[Federal Register: May 2, 2008 (Volume 73, Number 86)]
[Notices]
[Page 24332-24338]
[DOCID:fr02my08-139]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57720; File No. SR-FINRA-2008-013]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of Proposed Rule Change Relating To
Amending NASD Rule 2220 (Options Communications With the Public)

April 25, 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 April 7, 2008, Financial Industry Regulatory Authority, Inc.
(``FINRA'') (f/k/a National Association of Securities Dealers, Inc.
(``NASD'')) filed with the Securities and Exchange Commission (``SEC''
or ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been substantially prepared by
FINRA. 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

    FINRA is proposing to amend NASD Rule 2220 (Options Communications
with the Public), to better address current needs for regulating
options communications practices and promote consistency across the
options communications rules of other self-regulatory organizations
(``SROs''). Below is the text of the proposed rule change. Proposed new
language is in italics; proposed deletions are in brackets.
* * * * *
2200. COMMUNICATIONS WITH CUSTOMERS AND THE PUBLIC
* * * * *
2220. Options Communications [with the Public]
    (a) Definitions
    For purposes of this Rule and any interpretation thereof:
    (1) ``Options communications'' consist of:
    (A) ``Advertisement.'' Any ``Advertisement'' as defined in Rule
2210(a)(1) concerning options. [shall include any material that reaches
a mass audience through public media such as newspapers, periodicals,
magazines, radio, television, telephone recording, motion picture,
audio or video device, telecommunications device, billboards, signs or
through written sales communications to customers or the public that
are not required to be accompanied or preceded by one or more current
options disclosure documents.]
    [(2) ``Educational material'' shall include any explanatory
material distributed or made generally available to customers or the
public that is limited to information describing the general nature of
the standardized options markets or one or more strategies.]
    [(3)] (B) ``Sales literature.'' Any ``Sales Literature'' as defined
in Rule 2210(a)(2) concerning options including worksheet templates.
[shall include any written communication (not defined as an
``advertisement'' or as ``educational material'') distributed or made
generally available to customers or the public that contains any
analysis, performance report, projection or recommendation with respect
to options, underlying securities or market conditions, any standard
forms of worksheets, or any seminar text which pertains to options and
which is communicated to customers or the public at seminars, lectures
or similar such events.]
    (C) ``Correspondence.'' Any ``Correspondence'' as defined in Rule
2211(a)(1) concerning options.
    (D) ``Institutional sales material.'' Any ``Institutional Sales
Material'' as defined in Rule 2211(a)(2) concerning options.
    (E) ``Public appearance.'' Any participation in a seminar, forum
(including an interactive electronic forum), radio, television or print
media interview, or other public speaking activity, or the writing of a
print media article, concerning options.
    (F) ``Independently prepared reprint.'' Any ``Independently
Prepared Reprint'' as defined in Rule 2210(a)(6)(A) concerning options.
    (2) ``Existing retail customer'' as is defined in Rule 2211(a)(4).
    (3) ``Standardized option'' means any option contract issued, or
subject to issuance, by The Options Clearing Corporation, that has
standardized terms for the strike price, expiration date, and amount of
the underlying security, and is traded on a national

securities exchange registered pursuant to section 6(a) of the Act.
    (4) ``Options'' as is defined in Rule 2860(a).
    (5) ``Options disclosure document'' has the same meaning as the
term ``disclosure document'' as defined in Rule 2860(b)(2)(T).
    (b) Approval by [Compliance] Registered Options and Security
Futures Principal and Recordkeeping
    (1) Advertisements, Sales Literature, and Independently Prepared
Reprints. All advertisements, sales literature (except completed
worksheets), [and educational material] and independently prepared
reprints issued by a member [or member organization pertaining to]
concerning options shall be approved in advance by a [the Compliance]
Registered Options and Security Futures Principal designated by the
member's written supervisory procedures.[or designee.]
    (2) Correspondence. Correspondence need not be approved by a
Registered Options and Security Futures Principal prior to use, unless
such correspondence is distributed to 25 or more existing retail
customers within any 30 calendar-day period and makes any financial or
investment recommendation or otherwise promotes a product or service of
the member. All correspondence is subject to the supervision and review
requirements of Rule 3010(d).
    (3) Institutional Sales Material. Each member shall establish
written procedures that are appropriate to its business, size,
structure, and customers for the review by a Registered Options and
Security Futures Principal of institutional sales material used by the
member and its registered representatives as described in Rule
2211(b)(1)(B).
    (4) Copies [thereof] of the options communications shall be
retained by the member in accordance with SEC Rule 17a-4 of the Act.[,
together with t] The names of the persons who prepared the options
communications [material], the names of the persons who approved the
options communications [material] and,[in the case of sales
literature,] the source of any recommendations contained therein, shall
be retained by the member [or member organization] and be kept [at an
easily accessible place for examination by the Association period of
three years] in the form and for the time period required for options
communications by SEC Rule 17a-4 of the Act.
    (c) Association Approval Requirements and Review Procedures
    (1) In addition to the approval required by paragraph (b) of this
Rule, [every] all advertisements, [and all educational material] sales
literature, and independently prepared reprints [of] issued by a member
[or member organization pertaining to] concerning standardized options
used prior to delivery of the applicable current options disclosure
document or prospectus shall be submitted to the Advertising [/
Investment Companies] Regulation Department of the Association [\*\]
(the ``Department'') at least ten calendar days prior to use (or such
shorter period as the [Association] Department may allow in particular
instances) for approval and, if changed or expressly disapproved by the
[Association] Department, shall be withheld from circulation until any
changes specified by the [Association] Department have been made or, in
the event of disapproval, until such options communication [ the
advertisement or educational material] has been resubmitted for, and
has received, [Association] Department approval.
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    [\*\ This Department located at 1735 K Street, NW., Washington,
D.C. 20006.]
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    (2)(A) Notwithstanding the foregoing provision, the Department,
upon review of a member's options [advertisements, educational material
and/or sales literature] communications, and after determining that the
member [will again] has departed from the standards of this Rule, may
require that such member file some or all options [advertisements,
educational material and/or sales literature,] communications or the
portions of such member's [material] communications that [is] are
related to options [any specific types or classes of securities or
services,] with the Department, at least ten calendar days prior to
use.
    (B) The Department shall notify the member in writing of the types
of options communications [material] to be filed and the length of time
such requirement is to be in effect. The requirement shall not exceed
one year, however, and shall not take effect until 21 calendar days
after service of the written notice, during which time the member may
request a hearing under Rules 9551 and 9559.
    (3) In addition to the foregoing requirements, every member's
options [advertising and sales literature] communications shall be
subject to a routine spot-check procedure. Upon written request from
the [Association] Department, each member shall promptly submit the
communications [material] requested. Members will not be required to
submit communications [material] under this procedure that have[s] been
previously submitted pursuant to one of the foregoing requirements.
    (4) The requirements of this paragraph (c) shall not be applicable
to:
    (A) options communications [advertisements or educational material]
submitted to another self-regulatory organization having comparable
standards pertaining to such communications [advertisements or
educational material, and];
    (B) [advertisements] communications in which the only reference to
options is contained in a listing of the services of [a] the
member[organization.];
    (C) the options disclosure document; and
    (D) the prospectus.
    [(5) Except as otherwise provided in subparagraphs (d)(2)(B) and
(C), no written material respecting options may be disseminated to any
person who has not previously or contemporaneously received one or more
current options disclosure documents.]
    (d) Standards Applicable to Communications [with the Public]
    (1) [General Standards] Communications Regarding Standardized
Options used Prior to Delivery of Options Disclosure Document
    (A) Options communications regarding standardized options exempted
under SEC Rule 238 under the Securities Act of 1933 used prior to
options disclosure document delivery:
    (i) must be limited to general descriptions of the options being
discussed. The text may also contain a brief description of options,
including a statement that identifies registered clearing agencies for
options and a brief description of the general attributes and method of
operation of the exchanges on which such options are traded, including
a discussion of how an option is priced;
    (ii) must contain contact information for obtaining a copy of the
options disclosure document;
    (iii) must not contain recommendations or past or projected
performance figures, including annualized rates of return, or names of
specific securities;
    (iv) may include any statement required by any state law or
administrative authority;
    (v) may include advertising designs and devices, including borders,
scrolls, arrows, pointers, multiple and combined logos and unusual type
faces and lettering as well as attention-getting headlines and
photographs and other graphics, provided such material is not
misleading; and
    (B) Options communications regarding options not exempted under

