[Federal Register Volume 87, Number 3 (Wednesday, January 5, 2022)]
[Notices]
[Pages 501-504]
[FR Doc No: 2021-28519]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93876; File No. SR-NASDAQ-2021-101]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing of Proposed Rule Change To Amend Rule 4754 Related to
Certain Order Handling in the LULD Closing Cross

December 29, 2021.
    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 22, 2021, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to a proposal to amend its rule related to
certain order handling in the Limit-Up Limit-Down (``LULD'') closing
cross.
    The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules, at
the principal office of the Exchange, and at the Commission's Public
Reference Room.

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

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

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

1. Purpose
    The purpose of the proposed rule change is to amend Equity 4, Rule
4754 \3\ related to certain order handling in the LULD closing cross
(``LULD Closing Cross'').\4\ On May 28, 2021, the Commission approved
the Exchange's proposal to make certain changes to the Exchange's LULD
Closing Cross, including the timing of the LULD Closing Cross, the
process for determining the LULD Closing Cross price, establishing
price protections for the LULD Closing Cross, the handling of on-close
orders, and the imbalance information disseminated for the LULD Closing
Cross.\5\ The Exchange has not yet implemented the proposed LULD
Closing Cross changes in SR-NASDAQ-2021-009, and recently filed to
delay implementation in order to allow the Exchange additional time to
test and implement these functionalities.\6\
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    \3\ All Rule 4000 series referenced in this filing are within
Equity 4.
    \4\ The LULD Closing Cross is the Exchange's auction process for
executing closing trades in Nasdaq-listed securities when a Trading
Pause pursuant to Rule 4120(a)(12) exists at or after 3:50 p.m. and
before 4:00 p.m. ET. See Rule 4754(b)(6).
    \5\ See Securities Exchange Act Release No. 92068 (May 28,
2021), 86 FR 29864 (June 3, 2021) (SR-NASDAQ-2021-009) (``Approval
Order'').
    \6\ See Securities Exchange Act Release No. 93250 (October 4,
2021), 86 FR 56307 (October 8, 2021) (SR-NASDAQ-2021-077).
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    During the testing conducted to date, Nasdaq has identified some
changes that it wishes to make to the approved rule governing the LULD
Closing Cross in Rule 4754(b)(6). Accordingly, the Exchange is
submitting this proposal to

amend the rule text prior to implementation. Specifically, the Exchange
is proposing to provide that in the context of the LULD Closing Cross,
Limit on Close (``LOC'') orders \7\ entered between 3:55 p.m. ET and
immediately prior to 3:58 p.m. ET (``late LOC orders'') will use the
same reference prices for re-pricing as the reference prices used
during the standard Nasdaq Closing Cross.\8\
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    \7\ A ``Limit On Close Order'' or ``LOC Order'' is an Order Type
entered with a price that may be executed only in the Nasdaq Closing
Cross, and only if the price determined by the Nasdaq Closing Cross
is equal to or better than the price at which the LOC Order was
entered. See Rule 4702(b)(12).
    \8\ ``Nasdaq Closing Cross'' shall mean the process for
determining the price at which orders shall be executed at the close
and for executing those orders. See Rule 4754(a)(6).
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    Today, Rule 4702(b)(12) describes the treatment of late LOC orders
during the standard Closing Cross. The Rule provides that late LOC
orders may be entered between 3:55 p.m. ET and immediately prior to
3:58 p.m. ET provided that there is a First Reference Price \9\ (i.e.,
the Current Reference Price \10\ disseminated at 3:50 p.m. ET) or a
Second Reference Price \11\ (i.e., the Current Reference Price
disseminated at 3:55 p.m. ET). Between 3:55 p.m. ET and immediately
prior to 3:58 p.m. ET, LOC Orders can only be cancelled and/or modified
if the Participant requests that Nasdaq correct a legitimate error in
the Order (e.g., Side, Size, Symbol, or Price, or duplication of an
Order). LOC Orders cannot be cancelled or modified at or after 3:58
p.m.
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    \9\ ``First Reference Price'' shall mean the Current Reference
Price in the Early Order Imbalance Indicator (``EOII'') disseminated
at 3:50 p.m. ET, or 10 minutes prior to the early closing time on a
day when Nasdaq closes early. See Rule 4754(a)(9).
    \10\ ``Current Reference Price'' means the following: (i) The
single price that is at or within the current Nasdaq Market Center
best bid and offer at which the maximum number of shares of MOC,
LOC, and IO orders can be paired; (ii) if more than one price exists
under subparagraph (i), the Current Reference Price shall mean the
price that minimizes any Imbalance; (iii) it more than one price
exists under subparagraph (ii), the Current Reference Price shall
mean the entered price at which shares will remain unexecuted in the
cross; or (iv) if more than one price exists under subparagraph
(iii), the Current Reference Price shall mean the price that
minimizes the distance from the bid-ask midpoint of the inside
quotation prevailing at the time of the order imbalance indicator
dissemination. See Rule 4754(a)(7)(A).
    \11\ ``Second Reference Price'' shall mean the Current Reference
Price in the Order Imbalance Indicator (``NOII'') disseminated at
3:55 p.m. ET, or five minutes prior to the early closing time on a
day when Nasdaq closes early. See Rule 4754(a)(11).
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    A late LOC order will be accepted at its limit price, unless its
limit price is higher (lower) than the higher (lower) of the First
Reference Price and the Second Reference Price for a late LOC order to
buy (sell), in which case the late LOC order will be handled consistent
with the Participant's instruction that the late LOC order is to be:
(1) Rejected; or (2) re-priced to the higher (lower) of the First
Reference Price and the Second Reference Price.\12\
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    \12\ Furthermore, if either the First Reference Price or the
Second Reference Price is not at a permissible minimum increment,
the First Reference Price or the Second Reference Price, as
applicable, will be rounded (i) to the nearest permitted minimum
increment (with midpoint prices being rounded up) if there is no
imbalance, (ii) up if there is a buy imbalance, or (iii) down if
there is a sell imbalance. The default configuration for
Participants that do not specify otherwise will be to have such late
LOC orders re-priced rather than rejected. See Rule 4702(b)(12).
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    As stated in SR-NASDAQ-2021-009, the intent of the proposed rule
change was to align the LULD Closing Cross process as closely as
possible to the standard Closing Cross process, including the handling
of various closing cross order types like LOC orders (and their subset,
late LOC orders). As such, the Exchange amended Rule 4754(b)(6)(F)(ii)
to provide that MOC, LOC, and IO orders may be entered, modified, and
cancelled pursuant to Rules 4702(b)(11), 4702(b)(12), and 4702(b)(13)
to allow these order types to participate in the LULD Closing Cross in
the same way as a standard Closing Cross. This includes accepting late
LOC orders during the LULD Closing Cross and re-pricing (in certain
cases) these orders to the more aggressive of First Reference Price or
Second Reference Price in the same way as a standard Closing Cross.
    In the context of the standard Closing Cross, the First Reference
Price and the Second Reference Price, at the time of their
dissemination at 3:50 p.m. ET and 3:55 p.m. ET, respectively, each
represent the current price, bounded by the continuous market (i.e.,
the Nasdaq best bid and offer), at which paired on-close shares are
maximized (with certain tie-breakers if multiple prices meet this
criterion).\13\ SR-NASDAQ-2021-009, however, defined the 3:50 p.m. ET
reference price and 3:55 p.m. ET reference price in the context of the
LULD Closing Cross as the price at which the LULD Closing Cross would
execute should the cross conclude at that time, and further indicated
that the reference price would be bounded by the benchmark prices.\14\
As described in SR-NASDAQ-2021-009, the benchmark prices represent the
price range within which the LULD Closing Cross price must fall and are
calculated off the last disseminated LULD Auction Collar or the LULD
Band that triggered the Trading Pause, as further described in Rule
4754(b)(6)(E). As a result of the foregoing, in cases where a Trading
Pause exists at or prior to 3:50 p.m. ET, the 3:50 and 3:55 p.m. ET
reference prices in the LULD Closing Cross would not be bounded by
continuous market (i.e., the Nasdaq best bid and offer) like the 3:50
and 3:55 p.m. ET reference prices in the standard Closing Cross as
there was no continuous market in the halted security during those
times, and those reference prices in the LULD Closing Cross would
instead be bounded by the benchmark prices described above. Similarly,
if a Trading Pause is triggered after 3:50 p.m. ET but before 3:55 p.m.
ET, the 3:50 reference price would reflect and be bounded by the Nasdaq
best bid and offer at the time of dissemination like the 3:50 reference
price used in a standard Closing Cross whereas the 3:55 reference price
would not. Lastly, if a Trading Pause is triggered after 3:55 p.m. ET,
both the 3:50 and 3:55 reference prices would reflect and be bounded by
the Nasdaq best bid and offer at the time of dissemination like the
reference prices used in a standard Closing Cross. The consequence of
using the LULD Closing Cross-derived reference price and not the
standard Closing Cross-derived reference price may result in late LOC
orders being accepted and potentially repriced to 3:50 or 3:55 p.m. ET
reference prices that are not reflective of the continuous market at
the time of their dissemination (i.e., reference prices disseminated at
a time when trading has been paused and that are not bounded by the
Nasdaq best bid and offer), and which are bounded by benchmark prices
that are calculated off the last disseminated LULD Auction Collar or
the LULD Band that triggered the Trading Pause. The Exchange believes
that this is inconsistent with market participant expectations of how
late LOC orders would be normally repriced during a closing cross
process (i.e., repriced to reference prices disseminated at a time when
trading has been paused and that are not bounded by the Nasdaq best bid
and offer), and therefore proposes to amend late LOC order handling so
that its LULD Closing Cross and standard Closing Cross processes are
more consistent.
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    \13\ See definition of Current Reference Price in Rule
4754(a)(7)(A).
    \14\ See Approval Order at 29866.
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    Accordingly, the Exchange proposes to state in its rules that it
will only accept and if needed, re-price a late LOC order in the LULD
Closing Cross if a standard Closing Cross-derived reference price
(i.e., First Reference Price or Second Reference Price) is available.
In particular, the Exchange proposes to add the following language at
the end of Rule 4754(b)(6)(F)(ii):

