[Federal Register: August 15, 2008 (Volume 73, Number 159)]
[Notices]
[Page 47996-48001]
[DOCID:fr15au08-102]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58332; File No. SR-NYSEArca-2008-51]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change and Amendment No. 1 Thereto To Adopt Generic
Listing and Trading Rules for Commodity-Based Trust Shares, Currency
Trust Shares, and Commodity Index Trust Shares

August 8, 2008.
    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 13, 2008, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange''),
through its wholly owned subsidiary, NYSE Arca Equities, Inc. (``NYSE
Arca Equities''), filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. On
August 5, 2008, NYSE Arca filed Amendment No. 1 to the proposed rule
change. The Commission is publishing this notice to solicit comments on
the proposed rule change, as amended, 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 NYSE Arca Equities Rules 8.201
(Commodity-Based Trust Shares), 8.202 (Currency Trust Shares), and
8.203 (Commodity Index Trust Shares) to adopt generic listing and
trading rules for such securities. The text of the proposed rule change
is available at the Exchange, the Commission's Public Reference Room,
and http://www.nyse.com.

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 currently has rules permitting the listing and
trading, including trading pursuant to unlisted trading privileges
(``UTP''), of Commodity-Based Trust Shares (NYSE Arca Equities Rule
8.201),\3\ Currency Trust Shares (NYSE Arca Equities Rule 8.202),\4\
and Commodity Index Trust Shares (NYSE Arca Equities Rule 8.203).\5\
The Exchange proposes to amend NYSE Arca Equities Rules 8.201, 8.202,
and 8.203 to include provisions for the listing and trading (including
trading pursuant to UTP) of Commodity-Based Trust Shares, Currency
Trust Shares, and Commodity Index Trust Shares, respectively
(collectively, the ``Shares''), pursuant to Rule 19b-4(e) under the
Act.\6\
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    \3\ See Securities Exchange Act Release No. 51067 (January 21,
2005), 70 FR 3952 (January 27, 2005) (SR-PCX-2004-132) (approving
NYSE Arca Equities Rule 8.201 and the trading of shares of the
iShares[supreg] COMEX Gold Trust pursuant to UTP).
    \4\ See Securities Exchange Act Release No. 53253 (February 8,
2006), 71 FR 8029 (February 15, 2006) (SR-PCX-2005-123) (approving
NYSE Arca Equities Rule 8.202 and the trading of shares of the Euro
Currency Trust pursuant to UTP).
    \5\ See Securities Exchange Act Release No. 54025 (June 21,
2006), 71 FR 36856 (June 28, 2006) (SR-NYSEArca-2006-12) (approving
NYSE Arca Equities Rule 8.203 and the trading of shares of the
iShares[supreg] GSCI Commodity-Indexed Trust pursuant to UTP).
    \6\ 17 CFR 240.19b-4(e).
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Generic Listing Standards
    Rule 19b-4(e) under the Act provides that the listing and trading
of a new derivative securities product by a self-regulatory
organization (``SRO'') shall not be deemed a proposed rule change,
pursuant to section (c)(1) of Rule 19b-4,\7\ if the Commission has
approved, pursuant to section 19(b) of the Act,\8\ the SRO's trading
rules, procedures, and listing standards for the product class that
would include the new derivatives securities product, and the SRO has a
surveillance program for the product class. The Exchange proposes to
adopt generic listing standards under amended NYSE Arca Equities Rules
8.201, 8.202, and 8.203 for the Shares pursuant to which it would be
able to trade such securities without Commission approval of each
individual product pursuant to section 19(b)(2) of the Act.\9\ The
Exchange represents that any securities it lists and/or trades pursuant
to NYSE Arca Equities Rule 8.201, 8.202, or 8.203 will satisfy the
standards set forth therein. The Exchange states that, within five
business days after commencement of trading of a security pursuant to
NYSE Arca Equities Rule 8.201, 8.202 or 8.203, as proposed to be
amended, the Exchange will file a Form 19b-4(e).\10\
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    \7\ 17 CFR 240.19b-4(c)(1).
    \8\ 17 U.S.C. 78s(b).
    \9\ 15 U.S.C. 78s(b)(2).
    \10\ See 17 CFR 240.19b-4(e)(2)(ii); 17 CFR 249.820.
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Commodity-Based Trust Shares
    The Exchange proposes to amend Commentary .04 to NYSE Arca Equities
Rule 8.201 to incorporate generic listing and trading standards for
Commodity-Based Trust Shares.\11\ In addition to the general
requirements of NYSE Arca Equities Rule 8.201, Commodity-Based Trust
Shares listed on the Exchange pursuant to Rule 19b-4(e) must satisfy
the following initial listing criteria. For a series of Commodity-Based
Trust Shares listed on the Exchange, a minimum of 100,000 shares is
required to be outstanding at the commencement of trading.\12\ In
addition, for both listed Commodity-Based Trust Shares and those traded
pursuant to UTP: (1) The value of the commodity held by the applicable
trust must be disseminated by one or more major market data vendors on
at least a 15-second delayed basis; (2) the Indicative Trust Value must
be calculated and widely disseminated by the Exchange or one or more
major market data vendors on at least a 15-second basis during the Core
Trading Session as defined in NYSE Arca Equities Rule 7.34; \13\ and
(3) the Exchange will implement written surveillance procedures
applicable to Commodity-Based Trust Shares.
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    \11\ The Commission has previously approved issues of Commodity-
Based Trust Shares for listing and trading. See, e.g., Securities
Exchange Act Release Nos. 50603 (October 28, 2004), 69 FR 64614
(November 5, 2004) (SR-NYSE-2004-22) (approving the listing and
trading of shares of the streetTRACKS Gold Trust); 51058 (January
19, 2005), 70 FR 3749 (January 26, 2005) (SR-Amex-2004-38)
(approving the listing and trading of shares of the iShares COMEX
Gold Trust); 53521 (March 20, 2006), 71 FR 14967 (March 24, 2006)
(SR-Amex-2005-072) (approving the listing and trading of shares of
the iShares Silver Trust); and 56041 (July 11, 2007), 72 FR 39114
(July 17, 2007) (SR-NYSEArca-2007-43) (granting accelerated approval
to list and trade shares of the iShares COMEX Gold Trust). E-mail
from Michael Cavalier, Associate General Counsel, NYSE Euronext, to
Edward Cho, Special Counsel, and Steven Varholik, Staff Attorney,
Division of Trading and Markets, Commission, dated June 18, 2008
(confirming the types of securities that were approved for listing
and trading under NYSE Arca Equities Rule 8.201).
    \12\ The Exchange notes that the proposed 100,000-share minimum
is the same as the requirement in Commentary .01(d) of NYSE Arca
Equities Rule 5.2(j)(3) applicable to Investment Company Units
(``Units''), which provides that a minimum of 100,000 shares of a
series of Units is required to be outstanding at the commencement of
trading. In addition, the 100,000-share minimum is comparable to
requirements previously applied to series of Units approved by the
Commission for exchange listing pursuant to section 19(b)(2) of the
Act. See, e.g., Securities Exchange Act Release No. 52816 (November
21, 2005), 70 FR 71574, 71578 n.19 and accompanying text (November
29, 2005) (SR-NYSE-2005-70) (approving the listing and trading of
shares of the iShares Index Funds and noting that the Exchange has
required a minimum number of 100,000 shares of Units to be
outstanding in connection with the initial listing of shares of the
iShares FTSE/Xinhua China 25 Index Fund, which the Commission noted
to be comparable to requirements previously applied to other listed
series of Units).
    \13\ Pursuant to NYSE Arca Equities Rule 7.34(a), the NYSE Arca
Marketplace will have three trading sessions each day the Exchange
is open for business unless otherwise determined by the Exchange:
    Opening Session--begins at 1:00:00 a.m. (Pacific Time) and
concludes at the commencement of the Core Trading Session. The
Opening Auction and the Market Order Auction shall occur during the
Opening Session.
    Core Trading Session--begins at 6:30:00 a.m. (Pacific Time) or
at the conclusion of the Market Order Auction, whichever comes
later, and concludes at 1:00:00 p.m. (Pacific Time).
    Late Trading Session--begins following the conclusion of the
Core Trading Session and concludes at 5:00:00 p.m. (Pacific Time).
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    The Exchange proposes to amend NYSE Arca Equities Rule 8.201(c)(1)
to provide that Commodity-Based Trust Shares may be redeemed at the
request of an Authorized Participant (as defined in the trust's
prospectus) by the trust, which will deliver to the redeeming
Authorized Participant the quantity of the underlying commodity.\14\
The references to redemption ``at the holder's request'' and delivery
of the underlying commodity to the ``holder'' would be deleted. This
amendment reflects the fact that it is the Authorized Participant that
actually makes the redemption request and receives the specified
proceeds upon redemption, and that a beneficial holder other than an
Authorized Participant must utilize an Authorized Participant to effect
a redemption. This rationale also applies to insertion of the term
``Authorized Participant'' in NYSE Arca Equities Rules 8.202 and 8.203,
as described below.
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    \14\ The term ``Authorized Participant'' generally is defined in
prospectuses for issues of Commodity-Based Trust Shares, Currency
Trust Shares, and Commodity Index Trust Shares as an entity that (1)
is a registered broker-dealer, or other securities market
participant such as a bank or other financial institution that is
not required to register as a broker-dealer to engage in securities
transactions; (2) is a Depository Trust Company participant; and (3)
has entered into an Authorized Participant Agreement with the trust.
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    The Exchange also proposes to delete the provision in NYSE Arca
Equities Rule 8.201(e)(2)(iv) which provides that the Exchange will
consider the suspension of trading or removal from listing of a series
of Commodity-Based Trust Shares if the Exchange stops providing a
hyperlink on its Web site to the updated value of the underlying

