[Federal Register Volume 82, Number 78 (Tuesday, April 25, 2017)]
[Notices]
[Pages 19118-19120]
[FR Doc No: 2017-08285]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80487; File No. SR-NASDAQ-2017-037]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Fees at Rule 7030(d)(3)

April 19, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on April 10, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange proposes to amend the Exchange's fees at Rule
7030(d)(3) to limit the time that the waiver of fees provided by the
rule are available and to change how the current limitation under Rule
7030(d)(3)(C) is triggered.
    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaq.cchwallstreet.com, at the principal office of
the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange initially filed the proposed pricing changes on April
3, 2017 (SR-NASDAQ-2017-036). On April 10, 2017, the Exchange withdrew
that filing and submitted this filing.
    The purpose of the proposed rule change is to amend the Exchange's
fees at Rule 7030(d)(3) to limit all of the waiver of fees provided by
the rules and to change how the current limitation under Rule
7030(d)(3)(C) is triggered. Rule 7030(d) provides fees for use of the
Nasdaq Testing Facility (``NTF''). The NTF provides subscribers with a
virtual Nasdaq System test environment that closely approximates the
production environment and on which they may test their automated
systems that integrate with Nasdaq. For example, the NTF provides
subscribers a virtual System environment for testing upcoming Nasdaq
releases and product enhancements, as well as testing firm software
prior to implementation.
    The Exchange assesses certain fees under the rule for use of the
NTF. Subscribers that conduct tests of the computer-to-computer
interface and the Financial Information Exchange interface to ACT and
ACES access protocols through the NTF are assessed a fee of $285/hour
for Active Connection testing during the normal operating hours of the
NTF. Subscribers are also assessed $333/hour for Active Connection
testing at all times other than the normal operating hours of the NTF.
Subscribers are not assessed a fee for Idle Connection testing.
Moreover, subscribers that conduct tests of all Nasdaq access protocol
connections not described above, or of market data vendor feeds through
the NTF, are assessed $300 per port, per month. Last, subscribers to
the NTF located in Carteret, New Jersey are assessed a fee of $1,000
per hand-off, per month for connection to the NTF. The hand-off fee
includes either a 1Gb or 10Gb switch port and a cross connect to the
NTF. Subscribers are also assessed a one-time installation fee of
$1,000 per handoff.
    Under Rule 7030(d)(3), the Exchange provides three exemptions from
the testing fees described above. First, a subscriber is not assessed a
fee for testing new or enhanced services and/or software provided by
Nasdaq.\3\ Second, a subscriber is not assessed a fee for testing
modifications to software and/or services initiated by Nasdaq in
response to a contingency.\4\ Third, a subscriber is not assessed a fee
for testing by a subscriber of a Nasdaq service that the subscriber has
not used previously, except if more than 30 days have elapsed since the
subscriber commenced the testing of such Nasdaq service.\5\
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    \3\ See Rule 7030(d)(3)(A).
    \4\ See Rule 7030(d)(3)(B).
    \5\ See Rule 7030(d)(3)(C).
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    The Exchange is proposing to limit the duration of all exemptions
from the fees provided under Rule 7030(d)(3). First, the Exchange is
proposing to segregate testing of new services provided by Nasdaq from
enhanced services provided by Nasdaq. As noted above, such services are
currently not subject to limitation on the exemption from testing fees.
As discussed below, the Exchange is proposing to allow testing at no
cost for new services for 60 calendar days from the subscriber's
notification to Nasdaq \6\ of its commencement of testing, which will
be incorporated into Rule 7030(d)(C). The Exchange is proposing to
allow free testing of enhanced services and/or software provided by
Nasdaq for 30 calendar days from the subscriber's notification to
Nasdaq \7\ of its commencement of testing.
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    \6\ The Exchange will require subscribers to provide notice to
the Exchange via email to<EMAIL_ADDRESS>Without such
notice, normal fees under the rule would apply.
    \7\ Id.
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    Second, the Exchange is proposing to limit the free period for
testing of modifications to software and/or services initiated by
Nasdaq in response to a contingency to 30 calendar days from the
subscriber's notification to Nasdaq that it is commencing testing. The
Exchange believes that 30 calendar days is a reasonable time for a
subscriber to fully test modifications to software and/or services
initiated by Nasdaq in response to a contingency because such changes
are less impactful to subscribers as compared to a wholly-new service,
or one that is wholly-new to that subscriber. Like the proposed 60
calendar day period allowed for testing a service that a member has not
used previously and the proposed 30 calendar day period for enhanced
services and/or software, the Exchange is proposing to begin the 30
calendar period upon the subscriber's notification to Nasdaq \8\ of its
commencement of testing.
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    \8\ Id.
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    Last, the Exchange is proposing to change what triggers the
limitation under Rule 7030(d)(3)(C) and increase the free period from
30 to 60 calendar days. Currently under Rule 7030(d)(3)(C), testing by
a subscriber of

a Nasdaq service that the subscriber has not used previously is
provided at no cost, except if more than 30 days have elapsed since the
subscriber commenced the testing of such Nasdaq service. The Exchange
is proposing to harmonize the trigger of the free period with that of
the other proposed free periods by amending the rule to reflect that
initiation of the period will begin upon the subscriber's notification
to Nasdaq \9\ of its commencement of testing instead of the actual
initiation thereof. As noted above, the Exchange is also incorporating
testing of new services provided by Nasdaq under current Rule
7030(d)(3)(A) into Rule 7030(d)(3)(C). The Exchange notes that all new
services provided by Nasdaq are, by definition, new to a subscriber.
Thus, current Rule 7030(d)(3)(A) is unclear at what point a new service
provided by Nasdaq is no longer ``new.'' Accordingly, the Exchange is
instead treating every service that is new to the subscriber equally
under the rule. Although the Exchange believes that testing of a new
service may be completed within 30 calendar days, the Exchange is
increasing the fee waiver period to 60 calendar days. The Exchange
believes that, given the complexity of the markets and the need to
ensure that systems function as intended prior to implementation, 60
calendar days is a reasonable time during which a member can adequately
test a service that is new to them.
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    \9\ Id.
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    The Exchange is also proposing to delete text concerning a limited
time waiver of fees, which has since expired.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\10\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\11\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes that the proposed change is reasonable
because it will apply the current fees under Rule 7030(d), which have
previously been determined to be reasonable, after a certain time has
passed. As described above, the fees under Rule 7030(d) are currently
waived for an indefinite time under Rules 7030(d)(3)(A) and (B). The
proposed change will apply the fees under Rule 7030(d) once the
applicable new fee waiver period has expired.
    The Exchange believes that the proposed change is equitably
allocated and not unfairly discriminatory to subscribers because the
proposal removes a distinction that is currently made in the rules that
provides subscribers unlimited testing opportunities at no cost in
perpetuity, which benefits subscribers that are slow to test changes
over those that test timely. Specifically, the Exchange incurs expense
in offering the NTF, which is covered by the fees that it assesses for
the use thereof. Users of the NTF that are inefficient in their testing
represent an inordinate cost based on their use as compared to users of
the NTF that test efficiently because inefficient users typically use
the NTF significantly more over a longer period of time, which in turn
leads to increased costs to the Exchange in offering the platform free
of charge indefinitely. These costs are ultimately borne by all users
of the NTF in the fees that are assessed by the Exchange for use
thereof. Instead of proposing an increase to the fees, the Exchange is
instead proposing to apply discipline to the use of the NTF by limiting
the fee waiver period for new services to 60 calendar days from the
subscriber's notification to Nasdaq of its commencement of the testing
of a service that has not been used by the subscriber previously, and
limiting the fee waiver period to 30 calendar days from the
subscriber's notification to Nasdaq of its commencement of the testing
of enhanced or modified services and/or software provided by Nasdaq.
Thus, all subscribers may take the steps necessary to test changes and
new software and services within the proposed fair length of time or
test such changes for a fee pursuant to the fee schedule to the extent
the subscriber is unable to complete such testing during the free
waiver period. The Exchange has determined that 30 calendar days is a
fair length of time for subscribers to test enhanced services and/or
software, as well as modifications to software and/or services, as it
is consistent with the current limited waiver provided under Rule
7030(d)(3)(C). The Exchange believes that providing 60 calendar days
following a subscriber's notification to Nasdaq of its commencement of
the testing of a service that has not been used by the subscriber
previously as compared to 30 calendar days for all other types of
testing under Rule 7030(d)(3) is an equitable allocation and not
unfairly discriminatory because enhancements and modifications to
existing services or software are less impactful to subscribers as
compared to a wholly-new service, or one that is wholly-new to that
subscriber. Last, amending the trigger of the free period for testing
of a Nasdaq service that the subscriber has not used previously from
the date of commencement of testing to the date that the subscriber
notified Nasdaq that it has commenced testing will make the application
of the waiver consistent with the proposed waivers provided under
proposed Rules 7030(d)(3)(A) and (B), and will more accurately reflect
the method that Nasdaq currently uses.

