[Federal Register Volume 75, Number 247 (Monday, December 27, 2010)]
[Notices]
[Pages 81265-81266]
[FR Doc No: 2010-32363]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL11-12-000]

Idaho Wind Partners 1, LLC; Notice of Petition for Declaratory
Order

December 17, 2010.
    Take notice that on December 15, 2010, Idaho Wind Partners 1, LLC
(Petitioner), pursuant to Rule 207 of the Federal Energy Regulatory
Commission's (Commission) Rules of Practice and Procedure, 18 CFR
385.207 (2010), filed a Petition for Declaratory Order. Petitioner
requests that the Commission issue an order confirming that proposed
transaction in connection with an instantaneous sale of energy and
renewable energy credits by the Project Companies \1\ to a third-party
offtaker, with an instantaneous buy-back of the energy only would not:
(1) Violate any of the Commission's anti-manipulation rules, and (2)
result in the loss of small power producer qualifying facility status
for any of the wind generation facilities owned by Project Companies
and would not disqualify the ultimate sale of electric power from the
Project Companies to the local utility from being considered an avoided
cost sale by a QF pursuant to the Public Utility Regulatory Policies
Act of 1978, as amended (PURPA).\2\
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    \1\ Thousand Springs Wind Park, LLC, Tuana Gulch Wind Park, LLC,
Oregon Trail Wind Park, LLC, Payne's Ferry Wind Park LLC, Camp Reed
Wind Park, LLC, Yahoo Creek Wind Park, LLC, Salmon Falls Wind Park,
LLC, Pilgrim Stage Station Wind Park, LLC, Burley Butte Wind Farm,
LLC, Milner Dam Wind Farm LLC, Golden Valley Wind Farm, LLC
(collectively, the ``Project Companies'').
    \2\ Public Law 109-58 Sec.  1253, 119 Stat. 594, 967-70 (2005).
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    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, 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 on or before the comment date. On or
before the comment date, it is not necessary to 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>.

    Comment Date: 5 p.m. Eastern Time on January 14, 2011.

Kimberly D. Bose,
Secretary.
[FR Doc. 2010-32363 Filed 12-23-10; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 85, Number 112 (Wednesday, June 10, 2020)]
[Notices]
[Pages 35490-35492]
[FR Doc No: 2020-12517]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89011; File No. SR-CboeBZX-2020-049]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Exempt
Tracking Fund Shares Listed Pursuant to Rule 14.11(m) From Certain
Governance Requirements

June 4, 2020.
    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 June 3, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
prepared by the Exchange.

The Exchange filed the proposal as a ``non-controversial'' proposed
rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and
Rule 19b-4(f)(6) thereunder.\4\ 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\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 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 proposes a rule change to provide an exemption to
certain governance requirements for series of Tracking Fund Shares
listed on the Exchange pursuant to Rule 14.11(m).
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, 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
    On May 15, 2020, the Commission approved an Exchange proposal to
adopt BZX Rule 14.11(m) related to the listing and trading of Tracking
Fund Shares \5\ on the Exchange.\6\ Currently, Rule 14.10(e)(1)(E)
provides an exemption to certain audit committee requirements provided
under Rule 14.10(c)(3) for funds listed on the Exchange that are Index
Fund Shares, Managed Fund Shares, Managed Portfolio Shares, and ETF
Shares. Specifically, Rule 14.10(e)(1)(E) provides that ``management
investment companies that are Index Fund Shares, Managed Fund Shares,
Managed Portfolio Shares, and ETF Shares, as defined in Rules 14.11(c),
14.11(i), 14.11(k), and 14.11(l), respectively, are exempt from the
Audit Committee requirements set forth in Rule 14.10(c)(3), except for
the applicable requirements of SEC Rule 10A-3.'' \7\
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    \5\ The term ``Tracking Fund Share'' means a security that: (i)
Represents an interest in an investment company registered under the
Investment Company Act of 1940 (``Investment Company'') organized as
an open-end management investment company, that invests in a
portfolio of securities selected by the Investment Company's
investment adviser consistent with the Investment Company's
investment objectives and policies; (ii) is issued in a specified
aggregate minimum number in return for a deposit of a specified
Tracking Basket and/or a cash amount with a value equal to the next
determined net asset value; (iii) when aggregated in the same
specified minimum number, may be redeemed at a holder's request,
which holder will be paid a specified Tracking Basket and/or a cash
amount with a value equal to the next determined net asset value;
and (iv) the portfolio holdings for which are disclosed within at
least 60 days following the end of every fiscal quarter.
    \6\ See Securities Exchange Act Release No. 88887 (May 15,
2020), 85 FR 30990 (May 21, 2020) (SR-CboeBZX-2019-107) (the
``Approval Order''). While the Approval Order approved the listing
and trading of several series of Tracking Fund Shares, the Exchange
notes that those series have not yet listed on the Exchange.
    \7\ The Exchange notes that it recently submitted a similar
proposal to add Managed Portfolio Shares to the exemption under Rule
14.10(e)(1)(E). See Securities Exchange Act Release No. 88075
(January 29, 2020), 85 FR 6240 (February 4, 2020) (SR-CboeBZX-2020-
010).
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    Index Fund Shares, Managed Fund Shares, Managed Portfolio Shares,
and ETF Shares are exempted from the requirements of Rule 14.10(c)(3)
because they are otherwise subject to the accounting and auditing
requirements of the Investment Company Act of 1940 (the ``1940 Act''),
including Section 32(a).\8\ Because Tracking Fund Shares are also
subject to the accounting and auditing requirements under the 1940 Act
and are so similarly situated to Index Fund Shares, Managed Fund
Shares, Managed Portfolio Shares, and ETF Shares, the Exchange believes
that Tracking Fund Shares should be subject to and exempt from the same
corporate governance requirements associated with listing on the
Exchange. As such, the Exchange is proposing to make a change to amend
Rule 14.10(e)(1)(E) in order to add Tracking Fund Shares to the list of
product types listed on the Exchange that are exempted from the Audit
Committee requirements set forth in Rule 14.10(c)(3), except for the
applicable requirements of SEC Rule 10A-3.\9\
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    \8\ 15 U.S.C. 80a-31.
    \9\ 17 CFR 240.10A-3.
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2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act \10\ in general and Section 6(b)(5) of the Act \11\ in
particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and, in
general, to protect investors and the public interest.
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    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that this change to amend Rule 14.10(e)(1)(E)
in order to add Tracking Fund Shares to a list of product types listed
on the Exchange, including Index Fund Shares, Managed Fund Shares,
Managed Portfolio Shares, and ETF Shares, that are exempted from the
Audit Committee requirements set forth in Rule 14.10(c)(3), except for
the applicable requirements of SEC Rule 10A-3 is consistent with the
Act because it is meant only to subject Tracking Fund Shares to the
same corporate governance requirements currently applicable to the very
similar product structures of Index Fund Shares, Managed Fund Shares,
Managed Portfolio Shares, and ETF Shares.
    For the above reasons, the Exchange believes that the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act.

