[Federal Register Volume 79, Number 52 (Tuesday, March 18, 2014)]
[Notices]
[Pages 15168-15170]
[FR Doc No: 2014-05839]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71691; File No. SR-EDGA-2014-04]

Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Amendments to the EDGA Exchange, Inc. Fee Schedule

March 11, 2014.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on March 5, 2014, EDGA Exchange, Inc. (the ``Exchange'' or
``EDGA'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to amend its fees and rebates applicable to
Members \3\ of the Exchange pursuant to EDGA Rule 15.1(a) and (c)
(``Fee Schedule'') to: (i) Increase the fee for orders yielding Flag D,
which route or re-route orders to the New York Stock Exchange LLC
(``NYSE''); (ii) decrease the fee for orders yielding Flag U, which
route to LavaFlow, Inc. (``LavaFlow''); and (iii) increase the fee for
orders yielding Flag RW, which route to the CBOE Stock Exchange, LLC
(``CBSX'') and adds liquidity. The text of the proposed rule change is
available on the Exchange's Internet Web site at www.directedge.com, at
the Exchange's principal office, and at the Public Reference Room of
the Commission.
---------------------------------------------------------------------------

    \3\ The term ``Member'' is defined as ``any registered broker or
dealer, or any person associated with a registered broker or dealer,
that has been admitted to membership in the Exchange. A Member will
have the status of a ``member'' of the Exchange as that term is
defined in Section 3(a)(3) of the Act.'' See Exchange Rule 1.5(n).
---------------------------------------------------------------------------

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Fee Schedule to: (i) Increase
the fee for orders yielding Flag D, which route or re-route to the
NYSE; (ii) decrease the fee for orders yielding Flag U, which route to
LavaFlow; and (iii) increase the fee for orders yielding Flag RW, which
route to the CBSX and add liquidity.
Flag D
    In securities priced at or above $1.00, the Exchange currently
charges a fee of $0.0025 per share for Members' orders that yield Flag
D, which route or re-route orders to the NYSE. The Exchange proposes to
amend its Fee Schedule to increase the fee for orders that yield Flag D
to $0.0026 per share in securities priced at or above $1.00.\4\ The
proposed change represents a pass through of the rate Direct Edge ECN
LLC (d/b/a DE Route) (``DE Route''), the Exchange's affiliated routing
broker-dealer, is charged for routing orders to the NYSE that remove
liquidity when it does not qualify for a volume tiered reduced fee. The
proposed change is in response to the NYSE's March 2014 fee change
where the NYSE increased its fee from $0.0025 per share to $0.0026 per
share for orders in securities priced at or above $1.00.\5\ When DE
Route routes to and removes liquidity on the NYSE, it will now be
charged a standard rate of $0.0026 per share.\6\ DE Route will pass
through this rate it is charged on the NYSE to the Exchange and the
Exchange, in turn, will pass through this rate to its Members.
---------------------------------------------------------------------------

    \4\ The Exchange does not propose to amend its fee for orders
that yield Flag D in securities priced below $1.00.
    \5\ See NYSE Trader Update dated February 26, 2014, http://www.nyse.com/pdfs/NYSE%20Client%20Notice%20Fees%2003%202014.pdf.
    \6\ The Exchange notes that to the extent DE Route does or does
not achieve any volume tiered reduced fee on the NYSE, its rate for
Flag D will not change.
---------------------------------------------------------------------------

Flag U
    In securities priced at or above $1.00, the Exchange currently
charges a fee of $0.0030 per share for Members' orders that yield Flag
U, which route to LavaFlow. The Exchange proposes to amend its Fee
Schedule to decrease the

fee for orders that yield Flag U to $0.0028 per share in securities
priced at or above $1.00.\7\ The proposed change represents a pass
through of the rate DE Route, the Exchange's affiliated routing broker-
dealer, is charged for routing orders to LavaFlow that remove liquidity
when it does not qualify for a volume tiered reduced fee. The proposed
change is in response to LavaFlow's March 2014 fee change where
LavaFlow decreased its fee from $0.0030 per share to $0.0028 per share
for orders in securities priced at or above $1.00.\8\ When DE Route
routes to and removes liquidity on LavaFlow, it will now be charged a
standard rate of $0.0028 per share.\9\ DE Route will pass through this
rate it is charged on LavaFlow to the Exchange and the Exchange, in
turn, will pass through this rate to its Members.
---------------------------------------------------------------------------

    \7\ The Exchange does not propose to amend its fee for orders
that yield Flag U in securities priced below $1.00.
    \8\ See LavaFlow Pricing, available at https://www.lavatrading.com/solutions/pricing.php.
    \9\ The Exchange notes that to the extent DE Route does or does
not achieve any volume tiered reduced fee on LavaFlow, its rate for
Flag U will not change.
---------------------------------------------------------------------------

Flag RW
    In securities priced at or above $1.00, the Exchange currently
charges a fee of $0.0018 per share for Members' orders that yield Flag
RW, which routes to the CBSX and adds liquidity. The Exchange does not
currently charge a fee for orders in securities priced below $1.00 that
yield Flag RW. The Exchange proposes to amend its Fee Schedule to
increase the fee for orders that yield Flag RW to $0.0030 per share in
securities priced at or above $1.00 and 0.30% of the trade's dollar
value in securities priced below $1.00. The proposed change represents
a pass through of the rate that DE Route, the Exchange's affiliated
routing broker-dealer, is charged for routing orders that add liquidity
to CBSX when it does not qualify for a volume tiered reduced fee. The
proposed change is in response to CBSX's March 2014 fee change where
the CBSX increased its fee from $0.0018 per share to $0.0030 per share
for orders in securities priced at or above $1.00 and instituted a
charge of 0.30% of the trade's dollar value in securities priced below
$1.00.\10\ When DE Route routes to and adds liquidity on the CBSX, it
will now be charged a standard rate of $0.0030 per share or 0.30% of
the trade's value, as described above.\11\ DE Route will pass through
this rate it is charged on CBSX to the Exchange and the Exchange, in
turn, will pass through this rate to its Members.
---------------------------------------------------------------------------

    \10\ See CBSX, Information Circular IC14-011, http://www.cbsx.com/publish/InfoCir/IC14-011.pdf.
    \11\ The Exchange notes that to the extent DE Route does or does
not achieve any volume tiered reduced fee on CBSX, its rate for Flag
RW will not change.
---------------------------------------------------------------------------

Implementation Date
    The Exchange proposes to implement these amendments to its Fee
Schedule on March 5, 2014.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\12\ in general, and
furthers the objectives of Section 6(b)(4),\13\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and other persons using its
facilities.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f.
    \13\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

