[Federal Register Volume 78, Number 169 (Friday, August 30, 2013)]
[Notices]
[Pages 53747-53748]
[FR Doc No: 2013-21193]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 1

    Take notice that the Commission received the following exempt
wholesale generator filings:

    Docket Numbers: EG13-56-000.
    Applicants: Allegany Generating Station LLC.
    Description: Self-Certification of EG Allegany Generating Station
LLC.
    Filed Date: 8/21/13.
    Accession Number: 20130821-5100.
    Comments Due: 5 p.m. e.t. 9/11/13.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER13-2205-000.
    Applicants: Dominion Energy Marketing, Inc.
    Description: Compliance- Amend Cert of Concurrence Chg to DEMI to
be effective 8/21/2013.
    Filed Date: 8/20/13.
    Accession Number: 20130820-5089.
    Comments Due: 5 p.m. e.t. 9/10/13.

    Docket Numbers: ER13-2206-000.
    Applicants: Avista Corporation.
    Description: Avista Corporation submits Average System Cost Filing
for Sales of Electric Power to the Bonneville Power Administration, FY
2014-2015.
    Filed Date: 8/20/13.
    Accession Number: 20130820-5098.
    Comments Due: 5 p.m. e.t. 9/10/13.

    Docket Numbers: ER13-2207-000.
    Applicants: Arizona Public Service Company.
    Description: SA No. 328 between APS and Novo Bio Power to supercede
and cancel SA No. 215 to be effective 8/1/2013.
    Filed Date: 8/20/13.
    Accession Number: 20130820-5102.
    Comments Due: 5 p.m. e.t. 9/10/13.

    Docket Numbers: ER13-2208-000.
    Applicants: Entergy Arkansas, Inc.
    Description: Collation Value Correction Filing to be effective 7/
14/2010.
    Filed Date: 8/21/13.
    Accession Number: 20130821-5000.
    Comments Due: 5 p.m. e.t. 9/11/13.

    Docket Numbers: ER13-2209-000.
    Applicants: Consolidated Edison Company of New York, Inc., New York
Independent System Operator, Inc.
    Description: Con Edison 205 revisions to OATT 14.3--Grandfathered
Agreement expiration to be effective 10/20/2013.
    Filed Date: 8/21/13.
    Accession Number: 20130821-5083.
    Comments Due: 5 p.m. e.t. 9/11/13.

    Docket Numbers: ER13-2210-000.
    Applicants: ISO New England Inc.
    Description: ISO New England Inc. Resource Termination--
Constellation.
    Filed Date: 8/21/13.
    Accession Number: 20130821-5129.
    Comments Due: 5 p.m. e.t. 9/11/13.

    Docket Numbers: ER13-2211-000.
    Applicants: Southwest Power Pool, Inc.
    Description: 2479R1 KMEA and KCPL Meter Agent Services Agreement to
be effective 8/1/2013.
    Filed Date: 8/21/13
    Accession Number: 20130821-5132.
    Comments Due: 5 p.m. e.t. 9/11/13.

    Docket Numbers: ER13-2212-000.
    Applicants: ISO New England Inc.
    Description: ISO New England Inc. Resource Termination--Waterbury
Generation.
    Filed Date: 8/21/13.
    Accession Number: 20130821-5133.
    Comments Due: 5 p.m. e.t. 9/11/13.

    Docket Numbers: ER13-2213-000.
    Applicants: ISO New England Inc.
    Description: ISO New England Inc. Resource Termination--
TransCanada.
    Filed Date: 8/21/13.
    Accession Number: 20130821-5137.
    Comments Due: 5 p.m. e.t. 9/11/13.

    Docket Numbers: ER13-2214-000.
    Applicants: Southwest Power Pool, Inc.
    Description: 1839R2 City of Osage City, Kansas NITSA and NOA to be
effective 8/1/2013.
    Filed Date: 8/21/13.
    Accession Number: 20130821-5139.
    Comments Due: 5 p.m. e.t. 9/11/13

    Docket Numbers: ER13-2215-000.
    Applicants: ISO New England Inc.
    Description: ISO New England Inc. Resource Termination--Comverge.
    Filed Date: 8/21/13.
    Accession Number: 20130821-5142.
    Comments Due: 5 p.m. e.t. 9/11/13.

    Take notice that the Commission received the following qualifying
facility filings:

    Docket Numbers: QF13-600-000.
    Applicants: Phoenix Contact Services, Inc.
    Description: Form 556--Notice of Self-certification of qualifying
cogeneration facility status of Phoenix Contact Services, Inc.
    Filed Date: 8/20/13.
    Accession Number: 20130820-5022.
    Comments Due: None Applicable.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: August 21, 2013.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2013-21193 Filed 8-29-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 131 (Friday, July 8, 2011)]
[Notices]
[Pages 40348-40349]
[FR Doc No: 2011-17138]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings No. 1

June 21, 2011.
    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

    Docket Numbers: RP11-2196-000.
    Applicants: Ruby Pipeline, LLC.
    Description: Ruby Pipeline, LLC submits tariff filing per 154.203:
Tariff Implementation & Compliance to be effective 12/31/9998.
    Filed Date: 06/16/2011.
    Accession Number: 20110616-5101.
    Comment Date: 5 p.m. Eastern Time on Tuesday, June 28, 2011.

    Docket Numbers: RP11-2197-000.
    Applicants: Rockies Express Pipeline LLC.
    Description: Rockies Express Pipeline LLC submits tariff filing per
154.204: Negotiated Rate 2011-06-17 Encana to be effective 6/18/2011.
    Filed Date: 06/17/2011.
    Accession Number: 20110617-5103.
    Comment Date: 5 p.m. Eastern Time on Wednesday, June 29, 2011.

    Docket Numbers: RP11-2198-000.
    Applicants: Portland Natural Gas Transmission System.
    Description: Request for Waiver of Portland Natural Gas
Transmission System.
    Filed Date: 06/17/2011.
    Accession Number: 20110617-5160.
    Comment Date: 5 p.m. Eastern Time on Wednesday, June 29, 2011.

    Docket Numbers: RP11-2199-000.
    Applicants: Transcontinental Gas Pipe Line Company.
    Description: Transcontinental Gas Pipe Line Company, LLC submits
tariff filing per 154.203: First Revised Vol. 2 Baseline Tariff Filing
and Amendment

to Rate Schedule X-275 to be effective 7/20/2011.
    Filed Date: 06/20/2011.
    Accession Number: 20110620-5028.
    Comment Date: 5 p.m. Eastern Time on Tuesday, July 05, 2011.

    Docket Numbers: RP11-2200-000.
    Applicants: Rockies Express Pipeline LLC.
    Description: Rockies Express Pipeline LLC submits tariff filing per
154.204: Negotiated Rate 2011-0617 Johnstown to be effective 6/21/2011.
    Filed Date: 06/20/2011.
    Accession Number: 20110620-5086.
    Comment Date: 5 p.m. Eastern Time on Tuesday, July 05, 2011.

    Docket Numbers: RP11-2201-000.
    Applicants: Pine Prairie Energy Center, LLC.
    Description: Pine Prairie Energy Center, LLC submits tariff filing
per 154.203: Filing of Revised GT&C Section 3.1 in Compliance with
Docket No. CP11-1-000 to be effective 7/20/2011.
    Filed Date: 06/20/2011.
    Accession Number: 20110620-5101.
    Comment Date: 5 p.m. Eastern Time on Tuesday, July 05, 2011.

    Docket Numbers: RP11-2202-000.
    Applicants: Northern Natural Gas Company.
    Description: Northern Natural Gas Company submits tariff filing per
154.204: 20110620 Flint Hills Negotiated Rate to be effective 6/21/
2011.
    Filed Date: 06/20/2011.
    Accession Number: 20110620-5112.
    Comment Date: 5 p.m. Eastern Time on Tuesday, July 05, 2011.

    Docket Numbers: RP11-2203-000.
    Applicants: Texas Gas Transmission, LLC.
    Description: Texas Gas Transmission, LLC submits tariff filing per
154.204: NICOR 27652 Negotiated Rate Agreement Filing to be effective
7/1/2011.
    Filed Date: 06/21/2011.
    Accession Number: 20110621-5027.
    Comment Date: 5 p.m. Eastern Time on Tuesday, July 05, 2011.

    Any person desiring to intervene or to protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214) on or before 5 p.m. Eastern time on the specified comment
date. It is not necessary to separately intervene again in a subdocket
related to a compliance filing if you have previously intervened in the
same docket. Protests will be considered by the Commission in
determining the appropriate action to be taken, but will not serve to
make protestants parties to the proceeding. Anyone filing a motion to
intervene or protest must serve a copy of that document on the
Applicant. In reference to filings initiating a new proceeding,
interventions or protests submitted on or before the comment deadline
need not be served on persons other than the Applicant.
    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 should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St., NE., Washington, DC 20426.
    The filings in the above proceedings are accessible in the
Commission's eLibrary system by clicking on the appropriate link in the
above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive e-mail notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please e-mail<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: June 21, 2011.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2011-17138 Filed 7-7-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 81, Number 42 (Thursday, March 3, 2016)]
[Rules and Regulations]
[Pages 11102-11103]
[FR Doc No: 2016-04489]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2015-3108; Airspace Docket No. 12-AAL-15]

Establishment of Class E Airspace, South Naknek, AK

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action establishes Class E airspace extending upward from
700 feet above the surface at South Naknek NR 2 Airport, South Naknek,
AK, to accommodate new Area Navigation (RNAV) Global Positioning System
(GPS) standard instrument approach procedures developed for the
airport.

