[Federal Register Volume 85, Number 230 (Monday, November 30, 2020)]
[Notices]
[Pages 76642-76645]
[FR Doc No: 2020-26279]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90482; File No. SR-CBOE-2020-110]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing of a Proposed Rule Change Amending Rule 5.52(d) in Connection
With a Market-Maker's Electronic Volume Transacted on the Exchange

November 23, 2020.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on November 13, 2020, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``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 Substance
of the Proposed Rule Change

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend Rule 5.52(d) in connection with a Market-Maker's electronic
volume transacted on the Exchange. The text of the proposed rule change
is provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), 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
    The Exchange proposes to amend Rule 5.52(d) in connection with a
Market-Maker's electronic volume transacted on the Exchange. Current
Rule 5.52(d)(1) provides that if a Market-Maker never trades more than
20% of the Market-Maker's contract volume electronically in an
appointed class during any calendar quarter, a Market-Maker will not be
obligated to quote electronically in any designated percentage of
series within that class pursuant to subparagraph (d)(2) (which governs
the continuous electronic quoting requirements for Market-Makers in
their appointed classes). That is, once a Market-Maker surpasses the
20% electronic volume threshold in an appointed class, the Market-Maker
is required to provide continuous electronic quotes in that appointed
classes going forward. Neither Rule 5.52(d)(1) nor (d)(2) permit a
Market-Maker to reduce its electronic volume after surpassing the 20%
threshold in order to reset the electronic volume trigger or otherwise
undo the resulting obligation to stream electronic quotes once the 20%
threshold is triggered in an appointed class.
    Market-Makers accustomed to executing volume on the trading floor
have sophisticated and complicated risk modeling associated with their
floor trading activity, including quoting, monitoring, and responding
to the trading crowd. However, the Exchange understands that while such
Market-Makers do have separate systems or third-party platforms for
quoting, monitoring and responding to electronic markets, because these
Market-Makers are almost exclusively floor-based, their technology or
other platforms enabling them to quote electronically do not achieve
the level of sophistication or complexity as the systems used by
Market-Makers accustomed to quoting electronically. Indeed, to satisfy
the continuous electronic quoting requirements, a Market-Maker must
provide continuous bids and offers for 90% of the time the Market-Maker
is required to provide electronic quotes in an appointed option class
on a given trading day and must provide continuous quotes in 60% of the
series of the Market-Maker's appointed classes. The Exchange determines
compliance by a Market-Maker with this quoting obligation on a monthly
basis. In addition to this, a Market-Makers must, among other things,
compete with other Market-Makers in its appointed classes, update
quotations in response to changed market conditions in its appointed
classes, maintain active markets in its appointed classes, and,
overall, engage in a course of dealings reasonably calculated to
contribute to the maintenance of a fair and orderly market. Market-
Makers that are predominantly floor-based generally do not have the
technology or electronic trading sophistication to fully satisfy the
continuous electronic quoting obligations, as well as other heightened
standards required of a Market-Maker in its appointed classes
electronically, once the 20% electronic volume threshold is triggered.
    The Exchange has observed that in the past year, particularly given
the significant increase in market volatility and unpredictability of
market conditions in the months leading up to and during the COVID-19
pandemic,\3\ Market-Makers that almost exclusively execute their volume
in open outcry and had not prior triggered an electronic quoting
obligation pursuant to Rule 5.52(d)(2), incidentally breached the 20%
electronic volume threshold in certain appointed classes during a
single quarter and were thereby obliged to provide continuous
electronic quotes in those classes going forward. As stated above, once
a Market-Maker surpasses the electronic volume threshold in an
appointed class, and the electronic quoting obligation is triggered,
Rules 5.52(d)(1) and (d)(2) do not permit a Market-Maker to reset the
trigger -- a Market-Maker is required to stream electronic quotes in
that appointed class beginning the next calendar quarter and from there
on out. As such, once the

20% threshold was surpassed by Market-Makers accustomed to quoting on
the trading floor, these Market-Makers had to be equipped to uphold
continuous electronic quoting obligations by just the next calendar
quarter, production of which was exacerbated by the volatile and
unusual market conditions present in the markets over the past year. As
a result, the Exchange has observed that at least one Market-Maker \4\
has been unable to successfully fulfill its new continuous electronic
quoting obligations in subsequent months. The Exchange understands this
is due to the Market-Maker not having the appropriate technology to
successfully provide continuous electronic quotes. The Exchange
believes requiring a Market-Maker not accustomed to and lacking the
appropriate technology to provide continuous electronic quotes may
potentially pose risk to the maintenance of fair and order markets as
well as risk to the Market-Makers themselves as they are not able to
compete in the electronic markets.
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    \3\ The Exchange notes that after volatility and unusual market
conditions beginning at the end of 2019 and continuously increasing
through 2020 as a result of the impact of COVID19 and related
factors, some market participants may have experienced significant
trading losses, resulting in their limiting their trading behavior
and risk exposure. The Exchange understands that firms, not
otherwise highly active in the electronic markets, may have executed
electronically in order to close positions, reduce exposure, and
otherwise mitigate losses and reduce risk in light of market
conditions experienced at various points throughout the year. These
firms may have also reduced open outcry activity as part of the same
risk-reducing strategy, resulting in a coincidental change in the
mix of electronic versus open outcry volume for such generally
floor-based Market-Makers.
    \4\ The Exchange is aware of at least two Market-Makers which
have (1) triggered the 20% electronic volume threshold in the
proposed timeframe and (2) have subsequently been unable to satisfy
the continuous electronic quoting obligations for at least two
consecutive months within the same timeframe. One such Market-Maker
has been registered as a Market-Maker on the Exchange since 1997
(however, such firm has recently been dissolved) and one has been
registered as a Market-Maker on the Exchange since 2001. The
Exchange also notes that there are other Market-Makers that are not
currently subject to the continuous electronic quoting requirements
in their appointed classes. For example, the Exchange is aware of at
least three Market-Makers that are not currently obligated to
provide continuous electronic quotes in SPX.
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    Therefore, the Exchange proposes to amend Rule 5.52(d)(1) in a
manner that allows Market-Makers that, up until recently, have not
before been obliged to provide continuous electronic quotes in their
appointed classes to essentially reset the trigger on their electronic
volume threshold in Rule 5.52(d)(1). Specifically, the proposed rule
change adopts Rule 5.52(d)(1)(B) \5\ which provides that if, between
October 1, 2019 and December 31, 2020, a Market-Maker (i) has, for the
first time, traded more than 20% of the Market-Maker's contract volume
electronically in an appointed class during any calendar quarter and,
subsequently, (ii) has not provided electronic continuous quotes
pursuant to subparagraph (d)(2) below for any two consecutive months,
then, beginning January 1, 2021, the Market-Maker will be subject to
subparagraph (d)(1)(A) above. Proposed Rule 5.52(d)(1)(A) amends the
current language in Rule 5.52(d)(1) to provide that if a Market-Maker
never trades more than 20% of the Market-Maker's contract volume
electronically in an appointed class during any two consecutive
calendar quarters, a Market-Maker will not be obligated to quote
electronically in any designated percentage of series within that class
pursuant to subparagraph (d)(2).\6\ In this way, the proposed rule
change allows those Market-Makers that predominantly provide liquidity
on the trading floor and surpassed the electronic volume threshold only
in the past year due to extraordinary and extreme volatility, and,
subsequently, are not able to satisfy the continuous electronic quoting
requirement on a monthly basis going forward, to again be subject only
to open outcry quoting requirements so they may focus on providing
liquidity in open outcry in accordance with their business models.\7\
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    \5\ The proposed rule change also updates the format of Rule
5.51(d)(1) by adopting the title ``Electronic Volume Threshold'' and
Rule 5.51(d)(1)(A) to govern the provision under current Rule
5.51(d)(1), and adopts the title ``Continuous Electronic Quotes''
for Rule 5.52(d)(2).
    \6\ The proposed rule change also updates Rule 5.52(d)(2) to
reflect the proposed two consecutive quarter language where the Rule
refers to the electronic volume threshold.
    \7\ The Exchange notes that the proposed rule change does not
preclude the application of Rule 13.15(g)(14)(A), which, as part of
the Minor Rule Violation Plan (``MRVP''), allows the Exchange to
impose a fine on Market-Makers for failure to meet their continuous
quoting obligations, including on any Market-Maker that is able to
``reset'' on January 1, 2021. The Exchange additionally notes that
the proposed rule change also does not preclude the Exchange from
referring matters covered under the MRVP for formal disciplinary
action, pursuant to Rule 13.15(f), whenever it determines that any
violation is intentional, egregious or otherwise not minor in
nature.
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    The proposed rule change to change the electronic volume threshold
trigger from one calendar quarter to two consecutive calendar quarters
is designed to mitigate any potential future risk that Market-Makers
accustomed to providing liquidity on the trading floor that
incidentally trigger the threshold as market volatility and unusual
market conditions arise have to quote electronically. The proposed rule
change provides a grace period for such Market-Makers to reduce their
electronic volume in the subsequent quarter, thus not automatically
subjecting them to the continuous electronic quoting requirements and
providing them the opportunity to continue to focus on providing liquid
markets in open outcry in accordance with their business models. As
such, the proposed rule change is designed to maintain fair and orderly
markets, in that, it reduces the likelihood that Market-Makers not
equipped to compete and stream quotes in the electronic markets at
competitive prices because their business models apply primarily to
open outcry trading are not compelled to attempt do so. The Exchange
believes imposing continuous electronic quoting obligations on such
Market-Makers may result in their inability to consistently stream
electronic quotes on a monthly basis going forward and to comply with
their other Market-Maker responsibilities, including engaging in a
course of dealings that must be reasonably calculated to contribute to
the maintenance of a fair and orderly market, refraining from making
bids or offers that are inconsistent with such course of dealings, and
updating quotations in response to changed market conditions. The
proposed rule change instead allows those Market-Makers to continue to
provide liquidity to their appointed classes in open outcry. By
allowing for a grace period for a Market-Maker to reduce their
electronic volume if the electronic volume threshold is triggered in a
preceding quarter, the proposed rule change is intended to support the
overall purpose of the rule in providing open outcry Market-Makers the
opportunity to continue to provide liquid markets on the Exchange's
trading floor without having to quote electronically in accordance with
their intended business model. The Exchange notes that the proposed
rule change would not impact streaming quotes and liquidity in the
electronic markets, as any Market-Maker subject to the continuous
electronic quoting obligation prior to October 1, 2019 will continue to
be subject this obligation.
    Finally, the proposed rule change also removes the rollout period
for new classes in Rule 5.52(d)(1), which currently provides that for a
period of 90 days commencing immediately after a class begins trading
on the System, this subparagraph (d)(1) governs trading in that class.
The rollout period was implemented in connection with the transition of
certain classes to the Exchange's former Hybrid System.\8\ As of 2018,
all classes listed for trading on the Exchange now trade on the same
platform, the Exchange's System. Therefore, a rollout period is no
longer necessary. All Market-Makers in new classes and likewise all new
Market-Makers will be equally subject to the electronic volume
threshold pursuant to Rule 5.52(d)(1) and (d)(2) upon starting out.
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    \8\ See Securities Exchange Act Release No. 47959 (May 30,
2003), 68 FR 34441 (June 9, 2003) (SR-CBOE-2002-05).