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 purpose of the Act. To the contrary, the Exchange
believes that the proposed rule change would promote both intermarket
and intramarket competition by exempting Tracking Fund Shares from the
audit committee requirements set forth in Rule 14.10(c)(3) except for
the applicable requirements of SEC Rule 10A-3. This is consistent with
exemptions provided to Index Fund Shares, Managed Fund Shares, Managed
Portfolio Shares, and ETF Shares, which, like Tracking Fund Shares, are
otherwise subject to the

audit committee requirements of the 1940 Act, including Section 32(a).

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6) thereunder.\13\
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written 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.
The Exchange has satisfied this requirement.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \14\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \15\ 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 so
that the proposal may become operative upon filing. The Exchange stated
that it believes that waiving the operative delay will allow any series
of Tracking Fund Shares that lists on the Exchange in the near future
to take advantage of this exemption to certain audit committee
requirements and not have to either delay launch or take short-term
remedial measures to comply with all requirements of Rule 14.10(c)(3).
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    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Commission believes that waiver of the operative delay is
appropriate because, as the Exchange stated, the rule proposal is
requesting an exemption to certain audit committee requirements that is
currently granted to Managed Fund Shares, Index Fund Shares, Managed
Portfolio Shares, and ETF Shares, and there are no unique issues
associated with proving such an exemption to Tracking Fund Shares that
have not already been considered by the Commission or that would
warrant disparate treatment. Accordingly, the Commission designates the
proposed rule change to be operative upon filing.\16\
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    \16\ For purposes only of waiving the 30-day operative delay,
the Commission also 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 summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

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-CboeBZX-2020-049 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-CboeBZX-2020-049. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CboeBZX-2020-049 and should be submitted
on or before July 1, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-12517 Filed 6-9-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 218 (Friday, November 9, 2018)]
[Notices]
[Pages 56124-56127]
[FR Doc No: 2018-24526]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84539; File No. SR-ISE-2018-88]

Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend ISE Rule
2008(g), Pricing When Primary Market Does Not Open

November 5, 2018.
    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 October 23, 2018, Nasdaq ISE, LLC (``ISE'' or the ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I and II
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.
---------------------------------------------------------------------------

    \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 Substance
of the Proposed Rule Change

