[Federal Register: May 24, 2007 (Volume 72, Number 100)]
[Notices]
[Page 29191-29194]
[DOCID:fr24my07-104]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55781; File No. SR-NASDAQ-2007-052]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Order Granting Accelerated Approval of Proposed
Rule Change to the Trade Units of the United States Natural Gas Fund,
LP Pursuant to Unlisted Trading Privileges

May 17, 2007.
    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 May 10, 2007, 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 substantially prepared by the Exchange.
This order provides notice of the proposed rule change and approves the
proposal on an accelerated basis.
---------------------------------------------------------------------------

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

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Nasdaq proposes to trade, pursuant to unlisted trading privileges
(``UTP''), units (``Units'') of the United States Natural Gas Fund, LP
(``USNG'' or the ``Partnership'').
    The text of the proposed rule change is available from Nasdaq's Web
site at http://www.nasdaq.complinet.com, at Nasdaq's principal office,

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 III 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
    Nasdaq proposes to trade pursuant to UTP the Units, which represent
ownership of a fractional undivided interest in the net assets of
USNG.\3\ The net assets of USNG consist of investments in futures
contracts based on natural gas, crude oil, heating oil, gasoline, and
other petroleum-based fuels traded on the New York Mercantile Exchange
(``NYMEX''), Intercontinental Exchange (``ICE Futures''), or other U.S.
and foreign exchanges (collectively, ``Futures Contracts''). USNG may
also invest in other natural-gas-related investments such as cash-
settled options on Futures Contracts, forward contracts for natural
gas, and over-the-counter transactions that are based on the price of
natural gas, oil, and other petroleum-based fuels, Futures Contracts,
and indices based on the foregoing (collectively, ``Other Natural Gas
Related Investments''). Futures Contracts and Other Natural Gas Related
Investments collectively are referred to as ``Natural Gas Interests.''
---------------------------------------------------------------------------

    \3\ USNG is commodity pool that issues Units that may be
purchased and sold on Nasdaq.
---------------------------------------------------------------------------

    The investment objective of USNG is for changes in percentage terms
of a Unit's net asset value (``NAV'') \4\ to reflect the changes in
percentage terms of the price of natural gas delivered to the Henry
Hub, Louisiana as measured by the natural gas futures contract traded
on NYMEX (``Benchmark Futures Contract''). The Benchmark Futures
Contract employed is the near month expiration contract, except when
the near month contract is within two weeks of expiration, in which
case USNG would invest in the next expiration month. USNG invests in
Natural Gas Interests to the fullest extent possible without being
leveraged or unable to satisfy its current or potential margin or
collateral obligations. In pursuing this objective, the primary focus
of USNG's investment manager, Victoria Bay Asset Management, LLC
(``General Partner''), is the investment in Futures Contracts and the
management of its investments in short-term obligations of the United
States (``Treasuries''), cash equivalents, and cash for margining
purposes and as collateral. The Commission previously approved the
original listing and trading of the Units by the American Stock
Exchange (``Amex'').\5\
---------------------------------------------------------------------------

    \4\ NAV is the total assets less total liabilities of USNG,
determined on the basis of generally accepted accounting principles.
NAV per Unit is the NAV of USNG divided by the number of outstanding
Units.
    \5\ See Securities Exchange Act Release No. 55632 (April 13,
2007), 72 FR 19987 (April 20, 2007) (``Amex Order''); Securities
Exchange Act Release No. 55372 (February 28, 2007), 72 FR 10267
(March 7, 2007) (SR-Amex-2006-112) (``Amex Notice'').
---------------------------------------------------------------------------

    Issuances of the Units of USNG is made only in baskets of 100,000
Units (``Basket'') or multiples thereof. A Basket is issued in exchange
for Treasuries and/or cash in an amount equal to the NAV per Unit times
100,000 Units (``Basket Amount''). An Authorized Purchaser \6\ that
wishes to purchase a Basket must transfer the Basket Amount to the
administrator \7\ (``Deposit Amount''). An Authorized Purchaser that
wishes to redeem a Basket would receive an amount of Treasuries and
cash in exchange for each Basket surrendered in an amount equal to the
NAV per Basket.
---------------------------------------------------------------------------

