the term ``similar securities,'' as well as some commentators' requests
that NRSROs be allowed to utilize comparisons to industry standards as
an alternative to, or instead of, comparisons to the representations,
warranties and enforcement mechanisms available to investors in
issuances of similar securities. While we recognize these views, we are
concerned that defining similar securities or allowing reliance
exclusively on industry standards for the purpose of the required
comparisons could create unintentional gaps in disclosure. We expect,
however, that in making its own determinations as to what constitutes a
``similar security'' for the purposes of the required comparisons, an
NRSRO would draw upon its knowledge of industry standards, along with
its own experience with previously rated deals and its knowledge of the
market in general. As discussed in the Proposing Release, we anticipate
that one way an NRSRO could fulfill the requirement to describe how
representations, warranties and enforcement mechanisms differ from
those provided in similar securities would be to review previous
issuances both on an initial and an ongoing basis in order to
establish, and periodically revise as appropriate, ``benchmarks'' for
various types of securities.
    As noted above, several commentators suggested we allow NRSROs to
satisfy the requirements of new Rule 17g-7 by incorporating the
required disclosures by reference to the transaction's offering
documents. We were not persuaded, however, by these comments and
believe that Congress intended, by including clear and specific
language in Section 943(1), that investors receive the disclosures
within the ratings report itself. Similarly, in response to
commentators' suggestions that the rule should apply only to
representations and warranties regarding the pool assets, as well as to
the suggestion that the rule should not apply to foreign issuers that
are not issuing securities into the U.S. market, we note that nothing
in the text of Section 943(1) would support drawing any such
distinctions in connection with reports issued by NRSROs subject to
Commission oversight.
    We also acknowledge commentators' concerns regarding the
application of the rule to unsolicited ratings. We note that this
concern can be addressed directly by NRSROs themselves through
disclosure in their reports accompanying credit ratings. For example,
an NRSRO could disclose whether it was hired by the arranger and
therefore received information on the representations, warranties and
enforcement mechanisms directly; was issuing an unsolicited rating
using access to arranger information provided under Rule 17g-
5(a)(3),\187\ in which case

it obtained that information indirectly; or was issuing an unsolicited
rating without relying on Rule 17g-5(a)(3), in which case it may not
have had access to the information at all. The rule as adopted does not
include any limitation on the application of the disclosure requirement
to ``any report accompanying a credit rating.'' As such, the
requirements of the rule will apply to reports issued in conjunction
with both solicited and unsolicited ratings.
---------------------------------------------------------------------------

    \187\ 17 CFR 240.17g-5(a)(3). This provision requires an NRSRO
that is hired by an arranger to determine an initial credit rating
for a structured finance product to take certain steps designed to
allow an NRSRO that is not hired by the arranger to nonetheless
determine an initial credit rating--and subsequently monitor that
credit rating--for the structured finance product. See Amendments to
Rules for Nationally Recognized Statistical Rating Organizations,
SEC Release No. 34-61050 (November 23, 2009) [74 FR 63832].
---------------------------------------------------------------------------

III. Transition Period

    The new rules will be effective 60 days after publication in the
Federal Register; however, securitizers, issuers and NRSROs will be
required to comply with the new rules as described below.
    With regard to Rule 15Ga-1, we received several comments suggesting
a compliance date of six months,\188\ one year,\189\ 18 months \190\
and two years \191\ from the effective date of the new rule. Some
commentators noted that securitizers need a longer time to implement
the systems for tracking and recording repurchase requests necessary to
comply with the rule.\192\ However, other commentators believed that
many securitization sponsors and servicers have systems in place and
have collected the information.\193\
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    \188\ See letter from Roundtable (but noting a six month period
would only be appropriate if the final rule would only require
prospective information).
    \189\ See letter from ASF (suggesting a compliance date of no
earlier than one year from the date of publication of the final rule
if the rule would only require prospective information).
    \190\ See letters from BOA and SIFMA.
    \191\ See letter from GSEs. See also letter from Roundtable
suggesting an alternative of 24 months if securitizers are required
to re-create data that was not maintained.
    \192\ See letters from BOA, MBA and SIFMA.
    \193\ See letters from AFGI and Metlife.
---------------------------------------------------------------------------

    We have considered the comments and as noted earlier, for those
securitizers other than municipal securitizers, who have issued ABS
during the three-year period ended December 31, 2011, the rule will
require that the initial filing pursuant to new Rule 15Ga-1 be filed on
EDGAR by February 14, 2012. We are providing this transition period so
that securitizers and other transaction participants may set up systems
and gather historical data and to track the data.
    In addition, as discussed above, we are delaying compliance for a
period of three years for municipal securitizers. Therefore, municipal
securitizers will be required to make the initial filing required by
Rule 15Ga-1(c)(1) for the three years ended December 31, 2014 and file
on February 14, 2015. Also, as discussed above, we will permit
municipal securitizers to satisfy the rule's filing obligation by
filing the information on EMMA.
    We are also providing the same transition period with respect to
demand, repurchase and replacement history disclosure in registration
statements and prospectuses in accordance with Regulation AB;
therefore, Item 1104 disclosures would be required with the first bona
fide offering of registered ABS on or after February, 14, 2012. The
information in prospectuses should be as of date no older than 135
days. However, as we describe above, we are phasing in the look back
period in the first two years of compliance.\194\
---------------------------------------------------------------------------

    \194\ In the first year after the compliance date issuers may
limit the disclosures to the prior year of activity and in the
second year after the compliance date, disclosures may be limited to
the prior two years of activity.
---------------------------------------------------------------------------

    With respect to Form 10-Ds, the information should be provided with
respect to the particular ABS that is required to report on Form 10-D
after December 31, 2011. Securitizers will already be obligated to
report information with respect to transactions issued prior to
December 31, 2011 on Form ABS-15G on a quarterly basis; therefore, the
information required by new Item 1121(c) of Regulation AB should be
readily available to report on Form 10-D for a particular Reg AB-ABS
(including for Reg AB-ABS issued prior to December 31, 2011).
    With respect to Rule 17g-7, we received two comments about the
transition period, one requesting six months \195\ and the other one
year,\196\ in each case primarily to be able to comply with the
requirement to perform a comparison to similar securities. We are
providing a period of six months from the effective date of the new
rule for NRSROs to comply with new Rule 17g-7. We believe this is
sufficient time to allow NRSROs to set up the systems to collect,
maintain and analyze previous issuances to establish benchmarks.
---------------------------------------------------------------------------

    \195\ See letter from Moody's.
    \196\ See letter from Fitch.
---------------------------------------------------------------------------

IV. Paperwork Reduction Act

A. Background

    Certain provisions of the rule amendments contain ``collection of
information'' requirements within the meaning of the Paperwork
Reduction Act of 1995 (PRA).\197\ We published notice requesting
comment on the collection of information requirements in the Proposing
Release, and we submitted these requirements to the Office of
Management and Budget (OMB) for review in accordance with the PRA.\198\
---------------------------------------------------------------------------

    \197\ 44 U.S.C. 3501 et seq.
    \198\ 44 U.S.C. 3507(d) and 5 CFR 1320.11.
---------------------------------------------------------------------------

    An agency may not conduct or sponsor, and a person is not required
to comply with, a collection of information unless it displays a
currently valid control number. The titles for the collections of
information are:
    (1) ``Form ABS-15G'' (a new collection of information);
    (2) ``Regulation S-K'' (OMB Control No. 3235-0071); \199\ and
---------------------------------------------------------------------------

    \199\ The paperwork burden from Regulation S-K is imposed
through the forms that are subject to the requirements in those
regulations and is reflected in the analysis of those forms. To
avoid a Paperwork Reduction Act inventory reflecting duplicative
burdens and for administrative convenience, we assign a one-hour
burden to Regulation S-K.
---------------------------------------------------------------------------

    (3) ``Rule 17g-7'' (a new collection of information).
    The regulation listed in No. 2 was adopted under the Securities Act
and the Exchange Act and sets forth the disclosure requirements for
registration statements and periodic and current reports filed with
respect to asset-backed securities and other types of securities to
inform investors.
    The regulations and form listed in Nos. 1 and 3 are new collections
of information under the Act. Rule 15Ga-1 would require securitizers to
provide disclosure regarding fulfilled and unfulfilled repurchase
requests with respect to Exchange Act-ABS pursuant to the Act. Form
ABS-15G is a new form type that will contain Rule 15Ga-1 disclosures
and be filed with the Commission. Rule 17g-7 will require NRSROs to
provide disclosure regarding representations, warranties, and
enforcement mechanisms available to investors in any report
accompanying a credit rating issued by an NRSRO in connection with an
Exchange Act-ABS transaction.
    Compliance with the amendments is mandatory. Responses to the
information collections will not be kept confidential and there is no
mandatory retention period for the collections of information.

B. Summary of the Final Rules

    As discussed in more detail above, the new rules and amendments we
are adopting will require:
     ABS securitizers to disclose demand, repurchase and
replacement history in a tabular format for an initial three-year look
back period ending December 31, 2011;
     ABS securitizers to disclose, subsequent to that date,
demand,

repurchase and replacement activity in a tabular format on a quarterly
basis;
     ABS issuers to disclose demand, repurchase and replacement
history for a three-year look back period, in the same tabular format
as new Rule 15Ga-1, in the body of the prospectus;
     ABS issuers to disclose demand, repurchase and replacement
activity for a specific ABS, in the same tabular format, in periodic
reports filed on Form 10-D; and
     NRSROs to disclose, in any report accompanying a credit
rating for an ABS transaction, the representations, warranties and
enforcement mechanisms available to investors and how they differ from
the representations, warranties and enforcement mechanisms in issuances
of similar securities.
    The new rules implement Section 943 of the Act as well as conform
disclosure in prospectuses and ongoing reports for ABS sold in
registered transactions.

