[Federal Register Volume 81, Number 116 (Thursday, June 16, 2016)]
[Notices]
[Pages 39292-39294]
[FR Doc No: 2016-14211]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. IA-4418/803-00227]

Angelo, Gordon & Co., L.P.; Notice of Application

June 10, 2016.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of application for an exemptive order under Section 206A
of the Investment Advisers Act of 1940 (the ``Advisers Act'') and Rule
206(4)-5(e).

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Applicant:  Angelo, Gordon & Co., L.P. (``Applicant'' or ``Adviser'').

Relevant Advisers Act Sections:  Exemption requested under section 206A
of the Advisers Act and rule 206(4)-5(e) from rule 206(4)-5(a)(1) under
the Advisers Act.

Summary of Application:  Applicant requests that the Commission issue
an order under section 206A of the Advisers Act and rule 206(4)-5(e)
exempting it from rule 206(4)-5(a)(1) under the Advisers Act to permit
Applicant to receive compensation from a government entity for
investment advisory services provided to the government entity within
the two-year period following a contribution by an individual who
subsequently became a covered associate of the Applicant to an official
of the government entity.

Filing Dates:  The application was filed on December 19, 2014, and
amended and restated applications were filed on May 26, 2015 and May 2,
2016.

Hearing or Notification of Hearing:  An order granting the application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the Commission's Secretary
and serving Applicant with a copy of the request, personally or by
mail. Hearing requests should be received by the Commission by 5:30
p.m. on July 5, 2016, and should be accompanied by proof of service on
Applicant, in the form of an affidavit or, for lawyers, a certificate
of service. Pursuant to rule 0-5 under the Advisers Act, hearing
requests should state the nature of the writer's interest, any facts
bearing upon the desirability of a hearing on the matter, the reason
for the request, and the issues contested. Persons may request
notification of a hearing by writing to the Commission's Secretary.

ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street
NE., Washington, DC 20549-1090. Applicant: Angelo, Gordon & Co., L.P.,
c/o D. Forest Wolfe, Esq., 245 Park Avenue, New York, NY 10167.

FOR FURTHER INFORMATION CONTACT: Vanessa M. Meeks, Senior Counsel, or
Melissa R. Harke, Branch Chief, at<PHONE_NUMBER> (Division of
Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site at http://www.sec.gov/rules/iareleases.shtml or
by calling<PHONE_NUMBER>.

Applicant's Representations

    1. Applicant is a Delaware limited partnership registered with the
Commission as an investment adviser under the Advisers Act. Applicant
provides discretionary investment advisory services to private funds
(the ``Funds''). Each of these Funds is a covered investment pool as
defined in Rule 206(4)-5(f)(3)(ii). One of the private funds for which
the Applicant acts as investment adviser is AG Core Plus Realty Fund
IV, L.P. (''Core Plus IV''), a fund excluded from the definition of
investment company by Section 3(c)(7) of the Investment Company Act of
1940.
    2. The individual who made the campaign contribution that triggered
the two-year compensation ban (the