Flag D
    The Exchange believes that its proposal to increase the fees for
orders yielding Flag D represents an equitable allocation of reasonable
dues, fees, and other charges among Members and other persons using its
facilities. Prior to the NYSE's March 2014 fee change, the NYSE charged
DE Route a fee of $0.0025 per share in securities priced at or above
$1.00, which DE Route passed through to the Exchange and the Exchange
charged its Members. When DE Route routes to the NYSE, it will now be
charged a standard rate of $0.0026 per share. The Exchange does not
levy additional fees or offer additional rebates for orders that it
routes to the NYSE through DE Route. Therefore, the Exchange believes
that the proposed change to Flag D is equitable and reasonable because
it accounts for the pricing changes on the NYSE, which enables the
Exchange to charge its Members the applicable pass-through rate.
Lastly, the Exchange notes that routing through DE Route is voluntary
and believes that the proposed change is non-discriminatory because it
applies uniformly to all Members.
Flag U
    The Exchange believes that its proposal to decrease the fees for
orders yielding Flag U represents an equitable allocation of reasonable
dues, fees, and other charges among Members and other persons using its
facilities. Prior to LavaFlow's March 2014 fee change, LavaFlow charged
DE Route a fee of $0.0030 per share to remove liquidity in securities
priced at or above $1.00, which DE Route passed through to the Exchange
and the Exchange charged its Members. When DE Route routes to LavaFlow,
it will now be charged a standard rate of $0.0028 per share. The
Exchange does not levy additional fees or offer additional rebates for
orders that it routes to LavaFlow through DE Route. Therefore, the
Exchange believes that the proposed change to Flag U is equitable and
reasonable because it accounts for the pricing changes on LavaFlow,
which enables the Exchange to charge its Members the applicable pass-
through rate. Lastly, the Exchange notes that routing through DE Route
is voluntary and believes that the proposed change is non-
discriminatory because it applies uniformly to all Members.
Flag RW
    The Exchange believes that its proposal to increase the fees for
orders yielding Flag RW represents an equitable allocation of
reasonable dues, fees, and other charges among Members and other
persons using its facilities. Prior to CBSX's March 2014 fee change,
CBSX charged DE Route a fee of $0.0018 per share to remove liquidity
from CBSX in securities priced at or above $1.00 and no fee for
securities priced below $1.00, which DE Route passed through to the
Exchange and the Exchange charged its Members. When DE Route routes to
and adds liquidity on the CBSX, it will now be charged a standard rate
of $0.0030 per share or 0.30% of the trade's value, as described above.
The Exchange does not levy additional fees or offer additional rebates
for orders that it routes to CBSX through DE Route. Therefore, the
Exchange believes that the proposed changes to Flag RW are equitable
and reasonable because they account for the pricing changes on CBSX,
which enables the Exchange to charge its Members the applicable pass-
through rate. Lastly, the Exchange notes that routing through DE Route
is voluntary and believes that the proposed change is non-
discriminatory because it applies uniformly to all Members.

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

    The Exchange believes its proposed amendments to its Fee Schedule
would not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
does not believe that the proposed change represents a significant
departure from previous pricing offered by the Exchange or pricing
offered by the Exchange's competitors. Additionally, Members may opt to
disfavor EDGA's pricing if they believe that alternatives offer them
better value. Accordingly, the Exchange does not believe that the
proposed change will

impair the ability of Members or competing venues to maintain their
competitive standing in the financial markets.
    In particular, the Exchange believes that its proposal to pass
through the amended fees for orders that yield Flags D, U, and RW would
increase intermarket competition because it offers customers an
alternative means to route to the NYSE, LavaFlow, and CBSX respectively
for the same price that they would be charged if they entered orders on
those trading centers directly. The Exchange believes that its proposal
would not burden intramarket competition because the proposed rate
would apply uniformly to all Members.

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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \14\ and Rule 19b-4(f)(2) \15\ thereunder. At
any time within 60 days of the filing of such proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4 (f)(2).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-EDGA-2014-04 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-EDGA-2014-04. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the 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-EDGA-2014-04, and should be
submitted on or before April 8, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------

    \16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-05839 Filed 3-17-14; 8:45 am]
BILLING CODE 8011-01-P


Prevailing academic view on compliance flexibility under section 111

Jason Schwartz

to:

LisaP Jackson, Gina McCarthy, Christian Fellner, Mary Johnson, RobertJ Wayland, Nick Hutson, Lanelle Wiggins, Kevin Culligan

Sent by:

<EMAIL_ADDRESS> Cc:

"Richardson, Nathan", "Burtraw, Dallas", Michael A Livermore, Michael Gerrard, Gregory Wannier

07/12/2011 10:50 AM

	From:  Jason Schwartz<EMAIL_ADDRESS>Sort List...

To:	To:  LisaP Jackson/DC/USEPA/US@EPA, Gina McCarthy/DC/USEPA/US@EPA, Christian Fellner/RTP/USEPA/US@EPA, Mary Johnson/RTP/USEPA/US@EPA, RobertJ Wayland/RTP/USEPA/US@EPA, Nick Hutson/RTP/USEPA/US@EPA, Lanelle Wiggins/DC/USEPA/US@EPA, Kevin Culligan/DC/USEPA/US@EPA

	Cc:	Cc:  "Richardson, Nathan"<EMAIL_ADDRESS>"Burtraw, Dallas" <EMAIL_ADDRESS>Michael A Livermore<EMAIL_ADDRESS>Michael Gerrard<EMAIL_ADDRESS>Gregory Wannier <EMAIL_ADDRESS>

Sent by<EMAIL_ADDRESS>

Dear Administrator Jackson, Assistant Administrator McCarthy, and EPA officials:

Please find attached a document describing areas of general academic agreement on EPA's authority to use compliance flexibility options under Section 111 of the Clean Air Act, for your consideration in the development of performance standards for greenhouse gas emissions.

Sincerely,

Jason Schwartz & Michael Livermore, Institute for Policy Integrity, NYU School of Law

Michael Gerrard & Gregory Wannier, Center for Climate Change Law, Columbia Law School

Dallas Burtraw & Nathan Richardson, Resources for the Future

Jason A Schwartz, Legal Director

Institute for Policy Integrity

New York University School of Law

Wilf Hall, Room 317

139 MacDougal Street, New York, NY 10012

(212) 998-6093

  HYPERLINK "http://www.policyintegrity.org/"  www.policyintegrity.org

Prevailing Academic View on Sec 111 Flexibility.pdf


[Federal Register: April 18, 2008 (Volume 73, Number 76)]
[Notices]
[Page 21172-21173]
[DOCID:fr18ap08-113]

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

DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

Petition for Exemption From the Federal Motor Vehicle Motor Theft
Prevention Standard; General Motors Corporation

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

ACTION: Grant of petition for exemption.

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

SUMMARY: This document grants in full the petition of General Motors
Corporation (GM) for an exemption in accordance with Sec.  543.9(c)(2)
of 49 CFR Part 543, Exemption from the Theft Prevention Standard, for
the Chevrolet Equinox vehicle line beginning with model year (MY) 2009.
This petition is granted because the agency has determined that the
antitheft device to be placed on the line as standard equipment is
likely to be as effective in reducing and deterring motor vehicle theft
as compliance with the parts-marking requirements of the Theft
Prevention Standard.

DATES: The exemption granted by this notice is effective beginning with
model year (MY) 2009.