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

    In this instance, the proposed changes to the waiver of charges
assessed under Rule 7030(d) for use of the NTF do not impose a burden
on competition because the Exchange is changing the length of time
within which a subscriber may test a service at no cost. The Exchange
is providing reasonable timeframes during which a subscriber may test
at no cost, after which the subscriber may continue to test but for a
fee as provided by the rule. Thus, a subscriber will have adequate time
to test at no cost and use of the NTF beyond the allocated free testing
periods is completely voluntary. The proposed limitation of the fee
waiver will bring discipline to the use of the NTF while also providing
ample time for subscribers to use the NTF for testing services and
software pursuant to Rule 7030(d)(3). In this regard, to the extent a
subscriber does not complete the testing exempted under proposed new
Rules 7030(d)(3)(A) through (C), the subscriber may continue to test
the changes, but will be assessed the fees for use of the NTF under the
rule. In sum, if the changes proposed herein are unattractive to market
participants, it is likely that the Exchange will lose market share as
a result. Accordingly, the Exchange does not believe that the proposed
changes will impair the ability of members or competing order execution
venues to maintain their competitive standing in the financial markets.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\12\
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    \12\ 15 U.S.C. 78s(b)(3)(A)(ii).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2017-037 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2017-037. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2017-037, and should
be submitted on or before May 16, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-08285 Filed 4-24-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: May 13, 2008 (Volume 73, Number 93)]
[Notices]
[Page 27534]
[DOCID:fr13my08-35]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. IN07-26-000]

Amaranth Advisors L.L.C., Amaranth LLC, Amaranth Management
Limited Partnership, Amaranth International Limited, Amaranth Partners
LLC, Amaranth Capital Partners LLC, Amaranth Group Inc., Amaranth
Advisors (Calgary) ULC, Brian Hunter, Matthew Donohoe; Supplemental
Notice of Designation of Commission Staff

May 6, 2008.
    On February 1, 2008, a notice was issued designating the staff of
the Office of Enforcement as non-decisional in deliberations by the
Commission in this docket, with certain limited exceptions. Exceptions
to this designation are the Director of the Office of Enforcement and
the Directors of the Divisions of Investigations, Energy Market
Oversight, Audits, and Financial Regulation in the Office of
Enforcement. This supplemental notice designates Shauna Coleman, an
attorney in the Division of Investigations, Office of Enforcement, as
an exception to the designation of the staff of the Office of
Enforcement as non-decisional. Ms. Coleman joined the Commission after
the February 1, 2008 notice was issued and did not participate in the
investigation at issue in this proceeding.

Kimberly D. Bose,
Secretary.
 [FR Doc. E8-10612 Filed 5-12-08; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register: January 3, 2006 (Volume 71, Number 1)]
[Notices]
[Page 99]
[DOCID:fr03ja06-50]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP06-148-000]

Columbia Gulf Transmission Company; Notice of Tariff Filing

December 27, 2005.
    Take notice that on December 15, 2005, Columbia Gulf Transmission
Company (Columbia Gulf) tendered for filing as part its FERC Gas
Tariff, Second Revised Volume No. 1, Seventh Revised Sheet No. 20 and
Sixth Revised Sheet No. 20A, with a proposed effective date of January
14, 2006.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211 and 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed in accordance with the provisions of
Section 154.210 of the Commission's regulations (18 CFR 154.210).
Anyone filing an intervention or protest must serve a copy of that
document on the Applicant. Anyone filing an intervention or protest on
or before the intervention or protest date need not serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.

Magalie R. Salas,
Secretary.
 [FR Doc. E5-8180 Filed 12-30-05; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 85, Number 251 (Thursday, December 31, 2020)]
[Notices]
[Pages 86983-86990]
[FR Doc No: 2020-28284]

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DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Regional Infrastructure Accelerators Demonstration Program

AGENCY: Build America Bureau, U.S. Department of Transportation (DOT).

ACTION: Notice of funding opportunity (NOFO).

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SUMMARY: The Fixing America's Surface Transportation (FAST) Act,
enacted in December 2015, authorized the establishment of a Regional
Infrastructure Accelerators Demonstration Program (the Program) to
assist entities in developing improved infrastructure priorities and
financing strategies for the accelerated development of a project that
is eligible for funding under the Transportation Infrastructure Finance
and Innovation Act (TIFIA) Program under Chapter 6 of Title 23, United
States Code. The Further Consolidated Appropriations Act, 2020, enacted
on December 20, 2019, appropriated $5 million for this Program.

SUPPLEMENTARY INFORMATION: The Build America Bureau (Bureau) is issuing
this NOFO to implement the Program and solicit applications for
designating and funding Regional Infrastructure Accelerators (RIA) that
will: (1) Serve a defined geographic area; (2) act as a resource to
qualified entities in the geographic area in accordance with Section
1441 of the FAST Act; and (3) demonstrate the effectiveness of an RIA
to expedite the delivery of eligible projects through the TIFIA credit
program and, to the extent applicable, the Railroad Rehabilitation and
Improvement Financing (RRIF) credit program, Private Activity Bonds
(PABs) and other innovative financing methods.
    Each section of this notice contains information and instructions
relevant to the application process for the RIA grants. All applicants
should read this notice in its entirety so that they have the
information they need to submit eligible and competitive applications.

Table of Contents

A. Program Description
B. Federal Award Information
C. Eligibility Information
D. Application and Submission Information
E. Application Review Information
F. Federal Award Administration Information
G. Federal Awarding Agency Contacts
H. Other Information