``Contribution'') is Christopher Williams (the ``Contributor''). The
Contributor was hired by the Adviser on September 29, 2014 to serve as
a senior investment professional at the Adviser and co-manager of a new
investment strategy for the Adviser. The Contributor made the
Contribution at a time when he was not working for an investment
adviser and almost a year before he would begin working for the Adviser
(indeed, months before he entered into employment discussions with the
Adviser).
    3. An investor in the Funds is a public pension plan identified as
a government entity, as defined in Rule 206(4)-5(f)(5)(ii), with
respect to the State of Illinois (the ``Client'').
    4. The recipient of the Contribution was Bruce Rauner (the
``Recipient''), who was a private citizen then running for Governor of
Illinois. The investment decisions for the Client, including the hiring
of an investment adviser, are overseen by a nine-member board of
trustees, with five gubernatorial appointments, two other state elected
officials sitting ex officio, and the chairs of two retirement boards
sitting ex officio. Due to the Governor's power of appointment, a
candidate for Governor such as the Recipient is an ``official'' of the
Client. The Recipient was elected governor of Illinois on November 4,
2014 and took office on January 12, 2015. The Recipient appointed five
members between January 30, 2015 and June 5, 2015.
    5. The Contribution that triggered rule 206(4)-5's prohibition on
compensation under rule 206(4)-5(a)(1) was given on November 7, 2013
for the amount of $892.17 as an in-kind contribution to Citizens for
Rauner. The Contribution consisted of payments to two vendors to defray
expenses of a small meet-and-greet reception (the ``Reception'') for
the Rauner campaign. The Contributor's first and only meeting with
Bruce Rauner consisted of a 5 to 10 minute conversation at the
Reception on November 7, 2013. The Contributor did not seek out or
initiate contact with the Recipient. At the time of the Contribution,
the Contributor had no intention of soliciting investment advisory
business from the Client or any other government entity of which Rauner
was an official. At no time did any employees of the Adviser other than
the Contributor have any knowledge that the Contribution had been made
prior to its discovery by the Adviser in October 2014 as a result of
its routine new employee onboarding procedures.
    6. The Client's contacts with the Adviser date back to at least
2001, before the Contributor was employed by the Adviser. On September
25, 2014, the Client committed to a substantial investment in one of
the Funds, Core Plus IV, a Fund that does not participate in the
strategy for which the Contributor is a co-manager. A procedure has
been established to segregate any compensation (including carried
interest and management fees) attributable to the Client's investment
in Core Plus IV and withhold them from the Adviser. The Contributor has
no role with respect to the Client. The Client is not considered a
prospective investor for the investment strategy for which he is a co-
manager. The Contributor has had no contact with any representative of
the Client, and no contact with any member of the Client's board.
    7. The Contribution was discovered by the Adviser's compliance
department in the course of new employee onboarding that included
review of a political contribution questionnaire on which the
Contributor disclosed the Contribution. Within one week of discovering
the Contribution on October 3, 2014, the Adviser and Contributor
obtained the Recipient's agreement to return the full Contribution. A
check refunding the full amount of the Contribution was received on
October 24, 2014. The Adviser promptly notified the Client of the
Contribution and resulting two-year prohibition on compensation absent
exemptive relief from the Commission. The Adviser told the Client that
fees charged to the Client's capital account in the Core Plus IV would
be placed in escrow and that, absent exemptive relief from the
Commission, those fees would be refunded and no additional fees would
be charged to the Client for the duration of the two-year period.
    8. The Adviser's Pay-to-Play Policies and Procedures (``Policy'')
were adopted and implemented before the Contribution was made. The
Policy was initially adopted in May 2009, more than a year before rule
206(4)-5 (the ``Rule'') was adopted. All contributions to federal,
state and local office incumbents and candidates are subject to pre-
clearance, not post-contribution reporting, by employees under the
Policy. There is no de minimis exception from pre-clearance for small
contributions to these state and local officials. All employees of the
Adviser are subject to the Policy. In June 2010--before the Rule was
adopted--the Adviser instituted a Political Contribution Questionnaire
that all new employees of the Adviser are required to complete
regarding all political contributions of any size at any level for the
three year period before beginning employment.

Applicant's Legal Analysis

    1. Rule 206(4)-5(a)(1) under the Advisers Act prohibits a
registered investment adviser from providing investment advisory
services for compensation to a government entity within two years after
a contribution to an official of the government entity is made by the
investment adviser or any covered associate of the investment adviser.
The Client is a ``government entity,'' as defined in rule 206(4)-
5(f)(5), the Contributor is a ``covered associate'' as defined in rule
206(4)-5(f)(2), and the Recipient is an ``official'' as defined in rule
206(4)-5(f)(6). Rule 206(4)-5(c) provides that when a government entity
invests in a covered investment pool, the investment adviser to that
covered investment pool is treated as providing advisory services
directly to the government entity. The Funds are ``covered investment
pools,'' as defined in rule 206(4)-5(f)(3)(ii).
    2. Section 206A of the Advisers Act grants the Commission the
authority to ``conditionally or unconditionally exempt any person or
transaction . . . from any provision or provisions of [the Advisers
Act] or of any rule or regulation thereunder, if and to the extent that
such exemption is necessary or appropriate in the public interest and
consistent with the protection of investors and the purposes fairly
intended by the policy and provisions of [the Advisers Act].''
    3. Rule 206(4)-5(e) provides that the Commission may exempt an
investment adviser from the prohibition under Rule 206(4)-5(a)(1) upon
consideration of the factors listed below, among others:
    (1) Whether the exemption is necessary or appropriate in the public
interest and consistent with the protection of investors and the
purposes fairly intended by the policy and provisions of the Advisers
Act;
    (2) Whether the investment adviser: (i) Before the contribution
resulting in the prohibition was made, adopted and implemented policies
and procedures reasonably designed to prevent violations of the rule;
and (ii) prior to or at the time the contribution which resulted in
such prohibition was made, had no actual knowledge of the contribution;
and (iii) after learning of the contribution: (A) Has taken all
available steps to cause the contributor involved in making the
contribution which resulted in such prohibition to obtain a return of
the contribution; and (B) has taken such other remedial or preventive
measures as may be appropriate under the circumstances;
    (3) Whether, at the time of the contribution, the contributor was a