FOR FURTHER INFORMATION CONTACT: Ms. Carlita Ballard, Office of
International Policy, Fuel Economy and Consumer Programs, NHTSA,1200
New Jersey Avenue, SE., Washington, DC 20590. Ms. Ballard's phone
number is<PHONE_NUMBER>. Her fax number is<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: In a petition dated January 11, 2008, GM
requested an exemption from the parts-marking requirements of the theft
prevention standard (49 CFR Part 541) for the Chevrolet Equinox vehicle
line beginning with MY 2009. The petition requested an exemption from
parts-marking pursuant to 49 CFR 543, Exemption from Vehicle Theft
Prevention Standard, based on the installation of an antitheft device
as standard equipment for the entire vehicle line.
    Under Sec.  543.5(a), a manufacturer may petition NHTSA to grant an
exemption for one of its vehicle lines per year. GM's submission is
considered a complete petition as required by 49 CFR 543.7, in that it
meets the general requirements contained in Sec.  543.5 and the
specific content requirements of Sec.  543.6.
    GM's petition provided a detailed description and diagram of the
identity, design, and location of the components of the antitheft
device for the new vehicle line. GM will install its passive,
transponder-based, electronic immobilizer device as standard equipment
on its Chevrolet Equinox vehicle line beginning with MY 2009. GM stated
that the device will provide protection against unauthorized use (i.e.,
starting and engine fueling), but will not provide any visible or
audible indication of unauthorized vehicle entry (i.e., flashing lights
or horn alarm).
    GM stated that it will install the PASS-Key III+ on its MY 2009
Chevrolet Equinox vehicle line. The PASS-Key III+ device is designed to
be active at all times without direct intervention by the vehicle
operator. The system is fully armed immediately after the ignition has
been turned off and the key removed. The system will provide protection
against unauthorized starting and fueling of the vehicle engine.
Components of the antitheft device include an electronically coded
ignition key, a PASS-Key III+ controller module and an engine control
module. The ignition key contains electronics molded into the key head.
These electronics receive energy and data from the control module. Upon
receipt of the data, the key will calculate a response to the data
using secret information and an internal encryption algorithm, and
transmit the response back to the vehicle. The controller module
translates the radio frequency signal received from the key into a
digital signal and compares the received response to an internally
calculated value. If the values match, the key is recognized as valid
and the vehicle can be operated.
    GM indicated that the theft rates, as reported by the Federal
Bureau of Investigation's National Crime Information Center (NCIC), are
lower for GM models equipped with the ``PASS-Key''-like systems which
have exemptions from the parts-marking requirements of 49 CFR Part 541,
than the theft rates for earlier, similarly constructed models which
were parts-marked. Based on the performance of the PASS-Key, PASS-Key
II, and PASS-Key III systems on other GM models, and the advanced
technology utilized by the modification, GM believes that the PASS-Key
III+ antitheft device will be more effective in deterring theft than
the parts-marking requirements of 49 CFR Part 541.
    In addressing the specific content requirements of 543.6, GM
provided information on the reliability and durability of the proposed
device. To ensure reliability and durability of the device, GM
conducted tests based on its own specified standards. GM provided its
own test information on the reliability and durability of its device,
and believes that the device is reliable and durable since it complied
with the specified requirements for each test.
    GM stated that the PASS-Key III+ system has been designed to
enhance the functionality and theft protection provided by GM's first,
second, and third generation PASS-Key, PASS-Key II, and PASS-Key III
systems.
    GM compared the device proposed for its vehicle line with other
devices which NHTSA has determined to be as effective in reducing and
deterring motor vehicle theft as would compliance with the parts-
marking requirements. GM stated that the reduction in theft rates for
the Chevrolet Camaro and the Pontiac Firebird models equipped with a
passive theft-deterrent system (``PASS-Key'') without an alarm, GM
finds that the lack of an alarm or attention attracting device does not
compromise the theft deterrent performance of a system such as PASS-Key
III+. The agency agrees that the device is substantially similar to
devices for which the agency has previously approved exemptions.
    Based on comparison of the reduction in the theft rates of GM
vehicles using a passive theft deterrent device with an audible/visible
alarm system to the reduction in theft rates for GM vehicle models
equipped with a passive antitheft device without an alarm, GM finds
that the lack of an alarm or attention attracting device does not
compromise the theft deterrent performance of a system such as PASS-Key
III+.
    GM's proposed device, as well as other comparable devices that have
received full exemptions from the parts-marking requirements, lack an
audible or visible alarm. Therefore, these devices cannot perform one
of the functions listed in 49 CFR Part 543.6(a)(3), that is, to call
attention to unauthorized attempts to enter or move the vehicle.
However, theft data have indicated a decline in theft rates for vehicle
lines that have been equipped with devices similar to that which GM
proposes. In these instances, the agency has concluded that the lack of
a visual

or audio alarm has not prevented these antitheft devices from being
effective protection against theft.
    Based on the evidence submitted by GM, the agency believes that the
antitheft device for the GM vehicle line is likely to be as effective
in reducing and deterring motor vehicle theft as compliance with the
parts-marking requirements of the Theft Prevention Standard (49 CFR
541).
    The agency concludes that the device will provide four of the five
types of performance listed in Sec.  543.6(a)(3): Promoting activation;
preventing defeat or circumvention of the device by unauthorized
persons; preventing operation of the vehicle by unauthorized entrants;
and ensuring the reliability and durability of the device.
    As required by 49 U.S.C. 33106 and 49 CFR Part 543.6(a)(4) and (5),
the agency finds that GM has provided adequate reasons for its belief
that the antitheft device will reduce and deter theft. This conclusion
is based on the information GM provided about its device.
    For the foregoing reasons, the agency hereby grants in full GM's
petition for exemption for the Chevrolet Equinox vehicle line from the
parts-marking requirements of 49 CFR Part 541. The agency notes that 49
CFR Part 541, Appendix A-1, identifies those lines that are exempted
from the Theft Prevention Standard for a given model year. 49 CFR Part
543.7(f) contains publication requirements incident to the disposition
of all Part 543 petitions. Advanced listing, including the release of
future product nameplates, the beginning model year for which the
petition is granted and a general description of the antitheft device
is necessary in order to notify law enforcement agencies of new vehicle
lines exempted from the parts marking requirements of the Theft
Prevention Standard.
    If GM decides not to use the exemption for this line, it should
formally notify the agency. If such a decision is made, the line must
be fully marked according to the requirements under 49 CFR Parts 541.5
and 541.6 (marking of major component parts and replacement parts).
    NHTSA notes that if GM wishes in the future to modify the device on
which this exemption is based, the company may have to submit a
petition to modify the exemption. Part 543.7(d) states that a Part 543
exemption applies only to vehicles that belong to a line exempted under
this part and equipped with the antitheft device on which the line's
exemption is based. Further, Part 543.9(c)(2) provides for the
submission of petitions ``to modify an exemption to permit the use of
an antitheft device similar to but differing from the one specified in
that exemption.''
    The agency wishes to minimize the administrative burden that Part
543.9(c)(2) could place on exempted vehicle manufacturers and itself.
The agency did not intend in drafting Part 543 to require the
submission of a modification petition for every change to the
components or design of an antitheft device. The significance of many
such changes could be de minimis. Therefore, NHTSA suggests that if the
manufacturer contemplates making any changes, the effects of which
might be characterized as de minimis, it should consult the agency
before preparing and submitting a petition to modify.

    Authority:  49 U.S.C. 33106; delegation of authority at 49 CFR
1.50.

    Issued on: April 15, 2008.
Stephen R. Kratzke,
Associate Administrator for Rulemaking.
[FR Doc. E8-8477 Filed 4-17-08; 8:45 am]

BILLING CODE 4910-59-P


[Federal Register Volume 88, Number 55 (Wednesday, March 22, 2023)]
[Notices]
[Pages 17214-17215]
[FR Doc No: 2023-05857]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER23-1358-000]

AmeriPro Energy Corp.; Supplemental Notice That Initial Market-
Based Rate Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding of
AmeriPro Energy Corp.'s application for market-based rate authority,
with an accompanying rate tariff, noting that such application includes
a request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE, Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is April 5, 2023.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically may mail similar pleadings to
the Federal Energy Regulatory Commission, 888 First Street NE,
Washington, DC 20426. Hand delivered submissions in

docketed proceedings should be delivered to Health and Human Services,
12225 Wilkins Avenue, Rockville, Maryland 20852.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://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. At this time,
the Commission has suspended access to the Commission's Public
Reference Room, due to the proclamation declaring a National Emergency
concerning the Novel Coronavirus Disease (COVID-19), issued by the
President on March 13, 2020. For assistance, contact the Federal Energy
Regulatory Commission at [email protected] or call toll-free,
(886) 208-3676 or TYY,<PHONE_NUMBER>.