C. Summary of Comment Letters on the PRA Analysis and Revisions to
Proposals

    In the Proposing Release, we requested comment on the PRA analysis.
We have made several changes in response to comments on the substance
of the proposals that are designed to avoid potential unintended
consequences and reduce possible additional costs or burdens pointed
out by commentators. For example, in response to comment letters
regarding the burdens of monthly reporting pursuant to Rule 15Ga-1, we
have made responsive revisions to change to a quarterly periodic
reporting requirement. We are also permitting a securitizer to suspend
its reporting obligation as long as it has no repurchase activity for
the reporting period; however, a securitizer would still have to
provide an annual confirmation that no disclosure is required under
Rule 15Ga-1 by checking a box on new Form ABS-15G.
    We received one comment letter addressing our PRA burden estimates
for Rule 17g-7, as proposed. The commentator argued that our PRA
estimate of 10 hours underestimated the time that NRSROs would need to
gather all of the information to conduct the comparisons required by
the rule and requested an adequate transition period in order to
prepare to comply with the rule.\200\ The comment letter, however, did
not acknowledge the additional burden estimates that we provided for in
the Proposing Release. In addition to the estimated 10 hours per
transaction to compare the terms of the current transaction to the
benchmarks, cited by the commentator, we also estimated an initial
burden of 3,000 hours to set up systems to establish benchmarks and an
additional 3,000 hours per year to revise the various benchmarks.
Because we believe these estimates adequately estimate the burden
imposed by Rule 17g-7, we are not revising our estimates with respect
to Rule 17g-7.
---------------------------------------------------------------------------

    \200\ See letter from Fitch.
---------------------------------------------------------------------------

D. PRA Reporting and Cost Burden Estimates

    Our PRA burden estimates for the rule amendments are based on
information that we receive on entities assigned to Standard Industrial
Classification Code 6189, the code used with respect to asset-backed
securities, as well as information from outside data sources.\201\ When
possible, we base our estimates on an average of the data that we have
available for years 2004, 2005, 2006, 2007, 2008, and 2009.
---------------------------------------------------------------------------

    \201\ We rely on two outside sources of ABS issuance data. We
use the ABS issuance data from Asset-Backed Alert on the initial
terms of offerings, and we supplement that data with information
from Securities Data Corporation (SDC).
---------------------------------------------------------------------------

    In adopting rules under the Credit Rating Agency Reform Act of 2006
(``the Rating Agency Act''),\202\ as well as proposing additional rules
in November 2009, we previously estimated that approximately 30 credit
rating agencies would be registered as NRSROs.\203\
---------------------------------------------------------------------------

    \202\ Pub. L. No. 109-291 (2006).
    \203\ See e.g., Section VIII of Proposed Rules for Nationally
Recognized Statistical Rating Organizations, SEC Release No. 34-
61051 (Dec. 4, 2009) [74 FR 63866].
---------------------------------------------------------------------------

1. Form ABS-15G
    This new collection of information relates to new disclosure
requirements for securitizers that offer Exchange Act-ABS. Under the
new rules, such securitizers are required to disclose demand,
repurchase and replacement history with respect to pool assets across
all trusts aggregated by securitizer. We had proposed that the new
information be required at the time a securitizer offers Exchange Act-
ABS after the implementation of the new rule, and then monthly, on an
ongoing basis as long as the securitizer has Exchange Act-ABS
outstanding held by non-affiliates. Instead, we are adopting that the
new information be required for all securitizers that offered Exchange
Act-ABS during the three-year period ending December 31, 2011, and that
have Exchange Act-ABS outstanding that are held by non-affiliates.
Going forward, periodic disclosures will be required on a quarterly
basis. We are also permitting securitizers to suspend quarterly
reporting so long as they have no activity for the quarterly period;
however a securitizer is required, annually, to confirm that they had
no activity for the year. The disclosures are required to be filed on
EDGAR on new Form ABS-15G, except that municipal securitizers may
satisfy their reporting obligations by filing their disclosures on
EMMA. As discussed in the Proposing Release, we believe that the costs
of implementation would include costs of collecting the historical
information, software costs, costs of maintaining the required
information, and costs of preparing and filing the form. Although the
new requirements apply to securitizers, which by definition include
both sponsors and issuers, we base our estimates on the number of
unique ABS sponsors because we are also providing under the final rule,
that issuers affiliated with a sponsor would not have to file a
separate Form ABS-15G to provide the same Rule 15Ga-1 disclosures.
    Our estimates in the Proposing Release were based on the number of
unique ABS securitizers (i.e., sponsors) over 2004-2009, which was 540,
for an average of 90 unique securitizers per year.\204\ We base our
burden estimates for this collection of information on the assumption
that most of the costs of implementation would be incurred before the
securitizer files its first Form ABS-15G. Because ABS issuers currently
have access to systems that track the performance of the assets in a
pool we believe that securitizers should also have access to
information regarding whether an asset had been repurchased or
replaced. However, securitizers may not have historically collected the
information and systems may not currently be in place to track when a
demand has been made, and in particular, systems may not be in place to
track those demands made by investors upon trustees. Therefore,
securitizers would incur a one-time cost to compile historical
information in systems. Furthermore, the burden to collect and compile
the historical information may vary significantly between securitizers,
due to the number of asset classes and number of ABS issued by a
securitizer.
---------------------------------------------------------------------------

    \204\ We base the number of unique sponsors on data from SDC.
---------------------------------------------------------------------------

    For the initial filing, we estimate that 270 unique securitizers
would be required to file Form ABS-15G.\205\ We

estimate that a securitizer would incur a one-time setup cost for the
initial filing of 852 hours to collect and compile historical
information and adjust its existing systems to collect and provide the
required information going forward.\206\ Therefore, we estimate that it
would take a total of 230,040 hours for a securitizer to set up the
mechanisms to file the initial Rule 15Ga-1 disclosures.\207\ We
allocate 75% of these hours (172,530 hours) to internal burden for all
securitizers. For the remaining 25% of these hours (57,510 hours), we
use an estimate of $400 per hour for external costs for retaining
outside professionals totaling $23,004,000.
---------------------------------------------------------------------------

    \205\ We estimate 270 securitizers for the three-year period
from January 1, 2009-December 31, 2011, the look back period for the
initial disclosures, (90 unique securitizers x 3 years). Also, as
noted above, municipal securitizers will not be subject to Rule
15Ga-1 until three years after the implementation date for other
securitizers. For purposes of the PRA, however, we have calculated
the burden estimates as if the rule was fully phased in for all
companies.
    \206\ The value of 852 hours for setup costs is based on staff
experience. In the Proposing Release, we estimated that 672 of those
hours will be to set up systems to track the information and is
calculated using an estimate of two computer programmers for two
months, which equals 21 days per month times two employees times two
months times eight hours per day.
    \207\ 852 hours to adjust existing systems per securitizer x 270
average number of unique securitizers.
---------------------------------------------------------------------------

    After a securitizer has made the necessary adjustments to its
systems in connection with the new rule and, after an initial filing of
Form ABS-15G disclosures has been made, securitizers will have to file
Form ABS-15G on a quarterly basis, unless it suspends its reporting
obligation. We estimate that each subsequent quarterly filing of Form
ABS-15G to disclose ongoing information by a securitizer will take
approximately 30 hours to prepare, review and file. We estimate, for
PRA purposes, that the average number of quarterly Form ABS-15G filings
per year will be 720.\208\
---------------------------------------------------------------------------

    \208\ The Form ABS-15G is required to be filed on a quarterly
basis; however, based on comments received that securitizers of
certain asset classes would be able to immediately suspend the
quarterly reporting requirement because they have not received
demands for repurchase (See letters from ABA and ASF) and data
available, we are estimating that 90 securitizers would be able to
suspend their quarterly reporting requirement after filing the
initial filing. Therefore, we estimate that 180 securitizers would
be subject to the quarterly reporting requirement (270-90). As a
result, we expect 720 quarterly filings of Form ABS-15G per year
(180 x 4 quarterly filings per year). We assume that the number of
quarterly filings will remain the same in the second and third years
after implementation because we estimate that the average number of
new securitizers that will trigger the reporting obligation each
year will be 90, but we also use the same estimate of 90
securitizers that would be able to suspend its quarterly reporting
requirement, resulting in no increase in the number of securitizers
or quarterly filings.
---------------------------------------------------------------------------

    Therefore, after the initial filing is made, we estimate the total
annual burden hours for preparing and filing the disclosure will be
21,600 hours.\209\ We allocate 75% of those hours (16,200 hours) to
internal burden hours for all securitizers and 25% of those hours
(5,400 hours) for professional costs totaling $400 per hour of external
costs of retaining outside professionals totaling $2,160,000.
---------------------------------------------------------------------------

    \209\ 30 hours x 720 filings.
---------------------------------------------------------------------------

    In addition, securitizers that have suspended their quarterly
reporting obligation are required to file one annual confirmation that
no repurchase activity has occurred for the calendar year. We estimate
an average of 90 confirmation filings per year.\210\ We estimate that
each annual filing to confirm that no activity occurred on Form ABS-15G
will take approximately 5 hours to prepare, review and file, therefore
we estimate the total annual burden hours to be 450.\211\ We allocate
75% of those hours (338 hours) to internal burden hours for all
securitizers and 25% of those hours (113 hours) for professional costs
totaling $400 per hour of external costs of retaining outside
professionals totaling $45,000.
---------------------------------------------------------------------------

    \210\ Because the first annual confirmation filing would not be
due until February 2013, we estimate no annual filings in the first
year of implementation. In the second year of implementation we
estimate 90 securitizers will file the annual confirmation. In the
third year, we estimate that 180 securitizers will file the annual
confirmation. The total number of annual confirmations filed would
be 270 over three years, therefore we estimate for PRA purposes, an
annual average of 90 filings.
    \211\ 5 hours x 90 filings.
---------------------------------------------------------------------------

    Therefore, the total internal burden hours are 189,068 \212\ and
the total external costs are $25,209,000.\213\ The increase from our
original burden estimate in the Proposing Release is primarily due to
the change in the trigger for the initial filing requirement. However,
we have significantly reduced the burden estimate on a going forward
basis by requiring quarterly, instead of monthly filings, as proposed,
as well as permitting securitizers to suspend the quarterly reporting
obligation.
---------------------------------------------------------------------------