covered associate or otherwise an employee of the investment adviser,
or was seeking such employment;
    (4) The timing and amount of the contribution which resulted in the
prohibition;
    (5) The nature of the election (e.g., federal, state or local); and
    (6) The contributor's apparent intent or motive in making the
contribution which resulted in the prohibition, as evidenced by the
facts and circumstances surrounding such contribution.
    4. Applicant requests an order pursuant to section 206A and rule
206(4)-5(e), exempting it from the two-year prohibition on compensation
imposed by rule 206(4)-5(a)(1) with respect to investment advisory
services provided to the Client within the two-year period following
the Contribution.
    5. Applicant submits that the exemption is necessary and
appropriate in the public interest and consistent with the protection
of investors and the purposes fairly intended by the policy and
provisions of the Advisers Act. Applicant further submits that the
other factors set forth in rule 206(4)-5(e) similarly weigh in favor of
granting an exemption to the Applicant to avoid consequences
disproportionate to the violation.
    6. Applicant contends that given the nature of the Rule violation
and the lack of any evidence that the Adviser or the Contributor
intended to, or actually did, interfere with the Client's merit-based
process for the selection or retention of advisory services, the
interests of the Client are best served by allowing the Adviser and the
Client to continue their relationship uninterrupted. Applicant states
that causing the Adviser to serve without compensation for the
remainder of the two year period could result in a financial loss that
is more than 300 times the amount of the Contribution. Applicant
suggests that the policy underlying the Rule is served by ensuring that
no improper influence is exercised over investment decisions by
governmental entities as a result of campaign contributions and not by
withholding compensation as a result of unintentional violations.
    7. Applicant represents that it had adopted and implemented the
Policy which is fully compliant with, and more rigorous than, the
Rule's requirements and that it had also implemented a political
contribution questionnaire for all new employees, and performed
compliance testing that included random searches of campaign
contribution databases for the names of employees. Applicant notes that
it was this questionnaire that was effective in identifying the
Contribution.
    8. Applicant asserts that actual knowledge of the Contribution at
the time of its making cannot be imputed to the Adviser, given that the
Contributor was not an employee of the Adviser and had not yet
participated in any of the discussions that would ultimately lead to
his employment with the Adviser. Applicant represents that at no time
did any employees of the Adviser other than the Contributor have any
knowledge that the Contribution had been made prior to its discovery by
the Adviser in October 2014 as part of its standard employee onboarding
process.
    9. Applicant asserts that after learning of the Contribution, the
Adviser and the Contributor took all available steps to obtain a return
of the Contribution and implement additional measures to prevent a
future error, including modification of the new employee onboarding
process to require the completion of the political contribution
questionnaire before the Adviser's final decision to hire a new
employee.
    10. Applicant states that it informed the Contributor that he could
have no contact with any representative of the Client other than
potentially making substantive presentations to the Client's
representatives and consultants about the investment strategy the
Contributor manages in the event the Client requested a presentation of
that strategy. The Contributor was directed to maintain a log of such
interactions in accordance with the retention requirements set forth in
Rule 204-2(e). Applicant further states that the Contributor ultimately
had no contact with any representative of the Client and no contact
with any member of the Client's board.
    11. Applicant notes that it has had ongoing contacts with the
Client that predate the Contributor's employment with the Adviser, and
that the Contribution was consistent with the political affiliation of
the Contributor and his wife. Applicant asserts that the Contributor
also had a legitimate interest in the outcome of the campaign given
that he and his family live in Illinois. Applicant also asserts that
the Contributor's action in making a contribution that would later
trigger a ban resulted from his lack of knowledge about the Rule's
look-back provisions and, thus, his failure to appreciate the fact that
the Contribution might impact potential future activities for an
investment advisory firm.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-14211 Filed 6-15-16; 8:45 am]
 BILLING CODE 8011-01-P


"Johansson, Robert"<EMAIL_ADDRESS> 11/07/2007 12:25 PM

To

"Johansson, Robert"<EMAIL_ADDRESS>Janet Cakir/RTP/USEPA/US@EPA, Ron Evans/RTP/USEPA/US@EPA

cc

"King, Heidi R."<EMAIL_ADDRESS>"Schwab, Margo" <EMAIL_ADDRESS> Subject

Follow Up

Hi Janet and Ron,

Please find attached the interagency list of follow up questions from

last week's briefing.