    Dated: March 16, 2023.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2023-05857 Filed 3-21-23; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 88, Number 165 (Monday, August 28, 2023)]
[Notices]
[Pages 58577-58578]
[FR Doc No: 2023-18528]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 15229-000]

Alabama Power Company; Notice of Surrender of Preliminary Permit

    Take notice that Alabama Power Company, permittee for the proposed
Chandler Mountain Pumped Storage Project No. 15229, has requested that
its preliminary permit be terminated. The permit was issued on March
24, 2022 \1\ and would have expired on February 28, 2026. The project
would have been located on Little Canoe Creek, Gulf Creek, and Jake
Creek near the town of

Steele, in Etowah and St. Clair Counties, Alabama.\2\
---------------------------------------------------------------------------

    \1\ 178 FERC ] 61,209 (2022).
    \2\ Little Canoe Creek, Gulf Creek, and Jake Creek are
tributaries of the Coosa River.
---------------------------------------------------------------------------

    The preliminary permit for Project No. 15229 will remain in effect
until the close of business, September 21, 2023. But, if the Commission
is closed on this day, then the permit remains in effect until the
close of business on the next day in which the Commission is open.\3\
New applications for this site may not be submitted until after the
permit surrender is effective.
---------------------------------------------------------------------------

    \3\ 18 CFR 385.2007(a)(2) (2022).

    Dated: August 22, 2023.
Kimberly D. Bose,
Secretary.
[FR Doc. 2023-18528 Filed 8-25-23; 8:45 am]
BILLING CODE 6717-01-P


MEMORANDUM

DATE:07/1/2014
FROM: 		Laura Farris/EPA Region 8
TO:CLEAN Power Plan for Existing Power Plants; Docket Id: OAR - 2013-0602
SUBJECT:	Clean Power Plan Discussion with the State of Wyoming held on 06/20/2014

SUMMARY:
EPA Headquarters and Region 8 staff discussed various questions regarding the proposed Clean Power Plan for Existing Power Plants on 06/20/2014. The Clean Power Plan for Existing Power Plants was proposed on June 2, 2014.

ATTENDEES:
EPA HQ:  Brian Fisher, Kevin Culligan, Joe Bryson and Jan Cortelyou.
EPA Region 8: Carl Daly and Laura Farris

Wyoming PUC: Al Minier and Marci Norby
Wyoming DEQ: Steve Dietrich and Melissa Miels


purposes of paragraphs (c)(7)(ii) and (iii) of this section, an
instrument subject to a Demand Feature or Guarantee shall not be deemed
to be in default (and an Event of Insolvency with respect to the
security shall not be deemed to have occurred) if:
    (A) In the case of an instrument subject to a Demand Feature, the
Demand Feature has been exercised and the fund has recovered either the
principal amount or the amortized cost of the instrument, plus accrued
interest; or
    (B) The provider of the Guarantee is continuing, without protest,
to make payments as due on the instrument.
    (8) Required Procedures: Amortized Cost Method. In the case of a
money market fund using the Amortized Cost Method:
    (i) General. In supervising the money market fund's operations and
delegating special responsibilities involving portfolio management to
the money market fund's investment adviser, the money market fund's
board of directors, as a particular responsibility within the overall
duty of care owed to its shareholders, shall establish written
procedures reasonably designed, taking into account current market
conditions and the money market fund's investment objectives, to
stabilize the money market fund's net asset value per share, as
computed for the purpose of distribution, redemption and repurchase, at
a single value.
    (ii) Specific Procedures. Included within the procedures adopted by
the board of directors shall be the following:
    (A) Shadow Pricing. Written procedures shall provide:
    (1) That the extent of deviation, if any, of the current net asset
value per share calculated using available market quotations (or an
appropriate substitute that reflects current market conditions) from
the money market fund's amortized cost price per share, shall be
calculated at such intervals as the board of directors determines
appropriate and reasonable in light of current market conditions;
    (2) For the periodic review by the board of directors of the amount
of the

deviation as well as the methods used to calculate the deviation; and
    (3) For the maintenance of records of the determination of
deviation and the board's review thereof.
    (B) Prompt Consideration of Deviation. In the event such deviation
from the money market fund's amortized cost price per share exceeds \1/
2\ of 1 percent, the board of directors shall promptly consider what
action, if any, should be initiated by the board of directors.
    (C) Material Dilution or Unfair Results. Where the board of
directors believes the extent of any deviation from the money market
fund's amortized cost price per share may result in material dilution
or other unfair results to investors or existing shareholders, it shall
cause the fund to take such action as it deems appropriate to eliminate
or reduce to the extent reasonably practicable such dilution or unfair
results.
    (9) Required Procedures: Penny-Rounding Method. In the case of a
money market fund using the Penny-Rounding Method, in supervising the
money market fund's operations and delegating special responsibilities
involving portfolio management to the money market fund's investment
adviser, the money market fund's board of directors undertakes, as a
particular responsibility within the overall duty of care owed to its
shareholders, to assure to the extent reasonably practicable, taking
into account current market conditions affecting the money market
fund's investment objectives, that the money market fund's price per
share as computed for the purpose of distribution, redemption and
repurchase, rounded to the nearest one percent, will not deviate from
the single price established by the board of directors.
    (10) Specific Procedures: Amortized Cost and Penny-Rounding
Methods. Included within the procedures adopted by the board of
directors for money market funds using either the Amortized Cost or
Penny-Rounding Methods shall be the following:
    (i) Securities for Which Maturity is Determined by Reference to
Demand Features. In the case of a security for which maturity is
determined by reference to a Demand Feature, written procedures shall
require ongoing review of the security's continued minimal credit
risks, and that review must be based on, among other things, financial
data for the most recent fiscal year of the issuer of the Demand
Feature and, in the case of a security subject to a Conditional Demand
Feature, the issuer of the security whose financial condition must be
monitored under paragraph (c)(3)(iv) of this section, whether such data
is publicly available or provided under the terms of the security's
governing documentation.
    (ii) Securities Subject to Demand Features or Guarantees. In the
case of a security subject to one or more Demand Features or Guarantees
that the fund's board of directors has determined that the fund is not
relying on to determine the quality (pursuant to paragraph (c)(3) of
this section), maturity (pursuant to paragraph (d) of this section) or
liquidity (pursuant to paragraph (c)(5) of this section) of the
security subject to the Demand Feature or Guarantee, written procedures
shall require periodic evaluation of such determination.
    (iii) Adjustable Rate Securities Without Demand Features. In the
case of a Variable Rate or Floating Rate Security that is not subject
to a Demand Feature and for which maturity is determined pursuant to
paragraphs (d)(1), (d)(2) or (d)(4) of this section, written procedures
shall require periodic review of whether the interest rate formula,
upon readjustment of its interest rate, can reasonably be expected to
cause the security to have a market value that approximates its
amortized cost value.
    (iv) Asset Backed Securities. In the case of an Asset Backed
Security, written procedures shall require the fund to periodically
determine the number of Ten Percent Obligors (as that term is used in
paragraph (c)(4)(ii)(D) of this section) deemed to be the issuers of
all or a portion of the Asset Backed Security for purposes of paragraph
(c)(4)(ii)(D) of this section; provided, however, written procedures
need not require periodic determinations with respect to any Asset
Backed Security that a fund's board of directors has determined, at the
time of Acquisition, will not have, or is unlikely to have, Ten Percent
Obligors that are deemed to be issuers of all or a portion of that
Asset Backed Security for purposes of paragraph (c)(4)(ii)(D) of this
section, and maintains a record of this determination.
    (v) Stress Testing. Written procedures shall provide for:
    (A) The periodic testing, at such intervals as the board of
directors determines appropriate and reasonable in light of current
market conditions, of the money market fund's ability to maintain a
stable net asset value per share based upon specified hypothetical
events that include, but are not limited to, a change in short-term
interest rates, an increase in shareholder redemptions, a downgrade of
or default on portfolio securities, and the widening or narrowing of
spreads between yields on an appropriate benchmark the fund has
selected for overnight interest rates and commercial paper and other
types of securities held by the fund.
    (B) A report on the results of such testing to be provided to the
board of directors at its next regularly scheduled meeting (or sooner,
if appropriate in light of the results), which report shall include:
    (1) The date(s) on which the testing was performed and the
magnitude of each hypothetical event that would cause the deviation of
the money market fund's net asset value calculated using available
market quotations (or appropriate substitutes which reflect current
market conditions) from its net asset value per share calculated using
amortized cost to exceed \1/2\ of 1 percent; and
    (2) An assessment by the fund's adviser of the fund's ability to
withstand the events (and concurrent occurrences of those events) that
are reasonably likely to occur within the following year.
    (11) Record Keeping and Reporting--(i) Written Procedures. For a
period of not less than six years following the replacement of such
procedures with new procedures (the first two years in an easily
accessible place), a written copy of the procedures (and any
modifications thereto) described in paragraphs (c)(7) through (c)(10)
and (e) of this section shall be maintained and preserved.
    (ii) Board Considerations and Actions. For a period of not less
than six years (the first two years in an easily accessible place) a
written record shall be maintained and preserved of the board of
directors' considerations and actions taken in connection with the
discharge of its responsibilities, as set forth in this section, to be
included in the minutes of the board of directors' meetings.
    (iii) Credit Risk Analysis. For a period of not less than three
years from the date that the credit risks of a portfolio security were
most recently reviewed, a written record of the determination that a
portfolio security presents minimal credit risks and the Designated
NRSRO ratings (if any) used to determine the status of the security as
an Eligible Security, First Tier Security or Second Tier Security shall
be maintained and preserved in an easily accessible place.
    (iv) Determinations With Respect to Adjustable Rate Securities. For
a period of not less than three years from the date when the
determination was most recently made, a written record shall be
preserved and maintained, in an easily accessible place, of the
determination

