[Federal Register: September 28, 2007 (Volume 72, Number 188)]
[Proposed Rules]
[Page 55111-55113]
[DOCID:fr28se07-31]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2007-29335; Directorate Identifier 2007-NM-045-AD]
RIN 2120-AA64

Airworthiness Directives; McDonnell Douglas Model DC-9-81 (MD-
81), DC-9-82 (MD-82), DC-9-83 (MD-83), DC-9-87 (MD-87), and MD-88
Airplanes

AGENCY: Federal Aviation Administration (FAA), Department of
Transportation (DOT).

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: The FAA proposes to adopt a new airworthiness directive (AD)
for all McDonnell Douglas Model DC-9-81 (MD-81), DC-9-82 (MD-82), DC-9-
83 (MD-83), DC-9-87 (MD-87), and MD-88 airplanes. This proposed AD
would require repetitive inspections for cracking of the overwing
frames from stations 845 to 905 (MD-87 stations 731 to 791), left and
right sides, and corrective actions if necessary. This proposed AD
results from reports of cracked overwing frames. We are proposing this
AD to detect and correct such cracking, which could sever the frame,
increase the loading of adjacent frames, and result in damage to
adjacent structure and loss of overall structural integrity of the
airplane.

DATES: We must receive comments on this proposed AD by November 13,
2007.

ADDRESSES: Use one of the following addresses to submit comments on
this proposed AD.
     DOT Docket Web site: Go to http://dms.dot.gov and follow

the instructions for sending your comments electronically.
     Government-wide rulemaking Web site: Go to http://www.regulations.gov
 and follow the instructions for sending your

comments electronically.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue, SE., Washington, DC 20590.
     Fax:<PHONE_NUMBER>.
     Hand Delivery: Room W12-140 on the ground floor 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.
    Contact Boeing Commercial Airplanes, Long Beach Division, 3855
Lakewood Boulevard, Long Beach, California 90846, Attention: Data and
Service Management, Dept. C1-L5A (D800-0024), for the service
information identified in this proposed AD.

FOR FURTHER INFORMATION CONTACT: Roger Durbin, Aerospace Engineer,
Airframe Branch, ANM-120L, FAA, Los Angeles Aircraft Certification
Office, 3960 Paramount Boulevard, Lakewood, California 90712-4137;
telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to submit any relevant written data, views, or
arguments regarding this proposed AD. Send your comments to an address
listed in the ADDRESSES section. Include the docket number ``FAA-2007-
29335; Directorate Identifier 2007-NM-045-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of the proposed AD. We will
consider all comments received by the closing date and may amend the
proposed AD in light of those comments.
    We will post all comments we receive, without change, to http://dms.dot.gov
, including any personal information you provide. We will

also post a report summarizing each substantive verbal contact with FAA
personnel concerning this proposed AD. Using the search function of
that Web site, anyone can find and read the comments in any of our
dockets, including the name of the individual who sent the comment (or
signed the comment 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 19477-78), or you
may visit http://dms.dot.gov.

Examining the Docket

    You may examine the AD docket on the Internet at http://dms.dot.gov
, or in person at the Docket Operations office between 9

a.m. and 5 p.m., Monday through Friday, except Federal holidays. The
Docket Operations office (telephone<PHONE_NUMBER>) is located on the
ground floor of the West Building at the DOT street address stated in
the ADDRESSES section. Comments will be available in the AD docket
shortly after the Docket Management System receives them.

Discussion

    We have received a report indicating that four MD-80 operators
reported six instances of cracked overwing frames. The reports indicate
two failures at frame station 886 on the left side, three failures at
frame station 886 on the right side, and one failure at frame station
905 on the right side. The cracking occurred on airplanes that had
accumulated between 25,965 and 40,612 total flight cycles. The cracks,
which originate in the upper radius of the frame inboard tab just below
the floor, were caused by fatigue. Frames at stations 845 and 864,
although not reported to be cracked, are also susceptible to this type
of failure. All of the noted frames are a part of MD-80 principal
structural element (PSE) 53.80.005 (although the inspections that would
be required by this proposed AD are not included in supplemental
inspections already required for PSE 53.80.005). If not corrected, an
undetected crack might sever the frame, which could increase the
loading of adjacent frames, result in damage to adjacent structure,
necessitate extensive repair, and ultimately lead to the loss of
overall structural integrity of the airplane.