DATES: Effective 0901 UTC, May 26, 2016. The Director of the Federal
Register approves this incorporation by reference action under Title 1,
Code of Federal Regulations, part 51, subject to the annual revision of
FAA Order 7400.9 and publication of conforming amendments.

ADDRESSES: FAA Order 7400.9Z, Airspace Designations and Reporting
Points, and subsequent amendments can be viewed online at http://www.faa.gov/air_traffic/publications/. For further information, you can
contact the Airspace Policy Group, Federal Aviation Administration, 800
Independence Avenue SW., Washington, DC 29591; telephone:<PHONE_NUMBER>.
The Order is also available for inspection at the National Archives and
Records Administration (NARA). For information on the availability of
FAA Order 7400.9Z at NARA, call<PHONE_NUMBER>, or go to http://www.archives.gov/federal_register/code_of_federal-regulations/ibr_locations.html.
    FAA Order 7400.9, Airspace Designations and Reporting Points, is
published yearly and effective on September 15.

FOR FURTHER INFORMATION CONTACT: Richard Roberts, Federal Aviation
Administration, Operations Support Group, Western Service Center, 1601
Lind Avenue SW., Renton, WA 98057; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it establishes controlled airspace at South Naknek NR 2 Airport,
South Naknek, AK.

History

    On November 24, 2015, the FAA published in the Federal Register a
notice of proposed rulemaking (NPRM) to establish Class E airspace
extending upward from 700 feet above the surface at South Naknek NR 2
Airport, South Naknek, AK. (80 FR 73150) FAA-2015-3108. Interested
parties were invited to participate in this rulemaking effort by
submitting written comments on the proposal to the FAA. No comments
were received.
    Class E airspace designations are published in paragraph 6005 of
FAA Order 7400.9Z, dated August 6, 2015, and effective September 15,
2015, which is incorporated by reference in 14 CFR part 71.1. The Class
E airspace designation listed in this document will be published
subsequently in the Order.

Availability and Summary of Documents for Incorporation by Reference

    This document amends FAA Order 7400.9Z, Airspace Designations and
Reporting Points, dated August 6, 2015, and effective September 15,
2015. FAA Order 7400.9Z is publicly available as listed in the
ADDRESSES section of this document. FAA Order 7400.9Z lists Class A, B,
C, D, and E airspace areas, air traffic service routes, and reporting
points.

The Rule

    This amendment to Title 14, Code of Federal Regulations (14 CFR)
part 71 establishes Class E airspace extending upward from 700 feet
above the surface within a 6.5-mile radius of the South Naknek NR 2
Airport, South Naknek, AK. This airspace is established to accommodate
new Area Navigation (RNAV) Global Positioning System (GPS) standard
instrument approach procedures developed for the airport.

Regulatory Notices and Analyses

    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, is
non-controversial and unlikely to result in adverse or negative
comments. 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. Since this is a routine matter
that only affects air traffic procedures and air navigation, it is
certified that this rule, when promulgated, does not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with FAA Order 1050.1F, ``Environmental Impacts: Policies and
Procedures,'' paragraph 5-6.5a. This airspace action is not expected to
cause any potentially significant environmental impacts, and no
extraordinary circumstances exist that warrant preparation of an
environmental assessment.

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for part 71 continues to read as follows:

    Authority:  49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order 7400.9Z,
Airspace Designations and Reporting Points, dated August 6, 2015, and
effective September 15, 2015, is amended as follows:

Paragraph 6005 Class E Airspace Areas Extending Upward From 700
Feet or More Above the Surface of the Earth

* * * * *

AAL AK E5 South Naknek, AK [New]

South Naknek NR 2 Airport, Alaska
    (Lat. 58[deg]42'08'' N., long. 157[deg]00'09'' W.)

That airspace extending upward from 700 feet above the surface
within a 6.5-mile radius of South Naknek NR 2 Airport.

    Issued in Seattle, Washington, on February 19, 2016.
Christopher Ramirez,
Manager, Operations Support Group, Western Service Center.
[FR Doc. 2016-04489 Filed 3-2-16; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 85, Number 92 (Tuesday, May 12, 2020)]
[Rules and Regulations]
[Pages 27909-27911]
[FR Doc No: 2020-10048]

========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents.

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

Federal Register / Vol. 85, No. 92 / Tuesday, May 12, 2020 / Rules
and Regulations

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2020-0469; Project Identifier AD-2020-00258-E;
Amendment 39-21122; AD 2020-10-04]
RIN 2120-AA64

Airworthiness Directives; General Electric Company Turbofan
Engines

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule; request for comments.

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SUMMARY: The FAA is adopting a new airworthiness directive (AD) for all
General Electric Company (GE) GE90-110B1 and GE90-115B model turbofan
engines with a certain interstage high-pressure turbine (HPT) rotor
seal installed. This AD requires initial and repetitive ultrasonic
inspections (USIs) of the interstage HPT rotor seal and, depending on
the results of the inspection, replacement of the interstage HPT rotor
seal with a part eligible for installation. This AD also requires the
removal of the interstage HPT rotor seal at the next engine shop visit.
This AD was prompted by investigative findings from an event involving
an uncontained interstage HPT rotor seal failure that resulted in
debris penetrating the fuselage and the other engine. The FAA is
issuing this AD to address the unsafe condition on these products.

DATES: This AD is effective May 27, 2020.
    The Director of the Federal Register approved the incorporation by
reference of a certain publication listed in this AD as of May 27,
2020.
    The FAA must receive comments on this AD by June 26, 2020.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to https://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.
    For service information identified in this final rule, contact
General Electric Company, GE Aviation, Room 285, 1 Neumann Way,
Cincinnati, OH 45215; phone:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>You may view this service information at
the FAA, Airworthiness Products Section, Operational Safety Branch,
1200 District Avenue, Burlington, MA 01803. For information on the
availability of this material at the FAA, call<PHONE_NUMBER>. It is also
available on the internet at https://www.regulations.gov by searching
for and locating Docket No. FAA-2020-0469.

Examining the AD Docket

    You may examine the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-2020-
0469; or in person at Docket Operations between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays. The AD docket contains
this final rule, any comments received, and other information. The
street address for the Docket Operations is listed above. Comments will
be available in the AD docket shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Stephen Elwin, Aerospace Engineer, ECO
Branch, FAA, 1200 District Avenue, Burlington, MA 01803; phone: 781-
238-7236; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Discussion

    The FAA received a report of an event that occurred on October 20,
2019, in which a Boeing Model 777-300ER airplane, powered by GE GE90-
115B model turbofan engines, experienced an uncontained interstage HPT
rotor seal failure resulting in an aborted takeoff. The FAA has
determined that an unusual flight profile is a contributing factor in
the failure of the interstage HPT rotor seal. This condition, if not
addressed, could result in an uncontained interstage HPT rotor seal
release, release of high-energy debris, damage to the engine, and
damage to the airplane. The FAA is issuing this AD to address the
unsafe condition on these products.

Related Service Information Under 1 CFR Part 51

    The FAA reviewed GE GE90-100 Alert Service Bulletin (ASB) 72-A0841
R00, dated February 26, 2020. The ASB describes procedures for
performing USIs of the interstage HPT rotor seal and removing it from
service. This service information is reasonably available because the
interested parties have access to it through their normal course of
business or by the means identified in the ADDRESSES section.

Other Related Service Information

    The FAA reviewed GE GE90-100 Service Bulletin (SB) 72-0830 R00,
dated January 17, 2020. The SB describes procedures for performing a
USI at the air holes of the interstage HPT rotor seal on wing.

FAA's Determination

    The FAA is issuing this AD because the Agency evaluated all the
relevant information and determined the unsafe condition described
previously is likely to exist or develop in other products of the same
type design.

AD Requirements

    This AD requires initial and repetitive USIs of the interstage HPT
rotor seal and, depending on the results of the inspection, replacement
of the interstage HPT rotor seal with a part eligible for installation.
This AD also requires the removal of the interstage HPT rotor seal at
the next engine shop visit.

Interim Action

    The FAA considers this AD interim action. The root cause of the
interstage HPT rotor seal failure is still being investigated, and the
FAA will consider further rulemaking depending on the results of the
investigation.

Justification for Immediate Adoption and Determination of the Effective
Date

    Section 553(b)(3)(B) of the Administrative Procedure Act (APA) (5
U.S.C.) authorizes agencies to dispense with notice and comment
procedures for rules when the agency, for ``good cause,'' finds that
those procedures are ``impracticable, unnecessary, or contrary to the
public interest.'' Under this section, an agency, upon finding good
cause, may issue a final rule without seeking comment prior to the
rulemaking. Similarly, Section 553(d) of the APA authorizes agencies to
make rules effective in less than 30 days, upon a finding of good
cause.
    The FAA has found the risk to the flying public justifies waiving
notice and comment prior to adoption of this rule because no domestic
operators use this product. It is unlikely that the FAA will receive
any adverse comments or useful information about this AD from U.S.
operators. Therefore, the FAA finds good cause that notice and
opportunity for prior public comment are unnecessary. In addition, for
this same reason, the FAA finds that good cause exists for making this
amendment effective in less than 30 days.

Comments Invited

    This AD is a final rule that involves requirements affecting flight
safety and was not preceded by notice and an opportunity for public
comment. However, the FAA invites you to send any written data, views,
or arguments about this final rule. Send your comments to an address
listed under the ADDRESSES section. Include the docket number FAA-2020-
0469 and Project Identifier AD-2020-00258-E at the beginning of your
comments. The FAA specifically invites comments on the overall
regulatory, economic, environmental, and energy aspects of this final
rule. The FAA will consider all comments received by the closing date
and may amend this final rule because of those comments.
    Except for Confidential Business Information (CBI) as described in
the following paragraph, and other information as described in 14 CFR
11.35, the FAA will post all comments received, without change, to
https://www.regulations.gov, including any personal information you
provide. The FAA will also post a report summarizing each substantive
verbal contact received about this final rule.