required by paragraph (c)(10)(iii) of this section (that a Variable
Rate or Floating Rate Security that is not subject to a Demand Feature
and for which maturity is determined pursuant to paragraphs (d)(1),
(d)(2) or (d)(4) of this section can reasonably be expected, upon
readjustment of its interest rate at all times during the life of the
instrument, to have a market value that approximates its amortized
cost).
    (v) Determinations with Respect to Asset Backed Securities. For a
period of not less than three years from the date when the
determination was most recently made, a written record shall be
preserved and maintained, in an easily accessible place, of the
determinations required by paragraph (c)(10)(iv) of this section (the
number of Ten Percent Obligors (as that term is used in paragraph
(c)(4)(ii)(D) of this section) deemed to be the issuers of all or a
portion of the Asset Backed Security for purposes of paragraph
(c)(4)(ii)(D) of this section). The written record shall include:
    (A) The identities of the Ten Percent Obligors (as that term is
used in paragraph (c)(4)(ii)(D) of this section), the percentage of the
Qualifying Assets constituted by the securities of each Ten Percent
Obligor and the percentage of the fund's Total Assets that are invested
in securities of each Ten Percent Obligor; and
    (B) Any determination that an Asset Backed Security will not have,
or is unlikely to have, Ten Percent Obligors deemed to be issuers of
all or a portion of that Asset Backed Security for purposes of
paragraph (c)(4)(ii)(D) of this section.
    (vi) Evaluations with Respect to Securities Subject to Demand
Features or Guarantees. For a period of not less than three years from
the date when the evaluation was most recently made, a written record
shall be preserved and maintained, in an easily accessible place, of
the evaluation required by paragraph (c)(10)(ii) (regarding securities
subject to one or more Demand Features or Guarantees) of this section.
    (vii) Reports with Respect to Stress Testing. For a period of not
less than six years (the first two years in an easily accessible
place), a written copy of the report required under paragraph
(c)(10)(v)(B) of this section shall be maintained and preserved.
    (viii) Inspection of Records. The documents preserved pursuant to
this paragraph (c)(11) shall be subject to inspection by the Commission
in accordance with section 31(b) of the Act (15 U.S.C. 80a-30(b)) as if
such documents were records required to be maintained pursuant to rules
adopted under section 31(a) of the Act (15 U.S.C. 80a-30(a)). If any
action was taken under paragraphs (c)(7)(ii) (with respect to defaulted
securities and events of insolvency) or (c)(8)(ii) (with respect to a
deviation from the fund's share price of more than \1/2\ of 1 percent)
of this section, the money market fund will file an exhibit to the Form
N-SAR (17 CFR 274.101) filed for the period in which the action was
taken describing with specificity the nature and circumstances of such
action. The money market fund will report in an exhibit to such Form
any securities it holds on the final day of the reporting period that
are not Eligible Securities.
    (12) Web Site Disclosure of Portfolio Holdings. The money market
fund shall post on its Web site, for a period of not less than six
months, beginning no later than the fifth Business Day of the month, a
schedule of its investments, as of the last Business Day of the prior
month, that includes the following information:
    (i) With respect to the money market fund and each class thereof:
    (A) The dollar-weighted average portfolio maturity; and
    (B) The dollar-weighted average portfolio maturity determined
without reference to the exceptions in paragraph (d) of this section
regarding interest rate readjustments;
    (ii) With respect to each security held by the money market fund:
    (A) Name of the issuer;
    (B) Category of investment (indicate the category that most closely
identifies the instrument from among the following: Treasury Debt;
Government Agency Debt; Variable Rate Demand Note; Other Municipal
Debt; Financial Company Commercial Paper; Asset Backed Commercial
Paper; Other Commercial Paper; Certificate of Deposit; Structured
Investment Vehicle Note; Other Note; Treasury Repurchase Agreement;
Government Agency Repurchase Agreement; Other Repurchase Agreement;
Insurance Company Funding Agreement; Investment Company; Other
Instrument);
    (C) CUSIP number (if any);
    (D) Principal amount;
    (E) Maturity date as determined under this section;
    (F) Final legal maturity date (taking into account any maturity
date extensions that may be effected at the option of the issuer), if
different from the maturity date as determined under this section;
    (G) Coupon or yield; and
    (H) Amortized cost value; and
    (iii) A link to a Web site of the Securities and Exchange
Commission where a user may obtain the most recent 12 months of
publicly available information filed by the money market fund pursuant
to Sec.  270.30b1-7.
    (13) Processing of Transactions. The money market fund (or its
transfer agent) shall have the capacity to redeem and sell securities
issued by the fund at a price based on the current net asset value per
share pursuant to Sec.  270.22c-1. Such capacity shall include the
ability to redeem and sell securities at prices that do not correspond
to a stable net asset value or price per share.
    (d) Maturity of Portfolio Securities. For purposes of this section,
the maturity of a portfolio security shall be deemed to be the period
remaining (calculated from the trade date or such other date on which
the fund's interest in the security is subject to market action) until
the date on which, in accordance with the terms of the security, the
principal amount must unconditionally be paid, or in the case of a
security called for redemption, the date on which the redemption
payment must be made, except as provided in paragraphs (d)(1) through
(d)(8) of this section:
    (1) Adjustable Rate Government Securities. A Government Security
that is a Variable Rate Security where the variable rate of interest is
readjusted no less frequently than every 397 calendar days shall be
deemed to have a maturity equal to the period remaining until the next
readjustment of the interest rate. A Government Security that is a
Floating Rate Security shall be deemed to have a remaining maturity of
one day.
    (2) Short-Term Variable Rate Securities. A Variable Rate Security,
the principal amount of which, in accordance with the terms of the
security, must unconditionally be paid in 397 calendar days or less
shall be deemed to have a maturity equal to the earlier of the period
remaining until the next readjustment of the interest rate or the
period remaining until the principal amount can be recovered through
demand.
    (3) Long-Term Variable Rate Securities. A Variable Rate Security,
the principal amount of which is scheduled to be paid in more than 397
calendar days, that is subject to a Demand Feature, shall be deemed to
have a maturity equal to the longer of the period remaining until the
next readjustment of the interest rate or the period remaining until
the principal amount can be recovered through demand.
    (4) Short-Term Floating Rate Securities. A Floating Rate Security,
the