A. Program Description

    1. Background: The Bureau is responsible for driving transportation

infrastructure development projects in the United States through
innovative financing programs. Its mission is to provide access to the
Bureau's credit programs in a streamlined, expedient, and transparent
manner. In accomplishing its mission, the Bureau also provides
technical assistance and encourages innovative best practices in
project planning, financing, delivery, and monitoring. The Bureau draws
upon the full resources of DOT to best utilize the expertise of DOT's
Operating Administrations while promoting a culture of innovation and
customer service. Section 1441 of the FAST Act \1\ provided the
authority to establish the Program, and the Consolidated Appropriations
Act, 2020,\2\ appropriated $5 million to fund the Program. The intent
of this Program is to demonstrate and evaluate the viability and
effectiveness of a small number of accelerators in expediting the
development and delivery of specific transportation projects within the
geographic area of each RIA designated by the Bureau. It is not the
Bureau's intention to provide RIA coverage nationwide. However, the
Bureau is keenly interested in testing several RIA models to address
needs based on common transportation infrastructure make-up and
challenges within regions, particularly those with less capacity or
experience in innovative financing and project delivery methods, and
those supporting eligible entities that are likely to be first time
users of the Bureau's credit programs, such as the TIFIA credit
program. Therefore, the Bureau plans to select approximately three, but
not more than five, RIAs based on proposals submitted by eligible
applicants in response to this notice. Ideally, at least one State/
multi-State application, one urban application, and one rurally focused
application will be selected. However, flexibility exists to consider
other proposed geographic configurations if the regional make-up is
sound. For example, the Bureau would consider an RIA that has a
corridor focus that does not entirely fit within one of the categories
outlined in Regional Designation as follows:
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    \1\ Public Law 114-94, 129 Stat. 1312, 1435.
    \2\ Public Law 116-94, div. H, tit. I, H.R. 1865 at 413 (as
enrolled December 20, 2019).
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    2. Regional Designation: For the purpose of this Program, the
Bureau will consider regional designation as broadly defined in the
following categories:
    a. State or Multi-State: An RIA that serves one State or a group of
State entities with common interest in transportation projects being
delivered.
    b. Urban or Metropolitan Planning Organization (MPO): An RIA that
serves local government or group of local jurisdictions with
transportation functions within a metropolitan area. For the purpose of
this Program, if the RIA serves MPOs sharing State boundaries, it would
be considered under this category.
    c. Rural: An RIA that serves a region of rural communities as
defined in this notice. An RIA serving multiple rural communities
across state lines would be considered under this category. To be
considered a rural RIA, most of the projects listed in the proposal
must meet the definition of rural in Section C.5 of this notice.
    d. Other: Any proposal that includes multiple jurisdictions with
shared priorities and interest, such as a river basin, transportation
corridor, etc.
    3. Program Goals: The primary intent for the RIAs is to provide
project-specific technical assistance for projects that are eligible
for the TIFIA credit program. In addition, the Bureau is interested in
identifying RIAs that can facilitate the acceleration of projects that
are eligible for credit assistance through the RRIF credit program and
PABs. This assistance can be in the form of any of the following, based
on the needs of the project(s) that the applicant proposes to assist:
    a. Project planning;
    b. Studies and analysis, including feasibility, market analysis,
project costs, cost-benefit analysis, value for money, public benefit,
economic assessments, and environmental reviews;
    c. Revenue forecasting, funding and financing options analyses,
application of best practices, innovative financing/procurement, and
public-private partnerships, where appropriate;
    d. Preliminary engineering and design work;
    e. Statutory and regulatory framework analyses;
    f. Evaluation of opportunities for private financing, project
bundling and/or phasing;
    g. Enhancement of rural project sponsors' capacity to use the TIFIA
credit program and to the extent applicable, the RRIF credit program,
PABs, and other innovative financing methods, helping to bundle
projects across multiple smaller jurisdictions to create a project at a
scale that is more appropriate for the Bureau's credit assistance, and
pool the jurisdictions' resources to apply for TIFIA credit assistance
and, to the extent applicable, RRIF credit assistance and PABs, as well
as leveraging DOT's Rural Opportunities to Use Transportation for
Economic Success (ROUTES) Initiatives' \3\ products and offerings; and
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    \3\ https://www.transportation.gov/rural.
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    h. Other direct, project-specific support as appropriate.
    Funding, in the form of and pursuant to a cooperative agreement,
will be provided for a single year, with an option for a second year
for RIA that meet or exceed agreed-upon performance targets.
Competitive proposals that demonstrate long-term self-sustainability
will be given greater consideration. The Bureau intends to work closely
with grant recipients in developing and, as applicable, financing
projects within the RIA's geographic area.

B. Federal Award Information

    1. The Bureau hereby requests applications from all interested
parties to result in the award of several cooperative agreements, each
containing substantial involvement on the part of the Federal
government in accordance with Section 6305 of title 31, United States
Code. The Bureau anticipates substantial Federal involvement between it
and the recipient during this project will include among others:
    a. Technical assistance and guidance to the recipients;
    b. Close monitoring of performance;
    c. Involvement in technical decisions; and
    d. Participation in status meetings including kick off meeting and
annual technical and budget reviews.
    2. Total amount of funding that the Bureau expects to award under
this notice is $5 million.
    3. The Bureau will conduct the RIA selection based on principles of
full and open competition.
    4. Program Funding and Awards:
    a. Number of Awards: The Bureau intends to select at least three
but no more than five RIAs, based on the number and viability of
applications.
    b. Size of Award: A total of $5 million is available for this
demonstration program. The size of individual awards will be determined
by the number of RIAs selected and the funding needed for each to meet
the program objectives.
    5. Funding Period: The Bureau intends to award funds on a yearly
basis for a period of two years under a cooperative agreement with the
second year as an option year. A third option year of funding may be
provided if the RIA is achieving agreed-upon performance objectives,
subject to the availability of funds.

C. Eligibility Information

    1. Eligible Applicants: To be selected as an RIA, an applicant must
be an

eligible applicant. An eligible applicant is: A U.S. public entity,
including a state, multi-state or multi-jurisdictional group,
municipality, county, a special purpose district or public authority
with a transportation function including a port authority, a tribal
government or consortium of tribal governments, MPO, regional
transportation planning organization (RTPO), Regional Transportation
Commission, or a political subdivision of a State or local government,
or combination of two or more of the foregoing.
    In the event that more than one public entity is applying in a
single proposal, one of the entities must be designated as the lead
applicant. Such applicant will be authorized to negotiate and enter
into a cooperative agreement with the Government on behalf of the
entities, will be responsible for performance, and will be accountable
for Federal funds. Applications will be accepted from a partnership
between one or more eligible applicants and another U.S. party, such as
a private entity, consulting or engineering firms, etc., as long as one
of the eligible public entities is designated as the lead applicant and
that entity will enter into the cooperative agreement, with the shared
goal of establishing and operating the RIA. The location of all RIA
application parties, their entire jurisdictions and all proposed
projects must be located solely in the United States and its
territories. Proposed projects and project sponsors (prospective
borrowers) must meet the eligibility requirements for TIFIA and RRIF
credit assistance as further defined in Chapter 3 of the Bureau's
Credit Program Guide (https://www.transportation.gov/sites/buildamerica.dot.gov/files/2019-08/Bureau%20Credit%20Programs%20Guide_March_2017.pdf#page=29). In
addition, the Bureau will consider the extent to which an applicant
demonstrates the capacity to accelerate projects eligible for the TIFIA
credit program and, to the extent applicable, the (RRIF) credit program
and (PABs).
    2. Cost sharing or Matching: There is no requirement for cost
sharing or matching the grant funds.
    3. Other: For the purposes of this program, the following terms
apply:
    a. Rural Infrastructure Project: Consistent with the definition of
``rural infrastructure project'' for the TIFIA credit program,
``rural'' for the purposes of this notice is defined as a surface
transportation infrastructure project located outside of an urbanized
area with a population greater than 150,000 individuals, as determined
by the Bureau of the Census.
    b. A proposed region whose geographic authority is in both an urban
and a rural area will be designated as urban if the majority of the
projects listed in the proposal are located in urban areas. Conversely,
a proposed region located in both an urban area and a rural area will
be designated as rural if the majority of the projects listed in the
proposal are in rural areas.
    c. Urban/Rural Project determination: A project located in both an
urban and a rural area will be designated as urban if less than \1/2\
of the project's costs are spent in a rural area. If \2/3\ or more of a
project's costs are spent in a rural area, the project will be
designated as rural. For projects where between \1/2\ and \2/3\ of
their costs are in a rural area, the project will be designated as
rural if the applicant demonstrates that \2/3\ or more of the project's
benefits accrue to users in rural areas; if the applicant does not make
such demonstration, the project will be designated as urban.

D. Application and Submission Information

    1. Address to Request Application Package: Applicants must submit
all applications through www.Grants.gov. Instructions for submitting
applications can be found at https://www.transportation.gov/buildamerica/financing/tifia/regional-infrastructure-accelerators-program.
    2. Content and Form of Application: The application must include
the Standard Form 424 (Application for Federal Assistance), cover page,
and the application narrative.
    A. Cover Page: Each application should include a cover page that
contains, at minimum, name of the applicant and sponsor, if applicable,
the location; the region of designation; category of designation for
which the applicant is to be considered; and RIA budget amount.
    B. Application Narrative: The application narrative should follow
the basic outline below to address the program requirements and assist
evaluators in locating relevant information.