    The Exchange proposes to amend ISE Rule 2008, Trading Sessions,
Section (g), Pricing When Primary Market Does Not Open.
    The text of the proposed rule change is available on the Exchange's
website at http://ise.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 proposes to amend Exchange Rule 2008(g) regarding
determination of the price of component securities for purposes of
calculating the current index value at expiration of Exchange listed
index options on days when the primary market for the underlying
security does not open.\3\ The proposed amendment would apply to both
AM-settled and PM-settled index options.\4\
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    \3\ Three of the Exchange's affiliated options exchanges, Nasdaq
BX, Inc. (``BX''), The Nasdaq Stock Market LLC (``Nasdaq'') and
Nasdaq PHLX LLC (``Phlx''), will also be proposing rule changes
relating to the manner of determining an underlying index component
security's price for purposes of calculating the current index value
at expiration of an index option under these circumstances. See SR-
NASDAQ-2018-081, SR-Phlx-2018-63, and SR-BX-2018-049. The Exchange
desires its rules to be aligned with those of the affiliated
exchanges.
    \4\ Currently, traditional index options expiring on the third
Friday of the month are A.M.-settled, meaning that the index
option's settlement value is calculated based upon opening prices of
the index's component securities on the last day of trading in the
component securities prior to expiration, normally on Friday
morning. By contrast, the settlement of P.M.-settled index options
is based upon the closing index value, defined as the last index
value reported on a business day, for the day on which the index
option is exercised. P.M.-settled options expiring on the third
Friday of the month would therefore normally be settled on the basis
of Friday's closing prices of component securities.
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    Currently, Rule 2008(g) provides that when the primary market for a
security underlying the current index value of an index option does not
open for trading on a given day, the price of that security shall be
determined, for purposes of calculating the current index value at
expiration, based on the opening price of that security on the next day
that its primary market is open for trading.\5\
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    \5\ Rule 2008(g) provides however that this procedure is not to
be used if the current index value at expiration is fixed in
accordance with the Rules and By-Laws of the Options Clearing
Corporation (``OCC'').
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    The Exchange now proposes to delete from the rule the language
providing for determination of the price of the component security, for
purposes of calculating the current index value at expiration, based on
the opening price of that security on the next day that its primary
market is open for trading. The Exchange proposes to amend Rule 2008(g)
so that it provides that when the primary market for a security
underlying the current index value of an index option does not open for
trading on a given day, which is an expiration day, for the purposes of
calculating the settlement price at expiration, the last reported sale
price of the security from the previous trading day shall be used.\6\
The revised provision would permit market participants the certainty of
knowing the settlement value on the day on which the primary market
fails to open. Additionally, the amendment would eliminate the
potential difficulties that could arise if the reporting authority for
the index were unwilling or unable to calculate the settlement value
using prices for the relevant security(ies) on the next day that its
primary market is open for trading.\7\
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    \6\ Rule 2008(g) would continue to apply to both A.M.-settled
and P.M.-settled index options.
    \7\ The index calculator for the NDX, MNX and BKX indexes, which
are products traded on Nasdaq affiliated exchanges, uses the
previous day's closing price if components of the index do not open.
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    The rule would continue to provide that this procedure shall not be
used if the current index value at expiration is fixed in accordance
with OCC rules and by-laws. This language recognizes that OCC is
authorized under its rules and by-laws to take certain actions relating
to settlement in the event of the unavailability or inaccuracy of the
current underlying interest value.\8\ The Exchange proposes to retain
this language in recognition of OCC's authority to establish settlement
prices and procedures in certain circumstances where normal settlement
procedures cannot be followed due unforeseen events, such as the
unanticipated closure of a primary market for a component security on a
day on which it would normally be open for trading. The Exchange would
thus retain the last sentence of Rule 2008(g) which will make clear
that the new procedure would not apply in the event that OCC exercises
its authority to determine settlement prices. Rather, the proposed new
language would apply only when a primary market does not open and OCC
elects not to exercise its authority to intervene and take action to
establish a settlement price.
---------------------------------------------------------------------------

    \8\ See OCC By-Laws Article XVII, Section 4(a), which provides
in relevant part that if OCC shall determine that the primary market
for one or more index components did not open or remain open for
trading (or that any such components did not open or remain open for
trading on such market(s)) on a trading day at or before the time
whenthe [sic] current index value for that trading day would
ordinarily be determined, orthat [sic] a current index value or
other value or price to be used as, or to determine,the [sic]
exercise settlement amount (a ``required value'') for a trading day
is otherwiseunreported [sic], inaccurate, unreliable, unavailable or
inappropriate for purposes ofcalculating [sic] the exercise
settlement amount, then, in addition to any other actionsthat [sic]
OCC may be entitled to take under OCC's bylaws and rules, the, OCC
is empowered to take any or all of a range of permitted actions with
respect to any series of options on such index, including fixing the
exercise settlement amount.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\9\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\10\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest. As noted above, the amendment to Rule 2008(g) would establish
clearly the procedure for determination of an index component
security's price in the event that the primary market for the security
fails to open. By adopting the proposed rule amendment, the Exchange
would provide certainty to the market regarding the procedure it would
follow in the absence of action by OCC. Additionally, it would provide
market participants with the certainty of knowing the settlement value
on the day on which the primary market fails to open, and eliminate the
potential difficulties that could arise if the reporting authority for
the index were unwilling or unable to calculate the

settlement value using prices for the relevant security(ies) on the
next day that its primary market is open for trading.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    It would also acknowledge clearly, however, that OCC may, under its
rules and by-laws, establish settlement prices for expiring index
options that may differ from the settlement prices that would otherwise
be provided for in Exchange rules, thereby protecting investors and the
public interest by reducing potential for confusion in that regard.

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 not necessary or appropriate in
furtherance of the purposes of the Act. On the contrary, the Exchange
believes that the proposed amendment will benefit investors, market
participants, and the marketplace in general by setting forth clearly
the manner in which index option settlement values will be determined
if the primary market for a security underlying the current index value
of an index option does not open for trading, allowing market
participants the certainty of knowing the settlement price on the day
on which the primary market fails to open, eliminating the potential
difficulties that could arise if the reporting authority for the index
were unwilling or unable to calculate the settlement value using prices
for the relevant security(ies) on the next day that its primary market
is open for trading, and retaining the existing provision stating that
the Exchange will defer to OCC in the determination of settlement
prices when and if OCC exercises its authority under its own settlement
price procedures in accordance with its rules and by-laws.

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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder.\13\
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    \11\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ In addition, Rule 19b-4(f)(6)(iii) requires a self-
regulatory organization to give the Commission written notice of its
intent to file 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. The Exchange has
satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \14\ normally
does not become operative for 30 days after the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\15\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. In its filing with the
Commission, the Exchange has asked the Commission to waive the 30-day
operative delay so that the proposal may become operative immediately
upon filing to provide certainty regarding the determination of
settlement prices for index options when the primary market for a
security underlying the current index value of an index option does not
does not open for trading on an expiration day, including in instances
in which OCC exercises its authority to determine the settlement price.
According to the Exchange, the proposed rule change will allow
investors to know the settlement price of an index option on the day on
which the primary market of an underlying component fails to open and
will avoid potential difficulties that could arise if the reporting
authority for the index was unwilling or unable to calculate the
settlement value using prices for the relevant securities on the next
day that its primary market is open for trading. As such, the
Commission believes that waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest and
designates the proposed rule change operative upon filing.\16\
---------------------------------------------------------------------------