Relevant Service Information

    We have reviewed Boeing Alert Service Bulletin MD80-53A301,
Revision 1, dated May 25, 2007. The service bulletin describes
procedures for inspections, using general visual and high frequency
eddy current methods, to detect cracking of the overwing frames from
stations 845 to 905 (MD-87 stations 731 to 791), left and right sides.
The service bulletin specifies repeating the inspections within 9,300
flight cycles after any repair, within 20,000 flight cycles after any
replacement, and at intervals not to exceed 9,300 flight cycles if no
cracks are found. Corrective actions are done before further flight and
include a blend out repair of cracks less than 0.125 inch deep, and
replacement of any overwing frame with a crack 0.125 inch or deeper.

FAA's Determination and Requirements of the Proposed AD

    We have evaluated all pertinent information and identified an
unsafe condition that is likely to exist or

develop on other airplanes of this same type design. For this reason,
we are proposing this AD, which would require accomplishing the actions
specified in the service information described previously.

Interim Action

    We consider this proposed AD interim action. The manufacturer is
currently developing a modification that will address the unsafe
condition identified in this proposed AD. Once this modification is
developed, approved, and available, we may consider additional
rulemaking.

Costs of Compliance

    There are about 1,189 airplanes of the affected design in the
worldwide fleet. The following table provides the estimated costs for
U.S. operators to comply with this proposed AD.

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                              Number of U.S.-
     Work hours       Average labor         Parts          Cost per airplane    registered        Fleet cost
                      rate per hour                                              airplanes
----------------------------------------------------------------------------------------------------------------
4..................             $80  None...............  $320, per                      670  $214,400, per
                                                           inspection cycle.                   inspection cycle.
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Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. 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.
    We are issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701, ``General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We have determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify that the proposed
regulation:
    1. Is not a ``significant regulatory action'' under Executive Order
12866;
    2. Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979); and
    3. Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.
    We prepared a regulatory evaluation of the estimated costs to
comply with this proposed AD and placed it in the AD docket. See the
ADDRESSES section for a location to examine the regulatory evaluation.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

    1. The authority citation for part 39 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

    2. The Federal Aviation Administration (FAA) amends Sec.  39.13 by
adding the following new airworthiness directive (AD):

McDonnell Douglas: Docket No. FAA-2007-29335; Directorate Identifier
2007-NM-045-AD.

Comments Due Date

    (a) The FAA must receive comments on this AD action by November
13, 2007.

Affected ADs

    (b) None.

Applicability

    (c) This AD applies to all McDonnell Douglas Model DC-9-81 (MD-
81), DC-9-82 (MD-82), DC-9-83 (MD-83), DC-9-87 (MD-87), and MD-88
airplanes, certificated in any category.

Unsafe Condition

    (d) This AD results from reports of cracked overwing frames. We
are issuing this AD to detect and correct such cracking, which could
sever the frame, increase the loading of adjacent frames, and result
in damage to adjacent structure and loss of overall structural
integrity of the airplane.

Compliance

    (e) You are responsible for having the actions required by this
AD performed within the compliance times specified, unless the
actions have already been done.

Inspections

    (f) Before the accumulation of 20,000 total flight cycles, or
within 24 months after the effective date of this AD, whichever
occurs later: Do general visual and high frequency eddy current
inspections, and all applicable corrective actions, in accordance
with the Accomplishment Instructions of Boeing Alert Service
Bulletin MD80-53A301, Revision 1, dated May 25, 2007. Do the
applicable corrective actions before further flight after
accomplishing the inspections. Repeat the inspections thereafter at
applicable intervals not to exceed those specified in paragraph
1.E., ``Compliance,'' of the service bulletin.

Actions According to Previous Issue of Service Bulletin

    (g) Inspections and related investigative and corrective actions
are also acceptable for compliance with the requirements of
paragraph (f) of this AD if done before the effective date of this
AD in accordance with Boeing Alert Service Bulletin MD80-53A301,
dated January 9, 2007.

Alternative Methods of Compliance (AMOCs)

    (h)(1) The Manager, Los Angeles Aircraft Certification Office
(ACO), FAA, has the authority to approve AMOCs for this AD, if
requested in accordance with the procedures found in 14 CFR 39.19.
    (2) To request a different method of compliance or a different
compliance time for this AD, follow the procedures in 14 CFR 39.19.
Before using any approved AMOC on any airplane to which the AMOC
applies, notify your appropriate principal inspector (PI) in the FAA
Flight Standards District Office (FSDO), or lacking a PI, your local
FSDO.
    (3) An AMOC that provides an acceptable level of safety may be
used for any repair required by this AD, if it is approved by an
Authorized Representative for the Boeing Commercial Airplanes
Delegation Option Authorization Organization who has been authorized
by the Manager, Los Angeles ACO, to make those findings. For a
repair

method to be approved, the repair must meet the certification basis
of the airplane and 14 CFR 25.571, Amendment 45, and the approval
must specifically refer to this AD.