    \212\ 172,530 hours + 16,200 hours + 338 hours.
    \213\ $23,004,000 + $2,160,000 + $45,000.
---------------------------------------------------------------------------

2. Forms S-1, S-3 and 10-D
    We are requiring that asset-backed securities offered on Forms S-1
and S-3 include the required Rule 15Ga-1 disclosures for the same asset
class in registration statements. We are also requiring that issuers of
registered ABS include the new Rule 15Ga-1 disclosures for only the
pool assets on Form 10-D, which contains periodic distribution and pool
performance information. The burden for the collection of information
is reflected in the burden hours for Form ABS-15G filed by a
securitizer; however, Forms S-1, S-3 and 10-D are filed by asset-backed
issuers, and issuers may include a portion of the information in the
prospectus and in periodic reports. Therefore, we have not included
additional burdens for Forms S-1, S-3 and 10-D.
3. Regulation S-K
    Regulation S-K, which includes the item requirements in Regulation
AB, contains the requirements for disclosure that an issuer must
provide in filings under both the Securities Act and the Exchange Act.
In 2004, we noted that the collection of information requirements
associated with Regulation S-K as it applies to ABS issuers are
included in Form S-1, Form S-3, Form 10-K and Form 8-K.\214\
---------------------------------------------------------------------------

    \214\ See the 2004 ABS Adopting Release.
---------------------------------------------------------------------------

    The amendments would make revisions to Regulation S-K. The
collection of information requirements, however, are reflected in the
burden hours estimated for the various Securities Act and Exchange Act
forms related to ABS issuers. The rules in Regulation S-K do not impose
any separate burden. Consistent with historical practice, we have
retained an estimate of one burden hour to Regulation S-K for
administrative convenience.
4. Rule 17g-7
    This new collection of information relates to new disclosure
requirements for NRSROs. Under new Rule 17g-7, an NRSRO is required to
disclose in any report accompanying a credit rating in an asset-backed
securities offering the representations, warranties and enforcement
mechanisms available to investors and describe how they differ from
those in issuances of similar securities. The following summarizes the
burden estimates for Rule 17g-7 that we provided in the Proposing
Release. We estimated it would take 1 hour per ABS transaction to
review the relevant disclosures prepared by an issuer, which an NRSRO
would presumably have reviewed as part of the rating process, and
convert those disclosures into a format suitable for inclusion in any
report to be issued by an NRSRO. We noted our expectation that an NRSRO
would incur an initial setup cost to collect, maintain and analyze
previous issuances to establish benchmarks as well as an ongoing cost
to review the benchmarks to ensure that they remain appropriate. We
estimated that the initial review and set up system cost will take 100
hours and that NRSROs will spend an additional 100 hours per year
revising the various benchmarks. Therefore, we estimated it

would take a total of 3,000 hours \215\ for NRSROs to set up systems
and an additional 3,000 hours per year revising various
benchmarks.\216\
---------------------------------------------------------------------------

    \215\ 100 hours x 30 NRSROs.
    \216\ 100 hours x 30 NRSROs.
---------------------------------------------------------------------------

    On a deal-by-deal basis, we estimated it would take NRSRO 10 hours
per ABS transaction to compare the terms of the current deal to those
of similar securities. Because NRSROs would need to provide the
disclosures in connection with the issuance of a credit rating on a
particular offering of ABS, we based our estimates on an annual average
of 2,067 ABS offerings.\217\ We also assigned four to the number of
credit ratings per issuance of ABS, based on an average of two NRSROs
preparing two reports (pre-sale and final) for each transaction.
Therefore, we estimated that it would take a total of 90,948 hours,
annually, for NRSROs to provide the new Rule 17g-7 disclosures.\218\ As
noted above, we received one comment letter regarding our PRA estimate
for Rule 17g-7,\219\ and as we discuss above, we are not adjusting our
PRA estimates with respect to Rule 17g-7.
---------------------------------------------------------------------------

    \217\ The annual average number of registered offerings was 958
and the annual average number of Rule 144A ABS offerings was 716 for
an estimated annual average of 1,674 over the period 2004-2009. See
Section X. of the 2010 ABS Proposing Release. We also add 393 to
estimate for offerings under other exemptions that were not within
the scope of the 2010 ABS Proposing Release. Thus, in total we use
an estimated annual average number of 2,067 ABS offerings for the
basis of our PRA burden estimates.
    \218\ 4 reports x 2,067 ABS offerings x 11 hours (1 hour to
review disclosures + 10 hours to compare and prepare).
    \219\ See letter from Fitch.
---------------------------------------------------------------------------

5. Summary of Changes to Annual Burden Compliance in Collection of
Information
    Table 1 illustrates the annual compliance burden of the collection
of information in hours and costs for the new disclosure requirements
for securitizers and NRSROs. Below, the new Rule 15Ga-1 requirement for
securitizers is noted as ``Form ABS-15G'' and the new requirement for
NRSROs is noted as ``17g-7.''

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Decrease or                              Decrease or
                                                 Current      Proposed     Current    increase in    Proposed      Current     increase in    Proposed
                     Form                         annual       annual       burden       burden       burden    professional  professional  professional
                                                responses    responses      hours        hours        hours         costs         costs         costs
--------------------------------------------------------------------------------------------------------------------------------------------------------
Form ABS-15G.................................  ...........          810  ...........      189,068      189,068  ............    25,209,000    25,209,000
17g-7........................................  ...........        8,268  ...........       96,948       96,948  ............  ............  ............
--------------------------------------------------------------------------------------------------------------------------------------------------------

V. Benefit-Cost Analysis

    Section 943 of the Act requires the Commission to prescribe rules
relating to disclosure of demand, repurchase and replacement history by
securitizers and disclosure of representations, warranties, and
enforcement mechanisms by NRSROs. In response to the requirements of
Section 943, the Commission is adopting new rules and form amendments
that would require securitizers and NRSROs to make the required
disclosures.
    First, Section 943(2) requires any securitizer to disclose
fulfilled and unfulfilled repurchase requests across all trusts
aggregated by the securitizer, so that investors may identify asset
originators with clear underwriting deficiencies. As the Act requires,
our rules will apply to ``any securitizer'' of Exchange Act-ABS,
including unregistered Exchange Act-ABS. The Act requires disclosure of
``fulfilled and unfulfilled repurchase requests'' and our new rules
require disclosure of all repurchase requests, not just those limited
to the transaction agreements. Further, the Act requires disclosure
``across all trusts aggregated by the securitizer.'' The new rule seeks
to account for the potential limited availability and usefulness of
older information by requiring securitizers to provide demand and
repurchase history, initially for a three-year look back period and
then quarterly on an ongoing basis for all outstanding Exchange Act-ABS
held by non-affiliates during the reporting period. In order to
implement the disclosure requirement, we are requiring that
securitizers provide the disclosures in a tabular format and file them
on EDGAR on new Form ABS-15G. As we discuss above, the new rules
provide that if an affiliate securitizer has filed the same
disclosures, then other affiliated securitizers would not have to also
file the disclosures in order to avoid duplicate disclosures. In
addition, a securitizer may suspend its quarterly reporting obligation
if it has no reportable activity and makes an annual filing to confirm
that it has had no activity for the prior year. We are also providing
approximately a one-year transition period so that securitizers may set
up systems and gather the data to make the required disclosures. For
municipal securitizers, we are providing approximately a four-year
transition period and permitting municipal securitizers to satisfy the
filing obligation by filing on EMMA.
    Second, we are also adopting disclosure requirements with respect
to repurchase requests in Regulation AB in order to conform disclosures
in prospectuses and in periodic reports to those required by Section
943 of the Act.
    Third, Section 943(1) of the Act requires that each NRSRO include
in any report accompanying a credit rating, a description of the
representations, warranties and enforcement mechanisms available to
investors. Our new Rule 17g-7 includes an instruction to clarify that
for purposes of the requirement, a ``credit rating'' includes any
expected or preliminary credit rating issued by an NRSRO.
    We are sensitive to benefits and costs imposed by the new rules,
form and amendments. The discussion below focuses on the benefits and
costs of the amendments made by the Commission to implement the Act
within its permitted discretion, rather than the overall benefits and
costs of the changes mandated by the Act.

A. Benefits

    In new Rule 15Ga-1 we choose to require that the disclosure
mandated by the Act be presented in a tabular format with standardized
headings. We believe that this data formatting requirement will benefit
investors by providing them with demand, repurchase and replacement
information that is easy to use and easy to compare across
securitizers.
    We are limiting the scope of the disclosures to outstanding
Exchange Act-ABS, and in the initial filing to the last three years of
demand, repurchase and replacement history. We believe that a three-
year look back period strikes the right balance between compliance
costs to securitizers and disclosure benefits to investors, since three
years of data should be sufficient for investors to identify
originators with underwriting deficiencies.
    After the initial filing, securitizers are required to file Form
ABS-15G,