    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 17 CFR 240.19b-4(f)(6)(iii).
    \16\ For purposes only of waiving the operative delay, the
Commission has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \17\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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 protected]. Please include
File Number SR-ISE-2018-88 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-ISE-2018-88. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of 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. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-ISE-2018-88, and should

be submitted on or before November 30, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-24526 Filed 11-8-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 2 (Tuesday, January 5, 2021)]
[Notices]
[Pages 335-338]
[FR Doc No: 2020-29131]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90810; File No. SR-NYSE-2020-109]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Add Commentary .07 to Rule 7.35A To Provide That, for a Temporary
Period, the Exchange Will Permit DMMs Limited-Entry to the Trading
Floor or Remote Access to Floor-Based System for Certain Auctions

December 29, 2020.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on December 28, 2020, New York Stock Exchange LLC (``NYSE''
or the ``Exchange'') filed

with the Securities and Exchange Commission (the ``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the self-regulatory organization. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes to add Commentary .07 to Rule 7.35A to
provide that, for a temporary period that begins December 28, 2020, and
ends on the earlier of a full reopening of the Trading Floor facilities
to DMMs or after the Exchange closes on April 30, 2021, the Exchange
would (1) permit a DMM limited entry to the Trading Floor or (2)
provide a DMM remote access to Floor-based systems, for the purpose of
effecting a manual Core Open Auction in connection with a corporate
action that may result in a significant price discovery event or a
manual Direct Listing Auction. The proposed rule change is available on
the Exchange's website at www.nyse.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 self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those 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 parts of such statements.

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

1. Purpose
    The Exchange proposes to add Commentary .07 to Rule 7.35A to
provide that, for a temporary period that begins December 28, 2020, and
ends on the earlier of a full reopening of the Trading Floor facilities
to DMMs or after the Exchange closes on April 30, 2021, the Exchange
would (1) permit a DMM limited entry to the Trading Floor or (2)
provide a DMM remote access to Floor-based systems, for the purpose of
effecting a manual Core Open Auction in connection with a corporate
action that may result in a significant price discovery event or a
manual Direct Listing Auction.
Background
    On December 23, 2020, in response to changes in the New York City-
area public health conditions, the CEO of the Exchange made a
determination under Rule 7.1(c)(3) that DMMs would temporarily return
to remote operations beginning on Monday, December 28, 2020.\4\ The
Exchange previously moved to fully electronic trading on a temporary
basis \5\ and then partially reopened in two phases,\6\ subject to
safety measures designed to prevent the spread of COVID-19.
---------------------------------------------------------------------------

    \4\ See Trader Update, dated December 23, 2020, available here:
https://www.nyse.com/publicdocs/nyse/notifications/trader-update/DMMs_moving_remote_December_2020.pdf.
    \5\ Beginning March 23, 2020, the Trading Floor facilities
located at 11 Wall Street in New York City temporarily closed. See
Press Release, dated March 18, 2020, available here: https://ir.theice.com/press/press-releases/all-categories/2020/03-18-2020-204202110. The Exchange's current rules establish how the Exchange
will function fully-electronically.
    \6\ On May 23, 2020, the Trading Floor was reopened on a limited
basis to a subset of Floor brokers. See Securities Exchange Act
Release No. 88933 (May 22, 2020), 85 FR 32059 (May 28, 2020) (SR-
NYSE-2020-47) (Notice of filing and immediate effectiveness of
proposed rule change). On June 17, 2020, the Trading Floor was
reopened to a subset of DMMs. See Securities Exchange Act Release
No. 89086 (June 17, 2020) (SR-NYSE-2020-52) (Notice of filing and
immediate effectiveness of proposed rule change).
---------------------------------------------------------------------------

    During the prior temporary period when DMMs operated remotely, the
Exchange added Commentaries .02, .03, .04, and .05 to Rule 7.35A, which
set forth limited circumstances when a DMM may be permitted limited
entry to the Trading Floor or provided remote access to Floor-based
systems for the purpose of effecting a manual IPO Auction, Core Open
Auction in connection with a listed company's post-IPO public offering,
or Trading Halt Auction for reopening a security following a regulatory
halt issued under Section 2 of the Listed Company Manual.\7\ Because
these Commentaries remain operative,\8\ beginning December 28, 2020,
the relief described in these Commentaries will be available to DMMs.
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release Nos. 88488 (March 26,
2020), 85 FR 18286 (April 1, 2020) (SR-NYSE-2020-23) (amending Rule
7.35A to add Commentary .02); 88546 (April 2, 2020), 85 FR 19782
(April 8, 2020) (SR-NYSE-2020-28) (amending Rule 7.35A to add
Commentary .03); 88705 (April 21, 2020), 85 FR 23413 (April 27,
2020) (SR-NYSE-2020-35) (amending Rule 7.35A to add Commentary .04);
and 88950 (May 26, 2020), 85 FR 33252 (June 1, 2020) (SR-NYSE-2020-
48) (amending Rule 7.35A to add Commentary .05).
    \8\ See Securities Exchange Act Release No. 90795 (December 23,
2020) (SR-NYSE-2020-106) (Notice of filing and immediate
effectiveness of proposed rule change to extend the temporary period
for specified Commentaries to Rules 7.35, 7.35A, 7.35B, and 7.35C
and temporary rule relief in Rule 36.30).
---------------------------------------------------------------------------