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2. Statutory Basis

    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\9\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \10\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \11\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
    \11\ Id.
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    In particular, the proposed rule change is consistent with the Act
in that it removes impediments to and perfects the mechanism of a free
and open market and in general protects investors by allowing Market-
Makers accustomed to quoting on the trading floor and, therefore, not
readily equipped to successfully stream electronic quotes on a
continuous basis going forward, to essentially reset the trigger on
their electronic volume threshold. As described above, the Exchange
understands that certain Market-Makers who primarily operate on the
trading floor do not support systems with the level of sophistication
and complexity that would allow them to compete in the electronic
markets or satisfy the continuous electronic quoting obligations month-
to-month pursuant to the Exchange Rules. Therefore, the Exchange
believes the proposed rule change to essentially reset the electronic
volume threshold for any Market-Maker that breached the threshold since
October 1, 2019 (in which the markets regularly experienced periods of
high volatility and overall unusual market conditions) and to implement
two consecutive quarters in connection with the 20% electronic volume
threshold will assist in the maintenance of a fair and orderly market,
and the protection of investors generally, by reducing the likelihood
that Market-Makers without sufficient equipment to stream competitive
electronic quotes on an ongoing basis that may incidentally trigger the
electronic volume threshold, especially in light of market volatility
and unusual market conditions that continue to arise as a result of the
ongoing COVID-19 pandemic, are not necessarily required to do so. In
turn, the Exchange believes the proposed rule change will provide these
Market-Makers with the opportunity to continue to focus on providing
liquidity on the trading floor and satisfy their obligation to engage
in a course of dealings reasonably calculated to contribute to the
maintenance of a fair and orderly market and their other Market-Maker
obligations. Therefore, the Exchange also believes the proposed rule
change furthers the objectives of Section 6(c)(3) of the Act,\12\ which
authorizes the Exchange to, among other things, prescribe standards of
financial responsibility or operational capability and standards of
training, experience and competence for its Trading Permit Holders and
person associated with Trading Permit Holders.
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    \12\ 15 U.S.C. 78f(c)(3).
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    In addition to this, the Exchange believe that the proposed rule
change is reasonably designed to apply to those Market-Makers that
incidentally breached the electronic volume threshold during a specific
timeframe in which the Exchange observed regular periods of volatility
and overall unusual market conditions, which led to higher volume that
the Exchange believes resulted in certain Market-Makers triggering the
continuous electronic quoting requirement threshold. The Exchange also
believes that the specific timeframe and application of proposed rule
does not affect Market-Makers that fall outside the scope of the
proposed rule, as such Market-Makers were, prior to the proposed
timeframe, already obliged to provide continuous electronic quotes in
their appointed classes and will continue to be obligated to satisfy
such monthly quoting requirements. The Exchange believes that the
proposed rule change will generally protect investors as it is designed
to support the overall purpose of the rule in permitting open outcry
Market-Makers to continue to conduct their business as intended--
providing liquid markets on the Exchange's trading floor without having
to quote electronically.
    Finally, the Exchange believes that the proposed rule change to
remove the rollout provision for new classes will remove impediments to
and perfect the mechanism of a free and open market and national market
system because it removes a provision that is no longer necessary as a
result of the full transition of all classes listed on the Exchange to
trading on the Exchange's System. All Market-Makers in new classes, and
likewise all new Market-Makers, will continue to have the opportunity
to acclimate to their market making obligations in newly appointed
classes as they will be equally subject to the electronic volume
threshold pursuant to Rule 5.52(d)(1) and (d)(2) upon starting out.

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. The Exchange does not
believe that the proposed rule change will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act, because the proposed rule
change will apply in the same manner to all Market-Makers that, for the
first time ever, reached the electronic volume threshold between
October 1, 2019 and December 31, 2020. The proposed 20% threshold will
continue to apply equally to all Market-Makers, yet Market-Makers that
incidentally reach the threshold may have a grace period to realign
their volume in accordance with their intended business model--
providing liquid markets on the Exchange's trading floor without having
to quote electronically. The Exchange also does not believe that the
proposed rule change would impose any significant burden on those
Market-Makers that do not fall within the scope of the proposed rule
because all such Market-Makers will continue to be obligated to provide
continuous electronic volume in their appointed classes as they do
today. In addition to this, the proposed deletion of the new class
rollout period would not impose any burden on competition as it merely
removes a rollout period related to the Exchange's prior transition of
classes to its former Hybrid System that is no longer necessary. All
new classes and all new Market-Makers will be equally subject to the
electronic volume threshold pursuant to Rule 5.52(d)(1) and (d)(2) upon
starting out.
    The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
electronic volume threshold applies only for the purposes of

determining when a Market-Maker is subject to certain quoting
obligations on the Exchange.

