------------
    Sec.   95.6276 VOR Federal Airway V276 Is Amended To Read in Part
------------------------------------------------------------------------
CASVI, NJ FIX....................  *GAMBY, NJ FIX..........       **3000
    *6000--MCA GAMBY, NJ FIX, SE
     BND.
    **1500--MOCA.................
GAMBY, NJ FIX....................  *PREPI, OA FIX..........       **6000
    *8000--MRA...................
    **2000--MOCA.................
    **3000--GNSS MEA.............
------------------------------------------------------------------------

    Sec.   95.6376 VOR Federal Airway V376 Is Amended To Read in Part
------------------------------------------------------------------------
RICHMOND, VA VOR/DME.............  *GRUBY, VA FIX..........         2000
    *3000--MCA GRUBY, VA FIX, N
     BND.
GRUBY, VA FIX....................  IRONS, MD FIX...........        *4500
    *1700--MOCA..................
------------------------------------------------------------------------
    Sec.   95.6430 VOR Federal Airway V430 Is Amended To Read in Part
------------------------------------------------------------------------
IRONWOOD, MI VOR/DME.............  DINER, MI FIX...........         3600
DINER, MI FIX....................  IRON MOUNTAIN, MI VOR/          *5000
                                    DME.
    *4000--GNSS MEA..............
IRON MOUNTAIN, MI VOR/DME........  VUKFI, MI FIX...........         3300
VUKFI, MI FIX....................  ESCANABA, MI VOR/DME....        *3000
    *2300--MOCA..................
------------------------------------------------------------------------

                            Airway Segment                                          Changeover Points
----------------------------------------------------------------------------------------------------------------
                 From                                 To                  Distance               From
----------------------------------------------------------------------------------------------------------------
           Sec.   95.8003 VOR Federal Airway Changeover Point V376 Is Amended To Add Changeover Point
----------------------------------------------------------------------------------------------------------------
RICHMOND, VA VOR/DME..................  WASHINGTON, DC VOR/DME........           53  RICHMOND
----------------------------------------------------------------------------------------------------------------

[FR Doc. 2019-06394 Filed 4-1-19; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 83, Number 123 (Tuesday, June 26, 2018)]
[Notices]
[Page 29781]
[FR Doc No: 2018-13707]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 14877-000]

Peak Hour Power, LLC; Notice of Preliminary Permit Application
Accepted for Filing and Soliciting Comments, Motions To Intervene, and
Competing Applications

    On May 17, 2018, Peak Hour Power, LLC, filed an application for a
preliminary permit, pursuant to section 4(f) of the Federal Power Act
(FPA), proposing to study the feasibility of the Silver Creek Pumped
Storage Project to be located on Silver Creek Reservoir in Schuylkill
County, Pennsylvania. The sole purpose of a preliminary permit, if
issued, is to grant the permit holder priority to file a license
application during the permit term. A preliminary permit does not
authorize the permit holder to perform any land-disturbing activities
or otherwise enter upon lands or waters owned by others without the
owners' express permission.
    The proposed project would consist of the following: (1) A new
8,000-foot-long, 125- to 175-foot-high roller-compacted concrete or
rock-filled semi-circular dam and/or dike forming an upper reservoir
having a surface area of 150 acres and a total storage capacity between
approximately 8,000 and 10,000 acre-feet at a normal maximum water
surface elevation between approximately 1,650 and 1,750 feet above mean
sea level (msl); (2) a lower reservoir encompassing the existing Silver
Creek Reservoir and neighboring abandoned mines land and having a
surface area of 100 acres and a total storage capacity of 10,000 acre-
feet at a normal maximum water surface elevation between 1,200 and
1,300 feet msl; (3) a 3,000-foot-long tunnel connecting the upper and
lower reservoirs; (4) a powerhouse containing two turbine units with a
total rated capacity of 250 megawatts; (5) a 2-mile-long transmission
line connecting to an existing 230-kilovolt (kV) line or a 4000-foot-
long transmission line connecting to an existing 69-kV line; and (6)
appurtenant facilities. Possible initial fill water would come from
local inflow, including groundwater. The proposed project would have an
annual generation of 784,750 megawatt-hours.
    Applicant Contact: Paul DiRenzo, Peak Hour Power, LLC, 214
Norwegian Woods Drive, Pottsville, PA 17901; phone:<PHONE_NUMBER>.
    FERC Contact: Monir Chowdhury; phone:<PHONE_NUMBER>.
    Deadline for filing comments, motions to intervene, competing
applications (without notices of intent), or notices of intent to file
competing applications: 60 days from the issuance of this notice.
Competing applications and notices of intent must meet the requirements
of 18 CFR 4.36.
    The Commission strongly encourages electronic filing. Please file
comments, motions to intervene, notices of intent, and competing
applications using the Commission's eFiling system at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit brief
comments up to 6,000 characters, without prior registration, using the
eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You
must include your name and contact information at the end of your
comments. For assistance, please contact FERC Online Support at
[email protected],<PHONE_NUMBER> (toll free), or (202) 502-
8659 (TTY). In lieu of electronic filing, please send a paper copy to:
Secretary, Federal Energy Regulatory Commission, 888 First Street NE,
Washington, DC 20426. The first page of any filing should include
docket number P-14877-000.
    More information about this project, including a copy of the
application, can be viewed or printed on the ``eLibrary'' link of the
Commission's website at http://www.ferc.gov/docs-filing/elibrary.asp.
Enter the docket number (P-14877) in the docket number field to access
the document. For assistance, contact FERC Online Support.