    \6\ An ``Authorized Purchaser'' is a person, who at the time of
submitting to the General Partner of USNG an order to create or
redeem one or more Baskets, (i) Is a registered broker-dealer or
other market participant, such as a bank or other financial
institution that is exempt from broker-dealer registration; (ii) is
a Depository Trust Company Participant; and (iii) has in effect a
valid Authorized Purchaser Agreement.
    \7\ Under separate agreements with USNG, Brown Brothers Harriman
& Co. serves as USNG's administrator, registrar, transfer agent, and
custodian.
---------------------------------------------------------------------------

    The daily settlement prices for the NYMEX-traded Futures Contracts
held by USNG are publicly available on the NYMEX Web site at http://www.nymex.com Nasdaq on its Web site at http://www.nasdaq.com. will

include a hyperlink to the NYMEX Web site for the purpose of disclosing
futures contract pricing. NYMEX also provides delayed futures
information on current and past trading sessions and market news free
of charge on its Web site. The specific contract specifications for the
futures contracts are also available on the NYMEX Web site and the ICE
Futures Web site at http://www.icefutures.com.

    The Web site for Amex at http://www.amex.com, which is publicly

accessible at no charge, contains the following information: (1) The
prior business day's NAV and the reported closing price; (2) the mid-
point of the bid-ask price \8\ in relation to the NAV as of the time
the NAV is calculated (``Bid-Ask Price''); (3) calculation of the
premium or discount of such price against such NAV; (4) data in chart
form displaying the frequency distribution of discounts and premiums of
the Bid-Ask Price against the NAV, within appropriate ranges for each
of the four previous calendar quarters; (5) the prospectus; and the
most recent periodic reports filed with the Commission or required by
the CFTC; and (6) other applicable quantitative information.
---------------------------------------------------------------------------

    \8\ The Bid-Ask Price of Units is determined using the highest
bid and lowest offer as of the time of calculation of the NAV.
---------------------------------------------------------------------------

    USNG's total portfolio composition is disclosed, each business day
that Amex is open for trading, on USNG's Web site at http://www.unitedstatesnaturalgasfund.com.
 USNG expects that Web site

disclosure of portfolio holdings will be made daily and will include,
as applicable, the name and value of each Natural Gas Interest, the
specific types of Natural Gas Interests, and characteristics of such
Natural Gas Interests, Treasuries, and amount of cash and cash
equivalents held in the portfolio of USNG. The public Web site
disclosure of the portfolio composition of USNG coincides with the
disclosure by the administrator on each business day of the NAV for the
Units. Therefore, the same portfolio information is provided on the
public Web site as well as in the facsimile or e-mail to Authorized
Purchasers containing the NAV and Basket Amount (``Daily
Dissemination''). The format of the public Web site disclosure and the
Daily Dissemination differ because the public Web site lists all
portfolio holdings while the Daily Dissemination provides the portfolio
holdings in a format appropriate for Authorized Purchasers, i.e., the
exact components of a Creation Unit.
    As described above, the NAV for USNG is calculated and disseminated
daily.\9\ Amex also disseminates for USNG on a daily basis, by means of
CTA/CQ High Speed Lines, information with respect to the Indicative
Partnership Value (as discussed below), recent NAV, Units outstanding,
the Basket Amount, and the Deposit Amount. Amex also makes available on
its Web site daily trading volume, closing prices, and the NAV. The
closing price and settlement prices of the futures contracts held by
USNG are also readily available from the NYMEX, automated quotation
systems, published or other public sources, or on-line information
services such as Bloomberg or Reuters. In addition, Nasdaq will provide
a hyperlink on its Web site at http://www.nasdaq.com to USNG's Web

site.
---------------------------------------------------------------------------