Proposed Rule Change
    The Exchange proposes to add Commentary .07 to Rule 7.35A to
provide that, for a temporary period that begins December 28, 2020, and
ends on the earlier of a full reopening of the Trading Floor facilities
to DMMs or after the Exchange closes on April 30, 2021, the Exchange
would (1) permit a DMM limited entry to the Trading Floor or (2)
provide a DMM remote access to Floor-based systems, for the purpose of
effecting a manual Core Open Auction in connection with a corporate
action that may result in a significant price discovery event or a
manual Direct Listing Auction.
    As noted above, during the prior temporary period while the Trading
Floor was closed to DMMs, the Exchange permitted limited reentry to the
Trading Floor for the purposes of effecting an IPO Auction, Core Open
Auction in connection with a post-IPO offering, and specified Trading
Halt Auctions. The Exchange has also provided DMMs with remote access
to NYSE trading systems that are located on the Trading Floor so that a
DMM can manually effect such Auctions remotely. The Exchange now
proposes to provide DMMs with limited entry to the Trading Floor or
remote access to NYSE trading systems so that a DMM may manually effect
a Core Open Auction in connection with a corporate action that may
result in a significant price discovery event or a Direct Listing
Auction.
    To effect this change, the Exchange proposes to add Commentary .07
to Rule 7.35A to provide that:

    For a temporary period that begins on December 28, 2020 and ends
on the earlier of a full reopening of the Trading Floor facilities
to DMMs or after the Exchange closes on April 30, 2021, the Exchange
will (1) permit a DMM limited entry to the Trading Floor or (2)
provide a DMM remote access to Floor-based systems, for the purpose
of effecting a manual Core Open Auction in connection with a
corporate action that may result in a significant price discovery
event or a manual Direct Listing Auction.

    After a security is listed, an issuer may undergo a corporate
action that results in a significant price discovery event for the Core
Open Auction on the morning of such corporate action. For example, a
new company may be listing in connection with a carve-out or spin-off
transaction. In such cases, both the

newly listed company and the existing issuer that is carving out or
spinning off a new listed company may undergo significant price
discovery events in their respective Core Open Auctions. Similarly, a
company emerging from bankruptcy may have a significant price discovery
event for its Core Open Auction. In addition, upon consumption of a
business combination, the Core Open Auction for an issuer listed as a
special purpose acquisition company (``SPAC'') may also result in a
significant price discovery event.\9\
---------------------------------------------------------------------------

    \9\ Section 102.06 of the Listed Company Manual sets forth
initial listing requirements applicable to a company whose business
plan is to complete an initial public offering and engage in a
merger or acquisition with one or more unidentified companies within
a specified period of time.
---------------------------------------------------------------------------

    While a DMM is permitted under Exchange rules to effect Core Open
Auctions electronically, even when a security is affected by a
corporate action, DMMs generally manually facilitate Core Open Auctions
for issuers undergoing corporate actions that may result in a
significant price discovery event. When a DMM manually effects such
Core Open Auctions, the DMM is able to publish pre-opening indications
pursuant to Rule 7.35A(d), which would be in addition to the Auction
Imbalance Information available for such Core Open Auctions, thus
promoting transparency in advance of a significant pricing event. In
addition, when manually effecting such Core Open Auctions, the DMM can
assess the buy and sell interest and determine when and at what price
to open the security. The Exchange believes that during the temporary
period when DMMs are operating remotely, it would promote fair and
orderly markets to provide DMMs with limited entry to the Trading Floor
or remote access to Floor-based systems so that DMMs may continue to
effect such Core Open Auctions manually.
    Separately, because of the importance of the DMM to the Direct
Listing Auction, the Exchange recently amended Rule 7.35C to provide
that the Exchange would not facilitate Direct Listing Auctions.\10\ In
addition, DMMs are not permitted to facilitate a Direct Listing Auction
electronically.\11\ Accordingly, a DMM must facilitate a Direct Listing
Auction manually. To enable the Exchange to provide issuers with the
option to list on the Exchange via a Direct Listing during the
temporary period when DMMs are operating remotely, the Exchange
proposes that DMMs be permitted limited entry to the Trading Floor and
be provided remote access to Floor-based systems for the purpose of
manually effecting a Direct Listing Auction.
---------------------------------------------------------------------------

    \10\ See Securities Exchange Act Release No. 90768 (December 22,
2020) (SR-NYSE-2019-67) (Order setting aside action by delegated
authority and approving a proposed rule change).
    \11\ See Rule 7.35C(c)(1)(C).
---------------------------------------------------------------------------

    This proposed rule change could be implemented immediately.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\12\ in general, and furthers the objectives of Section 6(b)(5) of
the Act,\13\ 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 mechanism of a free and open
market and a national market system.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    On December 23, 2020, the CEO made a determination under Rule
7.1(c)(3) that, beginning December 28, 2020, as a precautionary
measure, DMM units would return to working remotely.
    The Exchange believes that the proposed rule change would remove
impediments to and perfect the mechanism of a free and open market and
a national market system because it would promote fair and orderly Core
Open Auctions in connection with an issuer undergoing a corporate
action that may result in a significant price discovery event. The
Exchange believes that it would promote fair and orderly markets to
provide the DMM with mechanisms to facilitate such Core Open Auctions
manually because it would provide flexibility for the DMM of when to
facilitate such Auctions and at what price. DMMs would also be able to
publish pre-opening indications in connection with such Core Open
Auctions, which would promote transparency.
    In addition, because a Direct Listing Auction must be effected
manually, this proposed rule change would allow for Direct Listing
Auctions to occur during the period when the Trading Floor is
temporarily closed to DMMs. Accordingly, this proposed rule change
would remove impediments to and perfect the mechanism of a free and
open market and a national market system because the Exchange would be
able to provide issuers with the option to list on the Exchange via a
Direct Listing during the temporary period when DMMs are operating
remotely.
    The Exchange believes that, by clearly stating that this relief
will be in effect through the earlier of the reopening of the Trading
Floor facilities or the close of the Exchange on April 30, 2021, market
participants will have advance notice that a Core Open Auction in
connection with an issuer undergoing a corporate action that may result
in a significant price discovery event may be effected manually by the
DMM during this period, and therefore may not be conducted at 9:30 a.m.