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

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

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
    A. By order approve or disapprove such proposed rule change, or
    B. institute proceedings to determine whether the proposed rule
change should be 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-CBOE-2020-110 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-CBOE-2020-110. 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-CBOE-2020-110 and should be submitted on
or before December 21, 2020.

    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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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-26279 Filed 11-27-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: August 12, 2008 (Volume 73, Number 156)]
[Notices]
[Page 46913]
[DOCID:fr12au08-68]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[FEMA-1776-DR]

Kansas; 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 Kansas (FEMA-1776-DR), dated July 9, 2008, and related
determinations.

DATES: Effective Date: August 4, 2008.

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

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
for the State of Kansas is hereby amended to include the following
areas among those areas determined to have been adversely affected by
the catastrophe declared a major disaster by the President in his
declaration of July 9, 2008.

    Elk, Haskell, Reno, and Wilson Counties for Public Assistance.

(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.)

R. David Paulison,
Administrator, Federal Emergency Management Agency.
[FR Doc. E8-18525 Filed 8-11-08; 8:45 am]

BILLING CODE 9110-10-P


[Federal Register Volume 78, Number 194 (Monday, October 7, 2013)]
[Notices]
[Pages 61947-61948]
[FR Doc No: 2013-24378]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP13-547-000]

Equitrans, L.P.; Notice of Request Under Blanket Authorization

    Take notice that on September 16, 2013, Equitrans, L.P.
(Equitrans), 625 Liberty Avenue, Suite 1700, Pittsburgh, Pennsylvania
15222-3111, filed in Docket No. CP13-547-000, a prior notice request
pursuant to sections 157.205, 157.208(c), and 157.210 of the
Commission's regulations under the Natural Gas Act (NGA). Equitrans
seeks authorization to construct a 12,913 horsepower turbine compressor
at its existing Jefferson Compressor Station in Green County,
Pennsylvania, at an estimated cost of approximately $30,800,000. The
project is intended to provide approximately 600 million cubic feet per
day of additional capacity to serve the needs of producers in the
Marcellus Shale region of northern West Virginia and Southwestern
Pennsylvania, all as more fully set forth in the application which is
on file with the Commission and open to public inspection.
    The filing may be viewed on the web at http://www.ferc.gov using
the ``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. For
assistance, contact FERC at<EMAIL_ADDRESS>or call toll-
free,<PHONE_NUMBER> or TYY,<PHONE_NUMBER>.
    Any questions regarding this application should be directed to Paul
W. Diehl, Senior Counsel--Midstream, at EQT Corporation, 625 Liberty
Avenue, Suite 1700, Pittsburgh, PA 15222, or by calling<PHONE_NUMBER>,
or by email to<EMAIL_ADDRESS>    Any person or the Commission's Staff may, within 60 days after the
issuance of the instant notice by the Commission, file pursuant to Rule
214 of the Commission's Procedural Rules (18 CFR 385.214) a motion to
intervene or notice of intervention and, pursuant to section 157.205 of
the Commission's Regulations under the NGA (18 CFR 157.205) a protest
to the request. If no protest is filed within the time allowed
therefore, the proposed activity shall be deemed to be authorized
effective the

day after the time allowed for protest. If a protest is filed and not
withdrawn within 30 days after the time allowed for filing a protest,
the instant request shall be treated as an application for
authorization pursuant to section 7 of the NGA.
    Pursuant to Section 157.9 of the Commission's rules, 18 CFR 157.9,
within 90 days of this Notice the Commission staff will either:
complete its environmental assessment (EA) and place it into the
Commission's public record (eLibrary) for this proceeding, or issue a
Notice of Schedule for Environmental Review. If a Notice of Schedule
for Environmental Review is issued, it will indicate, among other
milestones, the anticipated date for the Commission staff's issuance of
the final environmental impact statement (FEIS) or EA for this
proposal. The filing of the EA in the Commission's public record for
this proceeding or the issuance of a Notice of Schedule for
Environmental Review will serve to notify federal and state agencies of
the timing for the completion of all necessary reviews, and the
subsequent need to complete all federal authorizations within 90 days
of the date of issuance of the Commission staff's FEIS or EA.
    Persons who wish to comment only on the environmental review of
this project should submit an original and two copies of their comments
to the Secretary of the Commission. Environmental commenters will be
placed on the Commission's environmental mailing list, will receive
copies of the environmental documents, and will be notified of meetings
associated with the Commission's environmental review process.
Environmental commenters will not be required to serve copies of filed
documents on all other parties. However, the non-party commenters will
not receive copies of all documents filed by other parties or issued by
the Commission (except for the mailing of environmental documents
issued by the Commission) and will not have the right to seek court
review of the Commission's final order.
    The Commission strongly encourages electronic filings of comments,
protests, and interventions via the internet in lieu of paper. See 18
CFR 385.2001(a)(1)(iii) and the instructions on the Commission's Web
site (www.ferc.gov) under the ``e-Filing'' link. Persons unable to file
electronically should submit an original and 7 copies of the protest or
intervention to the Federal Energy Regulatory Commission, 888 First
Street NE., Washington, DC 20426. See 18 CFR 385.2001(a)(1)(iii) and
the instructions on the Commission's Web site under the ``e-Filing''
link.

    Dated: September 26, 2013.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2013-24378 Filed 10-4-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 86, Number 162 (Wednesday, August 25, 2021)]
[Rules and Regulations]
[Pages 47384-47386]
[FR Doc No: 2021-18151]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2021-0414]
RIN 1625-AA00

Safety Zone; M/V ZHEN HUA 24, Crane Delivery Operation,
Chesapeake Bay and Patapsco River, Baltimore, MD

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary safety zone for
certain waters of the Chesapeake Bay and Patapsco River. This action is
necessary to provide for the safety of life on these navigable waters
during the movement of the M/V ZHEN HUA 24 while it is transporting
four new Super-Post Panamax container cranes to the Port of Baltimore.
M/V ZHEN HUA 24 is anticipated to arrive between August 26, 2021 and
September 15, 2021. This rulemaking will prohibit persons and vessels
from being in the safety zone unless authorized by the Captain of the
Port Maryland-National Capital Region or a designated representative.

DATES: This rule is effective from August 26, 2021, to September 15,
2021.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to https://www.regulations.gov, type USCG-
2021-0414 in the ``SEARCH'' box and click ``SEARCH.'' Next, in the
Document Type column, select ``Supporting & Related Material.''

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email MST3 Melissa Kelly, Sector Maryland-NCR, Waterways
Management Division, U.S. Coast Guard: telephone<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
COTP Captain of the Port
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
Sec.  Section
U.S.C. United States Code

II. Background Information and Regulatory History

    On June 28, 2021, Ports America Chesapeake, LLC notified the Coast
Guard that the M/V ZHEN HUA 24 will be transporting four new Super-Post
Panamax container cranes to the Port of

Baltimore. The vessel transit is taking place from Shanghai, China. The
M/V ZHEN HUA 24 is anticipated to arrive between August 26, 2021, and
September 15, 2021. The current estimated arrival date is September 2,
2021, but is subject to change. These cranes will be delivered to, and
installed at, the Seagirt Marine Terminal at Baltimore, MD. Prior to
transiting to Baltimore, MD, the vessel will arrive in the Chesapeake
Bay near Annapolis, MD, to anchor and conduct appropriate cargo
configuration for transit. In response, on July 27, 2021, the Coast
Guard published a notice of proposed rulemaking (NPRM) titled Safety
Zone; M/V ZHEN HUA 24, Crane Delivery Operation, Chesapeake Bay and
Patapsco River, Baltimore, MD. There, we stated why we issued the NPRM,
and invited comments on our proposed regulatory action related to this
scheduled transit. During the comment period that ended August 11,
2021, we received no comments.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this rule effective less than 30 days after
publication in the Federal Register. It is impracticable and contrary
to the public interest to delay the effective date of this rule,
because the safety zone must be effective by August 26, 2021, to
protect vessels and persons from the dangers associated with the crane
arms extending over the water from the M/V ZHEN HUA 24 as it transits a
busy waterway.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority in 46 U.S.C.
70034 (previously 33 U.S.C. 1231). The Captain of the Port Maryland-
National Capital Region (COTP) has determined that potential hazards
associated with the crane delivery operation will be a safety concern
for any vessel required to transit the navigation channels in the
Chesapeake Bay and the Patapsco River that will meet, pass, or overtake
the M/V ZHEN HUA 24. These hazards include the maximum height of the
cranes aboard the vessel and the beam width of these cranes, which will
severely restrict the M/V ZHEN HUA 24's ability to maneuver and create
a hazard to navigation if required to meet or pass other large vessels
transiting the navigation channels. The purpose of this rule is to
protect personnel, vessels, and the marine environment in the navigable
waters around the M/V ZHEN HUA 24 during its transit to the Seagirt
Marine Terminal in Baltimore, MD.