SEC Rule 238 under the Securities Act of 1933 used prior to delivery of
a prospectus that meets the requirements of Section 10(a) of said Act
must conform to SEC Rule 134 or 134a under said Act, as applicable.
    (2) General Standards
    (A) No member [or member organization] or associated person of the
member [associated with a member] shall use[tilize any advertisement,
educational material, sales literature,] any [or other] options
communications [to any customer or member of the public concerning
options] which:
    [(A)](i) contains any untrue statement or omission of a material
fact or is otherwise false or misleading;
    [(B)](ii) contains promises of specific results, exaggerated or
unwarranted claims, opinions for which there is no reasonable basis or
forecasts of future events which are unwarranted or which are not
clearly labeled as forecasts;
    [(C)](iii) contains [hedge clauses or disclaimers which are not
legible, which attempt to disclaim responsibility for the content of
such literature or for opinions expressed therein, or which are
otherwise inconsistent with such communication] cautionary statements
or caveats that are not legible, are misleading, or are inconsistent
with the content of the material; [ or]
    [(D)](iv) would constitute a prospectus as that term is defined in
the Securities Act of 1933, unless it meets the requirements of Section
10 of said Act[.];
    (v) contains statements suggesting the certain availability of a
secondary market for options;
    [(2) Specific Standards (A)](vi) fails to reflect [T]the [special]
risks attendant to options transactions and the complexities of certain
options investment strategies [shall be reflected in any advertisement,
educational material or sales literature which discusses the uses or
advantages of options.];
    (vii) [Such communications shall] fails to include a warning to the
effect that options are not suitable for all investors or contains
suggestions to the contrary[. In the preparation of written
communications respecting options, the following guidelines shall be
observed:]; or
    (viii) fails to include a statement that supporting documentation
for any claims (including any claims made on behalf of options programs
or the options expertise of sales persons), comparison,
recommendations, statistics, or other technical data will be supplied
upon request.
    (B) Subparagraphs (vii) and (viii) above shall not apply to
institutional sales material as defined in paragraph (a) of this Rule.
    (C)[(i)] Any statement in any options communications referring to
the potential opportunities or advantages presented by options shall be
balanced by a statement of the corresponding risks. The risk statement
shall reflect the same degree of specificity as the statement of
opportunities, and broad generalities [should] must be avoided[. Thus,
a statement such as ``with options, an investor has an opportunity to
earn profits while limiting his risk of loss,'' should be balanced by a
statement such as ``of course, an options investor may lose the entire
amount committed to options in a relatively short period of time.''].
    [(ii) It shall not be suggested that options are suitable for all
investors.]
    [(iii) Statements suggesting the certain availability of a
secondary market for options shall not be made.]
    [(B) Advertisements pertaining to options shall conform to the
following standards:]
    [(i) Advertisements may only be used (and copies of the
advertisements may be sent to persons who have not received one or more
options disclosure documents) if the material meets the requirements of
SEC Rule 134 under the Securities Act of 1933, as that Rule has been
interpreted as applying to options. Under Rule 134, advertisements must
be limited to general descriptions of the security being offered and of
its issuer. Advertisements under this Rule shall state the name and
address of the person from whom a current options disclosure
document(s) may be obtained. Such advertisements may have the following
characteristics:]
    [a. The text of the advertisement may contain a brief description
of such options, including a statement that the issuer of every such
option is the Options Clearing Corporation. The text may also contain a
brief description of the general attributes and method of operation of
the exchange or exchanges on which such options are traded and of the
Options Clearing Corporation, including a discussion of how the price
of an option is determined on the trading floor(s) of such
exchange(s);]
    [b. The advertisement may include any statement required by any
state law or administrative authority;]
    [c. Advertising designs and devices, including borders, scrolls,
arrows, pointers, multiple and combined logos and unusual type faces
and lettering as well as attention-getting headlines and photographs
and other graphics may be used, provided such material is not
misleading.]
    [(ii) The use of recommendations or of past or projected
performance figures, including annualized rates of return, is not
permitted in any advertisement pertaining to options.]
    [(C) Educational material, including advertisements, pertaining to
options may be used if the material meets the requirements of SEC Rule
134A under the Securities Act of 1933. Those requirements are as
follows:]
    [(i) The potential risks related to options trading generally and
to each strategy addressed are explained;]
    [(ii) No past or projected performance figures, including
annualized rates of return are used;]
    [(iii) No recommendation to purchase or sell any option contract is
made;]
    [(iv) No specific security is identified other than:]
    [a. a security which is exempt from registration under the Act, or
an option on such exempt security;]
    [b. an index option, including the component securities of the
index; or]
    [c. a foreign currency option; and]
    [(v) The material contains the name and address of a person or
persons from whom the appropriate current Options Disclosure
Document(s), as defined in SEC Rule 9b-1 of the Act, may be obtained.]
    [(D) Sales literature pertaining to options shall conform to the
following standards:]
    [(i) Sales literature shall state that supporting documentation for
any claims (including any claims made on behalf of options programs or
the options expertise of sales persons), comparisons, recommendations,
statistics or other technical data will be supplied upon request.]
    [(ii) Such communications may contain projected performance figures
(including projected annualized rates of return), provided that:]
    (3) Projections
    Options communications may contain projected performance figures
(including projected annualized rates of return) provided that:
    (A) all such communications regarding standardized options are
accompanied or preceded by the options disclosure document;
    (B)[a.] no suggestion of certainty of future performance is made;
    (C)[b.] parameters relating to such performance figures are clearly
established (e.g., to indicate exercise price of option, purchase price
of the underlying stock and its market price, option premium,
anticipated dividends, etc.);
    (D)[c.] all relevant costs, including commissions, fees, and
interest charges ([if] as applicable [with regard to margin