commodity. The Exchange believes such information is widely available
from market data vendors and an Exchange hyperlink is not necessary to
provide investors with access to such information.
    Proposed Commentary .05 to NYSE Arca Equities Rule 8.201 provides
that Commodity-Based Trust Shares will be subject to the Exchange's
equity trading rules. Proposed Commentary .06 to NYSE Arca Equities
Rule 8.201 provides that if the Indicative Trust Value or value of the
commodity applicable to a series of Commodity-Based Trust Shares is not
being disseminated as required, the Exchange may halt trading during
the day on which such interruption first 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. If the Exchange becomes aware that the net asset
value (``NAV'') applicable to a series of Commodity-Based Trust Shares
is not being disseminated to all market participants at the same time,
it will halt trading in such series until such time as the NAV is
available to all market participants.
Currency Trust Shares
    The Exchange proposes to amend the definition of the term
``Currency Trust Shares'' in NYSE Arca Equities Rule 8.202(c) to
provide that such shares may be issued by a trust that holds more than
one non-U.S. currency. In addition, NYSE Arca Equities Rule 8.202(c)
would be amended to provide that Currency Trust Shares may be
surrendered by an Authorized Participant (as defined in the trust's
prospectus) to the trust, which will deliver to the redeeming
Authorized Participant the specified non-U.S. currency or currencies.
The reference to the surrender of Currency Trust Shares by the
beneficial owner would be deleted. NYSE Arca Equities Rule 8.202(d),
relating to the designation of the non-U.S. currency, is proposed to be
amended to clarify the rule's application to an issue of Currency Trust
Shares that holds more than one non-U.S. currency. Commentary .01 to
NYSE Arca Equities Rule 8.202 also would be amended to clarify that
Currency Trust Shares are Trust Issued Receipts that can hold multiple
currencies.
    The Exchange proposes to amend Commentary .04 to NYSE Arca Equities
Rule 8.202 to incorporate generic listing and trading standards for
Currency Trust Shares.\15\ In addition to the general requirements of
NYSE Arca Equities Rule 8.202, Currency Trust Shares listed on the
Exchange must satisfy the following initial listing criteria. For each
series of Currency Trust Shares, a minimum of 100,000 shares of a
series of Currency Trust Shares is required to be outstanding at the
commencement of trading.\16\ In addition, for both listed Currency
Trust Shares and those traded pursuant to UTP: (1) The value of the
applicable non-U.S. currency must be disseminated by one or more major
market data vendors on at least a 15-second delayed basis; (2) the
Indicative Trust Value must be calculated and widely disseminated by
the Exchange or one or more major market data vendors on at least a 15-
second basis during the Core Trading Session as defined in NYSE Arca
Equities Rule 7.34; and (3) the Exchange will implement written
surveillance procedures applicable to Currency Trust Shares.
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    \15\ The Commission has previously approved a number of issues
of Currency Trust Shares for listing and trading. See, e.g.,
Securities Exchange Act Release Nos. 52843 (November 28, 2005), 70
FR 72486 (December 5, 2005) (SR-NYSE 2005-65) (granting accelerated
approval for the listing and trading of shares of the CurrencyShares
Euro Trust); 54020 (June 20, 2006), 71 FR 36579 (June 27, 2006) (SR-
NYSE-2006-35) (granting accelerated approval for the listing and
trading of shares of the CurrencyShares Australian Dollar Trust,
CurrencyShares British Pound Sterling Trust, CurrencyShares Canadian
Dollar Trust, CurrencyShares Mexican Peso Trust, CurrencyShares
Swedish Krona Trust, and CurrencyShares Swiss Franc Trust); 55268
(February 9, 2007), 72 FR 7793 (February 20, 2007) (SR-NYSE-2007-03)
(granting accelerated approval for the listing and trading of shares
of the CurrencyShares Japanese Yen Trust); and 56131 (July 25,
2007), 72 FR 42212 (August 1, 2007) (SR-NYSEArca-2007-57) (granting
accelerated approval for the listing and trading of shares of the
CurrencyShares Trusts).
    \16\ See supra note 12.
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    Proposed Commentary .05 to NYSE Arca Equities Rule 8.202 provides
certain ``firewall'' requirements where the value of a Currency Trust
Share is based in whole or in part on an index that is maintained by a
broker-dealer, as well as requirements on any advisory committee,
supervisory board, or similar entity that advises or that makes certain
decisions regarding the index, similar to the requirements currently
specified in Commentary .01(b)(1) to NYSE Arca Equities Rule 5.2(j)(3).
    Proposed Commentary .06 to NYSE Arca Equities Rule 8.202 provides
that Currency Trust Shares will be subject to the Exchange's equity
trading rules. Proposed Commentary .07 to NYSE Arca Equities Rule 8.202
provides that, if the Indicative Trust Value or the value of the
currency, currencies, or currency index applicable to a series of
Currency Trust Shares is not being disseminated as required, the
Exchange may halt trading during the day on which such interruption
first 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. If the
Exchange becomes aware that the NAV applicable to a series of Currency
Trust Shares is not being disseminated to all market participants at
the same time, it will halt trading in such series until such time as
the NAV is available to all market participants.
Commodity Index Trust Shares
    The Exchange proposes to amend the definition of the term
``Commodity Index Trust Shares'' in NYSE Arca Equities Rule 8.203(c) to
accommodate shares issued by a trust that holds commodities included in
an index or portfolio, as well as a trust that holds commodity futures
on a specified index or portfolio, or that holds interests in a
commodity pool that holds commodity futures or interests in a commodity
pool as defined in the Commodity Exchange Act, and is managed by a
commodity pool operator registered with the Commodity Futures Trading
Commission. In addition, NYSE Arca Equities Rule 8.203(c) would be
amended to provide that Commodity Index Trust Shares may be surrendered
to the trust by an Authorized Participant (as defined in the trust's
prospectus), which will deliver to the redeeming Authorized Participant
the specified proceeds. The reference to surrender of Commodity Index
Trust Shares by the beneficial owner would be deleted.
    The Exchange also proposes to amend Commentary .01 to NYSE Arca
Equities Rule 8.203 to provide that a Commodity Index Trust Share is a
Trust Issued Receipt that holds commodities included in, or long
positions in futures contracts on a specified commodity index or
portfolio, or interests in a commodity pool which, in turn, holds such
commodities or long positions, deposited with the applicable trust.
Commentary .04 to NYSE Arca Equities Rule 8.203 would be amended to
incorporate generic listing and trading standards for Commodity Index
Trust Shares.\17\
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    \17\ The Commission has previously approved a number of issues
of Commodity Index Trust Shares for listing and trading. See, e.g.,
Securities Exchange Act Release Nos. 54013 (June 16, 2006), 71 FR
36372 (June 26, 2006) (SR-NYSE-2006-17) (approving the listing and
trading of shares of the iShares GSCI Trust); 55585 (April 5, 2007),
72 FR 18500 (April 12, 2007) (SR-NYSE-2006-75) (approving the
listing and trading of shares of the iShares GS Commodity Light
Energy Indexed Trust; iShares GS Commodity Industrial Metals Indexed
Trust; iShares GS Commodity Livestock Indexed Trust; and iShares GS
Commodity Non-Energy Indexed Trust); 56932 (December 7, 2007), 72 FR
71178 (December 14, 2007) (SR-NYSEArca-2007-112) (granting
accelerated approval for the listing and trading of shares of the
S&P GSCI Commodity-Indexed Trust); and 57456 (March 7, 2008), 73 FR
13599 (March 13, 2008) (SR-NYSEArca-2007-91) (granting accelerated
approval for the listing and trading of shares of the iShares S&P
GSCI Energy Commodity-Indexed Trust; iShares S&P GSCI Natural Gas
Commodity-Indexed Trust; iShares S&P GSCI Industrial Metals
Commodity-Indexed Trust; iShares S&P GSCI Light Energy Commodity-
Indexed Trust; iShares S&P GSCI Livestock Commodity-Indexed Trust;
and iShares S&P GSCI Non-Energy Commodity-Indexed Trust).