principal amount of which, in accordance with the terms of the
security, must unconditionally be paid in 397 calendar days or less
shall be deemed to have a maturity of one day.
    (5) Long-Term Floating Rate Securities. A Floating Rate Security,
the principal amount of which is scheduled to be paid in more than 397
calendar days, that is subject to a Demand Feature, shall be deemed to
have a maturity equal to the period remaining until the principal
amount can be recovered through demand.
    (6) Repurchase Agreements. A repurchase agreement shall be deemed
to have a maturity equal to the period remaining until the date on
which the repurchase of the underlying securities is scheduled to
occur, or, where the agreement is subject to demand, the notice period
applicable to a demand for the repurchase of the securities.
    (7) Portfolio Lending Agreements. A portfolio lending agreement
shall be treated as having a maturity equal to the period remaining
until the date on which the loaned securities are scheduled to be
returned, or where the agreement is subject to demand, the notice
period applicable to a demand for the return of the loaned securities.
    (8) Money Market Fund Securities. An investment in a money market
fund shall be treated as having a maturity equal to the period of time
within which the Acquired money market fund is required to make payment
upon redemption, unless the Acquired money market fund has agreed in
writing to provide redemption proceeds to the investing money market
fund within a shorter time period, in which case the maturity of such
investment shall be deemed to be the shorter period.
    (e) Delegation. The money market fund's board of directors may
delegate to the fund's investment adviser or officers the
responsibility to make any determination required to be made by the
board of directors under this section (other than the determinations
required by paragraphs (a)(11)(i) (designation of NRSROs); (c)(1)
(board findings); (c)(7)(ii) (defaults and other events); (c)(8)(i)
(general required procedures: Amortized Cost Method); (c)(8)(ii)(A)
(shadow pricing), (B) (prompt consideration of deviation), (C)
(material dilution or unfair results); (c)(9) (required procedures:
Penny Rounding Method); and (c)(10)(v)(A) (stress testing procedures)
of this section; provided that:
    (1) Written Guidelines. The Board shall establish and periodically
review written guidelines (including guidelines for determining whether
securities present minimal credit risks as required in paragraph (c)(3)
of this section) and procedures under which the delegate makes such
determinations.
    (2) Oversight. The Board shall take any measures reasonably
necessary (through periodic reviews of fund investments and the
delegate's procedures in connection with investment decisions and
prompt review of the adviser's actions in the event of the default of a
security or Event of Insolvency with respect to the issuer of the
security or any Guarantee to which it is subject that requires
notification of the Commission under paragraph (c)(7)(iii) of this
section) to assure that the guidelines and procedures are being
followed.
0
3. Section 270.17a-9 is revised to read as follows:

Sec.  270.17a-9  Purchase of certain securities from a money market
fund by an affiliate, or an affiliate of an affiliate.

    The purchase of a security from the portfolio of an open-end
investment company holding itself out as a money market fund by any
affiliated person or promoter of or principal underwriter for the money
market fund or any affiliated person of such person shall be exempt
from section 17(a) of the Act (15 U.S.C. 80a-17(a)); provided that:
    (a) In the case of a portfolio security that has ceased to be an
Eligible Security (as defined in Sec.  270.2a-7(a)(12)), or has
defaulted (other than an immaterial default unrelated to the financial
condition of the issuer):
    (1) The purchase price is paid in cash; and
    (2) The purchase price is equal to the greater of the amortized
cost of the security or its market price (in each case, including
accrued interest).
    (b) In the case of any other portfolio security:
    (1) The purchase price meets the requirements of paragraph (a)(1)
and (2) of this section; and
    (2) In the event that the purchaser thereafter sells the security
for a higher price than the purchase price paid to the money market
fund, the purchaser shall promptly pay to the fund the amount by which
the subsequent sale price exceeds the purchase price paid to the fund.
0
4. Section 270.22e-3 is added to read as follows:

Sec.  270.22e-3  Exemption for liquidation of money market funds.

    (a) Exemption. A registered open-end management investment company
or series thereof (``fund'') that is regulated as a money market fund
under Sec.  270.2a-7 is exempt from the requirements of section 22(e)
of the Act (15 U.S.C. 80a-22(e)) if:
    (1) The fund's board of directors, including a majority of
directors who are not interested persons of the fund, determines
pursuant to Sec.  270.2a-7(c)(8)(ii)(C) that the extent of the
deviation between the fund's amortized cost price per share and its
current net asset value per share calculated using available market
quotations (or an appropriate substitute that reflects current market
conditions) may result in material dilution or other unfair results to
investors or existing shareholders;
    (2) The fund's board of directors, including a majority of
directors who are not interested persons of the fund, irrevocably has
approved the liquidation of the fund; and
    (3) The fund, prior to suspending redemptions, notifies the
Commission of its decision to liquidate and suspend redemptions by
electronic mail directed to the attention of the Director of the
Division of Investment Management or the Director's designee.
    (b) Conduits. Any registered investment company, or series thereof,
that owns, pursuant to section 12(d)(1)(E) of the Act (15 U.S.C. 80a-
12(d)(1)(E)), shares of a money market fund that has suspended
redemptions of shares pursuant to paragraph (a) of this section also is
exempt from the requirements of section 22(e) of the Act (15 U.S.C.
80a-22(e)). A registered investment company relying on the exemption
provided in this paragraph must promptly notify the Commission that it
has suspended redemptions in reliance on this section. Notification
under this paragraph shall be made by electronic mail directed to the
attention of the Director of the Division of Investment Management or
the Director's designee.
    (c) Commission Orders. For the protection of shareholders, the
Commission may issue an order to rescind or modify the exemption
provided by this section, after appropriate notice and opportunity for
hearing in accordance with section 40 of the Act (15 U.S.C. 80a-39).
0
5. Section 270.30b1-6T is amended by revising paragraph (d) to read as
follows:

Sec.  270.30b1-6T  Weekly portfolio report for certain money market
funds.