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

    The Exchange does not believe that the proposed rule change would
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
not designed to address any competitive issues but rather is designed
to ensure fair and orderly Core Open Auctions in connection with a
corporate action that may result in a significant pricing event and
Direct Listing Auctions by providing a DMM with either limited access
to the Trading Floor or remote access to Floor-based systems for the
sole purpose of effecting such Auctions manually during a temporary
period when the Exchange Trading Floor has been closed to DMMs in
response to social-distancing measures designed to reduce the spread of
the COVID-19 virus.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \14\ and Rule 19b-4(f)(6) thereunder.\15\
Because the proposed rule change does not (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; or (iii) become operative prior to
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, the proposed rule change has become
effective pursuant to Section

19(b)(3)(A)(iii) of the Act \16\ and Rule 19b-4(f)(6)(iii)
thereunder.\17\
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \15\ 17 CFR 240.19b-4(f)(6).
    \16\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \17\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written 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.
The Exchange has complied with this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \18\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\19\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may take effect immediately. The Exchange has stated that, because of
the rapid changes to the New York City-area public health conditions,
it made the determination to close the Trading Floor to DMMs with only
two business days' notice before such closure would take effect.
However, the Exchange represents that at least three SPACs listed on
the Exchange are anticipated to complete their business combinations
during the week of December 28, 2020, and the Core Open Auctions for
such securities are expected to be significant pricing events. The
Exchange has asked the Commission to waive the operative delay so that
the DMM assigned to these securities would be able to effect the Core
Open Auctions manually. The Commission believes that waiver of the
operative delay is consistent with the protection of investors and the
public interest because it will allow the proposed rules to become
effective in time for DMMs to manually effect Core Open Auctions for
those securities that are anticipated to have significant price
discovery events during the week of December 28, 2020. Accordingly, the
Commission hereby waives the 30-day operative delay and designates the
proposal operative upon filing.\20\
---------------------------------------------------------------------------

    \18\ 17 CFR 240.19b-4(f)(6).
    \19\ 17 CFR 240.19b-4(f)(6)(iii).
    \20\ For purposes only of accelerating the operative date of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \21\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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-NYSE-2020-109 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-NYSE-2020-109. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSE-2020-109 and should be submitted on
or before January 26, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
---------------------------------------------------------------------------

    \22\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-29131 Filed 1-4-21; 8:45 am]
BILLING CODE 8011-01-P


UNITED STATES OF AMERICA

DEPARTMENT OF TRANSPORTATION

OFFICE OF THE SECRETARY

WASHINGTON, DC

Issued by the Department of Transportation on August 9, 2004

   NOTICE OF ACTION TAKEN -- UNDOCKETED

________________________________________________________________________
_________________________________

This serves as notice to the public of the action described below, taken
by the Department official indicated (no additional confirming order
will be issued in this matter).

BACKGROUND

On June 18, 2004, the United States and the People’s Republic of China
(PRC) initialed a protocol amending the U.S.-PRC aviation agreement.
The amended agreement greatly expands the opportunities for the air
carriers of both countries, including the opportunities for charters.
Under the new agreement, each Party shall approve applications by the
airlines of the other Party for 75 one-way charter flights annually from
August 1 of each year, between points in China Zone 1 and U.S. points on
city pairs served by Chinese carriers’ scheduled services of the same
type (combination or all-cargo) as the proposed charter flight, and 75
one-way charter flights annually from August 1 of each year, between
points in China Zone 2 and U.S. points on city pairs served by Chinese
carriers’ scheduled services of the same type (combination or
all-cargo) as the proposed charter flight.

By letter dated June 28, 2004, Kalitta Air, Inc. requested an allocation
of 29 charters to a point in China Zone 1.  Evergreen filed a response
to Kalitta’s request stating that it believed it was necessary for the
Department to provide interested carriers with advance notice of what
procedures would be established to distribute the available charters for
Zones 1 and 2.  We granted Kalitta’s request on July 16 and stated
that we would address the question of procedures for allocating the
remaining charters by separate action.  On August  5, 2004, the
Department notified U.S. carriers of procedures to distribute the newly
available charter opportunities between the United States and the
People’s Republic of China (PRC).

XX  Request of Polar Air Cargo, Inc., for allocation of 24 U.S.-China
all-cargo charter flights

By letter dated July 23, 2004, Polar requested an allocation of 24
one-way charters to provide service over the routing Shanghai –
(Anchorage) – Chicago.  Polar proposes to operate these charters
between September 8 and October 31, 2004.

XX  Request of Kalitta Air, Inc., for allocation of 4 U.S.-China
all-cargo charter flights

By letter dated July 26, 2004, Kalitta requested an allocation of an
additional four one-way charters to provide service over the routing
Shanghai – (Khabarovsk, Russia) – (Anchorage) – Los Angeles.
Kalitta proposes to operate these charters between August 25 and
September 22, 2004.

Evergreen and Kalitta filed answers to Polar’s request, and Polar
filed a reply.  Evergreen requests that the Department withhold a
decision on Polar’s request until the Department issues procedures to
be followed for allocation of the remaining Zone 1 and Zone 2 charter
flights.