IV. Discussion of Comments, Changes, and the Rule

    As noted above, we received no comments on our NPRM published July
27, 2021. There are no changes in the regulatory text of this rule from
the proposed rule in the NPRM.
    This rule establishes a safety zone during the inbound transit of
the M/V ZHEN HUA 24. The M/V ZHEN HUA 24 is currently anticipated to
arrive in Baltimore between August 26, 2021, and September 15, 2021.
The current estimated arrival date is September 2, 2021, but is subject
to change. Inbound transit is expected to last approximately 7 hours.
    The safety zone covers all navigable waters of the Chesapeake Bay
and Patapsco River within 500 feet of the M/V ZHEN HUA 24 while it is
transiting between Chesapeake Channel Lighted Buoy 90 (LLNR 7825) in
position 38[deg]58'18.53'' N, 076[deg]23'18.96'' W, and the Seagirt
Marine Terminal in position 39[deg]15'02.43'' N, 076[deg]32'20.50'' W,
Baltimore, MD. The duration of the zone is intended to ensure the
safety of vessels and these navigable waters before, during, and after
the scheduled crane delivery operation. No vessel or person will be
permitted to enter the safety zone without obtaining permission from
the COTP or a designated representative.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive orders, and we
discuss First Amendment rights of protestors.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. This rule has not been designated a ``significant
regulatory action'' under Executive Order 12866. Accordingly, this rule
has not been reviewed by the Office of Management and Budget (OMB).
    This regulatory action determination is based on the size and
duration of the safety zone, which will impact only vessel traffic
required to transit certain navigation channels of the Chesapeake Bay
and the Patapsco River for a total of no more than 7 enforcement-hours.
Although these waterways support both commercial and recreational
vessel traffic, the downriver portions of the waterway will be reopened
as the M/V ZHEN HUA 24 transits northward in the Chesapeake Bay and up
the Patapsco River. Moreover, the Coast Guard will issue a Broadcast
Notice to Mariners via VHF-FM marine channel 16 about the zone.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as
amended, requires Federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard received no comments from the Small Business
Administration on this rulemaking. The Coast Guard certifies under 5
U.S.C. 605(b) that this rule will not have a significant economic
impact on a substantial number of small entities.
    While some owners or operators of vessels intending to transit the
safety zone may be small entities, for the reasons stated in section
V.A above, this rule will not have a significant economic impact on any
vessel owner or operator.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
call or email the person listed in the FOR FURTHER INFORMATION CONTACT
section.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

    This rule will not call for a new collection of information under
the

Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Governments

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the National Government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes.

E. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

F. Environment

    We have analyzed this rule under Department of Homeland Security
Directive 023-01, Rev. 1, associated implementing instructions, and
Environmental Planning COMDTINST 5090.1 (series), which guide the Coast
Guard in complying with the National Environmental Policy Act of 1969
(42 U.S.C. 4321-4370f), and have made a preliminary determination that
this action is one of a category of actions that do not individually or
cumulatively have a significant effect on the human environment. This
rule involves a safety zone lasting 7 enforcement hours that would
prohibit entry within certain navigable waters of the Chesapeake Bay
and Patapsco River. Normally such actions are categorically excluded
from further review under paragraph L60(a) of Appendix A, Table 1 of
DHS Instruction Manual 023-01-001-01, Rev. 1. A Record of Environmental
Consideration supporting this determination is available in the docket.
For instructions on locating the docket, see the ADDRESSES section of
this preamble.

G. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to call or email the person listed in the FOR
FURTHER INFORMATION CONTACT section to coordinate protest activities so
that your message can be received without jeopardizing the safety or
security of people, places or vessels.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.

    For the reasons discussed in the preamble, the Coast Guard is
amending 33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority:  46 U.S.C. 70034, 70051; 33 CFR 1.05-1, 6.04-1, 6.04-
6, and 160.5; Department of Homeland Security Delegation No.
00170.1, Revision No. 01.2.

0
2. Add Sec.  165.T05-0414 to read as follows:

Sec.  165.T05-0414   Safety Zone; M/V ZHEN HUA 24, Crane Delivery
Operation, Chesapeake Bay and Patapsco River, Baltimore, MD.

    (a) Location. The following area is a safety zone: All waters of
the Chesapeake Bay and Patapsco River, within 500 feet of the M/V ZHEN
HUA 24 while it is transiting between Chesapeake Channel Lighted Buoy
90 (LLNR 7825) in position 38[deg]58'18.53'' N, 076[deg]23'18.96'' W,
and the Seagirt Marine Terminal in position 39[deg]15'02.43'' N,
076[deg]32'20.50'' W, Baltimore, MD. These coordinates are based on WGS
84.
    (b) Definitions. As used in this section--
    Captain of the Port (COTP) means the Commander, U.S. Coast Guard
Sector Maryland-National Capital Region.
    Designated representative means a Coast Guard Patrol Commander,
including a Coast Guard coxswain, petty officer, or other officer
operating a Coast Guard vessel and a Federal, State, and local officer
designated by or assisting the Captain of the Port Maryland-National
Capital Region (COTP) in the enforcement of the safety zone.
    (c) Regulations. (1) Under the general safety zone regulations in
subpart C of this part, you may not enter the safety zone described in
paragraph (a) of this section unless authorized by the COTP or the
COTP's designated representative.
    (2) To seek permission to enter, contact the COTP or the COTP's
representative by telephone at<PHONE_NUMBER> or on Marine Band Radio
VHF-FM channel 16 (156.8 MHz). Those in the safety zone must comply
with all lawful orders or directions given to them by the COTP or the
COTP's designated representative.
    (d) Enforcement officials. The U.S. Coast Guard may be assisted in
the patrol and enforcement of the safety zone by Federal, State, and
local agencies.
    (e) Enforcement period. This section will be enforced from August
26, 2021, to September 15, 2021, during inbound transit of the M/V ZHEN
HUA 24 to the Port of Baltimore.

    Dated: August 18, 2021.
David E. O'Connell,
Captain, U.S. Coast Guard, Captain of the Port Sector Maryland-NCR.
[FR Doc. 2021-18151 Filed 8-24-21; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 76, Number 35 (Tuesday, February 22, 2011)]
[Notices]
[Pages 9843-9846]
[FR Doc No: 2011-3824]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63915; File No. SR-NYSEArca-2010-121]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting
Approval of Proposed Rule Change Relating to the Listing and Trading of
FactorShares Funds

February 15, 2011.