    Issued in Renton, Washington, on September 21, 2007.
Ali Bahrami,
Manager, Transport Airplane Directorate, Aircraft Certification
Service.
 [FR Doc. E7-19204 Filed 9-27-07; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register Volume 78, Number 98 (Tuesday, May 21, 2013)]
[Notices]
[Pages 29751-29752]
[FR Doc No: 2013-12096]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OAR-2013-0246; EPA-HQ-OAR-2006-0895; FRL--9815-7]

Agency Information Collection Activities: Proposed Collections;
Request for Comment on Two Proposed Information Collection Requests
(ICRs)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: The Environmental Protection Agency is planning to submit two
information collection requests (ICRs), (see the item specific
information provided in the text), 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.). Before doing so, EPA is
soliciting public comments on specific aspects of the proposed
information collection as described below. This is a proposed extension
of both ICRs, which are currently approved through July 31, 2013 and
October 31, 2013, as specified for each item in the text below. 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: Comments must be submitted on or before July 22, 2013.

ADDRESSES: Submit your comments, referencing the Docket ID numbers
provided for each item in the text, 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.
    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: Nydia Yanira Reyes-Morales,
Environmental Protection Agency, 1200 Pennsylvania Avenue NW., Mail
Code 6403J, 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<PHONE_NUMBER>. For additional
information about EPA's public docket, visit http://www.epa.gov/dockets.
    Pursuant to section 3506(c)(2)(A) of the Paperwork Reduction Act,
EPA is soliciting comments and information to enable it to: (i)
Evaluate whether the proposed collection of information is necessary
for the proper performance of the functions of the Agency, including
whether the information will have practical utility; (ii) evaluate the
accuracy of the Agency's estimate of the burden of the proposed
collection of information, including the validity of the methodology
and assumptions used; (iii) enhance the quality, utility, and clarity
of the information to be collected; and (iv) minimize the burden of the
collection of information on those who are to respond, including
through the use of appropriate automated electronic, mechanical, or
other technological collection techniques or other forms of information
technology, e.g., permitting electronic submission of responses. EPA
will consider the comments received and amend the ICR as appropriate.
The final ICR package will then be submitted to OMB for review and
approval. At that time, EPA will issue another Federal Register notice
to announce the submission of the ICR to OMB and the opportunity to
submit additional comments to OMB.

ICR 1: Information Requirements for New Marine Compression
Ignition Engines at or Above 30 Liters per Cylinder (Revision to an
Existing Package),'' Expiring July 31, 2013. (EPA ICR No. 2345.03, OMB
Control No. 2060-0641); Docket ID Number: EPA-HQ-OAR-2013-0246

    Abstract: For this ICR, EPA is seeking a revision to an existing
package with a three year extension. Title II of the Clean Air Act, (42
U.S.C. 7521 et seq.; CAA), charges the Environmental Protection Agency
(EPA) with issuing certificates of conformity for those engines that
comply with applicable emission standards. Such a certificate must be
issued before engines may be legally introduced into commerce. Under
this ICR, EPA collects information necessary to (1) issue certificates
of compliance with emission statements, and (2) verify compliance with
various programs and regulatory provisions pertaining to marine
compression-ignition engines with a specific engine displacement at or
above 30 liters per cylinder, also referred to as Category 3 engines.
To apply for a certificate of conformity, manufacturers are required to
submit descriptions of their planned production engines, including
detailed descriptions of emission control systems and test data. This
information is organized by ``engine family'' groups expected to have
similar emission characteristics. There are recordkeeping requirements
of up to eight years.
    The Act also mandates EPA to verify that manufacturers have
successfully translated their certified prototypes into mass produced
engines, and that these engines comply with emission standards
throughout their useful lives. Under the Production Line Testing
Program (``PLT Program''), manufacturers of Category 3 engines are
required to test each engine at the sea trial of the vessel in which
the engine is installed or within the first 300 hours of operation,
whichever comes first. This self-audit program allows manufacturers to
monitor compliance and minimize the cost of correcting errors through
early detection. In addition, owners and operators of marine vessels
with Category 3 engines must record certain information and send
minimal annual notifications to EPA to show that engine maintenance and
adjustments have not caused engines to be noncompliant. From time to
time, EPA may test in-use engines to verify compliance with emission
standards throughout the marine engine's useful life and may ask for
information about the engine family to be tested.
    The information requested is collected by the Diesel Engine
Compliance Center (DECC), Compliance Division (CD), Office of
Transportation and Air Quality, Office of Air and Radiation, EPA.
Besides DECC and CD, this information could be used by the Office of
Enforcement and Compliance Assurance and the Department of Justice for
enforcement purposes. Proprietary information is kept confidential in
accordance with the Freedom of Information Act (FOIA), EPA