periodically, on a quarterly basis with information about activity that
occurred during the quarter, so that consistent with the purpose of
Section 943 of the Act, an investor may monitor the demand, repurchase
and replacement activity across all Exchange Act-ABS issued by a
securitizer. We have chosen to require that the quarterly report
include information for the current quarter, instead of cumulative
data. This will benefit investors by allowing them the flexibility to
track activity over periods of their choosing because it is more user-
friendly and less unwieldy than cumulative data. Depending on their
needs, they can analyze the current-quarter data alone or aggregate it
with data from prior filings in order to identify trends. In addition,
aggregated data for the same asset class would be provided in
prospectuses.
    Several provisions in the adopted rules are designed to limit
filing costs to securitizers without diminishing the usefulness of the
disclosure available to investors. We are permitting a securitizer to
suspend its quarterly obligation if it has no reportable activity,
though such a securitizer would still be required to file an annual
confirmation that it had no reportable demand or repurchase activity by
checking a box on Form ABS-15G. In addition, if an affiliate
securitizer has filed the same disclosures with respect to a particular
ABS transaction, then other affiliated securitizers would not have to
also file the disclosures. We are also requiring that the disclosures
be filed on EDGAR on new Form ABS-15G and permitting municipal
securitizers to satisfy the reporting obligation by filing on EMMA. By
requiring the new Form ABS-15G to be filed on EDGAR, the required
information for most securitizers would be housed in a central
repository that would preserve continuous access to the information to
the benefit of investors. Municipal securitizers can file the
information in a central repository for municipal market information,
EMMA. Although it is likely that most, if not all municipal
securitizers will file on EMMA, they are not required to. However, we
believe that filing on EMMA will facilitate use by investors, since the
demand, repurchase and replacement disclosures will generally be
available in the same repository where investors are most likely to
look for other municipal ABS disclosures.
    The one-year transition period will provide securitizers time to
set up systems and gather the data to make the required disclosures.
For municipal securitizers, we are providing an additional three-year
transition period so that they may develop the infrastructures and
observe how the rule operates for other securitizers, so that they may
better prepare to comply with the new rules.
    To facilitate investors' use of demand, repurchase and replacement
information, we are amending Regulation AB to require disclosures in
the prospectus and periodic reports in a format similar to that
required by Rule 15Ga-1. The information in the prospectus must be
presented for a three-year look-back period, so that an investor in a
particular offering receives and may review cumulative information in
one place. Furthermore, an investor would receive disclosure about a
demand, repurchase and replacement activity related to a particular ABS
in periodic reports, which may be required to be filed at a more
frequent interval than Form ABS-15G, such as monthly.
    If an Exchange Act-ABS is rated, new Rule 17g-7 would require
disclosures by NRSROs about the representations, warranties and
enforcement mechanisms available to investors, and how they differ from
those of other similar securities in a report accompanying a credit
rating. We interpret a ``credit rating'' to include any expected or
preliminary credit rating issued by an NRSRO because pre-sale reports
typically accompany an expected or preliminary rating. We believe that
this interpretation will benefit investors by allowing them access to
information on representations, warranties and enforcement mechanisms
prior to the point at which they make an investment decision. As a
result, these disclosures will possibly expand the information
available to investors and improve transparency regarding the use of
representations and warranties in ABS transactions.

B. Costs

    With respect to Rule 15Ga-1, the requirement to file on EDGAR
initially and then on a quarterly basis will result in costs related to
preparation of such filings. Filing on EDGAR would require a
securitizer to obtain authorization codes and to adhere to formatting
instructions. While our revision from monthly to a quarterly reporting
requirement will reduce the filing burden on securitizers, an annual
filing would still be required to confirm by check box that no demand,
repurchase or replacement activity has occurred.\220\
---------------------------------------------------------------------------

    \220\ See discussion in Section II.A.5.
---------------------------------------------------------------------------

    In addition, we are providing approximately a one-year transition
period (and an additional three years for municipal securitizers),
which will delay the availability of current information on
representations and warranties repurchase activity to investors;
however, we believe that a transition period of this length is
necessary for securitizers to set up systems and gather historical data
needed to comply with the new rules. Further, investors would not
receive information about repurchase activity for periods prior to the
initial three-year period; however, it is not clear that older data
would provide useful information about underwriting deficiencies,
because many loan origination and underwriting standards have changed
post-crisis. In addition, older data may be very hard or impossible for
securitizers to obtain if they have not had systems in place to track
the data required for the required disclosures.
    The new rules implement the Act's requirement on securitizers to
disclose the repurchase and replacement demands resulting from breaches
of representations and warranties in past ABS transactions initially,
for the last three years and then updated disclosures going forward on
a quarterly basis. We understand that some of the data collection may
be costly. In some cases, it may be very difficult to obtain repurchase
or replacement records from the distant past.\221\ The final rule,
however, permits a securitizer under certain conditions to omit
information unknown and not available to the securitizer without
unreasonable effort or expense.
---------------------------------------------------------------------------

    \221\ See discussion in Section II.A.3.
---------------------------------------------------------------------------

    As noted above, we have chosen to require that ongoing quarterly
reports include information for the current quarter, instead of
cumulative data. Therefore, users who would find cumulative data more
helpful will need to make additional efforts to compile the information
for periods; although cumulative information related to the same asset
class would be available in a prospectus for a three-year look back
period.
    In order to minimize duplicate disclosures, the new rules would not
require a securitizer to report if an affiliated securitizer in the
same transaction files the required disclosures. As discussed above, we
believe this accommodation is appropriate because otherwise such
disclosure would be duplicative and would not provide any additional
useful information, since as noted above, the depositor usually serves
as an intermediate entity of a transaction initiated by a sponsor.
However, in

some cases, users who would find information about affiliated
transactions useful will need to compile information about affiliated
transactions themselves.\222\
---------------------------------------------------------------------------

    \222\ Rule 15Ga-1 requires a securitizer to indicate if the ABS
transaction was registered and disclose the CIK number of the
issuing entity of the ABS transaction, so that users may locate
other information available on EDGAR.
---------------------------------------------------------------------------

    The new rules, pursuant to the Act, would also require NRSROs to
disclose in any report accompanying a credit rating for an ABS
transaction the representations, warranties and enforcement mechanisms
available to investors and how they differ from those of other similar
securities. A note to new Rule 17g-7 clarifies the statutory
requirements by explaining that for the purposes of the rule's
requirements, a ``credit rating'' includes any expected or preliminary
credit rating issued by an NRSRO. This clarification is designed to
ensure that the disclosure requirements of the rule will apply to pre-
sale reports issued by NRSROs in ABS transactions. We recognize that
this could result in some additional incremental costs to NRSROs;
however, we believe that any such additional costs would be more than
offset by the benefits to investors that will arise from the inclusion
of the required disclosures in NRSRO pre-sale reports, thus providing
them with additional information prior to the point at which they make
an investment decision.

VI. Consideration of Burden on Competition and Promotion of Efficiency,
Competition and Capital Formation

    Section 23(a) of the Exchange Act \223\ requires the Commission,
when making rules and regulations under the Exchange Act, to consider
the impact a new rule would have on competition. Section 23(a)(2)
prohibits the Commission from adopting any rule that would impose a
burden on competition not necessary or appropriate in furtherance of
the purposes of the Exchange Act. Section 2(b) of the Securities Act
\224\ and Section 3(f) of the Exchange Act \225\ require the
Commission, when engaging in rulemaking that requires it to consider
whether an action is necessary or appropriate in the public interest,
to consider, in addition to the protection of investors, whether the
action would promote efficiency, competition, and capital formation.
---------------------------------------------------------------------------

    \223\ 15 U.S.C. 78w(a).
    \224\ 15 U.S.C. 77b(b).
    \225\ 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    The new rules implement Section 943 of the Act and amend Regulation
AB in order to conform disclosures in prospectuses and periodic reports
to those required by Section 943. New Rule 15Ga-1 implements Section
943(2) by requiring disclosures of the repurchase history of
securitized assets be filed on EDGAR (or in the case of municipal
securitizers, may be filed in the alternative on EMMA). Filing on these
centralized databases preserves access to information, thereby
enhancing transparency regarding the use of representations and
warranties in asset-backed securities transactions, and an investor's
ability to consider historical information when making an investment
decision. Requiring that information be presented in a standardized
tabular format will further enable investors to more easily understand
the disclosed information, compare originators, and identify those with
better underwriting criteria or practices. Our amendments to Regulation
AB, which require conforming disclosures in the prospectus and periodic
reports to the disclosures required by Rule 15Ga-1, should promote
comparison of repurchase history information. Furthermore, if investors
pull funds away from ABS with consistent underwriting deficiencies or
purchase such ABS at a significant discount, securitizers would find it
in their interest to avoid acquiring pool assets from originators with
a record of poor loan underwriting. As a result, such originators would
have an additional incentive to improve their loan origination and
underwriting processes. The ultimate effect would be that of better
allocative efficiency and improved capital formation.
    New Rule 15Ga-1 also includes provisions designed to limit the
filing costs to securitizers without compromising the disclosure
available to investors, thereby improving efficiency in the ABS market.
First, if an affiliate securitizer has filed the same disclosures
required by new Rule 15Ga-1, then other affiliated securitizers in the
same ABS transaction would not have to also file the same disclosures.
Second, a securitizer may suspend its ongoing quarterly reporting
obligation if it has no reportable activity, although it would still be
required to file an annual confirmation that it had no reportable
activity.
    Because the rules generally apply equally to all securitizers, and
ABS transactions, we do not believe the rules will have an impact on
competition. However, we are providing a delayed compliance date for
securitizers of ABS that are municipal entities in order to provide
those securitizers with more time to better prepare for implementation
of the Rule 15Ga-1. Therefore, the costs of compliance may also be
delayed for municipal securitizers, which could provide municipal
securitizers with a competitive cost advantage over other securitizers
for a period of time. Based on our research, however, the dollar volume
of ABS issued by municipal securitizers has typically been
significantly less than other securitizers.
    New Rule 17g-7 implements Section 943(1) of the Act by requiring
NRSROs to describe in any report accompanying a credit rating, in an
asset-backed securities offering, how the representations, warranties
and enforcement mechanisms of the rated ABS differ from the
representations, warranties and enforcement mechanisms in issuances of
similar securities. The rule applies to any expected or preliminary
credit rating issued by an NRSRO and will therefore require that this
information be presented in pre-sale reports issued by NRSROs in
connection with asset-backed securities offerings. As such, the rule
will provide information to investors at an earlier point in time,
which may promote allocative efficiency and capital formation.
    We requested comment on whether the proposed rule, if adopted,
would promote efficiency, competition, and capital formation. We did
not receive any comments directly responding to this request.\226\
---------------------------------------------------------------------------

    \226\ One commentator did note, however, that if the proposed
rules did not provide an adequate transition period, some
securitizers would have to remain out of the securitization markets
until they can complete the transition, with potential adverse
effects on capital formation. It also expressed concern that
requiring that reports be compiled for all asset classes in a single
filing may amplify the issue. See letter from Roundtable. As we note
above, we have considered the comments received and we note that we
have provided a long transition period and the initial filing
requirement is not triggered by the timing of new offerings.
---------------------------------------------------------------------------

VII. Regulatory Flexibility Act Certification

    In Part IX of the Proposing Release, the Commission certified
pursuant to 5 U.S.C. 605(b) that the new rules contained in this
release would not have a significant economic impact on a substantial
number of small entities. While the Commission encouraged written
comments regarding this certification, no commentators responded to
this request or indicated that the rules, as adopted would have a
significant economic impact on a substantial number of small entities.