transactions]) are disclosed and reflected in the projections;
    (E)[d.] such projections are plausible and are intended as a source
of reference or a comparative device to be used in the development of a
recommendation;
    (F)[e.] all material assumptions made in such calculations are
clearly identified (e.g., ``assume option expires,'' ``assume option
unexercised,'' ``assume option exercised,'' etc.);
    (G)[f.] the risks involved in the proposed transactions are also
disclosed; and
    (H)[g.] in communications relating to annualized rates of return,
that such returns are not based upon any less than a sixty-day
experience; any formulas used in making calculations are clearly
displayed; and a statement is included to the effect that the
annualized returns cited might be achieved only if the parameters
described can be duplicated and that there is no certainty of doing so.
    (4) Historical Performance
    [(iii) Such] Options communications may feature records and
statistics that portray the performance of past recommendations or of
actual transactions, provided that:
    (A) all such communications regarding standardized options are
accompanied or preceded by the options disclosure document;
    (B)[a.] any such portrayal is done in a balanced manner, and
consists of records or statistics that are confined to a specific
``universe'' that can be fully isolated and circumscribed and that
covers at least the most recent 12-month period;
    (C)[b.] such communications include the date of each initial
recommendation or transaction, the price of each such recommendation or
transaction as of such date, and the date and price of each
recommendation or transaction at the end of the period or when
liquidation was suggested or effected, whichever was earlier; provided
that if the communications are limited to summarized or averaged
records or statistics, in lieu of the complete record there may be
included the number of items recommended or transacted, the number that
advanced and the number that declined, together with an offer to
provide the complete record upon request;
    (D)[c.] [such communications disclose ]all relevant costs,
including commissions, [and interest charges (if applicable with regard
to margin transactions) and,] fees, and daily margin obligations (as
applicable) are disclosed and reflected in the performance;
    (E) whenever such communications contain annualized rates of return
[are used], all material assumptions used in the process of
annualization are disclosed;
    (F)[d.] an indication is provided of the general market conditions
during the period(s) covered, and any comparison made between such
records and statistics and the overall market (e.g., comparison to an
index) is valid;
    (G)[e.] such communications state that the results presented should
not and cannot be viewed as an indicator of future performance; and
    (H)[f.] a Registered Options and Security Futures Principal
determines that the records or statistics fairly present the status of
the recommendations or transactions reported upon and so initials the
report.
    (5) Options Programs
    [(iv) In the case of]In communications regarding an options program
(i.e., an investment plan employing the systematic use of one or more
options strategies), the cumulative history or unproven nature of the
program and its underlying assumptions shall be disclosed.
    [(v) Standard forms of options worksheets utilized by member
organizations, in addition to complying with the requirements
applicable to sales literature, must be uniform within a member
organization.]
    [(vi) If a member organization has adopted a standard form of
worksheet for a particular options strategy, nonstandard worksheets for
that strategy may not be used.]
    [(vii) Communications that portray performance of past
recommendations or actual transactions and completed worksheets shall
be kept at a place easily accessible to the sales office for the
accounts or customers involved.]
    (6) Violation of Other Rules
    Any violation by a member or associated person of any rule or
requirement of the SEC or any rule of the Securities Investor
Protection Corporation applicable to member communications concerning
options will be deemed a violation of this Rule 2220.
* * * * *

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

    In its filing with the Commission, FINRA 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. FINRA 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
Background
    FINRA and other SROs have sought to modernize their rules
concerning options communications with the public. One of the goals of
this rule modernization is to make the rules on options communications
consistent with the general rules on communications with the public. To
this end, FINRA proposes to: (1) Use, to the extent appropriate, the
same terminology and definitions as in its general communications
rules; (2) make the requirements for principal review of correspondence
concerning options the same as for correspondence generally; and (3)
update the standards on the content of communications that precede the
delivery of the options disclosure document (``ODD''). A discussion of
the specific changes is provided below.
NASD Rule 2220(a) Definitions
    The proposed rule change would amend the definitions in NASD Rule
2220(a) to adopt (and classify collectively as ``options
communications'') definitions of ``advertisement,'' ``sales
literature,'' ``independently prepared reprint,'' ``correspondence,''
``institutional sales material,'' and ``public appearance'' \3\ that
are consistent with those terms as they are defined in FINRA's general
advertising rules--NASD Rule 2210 (Communications with the Public) and
NASD Rule 2211 (Institutional Sales Material and Correspondence).\4\
With respect to the definition of ``sales literature,'' the proposed
rule change also would make clear that worksheet templates, which are
commonly used in the marketing of options, are included within the
definition of sales literature.\5\