Cheers,

Rob


[Federal Register Volume 79, Number 172 (Friday, September 5, 2014)]
[Notices]
[Page 53057]
[FR Doc No: 2014-21097]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER14-2707-000]

Mammoth Plains Wind Project, LLC; Supplemental Notice That
Initial Market-Based Rate Filing Includes Request for Blanket Section
204 Authorization

    This is a supplemental notice in the above-referenced proceeding,
of Mammoth Plains Wind Project, LLC's application for market-based rate
authority, with an accompanying rate schedule, noting that such
application includes a request for blanket authorization, under 18 CFR
Part 34, of future issuances of securities and assumptions of
liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR Part 34, of future issuances of securities and assumptions of
liability is September 17, 2014.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
5 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426.
    The filings in the above-referenced proceeding(s) are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive email notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please email<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: August 28, 2014.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2014-21097 Filed 9-4-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 134 (Friday, July 14, 2017)]
[Notices]
[Pages 32597-32598]
[FR Doc No: 2017-14753]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81106; File No. SR-ISE-2017-63]

Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Eliminate Fees
and Rebates for Trades in KANG Executed on June 27-30, 2017

July 10, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 27, 2017, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
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

    The Exchange proposes to amend the Schedule of Fees to eliminate
fees and rebates for trades in iKang Healthcare Group Inc (``KANG'')
executed on June 27-30, 2017.
    The text of the proposed rule change is available on the Exchange's
Web site at www.ise.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 purpose of the proposed rule change is to amend the Schedule of
Fees to eliminate fees and rebates for trades in KANG executed on June
27-30, 2017.\3\ This change is being made in connection with the
migration of the Exchange's trading system to the Nasdaq INET
technology, which began on June 12, 2017.\4\ Earlier this month, the
Exchange filed a proposed rule change that eliminated fees and rebates
during the initial launch period for trades in FX Options that began
trading on INET with the launch of the re-platformed trading system.\5\
The Exchange now proposes to similarly eliminate fees and rebates for
trades in KANG executed on the INET trading system from June 27-30,
2017. With this change, no fees or rebates will be charged for
executions on INET during the month of June. Because the Exchange is
eliminating fees and rebates for trades in KANG, during this period
trades in KANG will not be counted towards a member's tier for June
activity. The proposed change would allow the Exchange to bill June
fees solely based on activity traded on the current T7 trading system,
and is an inducement for members to trade the first symbols launched on
the INET trading system as there would be no transaction fees for doing
so.
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    \3\ KANG will begin trading on INET on June 27, 2017, and is a
Non-Select Symbol. ``Non-Select Symbols'' are options overlying all
symbols excluding Select Symbols.
    \4\ See Securities Exchange Act Release No. 80432 (April 11,
2017), 82 FR 18191 (April 17, 2017) (SR-ISE-2017-03).
    \5\ See SR-ISE-2017-59 (publication pending).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\6\ in general, and Section
6(b)(4) of the Act,\7\ in particular, in that it is designed to provide
for the equitable allocation of reasonable dues, fees, and other
charges among its members and other persons using its facilities.
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    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that it is reasonable and equitable to
eliminate fees and rebates in KANG during the initial launch of the
Exchange's re-platformed trading system. Eliminating fees and rebates
in this symbol during the launch will simplify the Exchange's billing
and serve as an inducement for members to trade the first symbols
migrated to the INET trading system. Because the Exchange is offering
free executions in this symbol, volume executed in KANG on June 27-30,
2017 will not be counted towards any volume based tiers. Similar
treatment was afforded to the first symbol launched on the Nasdaq GEMX,
LLC INET trading system,\8\ and also to FX Options traded on ISE INET
during the launch.\9\ The Exchange believes that these two changes will
be attractive to members that trade on the new INET trading system. The
Exchange also believes that this proposed change is not unfairly
discriminatory as it will apply to trades in KANG that are executed by
all members. As noted above, KANG was selected for this treatment as
this symbol, together with the Exchange's proprietary FX Options, will
be the first symbols traded on the INET trading system.
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    \8\ See Securities Exchange Act Release No. 80184 (March 9,
2017), 82 FR 13893 (March 15, 2017) (SR-ISEGemini-2017-09).
    \9\ See supra note 5.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\10\ the Exchange
does not believe that the proposed rule change will impose any burden
on intermarket or intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
change is intended to ease members' transition to the re-platformed
INET trading system and is not designed to have any significant
competitive impact. The Exchange operates in a highly competitive
market in which market participants can readily direct their order flow
to competing venues. In such an environment, the Exchange must
continually review, and consider adjusting, its fees and rebates to
remain competitive with other exchanges. For the reasons described
above, the Exchange believes that the proposed fee changes reflect this
competitive environment.
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    \10\ 15 U.S.C. 78f(b)(8).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\11\ and Rule 19b-4(f)(2) \12\ thereunder.
At any time within 60 days of the filing of the proposed rule change,
the Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is: (i) Necessary or
appropriate in the public