------------------------------------------------------------------------
                  Section                        Section  explained
------------------------------------------------------------------------
I. Applicant..............................  See D.2.I.
II. Description of Proposed Geographic/     See D.2.II.
 Jurisdictional Region.
III. Accelerator Proposal.................  See D.2.III.
IV. Budget, Sources and Uses for Full       See D.2.IV.
 Accelerator Funds.
V. Selection Criteria.....................  See D.2.V.
------------------------------------------------------------------------

    The application narrative should include the information necessary
for the Bureau to determine that the applicant(s) proposed regional
focus, the overall accelerator proposal, list of intended projects,
budget, and other information satisfy the eligibility requirements set
forth in this notice as described in Section C and to assess the
selection criteria specified in Section E.1. To the extent practicable,
applicants should provide supporting data and documentation in a form
that is directly verifiable by the Bureau. The Bureau may ask any
applicant to supplement data in its application but expects
applications to be complete upon submission.
    In addition to the information requested elsewhere in this notice,
the proposal should include a table of contents, maps, and graphics, as
appropriate, to make the information easier to review. The Bureau
recommends that the proposal be prepared with standard formatting
preferences (a single-spaced document, using a standard 12-point font
such as Times New Roman, with 1-inch margins). The proposal narrative
may not exceed 30 pages in length, excluding cover pages and table of
contents. The only substantive portions that may exceed the 30-page
limit are documents supporting assertions or conclusions made in the
30-page project narrative. If possible, applicants should provide
website links to supporting documentation rather than copies of these
supporting materials. If supporting documents are submitted, applicants
should clearly identify within the project narrative the relevant
portion of the project narrative that each supporting document
supports. The Bureau recommends using appropriately descriptive file
names (e.g., ``Project Narrative,'' ``Maps,'' ``Memoranda of
Understanding'' and ``Letters of Support,'' etc.) for all attachments.
    I. Applicant: This section of the narrative should include
information describing the organizational structure and formal/informal
relationships between parties associated with the RIA application. It
should directly address the eligibility requirements discussed in
section C.1 of this notice. The applicant should use this section to
explain the organization's history, qualifications, and experience of
key individuals who will be working in the proposed RIA. This section
should also include descriptions of previous projects relevant to the
RIA's activities envisioned in this notice that the organization or its
individuals completed. The narrative should place the projects into a
broader context of transportation infrastructure

investments being pursued by the proposed RIA and its sponsors, and how
it will benefit communities within the region.
    II. Description of Proposed Geographic/Jurisdictional Region: This
portion of the narrative should precisely identify the geographic
region, the jurisdictions, and the agencies the RIA would serve and
identify which of the four categories of RIA identified in Section A.2
that this proposal falls under, and explain why. The narrative should
explain the commonalities and shared interests of parties in the
proposed region as the rationale for establishing a region of this
construct, along with the affiliations within the proposed region.
Consistent with the Department's ROUTES Initiative (https://www.transportation.gov/rural), the Department encourages applicants to
describe how activities proposed in their application would address the
unique challenges facing rural transportation networks, regardless of
the geographic location of those activities.
    III. Accelerator Proposal: This section of the narrative should
explain how the applicant(s) propose to establish the RIA and the
concept of how it would operate, and provide the project-specific
services identified in Section A of this notice, along with a proposed
timeline for establishing the RIA, with key milestones and suggested
performance targets during its operational phase.
    The applicant should describe, in sufficient detail, the
applicant's approach to identifying and building the pipeline of
projects to be undertaken and how they will develop such projects
utilizing their experience and expertise, and identify an initial
pipeline of projects that are eligible for TIFIA credit assistance and,
to the extent applicable, RRIF credit assistance, PABs and other
innovative financing methods. The narrative should also contain a list
of projects that the applicant(s) propose to assist under the RIA. This
list, to the extent possible, should include, at a minimum:
    (a) Project name and location;
    (b) Project sponsor;
    (c) Description;
    (d) Bureau program most likely to apply (TIFIA, RRIF, PABs);
    (e) Support activities the applicant envisions the RIA would
provide
    (f) Project costs; and
    (g) Project timeline.
    The prospective applicant should describe in their proposal to the
extent possible and, where applicable, if the project will (1) decrease
transportation costs and improve access, especially for rural
communities or communities in Opportunity Zones, through reliable and
timely access to employment centers and job opportunities; (2) improve
long-term efficiency, reliability or costs in the movement of workers
or goods; (3) increase the economic productivity of land, capital, or
labor, including assets in Opportunity Zones; (4) result in long-term
job creation and other economic opportunities; or (5) help the United
States compete in a global economy by facilitating efficient and
reliable freight movement. Projects that bridge gaps in service in
rural areas, and projects that attract private economic development,
all support local or regional economic competitiveness. The Department
intends to collect Opportunity Zones information to advance other
Department activities related to Opportunity Zones, but the Department
does not consider projects located in an Opportunity Zone to be more
competitive for an RIA award than projects located outside an
Opportunity Zone.
    IV. Budget, Sources, and Uses for Full Accelerator Funds: The
applicant should include a proposed financial plan and budget including
the Federal grant amount requested, non-federal matching funds, in-kind
contributions and other sources. The proposed plan should also include
a list of activities and projects as well as all associated costs of
the proposed RIA. For non-Federal matching funds, the application
should identify the sources as well as supporting documentation
indicating the degree to which those funds are committed and dates of
their availability. If the applicant proposes that the RIA will reach a
point of long-term self-sustainability, the narrative should include a
description of how this would happen, and where the long-term funds
would be generated.
    V. Selection Criteria: This section of the application should
demonstrate how the application aligns with the criteria described in
Section E.1 of this notice. The Bureau intends to select and designate
RIA that demonstrate in their proposal the ability to effectively
assist entities in developing improved infrastructure priorities and
financing strategies for the accelerated development of one or more
projects eligible for funding under the TIFIA program. DOT will
consider the extent to which an RIA is likely to effectively promote
investment in eligible projects, develop a pipeline of regional
transportation projects, and result in the implementation of projects
with innovative financing methods.
    The Bureau encourages applicants to either address each criterion
or expressly state that the project does not address the criterion.
Applicants are not required to follow a specific format, but the
outline suggested addresses each criterion separately and promotes a
clear discussion that assists project evaluators. To minimize redundant
information in the application, the Bureau encourages applicants to
cross-reference from this section of their application to relevant
substantive information in other sections of the application. The
guidance in this section is about how the applicant should organize
their application. Guidance describing how the Bureau will evaluate
projects against the Selection Criteria is in Section E.1 of this
notice. Applicants also should review that section before considering
how to organize their application.
    3. Unique Entity Identifier and System for Award Management (SAM)
    Each applicant must: (1) Be registered in SAM before submitting its
application; (2) provide a valid unique entity identifier in its
application; and (3) continue to maintain an active SAM registration
with current information at all times during which it has an active
Federal award or an application or plan under consideration by a
Federal awarding agency. The Department may not make an RIA grant to an
applicant until the applicant has complied with all applicable unique
entity identifier and SAM requirements and, if an applicant has not
fully complied with the requirements by the time the Department is
ready to make a grant, the Department may determine that the applicant
is not qualified to receive a grant and use that determination as a
basis for making a grant to another applicant.
4. Submission Dates and Timelines
    a. Deadline: Applications in response to this NOFO must be
submitted through Grants.gov by 11:59 p.m. EST 90 days after
publication of this notice. The Grants.gov ``Apply'' function will open
on the date of publication. The Bureau may hold NOFO information
session(s) before the due date.
    To submit an application through Grants.gov, applicants must:
    (1) Obtain a Data Universal Numbering System (DUNS) number;
    (2) Register with the System Award for Management (SAM) at
www.sam.gov; and
    (3) Create a Grants.gov username and password; and
    (4) The E-business Point of Contact (POC) at the applicant's
organization must also respond to the registration email from
Grants.gov and login at Grants.gov to authorize the POC as an
Authorized Organization Representative