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    In addition to the general requirements of NYSE Arca Equities Rule
8.203, Commodity Index Trust Shares listed on the Exchange must satisfy
the following initial listing criteria: (1) A minimum of 100,000 shares
of a series of Commodity Index Trust Shares is required to be
outstanding at the commencement of trading;\18\ and (2) the issue must
meet one of the following initial listing standards: (a) The
commodities included in a specified commodity index, long positions in
futures contracts on a specified commodity index, or interests in a
commodity pool which, in turn, holds such long positions held by the
applicable trust shall have been reviewed or approved for the trading
of Commodity-Linked Securities, Commodity Index Trust Shares or options
or other derivatives by the Commission under section 19(b)(2) of the
Act \19\ and rules thereunder, and the conditions set forth in the
Commission's approval order, including with respect to comprehensive
surveillance sharing agreements, continue to be satisfied; or (b) with
respect to trusts holding long positions in futures contracts on a
specified commodity index, or interests in a commodity pool which, in
turn, holds such long positions, the pricing information for index
components must be derived from a market which is an Intermarket
Surveillance Group (``ISG'') member or with which the Exchange has a
comprehensive surveillance sharing agreement. An index may include
components representing not more than 10% of the dollar weight of such
index for which the pricing information is derived from markets that do
not meet such requirements; provided, however, that no single component
subject to this exception exceeds 7% of the dollar weight of the
applicable index.
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    \18\ See supra note 12.
    \19\ 15 U.S.C. 78s(b)(2).
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    In addition, for both listed Commodity Index Trust Shares and those
traded pursuant to UTP: (1) The value of the applicable underlying
index or portfolio must be disseminated by one or more major market
data vendors on at least a 15-second delayed basis and, with respect to
trusts holding commodities included in a specified index or portfolio,
the applicable commodity spot price or prices must be disseminated by
one or more major market data vendors on at least a 15-second delayed
basis; (2) the Indicative Trust Value must be calculated and widely
disseminated by the Exchange or one or more major market data vendors
on at least a 15-second basis during the Core Trading Session as
defined in NYSE Arca Equities Rule 7.34; and (3) the Exchange will
implement written surveillance procedures applicable to Commodity Index
Trust Shares.
    Proposed Commentary .05 to NYSE Arca Equities Rule 8.203 provides
certain ``firewall'' requirements where the value of a Commodity Index
Trust Share is based in whole or in part on an index that is maintained
by a broker-dealer, as well as requirements on any advisory committee,
supervisory board, or similar entity that advises or that makes certain
decisions regarding the index, similar to the requirements specified in
Commentary .01(b)(1) to NYSE Arca Equities Rule 5.2(j)(3). Proposed
Commentary .06 to NYSE Arca Equities Rule 8.203 provides that Commodity
Index Trust Shares will be subject to the Exchange's equity trading
rules. Proposed Commentary .07 to NYSE Arca Equities Rule 8.203
provides that, if the Indicative Trust Value, the value of the
underlying index or portfolio, or the commodity spot price or prices
applicable to a series of Commodity Index Trust Shares is not being
disseminated as required, the Exchange may halt trading during the day
on which such interruption first 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. If the Exchange becomes aware that the NAV applicable to
a series of Commodity Index Trust Shares is not being disseminated to
all market participants at the same time, it will halt trading in such
series until such time as the NAV is available to all market
participants.
    Proposed NYSE Arca Equities Rules 8.201(j), 8.202(j), and 8.203(j)
each also provide that the Exchange may submit a rule filing pursuant
to Section 19(b)(2) of the Act \20\ to permit the listing and trading
of Commodity-Based Trust Shares, Currency Trust Shares, and Commodity
Based Trust Shares, respectively, that do not otherwise meet the
standards set forth in proposed Commentary .04 to each such rule.
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    \20\ 17 U.S.C. 78s(b)(2).
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Trading Rules Applicable to the Shares
    The Shares will be subject to all Exchange rules governing the
trading of equity securities. The Exchange's equity margin rules will
apply to transactions in the Shares. Shares will trade during trading
hours set forth in NYSE Arca Equities Rule 7.34(a).\21\
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    \21\ See supra note 13.
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Surveillance
    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products, including Commodity-Based
Trust Shares, Currency Trust Shares, and Commodity Index Trust Shares,
to monitor trading in the Shares. The Exchange represents that these
procedures are adequate to properly monitor Exchange trading of the
Shares in all trading sessions and to deter and detect violations of
Exchange rules or applicable federal securities laws.
    The Exchange's current trading surveillance focuses on detecting
when securities trade outside their normal patterns. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    The Exchange notes that components underlying Commodity-Based Trust
Shares, Currency Trust Shares, and Commodity Index Trust Shares are
based on spot prices of the relevant commodity or currency, as the case
may be, and such underlying commodities or currencies are traded in
over-the-counter markets rather than on exchanges. In addition, as
noted above, with respect to Commodity Index Trust Shares, where the
trust holds long positions in futures contracts on a specified
commodity index, or interests in a commodity pool which, in turn, holds
such long positions, the pricing information for index components must
be derived from a market which is an ISG member or with which the
Exchange has a comprehensive surveillance sharing agreement. An index
may include components representing not more than 10% of the dollar
weight of such index for which the pricing information is derived from
markets that do not meet such requirements; provided, however, that no
single component subject to this exception can exceed 7% of the dollar
weight of the applicable index.