interest; (ii) for the protection of investors; or (iii) otherwise in
furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
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    \11\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \12\ 17 CFR 240.19b-4(f)(2).
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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-ISE-2017-63 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-2017-63. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-ISE-2017-63 and should be
submitted on or before August 4, 2017.
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    \13\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017-14753 Filed 7-13-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 95 (Wednesday, May 16, 2012)]
[Notices]
[Pages 28872-28873]
[FR Doc No: 2012-11835]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 14370-000]

Willwood Irrigation District; Notice of Preliminary Permit
Application Accepted for Filing and Soliciting Comments, Motions To
Intervene, and Competing Applications

    On March 12, 2012, the Willwood Irrigation District filed an
application for a preliminary permit, pursuant to section 4(f) of the
Federal Power Act (FPA), proposing to study the feasibility of the Deer
Creek Hydropower Project (Deer Creek Project or project) to be

located on the Willwood Irrigation District's Main Canal, near Powell,
Park County, Wyoming. The sole purpose of a preliminary permit, if
issued, is to grant the permit holder priority to file a license
application during the permit term. A preliminary permit does not
authorize the permit holder to perform any land-disturbing activities
or otherwise enter upon lands or waters owned by others without the
owners' express permission.
    The proposed project would consist of the following: (1) A
diversion structure and penstock intake; (2) a 350-foot-long, 6-foot-
diameter penstock; (3) a powerhouse containing one turbine rated for
780 kilowatts at 43.08 feet of net head; (4) a 75-foot-long, 8-foot-
diameter reinforced concrete tailrace; (5) a 3.5-mile-long, 12.5-
kilovolt transmission line extending from the project to an existing
transmission line (the point of interconnection); and (6) appurtenant
facilities. The estimated annual generation of the Deer Creek Project
would be 2.58 gigawatt-hours.
    Applicant Contacts: Mr. Tom Walker, Willwood Irrigation District,
1306 Road 9, Powell, Wyoming, 82435; phone:<PHONE_NUMBER>. Mr. Keith
Murray, Willwood Irrigation District, 1306 Road 9, Powell, Wyoming,
82435; phone:<PHONE_NUMBER>.
    FERC Contact: Kim Nguyen at<EMAIL_ADDRESS>phone: (202) 502-
6105.
    Deadline for filing comments, motions to intervene, competing
applications (without notices of intent), or notices of intent to file
competing applications: 60 days from the issuance of this notice.
Competing applications and notices of intent must meet the requirements
of 18 CFR 4.36. Comments, motions to intervene, notices of intent, and
competing applications may be filed electronically via the Internet.
See 18 CFR 385.2001(a)(1)(iii) and the instructions on the Commission's
Web site http://www.ferc.gov/docs-filing/efiling.asp. Commenters can
submit brief comments up to 6,000 characters, without prior
registration, using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact information
at the end of your comments. For assistance, please contact FERC Online
Support at<EMAIL_ADDRESS>or toll free at 1-866-208-3676,
or for TTY,<PHONE_NUMBER>. Although the Commission strongly encourages
electronic filing, documents may also be paper-filed. To paper-file,
mail an original and seven copies to: Kimberly D. Bose, Secretary,
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426.
    More information about this project, including a copy of the
application, can be viewed or printed on the ``eLibrary'' link of
Commission's Web site at http://www.ferc.gov/docs-filing/elibrary.asp.
Enter the docket number (P-14370) in the docket number field to access
the document. For assistance, contact FERC Online Support.