(AOR). Please note that there can only be one AOR per organization.
    Please note that the Grants.gov registration process usually takes
2-4 weeks to complete and that the Department will not consider late
applications that are the result of failure to register or comply with
Grants.gov applicant requirements in a timely manner. For information
and instruction on each of these processes, please see instructions at
http://www.grants.gov/web/grants/applicants/applicant-faqs.html. If
interested parties experience difficulties at any point during the
registration or application process, please call the Grants.gov
Customer Service Support Hotline at 1(800) 518-4726, Monday-Friday from
7:00 a.m. to 9:00 p.m. EST.
b. Consideration of Application
    Only applicants who comply with all submission deadlines described
in this notice and submit applications through Grants.gov will be
eligible for award. Applicants are strongly encouraged to make
submissions in advance of the deadline.
c. Late Applications
    Applications received after the deadline will not be considered
except in the case of unforeseen technical difficulties outlined in
Section D.4.d.
d. Late Application Policy
    Applicants experiencing technical issues with Grants.gov that are
beyond the applicant's control must contact<EMAIL_ADDRESS>prior to the
application deadline with the user name of the registrant and details
of the technical issue experienced. The applicant must provide:
    (1) Details of the technical issue experienced;
    (2) Screen capture(s) of the technical issues experienced along
with corresponding Grants.gov ``Grant tracking number'';
    (3) The ``Legal Business Name'' for the applicant that was provided
in the SF-424;
    (4) The AOR name submitted in the SF-424;
    (5) The DUNS number associated with the application; and
    (6) The Grants.gov Help Desk Tracking Number.
    To ensure a fair competition of limited discretionary funds, the
following conditions are not valid reasons to permit late submissions:
(1) Failure to complete the registration process before the deadline;
(2) failure to follow Grants.gov instructions on how to register and
apply as posted on its website; (3) failure to follow all the
instructions in this notice of funding opportunity; and (4) technical
issues experienced with the applicant's computer or information
technology environment. After the Department reviews all information
submitted and contacts the Grants.gov Help Desk to validate reported
technical issues, USDOT staff will contact late applicants to approve
or deny a request to submit a late application through Grants.gov. If
the reported technical issues cannot be validated, late applications
will be rejected as untimely.
    5. Applications under this NOFO are not subject to the State review
under E.O. 12372.
    6. Funding Restrictions: The DOT will not reimburse any pre-award
costs or application preparation costs under this proposed agreement.
Construction of any project being contemplated or aided by the proposed
RIA is not an allowable activity under this grant. All non-domestic
travel must be approved in writing by the DOT designated agreement
officer prior to incurring costs. Travel requirements under the
cooperative agreement will be met using the most economical form of
transportation available. If economy class transportation is not
available, the request for payment vouchers must be submitted with
justification for use of higher class travel indicating dates, times,
and flight numbers.

E. Application Review Information

    1. Criteria: This section specifies the criteria that the Bureau
will use to evaluate and award applications for Program grants. The
criteria incorporate statutory eligibility requirements. For each
proposed RIA, the Bureau will review the application for the criteria
described in this section. The Bureau does not consider any criterion
more important than the others.
    A. Experience/Qualifications: The Bureau will assess whether and to
what extent the applicant(s):
    (1) Possess the ability to evaluate and promote innovative
financing methods for local projects including the use of TIFIA and
RRIF and other Federal assistance programs where applicable;
    (2) Possess the ability to provide technical assistance on best
practices with respect to financing projects;
    (3) Have experience in increasing transparency with respect to
infrastructure project analysis and using innovative financing for
public infrastructure projects;
    (4) Have experience in deploying predevelopment capital programs
designed to facilitate the creation of a pipeline of infrastructure
projects available for investment;
    (5) Have a history of successfully bundling smaller-scale and rural
projects into larger proposals that may be more attractive for private
investment;
    (6) Have demonstrated success in reducing transaction costs for
public project sponsors; and
    (7) Demonstrate the capacity to accelerate projects eligible for
the TIFIA credit program and, to the extent applicable, the Railroad
Rehabilitation and Improvement Financing (RRIF) credit program and
Private Activity Bonds (PABs).
    B. Partnerships: The Bureau will consider the extent to which
applicant(s) demonstrate strong collaboration among a broad range of
stakeholders in the proposed geographic area of the RIA. Applications
with strong partnerships typically involve multiple partners in project
development, funding, and finance. The Bureau will consider applicants
that partner with State, local, and private entities for the
development, funding, financing, and delivery of transportation
projects to have strong partnerships. Evaluators will also consider the
relationship of the RIA with its constituencies and authorities granted
by them. The Bureau will assess the ability of the proposed RIA to
quickly and effectively develop projects by having the support of its
members and working across jurisdictions.
    C. Regional Viability: The Bureau will evaluate the proposed
region, geographically, organizationally, and functionally, as well as
its jurisdictional relevance. In evaluating this criterion, the Bureau
will consider the geographic make-up of the proposed RIA and the
transportation needs of the region.
    D. Business Model: The Bureau will assess the thoroughness,
viability, and efficiency that the applicant(s) can establish the RIA,
commence operations, and deliver project-specific outcomes. In
conducting this assessment, evaluators will consider:
    (1) The effort, cost, and actions necessary to initially establish
the proposed RIA, including workspaces, fixed and variable costs,
staffing, and the development of relationships necessary to function
effectively in the proposed region.
    (2) How the proposed RIA will operate once established, including
costs, organization, efficiency, availability of the technical
expertise and resources needed to accelerate project delivery, work
plan, and time required to achieve operational status.
    E. Pipeline: The Bureau will consider the proposed pipeline of
projects and assess whether and to what extent they

are likely to be eligible projects and appropriate for development
activities as set forth in this notice. The proposed pipeline must
include one or more projects likely to be eligible for TIFIA credit
assistance. In evaluating this criterion, the Bureau will consider the
number of eligible projects in the pipeline, the degree of local/
regional support of the projects, and the project status and timeline
as they relate to the likelihood the RIA can impact the project during
the performance period of the cooperative agreement. Evaluators will
also assess the degree to which the skills/experience of the
applicant(s) are appropriate for the proposed projects. The Bureau will
also evaluate the viability and proposed approach the applicant(s) have
developed for attracting new projects into the RIA's pipeline of
projects and how they propose to assist and monitor the development of
those projects.
    F. Readiness: The Bureau will consider the extent to which the
proposed RIA is prepared to commence operations and begin achieving
project-specific results. Evaluators will also assess the viability of
the proposed budget as it relates to the establishment and successful
operations of the RIA as proposed. In considering this criterion,
evaluators will also determine the likelihood that proposed milestones
will be subject to delay and/or cost overruns and the risk that key
milestones might be missed due to internal or external factors.
Evaluators will also consider the readiness of the proposed RIA to
commence operations, including but not limited to:
    (1) Availability of facilities and equipment necessary to function;
    (2) Existing governance structure as compared to proposed future
structure; and
    (3) Ability of existing relationships to rapidly deliver results.
    G. Value: The Bureau will evaluate the relative value of the
proposal to individual projects and the taxpayer, including but not
limited to: the number of projects likely to measurably be accelerated
as a result of the proposed technical assistance of the RIA, the number
of projects reasonably expected to receive Bureau financing, and the
asset class(es) most prevalent in the proposed project portfolio. In
considering this criterion, evaluators will also consider the
applicant's proposed performance targets (Section III of the
application) and how they compare to the overall proposed cost of the
RIA (Section IV of the application).
    H. Rural Assistance: Where applicable, the Bureau will evaluate the
degree to which the proposal can support individual rural project
sponsors. The Bureau will consider opportunities proposed to overcome
common barriers to using TIFIA and RRIF credit assistance and other
innovative financing methods for rural project sponsors, such as
project size or type, financial or institutional capabilities, and
other issues. Consistent with the Department's ROUTES Initiative
(https://www.transportation.gov/rural), the Department recognizes that
rural transportation networks face unique challenges. To the extent
that those challenges are reflected in the merit criteria listed in
this section, the Department will consider how the activities proposed
in the application will address those challenges, regardless of the
geographic location of those activities. This can include delivering
innovative technical assistance and leveraging the DOT ROUTES
Initiative to provide user-friendly information and other assistance to
rural project sponsors.
    I. Self-Sustainability: The Bureau will consider whether and to
what extent the proposed RIA will achieve self-sustainability during
the Program's effective period of receipt of Federal funding. In the
event that a proposed RIA will not achieve self-sustainability, the
Bureau will evaluate the extent to which the termination of the RIA
might deliver long-term benefits as the result of projects delivered
during the funding period.
    J. Risk: The Bureau will assess the risks to successful
implementation and operation of the proposed RIA, and the degree to
which proposed mitigation activities might address/offset those risks.
Evaluators will also assess the practicality of proposed mitigation
activities in terms of cost, complexity, and time required to implement
the actions.
    2. Review and Selection Process: A Review Team will review all
eligible applications received by the deadline. This Review Team will
consist of Modal Liaisons from the Federal Highway Administration
(FHWA), Federal Railroad Administration (FRA) and Federal Transit
Administration (FTA) and two Bureau employees appointed by the
Executive Director. The Program grants review and selection process
consists of two steps: (1) The Review Team will evaluate each proposal
and make a determination of eligibility based on criteria outlined in
Section C.1 of this notice and, if deemed eligible; (2) the Review Team
will evaluate the proposal based on the Selection Criteria in Section
E.1 of this notice. The Review Team will make recommendations to the
Executive Director. The Executive Director will finalize those
recommendations and present the recommendations to the Secretary. The
final decisions as to recipients will be made by the Secretary of
Transportation.
3. Additional Information
    Prior to award, each selected applicant will be subject to a risk
assessment as required by 2 CFR 200.205. The Department must review and
consider any information about the applicant that is in the designated
integrity and performance system accessible through SAM (currently the
Federal Awardee Performance and Integrity Information System (FAPIIS)).
An applicant may review information in FAPIIS and comment on any
information about itself. The Department will consider comments by the
applicant, in addition to the other information in FAPIIS, in making a
judgment about the applicant's integrity, business ethics, and record
of performance under Federal awards when completing the review of risk
posed by applicants.