    The Exchange states that it may also obtain information via ISG
from other exchanges who are members of the ISG.\22\ In addition, the
Exchange also has a general policy prohibiting the distribution of
material, non-public information by its employees.
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    \22\ For a list of current members of the ISG, see http://
www.isgportal.org.
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Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
ETP Holders \23\ in an Information Bulletin of the special
characteristics and risks associated with trading an issue of
Commodity-Based Trust Shares, Currency Trust Shares, or Commodity Index
Trust Shares. Specifically, the Information Bulletin will discuss the
following: (1) The procedures for purchases and redemptions of Shares;
(2) NYSE Arca Equities Rule 9.2(a),\24\ which imposes a duty of due
diligence on ETP Holders to learn the essential facts relating to every
customer prior to trading an issue of Shares; (3) how information
regarding the Indicative Trust Value is disseminated; (4) the risks
involved in trading an issue of Shares during the Opening and Late
Trading Sessions when an updated Indicative Trust Value will not be
calculated or publicly disseminated; (5) 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 (6) trading information. The Information Bulletin will advise ETP
Holders, prior to the commencement of trading, of the prospectus
delivery requirements applicable to the relevant issue of Shares. The
Exchange notes that investors purchasing Shares directly from the
applicable trust will receive a prospectus; ETP Holders purchasing
Shares from the trust for resale to investors will deliver a prospectus
to such investors.
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    \23\ See NYSE Arca Equities Rule 1.1(n).
    \24\ NYSE Arca Equities Rule 9.2(a) (Diligence as to Accounts)
provides that ETP Holders, before recommending a transaction, must
have reasonable grounds to believe that the recommendation is
suitable for the customer based on any facts disclosed by the
customer as to his other security holdings and as to his financial
situation and needs. Further, the rule provides, with a limited
exception, that prior to the execution of a transaction recommended
to a non-institutional customer, the ETP Holder shall make
reasonable efforts to obtain information concerning the customer's
financial status, tax status, investment objectives, and any other
information that the ETP Holder believes would be useful to make a
recommendation.
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    In addition, the Information Bulletin will reference that an issue
of Shares is subject to various fees and expenses described in the
applicable prospectus and that there is no regulated source of last
sale information regarding physical commodities or non-U.S. currencies,
and that the Commission has no jurisdiction over the trading of
physical commodities, currencies, or futures contracts on which the
value of an issue of Shares may be based.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\25\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\26\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, 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 Exchange
believes that the proposed rules applicable to trading pursuant to
generic listing and trading criteria, together with the Exchange's
surveillance procedures applicable to trading in the securities covered
by the proposed rules, serve to foster investor protection. The
Exchange further believes that the proposed rules will enhance market
competition by assisting in bringing Commodity-Based Trust Shares,
Currency Trust Shares, and Commodity Index Trust Shares to the market
more quickly, consistent with the Commission's adoption of Rule 19b-
4(e) under the Act.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78f(b).
    \26\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

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

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

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

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

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date 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 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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2008-51 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-NYSEArca-2008-51.
This file number should be included on the subject line if e-mail is
used. To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of 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-NYSEArca-2008-51 and should be submitted on or before
September 5, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
---------------------------------------------------------------------------

    \27\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-18853 Filed 8-14-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 77, Number 201 (Wednesday, October 17, 2012)]
[Notices]
[Page 63811]
[FR Doc No: 2012-25516]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Notice of Commissioners and Staff Attendance at FERC Author
Speaker Series Event

    The Federal Energy Regulatory Commission (FERC or Commission)
hereby gives notice that members of the Commission and/or Commission
staff may attend the following event:

Author Speaker Series featuring Daniel Yergin: 888 First Street NE.,
Washington, DC 20426. October 30, 2012 (10:00 a.m.-12:00 p.m.)

    The event will feature Pulitzer Prize winning author, Daniel
Yergin, presenting on his most recent book, The Quest.

    Dated: October 11, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-25516 Filed 10-16-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: August 7, 2007 (Volume 72, Number 151)]
[Notices]
[Page 44203-44204]
[DOCID:fr07au07-103]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56179; File No. SR-NASD-2007-034]

Self-Regulatory Organizations; National Association of Securities
Dealers, Inc.; Order Approving Proposed Rule Change as Modified by
Amendment No. 1 Creating NASD Rule 1160 (Firm Contact Information)
Regarding the Reporting and Annual Review of Designated Contact
Information to NASD

August 1, 2007.

I. Introduction

    On May 11, 2007, the National Association of Securities Dealers,
Inc. (``NASD'') 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 seeking to adopt new NASD Rule 1160 (Firm Contact
Information) regarding the reporting of designated contact information
to NASD and the annual review of such information. The proposed rule
change also proposed amendments to Rule 1120 (Continuing Education
Requirements), Rule 1150 (Executive Representative), Interpretive
Material (IM)-3011-2 (Review of Anti-Money Laundering Compliance Person
Information), and Rule 3520 (Emergency Contact Information) to
eliminate the requirement that members review and update, at the end of
each calendar quarter, the contact information required by these rules.
---------------------------------------------------------------------------

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

    The proposed rule change was published for comment in the Federal
Register on May 31, 2007.\3\ The Commission received two comment
letters on the proposal.\4\ On July 27, 2007, NASD filed Amendment No.
1 to the proposed rule change.\5\ This order approves the proposed rule
change, as amended.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 55810 (May 24,
2007), 72 FR 30404.
    \4\ See letter to Nancy Morris, Secretary, Commission, from Lisa
Roth, Members Advocacy Chairman, National Association of Independent
Broker-Dealers (``NAIBD''), dated June 13, 2007; letter from Kenneth
M. Cherrier, JD, Chief Compliance Officer, Fintegra Financial
Solutions (``Fintegra''), dated June 21, 2007.
    \5\ In Amendment No. 1, NASD responded to comments and made a
technical correction to the proposed rule text. This is a technical
amendment and is not subject to notice and comment.
---------------------------------------------------------------------------

II. Description of the Proposal

    Currently, there are several NASD rules requiring firms to identify
and report to NASD certain designated contact persons: Rule 1120
(Continuing Education Requirements); Rule 1150 (Executive
Representative); IM-3011-2 (Review of Anti-Money Laundering Compliance
Person Information); and Rule 3520 (Emergency Contact Information).
These rules further require firms to review the contact information at
the end of each calendar quarter, and if necessary, update such
information within 17 business days after the end of each quarter.
Members review this information and provide any updates online via the
NASD Contact System (``NCS'').\6\
---------------------------------------------------------------------------

    \6\ NASD also currently requires each firm to report, via NCS,
contact information for its Executive Officer and the Head of
Compliance. NCS also includes several optional fields for other
contact persons.
---------------------------------------------------------------------------

    Based on recommendations made by its Small Firm Rules Impact Task
Force,\7\ NASD has proposed to eliminate these quarterly review
requirements in favor of a more comprehensive approach for verifying
and updating all contact information required to be reported.
Specifically, proposed new Rule 1160 would require members to provide
the required contact information via NCS or such other means as NASD
may specify. New Rule 1160 also would require members to update the
contact information promptly, but in any event not later

than 30 days following any change in such information, as well as to
review and, if necessary, update the information within 17 business
days after the end of each calendar year. In addition, the rule would
require members to comply with any NASD request for such information
promptly, but in any event not later than 15 days following the
request, or such longer period that may be agreed to by NASD staff. The
proposed rule change would not relieve members from any separate
requirements to update such information.\8\
---------------------------------------------------------------------------

    \7\ NASD established the Small Firm Rules Impact Task Force in
September 2006 to examine how existing NASD rules affect smaller
firms. In particular, the Task Force focuses on possible
opportunities to amend or modernize certain conduct rules that may
be particularly burdensome for small firms, where such changes are
consistent with investor protection and market integrity.
    \8\ For example, a firm must identify, among others, its Chief
Executive Officer and Chief Compliance Officer on Form BD, and
promptly update such information by submitting an amendment whenever
the information becomes inaccurate or incomplete for any reason. See
also Article IV, Section 1(c) of the NASD By-Laws, requiring each
member to ensure that its membership application is kept current at
all times by supplementary amendments, and to file any such
amendment no later than 30 days after learning of the facts or
circumstances giving rise to the amendment.
---------------------------------------------------------------------------

    The proposed rule change also would amend Rule 3520 to eliminate
the requirement that only a firm's Executive Representative, or his or
her written designee, be permitted to review and update the firm's
emergency contact information
    The effective date of these proposed changes would be December 31,
2007.