    Dated: June 20, 2018.
Kimberly D. Bose,
Secretary.
[FR Doc. 2018-13707 Filed 6-25-18; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 84, Number 118 (Wednesday, June 19, 2019)]
[Notices]
[Pages 28549-28550]
[FR Doc No: 2019-12949]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2019-0039; FRL-9993-91]

Pesticide Product Registration; Receipt of Applications for New
Active Ingredients (April 2019)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: EPA has received applications to register pesticide products
containing active ingredients not included in any currently registered
pesticide products. Pursuant to the Federal Insecticide, Fungicide, and
Rodenticide Act (FIFRA), EPA is hereby providing notice of receipt and
opportunity to comment on these applications.

DATES: Comments must be received on or before July 19, 2019.

ADDRESSES: Submit your comments, identified by docket identification
(ID) number and the File Symbol of interest as shown in the body of
this document, by one of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the online instructions for submitting comments. Do not submit
electronically any information you consider to be Confidential Business
Information (CBI) or other information whose disclosure is restricted
by statute.
     Mail: OPP Docket, Environmental Protection Agency Docket
Center (EPA/DC), (28221T), 1200 Pennsylvania Ave. NW, Washington, DC
20460-0001.
     Hand Delivery: To make special arrangements for hand
delivery or delivery of boxed information, please follow the
instructions at https://www.epa.gov/dockets/where-send-comments-epa-dockets.

    Additional instructions on commenting or visiting the docket, along
with more information about dockets generally, is available at https://www.epa.gov/dockets/about-epa-dockets.

FOR FURTHER INFORMATION CONTACT: Robert McNally, Biopesticides and
Pollution Prevention Division (7511P), Office of Pesticide Programs,
Environmental Protection Agency, 1200 Pennsylvania Ave. NW, Washington,
DC 20460-0001; main telephone number:<PHONE_NUMBER>; email address:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this action apply to me?

    You may be potentially affected by this action if you are an
agricultural producer, food manufacturer, or pesticide manufacturer.
The following list of North American Industrial Classification System
(NAICS) codes is not intended to be exhaustive, but rather provides a
guide to help readers determine whether this document applies to them.
Potentially affected entities may include:
     Crop production (NAICS code 111).
     Animal production (NAICS code 112).
     Food manufacturing (NAICS code 311).
     Pesticide manufacturing (NAICS code 32532).

B. What should I consider as I prepare my comments for EPA?

    1. Submitting CBI. Do not submit this information to EPA through
regulations.gov or email. Clearly mark the part or all of the
information that you claim to be CBI. For CBI information in a disk or
CD-ROM that you mail to EPA, mark the outside of the disk or CD-ROM as
CBI and then identify electronically within the disk or CD-ROM the
specific information that is claimed as CBI. In addition to one
complete version of the comment that includes information claimed as
CBI, a copy of the comment that does not contain the information
claimed as CBI must be submitted for inclusion in the public docket.
Information so marked will not be disclosed except in accordance with
procedures set forth in 40 CFR part 2.
    2. Tips for preparing your comments. When preparing and submitting
your comments, see the commenting tips at https://www.epa.gov/dockets/commenting-epa-dockets.