I. Introduction

    On December 22, 2010, NYSE Arca, Inc. (``Exchange'') filed with the
Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\
and Rule 19b-4 thereunder,\2\ a proposed rule change to list and trade
shares (``Shares'') of FactorShares 2X: S&P500 Bull/TBond Bear,
FactorShares 2X: TBond Bull/S&P500 Bear, FactorShares 2X: S&P500 Bull/
USD Bear, FactorShares 2X: Oil Bull/S&P500 Bear, and FactorShares 2X:
Gold Bull/S&P500 Bear (each a ``Fund'' and, collectively, ``Funds'')
under NYSE Arca Equities Rule 8.200, Commentary .02. The proposed rule
change was published for comment in the Federal Register on January 10,
2011.\3\ The Commission received no comments on the proposal. This
order grants approval of the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 63636 (January 3,
2011), 76 FR 1477 (``Notice'').
---------------------------------------------------------------------------

II. Description of the Proposal

    The Exchange proposes to list and trade the Shares of the Funds
under NYSE Arca Equities Rule 8.200, Commentary .02. Each of the Funds
was formed on January 26, 2010 as a separate Delaware statutory trust,
and each Fund will issue and offer common units of beneficial interest,
which represent units of fractional beneficial undivided interest in
and ownership of such Fund.\4\
---------------------------------------------------------------------------

    \4\ See Pre-Effective Amendment No. 3 to Form S-1, dated
November 3, 2010, for each Fund (individually, a ``Registration
Statement,'' and, collectively, ``Registration Statements'') (File
Nos. 333-164754, 333-164758, 333-164757, 333-164756 and 333-164755,
respectively). All Funds, other than the FactorShares 2X: TBond
Bull/S&P500 Bear, are also referred to herein as ``Leveraged
Funds,'' and FactorShares 2X: TBond Bull/S&P500 Bear is referred to
herein as the ``Leveraged Inverse Fund.''
---------------------------------------------------------------------------

    Factor Capital Management, LLC (``Managing Owner''), a Delaware
limited liability company, will serve as the Managing Owner of each
Fund. Interactive Brokers LLC, a Connecticut limited liability company,
will serve as each Fund's clearing broker (``Commodity Broker''). The
Commodity Broker is registered with the Commodity Futures Trading
Commission (``CFTC'') as a futures commission merchant and is a member
of the National Futures Association in such capacity. Each Fund has
appointed State Street Bank and Trust Company (``Administrator'') as
the Administrator, the Transfer Agent, and the Custodian of each Fund.
In addition, each Fund has appointed Foreside Fund Services, LLC
(``Distributor'') as the Distributor to assist the Managing Owner and
the Funds with certain functions and duties relating to distribution,
compliance of sales and marketing materials, and certain regulatory
compliance matters. The Distributor will not open or maintain customer
accounts or handle orders for any of the Funds.

Underlying Indexes and Sub-Indexes

    The Standard & Poor's Factor Index Series (``Indexes'') are
intended to reflect the daily spreads, or the differences, in the
relative return, positive or negative, between the corresponding sub-
indexes constructed from futures contracts (``Index Futures
Contracts'') of each Index. Each Index is comprised of a long sub-index
(``Long Sub-Index'') and a short sub-index (``Short Sub-Index'')
(individually, a ``Sub-Index'' and, collectively, ``Sub-Indexes''). The
Long Sub-Index is composed of the long front Index Futures Contract
(``Long Index Futures Contract'').\5\ The Short Sub-Index is composed
of the short front Index Futures Contract (``Short Index Futures
Contract'').\6\ Each Index is calculated to reflect the corresponding
relative return, or spread, which is the difference in the daily
changes, positive or negative, between the value of the Long Sub-Index
and the value of the Short Sub-Index, plus the return on a risk free
component.
---------------------------------------------------------------------------

    \5\ The term ``long front'' refers to a long position in the
near month contract.
    \6\ The term ``short front'' refers to a short position in the
near month contract.
---------------------------------------------------------------------------

    The objective of each Index is to track the daily price spreads, or
difference between the Sub-Indexes, and in turn, the underlying Index
Futures Contracts, to reflect the difference in the daily return
between two market segments. Although each Index is calculated to
reflect both an excess return and a total return, each Fund tracks an
Index that is calculated to reflect a total return. Standard & Poor's
Financial Services LLC (``Index Sponsor'') is the Index Sponsor for the
Indexes and is the calculation agent for the Indexes and Sub-
Indexes.\7\ The Long Sub-Index tracks the changes in the Long Index
Futures Contract, and the Short Sub-Index tracks the changes in the
Short Index Futures Contract.
---------------------------------------------------------------------------

    \7\ The Exchange represents that the Index Sponsor is not
affiliated with a broker-dealer.
---------------------------------------------------------------------------

    Each Index is rebalanced daily as of the Index Calculation Time (as
defined below) in order to continue to reflect the spread, or the
difference in the daily return between two specific market segments. By
rebalancing each Index on a daily basis as of the Index Calculation
Time, each Index will then be comprised of equal notional amounts
(i.e., +100% and -100%, respectively) of both of its Long Index Futures
Contracts and Short Index Futures Contracts in accordance with its
daily objectives. Daily rebalancing of each Index will lead to
different results than would otherwise occur if an Index, and in turn,
its corresponding Fund, were to be rebalanced less frequently or more
frequently than daily.

Funds

    The objective of each Fund will be to reflect the spread, or the
difference, in daily return, on a leveraged basis, between two
predetermined market segments. Each Fund will represent a relative
value or ``spread'' strategy seeking to track the differences in daily
returns between two futures-based Index components. By simultaneously
buying and selling two benchmark Index Futures Contracts (or, as
necessary, substantively equivalent combinations of Substitute Futures
and Financial Instruments),\8\ each Leveraged Fund and Leveraged
Inverse Fund will target a daily return equivalent to approximately
+200% and -200%, respectively, of the spread, or the difference, in
daily return between a long futures contract and a short futures
contract (before fees, expenses, and interest income). Thus, each
Leveraged Fund will allow investors to potentially profit from the
daily return of a Long Index Futures Contract in excess of the daily
return of a Short Index Futures Contract. The Leveraged Inverse Fund
will allow investors to potentially profit from the daily return of a
Short Index Futures Contract in excess of the daily return of a Long
Index Futures Contract.
---------------------------------------------------------------------------

    \8\ The term ``Substitute Futures'' refers to futures contracts
other than the specific Index Futures Contracts that underlie the
applicable Index that the Managing Owner expects will tend to
exhibit trading prices or returns that generally correlate with an
Index Futures Contract. The term ``Financial Instruments'' refers to
forward agreements and swaps that the Managing Owner expects will
tend to exhibit trading prices or returns that generally correlate
with an Index Futures Contract.
---------------------------------------------------------------------------

    Each Fund will hold a portfolio of Index Futures Contracts, each of
which are traded on various futures markets in

the United States. In the event a Fund reaches position limits imposed
by the CFTC or a futures exchange with respect to an Index Futures
Contract, the Managing Owner may, in its commercially reasonable
judgment, cause the Fund to invest in Substitute Futures or Financial
Instruments referencing the particular Index Futures Contract, or
Financial Instruments not referencing the particular Index Futures
Contract if such instruments tend to exhibit trading prices or returns
that correlate with the corresponding Index or any Index Futures
Contract and will further the investment objective of the Fund.\9\ A
Fund may also invest in Substitute Futures or Financial Instruments if
the market for a specific Index Futures Contract experiences
emergencies (such as a natural disaster, terrorist attack, or an act of
God) or disruptions (such as a trading halt or flash crash) that would
prevent the Fund from obtaining the appropriate amount of investment
exposure to the affected Index Futures Contract.\10\
---------------------------------------------------------------------------

    \9\ The Exchange represents that, to the extent practicable, a
Fund will invest in swaps cleared through the facilities of a
centralized clearing house.
    \10\ The Managing Owner will attempt to mitigate each Fund's
credit risk by transacting only with large, well-capitalized
institutions using measures designed to determine the
creditworthiness of a counterparty. The Managing Owner will take
various steps to limit counterparty credit risk, as described in the
Registration Statements.
---------------------------------------------------------------------------