2

Kalitta objected to Polar’s request, stating that Polar is an
applicant for a U.S.-China designation and frequencies and should not be
permitted to receive a large number of the available charters until the
Department’s decision on the scheduled designation is made.  Kalitta
argues that Polar’s receipt of this number of charters would preclude
other carriers from discussing any extended program with potential
customers, leaving Polar able to commence its scheduled operations
(assuming it is awarded the scheduled designation) without this added
competition from the lower-priced charter alternatives in the market.
Kalitta maintains that even if the charters were returned to DOT for
reallocation, they would have been unavailable during the period when
shippers are most likely to be arranging their charter lift for the
year, particularly at the peak season.

Polar notes that Evergreen did not specifically object to an allocation
to Polar but asked that the Department issue procedures to be followed
before acting on applications.  Polar states that it has entered into a
contract and that the limited time remaining to receive approval and
complete necessary arrangements in advance of the charter flights
requires prompt action on Polar’s request.

Polar notes that Kalitta has already received 29 charters.  It states
that, should Polar be fortunate enough to win the new designation, CAAC
approval will have to be obtained before service can begin, and thus,
these charters will be the only means of serving the market during the
months of September and October.  Polar further states that if selected
for scheduled service, and if scheduled operations are allowed to
commence before the end of the period for which these charters are
requested, Polar will return the remaining charters to the Department
for reallocation.

Applicant reps:   Kevin Montgomery (Polar)<PHONE_NUMBER>   DOT Analyst:
Sylvia Moore<PHONE_NUMBER>

	             Mark Atwood (Kalitta)<PHONE_NUMBER>

DISPOSITION

XX  Granted (See Remarks)

The above action was granted to Polar on   August 9, 2004, and will be
effective  September 8, 2004,  through  October 31, 2004

The above action was granted to Kalitta on August 9, 2004, and will be
effective August 25, 2004, through  September 22, 2004

Action taken by:	 Paul L. Gretch, Director

	               Office of International Aviation

Remarks:  We have decided to grant Polar and Kalitta the charter flights
they seek for U.S.-China cargo service to a point in Zone 1.  It is our
policy to ensure that the operating rights available to U.S. carriers
are fully utilized.  No other carrier has presented an application to
operate any charters at this time.  Both Polar and Kalitta have
demonstrated that they have firm plans to utilize the charters.  With
respect to the concerns raised by Evergreen, we have, as noted above,
issued procedures for the allocation of the charters at issue here.
With respect to Kalitta’s concerns, we do not see as dispositive the
fact that Polar is an applicant in the 2004 Cargo Designation and
2004/2005 All-Cargo Frequencies (U.S.-People’s Republic of China)
Proceeding to determine the recipient of the newly-available scheduled
cargo designation in the U.S.-China market.  A decision in that
carrier-selection case has not been made, so Polar has no ability to
serve the U.S.-China market other than by using the charters available
from the pool.  Moreover, as noted, Polar has

3

agreed that, if it is selected for the available scheduled cargo
designation, it will return to the pool any unused charters upon
commencement of its scheduled service in the market.  We find that,
under the circumstances presented, the public interest supports a
decision to approve Polar’s and Kalitta’s requests.

With the grant of these requests, 18 charters remain in the pool for
Zone 1.

An electronic version of this document is available on the World Wide
Web at:

http://dms.dot.gov//reports/reports_aviation.asp

 On July 24, 2004, the Protocol was signed and formally brought into
force.

 China Zone 1 consists of Shanghai, Beijing, and Guangzhou.

 China Zone 2 consists of Anhui, Fujian, Guangdong (except Guangzhou),
Hebei, Henan, Hubei, Hunan, Jiangsu, Jiangxi, Shandong, Shanxi, Tianjin,
and Zhejiang.

 The August 5 Notice assigns to the Director of the Office of
International Aviation the authority to administer distribution of the
flights from the charter pool for this and subsequent years, and where
deemed in the public interest, to waive the restrictions on the charter
pool.


[Federal Register Volume 77, Number 57 (Friday, March 23, 2012)]
[Rules and Regulations]
[Pages 16928-16929]
[FR Doc No: 2012-6982]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2012-0078]

Drawbridge Operation Regulation; Miami River, Miami, FL

AGENCY: Coast Guard, DHS.

ACTION: Notice of temporary deviation from regulation; request for
comments.

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SUMMARY: The Commander, Seventh Coast Guard District, has issued a
temporary deviation from the regulation governing the operation of the
N.W. 12th Avenue Bridge across the Miami River, mile 2.1, in Miami,
Florida. This deviation will test a change to the drawbridge operation
schedule to determine whether a permanent change to the schedule is
needed. The test deviation is necessary to determine whether possible
vehicle traffic congestion during Miami Marlins home baseball games
poses a safety concern. This 90 day test deviation will allow the N.W.
12th Avenue Bridge to remain closed to navigation for a short period
prior to the start of Miami Marlins home baseball games. Tugs and tugs
with tows, public vessels of the United States, and vessels in distress
shall be passed at any time.

DATES: This deviation is effective from 6:46 p.m. on April 4, 2012
through 7:30 p.m. on July 3, 2012.
    Comments and related material must be received by the Coast Guard
on or before August 1, 2012. Requests for public meetings must be
received by the Coast Guard on or before May 15, 2012.