F. Federal Award Administration Information

1. Federal Award Notice

    Following the evaluation process outlined in Section E.2, the
Secretary will announce awarded projects by posting a list of selected
RIA at https://www.transportation.gov/buildamerica/financing/tifia/regional-infrastructure-accelerators-program. Notice of selection is
not authorization to begin performance or to incur costs for the
proposed RIA. Following that announcement, the Bureau will contact the
point of contact listed in the SF 424 to initiate negotiation of the
cooperative agreement.

2. Administration and National Policy Requirements

    Performance under the cooperative agreement will be governed by and
in compliance with the following requirements as applicable to the type
of organization of the recipient and any applicable sub-recipients:
    All awards will be administered pursuant to the Uniform
Administrative Requirements, Cost Principles and Audit Requirements for
Federal Awards found in 2 CFR part 200, as adopted by DOT at 2 CFR part
1201.
    Other terms and condition as well as performance requirements will
be addressed in the cooperative agreement with the recipient. The full
terms and conditions of the resulting cooperative

agreements may vary and are subject to discussions and negotiations.
    In connection with any program or activity conducted with or
benefiting from funds awarded under this notice, recipients of funds
must comply with all applicable requirements of Federal law, including,
without limitation, the Constitution of the United States statutory,
regulatory, and public policy requirements, including without
limitation, those protecting free speech, religious liberty, public
welfare, the environment, and prohibiting discrimination; the
conditions of performance, non-discrimination requirements, and other
assurances made applicable to the award of funds in accordance with
regulations of the Department of Transportation; and applicable Federal
financial assistance and contracting principles promulgated by the
Office of Management and Budget. In complying with these requirements,
recipients must ensure that no concession agreements are denied or
other contracting decisions made on the basis of speech or other
activities protected by the First Amendment. If the Bureau determines
that a recipient has failed to comply with applicable Federal
requirements, the Bureau may terminate the award of funds and disallow
previously incurred costs, requiring the recipient to reimburse any
expended award funds.
    Additionally, Executive Order 13858 directs the Executive Branch
Departments and agencies to maximize the use of goods, products, and
materials produced in the United States through the terms and
conditions of Federal financial assistance awards. If selected for an
award, grant recipients must be prepared to demonstrate how they will
maximize the use of domestic goods, products, and materials, as
applicable, in establishing and operating the RIA.

3. Reporting

A. Progress Reporting on Grant Activities
    Each applicant selected for RIA grant funding must submit semi-
annual progress reports as agreed to in the cooperative agreement to
monitor RIA progress and ensure accountability and financial
transparency in the RIA grant program.
B. Performance Reporting
    Each applicant selected for RIA grant funding must collect and
report to the Bureau information on the RIA's performance. The specific
performance information and reporting period will be determined on an
individual basis. It is anticipated that the Bureau and the grant
recipient will hold monthly progress meetings or calls during which the
Bureau will review project activities, schedule, and progress toward
mutually agreed upon performance targets in the cooperative agreement.
If the award is greater than $500,000 over the period of performance,
applicants must adhere to the post award reporting requirements
reflected in 2 CFR part 200 Appendix XII--Award Term and Condition for
Recipient Integrity and Performance Matters.
C. Reporting of Matters Related to Recipient Integrity and Performance
    If the total value of a selected applicant's currently active
grants, cooperative agreements, and procurement contracts from all
Federal awarding agencies exceeds $10,000,000 for any period of time
during the period of performance of this Federal award, then the
applicant during that period of time must maintain the currency of
information reported to the SAM that is made available in the
designated integrity and performance system (currently FAPIIS) about
civil, criminal, or administrative proceedings described in paragraph 2
of this award term and condition. This is a statutory requirement under
section 872 of Public Law 110-417, as amended (41 U.S.C. 2313). As
required by section 3010 of Public Law 111-212, all information posted
in the designated integrity and performance system on or after April
15, 2011, except past performance reviews required for Federal
procurement contracts, will be publicly available.

G. Federal Awarding Agency Contacts

    For further information concerning this notice please contact the
Bureau via email at<EMAIL_ADDRESS>or call Sam Beydoun at<PHONE_NUMBER>. A
TDD is available for individuals who are deaf or hard of hearing at
202-366-3993. In addition, the Bureau will post answers to questions
and requests for clarifications on the Bureau's website at https://www.transportation.gov/buildamerica/financing/tifia/regional-infrastructure-accelerators-program. To ensure applicants receive
accurate information about eligibility or the program, the applicant is
encouraged to contact the Bureau directly, rather than through
intermediaries or third parties, with questions. Bureau staff may also
conduct briefings on the Program grant selection and award process upon
request.

H. Other Information

1. Protection of Confidential Business Information
    All information submitted as part of or in support of any
application shall use publicly available data or data that can be made
public and methodologies that are accepted by industry practice and
standards, to the extent possible. If the applicant submits information
that the applicant considers to be a trade secret or confidential
commercial or financial information, the applicant must provide that
information in a separate document, which the applicant may cross-
reference from the application narrative or other portions of the
application. For the separate document containing confidential
information, the applicant must do the following: (1) State on the
cover of that document that it ``Contains Confidential Business
Information (CBI)''; (2) mark each page that contains confidential
information with ``CBI''; (3) highlight or otherwise denote the
confidential content on each page; and (4) at the end of the document,
indicate whether the CBI is information the applicant keeps private and
is of the type of information the applicant regularly keeps private.
The Bureau/DOT will protect confidential information complying with
these requirements to the extent required under applicable law. If the
Bureau receives a Freedom of Information Act (FOIA) request for the
information that the applicant has marked in accordance with this
section, the Bureau will follow the procedures described in its FOIA
regulations at 49 CFR 7. 29.
2. Publication/Sharing of Application Information
    Following the completion of the selection process and announcement
of awards, the Bureau intends to publish a list of all applications
received along with the names of the applicant organizations and
funding amounts requested. Except for the information properly marked
as described in Section H.1, the Bureau may make application narratives
publicly available or share application information within DOT or with
other Federal agencies if DOT determines that sharing is relevant to
the respective program's objectives.
3. Department Feedback on Application
    The Bureau strives to provide as much information as possible to
assist applicants with the application process. The Bureau will not
review applications in advance, but Bureau staff are available for
technical questions and assistance.

    Issued in Washington, DC, on December 17, 2020.
Elaine L. Chao,
Secretary of Transportation.
[FR Doc. 2020-28284 Filed 12-30-20; 8:45 am]
BILLING CODE 4910-9X-P


[Federal Register: December 7, 2007 (Volume 72, Number 235)]
[Notices]
[Page 69272-69274]
[DOCID:fr07de07-94]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56885; File No. SR-NYSEArca-2007-123]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change as Modified by
Amendment No. 1 Relating to the Extension of the Pilot Program for
Initial and Continued Financial Listing Standards for Common Stock of
Operating Companies Until May 31, 2008

December 3, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on November 29, 2007, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been substantially prepared by the Exchange. On November 30, 2007,
the Exchange filed Amendment No. 1 to the proposed rule change.\3\ The
Exchange filed the proposed rule change pursuant to Section 19(b)(3)(A)
of the Act \4\ and Rule 19b-4(f)(6) thereunder,\5\ which renders

the proposed rule change effective upon filing with the Commission. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ In Amendment No. 1, the Exchange corrected a typographical
error on the proposed Pilot Program (as defined below) extension
date and explained the amendment to the Pilot Program.
    \4\ 15 U.S.C. 78s(b)(3)(A).
    \5\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange, through its wholly-owned subsidiary NYSE Arca
Equities, Inc. (``NYSE Arca Equities''), has amended the rules
governing NYSE Arca, LLC (also referred to as the ``NYSE Arca
Marketplace''), which is the equities trading facility of NYSE Arca
Equities, on a pilot program basis (``Pilot Program'') to amend the
initial and continued financial listing standards for common stock of
operating companies. The Pilot Program expires on November 30, 2007.
The Exchange proposes to extend the Pilot Program until May 31, 2008.