* * * * *
    (d) Expiration. This section will expire on December 1, 2010.
0
6. Section 270.30b1-7 is added to read as follows:

Sec.  270.30b1-7  Monthly report for money market funds.

    (a) Report. Every registered open-end management investment
company, or

series thereof, that is regulated as a money market fund under Sec.
270.2a-7 must file with the Commission a monthly report of portfolio
holdings on Form N-MFP (Sec.  274.201 of this chapter), current as of
the last business day of the previous month, no later than the fifth
business day of each month.
    (b) Public availability. The Commission will make the information
filed on Form N-MFP available to the public 60 days after the end of
the month to which the information pertains.

PART 274--FORMS PRESCRIBED UNDER THE INVESTMENT COMPANY ACT OF 1940

0
7. The authority citation for Part 274 continues to read, in part, as
follows:

    Authority:  15 U.S.C. 77f, 77g, 77h, 77j, 77s, 78c(b), 78l, 78m,
78n, 78o(d), 80a-8, 80a-24, 80a-26, and 80a-29, unless otherwise
noted.
* * * * *
0
8. Section 274.201 and Form N-MFP (referenced in Sec.  274.201) are
added to read as follows:

Sec.  274.201  Form N-MFP, portfolio holdings of money market funds.

    This form shall be used by registered open-end management
investment companies that are regulated as money market funds under
Sec.  270.2a-7 of this chapter to file reports pursuant to Sec.
270.30b1-7 of this chapter no later than the fifth business day of each
month.

    Note:  The text of Form N-MFP will not appear in the Code of
Federal Regulations.

FORM N-MFP

MONTHLY SCHEDULE OF PORTFOLIO HOLDINGS OF MONEY MARKET FUNDS

    Form N-MFP is to be used by registered open-end management
investment companies, or series thereof, that are regulated as money
market funds pursuant to rule 2a-7 under the Investment Company Act of
1940 (``Act'') (17 CFR 270.2a-7) (``money market funds''), to file
reports with the Commission pursuant to rule 30b1-7 under the Act (17
CFR 270.30b1-7). The Commission may use the information provided on
Form N-MFP in its regulatory, disclosure review, inspection, and
policymaking roles.

GENERAL INSTRUCTIONS

A. Rule as to Use of Form N-MFP
    Form N-MFP is the public reporting form that is to be used for
monthly reports of money market funds required by section 30(b) of the
Act and rule 30b1-7 under the Act (17 CFR 270.30b1-7). A money market
fund must report information about the fund and its portfolio holdings
as of the last business day of the preceding month. The Form N-MFP must
be filed with the Commission no later than the fifth business day of
each month, but may be filed any time beginning on the first business
day of the month. Each money market fund, or series of a money market
fund, is required to file a separate form. If the money market fund
does not have any classes, the fund must provide the information
required by Part I.B for the series.
    A money market fund may file an amendment to a previously filed
Form N-MFP at any time, including an amendment to correct a mistake or
error in a previously filed form. A fund that files an amendment to a
previously filed form must provide information in response to all items
of Form N-MFP, regardless of why the amendment is filed.
B. Application of General Rules and Regulations
    The General Rules and Regulations under the Act contain certain
general requirements that are applicable to reporting on any form under
the Act. These general requirements should be carefully read and
observed in the preparation and filing of reports on this form, except
that any provision in the form or in these instructions shall be
controlling.
C. Filing of Form N-MFP
    A money market fund must file Form N-MFP in accordance with rule
232.13 of Regulation S-T. Form N-MFP must be filed electronically using
the Commission's EDGAR system.
D. Paperwork Reduction Act Information
    A registrant is not required to respond to the collection of
information contained in Form N-MFP unless the Form displays a
currently valid Office of Management and Budget (``OMB'') control
number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing
the burden to the Secretary, Securities and Exchange Commission, 100 F
Street, NE, Washington, DC 20549-1090. The OMB has reviewed this
collection of information under the clearance requirements of 44 U.S.C.
3507.
E. Definitions
    References to sections and rules in this Form N-MFP are to the
Investment Company Act of 1940 [15 U.S.C. 80a] (the ``Investment
Company Act''), unless otherwise indicated. Terms used in this Form N-
MFP have the same meaning as in the Investment Company Act or related
rules, unless otherwise indicated.
    As used in this Form N-MFP, the terms set out below have the
following meanings:
    ``Class'' means a class of shares issued by a Multiple Class Fund
that represents interests in the same portfolio of securities under
rule 18f-3 [17 CFR 270.18f-3] or under an order exempting the Multiple
Class Fund from sections 18(f), 18(g), and 18(i) [15 U.S.C. 80a-18(f),
18(g), and 18(i)].
    ``Fund'' means the Registrant or a separate Series of the
Registrant. When an item of Form N-MFP specifically applies to a
Registrant or a Series, those terms will be used.
    ``Master-Feeder Fund'' means a two-tiered arrangement in which one
or more Funds (each a ``Feeder Fund'') holds shares of a single Fund
(the ``Master Fund'') in accordance with section 12(d)(1)(E) [15 U.S.C.
80a-12(d)(1)(E)].
    ``Money Market Fund'' means a Fund that holds itself out as a money
market fund and meets the maturity, quality, and diversification
requirements of rule 2a-7 [17 CFR 270.2a-7].
    ``Securities Act'' means the Securities Act of 1933 [15 U.S.C. 77a-
aa].
    ``Series'' means shares offered by a Registrant that represent
undivided interests in a portfolio of investments and that are
preferred over all other series of shares for assets specifically
allocated to that series in accordance with rule 18f-2(a) [17 CFR
270.18f-2(a)].
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549
FORM N-MFP MONTHLY SCHEDULE OF PORTFOLIO HOLDINGS OF MONEY MARKET FUNDS
Report for [Month, Day, Year]
CIK Number of Registrant:
EDGAR Series Identifier:
Total number of share classes in the series:
Do you anticipate that this will be the fund's final filing on Form N-
MFP? [Y/N]
Is the fund liquidating? [Y/N]
Is the fund merging with, or being acquired by, another fund? [Y/N]

    If so, identify the successor fund by CIK, Securities Act file
number, and EDGAR series identifier.

If this is not a final filing: has the fund acquired or merged with
another fund since the last filing? [Y/N]

    If so, identify the acquired or merged fund by CIK, Securities Act
file number, and EDGAR series identifier.