    With respect to LOC orders entered between 3:55 p.m. ET and
immediately prior to 3:58 p.m. ET (hereinafter, ``late LOC orders''),
the System will handle such orders in the LULD Closing Cross as
follows:
    (a) If the security entered a Trading Pause prior and up to 3:50
p.m., the System will not accept late LOC orders.\15\
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    \15\ The System will not accept late LOC orders in this scenario
because if a security entered a Trading Pause prior and up to 3:50
p.m. ET, there would not be a First Reference Price or a Second
Reference Price for the standard Closing Cross.
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    (b) If the security entered a Trading Pause after 3:50 p.m. and up
to 3:55 p.m., the System will accept late LOC orders, provided that
there is a First Reference Price. Such orders may then be subject to
re-pricing in accordance with Rule 4702(b)(12) or rejected, in either
case consistent with the Participant's instructions.\16\
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    \16\ The System will accept late LOC orders provided there is a
First Reference Price because in this scenario, the security entered
a Trading Pause after 3:50 p.m. ET (but before 3:55 p.m. ET) so the
First Reference Price would be disseminated at 3:50 p.m. ET for the
standard Closing Cross but the Second Reference Price for the
standard Closing Cross would not be disseminated at 3:55 p.m. ET.
The option to have the Participant's aggressively priced late LOC
order rejected instead of re-priced is consistent with the standard
Closing Cross. See Rule 4702(b)(12).
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    (c) If the security entered a Trading Pause after 3:55 p.m., the
System will accept late LOC orders, provided that there is a First
Reference Price or a Second Reference Price. Such orders may then be
subject to re-pricing in accordance with Rule 4702(b)(12) or rejected,
in either case consistent with the Participant's instructions.\17\
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    \17\ The System will accept late LOC orders provided there is a
First Reference Price or Second Reference Price because in this
scenario, the security entered a Trading Pause after 3:55 p.m. ET so
both the First Reference Price and the Second Reference Price would
be disseminated for the standard Closing Cross.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\18\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\19\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest because it would amend the LULD Closing Cross process with
respect to certain LOC order handling as approved in SR-NASDAQ-2021-009
in order to further align the LULD Closing Cross with the standard
Nasdaq Closing Cross. Specifically, the Exchange is proposing to
provide in Rule 4754(b)(6)(F)(ii) that it will only accept and if
needed, re-price a late LOC order in the LULD Closing Cross if a First
Reference Price or Second Reference Price for the standard Closing
Cross is available, identical to the handling of late LOC orders for
the standard Closing Cross. As discussed above, in the context of the
standard Closing Cross, the First Reference Price and the Second
Reference Price, at the time of their dissemination at 3:50 p.m. ET and
3:55 p.m. ET, respectively, each represent the current price, bounded
by the continuous market (i.e., the Nasdaq best and offer), at which
paired on-close shares are maximized. SR-NASDAQ-2021-009, however,
defined the 3:50 p.m. ET reference price and 3:55 p.m. ET reference
price in the context of the LULD Closing Cross as the price, bounded by
the benchmark prices, at which the LULD Closing Cross would execute
should the cross conclude at that time. Because the benchmark prices
are based on the LULD Auction Collar or LULD Band instead of the
continuous market, the consequence of using the LULD Closing Cross-
derived reference price and not the standard Closing Cross-derived
reference price may result in late LOC orders being accepted and
potentially repriced to 3:50 or 3:55 reference prices that are not
reflective of the continuous market at the time of their dissemination
(i.e., reference prices disseminated at a time when trading has been
paused and that are not bounded by the Nasdaq best bid and offer), and
which are bounded by benchmark prices that are calculated off the last
disseminated LULD Auction Collar or the LULD Band that triggered the
Trading Pause. The Exchange believes that this is an undesirable
outcome and contrary to market participant expectations of how a late
LOC order would normally be repriced by the Exchange. The Exchange
believes that the proposed changes will align the LULD Closing Cross
with the standard Closing Cross more closely, thereby promoting a more
consistent experience for market participants, and reducing any
potential confusion regarding Nasdaq's closing processes.
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    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
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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. Rather, the proposed changes
would allow the Exchange to make certain changes to the Exchange's
rules and functionality related to certain LOC order handling in the
LULD Closing Cross in a manner consistent with the current standard
Closing Cross. Ultimately, the Exchange believes that the proposed
changes will render the LULD Closing Cross more attractive to market
participants by providing a more consistent experience for Nasdaq's
closing processes.

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

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NASDAQ-2021-101 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2021-101. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent

amendments, all written statements with respect to the proposed rule
change that are filed with the Commission, and all written
communications relating to the proposed rule change between the
Commission and any person, other than those that may be withheld from
the public in accordance with the provisions of 5 U.S.C. 552, will be
available for website viewing and printing in the Commission's Public
Reference Room, 100 F Street NE, Washington, DC 20549, on official
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of
the filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change. Persons submitting comments are cautioned that we do
not redact or edit personal identifying information from comment
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
NASDAQ-2021-101 and should be submitted on or before January 26, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2021-28519 Filed 1-4-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 6 (Tuesday, January 10, 2017)]
[Notices]
[Page 3071]
[FR Doc No: 2017-00291]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

RTCA Drone Advisory Committee (DAC) Public Meeting

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

ACTION: RTCA Drone Advisory Committee Public Meeting.

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SUMMARY: The FAA is issuing this notice to advise the public of a
meeting of RTCA Drone Advisory Committee Public Meeting.

DATES: The meeting will be held January 31, 2017 09:00 a.m.--04:00 p.m.
PST.

ADDRESSES: The meeting will be held at: University of Nevada, 1664 N
Virginia St., Reno, NV 89557.

FOR FURTHER INFORMATION CONTACT: Al Secen at<EMAIL_ADDRESS>or 202-
330-0647, or The RTCA Secretariat, 1150 18th Street NW., Suite 910,
Washington, DC, 20036, or by telephone at<PHONE_NUMBER>, fax at (202)
833-9434, or Web site at http://www.rtca.org.

SUPPLEMENTARY INFORMATION: Pursuant to section 10(a) (2) of the Federal
Advisory Committee Act (Pub. L. 92-463, 5 U.S.C., App.), notice is
hereby given for a meeting of the RTCA Drone Advisory Committee Public
Meeting. The agenda will include the following:

Tuesday, January 31, 2017

 Welcome and Introductions
 Review/Approval of Minutes from September Meeting
 Report out of DAC Subcommittee (SC) Task Group (TG) 1 (Roles
and Responsibilities)
 Report out of DAC SC Task Group 2 (Access to Airspace)
 Discussion of Recommendations
    [cir] Task Group 1
    [cir] Task Group 2
 Discussion of DAC SC Task Group 3 Formation (Budget & Cost)
 DAC Develop/Refine Task Statements for Task Groups
 New Assignments/Agenda Topics
 Adjourn

    Attendance is open to the interested public but limited to space
availability. With the approval of the chairman, members of the public
may present oral statements at the meeting. Persons wishing to present
statements or obtain information should contact the person listed in
the FOR FURTHER INFORMATION CONTACT section. Members of the public may
present a written statement to the committee at any time.