regulations at 40 CFR Parts 2 and 1042.915, and class determinations
issued by EPA's Office of General Counsel. Non-confidential business
information may be disclosed as requested under FOIA. That information
may be used by trade associations, environmental groups, and the
public. Most of the information is collected in electronic format and
stored in CD's databases.
    Form Numbers: 5900-90 (Annual Production Report template); PLT
reporting template. EPA is in the process of obtaining a form number
for the PLT reporting template.
    Respondents/affected entities: Respondents are manufacturers and
owners or operators of marine compression-ignition engines above 30
liters per cylinder and the vessels in which those engines are
installed. Respondents are within the following North American Industry
Classification System (NAICS) codes: 333618 (Other Engine Equipment
Manufacturing), 336611 (Manufacturers of Marine Vessels); 811310
(Engine Repair and Maintenance); 483 (Water transportation, freight and
passenger).
    Respondent's obligation to respond: Required to obtain or retain a
benefit. Manufacturers must respond to this collection if they wish to
sell and/or operate their Category 3 engines in the U.S., as prescribed
by Section 206(a) of the CAA (42 U.S.C. 7521) and 40 CFR Part 1042.
Certification reporting is mandatory (Section 206(a) of CAA (42 U.S.C.
7521) and 40 CFR Part 1042, Subpart C). PLT reporting is mandatory
(Section 206(b)(1) of CAA and 40 CFR Part 1042, Subpart D).
    Estimated number of respondents: 200 (total, including engine
manufacturers, owners and operators).
    Frequency of response: Quarterly, Annually, On Occasion, depending
on the program.
    Total estimated burden: 3,012 hours per year. Burden is defined at
5 CFR 1320.03(b)
    Total estimated cost: Estimated total annual costs: $200,000 (per
year), includes an estimated $65,155 annualized capital or maintenance
and operational costs.
    Changes in Estimates: To date, there are no changes in the total
estimated respondent burden compared with the ICR currently approved by
OMB. However, EPA is evaluating information that may lead to a change
in the estimates. After EPA has evaluated this information, burden
estimates may slightly decrease due to the fact that EPA has received
fewer applications for certification of Category 3 engine families than
previously estimated. Cost estimates may increase due to inflation and
labor rate changes.

ICR2 Engine Emission Defect Information Reports and Voluntary
Emission Recall Reports (Revision to an Existing Package),'' Expiring
October 31, 2013; EPA ICR No. 0282.15, OMB Control No. 2060-0048;
Docket ID Number: EPA-HQ-OAR-2006-0895