The proposed rule change also would adopt the definition of ``existing
retail customer'' set forth in NASD Rule 2211.\6\
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    \3\ Options communications that qualify as public appearances
(e.g., seminars, radio, forums) may also qualify as other forms of
options communications (e.g., advertisements, sales literature). For
example, the writing of a print media article would generally
qualify as both an advertisement and a public appearance. Seminar
scripts, handouts, slides, or other visual presentations would also
generally be deemed to be sales literature.
    \4\ See NASD Rule 2210(a)(1), (2), (5) & (6)(A); NASD Rule
2211(a)(1), and (2).
    \5\ The definition of ``sales literature'' in NASD Rule
2210(a)(2) includes many examples but does not include worksheets.
In view of that fact that other SROs' definitions of ``sales
literature'' include ``worksheets,'' FINRA has expressly included
``worksheet templates'' in the definition of sales literature in
proposed Rule 2220(a)(1)(B) to ensure consistency and avoid any
ambiguity.
    \6\ See Rule NASD 2211(a)(4).
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    In addition, the proposed rule change would eliminate NASD Rule
2220's current definition of ``educational material,'' which is a term
unique to options communications. Communications that would previously
have been considered ``educational material'' would now be classified
as either ``advertisements'' or ``sales literature.'' This approach
also would allow FINRA members to continue to create educational
material concerning options, while at the same time providing members
with greater flexibility in designing such materials.
    The proposed rule change would also adopt the definition of
``options'' as defined in NASD Rule 2860(a) (Options), FINRA's general
rule governing members' conduct when engaging in options activity. NASD
Rule 2220 currently does not have a definition for the term
``options.'' Adopting NASD Rule 2860's definition of that term would
not only clarify the meaning of ``options'' as it is used in NASD Rule
2220, it would also promote consistency between the two rules.
    Additionally, the proposed rule change would define the term
``standardized option'' for purposes of NASD Rule 2220 to mean any
option contract issued, or subject to issuance, by The Options Clearing
Corporation (``OCC''), that has standardized terms for the strike
price, expiration date, and amount of the underlying security, and is
traded on a national securities exchange registered pursuant to section
6(a) of the Securities Exchange Act of 1934 (``the Act''). FINRA is
proposing this definition to help members understand the meaning of
this term as it is used in proposed NASD Rule 2220(d)(1), which details
the standards applicable to communications regarding standardized
options exempted under SEC Rule 238 under the Securities Act of 1933
(``Securities Act'') that are used prior to delivery of the ODD, and to
communications regarding options not exempted under SEC Rule 238 that
are used prior to delivery of a prospectus that meets the requirements
of Section 10(a) of the Securities Act.
    Finally, the proposed rule change would define ``options disclosure
document'' as having the same meaning as the definition of the term
``disclosure document'' defined in NASD Rule 2860.\7\ FINRA believes
that having a specific definition of ``options disclosure document''
would assist members in correctly understanding and applying the
proposed rule changes.
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    \7\ See NASD Rule 2860(b)(2)(T).
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NASD Rule 2220(b) Approval by Registered Options and Security Futures
Principal and Recordkeeping
    The proposed rule change would remove the outdated term
``educational material'' in the requirement in NASD Rule 2220(b) to
have an options principal approve prior to use certain options
communications and would add ``independently prepared reprints'' to the
types of options communications that require pre-use approval by an
options principal. The proposed rule change would also exclude
``completed worksheets'' from those materials requiring approval of an
options principal. Because the definition of ``sales literature''
includes ``worksheet templates'' this exclusion would clarify that only
the templates, and not each subsequent worksheet with data, is required
to be approved by an options principal.
    In addition, the proposed rule change would include new
requirements for principal review of correspondence in NASD Rule
2220(b) that are consistent with recently amended correspondence
principal approval requirements in NASD Rule 2211.\8\ As noted
previously, because Rule NASD 2220 currently does not have a definition
of correspondence, the proposed rule change would incorporate NASD Rule
2211's definition of ``correspondence,'' which classifies
correspondence as any written letter or electronic mail message
distributed by a member to one or more of its existing retail customers
and to fewer than 25 prospective retail customers within any 30
calendar-day period.\9\ Pursuant to the proposed rule change,
correspondence would not need to be approved by a Registered Options
and Security Futures Principal prior to use, unless such correspondence
is distributed to 25 or more existing retail customers within any 30
calendar-day period and makes any financial or investment
recommendation or otherwise promotes a product or service of the
member. Also consistent with NASD Rule 2210, any written letters,
emails, or instant messages to 25 or more prospective retail customers
within any 30 calendar-day period would be deemed sales literature,
which would have to be approved prior to use by a Registered Options
and Security Futures Principal.\10\ Finally, as with NASD Rule 2210,
the proposed rule change would make clear that all correspondence
concerning options is subject to NASD Rule 3010(d)'s supervision and
review requirements.
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    \8\ See Exchange Act Rel. No. 54217 (July 26, 2006), 71 F.R.
43831 (August 2, 2006) (SR-NASD-2006-011).
    \9\ Previously, such material would have been examined to
determine whether it should be considered an advertisement, sales
literature, or educational material.
    \10\ See NASD Notice to Members 06-45 (August 2006). FINRA
anticipates that other SROs will adopt similar standards to FINRA.
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    The proposed rule change would also include new requirements for
principal review of institutional sales material in NASD Rule
2220(b)(3) that are consistent with the principal review requirements
for general institutional sales material in NASD Rule 2211. As noted
previously, because NASD Rule 2220 does not have a definition of
institutional sales material, the proposed rule change would
incorporate NASD Rule 2211's definition of ``institutional sales
material,'' which classifies institutional sales material as any
communication that is distributed or made available only to
institutional customers.\11\ Pursuant to the proposed rule change, each
member would be required to establish written procedures that are
appropriate for its business size, structure, and customers for the
review by a Registered Options and Security Futures Principal of
institutional sales material used by the member and its registered
representatives as described in NASD Rule 2211(b)(1)(B).\12\
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    \11\ Previously, such material would have been examined to
determine whether it should be considered an advertisement, sales
literature or educational material.
    \12\ NASD Rule 2211(b)(1)(B) requires such procedures to be in
writing and be designed to reasonably supervise each registered
representative. Where such procedures do not require review of all
institutional sales material prior to use or distribution, they must
include provision for the education and training of associated
persons as to the firm's procedures governing institutional sales
material, documentation of such education and training, and
surveillance and follow-up to ensure that such procedures are
implemented and adhered to. Evidence that these supervisory
procedures have been implemented and carried out must be maintained
and made available to FINRA upon request.
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    The proposed rule change also would require that a member retain
copies of the options communications in accordance with SEC Rule 17a-4.
Additionally, a member would be required to retain the names of the
persons who prepared the communications and the source of any
recommendations contained in the communications and keep them in the
form and for the time period required for options communications
required in SEC Rule 17a-4.

NASD Rule 2220(c) FINRA Approval Requirements and Review Procedures
    Currently, NASD Rule 2220(c)(1) requires members to submit all
options advertisements and educational material to FINRA's Advertising
Regulation Department (the ``Department'') for approval at least ten
days prior to use (or such shorter period as FINRA may allow) but does
not require members to submit sales literature. The effect has been
that widely disseminated communications (i.e., advertisements and
educational material) used prior to delivery of the ODD are filed for
approval while more targeted communications (i.e., sales literature, as
previously defined) that must be preceded or accompanied by the ODD are
exempted from filing. FINRA intends to follow a similar approach in the
proposed rule change. Communications concerning standardized options
that are likely to be widely disseminated such as advertisements, sales
literature (as newly defined), and independently prepared reprints
would be subject to filing under the proposed rule change. In contrast,
more targeted communications--generally correspondence--that will be
used once the applicable ODD or prospectus has been delivered would
continue to be exempt from the filing requirements. In addition, as
discussed below, communications used prior to the delivery of the ODD
or prospectus would be subject to the more stringent content standards
in subparagraph (d)(1). The proposed rule change would also modify
existing rule text to clarify that the filing must occur at least ten
calendar days prior to use (or such shorter period as the Department
may allow in particular instances).
    The proposed rule change would delete NASD Rule 2220(c)(5), which
prohibits the distribution of any written material, except as described
in subparagraphs (d)(2)(B) and (C), respecting options to any person
who had not previously or contemporaneously received one or more
current options disclosure documents. This requirement would be
subsumed into proposed NASD Rule 2220(d)(1) which would establish the
standards for communications that may be used prior to delivery of the
options disclosure document or prospectus.
NASD Rule 2220(d) Standards Applicable to Communications
    The proposed rule change would make several amendments to the
standards applicable to options communications contained in NASD Rule
2220(d). First, new NASD Rule 2220(d)(1) would clarify and update the
standards limiting the content of communications regarding standardized
options, as that term is defined and discussed earlier in the proposed
rule change. Specifically, proposed new NASD Rule 2220(d)(1)(A) would
provide that communications regarding standardized options exempted
under SEC Rule 238 under the Securities Act that are used prior to
delivery of the ODD must be limited to general descriptions of the
options being discussed. This could include a brief description of
options, including a statement that identifies registered clearing
agencies for options and a brief description of the general attributes
and method of operation of the exchanges on which such options are
traded, including a discussion of how an option is priced.
Additionally, such options communications would be required to include
contact information for obtaining a copy of the ODD, but could not
contain recommendations or past or projected performance figures,
including annualized rates of return, or names of specific securities.
These options communications could also include any statement required
by any state law and administrative authority as well as any
advertising designs and devices, provided such material is not
misleading.
    Second, proposed new NASD Rule 2220(d)(1)(B) would provide that
options communications regarding options not exempted under SEC Rule
238 that are used prior to delivery of a prospectus that meets the
requirements of the Securities Act Section 10(a) must conform to SEC
Rule 134 or 134a under the Securities Act, as applicable.
    Third, the proposed rule change would broaden NASD Rule 2220(d)(2),
which prohibits hedge clauses or disclaimers that are not legible,
attempt to disclaim responsibility, or are otherwise inconsistent, by
deleting references to disclaimers and the outdated term ``hedge
clauses'' and instead generally prohibiting the use of illegible,
misleading, or inconsistent cautionary statements or caveats.
    Fourth, the proposed rule change would require all options
communications, with the exception of institutional sales material, to
include a statement that supporting documentation for any claims
(including any claims made on behalf of options programs or the options
expertise of sales persons), comparison, recommendations, statistics,
or other technical data, will be supplied upon request. Currently, NASD
Rule 2220(d)(2)(D) only requires sales literature to include this
statement.
    Fifth, the proposed rule change would except institutional sales
materials from being required to include the existing required
disclosure that options are not suitable for all investors. This
disclaimer appears unnecessary in institutional sales material because,
for purposes of this provision, institutions are viewed to be
sufficiently sophisticated to be aware that options are not suitable
for all investors.
    Sixth, proposed changes to NASD Rules 2220(d)(3) and (d)(4) would
permit projected and historical performance figures in any options
communications. Currently, only communications defined as sales
literature may contain this information.\13\ The proposed rule change
also would require all such communications regarding standardized
options to be preceded or accompanied by the ODD. In addition, all
relevant costs would be required to be disclosed and reflected in the
projections.
---------------------------------------------------------------------------