    Issued in Washington, DC, on January 5, 2017.
Christopher W. Harm,
Unmanned Aircraft Systems Stakeholder and Committee Liaison, AUS-10,
Unmanned Aircraft Systems Integration Office, Federal Aviation
Administration.
[FR Doc. 2017-00291 Filed 1-9-17; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register: February 8, 2007 (Volume 72, Number 26)]
[Notices]
[Page 5966-5967]
[DOCID:fr08fe07-30]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPPT-2003-0004; FRL-8115-7]

Access to Confidential Business Information by Syracuse Research
Corporation

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: This document supersedes the January 31, 2007 (72 FR 4501)
(FRL-8111-9) Federal Register notice authorizing access to Confidential
Business Information (CBI) by EPA's contractor, Syracuse Research
Corporation (SRC) of Arlington, VA, and its subcontractor. This action
corrects an administrative error in the date of access to CBI by SRC of
Arlington, VA, and its subcontractor. EPA by this document authorizes
its contractor, SRC of Arlington, VA, and its subcontractor, to access
information which has been submitted to EPA under sections 4, 5, 6, and
8 of the Toxic Substances Control Act (TSCA). Some of the information
may be claimed or determined to be CBI.

DATES: Access to the confidential data will occur no sooner than
February 15, 2007.

FOR FURTHER INFORMATION CONTACT: For general information contact: Colby
Lintner, Regulatory Coordinator, Environmental Assistance Division
(7408M), Office of Pollution Prevention and Toxics, Environmental
Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460-
0001; telephone number:<PHONE_NUMBER>; e-mail address:
<EMAIL_ADDRESS>
    For technical information contact: Pamela Moseley, Information
Management Division (7407M), Office of Pollution Prevention and Toxics,
Environmental Protection Agency, 1200 Pennsylvania Ave., NW.,
Washington, DC 20460-0001; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this Notice Apply to Me?

    This action is directed to the public in general. This action may,
however, be of interest to those persons who are or may be required to
conduct testing of chemical substances under TSCA. Since other entities
may also be interested, the Agency has not attempted to describe all
the specific entities that may be affected by this action. If you have
any questions

regarding the applicability of this action to a particular entity,
consult the technical person listed under FOR FURTHER INFORMATION
CONTACT.

B. How Can I Get Copies of this Document and Other Related Information?

    1. Docket. EPA established a docket for this action under docket
identification (ID) number EPA-HQ-OPPT-2003-0004. All documents in the
docket are listed in the docket's index available at http://www.regulations.gov.
 Although listed in the index, some information is

not publicly available, e.g., CBI or other information whose disclosure
is restricted by statute. Certain other material, such as copyrighted
material, will be publicly available only in hard copy. Publicly
available docket materials are available electronically at http://www.regulations.gov
, or, if only available in hard copy, at the OPPT

Docket. The OPPT Docket is located in the EPA Docket Center (EPA/DC) at
Rm. 3334, EPA West Bldg., 1301 Constitution Ave., NW., Washington, DC.
The EPA/DC Public Reading Room hours of operation are 8:30 a.m. to 4:30
p.m., Monday through Friday, excluding Federal holidays. The telephone
number of the EPA/DC Public Reading Room is<PHONE_NUMBER>, and the
telephone number for the OPPT Docket is<PHONE_NUMBER>. Docket visitors
are required to show photographic identification, pass through a metal
detector, and sign the EPA visitor log. All visitor bags are processed
through an X-ray machine and subject to search. Visitors will be
provided an EPA/DC badge that must be visible at all times in the
building and returned upon departure.
    2. Electronic access. You may access this Federal Register document
electronically through the EPA Internet under the ``Federal Register''
listings at http://www.epa.gov/fedrgstr.

II. What Action is the Agency Taking?

    Under EPA contract number EP-W-07-021, contractor SRC of 2451
Crystal Dr., Suite 804, Arlington, VA, and its subcontractor BeakerTree
Corporation of 13402 Birch Bark Court, Fairfax, VA, will assist the
Office of Pollution Prevention and Toxics (OPPT) in reviewing
Premanufacture Notices (PMNs). They will also assist in preparing
chemical reviews for the TSCA New Chemicals Review Program. This
includes preparing documents to be used for Chemical Review Search
Strategy and Structure Activity Team meetings. The contractors require
access to current and past cases to fulfill these duties.
    In accordance with 40 CFR 2.306(j), EPA has determined that under
EPA contract number EP-W-07-021, SRC and BeakerTree will require access
to CBI submitted to EPA under sections 4, 5, 6, and 8 of TSCA to
perform successfully the duties specified under the contract. SRC and
BeakerTree personnel will be given access to information submitted to
EPA under sections 4, 5, 6, and 8 of TSCA. Some of the information may
be claimed or determined to be CBI.
    EPA is issuing this notice to inform all submitters of information
under sections 4, 5, 6, and 8 of TSCA that EPA may provide SRC and
BeakerTree access to these CBI materials on a need-to-know basis only.
All access to TSCA CBI under this contract will take place at EPA
Headquarters and the SRC site located at 2451 Crystal Dr., Suite 804,
Arlington, VA.
    SRC and BeakerTree will be authorized access to TSCA CBI at EPA
Headquarters under the EPA TSCA CBI Protection Manual.
    Clearance for access to TSCA CBI under this contract may continue
until September 30, 2010, unless such access is extended.
    SRC and BeakerTree personnel will be required to sign nondisclosure
agreements and will be briefed on appropriate security procedures
before they are permitted access to TSCA CBI.

List of Subjects

    Environmental protection, Confidential business information.

    Dated: February 5, 2007.
Brion Cook,
Director, Information Management Division, Office of Pollution
Prevention and Toxics.
[FR Doc. 07-588 Filed 2-6-07; 1:10 pm]

BILLING CODE 6560-50-S


BIBLIOGRAPHIC REFERENCE DATA STANDARD Standard No.: 1 XXX Version 1  FINAL DRAFT July 26, 2005 This standard has been produced through the Environmental Data Standards Council ( EDSC).

The Environmental Data Standards Council ( EDSC) is a partnership among EPA, States and Tribal partners to develop and agree upon data standards for environmental information collection and exchange. More information about the EDSC is available at http:// www. envdatastandards. net. Bibliographic Reference Data Standard Std No.: 1 XXX Version 1   Final Draft July 26, 2005 Page 2 Foreword The Environmental Data Standards Council identifies, prioritizes and pursues the creation of data standards for those areas where information exchange standards will provide the most value in achieving environmental results. The Council involves Tribes and Tribal Nations, state and federal agencies in the development of the standards and then provides the draft materials for general review. Business groups, non governmental organizations, and other interested parties may then provide input and comment for Council consideration and standard finalization. Draft and final standards are available at http:// www. envdatastandards. net.

1.0 INTRODUCTION The Bibliographic Reference Data Standard specifies data groupings that may be used to identify the characteristics and/ or catalog a referenced digital data item/ object.

1.1 Scope This standard provides a group of data elements that are used to describe reference related materials.

1.2 References to Other Data Standards This standard relies on other standards to make it complete and provide the necessary support. As such users should consider the references to other data standards noted below as integral to the Bibliographic Reference Data Standard. These include:

  ISO 15836: 2003 Information and Documentation   Dublin Core Metadata Element Set ( DCMI)   ANSI / NISO Z39.85 2001   The Dublin Core Metadata Element Set ( DCMI)   Representation of Date and Time [ 1 19934: 1] Data Standard The following XML schema reference is in use in projects or products using DCMI metadata: Simple DC XML Schema, version 2002 12 12. This schema defines terms for Simple Dublin Core, i. e. the 15 elements from the http:// purl. org/ dc/ elements/ 1.1/ namespace, with no use of encoding schemes or element refinements. The most recent version may be found at: http:// dublincore. org/ schemas/ xmls/.