    Each Fund also will hold cash and United States Treasury securities
and other high credit quality, short-term fixed-income securities
(``Fixed Income Instruments'') for deposit with its Commodity Broker as
margin. No Fund will be ``managed'' by traditional methods, which
typically involve effecting changes in the composition of a portfolio
on the basis of judgments relating to economic, financial, and market
considerations with a view to obtaining positive results under changing
market conditions.
    A Fund's underlying Index consists of two Sub-Indexes. A Long Sub-
Index reflects a passive exposure to a certain near-month long Index
Futures Contract. A Short Sub-Index reflects a passive exposure to a
certain near-month short Index Futures Contract. Each Index is designed
to reflect +100% of the spread, or the difference, in daily return,
positive or negative, between the Long Sub-Index and the Short Sub-
Index, plus the return on a risk free component.
    Because each Fund will seek to achieve its daily investment
objective by tracking its corresponding Index on a daily and leveraged
basis, each Fund will seek to rebalance daily both its long and short
positions around the net asset value (``NAV'') calculation time. The
purpose of daily rebalancing is to reposition each Fund's investments
in accordance with its daily investment objective.
    Each Fund will have a leverage ratio of approximately 4:1 upon
daily rebalancing, which increases the potential for trading profits
and losses. The use of leverage increases the potential for both
trading profits and losses, depending on the changes in market value of
the Long Index Futures Contracts positions, the Short Index Futures
Contracts positions (and/or Substitute Futures and Financial
Instruments, as applicable), of each Fund. Holding futures positions
with a notional amount in excess of each Fund's NAV constitutes a form
of leverage. Because the notional value of each Fund's Index Futures
Contracts (and/or Substitute Futures and Financial Instruments, as
applicable) will rise or fall throughout each trading day and prior to
rebalancing, the leverage ratio could be higher or lower than an
approximately 4:1 leverage ratio between the notional value of a Fund's
portfolio and a Fund's Equity (estimated NAV) immediately after
rebalancing. As the ratio increases, an investor's losses may increase
correspondingly.
    Each Sub-Index, which is comprised of a certain Index Futures
Contract, includes provisions for the replacement (also referred to as
``rolling'') of its Index Futures Contract as it approaches its
expiration date. ``Rolling'' is a procedure which involves closing out
the Index Futures Contract that will soon expire and establishing a
position in a new Index Futures Contract with a later expiration date
pursuant to the rules of each Sub-Index. In turn, each Fund will seek
to roll its Index Futures Contracts in a manner consistent with its
Sub-Index's provisions for the replacement of an Index Futures Contract
that is approaching maturity.

Leveraged Funds

    For a Leveraged Fund, a long position is established in the Long
Index Futures Contract seeking to provide a leveraged exposure to the
Long Sub-Index. A Leveraged Fund will purchase a sufficient number of
Long Index Futures Contracts targeting a long notional exposure
equivalent to approximately +200% of a Fund's estimated NAV, or Fund
Equity. Additionally, a Leveraged Fund will establish a short position
in the Short Index Futures Contracts seeking to provide a leveraged
exposure to the Short Sub-Index. Accordingly, a Leveraged Fund will
sell a sufficient number of Short Index Futures Contracts targeting a
short notional exposure equivalent to approximately -200% of Fund
Equity. Therefore, immediately after establishing each of these
positions, the target gross notional exposure of a Leveraged Fund's
aggregate Long Index Futures Contracts and Short Index Futures
Contracts will equal approximately +400% (i.e., +200% long and +200%
short) of Fund Equity.

Leveraged Inverse Fund

    For the Leveraged Inverse Fund, a long position is established in
the Short Index Futures Contract seeking to provide a leveraged
exposure to the Short Sub-Index. The Leveraged Inverse Fund will
purchase a sufficient number of Short Index Futures Contracts targeting
a long notional exposure equivalent to approximately +200% of Fund
Equity. Additionally, the Leveraged Inverse Fund will establish a short
position in the Long Index Futures Contracts seeking to provide a
leveraged exposure to the Long Sub-Index. Accordingly, the Leveraged
Inverse Fund will sell a sufficient number of Long Index Futures
Contracts targeting a short notional exposure equivalent to
approximately -200% of Fund Equity. Therefore, immediately after
establishing each of these positions, the target gross notional
exposure of the Leveraged Inverse Fund's aggregate Long Index Futures
Contracts and Short Index Futures Contracts will equal approximately
+400% (i.e., +200% long and +200% short) of Fund Equity.

FactorShares 2X: S&P500 Bull/TBond Bear

    The FactorShares 2X: S&P500 Bull/TBond Bear is designed for
investors who believe the large-cap U.S. equity market segment will
increase in value relative to the long-dated U.S. Treasury market
segment. The objective of the FactorShares 2X: S&P500 Bull/TBond Bear
will be to seek to track approximately +200% of the daily return of the
S&P U.S. Equity Risk Premium Total Return Index. The Fund will seek to
track the spread, or the difference in daily returns, between the U.S.
equity and interest rate market segments by primarily establishing a
leveraged long position in the E-mini Standard and Poor's 500 Stock
Price Index\TM\ Futures (``Equity Index Futures Contract'') and a
leveraged short position in the 30-Year U.S. Treasury Bond Futures
(``Treasury Index Futures Contract'').

FactorShares 2X: TBond Bull/S&P500 Bear

    The FactorShares 2X: TBond Bull/S&P500 Bear is designed for
investors who believe the long-dated U.S. Treasury market segment will
increase in value relative to the large-cap U.S. equity market segment.
The objective of the FactorShares 2X: TBond Bull/S&P500 Bear will be to
seek to track approximately -200% of the daily return of the S&P U.S.
Equity Risk Premium Total Return Index. The Fund will seek to track the
spread, or the difference in daily returns, between the interest rate
and U.S. equity market segments by primarily establishing a leveraged
long position in the Treasury Index Futures Contract and a leveraged
short position in the Equity Index Futures Contract.

FactorShares 2X: S&P500 Bull/USD Bear

    The FactorShares 2X: S&P500 Bull/USD Bear is designed for investors
who believe the large-cap U.S. equity market segment will increase in
value relative to the general indication of the international value of
the U.S. dollar. The objective of the FactorShares 2X: S&P500 Bull/USD
Bear will be to seek to track approximately +200% of the daily return
of the S&P 500 Non-U.S. Dollar Index. The Fund will seek to track the
spread, or the difference in daily returns, between the U.S. equity and
currency market segments by primarily establishing a leveraged long
position in the Equity Index Futures Contract and a leveraged short
position in the U.S. Dollar Index[reg] Futures.

FactorShares 2X: Oil Bull/S&P500 Bear

    The FactorShares 2X: Oil Bull/S&P500 Bear is designed for investors
who believe that crude oil will increase in value relative to the
large-cap U.S. equity market segment. The objective of the FactorShares
2X: Oil Bull/S&P500 Bear will be to seek to track approximately +200%
of the daily return of the S&P Crude Oil-Equity Spread Total Return
Index. The Fund will seek to track the spread, or the difference in
daily returns, between the oil and U.S. equity market segments by
primarily establishing a leveraged long position in the Oil Index
Futures Contract\11\ and a leveraged short position in the Equity Index
Futures Contract.
---------------------------------------------------------------------------

    \11\ The Oil Index Futures Contract provides an exposure to the
oil market segment with respect to light sweet crude oil. The Oil
Index Futures Contract is a futures contract that provides and
permits investors to invest in a substitute instrument in place of
the underlying, speculate or hedge, as applicable, in the direction
of the value of light sweet crude oil. The Oil Index Futures
Contract serves as a proxy for light sweet crude oil because the
performance of the Oil Index Futures Contract is dependent upon and
reflects the changes in the price of light sweet crude oil.
---------------------------------------------------------------------------

FactorShares 2X: Gold Bull/S&P500 Bear

    The FactorShares 2X: Gold Bull/S&P500 Bear is designed for
investors who believe that gold will increase in value relative to the
large-cap U.S. equity market segment. The objective of the FactorShares
2X: Gold Bull/S&P500 Bear will be to seek to track approximately +200%
of the daily return of the S&P Gold-Equity Spread Total Return Index.
The Fund will seek to track the spread, or the difference in daily
returns, between the gold and U.S. equity market segments by primarily
establishing a leveraged long position in the Gold Index Futures
Contract\12\ and a leveraged short position in the Equity Index Futures
Contract.
---------------------------------------------------------------------------