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

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

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

1. Purpose
    NYSE Arca has amended on a pilot program basis the rules governing
the NYSE Arca Marketplace to amend the financial listing standards for
common stock of operating companies.\6\ On October 3, 2007, the
Commission approved the Exchange's proposal to amend the Pilot Program
to, among other things, make the initial listing standards more
restrictive and to exclude from qualification some companies that
qualified to list but whose size or financial performance is not
consistent with the kind of issuer the Exchange intended to list.\7\
Based on the results of the Pilot Program, the Exchange has determined
that the Pilot Program has met its expectations. As a result, the
Exchange intends to file a proposal to permanently adopt the Pilot
Program.
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    \6\ The Commission initially approved the Pilot Program for six
months, until May 29, 2007. See Securities Exchange Act Release No.
54796 (November 20, 2006), 71 FR 69166 (November 29, 2006) (SR-
NYSEArca-2006-85). The Pilot Program was subsequently extended for
an additional six months, until November 30, 2007. See Securities
Exchange Act Release No. 55838 (May 31, 2007), 72 FR 31642 (June 7,
2007) (SR-NYSEArca-2007-51).
    \7\ See Securities Exchange Act Release No. 56606, 72 FR 57982
(October 11, 2007) (SR-NYSEArca-2007-69).
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    The Pilot Program expires on November 30, 2007. The Exchange
proposes to extend the Pilot Program until May 31, 2008. This extension
will permit Exchange staff to prepare the rule filing proposing to
permanently adopt the Pilot Program.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\8\ in general, and furthers the objectives of Section 6(b)(5) of
the Act,\9\ in particular, in that it is designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanisms of a free and open
market and a national market system.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

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

    The Exchange has neither solicited nor received written comments on
the proposed rule change.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6) \11\ thereunder
because the proposal does not: (i) Significantly affect the protection
of investors or the public interest; (ii) impose any significant burden
on competition; and (iii) by its terms, become operative for 30 days
from the date on which it was filed, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest, provided that the Exchange has given the
Commission notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally may
not become operative prior to 30 days after the date of filing.
However, Rule 19b-4(f)(6)(iii) \12\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the 30-day operative delay period. The Commission
believes that waiver of the 30-day operative delay period is consistent
with the protection of investors and the public interest. Specifically,
the Commission believes that the proposal would allow the Pilot Program
to continue without any interruption, until May 31, 2008.\13\ The
Commission further notes that no comments were received on the Pilot
Program.
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    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such proposed rule change
if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.\14\
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    \14\ 15 U.S.C. 78s(b)(3)(C). For purposes of calculating the 60-
day period within which the Commission may summarily abrogate the
proposal, the Commission considers the period to commence on
November 30, 2007, the date on which the Exchange submitted
Amendment No. 1.
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

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

File Number SR-NYSEArca-2007-123 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2007-123. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments,

all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2007-123 and should
be submitted on or before December 28, 2007.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-23755 Filed 12-6-07; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register: December 9, 2005 (Volume 70, Number 236)]
[Notices]
[Page 73315-73317]
[DOCID:fr09de05-133]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 27177; 812-13173]

Firsthand Funds and Firsthand Capital Management, Inc.; Notice of
Application

December 2, 2005.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application under section 6(c) of the Investment
Company Act of 1940 (the ``Act'') for an exemption from section 15(a)
of the Act and rule 18f-2 under the Act and certain disclosure
requirements.

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    Summary of the Application: The requested order would permit
certain registered open-end management investment companies to enter
into and materially amend subadvisory agreements without shareholder
approval and would grant relief from certain disclosure requirements.
    Applicants: Firsthand Funds (the ``Trust'') and Firsthand Capital
Management, Inc. (the ``Adviser'').
    Filing Date: The application was filed on March 9, 2005 and amended
on November 22, 2005.
    Hearing or Notification of Hearing: An order granting the
application will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on December 27, 2005, and should be accompanied by proof of
service on applicants in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons may request notification by writing to the
Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street, NE, Washington, DC 20549-9303. Applicants, c/o Wendell M.
Faria, Esq., Paul, Hastings, Janofsky & Walker LLP, 875 15th Street,
Washington, DC 20005.

FOR FURTHER INFORMATION CONTACT: Emerson S. Davis, Sr., Senior Counsel,
at<PHONE_NUMBER>, or Nadya B. Roytblat, Assistant Director, at (202)
551-6821 (Division of Investment Management, Office of Investment
Company Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee from
the Commission's Public Reference Branch, 100 F Street, NE, Washington,
DC 20549-0102 (telephone<PHONE_NUMBER>).

Applicants' Representations

    1. The Trust, a Delaware statutory trust, is registered under the
Act as an open-end management investment company. The Trust currently
offers five series (each a ``Fund,'' and collectively, the ``Funds''),
each of which has its own investment objectives, policies and
restrictions.\1\ The Adviser, registered under the Investment Advisers
Act of 1940 (``Advisers Act''), serves as investment adviser to each
Fund pursuant to an investment advisory agreement with the Trust
(``Advisory Agreement''), that was approved by the board of trustees of
the Trust (the ``Board''), including a majority of the trustees who are
not ``interested persons,'' as defined in section 2(a)(19) of the Act
of the Trust or the Adviser (``Independent Trustees''), and the
shareholders of each applicable Fund.
---------------------------------------------------------------------------

    \1\ Applicants also request relief with respect to future Funds
of the Trust and any other existing or future registered open-end
management investment company or series thereof that: (a) Is advised
by the Adviser or a person controlling, controlled by or under
common control with the Adviser; (b) uses the management structure
described in this application; and (c) complies with the terms and
conditions of this application (included in the term ``Funds''). The
only existing registered open-end management investment company that
currently intends to rely on the requested order is named as an
applicant. If the name of any Fund contains the name of a Subadviser
(as defined below), the name of the Adviser or the name of the
entity controlling, controlled by, or under common control with the
Adviser that serves as the primary adviser to the Fund will precede
the name of the Subadviser.
---------------------------------------------------------------------------

    2. Under the terms of the Advisory Agreement, the Adviser provides
investment advisory services to each Fund, supervises the investment
program for each Fund, and has the authority, subject to Board
approval, to enter into investment subadvisory agreements
(``Subadvisory Agreements'') with one or more subadvisers
(``Subadvisers''). Currently, the Funds do not have any Subadvisers.
Each Subadviser will be registered under the Advisers Act. The Adviser
will monitor

and evaluate the Subadvisers and recommend to the Board their hiring,
retention or termination. Subadvisers recommended to the Board by the
Adviser will be selected and approved by the Board, including a
majority of the Independent Directors. Each Subadviser will have
discretionary authority to invest the assets or a portion of the assets
of a particular Fund. The Adviser will compensate each Subadviser out
of the fees paid to the Adviser under the Advisory Agreement.
    3. Applicants request relief to permit the Adviser, subject to
Board approval, to enter into and materially amend Subadvisory
Agreements without shareholder approval. The requested relief will not
extend to a Subadviser that is an affiliated person, as defined in
section 2(a)(3) of the Act, of the Trust or the Adviser, other than by
reason of serving as a Subadviser to one or more of the Funds (an
``Affiliated Subadviser'').
    4. Applicants also request an exemption from the various disclosure
provisions described below that may require a Fund to disclose fees
paid by the Adviser to each Subadviser. An exemption is requested to
permit the Trust to disclose for each Fund (as both a dollar amount and
as a percentage of each Fund's net assets): (a) The aggregate fees paid
to the Adviser and any Affiliated Subadvisers; and (b) the aggregate
fees paid to Subadvisers other than Affiliated Subadvisers (``Aggregate
Fee Disclosure''). For any Fund that employs an Affiliated Subadviser,
the Fund will provide separate disclosure of any fees paid to the
Affiliated Subadviser.