1.3 Terms and Definitions For the purposes of this document, the following terms and definitions apply.

Term Definition Bibliographic Reference Descriptors used to identify or catalog a particular resource.

1.4 Implementation Users are encouraged to use the XML registry housed on the Exchange Network Web site to download schema components for the construction of XML schema flows ( http:// www. exchangenetwork. net).

1.5 Document Structure The structure of this document is briefly described below: a. Section 2.0 Bibliographic Reference Data Standard Diagram, illustrates the principal data groupings contained within this standard. b. Section 3.0 Bibliographic Reference Data Standard Table, provides information on the high level, intermediate and elemental Bibliographic Reference data groupings. Where applicable, for each level of this data standard a definition, XML tag, note( s), example list of values and format are provided. The format column may include the number of characters for the associated data element, where " A" specifies alphanumeric and " N" designates numeric. Bibliographic Reference Data Standard Std No.: 1 XXX Version 1   Final Draft July 26, 2005 Page 3 c. Data Standard Numbering: For purposes of clarity and to enhance understanding of data standard hierarchy and relationships, each data group is numerically classified from the primary to the elemental level. d. Code and Identifier metadata: Based on the business need, additional metadata may be required to sufficiently describe an identifier or a code. A note regarding this additional metadata is included in the notes column for identifier and code elements. Additional metadata for identifiers may include:

  Code List Identifier, which is a standardized reference to the context or source of the set of codes Additional metadata for codes may include:

  Code List Identifier, which is a standardized reference to the context or source of the set of codes   Code List Version Identifier, which identifies the particular version of the set of codes.

  Code List Version Agency Identifier, which identifies the agency responsible for maintaining the set of codes   Code List Name, which describes the corresponding name for which the code represents e. Appendix A, Bibliographic Reference Data Standard Structure Diagram illustrates the hierarchical classification of the Bibliographic Reference data standard. This diagram enables business and technical users of this standard to quickly understand its general content and complexity. Bibliographic Reference Data Standard Std No.: 1 XXX Version 1   Final Draft July 26, 2005 Page 4 2.0 BIBLIOGRAPHIC REFERENCE DATA STANDARD DIAGRAM This diagram specifies the major data groups that may be used to identify the characteristics and/ or to catalog a bibliographic reference.

Bibliographic Reference Data Standard 1.0 Bibliographic Reference Descriptors Bibliographic Reference Data Standard Std No.: 1 XXX Version 1   Final Draft July 26, 2005 Page 5 3.0 BIBLIOGRAPHIC REFERENCE DATA STANDARD TABLE 1.0 Bibliographic Reference Descriptors Definition: The descriptors used to identify and catalog an object.

Relationships: None.

Notes:   The items below are taken from ISO 15836: 2003 Information and Documentation  Dublin Core Metadata Element Set   There are internationally accepted XML Schemas for the Dublin Core Metadata Elements.

XML Tag: BibliographicReference Name Definition Notes Format XML Tags 1.1 Resource Title A name given to the resource. Example List of Values:

  ABC Company NPDES Compliance Sampling Chain of Custody: 12/ 31/ 2003   PA List of Reference and Equivalent Methods, August 16,

2004 http:// www. epa. gov/ ttn/ amtic/ file s/ ambient/ criteria/ ref804. pdf Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Title". A( 150) ResourceC reatorNam e Bibliographic Reference Data Standard Std No.: 1 XXX Version 1   Final Draft July 26, 2005 Page 6 Name Definition Notes Format XML Tags 1.2 Resource Creator An entity primarily responsible for making the content of the resource. Examples of Creator include a person,

an organization, or a service. Typically,

the name of a Creator should be used to indicate the entity.

Example Value:

  US EPA   National Exposure &

Atmospheric Science Division   Human Exposure & Atmospheric Sciences Division ( MD D205 03)

RTP, NC 27711 Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Creator". A( 100) ResourceS ubjectText 1.3 Resource Subject A topic of the content of the resource. Typically, Subject will be expressed as keywords, key phrases, or classification codes that describe a topic of the resource. Recommended best practice is to select a value from a controlled vocabulary or formal classification scheme. Example List of Values:

  Air Sampling Methodology   Medium Volume Sampler   PM10 Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Subject". A( 50) ResourceS ubject Bibliographic Reference Data Standard Std No.: 1 XXX Version 1   Final Draft July 26, 2005 Page 7 Name Definition Notes Format XML Tags 1.4 Resource Description An account of the content of the resource. Examples of Description include, but are not limited to, an abstract, table of contents, reference to a graphical representation of content or free text account of the content.

Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Description". A( 1200) ResourceD escriptionT ext 1.5 Resource Publisher An entity responsible for making the resource available. Examples of Publisher include a person,

an organization, or a service. Typically,

the name of a Publisher should be used to indicate the entity.

Example Value:

  US EPA   National Exposure &

Atmospheric Science Division   Human Exposure & Atmospheric Sciences Division ( MD D205 03)

RTP, NC 27711 Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Publisher". A( 100) ResourceP ublisherNa me Bibliographic Reference Data Standard Std No.: 1 XXX Version 1   Final Draft July 26, 2005 Page 8 Name Definition Notes Format XML Tags 1.6 Resource Contributor An entity responsible for making contributions to the content of the resource. Examples of Contributor include a person, an organization, or a service.

Typically, the name of a Contributor should be used to indicate the entity.

Example Value:

  Oregon Department of Environmental Quality Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Contributor". A( 60) ResourceC ontributorN ame 1.7 Resource Date A date of an event in the lifecycle of the resource. Typically, Date will be associated with the creation or availability of the resource. Recommended best practice for encoding the date value is defined in a profile of ISO 8601 [ W3CDTF] and includes ( among others) dates of the form YYYYMMDD.

Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Date". YYYYM MDD ResourceD ate Bibliographic Reference Data Standard Std No.: 1 XXX Version 1   Final Draft July 26, 2005 Page 9 Name Definition Notes Format XML Tags 1.8 Resource Type The nature or genre of the content of the resource. Type includes terms describing general categories, functions, genres, or aggregation levels for content.

Recommended best practice is to select a value from a controlled vocabulary ( for example, the DCMI Type Vocabulary [ DCT]). To describe the physical or digital manifestation of the resource, use the Format element.

Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Type". A( 25) ResourceT ypeCode 1.9 Resource Content Format The physical or digital manifestation of the resource. Typically, Format will include the mediatype or dimensions of the resource.

Format may be used to identify the software, hardware, or other equipment needed to display or operate the resource. Examples of dimensions include size and duration.

Recommended best practice is to select a value from a controlled vocabulary ( for example, the list of Internet Media Types [ MIME] defining computer media formats). Examples: " image/ jpeg",

" text/ html", " video/ mpeg".

Potential Example List take from W3C registered MIME Content Types.

Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Format". A( 25) ResourceC ontentForm atName Bibliographic Reference Data Standard Std No.: 1 XXX Version 1   Final Draft July 26, 2005 Page 10 Name Definition Notes Format XML Tags 1.10 Resource Identifier An unambiguous reference to the resource within a given context. Recommended best practice is to identify the resource by means of a string or number conforming to a formal identification system. Formal identification systems include but are not limited to the Uniform Resource Identifier ( URI) ( including the Uniform Resource Locator ( URL)), the Digital Object Identifier ( DOI), and the International Standard Book Number ( ISBN).

Example List of Values:

  List of Reference Methods:

http:// www. epa. gov/ ttn/ amtic/ files / ambient/ criteria/ ref804. pdf   EPA Manual Reference Method:

RFPS 0389 071 [ Federal Register: Vol. 54, page 12273, 03/ 24/ 89]

Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Identifier".

Based on the business need, additional metadata may be required to sufficiently describe an identifier. This additional metadata is described in the Introduction section, 1.5. d, above. A( 100) ResourceId entifier Bibliographic Reference Data Standard Std No.: 1 XXX Version 1   Final Draft July 26, 2005 Page 11 Name Definition Notes Format XML Tags 1.11 Resource Source A reference to a resource from which the present resource is derived. The present resource may be derived from the Source resource in whole or in part. Recommended best practice is to identify the referenced resource by means of a string or number conforming to a formal identification system.

Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Source". A( 25) ResourceS ourceText 1.12 Resource Language A language of the intellectual content of the resource. Recommended best practice is to use RFC 3066 [ RFC3066], which, in conjunction with ISO 639 [ ISO639],

defines two and three letter primary language tags with optional subtags.