II. Registration Applications

    EPA has received applications to register pesticide products
containing active ingredients not included in any currently registered
pesticide products. Pursuant to the provisions of FIFRA section 3(c)(4)
(7 U.S.C. 136a(c)(4)), EPA is hereby providing notice of receipt and
opportunity to comment on these applications. Notice of receipt of
these applications does not imply a decision by the Agency on these
applications.

A. New Active Ingredients

    1. File Symbol: 85797-U. Docket ID number: EPA-HQ-OPP-2019-0067.
Applicant: TDA Research, Inc., 12345 West 52nd Ave., Wheat Ridge, CO
80033. Product name: ElimiMold. Active ingredient: Light activator--
Erythrosine at 0.001%. Proposed use: Antimicrobial/algaecide.
    2. File Symbol: 87978-I. Docket ID number: EPA-HQ-OPP-2019-0265.
Applicant: AgBiTech Pty Ltd., 8 Rocla Ct., Glenvale, Queensland 4350,
Australia (c/o V.A. Forster Consulting, Inc., P.O. Box 4097,
Wilmington, DE 19807). Product name: Surtivo Ultra. Active ingredients:
Insecticide--Autographa californica MNPV strain R3 at 8.6%, Helicoverpa
armigera Nucleopolyhedrovirus ABA-NPV-U at 8.6%, Chrysodeixis includens
Nucleopolyhedrovirus isolate #460 at 8.6%, and Spodoptera frugiperda
MNPV strain 3AP2 at 8.6%. Proposed use: Field and greenhouse.
    3. File Symbol: 87978-O. Docket ID number: EPA-HQ-OPP-2019-0265.
Applicant: AgBiTech Pty Ltd., 8 Rocla Ct., Glenvale, Queensland 4350,
Australia (c/o V.A. Forster Consulting, Inc., P.O. Box 4097,
Wilmington, DE 19807). Product name: Surtivo Plus. Active ingredients:
Insecticide--Autographa californica MNPV strain R3 at 19.6%,
Helicoverpa armigera Nucleopolyhedrovirus ABA-NPV-U at 4.9%,
Chrysodeixis includens Nucleopolyhedrovirus isolate #460 at 4.9%, and
Spodoptera frugiperda MNPV strain 3AP2 at 4.9%. Proposed use: Field and
greenhouse.
    4. File Symbol: 87978-T. Docket ID number: EPA-HQ-OPP-2019-0265.
Applicant: AgBiTech Pty Ltd., 8 Rocla Ct., Glenvale, Queensland 4350,
Australia (c/o V.A. Forster Consulting, Inc., P.O. Box 4097,
Wilmington, DE 19807). Product name: Lepigen. Active ingredient:
Insecticide--Autographa californica MNPV strain R3 at 34.2%. Proposed
use: Field and greenhouse.
    5. File Symbol: 92083-E. Docket ID number: EPA-HQ-OPP-2019-0084.
Applicant: Bi-PA nv, Technologielaan 7, B-1840 Londerzeel, Belgium (c/o
SciReg, Inc., 12733 Director's Loop, Woodbridge, VA 22192). Product
name: Vintec. Active ingredient: Fungicide--Trichoderma atroviride
strain SC1 at 15.0%. Proposed use: Protection of almonds and grapevines
against wood fungal diseases.

    Authority: 7 U.S.C. 136 et seq.

    Dated: May 15, 2019.
Delores Barber,
Director, Information Technology and Resources Management Division,
Office of Pesticide Programs.
[FR Doc. 2019-12949 Filed 6-18-19; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 79, Number 155 (Tuesday, August 12, 2014)]
[Notices]
[Pages 47175-47176]
[FR Doc No: 2014-19077]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2014-0006]

Qualification of Drivers; Exemption Applications; Vision

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of final disposition.