Confidential Business Information

    Confidential Business Information (CBI) is commercial or financial
information that is both customarily and actually treated as private by
its owner. Under the Freedom of Information Act (FOIA) (5 U.S.C. 552),
CBI is exempt from public disclosure. If your comments responsive to
this AD contain commercial or financial information that is customarily
treated as private, that you actually treat as private, and that is
relevant or responsive to this AD, it is important that you clearly
designate the submitted comments as CBI. Please mark each page of your
submission containing CBI as ``PROPIN.'' The FAA will treat such marked
submissions as confidential under the FOIA, and they will not be placed
in the public docket of this AD. Submissions containing CBI should be
sent to Stephen Elwin, Aerospace Engineer, ECO Branch, FAA, 1200
District Avenue, Burlington, MA, 01803. Any commentary that the FAA
receives which is not specifically designated as CBI will be placed in
the public docket for this rulemaking.

Regulatory Flexibility Act

    The requirements of the Regulatory Flexibility Act (RFA) do not
apply when an agency finds good cause pursuant to 5 U.S.C. 553 to adopt
a rule without prior notice and comment. Because the FAA has determined
that it has good cause to adopt this rule without notice and comment,
RFA analysis is not required.

Costs of Compliance

    The FAA estimates that this AD affects 0 engines installed on
airplanes of U.S. registry.
    The FAA estimates the following costs to comply with this AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per      Cost on U.S.
                Action                         Labor cost           Parts cost        product        operators
----------------------------------------------------------------------------------------------------------------
Replace interstage HPT rotor seal.....  100 work-hours x $85 per        $540,000        $548,500              $0
                                         hour = $8,500.
USI of interstage HPT rotor seal......  2 work-hours x $85 per                 0             170               0
                                         hour = $170.
----------------------------------------------------------------------------------------------------------------

Authority for This Rulemaking

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

Regulatory Findings

    This AD will not have federalism implications under Executive Order
13132. This AD will not have a substantial direct effect on the States,
on the relationship between the national government and the States, or
on the distribution of power and responsibilities among the various
levels of government.
    For the reasons discussed above, I certify that this AD:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866, and
    (2) Will not affect intrastate aviation in Alaska.

List of Subjects in 14 CFR Part 39

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

Adoption of the Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

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

2020-10-04 General Electric Company: Amendment 39-21122; Docket No.
FAA-2020-0469; Project Identifier AD-2020-00258-E.

(a) Effective Date

    This AD is effective May 27, 2020.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to all General Electric Company (GE) GE90-110B1
and GE90-115B model turbofan engines with an interstage high-
pressure turbine (HPT) rotor seal with a part number and serial
number listed in Table 1 of GE GE90-100 Alert Service Bulletin (ASB)
72-A0841 R00, dated February 26, 2020 (``the ASB'').

(d) Subject

    Joint Aircraft System Component (JASC) Code 7250, Turbine
Section.

(e) Unsafe Condition

    This AD was prompted by investigative findings from an event
involving an uncontained interstage HPT rotor seal failure,
resulting in debris penetrating the fuselage and the other engine.
The FAA is issuing this AD to prevent failure of the interstage HPT
rotor seal. The unsafe condition, if not addressed, could result in
uncontained interstage HPT rotor seal release, release of high-
energy debris, damage to the engine, and damage to the airplane.

(f) Compliance

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

(g) Required Actions

    (1) Perform an ultrasonic inspection (USI) of the interstage HPT
rotor seal in accordance with the Accomplishment Instructions,
paragraph 3.B.(1), of the ASB, as follows:
    (i) After the effective date of this AD, perform an initial USI
of the interstage HPT rotor seal before reaching the additional
cycles listed in Table 1 of the ASB. When computing the additional
cycles, use the effective date of this AD instead of the issue date
of the ASB.
    (ii) Thereafter, repeat the USI of the interstage HPT rotor seal
required by paragraph (g)(1)(i) within every 100 cycles since the
last inspection.
    (2) If, during any USI required by paragraph (g)(1)(i) or (ii)
of this AD, a non-serviceable indication is found, as defined in
paragraph 3.B.(2)(b) of the ASB, before further flight, remove the
interstage HPT rotor seal from service.

(h) Mandatory Terminating Action

    As a terminating action to the repetitive USI required by
paragraph (g)(1)(ii) of this AD, at the next engine shop visit after
the effective date of this AD, remove the affected interstage HPT
rotor seal from service and replace with a part eligible for
installation.

(i) Definition

    For the purpose of this AD, an ``engine shop visit'' is the
induction of an engine into the shop for maintenance involving the
separation of pairs of major mating engine case flanges, except
separation of engine flanges solely for the purposes of
transportation of the engine without subsequent maintenance does not
constitute an engine shop visit.

(j) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, ECO Branch, FAA, has the authority to approve
AMOCs for this AD, if requested using the procedures found in 14 CFR
39.19. In accordance with 14 CFR 39.19, send your request to your
principal inspector or local Flight Standards District Office, as
appropriate. If sending information directly to the manager of the
certification office, send it to the attention of the person
identified in paragraph (k) of this AD. You may email your request
to<EMAIL_ADDRESS>    (2) Before using any approved AMOC, notify your appropriate
principal inspector, or lacking a principal inspector, the manager
of the local flight standards district office/certificate holding
district office.

(k) Related Information

    For more information about this AD, contact Stephen Elwin,
Aerospace Engineer, ECO Branch, FAA, 1200 District Avenue,
Burlington, MA 01803; phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>
(l) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference (IBR) of the service information listed
in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless the AD specifies otherwise.
    (i) General Electric Company (GE) GE90-100 Alert Service
Bulletin 72-A0841 R00, dated February 26, 2020.
    (ii) [Reserved]
    (3) For GE service information identified in this AD, contact
General Electric Company, GE Aviation, Room 285, 1 Neumann Way,
Cincinnati, OH 45215; phone:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>    (4) You may view this service information at FAA, Airworthiness
Products Section, Operational Safety Branch, 1200 District Avenue,
Burlington, MA 01803. For information on the availability of this
material at the FAA, call<PHONE_NUMBER>.
    (5) You may view this service information at the National
Archives and Records Administration (NARA). For information on the
availability of this material at NARA, email<EMAIL_ADDRESS>
or go to: https://www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued on May 6, 2020.
Gaetano A. Sciortino,
Deputy Director for Strategic Initiatives, Compliance & Airworthiness
Division, Aircraft Certification Service.
[FR Doc. 2020-10048 Filed 5-11-20; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 83, Number 223 (Monday, November 19, 2018)]
[Notices]
[Pages 58309-58315]
[FR Doc No: 2018-25093]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84575; File No. SR-NASDAQ-2018-070]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing of Amendment Nos. 1, 2, and 3 and Order Granting
Accelerated Approval of a Proposed Rule Change, as Modified by
Amendment Nos. 1, 2, and 3, to List and Trade Corporate Non-Convertible
Bonds on Nasdaq

November 13, 2018.

I. Introduction

    On August 27, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') 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 list and trade corporate non-convertible bonds
on the Exchange. The proposed rule change was published for comment in
the Federal Register on September 6, 2018.\3\ On October 12, 2018, the
Exchange filed Amendment No. 1 to the proposed rule change.\4\ On
October 16, 2018, pursuant to Section 19(b)(2) of the Act,\5\ the
Commission designated a longer period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to disapprove the proposed rule
change.\6\ On November 7, 2018, the Exchange filed Amendment No. 2 to
the proposed rule change.\7\ On November 8, 2018, the Exchange filed
Amendment No. 3 to the proposed rule change.\8\ The Commission received
no comment letters on the proposed rule change. The Commission is
publishing notice of the filing of Amendment Nos. 1, 2, and 3 to
solicit comment from interested persons and is approving the proposed
rule change, as modified by Amendment Nos. 1, 2, and 3 on an
accelerated basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 84001 (August 30,
2018), 83 FR 45289 (``Notice'').
    \4\ In Amendment No. 1, the Exchange made clarifying and
technical revisions to the proposal, including to the proposed rule
text. The amendment is available at: https://www.sec.gov/comments/sr-nasdaq-2018-070/srnasdaq2018070-4514560-176013.pdf.
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 84439, 83 FR 53339
(October 22, 2018). The Commission designated December 5, 2018, as
the date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to disapprove, the
proposed rule change.
    \7\ In Amendment No. 2, the Exchange made additional clarifying
and technical revisions to the proposal, including to the proposed
rule text. The amendment is available at: https://www.sec.gov/comments/sr-nasdaq-2018-070/srnasdaq2018070-4629939-176409.pdf.
    \8\ In Amendment No. 3, the Exchange made two clarifying and
technical revisions to the proposal, including to the proposed rule
text. The amendment is available at: https://www.sec.gov/comments/sr-nasdaq-2018-070/srnasdaq2018070-4630086-176412.pdf.
---------------------------------------------------------------------------

II. Description of the Proposal, as Modified by Amendment Nos. 1, 2,
and 3

    The Exchange proposes to amend its rules to permit the initial and
continued listing of non-convertible corporate debt securities
(``bonds'' or ``non-convertible bonds'') on Nasdaq and to establish
fees for listing those bonds.\9\ The Exchange also proposes to adopt
rules to trade such listed non-convertible bonds.
---------------------------------------------------------------------------