Examples include " en" or " eng" for English, " akk" for Akkadian, and " en GB"

for English used in the United Kingdom.

Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Language". A( 10) ResourceL anguageNa me 1.13 Resource Relation A reference to a related resource. Recommended best practice is to identify the referenced resource by means of a string or number conforming to a formal identification system.

Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Relation". A( 25) ResourceR elationText Bibliographic Reference Data Standard Std No.: 1 XXX Version 1   Final Draft July 26, 2005 Page 12 Name Definition Notes Format XML Tags 1.14 Resource Coverage The extent or scope of the content of the resource. Typically, Coverage will include spatial location ( a place name or geographic coordinates), temporal period ( a period label, date, or date range), or jurisdiction ( such as a named administrative entity).

Recommended best practice is to select a value from a controlled vocabulary ( for example, the Thesaurus of Geographic Names [ TGN]) and to use, where appropriate, named places or time periods in preference to numeric identifiers such as sets of coordinates or date ranges.

Example List of Values:

  Spatial Location: United States and Territories   Date Method Effective:

03/ 24/ 1989 to present Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Coverage". A( 100) ResourceC overageTe xt Bibliographic Reference Data Standard Std No.: 1 XXX Version 1   Final Draft July 26, 2005 Page 13 Name Definition Notes Format XML Tags 1.15 Resource Rights Information about rights held in and over the resource. Typically, Rights will contain a rights management statement for the resource,

or reference a service providing such information. Rights information often encompasses Intellectual Property Rights ( IPR), Copyright, and various Property Rights. If the Rights element is absent, no assumptions may be made about any rights held in or over the resource.

Note: This is from ISO 15836: 2003 Information and documentation  The Dublin Core metadata element set Element name is " Rights". A( 25) ResourceRi ghtsText Bibliographic Reference Data Standard Std No.: 1 XXX Version 1   Final Draft July 26, 2005 Page 14 Appendix A Bibliographic Reference Data Standard Structure Diagram 1.0 Bibliographic Reference Descriptors 1.1 Resource Title 1.2 Resource Creator 1.3 Resource Subject 1.4 Resource Description 1.5 Resource Publisher 1.6 Resource Contributor 1.7 Resource Date 1.8 Resource Type 1.9 Resource Content Format 1.10 Resource Identifier 1.11 Resource Source 1.12 Resource Language 1.13 Resource Relation 1.14 Resource Coverage 1.15 Resource Rights Bibliographic Reference Data Standard


[Federal Register: July 15, 2010 (Volume 75, Number 135)]
[Notices]
[Page 41262-41264]
[DOCID:fr15jy10-109]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62480; File No. SR-FINRA-2010-022]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Order Approving Proposed Rule Change Relating To
Amending the Codes of Arbitration Procedure To Increase the Number of
Arbitrators on Lists Generated by the Neutral List Selection System

July 9, 2010.
    On April 29, 2010, the Financial Industry Regulatory Authority,
Inc. (``FINRA'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Exchange Act'' or ``Act'') \1\ and
Rule 19b-4 thereunder,\2\ a proposed rule change. The proposed rule
change was published for comment in the Federal Register on May 26,
2010.\3\ The Commission received six comments on the rule proposal.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Rel. No. 62134 (May 19, 2010),
75 FR 29594 (May 26, 2010) (File No. SR-FINRA-2010-022).
    \4\ See Submission via SEC WebForm from A. M. Miller, dated May
6, 2010 (``Miller comments''); Submission via SEC WebForm from
Steven B. Caruso, Maddox Hargett Caruso, P.C., dated May 27, 2010
(``Caruso comments''); Letter to Elizabeth M. Murphy, Secretary,
Commission from Patricia Cowart, Chair, Arbitration Committee,
Securities Industry and Financial Markets Association, dated May 27,
2010 (``SIFMA letter''); Submission via SEC WebForm from Leonard
Steiner, Steiner & Libo, P.C., dated May 27, 2010 (``Steiner
comments''); Letter to Elizabeth M. Murphy, Secretary, Commission
from Scott R. Shewan, President, Public Investors Arbitration Bar
Association, dated June 14, 2010 (``PIABA letter''); and Letter to
Elizabeth M. Murphy, Secretary, Commission from Jill I. Gross,
Director, Ed Pekarek, Clinical Law Fellow, and Jeffrey Gorenstein,
Student Intern, Pace Law School Investor Rights Clinic, dated June
16, 2010 (``PIRC letter'').
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I. Description of the Proposed Rule Change

    FINRA proposed to amend Rules 12403 and 12404 of the Code of
Arbitration Procedure for Customer Disputes (``Customer Code'') and
Rules 13403 and 13404 of the Code of Arbitration Procedure for Industry
Disputes (``Industry Code'') to increase

the number of arbitrators on each list generated by the Neutral List
Selection System (``NLSS'').
    The NLSS is a computer system that generates, on a random basis,
lists of arbitrators from FINRA's rosters of arbitrators (i.e., public,
non-public, and chair rosters) for each arbitration case. The parties
select their panel through a process of striking and ranking the
arbitrators on the lists. Currently, FINRA sends the parties lists of
available arbitrators, along with detailed biographical information on
each arbitrator. In a three-arbitrator case, other than one involving a
dispute among members, the parties receive three lists of eight
arbitrators each--one public, one chair-qualified and one non-public.
Each party is permitted to strike up to four of the eight names on each
list and ranks the remaining names in order of preference. FINRA
appoints the panel from among the names remaining on the lists that the
parties return.\5\
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    \5\ In an arbitration between members, the panel consists of
non-public arbitrators, and so the parties receive a list of 16
arbitrators from the FINRA non-public roster, and a list of eight
non-public arbitrators from the FINRA non-public chairperson roster.
See FINRA Rules 13402 and 13403. Each separately represented party
may strike up to eight of the arbitrators from the non-public list
and up to four of the arbitrators from the non-public chairperson
list. See FINRA Rule 13404.
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    When there are no names remaining on a list, or when a mutually
acceptable arbitrator is unable to serve, a random selection is made to
``extend the list'' by generating names of additional arbitrators to
complete the panel. Parties may not strike the arbitrators on the
extended lists, but they may challenge an arbitrator for cause (e.g.,
on the basis of conflict of interest).
    Prior to 2007, FINRA permitted parties unlimited strikes of
proposed arbitrators on lists. This often resulted in parties
collectively striking all of the arbitrators on each list generated
through NLSS. When this occurred, staff would use NLSS to ``extend the
list'' by generating names of additional arbitrators to complete the
panel. Parties expressed concern about extended list arbitrator
appointments because they could not strike arbitrators from an extended
list. In response to this concern, in 2007, FINRA changed the
arbitrator appointment process through a rule change that limited the
number of strikes each party may exercise to four, in an effort to
reduce the frequency of extended list appointments.\6\ Under the
current rule, FINRA permits each party to strike up to four arbitrators
from each list of eight arbitrators generated through NLSS and up to
eight arbitrators from each list of 16 arbitrators generated through
NLSS. The rules limiting strikes have significantly reduced extended
lists and thus increased the percentage of cases in which FINRA
initially appoints arbitrators from the parties' ranking lists.
However, after each side exercises its strikes, typically only one or
two persons remain eligible to serve on a case. Therefore, when FINRA
grants a challenge for cause or an arbitrator withdraws, FINRA often
must appoint the replacement arbitrator using an extended list. Forum
users, including both investor and industry parties, continue to
express concerns about extended list appointments.\7\
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    \6\ Exchange Act Release No. 55158 (January 24, 2007), 72 FR
4574 (January 31, 2007) (File No. SR-NASD-2003-158).
    \7\ The rationale for the proposed rule change was confirmed in
a telephone conversation between Margo Hassan, FINRA Dispute
Resolution, and Joanne Rutkowski, Division of Trading and Markets,
Commission, May 18, 2010.
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    As a result of these concerns, FINRA proposed to amend Rule 12403
of the Customer Code to expand the number of arbitrators on each list
(public, non-public, and public chairperson) generated through NLSS
from eight arbitrators to 10 arbitrators. Thus, in every two party
case, at least two arbitrators would remain on each list after
strikes.\8\ FINRA stated that the additional number of arbitrators will
increase the likelihood that the parties will get panelists they chose
and ranked, even when FINRA must appoint a replacement arbitrator.
FINRA also stated that, in cases with more than two parties, expanding
the lists from eight to 10 arbitrators should significantly reduce the
number of arbitrator appointments needed from extended lists.\9\
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    \8\ FINRA did not propose to expand the number of allowable
strikes for each party.
    \9\ Under the rules, each ``separately represented'' party is
entitled to strike four arbitrators from an eight arbitrator list.
If, for example, a case involves a customer, a member and an
associated person, and each party is separately represented, even
with 10 arbitrators there is a chance that all of the arbitrators
will be stricken from the list.
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    FINRA also proposed to amend Rule 13403 of the Industry Code to
expand the number of arbitrators on lists generated through NLSS.\10\
For disputes between members, FINRA would expand the number of
arbitrators on the non-public chairperson list generated through NLSS
from eight arbitrators to 10 arbitrators and the number of arbitrators
on the non-public list from 16 arbitrators to 20 arbitrators. For
disputes between associated persons, or between or among members and
associated persons, FINRA would expand the number of arbitrators on
each list (public, non-public, and public chairperson) generated
through NLSS from eight arbitrators to 10 arbitrators.
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    \10\ Again, FINRA did not propose to expand the number of
allowable strikes for each party.
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    FINRA considered whether increasing each list of arbitrators would
be unduly burdensome for parties since parties would be reviewing the
backgrounds of additional arbitrators during the ranking and striking
stage of the arbitrator appointment process. In instances where FINRA
appoints arbitrators by extended lists, parties still need to review
arbitrators' backgrounds to determine, for example, whether to
challenge an extended list arbitrator for cause. FINRA staff discussed
expanding the lists with both investor and industry representatives,
and asked the representatives to address the potential burden of
reviewing additional arbitrators. The representatives uniformly stated
that they would prefer to review additional arbitrators at the ranking
and striking stage of the arbitrator appointment process in order to
reduce the incidences of extended list appointments.