VIII. Statutory Authority and Text of Rule and Form Amendments

    We are adopting the new rules, forms and amendments contained in
this document under the authority set forth in Section 943 of the Act,
Sections 5, 6, 7, 10, 19(a), and 28 of the Securities Act and Sections
3(b), 12, 13, 15, 15E, 17, 23(a), 35A and 36 of the Exchange Act.

List of Subjects in 17 CFR Parts 229, 232, 240 and 249

    Reporting and recordkeeping requirements, Securities.
    For the reasons set out above, Title 17, Chapter II of the Code of
Federal Regulations is amended as follows:

PART 229--STANDARD INSTRUCTIONS FOR FILING FORMS UNDER SECURITIES
ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934 AND ENERGY POLICY AND
CONSERVATION ACT OF 1975--REGULATION S-K

0
1. The authority citation for part 229 continues to read in part as
follows:

    Authority:  15 U.S.C. 77e, 77f, 77g, 77h, 77j, 77k, 77s, 77z-2,
77z-3, 77aa(25), 77aa(26), 77ddd, 77eee, 77ggg, 77hhh, 777iii,
77jjj, 77nnn, 77sss, 78c, 78i, 78j, 78l, 78m, 78n, 78o, 78u-5, 78w,
78ll, 78mm, 80a-8, 80a-9, 80a-20, 80a-29, 80a-30, 80a-31(c), 80a-37,
80a-38(a), 80a-39, 80b-11, and 7201 et seq.; and 18 U.S.C. 1350,
unless otherwise noted.

* * * * *

0
2. Amend Sec.  229.1104 by adding paragraph (e) to read as follows:

Sec.  229.1104  (Item 1104) Sponsors.

* * * * *
    (e) Repurchases and replacements. (1) If the underlying transaction
agreements provide a covenant to repurchase or replace an underlying
asset for breach of a representation or warranty, provide in the body
of the prospectus for the prior three years, the information required
by Rule 15Ga-1(a) (17 CFR 240.15Ga-1(a)) concerning all assets
securitized by the sponsor that were the subject of a demand to
repurchase or replace for breach of the representations and warranties
concerning the pool assets for all asset-backed securities (as that
term is defined in Section 3(a)(77) of the Securities Exchange Act of
1934) where the underlying transaction agreements included a covenant
to repurchase or replace an underlying asset of the same asset class
held by non-affiliates of the sponsor, except that:
    (i) For prospectuses to be filed pursuant to Sec.  230.424 of this
chapter prior to February 14, 2013, information may be limited to the
prior year; and
    (ii) For prospectuses to be filed pursuant to Sec.  230.424 of this
chapter on or after February 14, 2013 but prior to February 14, 2014,
information may be limited to the prior two years.
    (2) Include a reference to the most recent Form ABS-15G filed by
the securitizer (as that term is defined in Section 15G(a) of the
Securities Exchange Act of 1934) and disclose the CIK number of the
securitizer.
    (3) For prospectuses to be filed pursuant to Sec.  230.424 of this
chapter, the information presented shall not be more than 135 days old.

0
3. Amend Sec.  229.1121 by adding paragraph (c) to read as follows:

Sec.  229.1121  (Item 1121) Distribution and pool performance
information.

* * * * *
    (c) Repurchases and replacements. (1) Provide the information
required by Rule 15Ga-1(a) (17 CFR 240.15Ga-1(a)) concerning all assets
of the pool that were subject of a demand to repurchase or replace for
breach of the representations and warranties.
    (2) Include a reference to the most recent Form ABS-15G (17.CFR
249.1400) filed by the securitizer (as that term is defined in Section
15G(a) of the Securities Exchange Act of 1934) and disclose the CIK
number of the securitizer.

PART 232--REGULATION S-T--GENERAL RULES AND REGULATIONS FOR
ELECTRONIC FILINGS

0
4. The general authority citation for Part 232 is revised to read as
follows:

    Authority:  15 U.S.C. 77f, 77g, 77h, 77j, 77s(a), 77z-3,
77sss(a), 78c(b), 78l, 78m, 78n, 78o(d), 78w(a), 78ll, 80a-6(c),
80a-8, 80a-29, 80a-30, 80a-37, and 7201 et seq.; and 18 U.S.C. 1350.
* * * * *

0
5. Amend Sec.  232.101 by adding and reserving paragraphs (a)(1)(xiv)
and (xv), and adding paragraph (a)(1)(xvi) to read as follows:

Sec.  232.101  Mandated electronic submissions and exceptions.

    (a) * * *
    (1) * * *
    (xiv) [Reserved]
    (xv) [Reserved]
    (xvi) Form ABS-15G (as defined in Sec.  249.1400 of this chapter).
* * * * *

0
6. Add Sec.  232.314 to read as follows:

Sec.  232.314  Accommodation for certain securitizers of asset-backed
securities.

    The information required in response to Rule 15Ga-1 (Sec.
240.15Ga-1 of this chapter) by a municipal securitizer will be deemed
to satisfy the electronic submission requirements of Rule 101 (Sec.
232.101 of this chapter) under the following conditions:
    (a) For purposes of this section, a municipal securitizer is a
securitizer (as that term is defined in Section 15G(a) of the
Securities Exchange Act of 1934) that is any State or Territory of the
United States, the District of Columbia, any political subdivision of
any State, Territory or the District of Columbia, or any public
instrumentality of one or more States, Territories or the District of
Columbia; and
    (b) The information required by Rule 15Ga-1 is provided to the
Municipal Securities Rulemaking Board in an electronic format available
to the public on the Municipal Securities Rulemaking Board's Internet
Web site.

PART 240--GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF
1934

0
7. The authority citation for part 240 is amended by adding authorities
for Sec.  240.15Ga-1 and Sec.  240.17g-7 to read as follows:

    Authority:  15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3,
77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78d, 78e, 78f, 78g, 78i,
78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78o, 78p, 78q, 78s, 78u-5,
78w, 78x, 78ll, 78mm, 80a-20, 80a-23, 80a-29, 80a-37, 80b-3, 80b-4,
80b-11, and 7201 et seq.; and 18 U.S.C. 1350 and 12 U.S.C.
5221(e)(3), unless otherwise noted.
* * * * *
    Section 240.15Ga-1 is also issued under sec. 943, Pub. L. 111-
203, 124 Stat. 1376.
* * * * *
    Section 240.17g-7 is also issued under sec. 943, Pub. L. 111-
203, 124 Stat. 1376.
* * * * *

0
8. Add Sec.  240.15Ga-1 to read as follows:

Sec.  240.15Ga-1  Repurchases and replacements relating to asset-backed
securities.

    (a) General. With respect to any asset-backed security (as that
term is defined in Section 3(a)(77) of the Securities Exchange Act of
1934) for which the underlying transaction agreements contain a
covenant to repurchase or replace an underlying asset for breach of a
representation or warranty, a securitizer (as that term is defined in
Section 15G(a) of the Securities Exchange Act of 1934) shall disclose
fulfilled and unfulfilled repurchase requests across all trusts by
providing the information required in paragraph (a)(1) of this section
concerning all assets securitized by the securitizer that were the
subject of a demand to

repurchase or replace for breach of the representations and warranties
concerning the pool assets for all asset-backed securities held by non-
affiliates of the securitizer during the reporting period.
BILLING CODE 8011-01-P