    \13\ See Rule NASD 2220(d)(2)(D)(ii).
---------------------------------------------------------------------------

    Seventh, the proposed rule change would amend Rule NASD 2220(d)(6)
to provide that any violation by a member or associated person of any
rule or requirement of the SEC or any rule of the Securities Investor
Protection Corporation applicable to member communications regarding
options will be deemed a violation of NASD Rule 2220. This approach is
consistent with NASD Rule 2210.\14\
---------------------------------------------------------------------------

    \14\ See Rule 2210(e).
---------------------------------------------------------------------------

General Technical Amendments to NASD Rule 2220
    The proposed rule change also would delete and update outdated rule
language identified by the Options Self Regulatory Council and the
subcommittee assigned to update the SROs' options communications rules.
In particular, the proposed rule change would replace references
throughout NASD Rule 2220 to ``material'' with the term
``communications.'' The proposed rule change would also replace
references to ``Registered Options Principal'' with ``Registered
Options and Security Futures Principal.''
    FINRA believes that the proposed rule change will better address
the needs for regulating current options communications practices and
promote consistency across SROs. After these proposed changes are filed
with the SEC, FINRA and other SROs will begin work on updating the
Guidelines for Options Communications.\15 \
---------------------------------------------------------------------------

    \15\ The Guidelines for Options Communications is an industry-
wide publication prepared by FINRA and the options exchanges. The
Guidelines explain the SROs' options communications rules and
interpretations, address frequently asked questions and common
problems, and provide a framework for informative and effective
communications with the public.

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

    As noted in Item 2 of this filing, FINRA will announce the
effective date of the proposed rule change in a Regulatory Notice to be
published no later than 60 days following Commission approval. The
effective date will be 90 days following publication of the Regulatory
Notice announcing Commission approval.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\16\ which requires, among
other things, that FINRA 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. FINRA believes that the proposed rule change promotes
just and equitable principles of trade and protects investors and the
public interest by providing the investing public with options
communications rules that are designed to provide appropriate
safeguards and greater clarity by promoting harmonization between
FINRA's and other SROs' options communications rules.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------

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

    FINRA does not believe that the proposed rule change will result in
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

    Written comments were neither solicited nor received.

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 self-regulatory organization 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-FINRA-2008-013 on the subject line.

Paper Comments

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

    All submissions should refer to File Number SR-FINRA-2008-013. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of FINRA. 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-FINRA-2008-013 and should be
submitted on or before May 23, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
---------------------------------------------------------------------------

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

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-9631 Filed 5-1-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: November 14, 2007 (Volume 72, Number 219)]
[Notices]
[Page 64107]
[DOCID:fr14no07-93]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

Petition for Waiver of Compliance

    In accordance with Part 211 of Title 49 Code of Federal Regulations
(CFR), notice is hereby given that the Federal Railroad Administration
(FRA) received a request for a waiver of compliance with certain
requirements of its safety standards. The individual petition is
described below, including the party seeking relief, the regulatory
provisions involved, the nature of the relief being requested, and the
petitioner's arguments in favor of relief.

Fayette Central Railroad (formerly Uniontown Central Railroad)

[Waiver Petition Docket Number FRA-2004-19999]

    The Fayette Central Railroad (FCRV) seeks to renew a waiver of
compliance from certain provisions of the Safety Glazing Standards, 49
CFR Part 223, which requires certified glazing in all windows. The
existing waiver will expire on September 5, 2008.
    This request is for two (2) cabooses, Car Numbers PC 18086 (built
in 1946) and P&LE 504 (built in 1956), and one locomotive, BO9061
(previously UTCV 5656). The proposed routing of the operation is
limited to approximately 20 miles of trackage between Green Junction
and Smithfield, Pennsylvania, which is currently operated by the
Southwest Pennsylvania Railroad and leased from Fayette-Penn. FCRV
states that they use the cabooses four times a year for the town's
festivals.
    Interested parties are invited to participate in these proceedings
by submitting written views, data, or comments. FRA does not anticipate
scheduling a public hearing in connection with these proceedings since
the facts do not appear to warrant a hearing. If any interested party
desires an opportunity for oral comment, they should notify FRA, in
writing, before the end of the comment period and specify the basis for
their request.
    All communications concerning these proceedings should identify the
appropriate docket number (e.g., Waiver Petition Docket Number FRA-
2004-19999) and may be submitted by any of the following methods:
     Web site: http://www.regulations.gov. Follow the online

instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: Docket Operations Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue, SE., W12-140, Washington, DC
20590.
     Hand Delivery: 1200 New Jersey Avenue, SE., Room W12-140,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal Holidays.
    Communications received within 45 days of the date of this notice
will be considered by FRA before final action is taken. Comments
received after that date will be considered as far as practicable. All
written communications concerning these proceedings are available for
examination during regular business hours (9 a.m.-5 p.m.) at the above
facility.
    All documents in the public docket are also available for
inspection and copying on the Internet at the docket facility's Web
site at http://www.regulations.gov.

    Anyone is able to search the electronic form of any written
communications and comments received into any of our dockets by the
name of the individual submitting the comment (or signing the comment,
if submitted on behalf of an association, business, labor union, etc.).
You may review DOT's complete Privacy Act Statement in the Federal
Register published on April 11, 2000 (Volume 65, Number 70; Pages
19477-78).

    Issued in Washington, DC, on November 7, 2007.
Grady C. Cothen, Jr.,
Deputy Associate Administrator for Safety Standards and Program
Development.
 [FR Doc. E7-22243 Filed 11-13-07; 8:45 am]

BILLING CODE 4910-06-P


[Federal Register Volume 84, Number 113 (Wednesday, June 12, 2019)]
[Notices]
[Page 27325]
[FR Doc No: 2019-12402]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 606-027]

Pacific Gas and Electric Company; Notice of Petition for
Declaratory Order

    Take notice that on May 15, 2019, Pacific Gas and Electric Company
(PG&E or Petitioner), applicant for the Kilarc-Cow Creek Project No.
606, filed a petition for declaratory order (petition) pursuant to Rule
207(a)(2) of the Federal Energy Regulatory Commission's Rules of
Practice and Procedure, 18 CFR 385.207(a)(2). PG&E requests that the
Commission declare that the California State Water Resources Control
Board has waived its authority to issue a certification for the Kilarc-
Cow Creek Project under Section 401 of the Clean Water Act, 33 U.S.C.
1341(a)(1), as more fully explained in the petition.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure, 18 CFR 385.211, 385.214. Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date.
Anyone filing a motion to intervene or protest must serve a copy of
that document on the Petitioner.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the eFiling link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 5 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE, Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
eLibrary link and is available for review in the Commission's Public
Reference Room in Washington, DC. There is an eSubscription link on the
website 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
(866) 208-3676 (toll free). For TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on June 21, 2019.