Applicants' Legal Analysis

    1. Section 15(a) of the Act provides, in relevant part, that it is
unlawful for any person to act as an investment adviser to a registered
investment company except pursuant to a written contract that has been
approved by the vote of a majority of the company's outstanding voting
securities. Rule 18f-2 under the Act provides that each series or class
of stock in a series company affected by a matter must approve such
matter if the Act requires shareholder approval.
    2. Form N-1A is the registration statement used by open-end
investment companies. Item 14(a)(3) of Form N-1A requires disclosure of
the method and amount of the investment adviser's compensation.
    3. Rule 20a-1 under the Act requires proxies solicited with respect
to an investment company to comply with Schedule 14A under the
Securities Exchange Act of 1934 (``1934 Act''). Items 22(c)(1)(ii),
22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A, taken together,
require a proxy statement for a shareholder meeting at which the
advisory contract will be voted upon to include the ``rate of
compensation of the investment adviser,'' the ``aggregate amount of the
investment adviser's fees,'' a description of the ``terms of the
contract to be acted upon,'' and, if a change in the advisory fee is
proposed, the existing and proposed fees and the difference between the
two fees.
    4. Form N-SAR is the semi-annual report filed with the Commission
by registered investment companies. Item 48 of Form N-SAR requires
investment companies to disclose the rate schedule for fees paid to
their investment advisers, including the Subadvisers.
    5. Regulation S-X sets forth the requirements for financial
statements required to be included as part of investment company
registration statements and shareholder reports filed with the
Commission. Sections 6-07(2)(a), (b), and (c) of Regulation S-X require
that investment companies include in their financial statements
information about investment advisory fees.
    6. Section 6(c) of the Act provides that the Commission may exempt
any person, security, or transaction or any class or classes of
persons, securities, or transactions from any provision of the Act, or
from any rule thereunder, if and to the extent that such exemption is
necessary or appropriate in the public interest and consistent with the
protection of investors and the purposes fairly intended by the
policies and provisions of the Act. Applicants believe that their
requested relief meets this standard for the reasons discussed below.
    7. Applicants state that the Funds' shareholders will rely on the
Adviser and the Board to select the Subadvisers best suited to achieve
a Fund's investment objectives. Applicants assert that, from the
perspective of the investor, the role of the Subadvisers is comparable
to that of individual portfolio managers employed by traditional
investment advisory firms. Applicants contend that requiring
shareholder approval of Subadvisory Agreements would impose unnecessary
costs and delays on the Funds and may preclude the prompt replacement
of a Subadviser when considered advisable by the Board and the Adviser.
Applicants also note that the Advisory Agreement will remain subject to
the shareholder approval requirements in section 15(a) of the Act and
rule18f-2 under the Act.
    8. Applicants assert that some Subadvisers use a ``posted'' rate
schedule to set their fees. Applicants state that while Subadvisers are
willing to negotiate fees that are lower than those posted on the
schedule, they are reluctant to do so where the fees are disclosed to
other prospective and existing customers. Applicants submit that the
requested relief will benefit Fund shareholders because it would
improve the Adviser's ability to negotiate the fees paid to the
Subadvisers.

Applicants' Conditions

    Applicants agree that any order granting the requested relief will
be subject to the following conditions:
    1. Before a Fund may rely on the order requested in the
application, the operation of the Fund in the manner described in the
application will be approved by a majority of the Fund's outstanding
voting securities, as defined in the Act, or, in the case of a Fund
whose public shareholders purchase shares on the basis of a prospectus
containing the disclosure contemplated by condition 2 below, by the
sole initial shareholder before offering the Fund's shares to the
public.
    2. The prospectus for each Fund will disclose the existence,
substance, and effect of any order granted pursuant to the application.
Each Fund will hold itself out to the public as employing the
management structure described in the application. The prospectus will
prominently disclose that the Adviser has ultimate responsibility
(subject to oversight by the Board) to oversee the Subadvisers and
recommend their hiring, termination, and replacement.
    3. Within 90 days of the hiring of a new Subadviser, the affected
Fund shareholders will be furnished all information about the new
Subadviser that would be included in a proxy statement, except as
modified to permit Aggregate Fee Disclosure. This information will
include Aggregate Fee Disclosure and any change in such disclosure
caused by the addition of the new Subadviser. To meet this obligation,
the Fund will provide shareholders within 90 days of the hiring of a
new Subadviser with an information statement meeting the requirements
of Regulation 14C, Schedule 14C and Item 22 of Schedule 14A under the
1934 Act, except as modified by the order to permit Aggregate Fee
Disclosure.
    4. The Adviser will not enter into a Subadvisory Agreement with any
Affiliated Subadviser without that agreement, including the
compensation to be paid thereunder, being approved

by the shareholders of the applicable Fund.
    5. Each Fund will comply with the fund governance standards set
forth in rule 0-1(a)(7) under the Act by the compliance date for the
rule (``Compliance Date''). Prior to the Compliance Date, a majority of
the Board will be Independent Trustees, and the nomination of new or
additional Independent Trustees will be at the discretion of the then
existing Independent Trustees.
    6. When a Subadviser change is proposed for a Fund with an
Affiliated Subadviser, the Board, including a majority of the
Independent Trustees, will make a separate finding, reflected in the
applicable Board minutes, that such change is in the best interests of
the Fund and its shareholders and does not involve a conflict of
interest from which the Adviser or the Affiliated Subadviser derives an
inappropriate advantage.
    7. Independent counsel, as defined in rule 0-1(a)(6) under the Act,
will be engaged to represent the Independent Trustees. The selection of
such counsel will be within the discretion of the then existing
Independent Trustees.
    8. The Adviser will provide the Board, no less frequently than
quarterly, with information about the profitability of the Adviser on a
per-Fund basis. The information will reflect the impact on
profitability of the hiring or termination of any Subadviser during the
applicable quarter.
    9. Whenever a Subadviser is hired or terminated, the Adviser will
provide the Board with information showing the expected impact on the
profitability of the Adviser.
    10. The Adviser will provide general management services to each
Fund, including overall supervisory responsibility for the general
management and investment of the Fund's assets, and, subject to review
and approval of the Board, will: (a) Set each Fund's overall investment
strategies, (b) evaluate, select and recommend Subadvisers to manage
all or a part of a Fund's assets, (c) when appropriate, allocate and
reallocate a Fund's assets among multiple Subadvisers; (d) monitor and
evaluate the performance of Subadvisers, and (e) implement procedures
reasonably designed to ensure that the Subadvisers comply with each
Fund's investment objective, policies and restrictions.
    11. No trustee or officer of the Trust, or director or officer of
the Adviser, will own directly or indirectly (other than through a
pooled investment vehicle that is not controlled by such person) any
interest in a Subadviser, except for: (a) Ownership of interests in the
Adviser or any entity that controls, is controlled by, or is under
common control with the Adviser, or (b) ownership of less than 1% of
the outstanding securities of any class of equity or debt of a publicly
traded company that is either a Subadviser or an entity that controls,
is controlled by, or is under common control with a Subadviser.
    12. Each Fund will disclose in its registration statement the
Aggregate Fee Disclosure.
    13. The requested order will expire on the effective date of rule
15a-5 under the Act, if adopted.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 05-23844 Filed 12-8-05; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 74, Number 135 (Thursday, July 16, 2009)]
[Notices]
[Page 34587]
[FR Doc No: E9-16948]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-1843-DR; Docket ID FEMA-2008-0018]

Alaska; Amendment No. 1 to Notice of a Major Disaster Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of Alaska (FEMA-1843-DR), dated June 11, 2009, and
related determinations.

DATES: Effective Date: May 31, 2009.

FOR FURTHER INFORMATION CONTACT: Peggy Miller, Disaster Assistance
Directorate, Federal Emergency Management Agency, 500 C Street, SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that the incident
period for this disaster is closed effective May 31, 2009.

(The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034, Disaster Unemployment
Assistance (DUA); 97.046, Fire Management Assistance Grant; 97.048,
Disaster Housing Assistance to Individuals and Households In
Presidentially Declared Disaster Areas; 97.049, Presidentially
Declared Disaster Assistance--Disaster Housing Operations for
Individuals and Households; 97.050, Presidentially Declared Disaster
Assistance to Individuals and Households--Other Needs; 97.036,
Disaster Grants--Public Assistance (Presidentially Declared
Disasters); 97.039, Hazard Mitigation Grant.)

W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. E9-16948 Filed 7-15-09; 8:45 am]
BILLING CODE 9111-23-P