    Dated: May 10, 2012.
Kimberly D. Bose,
 Secretary.
[FR Doc. 2012-11835 Filed 5-15-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 224 (Wednesday, November 20, 2013)]
[Notices]
[Pages 69718-69720]
[FR Doc No: 2013-27752]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70872; File No. SR-ISE-2013-57]

Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Amend the Schedule of Fees

November 14, 2013.
    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 1, 2013, the International Securities Exchange, LLC
(the ``Exchange'' or the ``ISE'') filed with the Securities and
Exchange 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.
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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

    The ISE proposes to amend its Schedule of Fees. The text of the
proposed rule change is available on the Exchange's Web site (http://www.ise.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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in sections A, B and C below, of the
most significant aspects of such statements.

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

1. Purpose
    The purpose of this proposed rule change is to amend the Exchange's
Schedule of Fees to increase the Market Maker Plus rebate for Market
Makers \3\ that meet certain additional qualification standards. The
Exchange assesses a per contract transaction charge and provides
rebates to market participants that add or remove liquidity from the
Exchange (``maker/taker fees and rebates'') in all symbols that are in
the Penny Pilot program (``Select Symbols''). In order to promote and
encourage liquidity in Select Symbols, the Exchange currently offers
Market Makers that meet the quoting requirements for Market Maker Plus
a rebate of $0.10 per contract in Standard Options, and $0.010 per
contract in Mini Options, for adding liquidity in those symbols.\4\ The
Exchange now proposes to pay a higher rebate of $0.12 per contract and
$0.012 per contract for Standard and Mini Options, respectively, to
Market Makers that meet the quoting requirements for Market Maker Plus
and are affiliated with an Electronic Access Member that executes a
total affiliated Priority Customer \5\ average daily volume (``ADV'')
of 200,000 contracts in a calendar month.\6\