    Dated: June 6, 2019.
Kimberly D. Bose,
Secretary.
[FR Doc. 2019-12402 Filed 6-11-19; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register: February 13, 2008 (Volume 73, Number 30)]
[Notices]
[Page 8394-8395]
[DOCID:fr13fe08-162]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket No. FRA-2007-0023, Notice No. 1]

Federal Railroad Administration Review of the New Quiet Zone in
Little Falls, MN

AGENCY: Federal Railroad Administration (FRA), Department of
Transportation (DOT).

ACTION: Notice of quiet zone review.

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

SUMMARY: In accordance with 49 CFR 222.51(c), FRA is providing notice
of its intent to review the New Quiet Zone that has been established in
Little Falls, MN. According to recent quiet zone risk calculations, the
Quiet Zone Risk Index (QZRI) for the New Quiet Zone in Little Falls has
undergone a dramatic increase and is now at a level above the Risk
Index With Horns (RIWH). As it appears that safety systems and measures
implemented within the quiet zone do not fully compensate for the
absence of the locomotive horn due to a substantial increase in risk,
FRA intends to review existing conditions within the New Quiet Zone to
determine whether the quiet zone should be terminated or whether
additional safety measures may be necessary to ensure motorist safety.

DATES: Written Comments: Comments must be received by March 14, 2008.
Comments received after this date will be considered to the extent
possible without incurring additional expense or delay.

ADDRESSES: All communications concerning these proceedings should

identify the appropriate docket number (Docket Number FRA-2007-0023)
and may be submitted by any of the following methods:
     Web site: http://www.regulations.gov. Follow the online

instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: Docket Operations Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue, SE., W12-140, Washington, DC
20590.
     Hand Delivery: 1200 New Jersey Avenue, SE., Room W12-140,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.
    Instructions: Note that all comments received will be posted
without change to http://www.regulations.gov, including any personal

information provided. Please see the Privacy Act heading below.
    Privacy Act: Anyone is able to search the electronic form of all
comments received into any of our dockets by the name of the individual
submitting the comment (or signing the comment, if submitted on behalf
of an association, business, labor union, etc.). You may review DOT's
complete Privacy Act Statement in the Federal Register published on
April 11, 2000 (65 FR 19477-19478), or you may visit http://DocketsInfo.dot.gov
.

    Docket: For access to the docket to read background documents or
comments received, go to http://www.regulations.gov or the street

address listed above. Follow the online instructions for accessing the
dockets.

FOR FURTHER INFORMATION CONTACT: Mr. Ronald Ries, Office of Safety,
FRA, 1200 New Jersey Avenue, SE., Washington, DC 20590 (telephone: 202-
493-6299); or
    Ms. Kathryn Shelton, Office of Chief Counsel, FRA, 1200 New Jersey
Avenue, SE., Washington, DC 20590 (telephone:<PHONE_NUMBER>).

SUPPLEMENTARY INFORMATION:

Background

    The City of Little Falls established a New Quiet Zone for the
following four highway-rail grade crossings through submission of a
Notice of Quiet Zone Establishment:
    1. 9th Avenue NW;
    2. Broadway Avenue W;
    3. Minnesota Power Company (a private highway-rail grade crossing);
and
    4. Highland Avenue (8th Avenue SE).
    According to the Notice of Quiet Zone Establishment, which was
dated October 24, 2006, this crossing corridor qualified for quiet zone
status on the basis of having a QZRI that was below the RIWH. (The
Notice of Quiet Zone Establishment indicated that the QZRI was 64,457
and that the RIWH was 69,396.) In other words, the Notice of Quiet Zone
Establishment indicated that the City of Little Falls had taken
sufficient measures to compensate for the excess risk that results from
silencing routine train horn sounding at the four highway-rail grade
crossings that were identified in the notice. Therefore, the Little
Falls New Quiet Zone took effect on November 14, 2006.

Recent FRA Calculations

    According to recent quiet zone calculations performed by FRA, the
QZRI (i.e., the measure of risk to the motoring public at highway-rail
grade crossings within the quiet zone) for the Little Falls New Quiet
Zone has increased to 92,176. It appears that this increase in the
quiet zone risk has been caused by several factors pertaining to the
Broadway Avenue W Crossing, including increased highway traffic counts
and a train/pedestrian incident that occurred at the crossing on
September 9, 2006. This new QZRI is well over the RIWH that was used to
establish the quiet zone.
    Since the QZRI is now at a level above the RIWH (i.e., the measure
of risk to the motoring public that would exist if locomotive horns
were routinely sounded at every public highway-rail grade crossing
within the quiet zone), it appears that safety systems and measures
implemented within the New Quiet Zone in Little Falls fail to fully
compensate for the absence of the locomotive horn. Therefore, FRA is
initiating a review of existing conditions within the Little Falls New
Quiet Zone, pursuant to 49 CFR 222.51(c), in order to determine whether
the New Quiet Zone should be terminated or whether additional safety
measures may be necessary to ensure motorist safety.
    Interested parties are therefore invited to submit written comments
on the Little Falls New Quiet Zone to the electronic docket. In
particular, FRA is interested in obtaining information about any
``near-hit'' incidents involving train crews and motorists that may
have occurred at the Broadway Avenue W Crossing during recent months,
as well as information about the frequency with which crossing gate
arms are being replaced due to motorist intrusion. FRA is also
interested in obtaining information about any proposed safety
improvements for the quiet zone that may be under serious consideration
by the City of Little Falls. Please refer to the ADDRESSES section
above for guidance on the submission of written comments to the
electronic docket.

    Issued in Washington, DC, on February 8, 2008.
Michael J. Logue,
Deputy Associate Administrator for Safety Compliance and Program
Implementation.
[FR Doc. E8-2688 Filed 2-12-08; 8:45 am]

BILLING CODE 4910-06-P


[Federal Register Volume 83, Number 150 (Friday, August 3, 2018)]
[Notices]
[Page 38138]
[FR Doc No: 2018-16627]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Numbers: RP18-956-001.
    Applicants: WTG Hugoton, LP.
    Description: Tariff Amendment: Annual Fuel Retention Percentage
Filing 2018-2019 Amendment 1 to be effective 8/1/2018.
    Filed Date: 7/25/18.
    Accession Number: 20180725-5043.
    Comments Due: 5 p.m. ET 8/6/18.

    Docket Numbers: RP18-993-000.
    Applicants: Southern Natural Gas Company, L.L.C.
    Description: Sec.  4(d) Rate Filing: Shell Negotiated Rate to be
effective 9/1/2018.
    Filed Date: 7/25/18.
    Accession Number: 20180725-5021.
    Comments Due: 5 p.m. ET 8/6/18.

    Docket Numbers: RP18-994-000.
    Applicants: Transcontinental Gas Pipe Line Company, LLC.
    Description: Compliance filing Flow Through of Dominion Penalty
Sharing 2018.
    Filed Date: 7/25/18.
    Accession Number: 20180725-5082.
    Comments Due: 5 p.m. ET 8/6/18.

    Docket Numbers: RP18-995-000.
    Applicants: Kern River Gas Transmission Company.
    Description: Sec.  4(d) Rate Filing: 2018 July 26 Amendments to be
effective 7/26/2018.
    Filed Date: 7/25/18.
    Accession Number: 20180725-5108.
    Comments Due: 5 p.m. ET 8/6/18.