III. Comment Summary

    Two comment letters were received on the proposed rule change.\9\
NASD responded to these comment letters in Amendment No. 1.\10\ Both
commenters endorsed replacing the current quarterly verification
requirement with an annual obligation. Fintegra praised the
efficiencies that would result from that aspect of the proposal, while
NAIBD noted that an annual verification requirement was more consistent
with the infrequent changes in contact information generally
experienced at most member firms.
---------------------------------------------------------------------------

    \9\ See note 4, supra.
    \10\ See note 5, supra.
---------------------------------------------------------------------------

    NAIBD, however, suggested that the requirement to update
information when a change occurs remain a quarterly requirement, rather
than the proposed 30-day requirement, stating that some firms'
electronic filing systems and reminders have been programmed to
accommodate a systemic quarterly update. In response, NASD noted that,
at least with respect to Rule 1120, IM-3011-2, and Rule 3520, firms
currently are required to ``promptly'' update such information in the
event of a change, in addition to being required to review, and if
necessary, update the designated contact information on a quarterly
basis.\11\ In proposing new Rule 1160, NASD explained that it is
seeking to clarify the requirement that firms both promptly update such
information upon any change, as well as verify the accuracy of the
required contact information on an annual basis. Further, NASD noted
that it is seeking to clarify that any such updates must occur not
later than 30 days following the change.
---------------------------------------------------------------------------

    \11\ See Rule 1120(a)(7) (Regulatory Element Contact Person),
Rule 3011(d) (Anti-Money Laundering Compliance Program), and Rule
3520(b) (Emergency Contact Information).
    See also Article IV, Section 3 of the NASD By-Laws, addressing
procedures for members to change their Executive Representatives.
---------------------------------------------------------------------------

    Fintegra objected to proposed Rule 1160's 17-business-day time
frame for members to verify and update their required contact
information after the end of each calendar year. Fintegra suggested
that the time frame be shortened to 15 days to align it with the
provision in proposed Rule 1160 that would require members to promptly
comply with any NASD request for such contact information, but no later
than 15 days following the request. The commenter stated that
consistent time frames would simplify adherence to the proposed rule
and that there appeared to be no justification for the differing
compliance timelines.
    In response to this comment, NASD explained that the two time
periods serve difference purposes, and that retaining the 17-business-
day window for the annual verification will aid members' compliance
efforts. NASD stated that firms currently are required to update such
information within 17 business days following each quarter,\12\ and
therefore are already familiar with the proposed end of year schedule.
In addition, NASD noted that the 17-business-day window is consistent
with the requirement that a member's FOCUS report be submitted within
17 business days after the end of each calendar quarter. Currently,
when members file FOCUS reports each quarter, NASD reminds them of the
need to review and update their designated contact information on NCS.
NASD represented that it intends to continue this practice, and will
remind members of the need to verify the required contact information
at the time they file their fourth quarter FOCUS report.
---------------------------------------------------------------------------

    \12\ See Rule 1120(a)(7); Rule 1150; IM-3011-2; Rule 3520(b)
(all requiring members to update the contact information required by
the respective rules within 17 business days after the end of each
calendar quarter).
---------------------------------------------------------------------------

IV. Discussion

    After careful consideration of the proposal, the comment letters,
and NASD's response thereto, the Commission finds that the proposed
rule change is consistent with the provisions of section 15A of the
Act,\13\ in general and with section 15A(b)(6) of the Act,\14\ in
particular, which requires, among other things, that NASD rules must be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, and, in general, to
protect investors and the public interest.\15\
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78o-3.
    \14\ 15 U.S.C. 78o-3(b)(6).
    \15\ In approving the proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    The Commission believes that the proposed rule change sets forth a
reasonable approach for member firms to provide and keep current
required contact information, which should reduce unnecessary burdens
on firms by eliminating the requirement that firms review and update
the contact information on a quarterly basis; instead, firms would be
required to conduct such reviews on an annual basis as well as to
promptly update the information following any change. The proposed rule
change should also assure NASD's ability to contact its members in the
event of an emergency, as well as support members' compliance with
certain NASD rules, such as continuing education requirements and anti-
money laundering obligations, and facilitate member voting through the
Executive Representatives.

V. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\16\ that the proposed rule change (SR-NASD-2007-034), as amended,
be, and hereby is, approved.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\17\
---------------------------------------------------------------------------

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

Nancy M. Morris,
Secretary.
[FR Doc. E7-15311 Filed 8-6-07; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: July 15, 2008 (Volume 73, Number 136)]
[Rules and Regulations]
[Page 40467]
[DOCID:fr15jy08-5]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 300

[EPA-HQ-SFUND-1989-0008, Notice 4; FRL-8691-8]

National Oil and Hazardous Substance Pollution Contingency Plan;
National Priorities List

AGENCY: Environmental Protection Agency.

ACTION: Withdrawal of direct final Notice of Deletion.

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

SUMMARY: On June 13, 2008 EPA published a Notice of Intent to Delete
(73 FR 33758) and a direct final Notice of Deletion (73 FR 33721) for
the Fourth Street Abandoned Refinery Superfund Site from the National
Priorities List. The EPA is withdrawing the Final Notice of Deletion
due to adverse comments that were received during the public comment
period. After consideration of the comments received, if appropriate,
EPA will publish a Notice of Deletion in the Federal Register based on
the parallel Notice of Intent to Delete and place a copy of the final
deletion package, including a Responsiveness Summary, if prepared, in
the Site repositories.

EFFECTIVE DATE: This withdrawal of the direct final action is effective
as of July 15, 2008.

ADDRESSES:
    Information Repositories: Comprehensive information on the Site, as
well as the comments that we received during the comment period, are
available in docket EPA-HQ-SFUND-1989-0008, Notice 4, accessed through
the http://www.regulations.gov Web site. Although listed in the docket
index, some information is not publicly available, e.g., CBI or other
information whose disclosure is restricted by statute. Certain other
material, such as copyrighted material, will be publicly available only
in hard copy. Publicly available docket materials are available either
electronically in http://www.regulations.gov or in hard copy at:

U.S. EPA Online Library System at http://www.epa.gov/natlibra/ols.htm;
U.S. EPA Region 6, 1445 Ross Avenue, Suite 700, Dallas, Texas 75202-
2733,<PHONE_NUMBER>, by appointment only Monday through Friday 9 a.m.
to 12 p.m. and 1 p.m. to 4 p.m.;
Ralph Ellison Library, 2000 Northeast 23, Oklahoma City, OK 73111,
(409) 643-5979, Monday through Wednesday 9 a.m. to 9 p.m., Thursday and
Friday 9 a.m. to 6 p.m., Saturday 10 a.m. to 4 p.m.;
Oklahoma Department of Environmental Quality (ODEQ), 707 North
Robinson, Oklahoma City, Oklahoma, 73101,<PHONE_NUMBER>, Monday
through Friday 8 a.m. to 5 p.m.

FOR FURTHER INFORMATION CONTACT: Bartolome Canellas, Remedial Project
Manager, U.S. Environmental Protection Agency, Region 6, 6SF-RL, 1445
Ross Avenue, Dallas, Texas 75202-2733<EMAIL_ADDRESS>or (214)
665-6662 or 1-800-533-3508.

SUPPLEMENTARY INFORMATION:

List of Subjects in 40 CFR Part 300

    Environmental protection, Air pollution control, Chemicals,
Hazardous Waste, Hazardous substances, Intergovernmental relations,
Penalties, Reporting and recordkeeping requirements, Superfund, Water
pollution control, Water Supply.

    Authority: 33 U.S.C. 1321(c)(2); 42 U.S.C. 9601-9657; E.O.
12777, 56 FR 54757, 3 CFR, 1991 Comp., p. 351; E.O. 12580, 52 FR
2923; 3 CFR, 1987 Comp., p. 193.

    Dated: June 26, 2008.
Richard E. Greene,
Regional Administrator, Region 6.

    Accordingly, the amendment to Table ``1'' of Appendix B to 40 CFR
Part 300 to remove the entry ``Fourth Street Abandoned Refinery'',
``Oklahoma City, Oklahoma'' is withdrawn as of July 15, 2008.