    Abstract: For this ICR, EPA is seeking a revision to an existing
package with a three year extension. Under the provisions of the Clean
Air Act (CAA), EPA is required to promulgate regulations to control
emissions of air pollutants from motor vehicles and nonroad engines, as
defined in the CAA. Per Sections 207(d)(1) and 213 of the CAA, when a
substantial number of properly maintained and used engines produced by
the same manufacturer do not conform to emission requirements, the
manufacturer is required to recall the engines. When emission-related
defects are found on a number of engines of the same model year and
that defect may cause the engine emissions to exceed the standards, the
engine manufacturer is required to submit an Emission Defect
Information Report (EDIR). EDIRs allow EPA to target potentially
nonconforming classes of engines for future testing, to monitor
compliance with applicable regulations and to order a recall, if
necessary. Engine manufacturers can also initiate a recall voluntarily
by submitting a Voluntary Emission Recall Report (VERR). VERRs and VERR
updates allow EPA to determine whether the manufacturer conducting the
recall is acting in accordance with the CAA and to monitor the
effectiveness of the recall campaign.
    The information requested is collected by the Diesel Engine
Compliance Center (DECC), Compliance Division (CD), Office of
Transportation and Air Quality, Office of Air and Radiation, EPA.
Besides DECC and CD, this information could be used by the Office of
Enforcement and Compliance Assurance and the Department of Justice for
enforcement purposes. Proprietary information is kept confidential in
accordance with the Freedom of Information Act (FOIA), EPA regulations
at 40 CFR Parts 2, and class determinations issued by EPA's Office of
General Counsel. Non-confidential business information may be disclosed
as requested under FOIA. That information may used by trade
associations, environmental groups, and the public.
    Form Numbers: Emissions Defect Information Report Form; Voluntary
Emissions Recall Report Form; and Quarterly Recall Report Form. EPA is
in the process of obtaining form numbers for these three forms.
    Respondents/affected entities: Entities potentially affected by
this action are manufacturers of on-highway heavy-duty engines, nonroad
engines, fuel system components, marine engines, recreational vehicles,
locomotives and locomotive engines.
    Respondent's obligation to respond: Per sections 207(c)(1) and 213
of the Clean Air Act (CAA), engine manufacturers must submit EDIRs once
a certain threshold is met. The threshold varies according to the type
of engine and the part under which it is regulated. VERRs are submitted
voluntary.
    Estimated number of respondents: 40 (total).
    Frequency of response: EDIRs and VERRs are submitted on occasion,
whereas VERR updates are submitted quarterly by some respondents.
    Total estimated burden: 15,084 hours (per year). Burden is defined
at 5 CFR 1320.03(b).
    Total estimated cost: $1,187,132 (per year), includes $9,800
annualized capital or operation & maintenance costs.
    Changes in Estimates: To date, there is a decrease of 11,479 hours
in the total estimated respondent burden compared with the ICR
currently approved by OMB. However, EPA is evaluating information that
may lead to a change in this estimate. The expected decrease is due to
the fact that EPA has received far fewer EDIRs and VERRS than
previously expected.

    Dated: May 13, 2013.
Byron J. Bunker,
Director, Compliance Division, Office of Transportation and Air
Quality, Office of Air and Radiation.
[FR Doc. 2013-12096 Filed 5-20-13; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 87, Number 220 (Wednesday, November 16, 2022)]
[Notices]
[Pages 68783-68784]
[FR Doc No: 2022-24887]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96279; File No. SR-FINRA-2022-025]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Order Approving Proposed Rule Change To Amend FINRA
Rule 11880 (Settlement of Syndicate Accounts) To Revise the Syndicate
Account Settlement Timeframe for Corporate Debt Offerings

November 9, 2022.

I. Introduction

    On August 5, 2022, the Financial Industry Regulatory Authority,
Inc. (``FINRA'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend FINRA Rule 11880 (Settlement of Syndicate
Accounts) to revise the syndicate account settlement timeframe for
corporate debt offerings. The proposed rule change was published for
comment in the Federal Register on August 18, 2022.\3\ On September 28,
2022, pursuant to Section 19(b)(2) of the Act,\4\ the Commission
designated a longer period within which to approve the proposed rule
change, disapprove the proposed rule change, or institute proceedings
to determine whether to disapprove the proposed rule change.\5\ The
Commission received comment letters on the proposal.\6\ This order
approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 95494 (Aug. 12,
2022), 87 FR 50896 (Aug. 18, 2022) (``Notice'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 95937 (Sept. 28,
2022), 87 FR 60230 (Oct. 4, 2022).
    \6\ Comments received on the proposed rule change are available
at https://www.sec.gov/comments/sr-finra-2022-025/srfinra2022025.htm.
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II. Description of the Proposed Rule Change