    Docket Numbers: RP18-996-000.
    Applicants: Dominion Energy Overthrust Pipeline, LLC.
    Description: Annual Fuel Gas Reimbursement Report for 2018.
    Filed Date: 7/25/18.
    Accession Number: 20180725-5143.
    Comments Due: 5 p.m. ET 8/6/18.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: July 26, 2018.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2018-16627 Filed 8-2-18; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 84, Number 195 (Tuesday, October 8, 2019)]
[Notices]
[Pages 53739-53740]
[FR Doc No: 2019-21839]

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

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2018-N-3728]

Agency Information Collection Activities; Submission for Office
of Management and Budget Review; Comment Request; Collection of
Conflict of Interest Information for Participation in Food and Drug
Administration Non-Employee Fellowship and Traineeship Programs

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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

SUMMARY: The Food and Drug Administration (FDA) is announcing that a
proposed collection of information has been submitted to the Office of
Management and Budget (OMB) for review and clearance under the
Paperwork Reduction Act of 1995.

DATES: Fax written comments on the collection of information by
November 7, 2019.

ADDRESSES: To ensure that comments on the information collection are
received, OMB recommends that written comments be faxed to the Office
of Information and Regulatory Affairs, OMB, Attn: FDA Desk Officer,
Fax:<PHONE_NUMBER>, or emailed to<EMAIL_ADDRESS>All
comments should be identified with the OMB control number 0910-NEW and
title ``Collection of Conflict of Interest Information for
Participation in Food and Drug Administration Non-Employee Fellowship
and Traineeship Programs.'' Also include the FDA docket number

found in brackets in the heading of this document.

FOR FURTHER INFORMATION CONTACT: Amber Sanford, Office of Operations,
Food and Drug Administration, Three White Flint North, 10A-12M, 11601
Landsdown St., North Bethesda, MD 20852,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In compliance with 44 U.S.C. 3507, FDA has
submitted the following proposed collection of information to OMB for
review and clearance.

Collection of Conflict of Interest Information for Participation in
Food and Drug Administration Non-Employee Fellowship and Traineeship
Programs

OMB Control Number 0910-NEW

    In compliance with 44 U.S.C. 3507, FDA will submit to the Office of
Management and Budget a request to review and approve a new collection
of information: ``Collection of Conflict of Interest Information for
Participation in FDA Non-Employee Fellowship and Traineeship
Programs.'' Section 742 (b) of the Food, Drug and Cosmetic Act (21
U.S.C. 379l) allows FDA to conduct and support intramural training
programs through fellowship and traineeship programs. These new forms
provide the FDA with information about financial investments and
relationships from non-employee scientists who participate in FDA
fellowship and traineeship programs. Participants in FDA fellowship and
traineeship programs will be asked for certain information about
financial interests and current relationships: (1) Description of the
financial interest; (2) the type of financial interest (e.g. stocks,
bonds, stock options); (3) if the financial interest is an employee
benefit from prior employment; (4) value of financial interest; (5) who
owns the financial interest (e.g. self, spouse, minor children); (6)
employment relationship with an FDA significantly regulated
organization (SRO); (7) and service as a consultant to an FDA SRO, and/
or proprietary interest(s) in one of more product(s) regulated by FDA,
including patent, trademark, copyright, or licensing agreement. The
purpose of the financial information is for FDA to determine if there
is a conflict of interest between the Fellow's or Trainee's financial
and relationship interests and their activities at FDA. The collection
of information is mandatory to participate in FDA's fellowship and
traineeship programs.
    In the Federal Register of October 22, 2018 (83 FR 53257), FDA
published a 60-day notice requesting public comment on the proposed
collection of information. Although two comments were received, they
were not responsive to the four collection of information topics
solicited.
    FDA estimates the burden of this collection of information as
follows:

                                 Table 1--Estimated Annual Reporting Burden \1\
----------------------------------------------------------------------------------------------------------------
                                                      No. of                          Average
            Activity                  No. of       responses per   Total annual     burden per      Total hours
                                    respondents     respondent       responses       response
----------------------------------------------------------------------------------------------------------------
    Collection Form--Report of Financial Interests and Other Relationships for Non-Employee Scientists at FDA
----------------------------------------------------------------------------------------------------------------
Oak Ridge Institute for Science              500               1             500               1             500
 and Education Fellowship.......
Traineeship Program.............             500               1             500               1             500
Reagan-Udall Fellowship at FDA..              50               1              50               1              50
                                 -------------------------------------------------------------------------------
    Total.......................  ..............  ..............  ..............  ..............            1050
----------------------------------------------------------------------------------------------------------------
\1\ There are no capital costs or operating and maintenance costs associated with this collection of information

    Dated: October 2, 2019.
Lowell J. Schiller,
Principal Associate Commissioner for Policy.
[FR Doc. 2019-21839 Filed 10-7-19; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register: December 11, 2009 (Volume 74, Number 237)]
[Rules and Regulations]
[Page 65687-65688]
[DOCID:fr11de09-6]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2009-0885; Airspace Docket No. 09-ASO-17]

Revision of Area Navigation (RNAV) Route Q-108; Florida

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action revises the alignment of high altitude RNAV route
Q-108, which currently extends between the GADAY and CLAWZ waypoints
(WP) in Florida. The FAA is taking this action to enhance the
efficiency of the National Airspace System in the northern Florida
area.

DATES: Effective 0901 UTC, February 11, 2010. The Director of the
Federal Register approves this incorporation by reference action under
1 CFR part 51, subject to the annual revision of FAA Order 7400.9 and
publication of conforming amendments.

FOR FURTHER INFORMATION CONTACT: Paul Gallant, Airspace and Rules
Group, Office of System Operations Airspace and AIM, Federal Aviation
Administration, 800 Independence Avenue, SW., Washington, DC 20591;
telephone:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

History

    On Friday, October 23, 2009, the FAA published in the Federal
Register a notice of proposed rulemaking to revise area navigation
route Q-108 (74 FR 54766). Interested parties were invited to
participate in this rulemaking effort by submitting written comments on
the proposal. No comments were received.

The Rule

    The FAA is amending Title 14, Code of Federal Regulations (14 CFR)
part 71 by revising the description of high altitude RNAV route Q-108.
The route currently extends between the GADAY and CLAWZ waypoints. This
action realigns the route to terminate at the HKUNA WP, instead of
CLAWZ, where it will join the PIGLT TWO standard terminal arrival
(STAR) serving the Orlando International Airport, FL. In addition, two
new WPs, IZZEY and FRNKS, are added to Q-108 between GADAY and HKUNA.
This change shifts the alignment of Q-108 slightly to the south of its
current track. This revision enhances the efficiency of the route
structure in the northern Florida area.
    High altitude RNAV routes are published in paragraph 2006 of FAA
Order 7400.9T dated August 27, 2009, and effective September 15, 2009,
which is incorporated by reference in 14 CFR 71.1. The RNAV route
listed in this document will be subsequently published in the Order.
    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
Therefore, this regulation: (1) Is not a ``significant regulatory
action'' under Executive Order 12866; (2) is not a ``significant rule''
under Department of Transportation (DOT) Regulatory Policies and
Procedures (44 FR 11034; February 26, 1979); and (3) does not warrant
preparation of a regulatory evaluation as the anticipated impact is so
minimal. Since this is a routine matter that will only affect air
traffic procedures and air navigation, it is certified that this rule,
when promulgated, will not have a significant

economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority.
    This rulemaking is promulgated under the authority described in
Subtitle VII, Part A, Subpart I, Section 40103. Under that section, the
FAA is charged with prescribing regulations to assign the use of the
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it amends a portion of the en route structure to enhance the safe
and efficient use of the NAS in northern Florida .