    \9\ Nasdaq rules currently provide for the initial and continued
listing of convertible bonds. See Nasdaq Rule 5515 and 5560.
---------------------------------------------------------------------------

A. Listing Rules

    For the initial listing of a non-convertible bond, the Exchange
proposes to require that the following conditions be satisfied: (1) The
principal amount outstanding or market value must be at least $5
million; \10\ and (2) the issuer of the non-convertible bond must have
one class of equity security that is listed on the Exchange, the New
York Stock Exchange LLC (``NYSE''), or NYSE American LLC (``NYSE
American'').\11\
---------------------------------------------------------------------------

    \10\ See proposed Rule 5702(a)(1).
    \11\ See proposed Rule 5702(a)(2). The Exchange anticipates that
it will not be ready, prior to the second quarter of 2019, to list
non-convertible bonds of issuers whose equity securities are listed
on NYSE or NYSE American. The Exchange states that it will post a
notification via a trader alert at least seven days prior to
accepting applications from issuers to list such non-convertible
bonds.
---------------------------------------------------------------------------

    The Exchange proposes the following requirements for the continued
listing of a non-convertible bond: (1) The market value or principal
amount of non-convertible bonds outstanding is at least $400,000; \12\
and (2) the issuer must be able to meet its obligations on the listed
non-convertible bonds.\13\
---------------------------------------------------------------------------

    \12\ See proposed Rule 5702(b)(1).
    \13\ See proposed Rule 5702(b)(2).
---------------------------------------------------------------------------

    The Exchange proposes to amend its current Rule 5810(c)(3) to
provide that the failure of an issuer of a non-convertible bond to meet
the $400,000 public float requirement stipulated above for a period of
30 consecutive business days will constitute a deficiency. In such an
event, the Exchange's Listings Qualifications Department will promptly
notify the deficient issuer, and the issuer will have a period of 180
calendar days from such notification to regain compliance. Compliance
will be deemed to be regained by meeting the $400,000 public

float requirement for a minimum of 10 consecutive business days, unless
the Listing Qualifications Department exercises its discretion to
extend this 10-day period as set forth in Rule 5810(c)(3)(G).
    The Exchange also proposes to amend its current Rule 5810(c)(1) to
provide that the failure of an issuer to meet its obligations on the
non-convertible bonds, as determined by the Exchange's Listings
Qualifications Department, would result in immediate suspension and the
commencement of delisting proceedings.
    In addition to the proposed quantitative requirements for listing
non-convertible bonds, the issuer of listed bonds would have to comply
with other requirements that are generally applicable to companies
listed on Nasdaq pursuant to Rule 5250 (Obligations for Companies
Listed on The Nasdaq Stock Market).\14\ The Exchange proposes to amend
its current Rule 5250(e)(3) to require issuers of non-convertible bonds
to provide at least 10 calendar days advance notice to the Exchange of
certain corporate actions, including redemptions (full or partial
calls), tender offers, changes in par value, and changes in identifier
(e.g., CUSIP number or symbol). In addition, the Exchange proposes to
amend the definition of a ``Substitution Listing Event'' in its Rule
5005(a)(41) to provide that a change in the obligor of a listed debt
security would constitute a Substitution Listing Event and thus require
the issuer to notify the Exchange pursuant to Rule 5250(e)(4).\15\
---------------------------------------------------------------------------

    \14\ See Nasdaq Rule 5250, requiring, among other things, that
issuers provide certain information to the Exchange, make public
disclosure of certain material information, and file all required
periodic financial reports.
    \15\ The Exchange proposes to make this change with respect to
convertible and non-convertible bonds.
---------------------------------------------------------------------------

    In addition to the Exchange's rules that would apply to issuers of
non-convertible bonds that list on Nasdaq,\16\ the Exchange states that
such issuers would also be required to register non-convertible bonds
listed on the Exchange with the Commission pursuant to Section 12(a) of
the Act.\17\
---------------------------------------------------------------------------

    \16\ In addition to Nasdaq Rule 5250, the Exchange notes that,
currently, the Rule 5600 Series, which sets forth certain corporate
governance requirements for listed issuers, would apply to non-
convertible bonds listed on the Exchange.
    \17\ Section 12(a) requires that, in order for an exchange
member, broker or dealer to effect a transaction in a security on a
national securities exchange, a registration must be effective ``as
to such security for such exchange.'' See 15 U.S.C. 78(l)(a). The
Exchange notes that, because the Exchange is proposing as an initial
listing requirement that the issuer currently list a class of equity
security on the Exchange, NYSE, or NYSE American, listed issuers of
non-convertible bonds may already disclose certain information
required by Section 12(a) of the Act.
---------------------------------------------------------------------------

    Finally, the Exchange proposes to make a non-substantive change to
its current Rule 5515(b)(4) to replace references to the American Stock
Exchange with NYSE American.\18\
---------------------------------------------------------------------------

    \18\ See Securities Exchange Act Release No. 80283 (Mar. 21,
2017), 82 FR 15244 (Mar. 27, 2017) (SR-NYSEMKT-2017-14).
---------------------------------------------------------------------------

B. Listing Fees

    The Exchange proposes to impose a non-refundable application fee of
$5,000 to list a class of non-convertible bonds.\19\ The Exchange
proposes to waive this application fee if a company will be switching
the listing market for its non-convertible bonds from NYSE or NYSE
American to the Exchange.\20\
---------------------------------------------------------------------------

    \19\ See proposed Rule 5935(a).
    \20\ See id.
---------------------------------------------------------------------------

    The Exchange also proposes to impose an annual fee of $5,000 on the
issuer of each class of non-convertible bonds listed pursuant to Rule
5702.\21\ A company that switches the listing market for its non-
convertible bonds from NYSE or NYSE American to the Exchange would not
be liable for the annual fee until January 1 of the calendar year
following the effective date of the non-convertible bonds listing on
the Exchange.\22\
---------------------------------------------------------------------------

    \21\ See proposed Rule 5935(b).
    \22\ See id.
---------------------------------------------------------------------------

    The Exchange also proposes to clarify rule text relating to listing
fees for convertible bonds.\23\
---------------------------------------------------------------------------

    \23\ Rule 5920(a)(2) requires a company that submits an
application to list any class of convertible debentures on the
Nasdaq Capital Market to pay an application fee of $5,000 and a fee
of $1,000 or $50 per million dollars face amount of debentures
outstanding, whichever is higher. The Exchange proposes to clarify
that the second fee is an entry fee, and that it is based upon the
face amount of convertible bonds outstanding.
---------------------------------------------------------------------------

C. Trading Rules

    In conjunction with the Exchange's proposal to adopt listing rules
for non-convertible bonds, the Exchange is proposing to trade such
listed non-convertible bonds on an electronic system (``Nasdaq Bond
Exchange'') and is proposing rules to govern such trading.\24\ The
Exchange proposes that all orders in non-convertible bonds will be
received, processed, executed, and reported by means of the Nasdaq Bond
Exchange.\25\ The Exchange's proposed trading rules would apply to: (i)
All transactions effected through the Nasdaq Bond Exchange; (ii) all
bids and offers made through the Nasdaq Bond Exchange; (iii) the
handling of orders and the conduct of accounts and other matters
relating to bidding, offering, and trading through the Nasdaq Bond
Exchange; and (iv) any non-convertible bond that is traded on the
Nasdaq Bond Exchange.\26\
---------------------------------------------------------------------------

    \24\ The Nasdaq Bond Exchange will only trade non-convertible
bonds that are listed on the Exchange. See Proposed Rule 4000B(e).
The Exchange states that the Nasdaq Bond Exchange will offer Members
certain core trading functionality that will be competitive with the
NYSE bond trading platform (``NYSE Bonds''). The Exchange states
that the Nasdaq Bond Exchange and the proposed trading rules that
govern it are based on NYSE Bonds and NYSE Rule 86, albeit a ``pared
down version.'' See Notice, supra note 3, at 45292.
    \25\ See proposed Rule 4000B(a).
    \26\ See proposed Rule 4000B(b)(1).
---------------------------------------------------------------------------

1. Order Types
    The Exchange proposes to allow Users \27\ of the Nasdaq Bond
Exchange to enter two types of orders: (1) Nasdaq Bond Exchange Good
for Day Limit Orders, and (2) Nasdaq Bond Exchange Fill-or-Kill All-Or-
None Orders. A Nasdaq Bond Exchange Good for Day Limit Order is an
order to buy or sell a stated quantity of units of non-convertible
bonds at a specified price or at a better price that, if not executed
or cancelled, will expire at the end of the trading session on the day
on which it is entered.\28\ A Nasdaq Bond Exchange Fill-or-Kill All-Or-
None Order is a market order that is to be executed immediately in its
entirety against one or more contra parties at the best prices
available, or if it is not executed immediately in its entirety, is
cancelled.\29\ All orders on the Nasdaq Bond Exchange will be displayed
and will be anonymous.\30\
---------------------------------------------------------------------------

    \27\ A ``User'' is any Nasdaq Member that has elected to receive
access to the Nasdaq Bond Exchange. See Proposed Rule
4000B(b)(2)(D).
    \28\ See proposed Rule 4000B(b)(2)(B)(i).
    \29\ See proposed Rule 4000B(b)(2)(B)(ii).
    \30\ See Notice, supra note 3, at 45292.
---------------------------------------------------------------------------