[FR Doc. E8-16124 Filed 7-14-08; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register: August 9, 2010 (Volume 75, Number 152)]
[Notices]
[Page 47886-47888]
[DOCID:fr09au10-104]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2010-0114]

Qualification of Drivers; Exemption Applications; Vision

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of final disposition.

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

SUMMARY: FMCSA announces its decision to exempt 30 individuals from the
vision requirement in the Federal Motor Carrier Safety Regulations
(FMCSRs). The exemptions will enable these individuals to operate
commercial motor vehicles (CMVs) in interstate commerce without meeting
the prescribed vision standard. The Agency has concluded that granting
these exemptions will provide a level of safety that is equivalent to,
or greater than, the level of safety maintained without the exemptions
for these CMV drivers.

DATES: The exemptions are effective August 9, 2010. The exemptions
expire on August 9, 2012.

FOR FURTHER INFORMATION CONTACT: Dr. Mary D. Gunnels, Director, Medical
Programs,<PHONE_NUMBER><EMAIL_ADDRESS>FMCSA, Department of
Transportation, 1200 New Jersey Avenue, SE., Room W64-224, Washington,
DC 20590-0001. Office hours are from 8:30 a.m. to 5 p.m. Monday through
Friday, except Federal holidays.

SUPPLEMENTARY INFORMATION:

Electronic Access

    You may see all the comments online through the Federal Document
Management System (FDMS) at http://www.regulations.gov.
    Docket: For access to the docket to read background documents or
comments, go to http://www.regulations.gov at any time or Room W12-140
on the ground level of the West Building, 1200 New Jersey Avenue, SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. The FDMS is available 24 hours each day, 365
days each year. If you want acknowledgment that we received your
comments, please include a self-addressed, stamped envelope or postcard
or print the acknowledgement page that appears after submitting
comments on-line.
    Privacy Act: Anyone may search the electronic form of all comments
received into any of our dockets by the name of the individual
submitting the comment (or of the person signing the comment, if
submitted on behalf of an association, business, labor union, etc.).
You may review DOT's Privacy Act Statement for the Federal Docket
Management System published in the Federal Register on January 17, 2008
(73 FR 3316), or you may visit http://edocket.access.gpo.gov/2008/pdf/
E8-785.pdf.

Background

    On June 16, 2010, FMCSA published a Notice of receipt of exemption
applications from certain individuals, and requested comments from the
public (75 FR 34209). That Notice listed 30 applicants' case histories.
The 30 individuals applied for exemptions from the vision requirement
in 49 CFR 391.41(b)(10), for drivers who operate CMVs in interstate
commerce.
    Under 49 U.S.C. 31136(e) and 31315, FMCSA may grant an exemption
for a 2-year period if it finds ``such exemption would likely achieve a
level of safety that is equivalent to, or greater than, the

level that would be achieved absent such exemption.'' The statute also
allows the Agency to renew exemptions at the end of the 2-year period.
Accordingly, FMCSA has evaluated the 30 applications on their merits
and made a determination to grant exemptions to each of them.

Vision and Driving Experience of the Applicants

    The vision requirement in the FMCSRs provides:
    A person is physically qualified to drive a commercial motor
vehicle if that person has distant visual acuity of at least 20/40
(Snellen) in each eye without corrective lenses or visual acuity
separately corrected to 20/40 (Snellen) or better with corrective
lenses, distant binocular acuity of a least 20/40 (Snellen) in both
eyes with or without corrective lenses, field of vision of at least
70[deg] in the horizontal meridian in each eye, and the ability to
recognize the colors of traffic signals and devices showing standard
red, green, and amber (49 CFR 391.41(b)(10)).
    FMCSA recognizes that some drivers do not meet the vision standard,
but have adapted their driving to accommodate their vision limitation
and demonstrated their ability to drive safely. The 30 exemption
applicants listed in this Notice are in this category. They are unable
to meet the vision standard in one eye for various reasons, including
amblyopia, complete loss of vision, corneal scarring, glaucoma, loss of
vision, macular degeneration, macular scarring, optic atrophy,
prosthesis and retinal scarring. In most cases, their eye conditions
were not recently developed. All but 9 of the applicants were either
born with their vision impairments or have had them since childhood.
The 9 individuals who sustained their vision conditions as adults have
had them for periods ranging from 4 to 29 years.
    Although each applicant has one eye which does not meet the vision
standard in 49 CFR 391.41(b)(10), each has at least 20/40 corrected
vision in the other eye, and in a doctor's opinion, has sufficient
vision to perform all the tasks necessary to operate a CMV. Doctors'
opinions are supported by the applicants' possession of valid
commercial driver's licenses (CDLs) or non-CDLs to operate CMVs. Before
issuing CDLs, States subject drivers to knowledge and skills tests
designed to evaluate their qualifications to operate a CMV.
    All of these applicants satisfied the testing standards for their
State of residence. By meeting State licensing requirements, the
applicants demonstrated their ability to operate a commercial vehicle,
with their limited vision, to the satisfaction of the State. While
possessing a valid CDL or non-CDL, these 30 drivers have been
authorized to drive a CMV in intrastate commerce, even though their
vision disqualified them from driving in interstate commerce. They have
driven CMVs with their limited vision for careers ranging from 3\1/2\
to 42 years. In the past 3 years, three of the drivers had convictions
for traffic violations and one of the drivers was involved in a crash.
    The qualifications, experience, and medical condition of each
applicant were stated and discussed in detail in the June 16, 2010
notice (75 FR 34209).

Basis for Exemption Determination

    Under 49 U.S.C. 311936(e) and 31315, FMCSA may grant an exemption
from the vision standard in 49 CFR 391.41(b)(10) if the exemption is
likely to achieve an equivalent or greater level of safety than would
be achieved without the exemption. Without the exemption, applicants
will continue to be restricted to intrastate driving. With the
exemption, applicants can drive in interstate commerce. Thus, our
analysis focuses on whether an equal or greater level of safety is
likely to be achieved by permitting each of these drivers to drive in
interstate commerce as opposed to restricting him or her to driving in
intrastate commerce.
    To evaluate the effect of these exemptions on safety, FMCSA
considered not only the medical reports about the applicants' vision,
but also their driving records and experience with the vision
deficiency.
    To qualify for an exemption from the vision standard, FMCSA
requires a person to present verifiable evidence that he/she has driven
a commercial vehicle safely with the vision deficiency for the past 3
years. Recent driving performance is especially important in evaluating
future safety, according to several research studies designed to
correlate past and future driving performance. Results of these studies
support the principle that the best predictor of future performance by
a driver is his/her past record of crashes and traffic violations.
Copies of the studies may be found at Docket Number FMCSA-1998-3637.
    We believe we can properly apply the principle to monocular
drivers, because data from the Federal Highway Administration's (FHWA)
former waiver study program clearly demonstrate the driving performance
of experienced monocular drivers in the program is better than that of
all CMV drivers collectively (See 61 FR 13338, 13345, March 26, 1996).
The fact that experienced monocular drivers demonstrated safe driving
records in the waiver program supports a conclusion that other
monocular drivers, meeting the same qualifying conditions as those
required by the waiver program, are also likely to have adapted to
their vision deficiency and will continue to operate safely.
    The first major research correlating past and future performance
was done in England by Greenwood and Yule in 1920. Subsequent studies,
building on that model, concluded that crash rates for the same
individual exposed to certain risks for two different time periods vary
only slightly (See Bates and Neyman, University of California
Publications in Statistics, April 1952). Other studies demonstrated
theories of predicting crash proneness from crash history coupled with
other factors. These factors--such as age, sex, geographic location,
mileage driven and conviction history--are used every day by insurance
companies and motor vehicle bureaus to predict the probability of an
individual experiencing future crashes (See Weber, Donald C.,
``Accident Rate Potential: An Application of Multiple Regression
Analysis of a Poisson Process,'' Journal of American Statistical
Association, June 1971). A 1964 California Driver Record Study prepared
by the California Department of Motor Vehicles concluded that the best
overall crash predictor for both concurrent and nonconcurrent events is
the number of single convictions. This study used 3 consecutive years
of data, comparing the experiences of drivers in the first 2 years with
their experiences in the final year.
    Applying principles from these studies to the past 3-year record of
the 30 applicants, two of the applicants had traffic violations for
speeding, one of the applicants had a traffic violation for improperly
stopping on a highway, and one of the drivers was involved in a crash.
All the applicants achieved a record of safety while driving with their
vision impairment, demonstrating the likelihood that they have adapted
their driving skills to accommodate their condition. As the applicants'
ample driving histories with their vision deficiencies are good
predictors of future performance, FMCSA concludes their ability to
drive safely can be projected into the future.
    We believe that the applicants' intrastate driving experience and
history provide an adequate basis for predicting their ability to drive
safely in interstate commerce. Intrastate driving, like interstate
operations, involves substantial driving on highways on the