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with FAA Order 1050.1E, ``Environmental Impacts: Policies and
Procedures,'' paragraph 311a and 311b. This airspace action is not
expected to cause any potentially significant environmental impacts,
and no extraordinary circumstances exist that warrant preparation of an
environmental assessment.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

0
In consideration of the foregoing, the Federal Aviation Administration
amends 14 CFR part 71 as follows:

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

0
1. The authority citation for part 71 continues to read as follows:

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

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order 7400.9T,
Airspace Designations and Reporting Points, dated August 27, 2009, and
effective September 15, 2009, is amended as follows:

Paragraph 2006 United States Area Navigation Routes.
* * * * *

Q-108 GADAY to HKUNA [Revised]

GADAY Lat. 31[deg]02'28'' N., Long. 86[deg]08'02'' W.
IZZEY Lat. 30[deg]56'59'' N., Long. 85[deg]30'14'' W.
FRNKS Lat. 30[deg]41'58'' N., Long. 83[deg]46'33'' W.
HKUNA Lat. 30[deg]36'02'' N., Long. 83[deg]05'36'' W.
* * * * *

    Issued in Washington, DC, on December 4, 2009.
Kelly J. Neubecker,
Acting Manager, Airspace and Rules Group.
[FR Doc. E9-29387 Filed 12-10-09; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register Volume 77, Number 87 (Friday, May 4, 2012)]
[Notices]
[Page 26537]
[FR Doc No: 2012-10786]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Notice of Commissioners and Staff Attendance at FERC Leadership
Development Program Graduation/Induction Ceremony

    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:

FERC Leadership Development Program Graduation/Induction Ceremony: 888
First Street NE., Washington, DC 20426.
May 8, 2012 (10:00 a.m.-11:00 a.m.).

    The event will introduce and welcome 17 employees selected for the
2012 Leadership Development Program and graduate 15 employees from the
2011 program.

    Dated: April 30, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-10786 Filed 5-3-12; 8:45 am]
BILLING CODE 6717-01-P


PAPERWORK REDUCTION ACT SUBMISSION Please read the instructions before completing this form. For additional forms or assistance in completing this form, contact your agency's Paperwork Clearance Officer. Send two copies of this form, the collection instrument to be reviewed, the Supporting Statement and any additional documentation to: Office of Information and Regulatory Affairs, Office of Management and Budget, Docket Library, Room 10102, 725 17th Street NW Washington, DC 20503.

1. Agency/ Subagency originating request U. S. EPA, OECA, Manufacturing, Energy and Transportation Div 2. OMB control number b. G None a 2 0 6 0  0 0 8 1 __ __ __ __

3. Type of information collection ( check one) a. G New collection b. G Revision of a currently approved collection c. X Extension of a currently approved collection d. G Reinstatement, without change, of a previously approved collection for which approval has expired e. G Reinstatement, with change, of a previously approved collection for which approval has expired f. G Existing collection in use without an OMB control number 4. Type of review requested ( check one) a. X Regular b. G Emergency  Approval requested by: / / c. G Delegated 5. Small entities Will this information collection have a significant economic impact on a substantial number of small entities? G Yes X No For b f, note item A2 of Supporting Statement Instructions 6. Requested expiration date a. X Three years from approval date b. G Other Specify: / /___

7. Title NSPS Subpart KK  Lead Acid Battery Manufacturing, 40 CFR Part 60, Subpart KK 8. Agency form number( s) ( If applicable) 1072.06 9. Keywords Air pollution control , lead acid battery 10. Abstract Owners or operators of lead acid battery manufacturing plants subject to NSPS must notify EPA of construction, reconstruction, modification, anticipated and actual startup dates, and results of performance tests. Records of performance test results, startups, shutdowns, and malfunctions must be maintained to ensure compliance.

11. Affected public ( Mark primary with " P" and all others that apply with " X") a. Individuals or households d. Farms b. P Business or other for profit e. Federal Government c. Not for profit institutions f. State, Local or Tribal Government 12. Obligation to respond ( Mark primary with " P" and all others that apply with " X") a. G Voluntary b. G Required to obtain or retain benefits c. P Mandatory 13. Annual reporting and recordkeeping hour burden a. Number of respondents 82 b. Total annual responses 82 1. Percentage of these responses collected electronically 10 % c. Total annual hours requested 123 d. Current OMB inventory 123 e. Difference 0 f. Explanation of difference 1. Program Change 2. Adjustment 14. Annual reporting and recordkeeping cost burden ( in thousands of dollars) a. Total annualized capital/ startup costs 0 b. Total annual costs ( O& M) 18 c. Total annualized cost requested 18 d. Current OMB inventory 0 e. Difference ( 18) f. Explanation of difference 1. Program change 2. Adjustment ( 18)

15. Purpose of information collection ( Mark Primary With " P" and all others that apply with " X") a. __ Application for benefits e. __ Program planning or management b. __ Program evaluation f. __ Research c. __ General purpose statistics g. _ P _ Regulatory or compliance d. __ Audit 16. Frequency of recordkeeping or reporting ( check all that apply) a. X Recordkeeping b. Q Third party disclosure c. X Reporting 1. Q On occasion 2. Q Weekly 3. Q Monthly 4. Q Quarterly 5. Q Semi annually 6. Q Annually 7. Q Biannually 8. X Other ( describe) Initial startup, Construction, reconstruction, modification, performance tests 17. Statistical methods Does this information collection employ statistical methods?

Q Yes X No 18. Agency contact ( person who can best answer questions regarding the content of this submission) Name: Deborah Thomas Phone: 202 564 5041 OMB 83 I 10/ 95 19. Certification for Paperwork Reduction Act Submissions On behalf of this Federal agency, 1 certify that the collection of information encompassed by this request complies with' 5 CFR 1320.9.

NOTE: The text of 5 CFR 1320.9, and the related provisions of 5 CFR 1320.8( b)( 3), appear at the end of the instructions. The certification is to be made with reference to those regulatory provisions as set forth in the instructions.

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

( a) It is necessary for the proper performance of agency functions;

( b) It avoids unnecessary duplication;

( c) It reduces burden on small entities;

( d) It uses plain, coherent, and unambiguous terminology that is understandable to respondents;

( e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

( f) It indicates the retention periods for recordkeeping requirements;

( g) It informs respondents of the information called for under 5 CFR 1320.8( b)( 3): ( I) Why the information is being collected; ( ii) Use of information; ( iii) Burden estimate; ( iv) Nature of response ( voluntary, required for a benefit, or mandatory); ( v) Nature and extent of confidentiality; and ( vi) Need to display currently valid OMB control number;

( h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected ( see note in Item 19 of the instructions);

( I) It uses effective and efficient statistical survey methodology; and ( j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item below and explain the reason in Item 18 of the Supporting Statement.

Signature of Program Office Official John B. Rasnic, Director Manufacturing, Energy and Transportation Division Date Signature of Senior Official or designee Oscar Morales, Director Collection Strategies Division Office of Environmental Information ( OEI) Date OMB 83 I 10/ 95