    In its filing, FINRA states that underwriting groups ordinarily
form syndicate accounts to process the income and expenses of the
syndicate.\7\ The syndicate manager is responsible for maintaining
syndicate account records and must provide to each selling syndicate
member an itemized statement of syndicate expenses no later than the
date of the final settlement of the syndicate account.\8\ Syndicate
members record the expected payments from the syndicate manager as
``receivables'' on their books and records but generally syndicate
managers do not provide the payments for up to 90 days after the
syndicate settlement date.\9\ FINRA Rule 11880(b) provides that the
syndicate manager in a public offering of corporate securities must
effect the final settlement of syndicate accounts within 90 days
following the ``syndicate settlement date.'' \10\
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    \7\ See Notice, 87 FR at 50896.
    \8\ See id.
    \9\ See id.
    \10\ See FINRA Rule 11880(a)(4) (defining ``syndicate settlement
date'' as ``the date upon which corporate securities of a public
offering are delivered by the issuer to or for the account of the
syndicate members'').
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    FINRA is proposing to amend FINRA Rule 11880 (Settlement of
Syndicate Accounts) to revise the syndicate account settlement
timeframe for corporate debt offerings. Specifically, FINRA is
proposing to establish a two-stage syndicate account settlement
approach whereby the syndicate manager for corporate debt offerings
would be required to remit to each syndicate member at least 70 percent
of the gross amount due to such syndicate member within 30 days
following the syndicate settlement date, with any final balance due
remitted within 90 days following the syndicate settlement date.
    FINRA states its belief that the proposed rule change will benefit
syndicate members by reducing the exposure of syndicate members to the
credit risk of the syndicate manager during the pendency of account
settlements.\11\ FINRA also states that the proposed rule change will
benefit syndicate members, including capital-constrained small firms,
by allowing them to obtain earlier access to the funds earned from an
offering without significantly increasing the risks of
resettlements.\12\ In addition, FINRA states that the proposed staged
approach will provide these benefits to syndicate members while easing
compliance for syndicate managers by permitting them to retain 30
percent of the gross amount earned by syndicate members to cover
expenses and remit any balance due to the syndicate members within the
current 90-day period following the syndicate settlement date.\13\
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    \11\ See Notice, 87 FR at 50896-7.
    \12\ See id. at 50897.
    \13\ See id.
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    FINRA has stated that it will announce an effective date for the
rule change of January 1, 2023 in a Regulatory Notice.\14\
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    \14\ See id.

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III. Discussion and Commission Findings

    After careful review of the proposal and the comment letters, the
Commission finds that the proposed rule change is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to a national securities association.\15\ In particular, the
Commission finds that the proposed rule change is consistent with
Section 15A(b)(6) of the Act,\16\ which requires, among other things,
that the rules of a national securities association 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.
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    \15\ In approving this proposal, the Commission has considered
the proposed rule's impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f); infra Section III.
    \16\ 15 U.S.C. 78o-3(b)(6).
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    The Commission believes that the proposed rule change is reasonably
designed to reduce a number of risks associated with syndicate debt
issuances, including counterparty and liquidity risk. Specifically, it
would reduce the exposure of syndicate members to the potential
deterioration of the credit of syndicate managers during the pendency
of account settlement. Further, a shorter syndicate settlement
timeframe would result in lower liquidity risk for certain syndicate
members by providing syndicate members with earlier access to capital
and improve the syndicate member's liquidity position where their own
net capital is limited. Additionally, because the proposed rule change
is expected to benefit smaller firms, especially those that are
capital-constrained, the Commission believes that the proposed rule
change is reasonably designed to have positive effects on competition
and thereby to remove impediments to, and perfect the mechanism of a
free and open market. Alleviation of liquidity constraints would create
opportunities for the syndicate members, especially those that are
capital-constrained, to participate in more new offerings and enhance
their ability to compete with other firms, maintain business
operations, or use the funds for other purposes. This may reduce
barriers to entering the corporate debt underwriting market and could
ultimately result in an increase in the supply of underwriters and
lower costs for corporate debt issuers and investors.
    At the same time, the Commission believes that the proposed rule
change is reasonably designed not to impact negatively the ability of
syndicate managers to run the syndicate settlement account process or
unduly burden syndicate managers, given the technological advances that
have been made since the 90-day syndicate account settlement timeframe
was adopted in 1987, such as electronic order entry and accounting
systems.\17\ Specifically, FINRA stated that in more than 95% of
offerings from 2016 to 2018, the debt security is priced, allocated to
investors, and starts trading in the secondary market all within the
same day, meaning a large part of syndicate income can be accounted for
within days after the date of issuance.\18\
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    \17\ See Notice, 87 FR at 50900.
    \18\ See id. at 50898.
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    Commenters supported approval of the proposed rule change \19\ and
some commenters encouraged the Commission to act quickly to approve it
so that FINRA can meet its proposed January 1, 2023 effective date.
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    \19\ See Letter from Michael Decker, Senior Vice President for
Public Policy, Bond Dealers of America, to Secretary, Commission,
dated September 8, 2022; Letter from Joseph Corcoran, Managing
Director, Associate General Counsel, SIFMA, to Vanessa Countryman,
Secretary, Commission, dated September 8, 2022; Letter from
Anonymous, dated October 12, 2022.
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    For the reasons noted above, the Commission finds that the proposed
rule change is consistent with the Act.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\20\ that the proposed rule change (SR-FINRA-2022-025) be, and
hereby is, approved.
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    \20\ 15 U.S.C. 78s(b)(2).
    \21\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-24887 Filed 11-15-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 238 (Tuesday, December 11, 2012)]
[Notices]
[Pages 73729-73731]
[FR Doc No: 2012-29856]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68361; File No. SR-BOX-2012-020]