ISE Market Makers that qualify as Market Maker Plus, but whose
affiliates do not meet the minimum Priority Customer ADV threshold,
will continue to earn a rebate of $0.10 per contract for Standard
Options and $0.010 per contract for Mini Options.
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    \3\ The term ``Market Makers'' refers to ``Competitive Market
Makers'' and ``Primary Market Makers'' collectively. See ISE Rule
100(a)(25).
    \4\ A Market Maker qualifies for Market Maker Plus if it is on
the National Best Bid or National Best Offer 80% of the time for
series trading between $0.03 and $5.00 (for options whose underlying
stock's previous trading day's last sale price was less than or
equal to $100) and between $0.10 and $5.00 (for options whose
underlying stock's previous trading day's last sale price was
greater than $100) in premium in each of the front two expiration
months and 80% of the time for series trading between $0.03 and
$5.00 (for options whose underlying stock's previous trading day's
last sale price was less than or equal to $100) and between $0.10
and $5.00 (for options whose underlying stock's previous trading
day's last sale price was greater than $100) in premium for all
expiration months in that symbol during the current trading month. A
Market Maker's single best and single worst overall quoting days
each month, on a per symbol basis, are excluded in calculating
whether a Market Maker qualifies for Market Maker Plus, if doing so
will qualify a Market Maker for the rebate.
    \5\ A Priority Customer is defined in ISE Rule 100(a)(37A) as a
person or entity that is not a broker/dealer in securities, and does
not place more than 390 orders in listed options per day on average
during a calendar month for its own beneficial account(s).
    \6\ Priority Customer ADV includes all volume in all symbols and
order types. Volume in Standard Options and Mini Options will be
combined to calculate Priority Customer ADV but Market Makers will
be rebated for all Standard Options traded at the Standard Option
rebate amount and for all the Mini Options traded at the Mini Option
rebate amount.
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    All eligible volume from affiliated Members will be aggregated in
determining total affiliated Priority Customer ADV, provided there is
at least 75% common ownership between the Members as reflected on each
Member's Form BD, Schedule A. The Exchange believes that aggregating
Priority Customer ADV across Members that share at least 75% common
ownership will allow Members to continue to execute orders on the
Exchange through separate broker-dealer entities for different types of
volume, while still qualifying for the benefit of the new higher Market
Maker Plus rebate based on volume being executed across such entities.
The requirement that affiliates share at least 75% common ownership is
consistent with the definition of ``affiliate'' adopted on the Topaz
Exchange, LLC and other options exchanges,\7\ and as proposed today in
another filing with respect to the ISE's Firm Fee Cap.\8\
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    \7\ See e.g. Securities Exchange Act Release No. 70670 (October
11, 2013), 78 FR 62815 (October 22, 2013) (SR-Topaz-2013-08).
    \8\ See SR-ISE-56 [sic] (November 1, 2013).
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    The exchange is also proposing that, for purposes of determining
total affiliated Priority Customer ADV, any day that the market is not
open for the entire trading day may be excluded from such calculation.
This is consistent with the Exchange's rules for calculating ADV in
connection with tiered rebates for Priority Customer complex orders,\9\
and would allow the Exchange to exclude days where the Exchange
declares a trading halt in all securities or honors a market-wide
trading halt declared by another market.\10\ The Exchange will provide
a notice, and post it on the Exchange's Web site, to inform Members of
any day that is to be excluded from its ADV calculations in connection
with this proposed rule change.
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    \9\ See Securities Exchange Act Release No. 70657 (October 10,
2013), 78 FR 62899 (October 22, 2013) (SR-ISE-2013-51).
    \10\ The Exchange will not be excluding days on which the
Exchange closes early for holiday observance from its ADV
calculation.
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2. Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\11\ in general, and
Section 6(b)(4) of the Act,\12\ in particular, in that it is designed
to provide for the equitable allocation of reasonable dues, fees, and
other charges among its members and other persons using its facilities.
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    \11\ 15 U.S.C. 78f.
    \12\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange already provides a rebate to Market Makers that meet
the Exchange's stated quoting criteria, and is now proposing to pay a
higher rebate to certain Market Makers that meet an additional
affiliated Priority Customer ADV threshold. The Exchange believes that
providing higher rebates to Market Makers whose affiliated companies
execute more Priority Customer volume on the ISE will attract
additional Priority Customer order flow to the Exchange, which will
ultimately benefit all market participants that trade on the ISE. The
proposed rebate will also provide Market Makers an extra incentive to
qualify for Market Maker Plus in additional symbols. The Exchange
believes the proposed rule change will encourage Market Makers to post
tighter markets in Select Symbols and thereby maintain liquidity and
attract additional order flow to the Exchange. The Market Maker Plus
rebate is competitive with incentives provided by other exchanges, and
has proven to be an effective incentive for Market Makers to provide
liquidity in Select Symbols. Furthermore, the Exchange believes that
the new Market Maker Plus rebate is not unfairly discriminatory because
all Market Makers can achieve the new higher rebate by satisfying the
current quoting requirements and executing the required Priority
Customer volume on the ISE through its [sic] affiliates.
    The language permitting aggregation of volume amongst corporate
affiliates for purposes of the total affiliated Priority Customer ADV
calculation is intended to avoid disparate treatment of firms that have
divided their various business activities between separate corporate
entities as compared to firms that operate those business activities
within a single corporate entity. By way of example, many firms that
are Members of the Exchange operate several different business lines
within the same corporate entity. In contrast, other firms may be part
of a corporate structure that separates those business lines into
different corporate affiliates, either for business, compliance or
historical reasons. Those corporate affiliates, in turn, are required
to maintain separate memberships with the Exchange in order to access
the Exchange. The Exchange believes that corporate affiliates should be
aggregated in determining whether Members qualify for this new Market
Maker Plus rebate. The Exchange notes that the proposed definition of
``affiliate'' is consistent with definitions used by other options
exchanges, including the Topaz Exchange, LLC, the Chicago Board Options
Exchange, Inc., and the MIAX Options Exchange.\13\
---------------------------------------------------------------------------

    \13\ See ISE Gemini Schedule of Fees, Section I, Regular Order
Fees and Rebates for Standard Options, and Section II, Regular Order
Fees and Rebates for Mini Options; CBOE Fee Schedule, Volume
Incentive Program (VIP); MIAX Fee Schedule, Transaction Fees,
Exchange Fees, Priority Customer Rebate Program.
---------------------------------------------------------------------------