II. Summary of Comments

    The Commission received six comments regarding the proposed rule
change. On June 21, 2010, FINRA submitted a response to the
comments.\11\
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    \11\ See Letter to Elizabeth M. Murphy, Secretary, Commission
from Margo A. Hassan, Assistant Chief Counsel, FINRA Dispute
Resolution, Financial Industry Regulatory Authority, dated June 21,
2010 (``FINRA response'').
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    All of the commenters support the proposed rule change, either in
whole or with certain modifications. The PIABA letter states that
``this rule change is important because it will reduce the number of
instances in which an arbitrator is appointed with no input from or
approval by the parties.'' The SIFMA letter states that the proposal
``will increase the likelihood that all arbitrators appointed to a case
will have been selected by the parties, result in fewer administrative
`extended list' appointments, and enhance party choice and satisfaction
with the selection process.'' Likewise, PIRC supports the proposal
``because it increases the parties' ability to present their dispute to
an arbitrator of their own choosing,'' \12\ and the Caruso comments
state that the proposed rule change ``would provide investors with
greater control and choice over the individuals who will ultimately be
appointed to serve on the arbitration panels'' and urges the Commission
to approve the proposal on an expedited basis.
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    \12\ See PIRC letter.

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    The Steiner comments suggest limiting the current proposal to cases
in which there is only one respondent or multiple respondents being
represented by only one attorney.\13\ The Steiner comments also ask
that: (1) FINRA be ordered to effectuate immediately additional
modifications to eliminate the portions of Rule 12404 that give each
separately represented respondent a separate set of strikes, and to
replace those portions with provisions that the amount of strikes that
may be exercised by respondents in total cannot exceed the amount of
strikes that can be exercised in total by the claimant; (2) that FINRA
be ordered immediately to rescind its interpretation of Rule 12404 that
permits even non-appearing respondents from participating in the
arbitrator selection process; and (3) that FINRA be ordered to
immediately propose a rule change providing that instead of appointing
a cram down arbitrator that a new selection list be sent to the
parties. FINRA notes that it is not proposing to amend its rules
relating to party strikes, participation in arbitrator selection, or
extended list appointments and that, therefore, the comments are
outside the scope of the proposed rule change.\14\
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    \13\ PIRC supports the proposed rule change, and advocates a
further rule revision that would give four strikes per side, rather
than to each ``separately represented party.'' See id.
    \14\ See FINRA response.
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III. Discussion

    After careful review, 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\ in
that it is designed, among other things, to prevent fraudulent and
manipulative acts and practices; to promote just and equitable
principles of trade; to remove impediments to and perfect the mechanism
of a free and open market and a national market system; and, in
general, to protect investors and the public interest.
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    \15\ In approving the proposed rule change, the Commission has
considered the rule change's impact on efficiency, competition, and
capital formation. 15 U.S.C. 78c(f).
    \16\ 15 U.S.C. 78o-3(b)(6).
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    The Commission believes that the proposed rule change will protect
investors and the public interest by providing investors greater
control in the arbitrator selection process. Forum users have
criticized extended list appointments and asked FINRA to reduce the
number of arbitrators appointed in this way. Expanding the number of
arbitrators on lists generated through NLSS should help to reduce
extended list appointments and so increase the likelihood that
arbitrators from each initial list would remain on the list after the
parties complete the striking and ranking process. This, in turn,
should enhance investor and industry participants' confidence in the
arbitration process. Concerning the requests in the Steiner comments
that FINRA be ordered to take certain actions, the Commission finds
that requested actions are beyond the scope of the current rulemaking.

IV. Conclusion

    For the foregoing reasons, the Commission finds that the proposed
rule change is consistent with the Act and the rules and regulations
thereunder applicable to a national securities association.
    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\17\ that the proposed rule change (SR-FINRA-2010-022) be and
hereby is approved.
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    \17\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-17275 Filed 7-14-10; 8:45 am]
BILLING CODE 8010-01-P


[Federal Register Volume 84, Number 156 (Tuesday, August 13, 2019)]
[Rules and Regulations]
[Pages 39966-39970]
[FR Doc No: 2019-17138]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 229, 232, 239, 249, and 274

[Release No. 33-10618A; 34-85381A; IA-5206A; IC-33426A; File No. S7-08-
17]
RIN 3235-AM00

FAST Act Modernization and Simplification of Regulation S-K;
Correction

AGENCY: Securities and Exchange Commission.

ACTION: Final rule; technical correction.

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SUMMARY: This document makes technical corrections to certain
amendments to the Commission's disclosure rules and forms adopted in
Release No. 33-10618 (March 20, 2019), which was published in the
Federal Register on April 2, 2019. Specifically, this document
reinstates certain item headings in registration statement forms under
the Securities Act of 1933 that were inadvertently changed; relocates
certain amendments to the correct item numbers in these forms and
reinstates text that was inadvertently removed; corrects a portion of
the exhibit table in Item 601(a) of Regulation S-K to make it
consistent with the regulatory text of the amendments; and corrects
certain typographical errors and a cross-reference in the regulatory
text of the amendments.

DATES: Effective August 13, 2019.

FOR FURTHER INFORMATION CONTACT: Charles Kwon, Office of Rulemaking,
Division of Corporation Finance, at<PHONE_NUMBER>, or Michael C.
Pawluk, Investment Company Rulemaking Office, Division of Investment
Management, at<PHONE_NUMBER>, U.S. Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549.

SUPPLEMENTARY INFORMATION: We are making technical corrections to:

----------------------------------------------------------------------------------------------------------------
                Commission  reference                                    CFR citation  (17 CFR)
----------------------------------------------------------------------------------------------------------------
Regulation S-K.......................................  Sec.  Sec.   229.10 through 229.1305.
    Item 202.........................................  Sec.   229.202.
    Item 601.........................................  Sec.   229.601.
Regulation S-T.......................................  Sec.  Sec.   232.10 through 232.903.
    Rule 105.........................................  Sec.   232.105.
Securities Act of 1933: \1\
    Form S-1.........................................  Sec.   239.11.
    Form S-3.........................................  Sec.   239.13.
    Form S-6.........................................  Sec.   239.16.
    Form S-11........................................  Sec.   239.18.
    Form N-14........................................  Sec.   239.23.
    Form S-4.........................................  Sec.   239.25.
    Form F-1.........................................  Sec.   239.31.
    Form F-3.........................................  Sec.   239.33.
    Form F-4.........................................  Sec.   239.34.
    Form SF-1........................................  Sec.   239.44.
    Form SF-3........................................  Sec.   239.45.
Securities Exchange Act of 1934: \2\
    Form 10-D........................................  Sec.   249.312.
Investment Company Act of 1940: \3\
    Form N-8B-2......................................  Sec.   274.12.
Securities Act of 1933 and Investment Company Act of
 1940:
    Form N-1A........................................  Sec.  Sec.   239.15A and 274.11A.
    Form N-2.........................................  Sec.  Sec.   239.14 and 274.11a-1.
    Form N-3.........................................  Sec.  Sec.   239.17a and 274.11b.
    Form N-4.........................................  Sec.  Sec.   239.17b and 274.11c.
    Form N-5.........................................  Sec.  Sec.   239.24 and 274.5.
    Form N-6.........................................  Sec.  Sec.   239.17c and 274.11d.
----------------------------------------------------------------------------------------------------------------
\1\ 15 U.S.C. 77a et seq.
\2\ 15 U.S.C. 78a et seq.
\3\ 15 U.S.C. 80a-1 et seq.