interstate system and on other roads built to interstate standards.
Moreover, driving in congested urban areas exposes the driver to more
pedestrian and vehicular traffic than exists on interstate highways.
Faster reaction to traffic and traffic signals is generally required
because distances between them are more compact. These conditions tax
visual capacity and driver response just as intensely as interstate
driving conditions. The veteran drivers in this proceeding have
operated CMVs safely under those conditions for at least 3 years, most
for much longer. Their experience and driving records lead us to
believe that each applicant is capable of operating in interstate
commerce as safely as he/she has been performing in intrastate
commerce. Consequently, FMCSA finds that exempting these applicants
from the vision standard in 49 CFR 391.41(b)(10) is likely to achieve a
level of safety equal to that existing without the exemption. For this
reason, the Agency is granting the exemptions for the 2-year period
allowed by 49 U.S.C. 31136(e) and 31315 to the 30 applicants listed in
the notice of June 16, 2010 (75 FR 34209).
    We recognize that the vision of an applicant may change and affect
his/her ability to operate a CMV as safely as in the past. As a
condition of the exemption, therefore, FMCSA will impose requirements
on the 30 individuals consistent with the grandfathering provisions
applied to drivers who participated in the Agency's vision waiver
program.
    Those requirements are found at 49 CFR 391.64(b) and include the
following: (1) That each individual be physically examined every year
(a) by an ophthalmologist or optometrist who attests that the vision in
the better eye continues to meet the standard in 49 CFR 391.41(b)(10),
and (b) by a medical examiner who attests that the individual is
otherwise physically qualified under 49 CFR 391.41; (2) that each
individual provide a copy of the ophthalmologist's or optometrist's
report to the medical examiner at the time of the annual medical
examination; and (3) that each individual provide a copy of the annual
medical certification to the employer for retention in the driver's
qualification file, or keep a copy in his/her driver's qualification
file if he/she is self-employed. The driver must also have a copy of
the certification when driving, for presentation to a duly authorized
Federal, State, or local enforcement official.

Discussion of Comments

    FMCSA received one comment in this proceeding. The comment was
considered and discussed below.
    The Pennsylvania Department of Transportation stated that it had
reviewed the driving record for Chris A. Miller and was in favor of
granting a Federal vision exemption to this individual.

Conclusion

    Based upon its evaluation of the 30 exemption applications, FMCSA
exempts, David E. Balboni, Mark S. Berkheimer, Rodney H. Bridges, James
D. Broadway, Wesley M. Creamer, Charles M. Dunn, Tony K. Ellis, Leonard
J. Ferrin, Paul A. Giarrusso, Jerry L. Gibson, Rici W. Giesseman,
George R. House, Michael A. Jabro, Thomas L. Jashurek, Jr., Michael M.
Martinez, Robert L. McClain, Daniel E. Miller, Buddy W. Myrick, James
L. Okonek, Aaron L. Paustian, Alan J. Reynaldos, Kenneth R. Riener,
Charles L. Rill, Sr., Jules M. Sancho, Jr., Robert Smiley, Rogers L.
Sulfridge, Christopher M. Vincent, Derik T. Winebrenner, Curtis L.
Wolff and Robert L. Zebrowski, from the vision requirement in 49 CFR
391.41(b)(10), subject to the requirements cited above (49 CFR
391.64(b)).
    In accordance with 49 U.S.C. 31136(e) and 31315, each exemption
will be valid for 2 years unless revoked earlier by FMCSA. The
exemption will be revoked if: (1) The person fails to comply with the
terms and conditions of the exemption; (2) the exemption has resulted
in a lower level of safety than was maintained before it was granted;
or (3) continuation of the exemption would not be consistent with the
goals and objectives of 49 U.S.C. 31136 and 31315.
    If the exemption is still effective at the end of the 2-year
period, the person may apply to FMCSA for a renewal under procedures in
effect at that time.

    Issued on: July 29, 2010.
 Larry W. Minor,
Associate Administrator for Policy and Program Development.
[FR Doc. 2010-19592 Filed 8-6-10; 8:45 am]
BILLING CODE 4910-EX-P


[Federal Register Volume 76, Number 137 (Monday, July 18, 2011)]
[Notices]
[Page 42124]
[FR Doc No: 2011-17991]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 5730-019]

River Bounty, Inc.; Renew Hydro, LLC; Notice of Transfer of
Exemption

    1. By letters filed April 19, April 20, and May 4, 2011, River
Bounty, Inc. informed the Commission that its exemption from licensing
for the Oakland Hydroelectric Project No. 5730, originally issued June
9, 1982,\1\ has been transferred to Renew Hydro, LLC. The project is
located on the Susquehanna River in Susquehanna County, Pennsylvania.
The transfer of an exemption does not require Commission approval.
---------------------------------------------------------------------------

    \1\ American Hydro Power Co., 19 FERC ] 62,426 (1982).
---------------------------------------------------------------------------

    2. Renew Hydro, LLC, located at 1800 Route 34, Suite 101, Wall, New
Jersey, is now the exemptee of the Oakland Hydroelectric Project No.
5730.

    Dated: July 11, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-17991 Filed 7-15-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: November 8, 2007 (Volume 72, Number 216)]
[Notices]
[Page 63174-63175]
[DOCID:fr08no07-45]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 12932-000]

FFP Project 47, LLC; Notice of Application Accepted for Filing
and Soliciting Motions To Intervene, Protests, and Comments

October 30, 2007.
    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Type of Application: Preliminary Permit.
    b. Project No.: 12932-000.
    c. Date filed: August 6, 2007.
    d. Applicant: FFP Project 47, LLC.
    e. Name of Project: Williams Point Project.
    f. Location: The project would be located on the Mississippi River
in New Madrid County, Missouri and Lake County, Tennessee. The project
uses no dam or impoundment.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791(a)--825(r).
    h. Applicant Contact: Mr. Dan Irvin, FFP Project 47, LLC, 69 Bridge
Street, Manchester, MA 01944, phone<PHONE_NUMBER>.
    i. FERC Contact: Robert Bell,<PHONE_NUMBER>.
    j. Deadline for filing comments, protests, and motions to
intervene: 60 days from the issuance date of this notice.
    All documents (original and eight copies) should be filed with:
Kimberly D. Bose, Secretary, Federal Energy Regulatory Commission, 888
First Street, NE., Washington, DC 20426. Comments, protests, and
interventions may be filed electronically via the Internet in lieu of
paper; see 18 CFR 385.2001(a)(1)(iii) and the instructions on the
Commission's Web site under the ``e-Filing'' link. The Commission
strongly encourages electronic filings. Please include the project
number (P-12932-000) on any comments or motions filed.
    The Commission's Rules of Practice and Procedure require all
intervenors filing documents with the Commission to serve a copy of
that document on each person in the official service list for the
project. Further, if an intervenor files comments or documents with the
Commission relating to the merits of an issue that may affect the
responsibilities of a particular resource agency, they must also serve
a copy of the document on that resource agency.
    k. Description of Project: The proposed project consists of: (1)
3,550 proposed 20 kilowatt Free Flow generating units having a total
installed capacity of 71 megawatts, (2) a proposed transmission line,
and (3) appurtenant facilities. The FFP Project 47, LLC, project would
have an average annual generation of 310.98 gigawatt-hours and be sold
to a local utility.
    l. Locations of Applications: A copy of the application is
available for inspection and reproduction at the Commission in the
Public Reference Room, located at 888 First Street, NE., Room 2A,
Washington DC 20426, or by calling<PHONE_NUMBER>. This filing may also
be viewed on the Commission's Web site 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, call toll-free 1-866-208-3676 or e-mail
<EMAIL_ADDRESS>For TTY, call<PHONE_NUMBER>. A copy is