2. Trading Units
    The minimum unit of trading on the Nasdaq Bond Exchange will be one
non-convertible bond unless the issuer otherwise specifies a larger
minimum unit of trading in the bond indenture agreement.\31\ The Nasdaq
Bond Exchange will accept and display bids and offers in bonds priced
to three decimal places.\32\
---------------------------------------------------------------------------

    \31\ See proposed Rule 4000B(c).
    \32\ See proposed Rule 4000B(d). The Exchange states that bonds
priced to three decimal places is the market standard. See Notice,
supra note 3, at 45292.
---------------------------------------------------------------------------

3. Order Entry and Execution
    To post an order in a particular bond on the Nasdaq Bond Exchange,
a User will be required to enter certain basic information including
CUSIP number, order quantity, order type (e.g., Nasdaq Bond Exchange
Good for Day Limit Order), price (up to three decimals), and

side (buy or sell).\33\ The terms of an order entered into the Nasdaq
Bond Exchange may not be modified after entry.\34\ An order may be
cancelled at any time, provided the order has not been executed.\35\
---------------------------------------------------------------------------

    \33\ See Notice, supra note 3, at 45292.
    \34\ See proposed Rule 4000B(g)(2).
    \35\ See id.
---------------------------------------------------------------------------

    The Nasdaq Bond Exchange will be an electronic order-driven
matching system.\36\ Orders submitted by Users will be displayed,
matched, and executed on a price/time priority basis.\37\ Orders that
are marketable at the time of entry will be matched and executed.\38\
An order will be marketable when it enters the Nasdaq Bond Exchange
system if contra side interest is available at that price or a better
price.\39\ Nasdaq Bond Exchange Good for Day Limit Orders that are not
marketable at the time of entry would post to the Nasdaq Bond Exchange
order book.\40\
---------------------------------------------------------------------------

    \36\ See Notice, supra note 3, at 45292.
    \37\ Specifically, buy and sell orders in the Nasdaq Bond
Exchange will be displayed, matched, and executed in the Bond
Trading Session in the following sequence: (i) According to price,
with the highest bid price and the lowest offer price receiving
highest priority; and (b) within each price, according to the time
of the order entry in the Nasdaq Bond Exchange. See proposed Rule
4000(g)(1).
    \38\ See Notice, supra note 3, at 45292.
    \39\ See id.
    \40\ See id.
---------------------------------------------------------------------------

    The Nasdaq Bond Exchange will provide an exception to its normal
price/time system to allow Users to avoid internalizing orders.\41\
Pursuant to proposed Rule 4000B(g)(1)(C), Users may direct that orders
entered into the Nasdaq Bond Exchange not execute against orders
entered under the same MPID, and Users using the FIX order entry
protocol (discussed below) may assign to orders entered through a
specific order entry port a unique group identification modifier that
will prevent orders with such modifier from executing against each
other. In such a case, a User may elect from the following options: (i)
Regardless of the size of the interacting orders, cancelling the oldest
order in full; or (ii) regardless of the size of the interacting
orders, cancelling the most recent of the orders in full.\42\ The
foregoing options may be applied to all orders entered under the same
MPID or through a specific order entry port (i.e., the FIX order entry
protocol).\43\
---------------------------------------------------------------------------

    \41\ The Exchange states that Users may be interested in self-
match prevention in order to run multiple strategies at once that
may sit on opposite sides of the book. See Notice, supra note 3, at
45292.
    \42\ See proposed Rule 4000B(g)(1)(C).
    \43\ See id.
---------------------------------------------------------------------------

    The Exchange will charge no fees for posting orders or executing
trades on the Nasdaq Bond Exchange.\44\
---------------------------------------------------------------------------

    \44\ See Notice, supra note 3, at 45292.
---------------------------------------------------------------------------

4. Clearing
    According to the Exchange, most orders matched on the Nasdaq Bond
Exchange will be locked-in trades and will be submitted without an
omnibus account to the National Securities Clearing Corporation using
Universal Trade Capture and then to the Depository Trust Company
(``DTC'') for clearance and settlement.\45\ Settlement of corporate
bond trades will be consistent with current convention, i.e., two day
settlement, and bonds that are not eligible for settlement at DTC will
be settled manually (``ex-clearing'') between the two
counterparties.\46\
---------------------------------------------------------------------------

    \45\ See id.
    \46\ See id.
---------------------------------------------------------------------------

5. Bond Trading Session
    The Nasdaq Bond Exchange will have one trading session per trading
day from 8:30 a.m. until 4:00 p.m. E.T. (``Bond Trading Session'')
during which non-convertible bonds will be available for trading.\47\
There will be no pre-market or post-market session; the Nasdaq Bond
Exchange will immediately start processing orders as they are entered
upon opening.\48\ Orders submitted outside of the Bond Trading Session
will not be accepted.\49\
---------------------------------------------------------------------------

    \47\ See proposed Rule 4000B(f).
    \48\ See Notice, supra note 3, at 45293.
    \49\ See proposed Rule 4000B(f).
---------------------------------------------------------------------------

6. Clearly Erroneous Executions
    All matters related to clearly erroneous transactions executed on
the Nasdaq Bond Exchange will be initiated and adjudicated pursuant to
Nasdaq Rule 11890, which governs the process for addressing clearly
erroneous trades.\50\ A ``Clearly Erroneous Execution'' on the Nasdaq
Bond Exchange refers to an execution involving an obvious error in any
term of an order participating in such execution, such as price, unit
of trading, or identification of the non-convertible bond.\51\
---------------------------------------------------------------------------

    \50\ See proposed Rule 4000B(h).
    \51\ See proposed Rule 4000B(b)(2)(C).
---------------------------------------------------------------------------

    A User that receives an erroneous execution may request the
Exchange to review the transaction.\52\ A request for review of an
execution must include certain information, including the time of the
transaction, security symbol, number of bonds, price, side (bought or
sold), and factual basis for believing that the trade is clearly
erroneous.\53\ The request for review must be submitted within 30
minutes of the trade in question.\54\ The other party (or parties) to
the trade will be notified of the request for review.\55\ Thereafter,
an Exchange official will review the transaction and make a
determination as to whether it was clearly erroneous within 30 minutes
of receipt of the complaint, but in no case later than the start of the
Bond Trading Session on the following trading day.
---------------------------------------------------------------------------

    \52\ See Nasdaq Rule 11890(a).
    \53\ See Rule 11890(a)(2) (as proposed to be amended).
    \54\ See Rule 11890(a)(2)(A).
    \55\ See Rule 11890(a)(2).
---------------------------------------------------------------------------

    The Exchange proposes that, when determining whether a trade in
non-convertible bonds listed on the Nasdaq Bond Exchange is clearly
erroneous, a Nasdaq official may consider any and all relevant factors
of an execution on a case by case basis including, but not limited to,
the following: (i) Execution price; (ii) volume and volatility of a
non-convertible bond; (iii) news released for the issuer of the non-
convertible bond and/or the related equity security; (iv) trading
halts; (v) corporate actions; (vi) general market conditions; (vii) the
rating of the non-convertible bond; (viii) interest and/or coupon rate;
(ix) maturity date; (x) yield curves; (xi) prior print, if available
within a reasonable time frame; (xii) executions inconsistent with the
trading pattern of a non-convertible bond; (xiii) current day's trading
high/low; (xiv) recent day's and week's trading high/low; (xv)
executions outside the 52-week high/low; (xvi) effect of a single large
order creating several prints at various prices; and (xvii) quotes and
executions of other market centers.\56\
---------------------------------------------------------------------------

    \56\ See proposed Rule 11890(a)(2)(C)(4). These criteria would
be in lieu of the criteria presently used to determine clearly
erroneous executions of equity securities, which are set forth in
Rule 11890(a)(2)(C)(1)-(C)(3). See id.
---------------------------------------------------------------------------

    The parties will be promptly notified of the reviewer's
determination and, in the event that the Nasdaq official determines
that the transaction in dispute is clearly erroneous, the official will
declare the transaction null and void.\57\ If the reviewer determines
that the execution is not clearly erroneous, then no corrective action
will be taken in relation to the transaction.\58\ If one party does not
agree with the determination, then that party may request further
review or an appeal to the Nasdaq Review Council pursuant to

the procedures set forth in Rule 11890(c).\59\
---------------------------------------------------------------------------

    \57\ See Rule 11890(a)(2)(B).
    \58\ See Notice, supra note 3, at 45293.
    \59\ The Exchange states that it expects that the existing
Member representatives of the Nasdaq Review Council will adequately
represent the interests of Users in appeals of clearly erroneous
determinations. The Exchange represents that, if it becomes apparent
to the Exchange that the roster of the Nasdaq Review Council does
not adequately represent the interests of Users, then it will, at
the appropriate time, consider nominating one or more Users to the
Nasdaq Review Council. See Notice, supra note 3, at 45293, n. 33.
---------------------------------------------------------------------------

    Rule 11890(b) provides that, in the event of any disruption or a
malfunction in the operation of any electronic communications and
trading facilities of the Exchange, including the Nasdaq Bond Exchange,
in which the nullification of transactions may be necessary for the
maintenance of a fair and orderly market or the protection of investors
and the public interest, the President of the Exchange or any
designated officer or senior level employee of the Exchange (each, a
``Senior Official'') may, without the need for a request for review,
review such transactions and determine if any are erroneous.\60\ In
addition, Rule 11890(b) further provides that a Senior Official may, on
his or her own motion, review potentially erroneous executions.\61\ In
such situations, the Senior Official will rely on the criteria set
forth in proposed Rule 11890(a)(2)(C)(4). Any such action of the Senior
Official must be taken within 30 minutes of detection of the erroneous
transaction (in extraordinary circumstances, no later than the start of
the Bond Trading Session on the trading day following the date of
execution(s) under review), and each party to the erroneous transaction
will be notified of the situation and the specific action as soon as
practicable.\62\ Subject to certain exceptions, a User may appeal an
erroneous determination made by a Senior Official acting on his or her
own motion or pursuant to a system disruption or malfunction to the
Nasdaq Review Council.\63\
---------------------------------------------------------------------------