List of Subjects in 17 CFR Parts 229, 232, 239, 249, and 274

    Reporting and recordkeeping requirements, Securities.

    For the reasons set out above, we are amending title 17, chapter II
of the Code of Federal Regulations as follows:

PART 229--STANDARD INSTRUCTIONS FOR FILING FORMS UNDER SECURITIES
ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934 AND ENERGY POLICY AND
CONSERVATION ACT OF 1975--REGULATION S-K

0
1. The authority citation for part 229 continues to read as follows:

    Authority: 15 U.S.C. 77e, 77f, 77g, 77h, 77j, 77k, 77s, 77z-2,
77z-3, 77aa(25), 77aa(26), 77ddd, 77eee, 77ggg, 77hhh, 77iii, 77jjj,
77nnn, 77sss, 78c, 78i, 78j, 78j-3, 78l, 78m, 78n, 78n-1, 78o, 78u-
5, 78w, 78ll, 78mm, 80a-8, 80a-9, 80a-20, 80a-29, 80a-30, 80a-31(c),
80a-37, 80a-38(a), 80a-39, 80b-11 and 7201 et seq.; 18 U.S.C. 1350;
sec. 953(b), Pub. L. 111-203, 124 Stat. 1904 (2010); and sec.
102(c), Pub. L. 112-106, 126 Stat. 310 (2012).

Sec.  229.202  [Amended]

0
2. Amend Sec.  229.202 in Instruction 3 under ``Instructions to Item
202'' by removing the phrase ``U.S.C. 77aaa et seq.'' and adding in its
place ``15 U.S.C. 77aaa et seq.''

0
3. Amend Sec.  229.601 by revising entries (4) and (104) to the exhibit
table in paragraph (a) to read as follows:

Sec.  229.601  (Item 601) Exhibits.

* * * * *

Exhibit Table

* * * * *

                                                                                Exhibit Table
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

                                                                                * * * * * * *
(4) Instruments defining the rights of securities               X        X        X        X        X        X        X        X        X        X        X        X        X        X        X
 holders, including indentures, (i) through (v)..........
(vi) Description of registrant's securities..............  .......  .......  .......  .......  .......  .......  .......  .......  .......  .......  .......  .......  .......  .......       X

                                                                                * * * * * * *
(104) Cover Page Interactive Data File...................  .......  .......  .......  .......  .......  .......  .......  .......  .......  .......  .......       X   .......       X        X

                                                                                * * * * * * *
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

* * * * *

PART 232--REGULATION S-T--GENERAL RULES AND REGULATIONS FOR
ELECTRONIC FILINGS

0
4. The authority citation for part 232 continues to read in part as
follows:

    Authority: 15 U.S.C. 77c, 77f, 77g, 77h, 77j, 77s(a), 77z-3,
77sss(a), 78c(b), 78l, 78m, 78n, 78o(d), 78w(a), 78ll, 80a-6(c),
80a-8, 80a-29, 80a-30, 80a-37, and 7201 et seq.; and 18 U.S.C. 1350,
unless otherwise noted.
* * * * *

Sec.  232.105  [Amended]

0
5. Amend Sec.  232.105, in paragraph (d), in Instruction 2 under
``Instructions to paragraph (d)'', by removing the phrase ``in the case
of a foreign private issuer (as defined in Sec.  229.405 of this
chapter)'' and adding in its place ``in the case of a foreign private
issuer (as defined in Sec.  230.405 of this chapter)''.

PART 239--FORMS PRESCRIBED UNDER THE SECURITIES ACT OF 1933

0
6. The authority citation for part 239 continues to read in part as
follows:

    Authority: 15 U.S.C. 77c, 77f, 77g, 77h, 77j, 77s, 77z-2, 77z-3,
77sss, 78c, 78l, 78m,78n, 78o(d), 78o-7 note, 78u-5, 78w(a), 78ll,
78mm, 80a-2(a), 80a-3, 80a-8, 80a-9, 80a-10, 80a-13, 80a-24, 80a-26,
80a-29, 80a-30, and 80a-37; and sec. 107, Pub. L. 112-106, 126 Stat.
312, unless otherwise noted.
* * * * *

0
7. Amend Form S-1 (referenced in Sec.  239.11) by revising the heading
of Item 3 to read as follows:

    Note: The text of Form S-1 does not, and this amendment will
not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-1

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *

Item 3. Summary Information and Risk Factors.

* * * * *
0
8. Amend Form S-3 (referenced in Sec.  239.13) by revising the heading
of Item 3 to read as follows:
    Note: The text of Form S-3 does not, and this amendment will not,
appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-3

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *

Item 3. Summary Information and Risk Factors.

* * * * *
0
9. Amend Form S-6 (referenced in Sec.  239.16) by revising the last
sentence of the second paragraph of Additional Instruction 3 in
``Instructions as to Exhibits'' to read as follows:
    Note: The text of Form S-6 does not, and this amendment will not,
appear in the Code of Federal Regulations.

FORM S-6

[FACING SHEET]

FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF SECURITIES OF UNIT
INVESTMENT TRUSTS REGISTERED ON FORM N-8B-2

* * * * *

INSTRUCTIONS AS TO EXHIBITS

* * * * *

Additional Instructions:

* * * * *
    3. * * *
    After completing its review of the supplemental information, the
Commission or its staff will return or destroy it at the request of the
registrant, if the registrant complies with the procedures outlined in
Rule 418 (Sec.  230.418 of this chapter).
* * * * *
0
10. Amend Form S-11 (referenced in Sec.  239.18) by revising the second
sentence of the first paragraph of instruction H. under ``General
Instructions'' and the heading of Item 3 to read as follows:
    Note: The text of Form S-11 does not, and this amendment will not,
appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-11

FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF SECURITIES OF
CERTAIN REAL ESTATE COMPANIES

* * * * *

H. Eligibility to Use Incorporation by Reference

    * * * Notwithstanding the foregoing, in the financial statements,
incorporating by reference or cross-referencing to information outside
of the financial statements is not permitted unless otherwise
specifically permitted or required by the Commission's rules or by U.S.
Generally Accepted Accounting Principles or International Financial
Reporting Standards as issued by the International Accounting Standards
Board, whichever is applicable. * * *
* * * * *

Item 3. Summary Information and Risk Factors.

* * * * *
0
11. Amend Form N-14 (referenced in Sec.  239.23) by revising the last
sentence of the second paragraph of Instruction 3 in Item 16 to read as
follows:
    Note: The text of Form N-14 does not, and this amendment will not,
appear in the Code of Federal Regulations.

FORM N-14

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *
Item 16. Exhibits
* * * * *
Instructions:
* * * * *
    3. * * *
    * * * After completing its review of the supplemental information,
the Commission or its staff will return or destroy it at the request of
the registrant, if the registrant complies with the procedures outlined
in Rule 418 (Sec.  230.418 of this chapter).
* * * * *
0
12. Amend Form S-4 (referenced in Sec.  239.25) by revising the heading
of Item 3 to read as follows:
    Note: The text of Form S-4 does not, and this amendment will not,
appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *

Item 3. Risk Factors and Other Information.

* * * * *
0
13. Amend Form F-1 (referenced in Sec.  239.31) by revising the heading
of Item 3 to read as follows:
    Note: The text of Form F-1 does not, and this amendment will not,
appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM F-1

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *

Item 3. Summary Information and Risk Factors.

* * * * *
0
14. Amend Form F-3 (referenced in Sec.  239.33) by revising the heading
of Item 3 to read as follows:
    Note: The text of Form F-3 does not, and this amendment will not,
appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM F-3

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *

Item 3. Summary Information and Risk Factors.