also available for inspection and reproduction at the address in item h
above.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Competing Preliminary Permit--Anyone desiring to file a
competing application for preliminary permit for a proposed project
must submit the competing application itself, or a notice of intent to
file such an application, to the Commission on or before the specified
comment date for the particular application (see 18 CFR 4.36).
Submission of a timely notice of intent allows an interested person to
file the competing preliminary permit application no later than 30 days
after the specified comment date for the particular application. A
competing preliminary permit application must conform with 18 CFR 4.30
and 4.36.
    o. Competing Development Application--Any qualified development
applicant desiring to file a competing development application must
submit to the Commission, on or before a specified comment date for the
particular application, either a competing development application or a
notice of intent to file such an application. Submission of a timely
notice of intent to file a development application allows an interested
person to file the competing application no later than 120 days after
the specified comment date for the particular application. A competing
license application must conform with 18 CFR 4.30 and 4.36.
    p. Notice of Intent--A notice of intent must specify the exact
name, business address, and telephone number of the prospective
applicant, and must include an unequivocal statement of intent to
submit, if such an application may be filed, either a preliminary
permit application or a development application (specify which type of
application). A notice of intent must be served on the applicant(s)
named in this public notice.
    q. Proposed Scope of Studies under Permit--A preliminary permit, if
issued, does not authorize construction. The term of the proposed
preliminary permit would be 36 months. The work

proposed under the preliminary permit would include economic analysis,
preparation of preliminary engineering plans, and a study of
environmental impacts. Based on the results of these studies, the
Applicant would decide whether to proceed with the preparation of a
development application to construct and operate the project.
    r. Comments, Protests, or Motions to Intervene--Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214. In determining the appropriate action to take, the Commission
will consider all protests or other comments filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any comments, protests, or
motions to intervene must be received on or before the specified
comment date for the particular application.
    Comments, protests and interventions may be filed electronically
via the Internet in lieu of paper. See 18 CFR 385.2001(a)(1)(iii) and
the instructions on the Commission's Web site under ``e-filing'' link.
The Commission strongly encourages electronic filing.
    s. Filing and Service of Responsive Documents--Any filings must
bear in all capital letters the title ``COMMENTS'', ``COMPETING
APPLICATION'', ``RECOMMENDATIONS FOR TERMS AND CONDITIONS'',
``PROTEST'', OR ``MOTION TO INTERVENE'', as applicable, and the Project
Number of the particular application to which the filing refers. Any of
the above-named documents must be filed by providing the original and
the number of copies provided by the Commission's regulations to: The
Secretary, Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426. A copy of any motion to intervene must also be
served upon each representative of the Applicant specified in the
particular application.
    t. Agency Comments--Federal, state, and local agencies are invited
to file comments on the described application. A copy of the
application may be obtained by agencies directly from the Applicant. If
an agency does not file comments within the time specified for filing
comments, it will be presumed to have no comments. One copy of an
agency's comments must also be sent to the Applicant's representatives.

Kimberly D. Bose,
Secretary.
[FR Doc. E7-21918 Filed 11-7-07; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 131 (Tuesday, July 9, 2013)]
[Notices]
[Pages 41061-41062]
[FR Doc No: 2013-16425]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OECA-2012-0697; FRL-9533-9]

Information Collection Request Submitted to OMB for Review and
Approval; Comment Request; NESHAP for Iron and Steel Foundries
(Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: The Environmental Protection Agency has submitted an
information collection request (ICR), ``NESHAP for Iron and Steel
Foundries (40 CFR Part 63, Subpart EEEEE) (Renewal)'' (EPA ICR No.
2096.05, OMB Control No. 2060-0543), to the Office of Management and
Budget (OMB) for review and approval in accordance with the Paperwork
Reduction Act (44 U.S.C. 3501 et seq.). This is a proposed extension of
the ICR, which is currently approved through September 30, 2013. Public
comments were previously requested via the Federal Register (77 FR
63813) on October 17, 2012, during a 60-day comment period. This notice
allows for an additional 30 days for public comments. A fuller
description of the ICR is given below, including its estimated burden
and cost to the public. An Agency may not conduct or sponsor and a
person is not required to respond to a collection of information unless
it displays a currently valid OMB control number.

DATES: Additional comments may be submitted on or before August 8,
2013.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OECA-2012-0697, to: (1) EPA online, using www.regulations.gov (our
preferred method), by email to<EMAIL_ADDRESS>or by mail to: EPA
Docket Center, Environmental Protection Agency, Mail Code 28221T, 1200
Pennsylvania Ave. NW., Washington, DC 20460; and (2) OMB via email to
<EMAIL_ADDRESS>Address comments to OMB Desk Officer for
EPA.
    EPA's policy is that all comments received will be included in the
public docket without change including any personal information
provided, unless the comment includes profanity, threats, information
claimed to be Confidential Business Information (CBI) or other
information whose disclosure is restricted by statute.

FOR FURTHER INFORMATION CONTACT: Learia Williams, Monitoring,
Assistance, and Media Programs Division, Office of Compliance, Mail
Code 2227A, Environmental Protection Agency, 1200 Pennsylvania Ave.
NW., Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:
    Supporting documents which explain in detail the information that
the EPA will be collecting are available in the public docket for this
ICR. The docket can be viewed online at www.regulations.gov or in
person at the EPA Docket Center, EPA West, Room 3334, 1301 Constitution
Ave. NW., Washington, DC. The telephone number for the Docket Center is
202-566-1744. For additional information about EPA's public docket,
visit: http://www.epa.gov/dockets.
    Abstract: The affected entities are subject to the General
Provisions of the NESHAP at 40 CFR part 63, subpart A, and any changes,
or additions to the

Provisions specified at 40 CFR part 63, subpart EEEEE.
    Owners or operators of the affected facilities must submit an
initial notification report, performance tests, and periodic reports
and results. Owners or operators are also required to maintain records
of the occurrence and duration of any startup, shutdown, or malfunction
in the operation of an affected facility, or any period during which
the monitoring system is inoperative. Reports, at a minimum, are
required semiannually.
    Form Numbers: None.
    Respondents/affected entities: Owners or operators of iron and
steel foundries.
    Respondent's obligation to respond: Mandatory (40 CFR part 63,
subpart EEEEE).
    Estimated number of respondents: 98 (total).
    Frequency of response: Initially, occasionally, and semiannually.
    Total estimated burden: 29,747 hours (per year). ``Burden'' is
defined at 5 CFR 1320.3(b).
    Total estimated cost: $3,309,697 (per year), includes $400,060
annualized capital or operation & maintenance costs.
    Changes in the Estimates: There is no change in labor hours in this
ICR compared to the previous ICR. This is due to two considerations:
(1) The regulations have not changed over the past three years and are
not anticipated to change over the next three years; and (2) the growth
rate for the industry is very low, negative or non-existent, so there
is no significant change in the overall burden. However, there is an
adjustment increase in the respondent labor costs due to an increase in
labor rates. Additionally, there is an adjustment decrease in the
Agency labor costs due to a correction of mathematical error. The
previous ICR incorrectly calculated total Agency labor cost for each
burden item.

John Moses,
Director, Collection Strategies Division.
[FR Doc. 2013-16425 Filed 7-8-13; 8:45 am]
BILLING CODE 6560-50-P