    \12\ The Gold Index Futures Contract provides an exposure to the
precious metals market segment with respect to gold. The Gold Index
Futures Contract is a futures contract that provides and permits
investors to invest in a substitute instrument in place of the
underlying, speculate or hedge, as applicable, in the direction of
the value of gold. The Gold Index Futures Contract serves as a proxy
for gold because the performance of the Gold Index Futures Contract
is dependent upon and reflects the changes in the price of gold.
---------------------------------------------------------------------------

    Additional information regarding the Funds and the Shares, the
Indexes and Sub-Indexes, the Index Futures Contracts, investment
strategies, risks, creation and redemption procedures, calculation and
dissemination of NAV and NAV calculation times, fees, portfolio
holdings and disclosure policies, distributions and taxes, availability
of information, trading rules and halts, and surveillance procedures,
among other things, can be found in the Registration Statements and in
the Notice, as applicable.\13\
---------------------------------------------------------------------------

    \13\ See Notice and Registration Statements, supra notes 3 and
4.
---------------------------------------------------------------------------

III. Discussion and Commission's Findings

    The Commission has carefully reviewed the proposed rule change and
finds that it is consistent with the requirements of Section 6 of the
Act\14\ and the rules and regulations thereunder applicable to a
national securities exchange.\15\ In particular, the Commission finds
that the proposal is consistent with Section 6(b)(5) of the Act,\16\
which requires, among other things, that the Exchange's rules be
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. The Commission notes that the Shares must comply with
the requirements of NYSE Arca Equities Rule 8.200 and Commentary .02
thereto to be listed and traded on the Exchange.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f.
    \15\ In approving this proposed rule change, the Commission
notes that it has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
    \16\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission finds that the proposal to list and trade the Shares
on the Exchange is consistent with Section 11A(a)(1)(C)(iii) of the
Act,\17\ which sets forth Congress' finding that it is in the public
interest and appropriate for the protection of investors and the
maintenance of fair and orderly markets to assure the availability to
brokers, dealers, and investors of information with respect to
quotations for and transactions in securities. Quotation and last-sale
information regarding the Shares will be disseminated through the
facilities of the Consolidated Tape Association. The Index Sponsor will
publish the intra-day level of each Index and Sub-Index once every 15
seconds during the NYSE Arca Core Trading Session on the consolidated
tape, Reuters, and/or Bloomberg, and the closing level of each Index
and Sub-Indexes daily on its Web site. In addition, the Indicative
Index Value (``IIV'') per Share of each Fund will be calculated by
applying the percentage price change of each Fund's holdings in futures
contracts (and/or Substitute Futures and Financial Instruments, as
applicable) to the last published NAV of each Fund and will be
disseminated (in U.S. dollars) by one or more market data vendors every
15 seconds during the NYSE Arca Core Trading Session. Further, the
Funds will provide Web site disclosure of portfolio holdings daily and
will include, as applicable, the names and value (in U.S. dollars) of
Index Futures Contracts, Substitute Futures and Financial Instruments,
characteristics of these Index Futures Contracts, Substitute Futures,
and Financial Instruments, as applicable, and Fixed Income Instruments,
and the amount of cash held in the portfolio of the Funds. The closing
prices and settlement prices of Index Futures Contracts are available
from the New York Mercantile Exchange (``NYMEX''), the Chicago
Mercantile Exchange, Inc. (``CME''), the COMEX division of NYMEX
(``COMEX''), and the Intercontinental Exchange Inc. (``ICE''),
automated quotation systems, published or other public sources, and on-
line information services such as Bloomberg

or Reuters. The specific contract specifications for the Index Futures
Contracts are also available on those Web sites, as well as on other
financial informational sources. NYMEX, CME, COMEX, and ICE also
provide delayed futures information on current and past trading
sessions and market news free of charge on their Web sites. The NAV for
each Fund will be calculated by the Administrator once a day as of the
first to settle of the corresponding Index Futures Contracts, but in no
event after 4 p.m. E.T. The Exchange will disseminate on a daily basis
via the Consolidated Tape Association information with respect to
recent NAV, Shares outstanding, and the daily trading volume of the
Shares. The Web site for the Funds and/or the Exchange will contain:
(a) The current NAV per Share daily and the prior business day's NAV;
(b) the reported closing price; (c) the Prospectus; and (d) other
quantitative information.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
---------------------------------------------------------------------------

    The Commission further believes that the proposal to list and trade
the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. The Commission notes that the Web site disclosure of the
portfolio composition of the Funds will occur at the same time as the
disclosure by the Managing Owner of the portfolio composition to
Authorized Participants so that all market participants are provided
portfolio composition information at the same time. In addition, if the
Exchange becomes aware that the NAV with respect to the Shares is not
disseminated to all market participants at the same time, the Exchange
will halt trading in the Shares until such time as the NAV is available
to all market participants. Further, the Exchange may halt trading
during the day in which an interruption to the dissemination to the
IIV, the Indexes, the Sub-Indexes, or the value of the underlying
futures contracts occurs. If such interruption persists past the
trading day in which it occurred, the Exchange will halt trading no
later than the beginning of the trading day following the
interruption.\18\ Trading in the Shares will be subject to NYSE Arca
Equities Rule 8.200, Commentary .02(e), which sets forth certain
restrictions on ETP Holders acting as registered Market Makers in Trust
Issued Receipts to facilitate surveillance. The Exchange represents
that the Index Sponsor has implemented procedures designed to prevent
the use and dissemination of material, non-public information regarding
the Indexes.
---------------------------------------------------------------------------

    \18\ Trading may also be halted because of market conditions or
for reasons that, in the view of the Exchange, make trading in the
Shares inadvisable. These may include: (1) The extent to which
trading is not occurring in the underlying Index Futures Contracts;
or (2) whether other unusual conditions or circumstances detrimental
to the maintenance of a fair and orderly market are present.
---------------------------------------------------------------------------

    The Exchange has represented that the Shares are deemed to be
equity securities subject to the Exchange's existing rules governing
the trading of equity securities. In support of this proposal, the
Exchange has made representations, including:
    (1) The Funds will meet the initial and continued listing
requirements applicable to Trust Issued Receipts in NYSE Arca Equities
Rule 8.200 and Commentary .02 thereto.
    (2) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (3) The Exchange's surveillance procedures are adequate to properly
monitor Exchange trading of the Shares in all trading sessions and to
deter and detect violations of Exchange rules and applicable federal
securities laws. In addition, with respect to components traded on
exchanges, not more than 10% of the weight of a Fund's portfolio in the
aggregate will consist of components whose principal trading market is
not a member of the Intermarket Surveillance Group or is a market with
which the Exchange does not have a comprehensive surveillance sharing
agreement.
    (4) Prior to the commencement of trading, the Exchange will inform
its ETP Holders in an Information Bulletin of the special
characteristics and risks associated with trading the Shares.
Specifically, the Information Bulletin will discuss the following: (a)
The risks involved in trading the Shares during the Opening and Late
Trading Sessions when an updated IIV will not be calculated or publicly
disseminated; (b) the procedures for purchases and redemptions of
Shares in Creation Baskets and Redemption Baskets (and that Shares are
not individually redeemable); (c) NYSE Arca Equities Rule 9.2(a), which
imposes a duty of due diligence on its ETP Holders to learn the
essential facts relating to every customer prior to trading the Shares;
(d) how information regarding the IIV is disseminated; (e) the
requirement that ETP Holders deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; and (f) trading information.\19\
---------------------------------------------------------------------------

    \19\ The Information Bulletin will further advise ETP Holders
that FINRA has implemented increased customer margin requirements
applicable to leveraged ETFs (which include the Shares) and options
on leveraged ETFs, as described in FINRA Regulatory Notices 09-53
(August 2009) and 09-65 (November 2009).
---------------------------------------------------------------------------

    (5) For the initial and continued listing of the Shares, the Shares
must be in compliance with NYSE Arca Equities Rule 5.3 and Rule 10A-3
under the Act.\20\
---------------------------------------------------------------------------

    \20\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (6) A minimum of 100,000 Shares for each Fund will be outstanding
as of the start of trading on the Exchange. This approval order is
based on the Exchange's representations.\21\
---------------------------------------------------------------------------