Part I: Information about the Fund

A. Series-Level Information

Item 1. Securities Act File Number.
Item 2. Investment Adviser.
    a. SEC file number of investment adviser.
Item 3. Sub-Adviser. If a fund has one or more sub-advisers, disclose
the name of each sub-adviser.
    a. SEC file number of each sub-adviser.
Item 4. Independent Public Accountant.
    a. City and state of independent public accountant.
Item 5. Administrator. If a fund has one or more administrators,
disclose the name of each administrator.
Item 6. Transfer Agent.
    a. CIK Number.
    b. SEC file number of transfer agent.
Item 7. Master-Feeder Funds. Is this a feeder fund? [Y/N]
    a. Identify the master fund by CIK.
    b. Securities Act file number of the master fund.
    c. EDGAR series identifier of the master fund.
Item 8. Master-Feeder Funds. Is this a master fund? [Y/N]
    a. If this is a master fund, identify all feeder funds by CIK or,
if the fund does not have a CIK, by name.
    b. Securities Act file number of each feeder fund.
    c. EDGAR series identifier of each feeder fund.
Item 9. Is this series primarily used to fund insurance company
separate accounts? [Y/N]
Item 10. Category. Indicate the category that most closely identifies
the money market fund from among the following: Treasury, Government/
Agency, Prime, Single State Fund, or Other Tax Exempt Fund.
Item 11. Dollar weighted average portfolio maturity.
Item 12. Dollar weighted average life maturity. Calculate the dollar
weighted average portfolio maturity without reference to the exceptions
in rule 2a-7(d) regarding interest rate readjustments.
Item 13. Total value of portfolio securities at amortized cost, to the
nearest cent.
Item 14. Total value of other assets, to the nearest cent.
Item 15. Total value of liabilities, to the nearest cent.
Item 16. Net assets of the series, to the nearest cent.
Item 17. 7-day gross yield. Based on the 7 days ended on the last day
of the prior month, calculate the fund's yield by determining the net
change, exclusive of capital changes and income other than investment
income, in the value of a hypothetical pre-existing account having a
balance of one share at the beginning of the period and dividing the
difference by the value of the account at the beginning of the base
period to obtain the base period return, and then multiplying the base
period return by (365/7) with the resulting yield figure carried to at
least the nearest hundredth of one percent. The 7-day gross yield
should not reflect a deduction of shareholders fees and fund operating
expenses.
Item 18. Shadow Price of the Series.
    a. The net asset value per share most recently calculated using
available market quotations (or an appropriate substitute that reflects
current market conditions), including the value of any capital support
agreement, to the nearest hundredth of a cent;
    b. The date as of which the market-based net asset value disclosed
in Item 18a was calculated;
    c. The net asset value per share most recently calculated using
available market quotations (or an appropriate substitute that reflects
current market conditions), excluding the value of any capital support
agreement, to the nearest hundredth of a cent; and
    d. The date as of which the market-based net asset value disclosed
in Item 18c was calculated.

B. Class-Level Information. For each Class of the Series, disclose the
following:

Item 19. EDGAR Class identifier.
Item 20. Minimum initial investment.
Item 21. Net assets of the Class, to the nearest cent.
Item 22. Net asset value per share for purposes of distributions,
redemptions, and repurchase, to the nearest cent.
Item 23. Net shareholder flow activity for the month ended
(subscriptions less redemptions), to the nearest cent.
    a. Gross subscriptions for the month ended (including dividend
reinvestments), to the nearest cent.
    b. Gross redemptions for the month ended, to the nearest cent.
Item 24. 7-day net yield, as calculated under Item 26(a)(1) of Form N-
1A.
Item 25. Shadow Price of each Class.
    a. The net asset value per share most recently calculated using
available market quotations (or an appropriate substitute that reflects
current market conditions), including the value of any capital support
agreement, to the nearest hundredth of a cent;
    b. The date as of which the market-based net asset value disclosed
in Item 25a was calculated;
    c. The net asset value per share most recently calculated using
available market quotations (or an appropriate substitute that reflects
current market conditions), excluding the value of any capital support
agreement, to the nearest hundredth of a cent; and
    d. The date as of which the market-based net asset value disclosed
in Item 25c was calculated.

Part 2: Schedule of Portfolio Securities. For each security held by the
money market fund, disclose the following:

Item 26. The name of the issuer.
Item 27. The title of the issue (including coupon or yield).
Item 28. The CUSIP. If the security has a CUSIP, filers must provide
the security's CUSIP pursuant to this Item and may skip Items 29 and
30.
Item 29. Other unique identifier, if the security has a unique
identifier. If a CUSIP is provided pursuant to Item 28, skip this Item.
Item 30. The CIK of the issuer, if the issuer has a CIK. If a CUSIP is
provided pursuant to Item 28, skip this Item.
Item 31. The category of investment. Indicate the category that most
closely identifies the instrument from among the following: Treasury
Debt; Government Agency Debt; Variable Rate Demand Note; Other
Municipal Debt; Financial Company Commercial Paper; Asset Backed
Commercial Paper; Other Commercial Paper; Certificate of Deposit;
Structured Investment Vehicle Note; Other Note; Treasury Repurchase
Agreement; Government Agency Repurchase Agreement; Other Repurchase
Agreement; Insurance Company Funding Agreement; Investment Company;
Other Instrument. If Other Instrument, include a brief description.
Item 32. If the security is a repurchase agreement: is the fund
treating the acquisition of the repurchase agreement as the acquisition
of the underlying securities (i.e., collateral) for purposes of
portfolio diversification under rule 2a-7? [Y/N]
    For repurchase agreements, describe the securities subject to the
repurchase agreement, including:

    a. The name of the issuer;
    b. Maturity date;
    c. Coupon or yield;
    d. The category of investments, selected from Item 31 above;
    e. The principal amount, to the nearest cent;
    f. Value of collateral, to the nearest cent.
    If multiple securities of an issuer are subject to the repurchase
agreement, the securities may be aggregated, in which case disclose:
(a) the total principal amount and value and (b) the range of maturity
dates and interest rates.
Item 33. Rating. Indicate whether the security is a rated First Tier
Security, rated Second Tier Security, an Unrated Security, or no longer
an Eligible Security.
Item 34. Name of each Designated NRSRO.
    a. For each Designated NRSRO, disclose the credit rating given by
the Designated NRSRO. If the instrument and its issuer are not rated by
the Designated NRSRO, indicate ``NR.''
Item 35. The maturity date as determined under rule 2a-7. Determine the
maturity date, taking into account the maturity shortening provisions
of rule 2a-7(d).
Item 36. The final legal maturity date, taking into account any
maturity date extensions that may be effected at the option of the
issuer.
Item 37. Does the security have a Demand Feature? [Y/N]
    a. The identity of the Demand Feature issuer.
    b. Designated NRSRO(s) for the Demand Feature or provider of the
Demand Feature.
    c. For each Designated NRSRO, disclose the credit rating given by
the Designated NRSRO. If there is no rating given by the Designated
NRSRO, indicate ``NR.''
Item 38. Does the security have a Guarantee? [Y/N]
    a. The identity of the Guarantor.
    b. Designated NRSRO(s) for the Guarantee or Guarantor.
    c. For each Designated NRSRO, disclose the credit rating given by
the Designated NRSRO. If there is no rating given by the Designated
NRSRO, indicate ``NR.''
Item 39. Does the security have any enhancements, other than those
identified in Items 37 and 38 above, on which the fund is relying to
determine the quality, maturity or liquidity of the security? [Y/N]
    a. The type of enhancement.
    b. The identity of the enhancement provider.
    c. Designated NRSRO(s) for the enhancement or enhancement provider.
    d. For each Designated NRSRO, disclose the credit rating given by
the Designated NRSRO. If there is no rating given by the Designated
NRSRO, indicate ``NR.''
Item 40. The total principal amount of the security held by the series,
to the nearest cent.
Item 41. The total current amortized cost, to the nearest cent.
Item 42. The percentage of the money market fund's net assets invested
in the security, to the nearest hundredth of a percent.
Item 43. Explanatory notes. Disclose any other information that may be
material to other disclosures related to the portfolio security.
Item 44. Is this an Illiquid Security as of the date of this report?
[Y/N]
Item 45. The value of the security, calculated using available market
quotations (or an appropriate substitute that reflects current market
conditions), including the value of any capital support agreement, to
the nearest cent.
Item 46. The value of the security, calculated using available market
quotations (or an appropriate substitute that reflects current market
conditions), excluding the value of any capital support agreement, to
the nearest cent.

    Dated: February 23, 2010.

    By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-4059 Filed 3-3-10; 8:45 am]
BILLING CODE 8011-01-P