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SUMMARY: FMCSA confirms its decision to exempt 34 individuals from the
vision requirement in the Federal Motor Carrier Safety Regulations
(FMCSRs). They are unable to meet the vision requirement in one eye for
various reasons. The exemptions allow these individuals to operate
commercial motor vehicles (CMVs) in interstate commerce without meeting
the prescribed vision requirement in one eye.

DATES: The new exemptions are effective July 22, 2014. All exemptions
expire two years from the effective date.

FOR FURTHER INFORMATION CONTACT: Elaine M. Papp, Chief, Medical
Programs Division,<PHONE_NUMBER>, U.S. Department of Transportation,
FMCSA, 1200 New Jersey Avenue SE., Room W64-224, Washington, DC 20590-
0001. Office hours are from 8:30 a.m. to 5 p.m. Monday through Friday,
except Federal holidays.

SUPPLEMENTARY INFORMATION FOR NEW EXEMPTIONS:

Electronic Access

    You may see all the comments related to new exemptions discussed in
this docket online through the Federal Document Management System
(FDMS) at: http://www.regulations.gov.
    Docket: For access to the dockets to read background documents or
comments, go to http://www.regulations.gov and/or Room W12-140 on the
ground level of the West Building, 1200 New Jersey Avenue SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.
    Privacy Act: Anyone may search the electronic form of all comments
received into any of DOT's dockets by the name of the individual
submitting the comment (or of the person signing the comment, if
submitted on behalf of an association, business, labor union, or other
entity). You may review DOT's Privacy Act Statement for the Federal
Docket Management System (FDMS) published in the Federal Register on
January 17, 2008 (73 FR 3316).

Background

    FMCSA has published notices of receipt of Federal vision exemption
applications and its intent to grant the exemptions. The Agency also
requested comments from the public. The comment period closed 30 days
after the publication date, and the exemptions were issued 1 day after
the comment period closed.
    FMCSA evaluated the eligibility of the drivers and determined that
granting the exemptions to these individuals would achieve a level of
safety equivalent to or greater than the level that would be

achieved by complying with the current regulation 49 CFR 391.41(b)(10).
    The determining criteria for and the conditions and requirements of
the exemptions, to which all exempted drivers are subject, were
discussed in detail when the docket was originally published (79 FR
35212). As always, any adverse comments that come in after the
exemption is granted will be evaluated, and if they indicate that the
driver is not achieving a level of safety equivalent to, or greater
than, the level of safety that would be obtained by complying with the
regulation, the exemption will be revoked. When granted, the exemptions
will enable these individuals with vision deficiencies in one eye to
operate in interstate commerce.

 Exemptions Granted

    The following 34 individuals are included in Docket No. FMCSA-2014-
0006 (79 FR 35212), originally published on June 19, 2014:

Abdullahi M. Abukar (KY)
Gregory K. Banister (SC)
Amanuel W. Behon (WA)
Oscar N. Bolton (OH)
Kenneth W. Bos (MN)
Jerry W. Brinson (GA)
Michael C. Brown (IN)
Larry O. Burr (WI)
Brian L. Elliot (MO)
Juneau A. Faulkner (GA)
Gregory E. Gage (IA)
Robert Hall III (NC)
Bradley C. Hansell (OR)
Andrew P. Hawkins (SC)
Daniel Hollins (KY)
Clarence H. Jacobsma (IN)
Samuel L. Klaphake (MN)
Timothy L. Klose (PA)
Phillip E. Mason (MO)
David P. Monti (NJ)
Timothy L. Morton (NC)
Larry G. Nikkel (WA)
Kenneth A. Orrino (WA)
Ruel W. Reed (NC)
Jose L. Sanchez (IL)
Nicholas J. Schiltgen (MN)
Warren J. Shatzer (PA)
Loren A. Smith (SD)
Harlan L. Sugars (IA)
Seth D. Sweeten (ID)
George R. Tieskoetter (IA)
Ronald L. Weiss (MN)
John T. White, Jr. (NC)
Henry P. Wurtz (SD),

    The public comment period for this docket closed on July 21, 2014,
and the exemptions were issued and effective on July 22, 2014. The
exemptions will expire two years from the effective date on July 22,
2016.
    FMCSA received no comments in this proceeding.

     Issued on: August 4, 2014.
Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2014-19077 Filed 8-11-14; 8:45 am]
BILLING CODE 4910-EX-P