    \60\ See Nasdaq Rule 11890(b)(i).
    \61\ See Nasdaq Rule 11890(b)(ii).
    \62\ See Nasdaq Rules 11890(b)(i)-(ii).
    \63\ See Nasdaq Rule 11890(c).
---------------------------------------------------------------------------

7. Halting and Suspending Bond Trading on the Exchange
    The Exchange proposes to halt or suspend trading in a non-
convertible bond on the Nasdaq Bond Exchange in certain
circumstances.\64\ Proposed Rule 4000B(i)(1) provides that the Exchange
may halt or suspend trading in non-convertible bonds listed on the
Nasdaq Bond Exchange when: (1) In the exercise of its regulatory
function, the Exchange determines such action is necessary and
appropriate to maintain a fair and orderly market, to protect
investors, or is in the public interest, due to extraordinary
circumstances or unusual market conditions; (2) a class of equity that
is issued by the same issuer as the non-convertible bond has been
halted or suspended by, or delisted from, the Exchange or its primary
listing market (NYSE or NYSE American), as applicable; (3) news reports
have a material impact on the non-convertible bond, its issuer, or
related stock of its issuer; or (4) the non-convertible bond is to be
called for redemption or will mature or become subject to retirement,
and thereafter it will be subject to delisting. In the event of a
trading halt or suspension under any of the foregoing circumstances, a
halt or suspension message will be disseminated by the Exchange to
subscribers to the Nasdaq Corporates Totalview Data Feed (discussed
below) to signal the commencement and end of the halt or
suspension.\65\ Upon commencement of a halt or suspension, all pending
orders in the Nasdaq Bond Exchange will be cancelled and new orders
entered into the Nasdaq Bond Exchange during a bond halt or suspension
will not be accepted.\66\ The Nasdaq Bond Exchange will resume
accepting new orders and trading once the Exchange declares an end to a
bond halt or suspension.\67\
---------------------------------------------------------------------------

    \64\ See proposed Rule 4000B(i)(1).
    \65\ See proposed Rule 4000B(i)(2).
    \66\ See id.
    \67\ See id.
---------------------------------------------------------------------------

8. Dissemination of Trading Information
    The Exchange will disseminate via the Nasdaq Corporates Totalview
Data Feed, a real-time data feed, best bid and offer information for
non-convertible bonds for which there are orders posted to the Nasdaq
Bond Exchange's order book, as well as last sale information (including
sale price and trade size) for trades executed on the Nasdaq Bond
Exchange.\68\ The Exchange states that the Nasdaq Corporates Totalview
Data Feed would reflect all orders in time sequence in the Nasdaq Bond
Exchange's order book.\69\ The Exchange states that the Nasdaq
Corporates Totalview Data Feed will be available free of charge to
those who request access and agree to the Exchange's terms.\70\
---------------------------------------------------------------------------

    \68\ See proposed Rule 7050. The Exchange represents that,
pursuant to FINRA Rule 6730(e)(2), transactions on the Nasdaq Bond
Exchange need not be reported to FINRA's Trade Reporting and
Compliance Engine because only bonds listed on Nasdaq may be traded
on the Nasdaq Bond Exchange and the transaction information will be
disseminated publicly. See Notice, supra note 3, at 45294 n. 43.
    \69\ See Notice, supra note 3, at 45294.
    \70\ See proposed Rule 7050. See also Notice, supra note 3, at
45294.
---------------------------------------------------------------------------

9. Access to the Nasdaq Bond Exchange System
    The Exchange proposes that Members \71\ of the Exchange that enter
into a Nasdaq U.S. Services Agreement and elect to receive access to
the Nasdaq Bond Exchange on their Member application form will be
authorized Users and able to access the Nasdaq Bond Exchange.\72\ The
Exchange states that existing Members of the Exchange will not be
required to amend their Nasdaq U.S. Services Agreements to obtain
access to the Nasdaq Bond Exchange; rather, they will be required to
complete a form expressing their interest in becoming a Nasdaq Bond
Exchange User.\73\
---------------------------------------------------------------------------

    \71\ A ``Member'' means any registered broker or dealer that has
been admitted to membership in Nasdaq. See Rule 0120(i).
    \72\ See proposed Rule 4000B(b)(2)(D) (defining ``User''). See
also Notice, supra note 3, at 45294.
    \73\ See id.
---------------------------------------------------------------------------

    The Exchange states that Users of the Nasdaq Bond Exchange will
gain access to the system via direct or indirect electronic linkages
utilizing the Financial Information Exchange or ``FIX'' protocol.\74\
The Nasdaq Bond Exchange will use the FIX protocol for message
transmittal, including for the entry, modification, and cancellation of
orders in non-convertible bonds.\75\ The Exchange states that Users may
establish connectivity to the Nasdaq Bond Exchange either directly or
through third-party connectivity providers.\76\ The Exchange will not
charge any fees for FIX port connectivity to the Nasdaq Bond Exchange
or to its disaster recovery system.\77\
---------------------------------------------------------------------------

    \74\ See id.
    \75\ See id.
    \76\ See id. The Exchange notes that Users that purchase FIX
port connectivity to the Exchange will need to obtain one or more
additional FIX ports to connect to the Nasdaq Bond Exchange.
Separately from port connectivity, the Exchange notes that Users
will need to establish physical connections to the Nasdaq Bond
Exchange, as set forth in General 8 of the Nasdaq Rules. In
addition, the Exchange states that, to the extent that a User
already purchases physical connectivity to the Exchange, that
purchase will also provide for the User to connect to the Nasdaq
Bond Exchange, and the User will not incur an additional fee for the
new connection. The Exchange states that new Users that do not
already purchase physical connectivity to the Exchange will need to
do so pursuant to General 8 of the Nasdaq Rules. See id. at nn. 44-
45.
    \77\ See proposed Rule 7015(b).
---------------------------------------------------------------------------

10. Reports and Recordkeeping
    The Exchange proposes that Users of the Nasdaq Bond Exchange will
have to comply with all relevant rules of the

Exchange and the Commission in relation to reports and recordkeeping of
transactions on the Nasdaq Bond Exchange, including, but not limited
to, Rules 17a-3 and 17a-4 under the Act.\78\
---------------------------------------------------------------------------

    \78\ See proposed Rule 4000B(j).
---------------------------------------------------------------------------

11. Regulation and Surveillance
    The Exchange represents that it will regulate the Nasdaq Bond
Exchange and enforce compliance with its rules by leveraging its
existing infrastructure for operating a national securities exchange in
compliance with Section 6 of the Act.\79\ The Exchange states that its
existing disciplinary rules and processes, set forth in its Rule 8000
and 9000 Series, will govern the discipline of Members that participate
in corporate bond trading.\80\ The Exchange further represents that it
will enforce its non-convertible bond listing requirements as well as
perform real-time surveillance of trading on the Nasdaq Bond
Exchange.\81\
---------------------------------------------------------------------------

    \79\ See Notice, supra note 3, at 45294.
    \80\ See id.
    \81\ See id.
---------------------------------------------------------------------------

    The Exchange states that its MarketWatch Department
(``MarketWatch'') monitors real time trading in all Nasdaq securities
during the trading day for price and volume activity.\82\ The Exchange
states that MarketWatch will also perform real-time surveillance of the
Nasdaq Bond Exchange for the purpose of maintaining a fair and orderly
market at all times.\83\ For example, the MarketWatch will monitor
trading on the Nasdaq Bond Exchange market on a real-time basis to
identify unusual trading patterns and determine whether particular
trading activity requires further regulatory investigation.\84\
---------------------------------------------------------------------------

    \82\ See Notice, supra note 3, at 45291.
    \83\ See Notice, supra note 3, at 45294.
    \84\ See id.
---------------------------------------------------------------------------

    The Exchange further notes that Nasdaq Regulation will oversee the
process for determining and implementing trade halts and identifying
and responding to unusual market conditions.\85\
---------------------------------------------------------------------------

    \85\ See id.
---------------------------------------------------------------------------

12. System Information
    The Exchange states that the Nasdaq Bond Exchange will operate out
of the same data center in Carteret, New Jersey, as does Nasdaq and
other exchanges owned by Nasdaq, Inc., but it will use equipment
separate from that used by those other exchanges.\86\
---------------------------------------------------------------------------

    \86\ See id. The Nasdaq Bond Exchange backup data center will be
in Chicago, Illinois, and the Exchange represents that it will be
designed to resume operations of the Nasdaq Bond Exchange, in the
event of a system failure, in accordance with the requirements of
Regulation Systems Compliance and Integrity. See id.
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule
change, as modified by Amendment Nos. 1, 2, and 3, is consistent with
the requirements of Section 6 of the Act \87\ and the rules and
regulations thereunder applicable to the Exchange.\88\ Specifically,
the Commission finds that the proposed rule change is consistent with
Section 6(b)(4) of the Act,\89\ which requires that the rules of a
national securities exchange provide for the equitable allocation of
reasonable dues, fees, and other charges among its members and issuers
and other persons using its facilities, and Section 6(b)(5) of the
Act,\90\ which requires, among other things, that the rules of an
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 not be designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \87\ 15 U.S.C. 78f(b).
    \88\ In approving these 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).
    \89\ 15 U.S.C. 78f(b)(4).
    \90\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