 Self-Regulatory Organizations; BOX Options Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposal To Expand the Short
Term Options Series Program

December 5, 2012.
    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 December 4, 2012, BOX Options Exchange LLC (the ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    BOX Options Exchange LLC (the ``Exchange'') proposes to amend
interpretive material to Rule 5050 and to Rule 6090 to expand the Short
Term Option Series Program. The text of the proposed rule change is
available from the principal office of the Exchange, on the Exchange's
Internet Web site at http://boxexchange.com, and at the Commission's
Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.

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

1. Purpose
    The Exchange proposes to amend IM-5050-6 to Rule 5050 and IM-6090-2
to Rule 6090 to provide for the ability to open up to five consecutive
expirations under the Short Term Option Series Program (``Weeklys
Program'') for trading on BOX, to allow for the Exchange to delist
certain series in the Weeklys Program that do not have open interest
and to expand the number of series in the Weeklys Program under limited
circumstances when there are no series at least 10% but not more than
30% away from the current price of the underlying security.\3\
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    \3\ The Exchange adopted the Weeklys Program on a permanent
basis on July 15, 2010. See Securities Exchange Act Release No.
62505 (July 15, 2010), 75 FR 42792 (July 22, 2010) (SR-BX-2010-047).
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    Currently, BOX may select up to 30 currently listed option classes
on which Short Term Option Series (``STOS'') may be opened in the
Weeklys Program and BOX may also match any option classes that are
selected by other securities exchanges that employ a similar program
under their respective rules.\4\ For each option class eligible for
participation in the Weeklys Program, the Exchange may open up to 30
STOS for each expiration date in that class.
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    \4\ See Securities Exchange Act Release No. 65773 (November 17,
2011), 76 FR 72490 (November 23, 2011) (SR-BX-2011-075). See also,
Exchange IM-5050-6(b)(1) and note that currently, BOX may open Short
Term Options Series that expire on the Friday of the following
business week.
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    This proposal seeks to allow the Exchange to open STOS for up to
five consecutive week expirations. The Exchange intends to add a
maximum of five consecutive week expirations under the Weeklys Program;
however it will not add a STOS expiration in the same week that a
monthly options series expires or, in the case of Quarterly Option
Series, on an expiration that coincides with an expiration of Quarterly
Option Series on the same class. In other words, the total number of
consecutive expirations will be five, including any existing monthly or
quarterly expirations.\5\
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    \5\ For example, if quarterly options expire week 1 and monthly
options expire week 3 from now, the proposal would allow the
following expirations: week 1 quarterly, week 2 STOS, week 3
monthly, week 4 STOS, and week 5 STOS. If quarterly options expire
week 3 and monthly options expire week 5, the following expirations
would be allowed: week 1 STOS, week 2 STOS, week 3 quarterly, week 4
STOS, and week 5 monthly.
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    The Exchange notes that the Weeklys Program has been well-received
by market participants, in particular by retail investors. The Exchange
believes that the current proposed revision to the Weeklys Program will
permit the Exchange to meet increased demand from BOX market
participants and provide them with the ability to hedge in a greater
number of option classes and series.
    With regard to the impact of this proposal on system capacity, the
Exchange has analyzed its capacity and represents that it and the
Options Price Reporting Authority have the necessary systems capacity
to handle the potential additional traffic associated with trading of
an expanded number of expirations that participate in the Weeklys
Program.
    In addition, the Exchange is proposing to add new language to IM-
5050-6(b) and IM-6090-2(b) to allow the Exchange, in the event that the
underlying security has moved such that there are no series that are at
least 10% above or below the current price of the underlying security,
to delist series with no open interest in both the call and the put
series having a: (i) Strike higher than the highest strike price with
open interest in the put and/or call series for a given expiration
month; and (ii) strike lower than the lowest strike price with open
interest in the put and/or the call series for a given expiration
month, so as to list series that are at least 10% but not more than 30%
above or below the current price of the underlying security. Further,
in the event that all existing series have open interest and there are
no series at least 10% above or below the current price of the
underlying security, the Exchange may list additional series, in excess
of the 30 allowed currently under IM-5050-6(b) and IM-6090-2(b) that
are at least 10% and not more than 30% above or below the current price
of the underlying security. This change is