* * * * *
0
15. Amend Form F-4 (referenced in 239.34) by revising the heading of
Item 3 to read as follows:
    Note: The text of Form F-4 does not, and this amendment will not,
appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM F-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *

Item 3. Risk Factors and Other Information.

* * * * *
0
16. Amend Form SF-1 (referenced in Sec.  239.44) by revising Item 2 and
Item 3 to read as follows:
    Note: The text of Form SF-1 does not, and this amendment will not,
appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM SF-1

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *

Item 2. Inside Front and Outside Back Cover Pages of Prospectus.

    Set forth on the inside front cover page of the prospectus or,
where permitted, on the outside back cover page, the information
required by Item 502 of Regulation S-K (17 CFR 229.502).

Item 3. Transaction Summary and Risk Factors.

    Furnish the information required by Items 105 and 503 of Regulation
S-K (17 CFR 229.105 and 17 CFR 229.503) and Item 1103 of Regulation AB
(17 CFR 229.1103).
* * * * *
0
17. Amend Form SF-3 (referenced in Sec.  239.45) by revising Item 2 and
Item 3 to read as follows:
    Note: The text of Form SF-3 does not, and this amendment will not,
appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM SF-3

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *

Item 2. Inside Front and Outside Back Cover Pages of Prospectus.

    Set forth on the inside front cover page of the prospectus or,
where permitted, on the outside back cover

page, the information required by Item 502 of Regulation S-K (17 CFR
229.502).

Item 3. Transaction Summary and Risk Factors.

    Furnish the information required by Items 105 and 503 of Regulation
S-K (17 CFR 229.105 and 17 CFR 229.503) and Item 1103 of Regulation AB
(17 CFR 229.1103).
* * * * *

PART 249--FORMS, SECURITIES EXCHANGE ACT OF 1934

0
18. The authority citation for part 249 continues to read in part as
follows:

    Authority: 15 U.S.C. 78a et seq. and 7201 et seq.; 12 U.S.C.
5461 et seq.; 18 U.S.C. 1350; Sec. 953(b), Pub. L. 111-203, 124
Stat. 1904; Sec. 102(a)(3), Pub. L. 112-106, 126 Stat. 309 (2012);
Sec. 107, Pub. L. 112-106, 126 Stat. 313 (2012), and Sec. 72001,
Pub. L. 114-94, 129 Stat. 1312 (2015), unless otherwise noted.
* * * * *
0
19. Amend Form 10-D (referenced in Sec.  249.312) by revising General
Instruction D(2)(d) to read as follows:
    Note: The text of Form 10-D does not, and this amendment will not,
appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

GENERAL INSTRUCTIONS

* * * * *
    D. * * *
    (2) * * *
    (d) Exchange Act Rule 12b-23 (17 CFR 240.12b-23) (additional rule
on incorporation by reference for reports filed pursuant to Sections 13
and 15(d) of the Act).
* * * * *

PART 274--FORMS PRESCRIBED UNDER THE INVESTMENT COMPANY ACT OF 1940

0
20. The authority citation for part 274 continues to read in part as
follows:

    Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 78c(b), 78l, 78m,
78n, 78o(d), 80a-8, 80a-24, 80a-26, 80a-29, and Pub. L. 111-203,
sec. 939A, 124 Stat. 1376 (2010), unless otherwise noted.
* * * * *

0
21. Amend Form N-5 (referenced in Sec. Sec.  239.24 and 274.5) by
revising the last sentence of the second paragraph of Instruction 3 in
``Instructions as to Exhibits'' to read as follows:

    Note: The text of Form N-5 does not, and this amendment will
not, appear in the Code of Federal Regulations.

FORM N-5

REGISTRATION STATEMENT OF SMALL BUSINESS INVESTMENT COMPANY UNDER THE
SECURITIES ACT OF 1933 AND THE INVESTMENT COMPANY ACT OF 1940 *
* * * * *

INSTRUCTIONS AS TO EXHIBITS

* * * * *

Instructions:

* * * * *
    3. * * *
    * * * After completing its review of the supplemental information,
the Commission or its staff will return or destroy it at the request of
the registrant, if the registrant complies with the procedures outlined
in Rule 418 (Sec.  230.418 of this chapter).
* * * * *
0
22. Amend Form N-1A (referenced in Sec. Sec.  239.15A and 274.11A) by
revising the last sentence of the second paragraph of Instruction 4 in
Item 28 to read as follows:
    Note: The text of Form N-1A does not, and this amendment will not,
appear in the Code of Federal Regulations.

FORM N-1A

* * * * *

Item 28. Exhibits

* * * * *

Instructions

* * * * *
    4. * * *
    * * * After completing its review of the supplemental information,
the Commission or its staff will return or destroy it at the request of
the registrant, if the registrant complies with the procedures outlined
in Rule 418 (Sec.  230.418 of this chapter).
* * * * *
0
23. Amend Form N-2 (referenced in Sec. Sec.  239.14 and 274.11a-1) by
revising the last sentence of the second paragraph of Instruction 6 in
Item 25.2 to read as follows:
    Note: The text of Form N-2 does not, and this amendment will not,
appear in the Code of Federal Regulations.

FORM N-2

* * * * *

Item 25. Financial Statements and Exhibits

* * * * *
    2. Exhibits:
* * * * *

Instructions

* * * * *
    6. * * *
    * * * After completing its review of the supplemental information,
the Commission or its staff will return or destroy it at the request of
the registrant, if the registrant complies with the procedures outlined
in Rule 418 (Sec.  230.418 of this chapter).
* * * * *
0
24. Amend Form N-3 (referenced in Sec. Sec.  239.17a and 274.11b) by
revising the last sentence of the second paragraph of Instruction 5 in
Item 29(b) to read as follows:
    Note: The text of Form N-3 does not, and this amendment will not,
appear in the Code of Federal Regulations.

FORM N-3

* * * * *

Item 29. Financial Statements and Exhibits

* * * * *
    (b) Exhibits:
* * * * *

Instructions

* * * * *
    5. * * *
    * * * After completing its review of the supplemental information,
the Commission or its staff will return or destroy it at the request of
the registrant, if the registrant complies with the procedures outlined
in Rule 418 (Sec.  230.418 of this chapter).
* * * * *
0
25. Amend Form N-4 (referenced in Sec. Sec.  239.17b and 274.11c) by
revising the last sentence of the second paragraph of Instruction 5 in
Item 24(b) to read as follows:
    Note: The text of Form N-4 does not, and this amendment will not,
appear in the Code of Federal Regulations.

FORM N-4

* * * * *

Item 24. Financial Statements and Exhibits

* * * * *
    (b) Exhibits:
* * * * *

Instructions

* * * * *
    5. * * *
    * * * After completing its review of the supplemental information,
the

Commission or its staff will return or destroy it at the request of the
registrant, if the registrant complies with the procedures outlined in
Rule 418 (Sec.  230.418 of this chapter).
* * * * *
0
26. Amend Form N-6 (referenced in Sec. Sec.  239.17c and 274.11d) by
revising the last sentence of the second paragraph of Instruction 3 in
Item 26 to read as follows:
    Note: The text of Form N-6 does not, and this amendment will not,
appear in the Code of Federal Regulations.

FORM N-6

* * * * *

Item 26. Exhibits

* * * * *

Instructions:

* * * * *
    3. * * *
    * * * After completing its review of the supplemental information,
the Commission or its staff will return or destroy it at the request of
the registrant, if the registrant complies with the procedures outlined
in Rule 418 (Sec.  230.418 of this chapter).
* * * * *
0
27. Amend Form N-8B-2 (referenced in Sec.  274.12) by revising the last
sentence of the second paragraph of Instruction 3 in ``IX Exhibits'' to
read as follows:
    Note: The text of Form N-8B-2 does not, and this amendment will
not, appear in the Code of Federal Regulations.

FORM N-8B-2

REGISTRATION STATEMENT OF UNIT INVESTMENT TRUSTS WHICH ARE CURRENTLY
ISSUING SECURITIES
* * * * *

IX

EXHIBITS

* * * * *

Instructions:

* * * * *
    3. * * *
    * * * After completing its review of the supplemental information,
the Commission or its staff will return or destroy it at the request of
the registrant, if the registrant complies with the procedures outlined
in Rule 418 (Sec.  230.418 of this chapter).
* * * * *

    Dated: August 6, 2019.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2019-17138 Filed 8-12-19; 8:45 am]
BILLING CODE P