A. Listing Rules

    The development and enforcement of adequate initial and continued
listing standards for securities listed on a national securities
exchange is of critical importance to financial markets and the
investing public. The Commission believes that the Exchange's proposal
is reasonably designed to determine which non-convertible bonds warrant
listing on the Exchange and ensure that investors receive the
protections of the Exchange's listing standards. Specifically, the
Exchange's initial listing standards are reasonably designed to ensure
that only companies capable of meeting their financial obligations are
eligible to have their non-convertible bonds listed on Nasdaq, as the
proposal requires these issuers to also have one class of equity
security listed on Nasdaq, NYSE, or NYSE American. In addition, by
limiting listing to non-convertible bond issues with a principal amount
outstanding or a market value of at least $5 million, the proposal is
reasonably designed to exclude from Nasdaq Bond Exchange securities
that would not have sufficient liquidity for a fair and orderly market.
Furthermore, as noted by the Exchange, the proposed initial listing
standards for non-convertible bonds are substantially similar to those
of NYSE and NYSE American.\91\
---------------------------------------------------------------------------

    \91\ See Notice, supra note 3, at 45289-90. Both NYSE and NYSE
American require that a debt issue have an aggregate market value or
principal amount of no less than $5 million for initial listing. See
Section 102.03 of the NYSE Listed Company Manual and Section 104 of
the NYSE American Company Guide. NYSE also requires that the issuer
of the debt security has equity securities listed on the exchange or
the debt security meets an alternative standard. See Section 102.03
of the NYSE Listed Company Manual. NYSE American requires that the
issuer of the debt security has equity securities listed on the
exchange, NYSE, or Nasdaq, or meets an alternative standard. See
Section 104 of the NYSE American Company Guide.
---------------------------------------------------------------------------

    For continued listing standards, the Exchange requires that the
market value or principal amount of non-convertible bonds outstanding
is at least $400,000 and the issuer must be able to meet its
obligations on the listed non-convertible bonds. The Commission
believes that such continued listing requirements for non-convertible
bonds are reasonably designed to enable the Exchange to identify listed
issuers that may have insufficient resources to meet their financial
obligations or whose non-convertible bonds may lack adequate trading
depth and liquidity. In addition, as noted by the Exchange, the
proposed continued listing standards for non-convertible bonds are
identical to the continued listing requirements for bonds imposed by
NYSE American.\92\ Furthermore, the Commission notes that the
Exchange's current rules allow Nasdaq to request additional
information, either public or non-public, that it deems necessary to
make a determination regarding a company's continued listing.\93\
---------------------------------------------------------------------------

    \92\ See Notice, supra note 3, at 45290. See also Section
1003(b)(iv) of the NYSE American Company Guide.
    \93\ See id. at 45290. See also Nasdaq Rule 5250(a)(1).
---------------------------------------------------------------------------

    The Exchange represents that its proposal to amend Rule 5250(e)(3)
to require an issuer to provide at least 10 calendar days advance
notice of certain corporate actions related to non-convertible bonds
listing on the Exchange will aid its Listings Qualification Department
in assessing an issuer's compliance with the continued listing
standards.\94\ The Commission believes that requiring an issuer of non-
convertible bonds to

report such events, as well as requiring an issuer of a convertible or
non-convertible bond to report a change in the obligor of a listed debt
security as a Substitution Listing event, is appropriate and consistent
with the Act, as such information will help the Exchange make
determinations regarding the suitablility of a debt security to stay
listed on its market.
---------------------------------------------------------------------------

    \94\ See Notice, supra note 3, at 45295, n. 58.
---------------------------------------------------------------------------

    The Commission further believes it is consistent with the Act for
the Exchange to immediately institute delisting proceedings if the
Exchange determines that an issuer is unable to meet its obligations on
its non-convertible bonds, as bonds with little or no value may not be
appropriate for continued listing on the Exchange. Furthermore, the
Commission believes that providing a 180-day compliance period for an
issuer that fails to meet the $400,000 market value or principal amount
outstanding requirement is reasonably designed to ensure that the
Exchange has an adequate procedure to permit an issuer to regain
compliance before delisting a non-convertible bond that may lack
adequate trading depth and liquidity and for which continued exchange
trading may not be in the best interests of investors.

B. Trading Rules

    The Exchange proposes to establish a new electronic trading
platform, the Nasdaq Bond Exchange, to trade non-convertible bonds and
to implement rules governing the trading of such bonds. The Commission
believes that the establishment of the Nasdaq Bond Exchange to trade
non-convertible bonds is generally consistent with the Act and may
foster price discovery and competition in the non-convertible bonds
market. As described above, the proposal includes provisions regarding
access, order entry, order types, manner of execution, priority,
trading sessions, trading units, clearing, trade halt and suspension
procedures, clearly erroneous executions, reports and recordkeeping,
dissemination of trading information, and regulation and surveillance.
The Commission finds that these provisions are reasonably designed to
promote the efficient functioning of the Nasdaq Bond Exchange and are
generally consistent with the Act. The Commission notes that the
proposed rules closely parallel, and are substantially similar to,
current NYSE Rule 86, which governs trading on NYSE Bonds, and which
was filed with and approved by the Commission pursuant to Section 19(b)
of the Act.\95\ In addition, the proposed anti-internalization
exception to price-time priority execution set forth in proposed Rule
4000B(g)(1)(C) is substantially similar to Nasdaq's anti-
internalization exception.\96\
---------------------------------------------------------------------------

    \95\ See Securities Exchange Act Release No. 55496 (March 20,
2007), 72 FR 14631 (March 28, 2007). The Commission notes that the
Exchange's proposed trading rules and the Nasdaq Bond Exchange
functionality are more limited in scope than NYSE Rule 86 and NYSE
Bonds. The Nasdaq Bond Exchange, like NYSE Bonds, will display,
match, and execute buy and sell orders on a price/time basis;
however, unlike NYSE Bonds, the Nasdaq Bond Exchange will not
conduct auctions or establish prices collars for orders. The Nasdaq
Bond Exchange, like NYSE Bonds, will accept good-for-day limit
orders and fill-or-kill orders; however, unlike NYSE Bonds, the
Nasdaq Bond Exchange will not have additional order types (e.g.,
reserve orders, minimum quantity orders, good-til-cancelled orders,
and timed orders). The Nasdaq Bond Exchange will have only one
trading session each day as opposed to NYSE Bonds, which has three
sessions. Furthermore, unlike NYSE Bonds, the Exchange is not
proposing sponsored access to the Nasdaq Bond Exchange, nor is the
Exchange proposing to have market makers on the Nasdaq Bond
Exchange. See NYSE Rule 86. See also, Notice, supra note 3, at
45292.
    \96\ See Nasdaq Rule 4757(a)(4). The Exchange states that
proposed Rule 4000B(g)(1)(C) is based on Nasdaq Rule 4757(a)(4). See
Notice, supra note 3, at 45292.
---------------------------------------------------------------------------

    The Commission notes that the Nasdaq Bond Exchange will only trade
non-convertible bonds that are listed on Nasdaq. The Commission further
notes that the Exchange is not charging any fees to post or execute
trades on the Nasdaq Bond Exchange or for FIX port connectivity to the
Nasdaq Bond Exchange or for connectivity to the Nasdaq Bond Exchange's
disaster recovery system. In addition, the Nasdaq Corporates Totalview
Data Feed will be available free of charge to those who request access.
    Section 11(a) of the Act \97\ prohibits a member of a national
securities exchange from effecting transactions on that exchange for
its own account, the account of an associated person, or an account
over which it or its associated person exercises investment discretion,
unless an exception applies. The Commission notes that this general
prohibition would not generally impact trading on the Nasdaq Bond
Exchange because Rule 11a1-4(T) under the Act \98\ deems transactions
in bonds on a national securities exchange for a member's own account
to be consistent with Section 11(a). Similarly, the Commission notes
that Section 11(b) of the Act \99\ and Rule 11b-1 thereunder,\100\
which pertain to specialists and market-makers, would not be implicated
because there would be no specialists or market makers on the Nasdaq
Bond Exchange.
---------------------------------------------------------------------------

    \97\ 15 U.S.C. 78k(a).
    \98\ 17 CFR 240.11a1-4(T).
    \99\ 15 U.S.C. 78k(b).
    \100\ 17 CFR 240.11b-1.
---------------------------------------------------------------------------

C. Listing Fees

    The Commission believes that the proposed listing fees for non-
convertible bonds are an equitable allocation of reasonable fees. The
Exchange states that the proposed $5,000 application fee and $5,000
annual fee for listing non-convertible bonds will support the
Exchange's regulatory program to review and qualify debt issuances for
listing.\101\ In addition, the Exchange states that the proposed fees
are competitive with the initial and annual fees that are currently
assessed by NYSE American for the listing of bonds,\102\ and that the
proposed $5,000 application fee is the same as the application fee it
currently charges for convertible bonds.\103\
---------------------------------------------------------------------------

    \101\ See Notice, supra note 3, at 45295.
    \102\ See id. NYSE American charges an initial listing fee for
bonds of $100 per $1 million principal amount (or fraction thereof)
with a minimum fee of $5,000 and a maximum fee of $10,000. NYSE
American charges an annual fee of $5,000 for listed bonds and
debentures of companies whose equity securities are not listed on
NYSE American. See NYSE American Listed Company Guide Sections 140
and 141.
    \103\ See Nasdaq Rule 5920.
---------------------------------------------------------------------------