being proposed notwithstanding the current cap of 30 series per class
under the Weeklys Program.
    The Exchange believes that it is important to allow investors to
roll existing option positions. Ensuring that there are always series
at least 10% but not more than 30% above or below the current price of
the underlying security will allow investors the flexibility they need
to roll existing positions.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\6\ in general, and Section
6(b)(5) of the Act,\7\ in particular, in that it is designed to promote
just and equitable principles of trade, remove impediments to and
perfect the mechanisms of a free and open market and a national market
system and, in general, to protect investors and the public interest.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that expanding the Weeklys Program will
result in a continuing benefit to investors by giving them more
flexibility to closely tailor their investment decisions and hedging
decisions in a greater number of securities.
    The Exchange also believes that expanding the Weeklys Program will
provide the investing public and other market participants with
additional opportunities to hedge their investment thus allowing these
investors to better manage their risk exposure. While the expansion of
the Weeklys Program will generate additional quote traffic, the
Exchange does not believe that this increased traffic will become
unmanageable since the proposal remains limited to a fixed number of
expirations.
    The Exchange believes that the ability to delist series with no
open interest in both the call and the put series will benefit
investors by devoting the current cap in the number of series to those
series that are more closely tailored to the investment decisions and
hedging decisions of investors.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. In this regard and as indicated
above, the Exchange notes that proposal is a competitive filing and
believes this proposed rule change is necessary to permit fair
competition among the options exchanges.

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

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change does not significantly
affect the protection of investors or the public interest, does not
impose any significant burden on competition, and, by its terms, does
not become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6) thereunder.\9\
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    The Exchange has requested that the Commission waive the 30-day
operative delay. The Commission believes that waiver of the operative
delay is consistent with the protection of investors and the public
interest because the proposal is substantially similar to those of
other exchanges that have been approved by the Commission and permit
such exchanges to open up to five consecutive expirations under their
respective STOS Programs as well as allow for the exchanges to delist
any series in the STOS Programs that do not have open interest and
expand the number of series per class permitted in the STOS Programs
under limited circumstances.\10\ Therefore, the Commission designates
the proposal operative upon filing.\11\
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    \10\ See Securities Exchange Act Release Nos. 68190 (November 8,
2012) (SR-NYSEArca-2012-95); 68191 (November 8, 2012) (SR-NYSEMKT-
2012-42).
    \11\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-BOX-2012-020 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BOX-2012-020. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-BOX-2012-020 and should be
submitted on or before January 2, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-29856 Filed 12-10-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 183 (Monday, September 21, 2020)]
[Notices]
[Page 59300]
[FR Doc No: 2020-20753]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. NJ20-14-000]

Oncor Electric Delivery Company LLC; Notice of Filing

    Take notice that on September 15, 2020, the Oncor Electric Delivery
Company LLC submitted its tariff filing: Oncor TFO Tariff Rate Changes
to be effective 9/8/2020.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date. On or
before the comment date, it is not necessary to serve motions to
intervene or protests on persons other than the Applicant.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://ferc.gov) using the
``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. At this time,
the Commission has suspended access to the Commission's Public
Reference Room, due to the proclamation declaring a National Emergency
concerning the Novel Coronavirus Disease (COVID-19), issued by the
President on March 13, 2020. For assistance, contact the Federal Energy
Regulatory Commission at<EMAIL_ADDRESS>or call toll-free,
(886) 208-3676 or TYY,<PHONE_NUMBER>.
    The Commission strongly encourages electronic filings of comments,
protests and interventions in lieu of paper using the ``eFiling'' link
at http://www.ferc.gov. Persons unable to file electronically may mail
similar pleadings to the Federal Energy Regulatory Commission, 888
First Street NE, Washington, DC 20426. Hand delivered submissions in
docketed proceedings should be delivered to Health and Human Services,
12225 Wilkins Avenue, Rockville, Maryland 20852.
    Comment Date: 5:00 p.m. Eastern Time on October 6, 2020.

    Dated: September 15, 2020.
Kimberly D. Bose,
Secretary.
[FR Doc. 2020-20753 Filed 9-18-20; 8:45 am]
BILLING CODE 6717-01-P