[GRAPHIC] [TIFF OMITTED] TR26JA11.005

BILLING CODE 8011-01-C

    (1) The table shall:
    (i) Disclose the asset class and group the issuing entities by
asset class (column (a)).
    (ii) Disclose the name of the issuing entity (as that term is
defined in Item 1101(f) of Regulation AB (17 CFR 229.1101(f)) of the
asset-backed securities. List the issuing entities in order of the date
of formation (column (a)).
    Instruction to paragraph (a)(1)(ii): Include all issuing entities
with outstanding asset-backed securities during the reporting period.
    (iii) For each named issuing entity, indicate by check mark whether
the transaction was registered under the Securities Act of 1933 (column
(b)) and disclose the CIK number of the issuing entity (column (a)).
    (iv) Disclose the name of the originator of the underlying assets
(column (c)).
    Instruction to paragraph (a)(1)(iv): Include all originators that
originated assets in the asset pool for each issuing entity.
    (v) Disclose the number, outstanding principal balance and
percentage by principal balance of assets at the time of securitization
(columns (d) through (f)).
    (vi) Disclose the number, outstanding principal balance and
percentage by principal balance of assets that were subject of a demand
to repurchase or replace for breach of representations and warranties
(columns (g) through (i)).
    (vii) Disclose the number, outstanding principal balance and
percentage by principal balance of assets that were repurchased or
replaced for breach of representations and warranties (columns (j)
through (l)).
    (viii) Disclose the number, outstanding principal balance and
percentage by principal balance of assets that are pending repurchase
or replacement for breach of representations and warranties due to the
expiration of a cure period (columns (m) through (o)).
    (ix) Disclose the number, outstanding principal balance and
percentage by principal balance of assets that are pending repurchase
or replacement for breach of representations and warranties because the
demand is currently in dispute (columns (p) through (r)).
    (x) Disclose the number, outstanding principal balance and
percentage by principal balance of assets that were not repurchased or
replaced because the demand was withdrawn (columns (s) through (u)).
    (xi) Disclose the number, outstanding principal balance and
percentage by principal balance of assets that were not repurchased or
replaced because the demand was rejected (columns (v) through (x)).
    Instruction to paragraphs (a)(1)(vii) through (xi): For purposes of
these paragraphs (a)(1)(vii) through (xi) the outstanding principal
balance shall be the principal balance as of the reporting period end
date and the percentage by principal balance shall be the outstanding
principal balance of an asset divided by the outstanding principal
balance of the asset pool as of the reporting period end date.
    (xii) Provide totals by asset class, issuing entity and for all
issuing entities for columns that require number of assets and
principal amounts (columns (d), (e), (g), (h), (j), (k), (m), (n) (p),
(q), (s), (t), (v) and (w)).
    Instruction 1 to paragraph (a)(1): The table should include any
activity during the reporting period, including activity related to
assets subject to demands made prior to the beginning of the reporting
period.
    Instruction 2 to paragraph (a)(1): Indicate by footnote and provide
narrative disclosure in order to further explain the information
presented in the table, as appropriate.
    (2) If any of the information required by this paragraph (a) is
unknown and not available to the securitizer without unreasonable
effort or expense, such information may be omitted, provided the
securitizer provides the information it possesses or can acquire
without unreasonable effort or expense, and the securitizer includes a
statement showing that unreasonable effort or expense would be involved
in obtaining the omitted information. Further, if a securitizer
requested and was unable to obtain all information with respect to
investor demands upon a trustee that occurred prior to July 22, 2010,
so state by footnote. In this case, also state that the disclosures do
not contain investor demands upon a trustee made prior to July 22,
2010.
    (b) In the case of multiple affiliated securitizers for a single
asset-backed securities transaction, if one securitizer has filed all
the disclosures required in order to meet the obligations under
paragraph (a) of this section, other affiliated securitizers shall not
be required to separately provide and file the same disclosures related
to the same asset-backed security.
    (c) The disclosures in paragraph (a) of this section shall be
provided by a securitizer:
    (1) For the three year period ended December 31, 2011, by any
securitizer that issued an asset-backed security during the period, or
organized and initiated an asset-backed securities transaction during
the period, by securitizing an asset, either directly or indirectly,
including through an affiliate, in each case, if the underlying
transaction agreements provide a covenant to repurchase or replace an
underlying asset for breach of a representation or warranty and the
securitizer has asset-backed securities, containing such a covenant,
outstanding and held by non-affiliates as of the end of the three year
period. If a securitizer has no activity to report, it shall indicate
by checking the appropriate box on Form ABS-15G (17 CFR 249.1400). The
requirement of this paragraph (c)(1) applies to all issuances of asset-
backed securities whether or not publicly registered under the
provisions of the Securities Act of 1933. The disclosures required by
this paragraph (c)(1) shall be filed no later than February 14, 2012.
    Instruction to paragraph (c)(1): For demands made prior to January
1, 2009, the disclosure should include any related activity subsequent
to January 1, 2009 associated with such demand.
    (2) For each calendar quarter, by any securitizer that issued an
asset-backed security during the period, or organized and initiated an
asset-backed securities transaction by securitizing an asset, either
directly or indirectly, including through an affiliate, or had
outstanding asset-backed securities held by non-affiliates during the
period, in each case, if the underlying transaction agreements provide
a covenant to repurchase or replace an underlying asset for breach of a
representation or warranty. The disclosures required by this paragraph
(c)(2) shall be filed no later than 45 calendar days after the end of
such calendar quarter:
    (i) Except that, a securitizer may suspend its duty to provide
periodic quarterly disclosures if no activity occurred during the
initial filing period in paragraph (c)(1) of this section or during a
calendar quarter that is required to be reported under paragraph (a) of
this section. A securitizer shall indicate that it has no activity to
report by checking the appropriate box on Form ABS-15G (17 CFR
249.1400). Thereafter, a periodic quarterly report required by this
paragraph (c)(2) will only be required if a change in the demand,
repurchase or replacement activity occurs that is required to be
reported under paragraph (a) of this section during a calendar quarter;
and
    (ii) Except that, annually, any securitizer that has suspended its
duty to provide quarterly disclosures pursuant to paragraph (c)(2)(i)
of this section must confirm that no activity occurred during the
previous calendar year by checking the appropriate box on Form ABS-15G
(17 CFR 249.1400). The

confirmation required by this paragraph (c)(2)(ii) shall be filed no
later than 45 days after each calendar year.
    (3) Except that, if a securitizer has no asset-backed securities
outstanding held by non-affiliates, the duty under paragraph (c)(2) of
this section to file periodically the disclosures required by paragraph
(a) of this section shall be terminated immediately upon filing a
notice on Form ABS-15G (17 CFR 249.1400).

0
9. Add Sec.  240.17g-7 to read as follows:

Sec.  240.17g-7  Report of representations and warranties.

    Each nationally recognized statistical rating organization shall
include in any report accompanying a credit rating with respect to an
asset-backed security (as that term is defined in Section 3(a)(77) of
the Securities Exchange Act of 1934) a description of--
    (a) The representations, warranties and enforcement mechanisms
available to investors; and
    (b) How they differ from the representations, warranties and
enforcement mechanisms in issuances of similar securities.

    Note to Sec.  240.17g-7: For the purposes of this requirement, a
``credit rating'' includes any expected or preliminary credit rating
issued by a nationally recognized statistical rating organization.

PART 249--FORMS, SECURITIES EXCHANGE ACT OF 1934

0
10. The authority citation for part 249 is amended by adding an
authority for Sec.  249.1400 to read as follows:

    Authority:  15 U.S.C. 78a et seq. and 7201 et seq.; and 18
U.S.C. 1350, unless otherwise noted.
* * * * *

    Section 249.1400 is also issued under sec. 943, Pub. L. 111-203,
124 Stat. 1376.

0
11. Add Subpart O (consisting of Sec.  249.1400) to Part 249 to read as
follows:

Subpart O--Forms for Securitizers of Asset-Backed Securities

Sec.  249.1400  Form ABS-15G, Asset-backed securitizer report pursuant
to Section 15G of the Securities Exchange Act of 1934.

    This form shall be used for reports of information required by Rule
15Ga-1 (Sec.  240.15Ga-1 of this chapter).

    Note:  The text of Form ABS-15G does not, and this amendment
will not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form ABS-15G

Asset-Backed Securitizer

Report Pursuant to Section 15G of

The Securities Exchange Act of 1934

    Check the appropriate box to indicate the filing obligation to
which this form is intended to satisfy:
    ------ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for
the reporting period ---------------- to ----------------
    Date of Report (Date of earliest event reported)----------------
    Commission File Number of securitizer: ----------------
    Central Index Key Number of securitizer: ----------------
-----------------------------------------------------------------------
    Name and telephone number, including area code, of the person to
contact in connection with this filing
    Indicate by check mark whether the securitizer has no activity to
report for the initial period pursuant to Rule 15Ga-1(c)(1) [ ]
    Indicate by check mark whether the securitizer has no activity to
report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [ ]
    Indicate by check mark whether the securitizer has no activity to
report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [ ]

GENERAL INSTRUCTIONS

A. Rule as to Use of Form ABS-15G

    This form shall be used to comply with the requirements of Rule
15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1).

B. Events To Be Reported and Time for Filing of Reports

    Forms filed under Rule 15Ga-1. In accordance with Rule 15Ga-1, file
the information required by Part I in accordance with Item 1.01, Item
1.02, or Item 1.03, as applicable. If the filing deadline for the
information occurs on a Saturday, Sunday or holiday on which the
Commission is not open for business, then the filing deadline shall be
the first business day thereafter.

C. Preparation of Report

    This form is not to be used as a blank form to be filled in, but
only as a guide in the preparation of the report on paper meeting the
requirements of Rule 12b-12 (17 CFR 240.12b-12). The report shall
contain the number and caption of the applicable item, but the text of
such item may be omitted, provided the answers thereto are prepared in
the manner specified in Rule 12b-13 (17 CFR 240.12b-13). All items that
are not required to be answered in a particular report may be omitted
and no reference thereto need be made in the report. All instructions
should also be omitted.

D. Signature and Filing of Report

    1. Forms filed under Rule 15Ga-1. Any form filed for the purpose of
meeting the requirements in Rule 15Ga-1 must be signed by the senior
officer in charge of securitization of the securitizer.
    2. Copies of report. If paper filing is permitted, three complete
copies of the report shall be filed with the Commission.

INFORMATION TO BE INCLUDED IN THE REPORT

REPRESENTATION AND WARRANTY INFORMATION

Item 1.01 Initial Filing of Rule 15Ga-1 Representations and Warranties
Disclosure

    Provide the disclosures required by Rule 15Ga-1 (17 CFR 240.15Ga-1)
according to the filing requirements of Rule 15Ga-1(c)(1).

Item 1.02 Periodic Filing of Rule 15Ga-1 Representations and Warranties
Disclosure

    Provide the disclosures required by Rule 15Ga-1 (17 CFR 240.15Ga-1)
according to the filing requirements of Rule 15Ga-1(c)(2).

Item 1.03 Notice of Termination of Duty to File Reports Under Rule
15Ga-1

    If a securitizer terminates its reporting obligation pursuant to
Rule 15Ga-1(c)(3), provide the date of the last payment on the last
asset-backed security outstanding that was issued by or issued by an
affiliate of the securitizer.

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of
1934, the reporting entity has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.

(Securitizer)----------------------------------------------------------
Date-------------------------------------------------------------------
(Signature) *----------------------------------------------------------
    * Print name and title of the signing officer under his
signature.
* * * * *

    Dated: January 20, 2011.

    By the Commission.