    \21\ The Commission notes that it does not regulate the market
for futures in which the Fund plans to take positions, which is the
responsibility of the CFTC. The CFTC has the authority to set limits
on the positions that any person may take in futures. These limits
may be directly set by the CFTC or by the markets on which the
futures are traded. The Commission has no role in establishing
position limits on futures, even though such limits could impact an
exchange-traded product that is under the jurisdiction of the
Commission.
---------------------------------------------------------------------------

    For the foregoing reasons, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act\22\ and the
rules and regulations thereunder applicable to a national securities
exchange.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\23\ that the proposed rule change (SR-NYSEArca-2010-121), be, and
it hereby is, approved.
---------------------------------------------------------------------------

    \23\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
---------------------------------------------------------------------------

    \24\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-3824 Filed 2-18-11; 8:45 am]
BILLING CODE 8011-01-P


                 United States Environmental Protection Agency

                               Docket Index for
                            [EPA-R09-OAR-2007-1073]

Revisions to Implementation Plans,
State of California, Imperial County Pollution Control District
                               New Source Review
      	Docket Index
      Category/ Item 	Number

I.	SIP Submittal Documents

# SIP submittal letter from CARB dated August 24, 2007
I-A
# Rule 201 amended on October 10, 2006  -  Clean Copy
I-B
# Rule 202 amended on October 10, 2006  -  Clean Copy
I-C
# ICPACD, Final Staff Report, Rules201, 202, 206, 217, 301, 307, and 420, October 10, 2006
I-D

II.	Federal Register Notices  (Reserved)

III.	Other Relevant Documents

# Submittal Completeness Letter for Rule 201 & 202  dated September 17, 2007
III-A
# Technical Support Document for ICAPCD Rules 201 & 202, dated January 2011
III-B
# California Senate Bill 700, dated September 22, 2003
III-C
# CARB Staff Report: Initial Statement of Reason for Rulemaking, Public Hearing to Consider the Large Confined Animal Facility Definition, dated May 6, 2005
III-D
# CARB Final Regulation  for Definition of Large Confined Animal Facility
III-E
# U.S. EPA, "EPA White Paper for Streamlined Development of Part 70 Permit Applications", dated July 10, 1995
III-F

IV.	EPA Rulemaking Documents (Electronic Copy Only)

# Federal Register Notice of Proposed Rulemaking, Pre-publication Version
IV-A

Notes:
   1. All documents are available on internet at Regulations.gov under Docket # EPA-R09-OAR-2007-1073.
   2. A copy of all these documents are located at EPA Region 9 offices.


[Federal Register: March 20, 2008 (Volume 73, Number 55)]
[Proposed Rules]
[Page 14949-14950]
[DOCID:fr20mr08-17]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2008-0154; Airspace Docket No. 08-ASO-10]

Establishment of Class E Airspace; Canon, GA

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking.

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

SUMMARY: This action proposes to establish Class E Airspace at Canon,
GA. Airspace is needed to support new Area Navigation (RNA V) Global
Positioning System (GPS) Standard Instrument Approach Procedures
(SIAPs) that have been developed for Franklin County Airport. As a
result, controlled airspace extending upward from 700 feet Above Ground
Level (AGL) is needed to contain the SIAP and for Instrument Flight
Rule (IFR) operations at Franklin County Airport. The operating status
of the airport will change from Visual Flight Rules (VFR) to include
IFR operations concurrent with the publication of the SIAP. This action
enhances the safety and airspace management of Franklin County Airport,
Canon, GA.

DATES: Comments must be received on or before May 5, 2008.

ADDRESSES: Send comments on this rule to: U.S. Department of
Transportation, Docket Operations, West Building Ground Floor, Room
W12-140, 1200 New Jersey, SE., Washington, DC 20590-0001; Telephone: 1-
800-647-5527; Fax:<PHONE_NUMBER>. You must identify the Docket Number
FAA-2008-0154; Airspace Docket No. 08-ASO-10, at the beginning of your
comments. You may also submit and review received comments through the
Internet at http://www.regulations.gov.
    You may review the public docket containing the rule, any comments
received, and any final disposition in person in the Dockets Office
(see ADDRESSES section for address and phone number) between 9 a.m. and
5 p.m., Monday through Friday, except Federal Holidays.
    An informal docket may also be examined during normal business
hours at the office of the Eastern Service Center, Federal Aviation
Administration, Room 210, 1701 Columbia Avenue, College Park, Georgia
30337.

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

SUPPLEMENTARY INFORMATION:

Comments Invited

    Interested persons are invited to comment on this rule by
submitting such written data, views, or arguments, as they may desire.
Comments that provide the factual basis supporting the views and
suggestions presented are particularly helpful in developing reasoned
regulatory decisions on the proposal. Comments are specifically invited
on the overall regulatory, aeronautical, economic, environmental, and
energy-related aspects of the proposal. Communications should identify
both docket numbers and be submitted in triplicate to the address
listed above. Those wishing the FAA to acknowledge receipt of their
comments on this notice must submit with those comments a self-
addressed, stamped postcard on which the following statement is made:
``Comments to Docket No. FAA-2008-0154; Airspace docket No. 08-ASO-
10.'' The postcard will be date/time stamped and returned to the
commenter. All communications received before the specified closing
date for comments will be considered before taking action on the
proposed rule. The proposal contained in this notice may be changed in
light of the comments received. A report summarizing each substantive
public contact with FAA personnel concerned with this rulemaking will
be filed in the docket.

Availability of NPRMs

    An electronic copy of this document may be downloaded from and
comments submitted through http://www.regulations.gov. Recently
published rulemaking documents can also be accessed through the FAA's
Web page at http://www.faa.gov or the Federal Register's Web page at:
http://www.gpoaccess.gov/fr/index.html. Persons interested in being
placed on a mailing list for future NPRM's should contact the FAA's
Office of Rulemaking,<PHONE_NUMBER>, to request a copy of Advisory
Circular No. 11-2A, Notice of Proposed Rulemaking Distribution System,
which describes the application procedure.

The Proposal

    The FAA is considering an amendment to part 71 of the Code of
Federal Regulations (14 CFR part 71) to establish Class E airspace at
Canon, GA. Area Navigation (RNAV) Global Positioning System (GPS)
Standard Instrument Approach Procedures

(SIAPs) that have been developed for Franklin County Airport and
controlled airspace is required to support these procedures. Class E
airspace designations for airspace areas extending upward from 700 feet
or more above the surface of the Earth are published in Paragraph 6005
of FAA Order 7400.9R, signed August 15, 2007, and effective September
15, 2007, which is incorporated by reference in 14 CFR 71.1. The Class
E airspace designation listed in this document would be published
subsequently in the Order.
    The FAA has determined that this proposed regulation only involves
an established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore, (1) Is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a Regulatory Evaluation as the
anticipated impact is so minimal. Since this is a routine matter that
will only affect air traffic procedures and air navigation, it is
certified that this proposed rule, when promulgated, will not have a
significant economic impact on a substantial number of small entities
under the criteria of the Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority.
    This rulemaking is promulgated under the authority described in
Subtitle VII, part, A subpart I, Section 40103. Under that section, the
FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it proposes to establish Class E airspace at Canon, GA.

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (Air).

The Proposed Amendment

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

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

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

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

Sec.  71.1  [Amended]

    2. The incorporation by reference in 14 CFR 71.1 of Federal
Aviation Administration Order 7400.9R, Airspace Designations and
Reporting Points, signed August 15, 2007, effective September 15, 2007,
is amended as follows:

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

* * * * *

ASO GA E5 Canon, GA [New]

Franklin County Airport, GA
    (Lat. 34[deg]20'25'' N., long. 83[deg]07'51'' W.)

    That airspace extending upward from 700 feet above the surface
of the Earth within a 6.6-mile radius of the Franklin County
Airport.
* * * * *

    Issued in College Park, Georgia, on February 26, 2008.
Mark D. Ward,
Manager, System Support Group Eastern Service Center.
 [FR Doc. E8-5573 Filed 3-19-08; 8:45 am]

BILLING CODE 4910-13-M