ADDRESSES: You may submit comments identified by docket number USCG-
2012-0078 using any one of the following methods:
    (1) Federal eRulemaking Portal: http://www.regulations.gov.
    (2) Fax:<PHONE_NUMBER>.
    (3) Mail: Docket Management Facility (M-30), U.S. Department of
Transportation, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590-0001.
    (4) Hand delivery: Same as mail address above, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays. The telephone
number is<PHONE_NUMBER>.
    To avoid duplication, please use only one of these four methods.
See the ``Public Participation and Request for Comments'' portion of
the SUPPLEMENTARY INFORMATION section below for instructions on
submitting comments.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Michael Lieberum, Seventh District Bridge Branch, Coast
Guard; telephone<PHONE_NUMBER>, email<EMAIL_ADDRESS>If
you have questions on viewing or submitting material to the docket,
call Renee V. Wright, Program Manager, Docket Operations, telephone
(202) 366-9826.

SUPPLEMENTARY INFORMATION:

Public Participation and Request for Comments

    We encourage you to participate in this rulemaking by submitting
comments and related materials. All comments received will be posted,
without change, to http://www.regulations.gov and will include any
personal information you have provided.

Submitting Comments

    If you submit a comment, please include the docket number for this
rulemaking (USCG-2012-0078), indicate the specific section of this
document to which each comment applies, and provide a reason for each
suggestion or recommendation. You may submit your comments and material
online (http://www.regulations.gov), or by fax, mail or hand delivery,
but please use only one of these means. If you submit a comment online
via http://www.regulations.gov, it will be considered received by the
Coast Guard when you successfully transmit the comment. If you fax,
hand deliver, or mail your comment, it will be considered as having
been received by the Coast Guard when it is received at the Docket
Management Facility. We recommend that you include your name and a
mailing address, an email address, or a phone number in the body of
your document so that we can contact you if we have questions regarding
your submission.
    To submit your comment online, go to http://www.regulations.gov,
click on the ``submit a comment'' box, which will then become
highlighted in blue. In the ``Keyword'' box insert ``USCG-2012-0078,''
click ``Search,'' and then click on the balloon shape in the
``Actions'' column. If you submit your comments

by mail or hand delivery, submit them in an unbound format, no larger
than 8\1/2\ by 11 inches, suitable for copying and electronic filing.
If you submit them by mail and would like to know that they reached the
Facility, please enclose a stamped, self-addressed postcard or
envelope. We will consider all comments and material received during
the comment period and may change the rule based on your comments.

Viewing Comments and Documents

    To view comments, as well as documents mentioned in this preamble
as being available in the docket, go to http://www.regulations.gov,
click on the ``read comments'' box, which will then become highlighted
in blue. In the ``Keyword'' box insert ``USCG-2012-0078'' and click
``Search.'' Click the ``Open Docket Folder'' in the ``Actions'' column.
You may also visit the Docket Management Facility in Room W12-140 on
the ground floor of the Department of Transportation West Building,
1200 New Jersey Avenue SE., Washington, DC 20590, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays. We have an
agreement with the Department of Transportation to use the Docket
Management Facility.

Privacy Act

    Anyone can search the electronic form of comments received into any
of our dockets by the name of the individual submitting the comment (or
signing the comment, if submitted on behalf of an association,
business, labor union, etc.). You may review a Privacy Act notice
regarding our public dockets in the January 17, 2008, issue of the
Federal Register (73 FR 3316).

Public Meeting

    We do not now plan to hold a public meeting. But you may submit a
request for one using one of the four methods specified under
ADDRESSES. Please explain why one would be beneficial. If we determine
that one would aid this rulemaking, we will hold one at a time and
place announced by a later notice in the Federal Register.

Basis and Purpose

    The legal basis for test deviations to drawbridge operating
schedules is the Coast Guard's authority to regulate drawbridge
operations: 33 U.S.C. 499; 33 CFR 1.05-1; Department of Homeland
Security Delegation No. 0170.1.
    The purpose of the test deviation is to determine whether the
current drawbridge operation schedule meets the needs of navigation and
land traffic.

Discussion

    The Miami Marlins Organization has requested bridge opening
limitations to the N.W. 12th Avenue Bridge over the Miami River mile
2.1, in Miami, Florida, in order to determine whether traffic
congestion during Miami Marlins home baseball games poses a safety
concern and whether a brief closure will mitigate such congestion. This
90 day test deviation will allow this bridge to remain closed to
navigation from 6:46 p.m. until 7:30 p.m., Monday through Friday,
during Miami Marlins home baseball games on April 4, 13, 17, 18, 19,
27, 30; May 11, 14, 15, 21, 22, 23, 24, 25, 28, 29, 30; June 5, 6, 7,
8, 11, 12, 13, 22, 25, 26, 27, and 29.
    The N.W. 12th Avenue Bridge provides a vertical clearance of 22
feet above mean high water in the closed position, and a horizontal
clearance of 150 feet. The normal operating schedule for the bridge is
set forth in 33 CFR 117.305(b), which states that the draws of the S.W.
First Street Bridge, mile 0.9, up to and including the N.W. 27th Avenue
Bridge, mile 3.7 at Miami, shall open on signal; except that, from 7:35
a.m. to 8:59 a.m. and 4:45 p.m. to 5:59 p.m., Monday through Friday,
except Federal holidays, the draws need not open for the passage of
vessels.
    This 90 day test deviation will be in effect from 6:46 p.m. on
April 4, 2012 through 7:30 p.m. on July 3, 2012. Tugs and tugs with
tows, public vessels of the United States, and vessels in distress
shall be passed at any time.
    In accordance with 33 CFR 117.35(e), the drawbridge must return to
its regular operating schedule immediately at the end of the designated
time period. This test deviation from the operating regulations is
authorized under 33 CFR 117.35.

    Dated: February 29, 2012.
B.L. Dragon,
Bridge Program Director, Seventh Coast Guard District.
[FR Doc. 2012-6982 Filed 3-22-12; 8:45 am]
BILLING CODE 9110-04-P