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-1504 Filed 1-25-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 181 (Thursday, September 18, 2014)]
[Notices]
[Page 56073]
[FR Doc No: 2014-22281]

=======================================================================
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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 13-030]

Green Island Power Authority; Albany Engineering Corporation;
Notice of Application for Transfer of License and Soliciting Comments
and Motions To Intervene

    On August 14, 2014, Green Island Power Authority (transferor) and
Albany Engineering Corporation (transferee) filed an application for a
partial transfer of license of the Green Island Project located on the
Hudson River in Saratoga and Rensselaer counties, New York.
    The transferor and transferee seek Commission approval to partially
transfer the license for the Green Island Project to add the transferee
as a co-licensee.
    Applicant Contacts: For Transferor: Kristin Swinton, Green Island
Power Authority, 69 Hudson Avenue, Green Island, NY 12183, Phone: 518-
271-9397, Email<EMAIL_ADDRESS>For Transferor
and Transferee: William S. Huang and Rebecca J. Baldwin, Spiegel &
McDiarmid LLP, 1875 Eye Street NW., Suite 700, Washington, DC 20006,
Phone:<PHONE_NUMBER>, Emails<EMAIL_ADDRESS>and
<EMAIL_ADDRESS>For Transferee: James A. Besha, P.E.
and Wendy Jo Carey, P.E., Albany Engineering Corporation, 5 Washington
Square, Albany, NY 12205, Phone:<PHONE_NUMBER>, Emails:
<EMAIL_ADDRESS>and<EMAIL_ADDRESS>    FERC Contact: Patricia W. Gillis,<PHONE_NUMBER>.
    Deadline for filing comments and motions to intervene: 30 days from
the issuance date of this notice, by the Commission. The Commission
strongly encourages electronic filing. Please file motions to intervene
and comments using the Commission's eFiling system at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit brief
comments up to 6,000 characters, without prior registration, using the
eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You
must include your name and contact information at the end of your
comments. For assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>(866) 208-3676 (toll free), or (202) 502-
8659 (TTY). In lieu of electronic filing, please send a paper copy to:
Secretary, Federal Energy Regulatory Commission, 888 First Street NE.,
Washington, DC 20426. The first page of any filing should include
docket number P-13-030.

    Dated: September 11, 2014.
Kimberly D. Bose,
Secretary.
[FR Doc. 2014-22281 Filed 9-17-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 83, Number 168 (Wednesday, August 29, 2018)]
[Notices]
[Pages 44040-44042]
[FR Doc No: 2018-18708]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2804-035]

Goose River Hydro, Inc.; Notice of Scoping Meetings and
Environmental Site Review and Soliciting Scoping Comments

    Take notice that the following hydroelectric applications have been
filed with the Commission and are available for public inspection:
    a. Type of Application: New Minor License.
    b. Project No.: 2804-035.
    c. Date filed: February 2, 2018.
    d. Applicant: Goose River Hydro, Inc.
    e. Name of Project: Goose River Hydroelectric Project.
    f. Location: On the Goose River, in Waldo County, Maine. No federal
lands are occupied by the project works or located within the project
boundary.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791(a)-825(r).
    h. Applicant Contact: Nicholas Cabral, Goose River Hydro, Inc., 41
Sedgewood Drive, Kennebunk, ME 04043;<PHONE_NUMBER>; email_
[email protected].
    i. FERC Contact: Julia Kolberg at<PHONE_NUMBER>; or email at
[email protected].
    j. Deadline for filing scoping comments: October 26, 2018.
    The Commission strongly encourages electronic filing. Please file
motions to intervene and protests using the Commission's eFiling system
at http://www.ferc.gov/docs-filing/efiling.asp. For assistance, please
contact FERC Online Support at [email protected], (866) 208-
3676 (toll free), or<PHONE_NUMBER> (TTY). In lieu of electronic
filing, please send a paper copy to: Secretary, Federal Energy
Regulatory Commission, 888 First Street NE, Washington, DC 20426. The
first page of any filing should include docket number P-2804-035.
    The Commission's Rules of Practice require all intervenors filing
documents with the Commission to serve a copy of that document on each
person on the official service list for the project. Further, if an
intervenor files comments or documents with the Commission relating to
the merits of an issue that may affect the responsibilities of a
particular resource agency, they must also serve a copy of the document
on that resource agency.
    k. This application has been accepted, but is not ready for
environmental analysis at this time.
    l. The project consists of the following existing facilities:

Swan Lake Dam

    (1) a 14-foot-high, 250-foot-long rock masonry gravity dam
impounding Swan Lake with a surface area of approximately 1,364 acres
at an elevation of 201 feet above sea level; (2) a concrete inlet
structure; (3) three 3.5-foot-high, 4-foot-wide manually operated
butterfly gates that regulate flow through the inlet structure; (4) two
culverts that convey flow under Route 141; and (5) appurtenant
facilities.

Mason's Dam

    (1) a 15-foot-high, 86-foot-long rock masonry dam impounding a
reservoir with a storage capacity of approximately 1,621 acre-feet at
an elevation of 188 feet above sea level; (2) a concrete inlet
structure; (3) a manually operated butterfly gate regulating flow from
the inlet structure to the penstock; (4) a 3-foot-diameter, 350-foot-
long steel penstock; (5) a 266-square-foot concrete powerhouse
containing two Kaplan turbines and generating units with a licensed
capacity of 100 kW; (6) a 300-foot-long, 12-kilovolt (kV) transmission
line; and (7) appurtenant facilities. Mason's Development generates
when flows in excess of 5 cfs are available and when an operator is
present.

Kelly Dam

    (1) a 15-foot-high, 135-foot-long masonry gravity dam impounding a
reservoir with a storage capacity of approximately 200 acre-feet at an
elevation of approximately 159 feet above sea level; and (2) three 3-
foot-high, 2.5-foot-wide manually operated butterfly gates.

Mill Dam

    (1) a 6-foot-tall, 70-foot-wide masonry dam impounding a reservoir
with a storage capacity of approximately 7 acre-feet at an elevation of
approximately 128 feet above sea level; (2) a concrete inlet structure;
(3) a trash sluice with wooden stop logs; (4) a powerhouse containing a
Francis-type turbine and generator unit with a licensed capacity of 75
kW; (5) a 60-foot-wide concrete spillway; and (6) an approximately 100-
foot-long, 12-kV transmission line. The penstock used to deliver water
to the powerhouse has been removed due to deterioration and subsequent
leakage; thus, the powerhouse is not operating.

CMP Dam

    (1) a 21-foot-high, 231-foot-long buttress dam impounding a
reservoir with a storage capacity of approximately 72 acre-feet at an
elevation of approximately 109 feet above sea level; (2) a manually
operated low-level water release lift gate; (3) a manually operated
lift gate regulating flow to the penstock; (4) a 5-foot-diameter,
1,200-foot-long steel penstock; (5) a 300-square-foot concrete and
timber powerhouse with a Kaplan-type turbine and generator unit with a
licensed capacity of 200 kW; (6) a 42-foot-long spillway; and (7) an
approximately 500-foot-long, 12-kV transmission line. The penstock used
to deliver water to the powerhouse is currently out of service due to
damage, deterioration, and subsequent leakage; thus, the powerhouse is
not operating.
    m. A copy of the application is available for review at the
Commission in the Public Reference Room or may be viewed on the
Commission's website at http://www.ferc.gov using the ``eLibrary''
link. Enter the docket number excluding the last three digits in the
docket number field to access the document. For assistance, contact
FERC Online Support. A copy is also available for inspection and
reproduction at the address in item h above.
    You may also register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filings and issuances
related to this or other pending projects. For assistance, contact FERC
Online Support.
    n. Scoping Process.
    The Commission intends to prepare an Environmental assessment (EA)
on the project in accordance with the National Environmental Policy
Act. The EA will consider both site-specific and cumulative
environmental impacts and reasonable alternatives to the proposed
action. Although our current intent is to prepare an EA, there is a
possibility that an environmental impact statement (EIS) may be
required. The scoping process will satisfy the NEPA scoping
requirements, irrespective of whether the Commission issues an EA or an
EIS.

Scoping Meetings

    FERC staff will conduct one agency scoping meeting and one public
meeting. The agency scoping meeting will focus on resource agency and
non-governmental organization (NGO) concerns, while the public scoping
meeting is primarily for public input. All interested individuals,
organizations, and agencies are invited to attend one or both of the
meetings, and to assist the staff in identifying the scope of the
environmental issues that should be analyzed in the EA. The times and
locations of these meetings are as follows:

Agency Scoping Meeting

    Date: Wednesday, September 26, 2018.
    Time: 9:30 a.m. (EDT).
    Place: Fireside Inn & Suites.
    Address: 159 Searsport Avenue, Belfast, ME 04915.

Public Scoping Meeting

    Date: Tuesday, September 25, 2018.
    Time: 7:00 p.m. (EDT).
    Place: Fireside Inn & Suites.
    Address: 159 Searsport Avenue, Belfast, ME 04915.
    Copies of the Scoping Document (SD1) outlining the subject areas to
be addressed in the EIS were distributed to the parties on the
Commission's mailing list. Copies of the SD1 will be available at the
scoping meeting or may be viewed on the web at http://www.ferc.gov
using the ``eLibrary'' link (see item m above).

Environmental Site Review

    The Applicant and FERC staff will conduct a project Environmental
Site Review beginning at 10:00 a.m. on September 25, 2018. All
interested individuals, organizations, and agencies are invited to
attend. All participants should meet at the southeast corner of Swan
Lake, across the street from Swan Lake Grocery at 979 Swan Lake Avenue,
Swanville, ME 04915. All participants are responsible for their own
transportation to the site. Anyone with questions about the
environmental site review (or needing directions) should contact
Nicholas Cabral at [email protected] or at<PHONE_NUMBER>.

Objectives

    At the scoping meetings, the staff will: (1) Summarize the
environmental issues tentatively identified for analysis in the EA; (2)
solicit from the meeting participants all available information,
especially quantifiable data, on the resources at issue; (3) encourage
statements from experts and the public on issues that should be
analyzed in the EA, including viewpoints in opposition to, or in
support of, the staff's preliminary views; (4) determine the resource
issues to be addressed in the EA; and (5) identify those issues that
require a detailed analysis, as well as those issues that do not
require a detailed analysis.

Procedures

    The meetings are recorded by a stenographer and become part of the
formal record of the Commission proceeding on the project.
    Individuals, organizations, and agencies with environmental
expertise and concerns are encouraged to attend the meeting and to
assist the staff in defining and clarifying the issues to be addressed
in the EA.

    Dated: August 23, 2018.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2018-18708 Filed 8-28-18; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 20 (Wednesday, January 30, 2013)]
[Proposed Rules]
[Pages 6261-6262]
[FR Doc No: 2013-02048]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2012-1219; Airspace Docket No. 12-ASO-43]

Proposed Amendment of Class E Airspace; Griffin, GA

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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

SUMMARY: This action proposes to amend Class E Airspace at Griffin, GA,
as the Griffin Non-Directional Beacon (NDB) has been decommissioned and
new Standard Instrument Approach Procedures (SIAPs) have been developed
at Griffin-Spalding County Airport. This action would enhance the
safety and airspace management of Instrument Flight Rules (IFR)
operations at the airport.