    The Exchange believes that it is equitable and reasonable to permit
the Exchange to eliminate from the calculation days on which the market
is not open the entire trading day because it preserves the Exchange's
intent behind adopting volume-based pricing. In particular, the
Exchange notes that it if it did not have the ability to exclude
aberrant low volume days when calculating ADV for the month, Members
may experience an unintended cost increase due to the artificially low
trading volume on those days. Moreover, as stated above, this is
consistent with the Exchange's rules for calculating ADV in connection
with tiered rebates for Priority Customer complex orders.
    The Exchange notes that it has determined to charge fees and
provide rebates in Mini Options at a rate that is 1/10th the rate of
fees and rebates the Exchange provides for trading in Standard Options.
The Exchange believes it is reasonable and equitable and not unfairly
discriminatory to assess lower fees and rebates to provide market
participants an incentive to trade Mini Options on the Exchange. The
Exchange believes the proposed rebates are reasonable and equitable in
light of the fact that Mini Options have a smaller exercise and
assignment value, specifically 1/10th that of a Standard Option
contract, and, as such, is providing rebates for Mini Options that are
1/10th of those applicable to Standard Options.

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

    In accordance with Section 6(b)(8) of the Act,\14\ 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 the proposed fee
change will impose a burden on intramarket competition because the
proposed rebate applies

equally to all Market Makers that satisfy the quoting requirements and
whose affiliates execute the required Priority Customer volume on the
ISE. With respect to intermarket competition, the Exchange believes
that this new Market Maker Plus rebate is competitive with incentives
provided by other exchanges. The Exchange operates in a highly
competitive market in which market participants can readily direct
their order flow to competing venues. In such an environment, the
Exchange must continually review, and consider adjusting, its fees and
rebates to remain competitive with other exchanges. For the reasons
described above, the Exchange believes that the proposed fee changes
reflect this competitive environment.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \15\ and paragraph (f) of Rule 19b-4
thereunder.\16\ 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.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

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 No. SR-ISE-2013-57 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ISE-2013-57. 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 Commissions Internet Web site (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street NE., Washington,
DC 20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filing also will be available for inspection
and copying at the principal office of the ISE. All comments received
will be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-ISE-2013-57 and should be submitted by
December 11, 2013.

    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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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-27752 Filed 11-19-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: October 7, 2010 (Volume 75, Number 194)]
[Notices]
[Page 62135-62136]
[DOCID:fr07oc10-68]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-1938-DR; Docket ID FEMA-2010-0002]

South Dakota; Major Disaster and Related Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This is a notice of the Presidential declaration of a major
disaster for the State of South Dakota (FEMA-1938-DR), dated September
23, 2010, and related determinations.

DATES: Effective Date: September 23, 2010.

FOR FURTHER INFORMATION CONTACT: Peggy Miller, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street, SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated September 23, 2010, the President issued a major disaster
declaration under the authority of the Robert T. Stafford Disaster
Relief and Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the
``Stafford Act''), as follows:

    I have determined that the damage in certain areas of the State
of South Dakota resulting from severe storms and flooding during the
period of July 21-30, 2010, is of sufficient severity and magnitude
to warrant a major disaster declaration under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act, 42 U.S.C. 5121 et seq.
(the ``Stafford Act''). Therefore, I declare that such a major
disaster exists in the State of South Dakota.
    In order to provide Federal assistance, you are hereby
authorized to allocate from funds available for these purposes such
amounts as you find necessary for Federal disaster assistance and
administrative expenses.
    You are authorized to provide Public Assistance in the
designated areas and Hazard Mitigation throughout the State.
Consistent with the requirement that Federal assistance is
supplemental, any Federal funds provided under the Stafford Act for
Public Assistance and Hazard Mitigation will be limited to 75
percent of the total eligible costs.
    Further, you are authorized to make changes to this declaration
for the approved assistance to the extent allowable under the
Stafford Act.

    The Federal Emergency Management Agency (FEMA) hereby gives notice
that pursuant to the authority vested in the Administrator, under
Executive Order 12148, as amended, Mark A. Neveau, of FEMA is appointed
to act as the Federal Coordinating Officer for this major disaster.
    The following areas of the State of South Dakota have been
designated as adversely affected by this major disaster:

    Beadle, Brule, Clay, Fall River, Hand, Jerauld, Lincoln, Miner,
Minnehaha, Sanborn, Turner, and Union Counties for Public
Assistance.
    All counties within the State of South Dakota are eligible to
apply for assistance under the Hazard Mitigation Grant Program.

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

W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2010-25326 Filed 10-6-10; 8:45 am]
BILLING CODE 9111-23-P