    The proposed application listing fees will be applicable to all
issuers seeking to list non-convertible bonds on the Exchange, other
than issuers that switch their listing to the Exchange from NYSE or
NYSE American. The Commission believes that the proposed waiver of the
application fee and the first year's annual fee for issuers that switch
their listings to Nasdaq from NYSE or NYSE American is reasonable and
not unfairly discriminatory. The Exchange states that less work is
required to process a listing application for a security that is
already listed on another exchange than it is to process an application
for listing a new security.\104\ In addition, the Exchange states that
issuers that have already paid their annual fees to NYSE or NYSE
American would be disincentivized to switch their listings to the
Exchange without the waiver.\105\ Finally, the Exchange notes that it
currently waives certain listing and annual fees for issuers of equity
securities who transfer their listings to the Exchange from another
national securities exchange.\106\
---------------------------------------------------------------------------

    \104\ See Notice, supra note 3, at 45295.
    \105\ See Notice, supra note 3, at 45296.
    \106\ See Securities Exchange Act Release No. 34-70418 (Sept.
16, 2013), 78 FR 57909 (Sept. 20, 2013) (SR-NASDAQ-2013-115).
---------------------------------------------------------------------------

IV. Solicitation of Comments on Amendment Nos. 1, 2, and 3 to the
Proposed Rule Change

    Interested persons are invited to submit written data, views, and

arguments concerning whether Amendment Nos. 1, 2, and 3 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 protected]. Please include
File Number SR-NASDAQ-2018-070 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-NASDAQ-2018-070. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the 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 website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NASDAQ-2018-070 and should be submitted
on or before December 10, 2018.

V. Accelerated Approval of Proposed Rule Change, as Modified by
Amendment Nos. 1, 2, and 3

    The Commission finds good cause to approve the proposed rule
change, as modified by Amendment Nos. 1, 2, and 3 prior to the
thirtieth day after the date of publication of notice of the filing of
Amendment Nos. 1, 2, and 3 in the Federal Register. The Commission
notes that Amendment Nos. 1, 2, and 3 provide clarifications and
additional information to the proposed rule change. The changes and
additional information in Amendment Nos. 1, 2, and 3 assist the
Commission in finding that the proposal is consistent with the Act.
Accordingly, the Commission finds good cause, pursuant to Section
19(b)(2) of the Act,\107\ to approve the proposed rule change, as
modified by Amendment Nos. 1, 2, and 3, on an accelerated basis.VI.
---------------------------------------------------------------------------

    \107\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

VI. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\108\ that the proposed rule change (SR-NASDAQ-2018-070), as
modified by Amendment Nos. 1, 2, and 3, be, and it hereby is, approved.
---------------------------------------------------------------------------

    \108\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\109\
---------------------------------------------------------------------------

    \109\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-25093 Filed 11-16-18; 8:45 am]
 BILLING CODE P


[Federal Register Volume 78, Number 38 (Tuesday, February 26, 2013)]
[Notices]
[Pages 13053-13054]
[FR Doc No: 2013-04411]

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

ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OAR-2007-1184; FRL 9527-6]

Information Collection Request Submitted to OMB for Review and
Approval; Comment Request; Information Requirements for Locomotives and
Locomotive Engines (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: The Environmental Protection Agency has submitted an
information collection request (ICR), ``Information Requirements for
Locomotives and Locomotive Engines (Renewal)'' (EPA ICR No. 1800.07,
OMB Control No. 2060-0392) to the Office of Management and Budget (OMB)
for review and approval in accordance with the Paperwork Reduction Act
(44 U.S.C. 3501 et seq.). This is a proposed extension of the ICR,
which is currently approved through February 28, 2013. Public comments
were previously requested via the Federal Register (77 FR 69450) on
November 19, 2012 during a 60-day comment period. This notice allows
for an additional 30 days for public comments. A fuller description of
the ICR is given below, including its estimated burden and cost to the
public. An Agency may not conduct or sponsor and a person is not
required to respond to a collection of information unless it displays a
currently valid OMB control number.

DATES: Additional comments may be submitted on or before March 28,
2013.

ADDRESSES: Submit your comments, referencing Docket ID Number Docket ID
No. EPA-HQ-OAR-2007-1184, to (1) EPA online using www.regulations.gov
(our preferred method), by email to<EMAIL_ADDRESS>or by mail
to: EPA Docket Center, Environmental Protection Agency, Mail Code
28221T, 1200 Pennsylvania Ave. NW., Washington, DC 20460, and (2) OMB
via email to<EMAIL_ADDRESS>Address comments to OMB Desk
Officer for EPA.
    EPA's policy is that all comments received will be included in the
public docket without change including any personal information
provided, unless the comment includes profanity, threats, information
claimed to be Confidential Business Information (CBI) or other
information whose disclosure is restricted by statute.

FOR FURTHER INFORMATION CONTACT: Nydia Yanira Reyes-Morales,
Environmental Protection Agency, 1200 Pennsylvania Avenue NW., Mail
Code 6403J, Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Supporting documents which explain in detail
the information that the EPA will be collecting are available in the
public docket for this ICR. The docket can be viewed online at
www.regulations.gov or in person at the EPA Docket Center, EPA West,
Room 3334, 1301 Constitution Ave. NW., Washington, DC. The telephone
number for the Docket Center is<PHONE_NUMBER>. For additional
information about EPA's public docket, visit http://www.epa.gov/dockets.
    Abstract: Title II of the Clean Air Act (42 U.S.C. 7521 et seq.)
(CAA) charges the Environmental Protection Agency (EPA) with issuing
certificates of conformity for those engines that comply with
applicable emission standards. Such a certificate must be issued before
engines may be legally introduced into commerce. Under this ICR, EPA
collects information necessary to (1) issue certificates of compliance
with emission statements, and (2) verify compliance with various
programs and regulatory provisions pertaining to locomotives,
locomotive engines, and locomotive remanufacturing kits (collectively
referred to here as ``engines'' for simplicity). To apply for a
certificate of conformity, manufacturers are required to submit
descriptions of their planned production engines, including detailed
descriptions of emission control systems and test data. This
information is organized by ``engine family'' groups expected to have
similar emission characteristics. There are also recordkeeping
requirements. Those manufacturers electing to participate in the
Averaging, Banking and Trading (AB&T) Program are also required to
submit information regarding the calculation, actual generation and
usage of credits in an initial report, end-of-the-year report and final
report. These reports are used for certification and enforcement
purposes. Manufacturers must maintain records for eight years on the
engine families included in the AB&T Program.
    The CAA also mandates EPA to verify that manufacturers have
successfully translated their certified prototypes into mass produced
engines, and that these engines comply with emission standards
throughout their useful lives. Under the Production Line Testing (PLT)
Program, manufacturers are required to test a sample of engines as they
leave the assembly line. This self-audit program allows manufacturers
to monitor compliance with statistical certainty and minimize the cost
of correcting errors through early detection. A similar audit program
exists for the installation of locomotive remanufacturing kits. In-use
testing allows manufacturers and EPA to verify compliance with emission
standards throughout the locomotive's useful life. Through Selected
Enforcement Audits (SEAs), EPA verifies that test data submitted by
engine manufacturers is reliable and testing is performed according to
EPA regulations.
    The information requested is collected by the Diesel Engine
Compliance Center (DECC), Compliance Division (CD), Office of
Transportation and Air Quality, Office of Air and Radiation, EPA.
Besides DECC and CD, this information could be used by the Office of
Enforcement and Compliance Assurance and the Department of Justice for
enforcement purposes. Non-confidential business information submitted
by respondents to this information collection may be disclosed over the
Internet. That information is used by trade associations, environmental
groups, and the public. Under this ICR, most of the information is
collected in electronic format and stored in CD's databases.
    Confidential business information (CBI) is kept confidential in
accordance with the Freedom of Information Act, EPA regulations at 40
CFR Part 2, and class determinations issued by EPA's Office of General
Counsel. Non-proprietary information submitted by manufacturers is held
as confidential until the specific locomotive or locomotive engine to
which it pertains is available for purchase.

    Form Numbers: 5900-274 (ABT Report); 5900-135 (PLT Report), 5900-
273 (Installation Audit Report), 5900-90 (Annual Production Report)
    Respondents/affected entities: Respondents are manufacturers of
nonroad equipment and engines
    Respondent's obligation to respond: Manufacturers must respond to
this collection if they wish to sell their locomotives, locomotive
engines and locomotive remanufacturing kits in the US, as prescribed by
Section 206(a) of the CAA (42 U.S.C. 7521) and 40 CFR Part 1033.
Certification reporting is mandatory (Section 206(a) of CAA (42 U.S.C.
7521) and 40 CFR Part 1033, Subpart C). PLT/Installation Audit
reporting is mandatory (Section 206(b)(1) of CAA and 40 CFR Part 1033,
Subpart D). Participation in ABT is voluntary, but once a manufacturer
has elected to participate, it must submit the required information (40
CFR Part 1033, Subpart H). In-Use reporting is mandatory (40 CFR Part
1033, Subpart F).
    Estimated number of respondents: 16 (total).
    Frequency of response: Quarterly, Annually, On Occasion, depending
on the program.
    Total estimated burden: 21,543 hours (per year). Burden is defined
at 5 CFR 1320.03(b)
    Total estimated cost: $2,862,117 (per year), which includes
$1,558,881 in O&M costs.
    Changes in the Estimates: There is an increase of 414 hours in the
total estimated respondent burden compared with the ICR currently
approved by OMB. This increase is due to an adjustment to the estimates
(an increase on the number of respondents).

John Moses,
Director, Collection Strategies Division.
[FR Doc. 2013-04411 Filed 2-25-13; 8:45 am]
BILLING CODE 6560-50-P