DATES: Comments must be received on or before March 18, 2013.

ADDRESSES: Send comments on this rule to: U.S. Department of
Transportation, Docket Operations, West Building Ground Floor, Room
W12-140, 1200 New Jersey SE., Washington, DC 20590-0001; Telephone: 1-
800-647-5527; Fax:<PHONE_NUMBER>. You must identify the Docket Number
FAA-2012-1219; Airspace Docket No. 12-ASO-43, at the beginning of your
comments. You may also submit and review received comments through the
Internet at http://www.regulations.gov.

FOR FURTHER INFORMATION CONTACT: John Fornito, Operations Support
Group, Eastern Service Center, Federal Aviation Administration, P.O.
Box 20636, Atlanta, Georgia 30320; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Comments Invited

    Interested persons are invited to comment on this rule by
submitting such written data, views, or arguments, as they may desire.
Comments that provide the factual basis supporting the views and
suggestions presented are particularly helpful in developing reasoned
regulatory decisions on the proposal. Comments are specifically invited
on the overall regulatory, aeronautical, economic, environmental, and
energy-related aspects of the proposal.
    Communications should identify both docket numbers (FAA Docket No.
FAA-2012-1219; Airspace Docket No. 12-ASO-43) and be submitted in
triplicate to the Docket Management System (see ADDRESSES section for
address and phone number). You may also submit comments through the
Internet at http://www.regulations.gov.
    Persons wishing the FAA to acknowledge receipt of their comments on
this action must submit with those comments a self-addressed stamped
postcard on which the following statement is made: ``Comments to Docket
No. FAA-2012-1219; Airspace Docket No. 12-ASO-43.'' The postcard will
be date/time stamped and returned to the commenter.
    All communications received before the specified closing date for
comments will be considered before taking action on the proposed rule.
The proposal contained in this notice may be changed in light of the
comments received. A report summarizing each substantive public contact
with FAA personnel concerned with this rulemaking will be filed in the
docket.

Availability of NPRMs

    An electronic copy of this document may be downloaded from and
comments submitted through http://www.regulations.gov. Recently
published rulemaking documents can also be accessed through the FAA's
web page at http://www.faa.gov/airports_airtraffic/air_traffic/publications/airspace_amendments/.
    You may review the public docket containing the proposal, any
comments received, and any final disposition in person in the Dockets
Office (see the ADDRESSES section for address and phone number) between
9:00 a.m. and 5:00 p.m., Monday through Friday, except Federal
Holidays. An informal docket may also be examined during normal
business hours at the office of the Eastern Service Center, Federal
Aviation Administration, room 350, 1701 Columbia Avenue, College Park,
Georgia 30337.
    Persons interested in being placed on a mailing list for future
NPRM's should contact the FAA's Office of Rulemaking,<PHONE_NUMBER>,
to request a copy of

Advisory circular No. 11-2A, Notice of Proposed Rulemaking distribution
System, which describes the application procedure.

The Proposal

    The FAA is considering an amendment to Title 14, Code of Federal
Regulations (14 CFR) part 71 to amend Class E airspace extending upward
from 700 feet above the surface to support new Standard Instrument
Approach Procedures developed at Griffin-Spalding County Airport,
Griffin, GA. Airspace reconfiguration is necessary due to the
decommissioning of the Griffin NDB and cancellation of the NDB
approach, and for continued safety and management of IFR operations at
the airport.
    Class E airspace designations are published in Paragraph 6005 of
FAA Order 7400.9W, dated August 8, 2012, and effective September 15,
2012, which is incorporated by reference in 14 CFR 71.1. The Class E
airspace designation listed in this document will be published
subsequently in the Order.
    The FAA has determined that this proposed regulation only involves
an established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore, (1) is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a Regulatory Evaluation as the
anticipated impact is so minimal. Since this is a routine matter that
will only affect air traffic procedures and air navigation, it is
certified that this proposed rule, when promulgated, would not have a
significant economic impact on a substantial number of small entities
under the criteria of the Regulatory Flexibility Act.
    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 proposed 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 proposed regulation is within the scope
of that authority as it would amend Class E airspace at Griffin-
Spalding County Airport, Griffin, GA.
    This proposal would be subject to an environmental analysis in
accordance with FAA Order 1050.1E, ``Environmental Impacts: Policies
and Procedures'' prior to any FAA final regulatory action.

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

    In consideration of the foregoing, the Federal Aviation
Administration proposes to amend 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(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 Federal Aviation
Administration Order 7400.9W, Airspace Designations and Reporting
Points, dated August 8, 2012, effective September 15, 2012, is amended
as follows:

Paragraph 6005 Class E airspace areas extending upward from 700
feet or more above the surface of the earth.

* * * * *

ASO GA E5 Griffin, GA [Amended]

Griffin-Spalding County Airport, Griffin, GA
    (Lat. 33[deg]13'37'' N., long. 84[deg]16'30'' W.)

    That airspace extending upward from 700 feet above the surface
within a 6.3-mile radius of the Griffin-Spalding County Airport, and
within 2 miles either side of a 137[deg] bearing from the airport,
extending from the 6.3-mile radius to 10.3 miles southeast of the
airport, and within 2 miles either side of a 317[deg] bearing from
the airport, extending from the 6.3-mile radius to 10.3 miles
northwest of the airport.

    Issued in College Park, Georgia, on January 18, 2012.
Barry A. Knight,
Manager, Operations Support Group, Eastern Service Center, Air Traffic
Organization.
[FR Doc. 2013-02048 Filed 1-29-13; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 87, Number 150 (Friday, August 5, 2022)]
[Notices]
[Page 48051]
[FR Doc No: 2022-16765]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95400; File No. SR-MEMX-2022-14]

Self-Regulatory Organizations; MEMX LLC; Notice of Withdrawal of
a Proposed Rule Change To Amend Its Fee Schedule To Adopt Market Data
Fees

    On May 23, 2022, MEMX LLC (``MEMX'') filed with the Securities and
Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934 \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend its Fee Schedule to adopt fees for its
market data products. The proposed rule change was immediately
effective upon filing with the Commission pursuant to Section
19(b)(3)(A) of the Act.\3\ The proposed rule change was published for
comment in the Federal Register on June 9, 2022.\4\ On July 21, 2022,
MEMX withdrew the proposed rule change (SR-MEMX-2022-14).
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A). A proposed rule change may take
effect upon filing with the Commission if it is designated by the
exchange as ``establishing or changing a due, fee, or other charge
imposed by the self-regulatory organization on any person, whether
or not the person is a member of the self-regulatory organization.''
15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ See Securities Exchange Act Release No. 95036 (June 3,
2022), 87 FR 35252.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\5\
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(12).

    Dated: August 1, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16765 Filed 8-4-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 126 (Wednesday, July 1, 2015)]
[Notices]
[Page 37714]
[FR Doc No: 2015-16219]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Intent To Rule on Change in Use of Aeronautical
Property at Sumner County Regional Airport, Gallatin, Tennessee

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Request for public comment.

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

SUMMARY: The Federal Aviation Administration (FAA) is requesting public
comment on a request by the Sumner County Regional Airport Authority of
Gallatin, Tennessee, owner of the Sumner County Regional Airport, to
change a portion of airport property from aeronautical to non-
aeronautical use at the Sumner County Regional Airport. The request
consists of approximately 14.29 acres to the City of Gallatin,
Tennessee for construction of Airport Road. This action is taken under
the provisions of Section 125 of the Wendell H. Ford Aviation
Investment Reform Act for the 21st Century (AIR 21).

DATES: Comments must be received on or before July 31, 2015.

ADDRESSES: Documents are available for review at the Sumner County
Regional Airport, 1475 Airport Road, Gallatin, TN 37066; and the FAA
Memphis Airports District Office, 2600 Thousand Oaks Boulevard, Suite
2250, Memphis, TN 38118-2482. Written comments on the Sponsor's request
must be delivered or mailed to: Mr. Phillip J. Braden, Manager, Memphis
Airports District Office, 2600 Thousand Oaks Boulevard, Suite 2250,
Memphis, TN 38118-2482.
    In addition, a copy of any comments submitted to the FAA must be
mailed or delivered to Mr. Harold M. Van Leeuwen, Jr., Airport Manager,
Sumner County Regional Airport Authority, 1475 Airport Road, Gallatin,
TN 37066.

FOR FURTHER INFORMATION CONTACT: Mr. Stephen Wilson, Community Planner,
Federal Aviation Administration, Memphis Airports District Office, 2600
Thousand Oaks Boulevard, Suite 2250, Memphis, TN 38118-2482. The
application may be reviewed in person at this same location, by
appointment.

SUPPLEMENTARY INFORMATION: The FAA proposes to rule and invites public
comment on the request to release property for non-aeronautical
purposes at Sumner County Regional Airport, Gallatin, TN 37066 under
the provisions of AIR 21 (49 U.S.C. 47107(h)(2)).
    On June 25, 2015, the FAA determined that the request to release
property for non-aeronautical purposes at Sumner County Regional
Airport meets the procedural requirements of the agency. The FAA may
approve the request, in whole or in part, no later than July 31, 2015.
    The following is a brief overview of the request:
    The Sumner County Regional Airport Authority is proposing the
release of approximately 14.29 acres to the City of Gallatin, Tennessee
for construction of Airport Road. This property is located along the
existing airport western property line extending approximately 5,800
feet along Airport Road.
    Any person may inspect, by appointment, the request in person at
the FAA office listed above under FOR FURTHER INFORMATION CONTACT.

    Issued in Memphis, TN, on June 25, 2015.
Phillip J. Braden,
Manager, Memphis Airports District Office, Southern Region.
[FR Doc. 2015-16219 Filed 6-30-15; 8:45 am]
BILLING CODE 4910-13-P