    \9\ Amex has obtained a representation from USNG that its NAV
per Unit will be calculated daily and made available to all market
participants at the same time.
---------------------------------------------------------------------------

    In order to provide updated information relating to USNG for use by
investors, professionals, and persons wishing to create or redeem the
Units, Amex disseminates through the facilities of the CTA an updated
Indicative Partnership Value (``Indicative Partnership Value''). The
Indicative Partnership Value is disseminated on a per-Unit basis at
least every 15 seconds during the regular trading hours of 9:30 a.m. to
4:15 p.m. ET. The Indicative Partnership Value is calculated based on
the Treasuries and cash required for creations and redemptions (i.e.,
NAV per limit x 100,000) adjusted to reflect the price changes of the
Benchmark Futures Contract.
    Nasdaq will halt trading in the Units under the conditions
specified in Nasdaq Rules 4120 and 4121. The conditions for a halt
include a regulatory halt by the listing market. UTP trading in the
Units will also be governed by provisions of Nasdaq Rule 4120(b)
relating to temporary interruptions in the calculation or wide
dissemination of the Indicative Partnership Value. Additionally, Nasdaq
may cease trading the Units if other unusual conditions or
circumstances exist which, in the opinion of Nasdaq, make further
dealings on Nasdaq detrimental to the maintenance of a fair and orderly
market. Nasdaq will also follow any procedures with respect to trading
halts as set forth in Nasdaq Rule 4120(c). Finally, Nasdaq will stop
trading the Units if the listing market delists them.
    Nasdaq deems the Units to be equity securities, thus rendering
trading in the Units subject to its existing rules governing the
trading of equity securities, including Rule 4630, which governs
trading of Commodity-Related Securities. The trading hours for the
Units on the Exchange would be 9:30 a.m. to 4:15 p.m., ET.
    Nasdaq believes that its surveillance procedures are adequate to
address any concerns about the trading of the Units on Nasdaq. Trading
of the Units through Nasdaq facilities is currently subject to NASD's
surveillance procedures for equity securities in general and ETFs in
particular.\10\
---------------------------------------------------------------------------

    \10\ NASD surveils trading pursuant to a regulatory services
agreement. Nasdaq is responsible for NASD's performance under this
regulatory services agreement.
---------------------------------------------------------------------------

    Nasdaq is able to obtain information regarding trading in the Units
and the underlying Futures Contracts through its members in connection
with the proprietary or customer trades that such members effect on any
relevant market. In addition, Nasdaq may obtain trading information via
the Intermarket Surveillance Group (``ISG'') from other exchanges who
are members or affiliates of the ISG. Finally, Nasdaq is party to
Information Sharing Agreements with NYMEX and ICE Futures for the
purpose of providing information in connection with trading in or
related to Futures Contracts traded on the those markets. To the extent
that USNG invests in Natural Gas Interests traded on other exchanges,
Nasdaq will enter into information sharing agreements with those
particular exchanges.\11\
---------------------------------------------------------------------------

    \11\ In such event, Nasdaq will file a proposed rule change
pursuant to Rule 19b-4 of the Act, indicating such surveillance
arrangements.
---------------------------------------------------------------------------

    Prior to the commencement of trading, Nasdaq will inform its
members in an Information Circular of the special characteristics and
risks associated with trading the Units. Specifically, the Information
Circular will discuss the following: (1) The procedures for purchases
and redemptions of Units in Baskets (and that Units are not
individually redeemable); (2) Nasdaq Rule 2310, which imposes
suitability obligations on Nasdaq members with respect to recommending
transactions in the Units to customers; (3) how information regarding
the Intraday Partnership Value is disseminated; (4) the requirement
that members deliver a prospectus to investors purchasing newly issued
Units prior to or concurrently with the confirmation of a transaction;
and (5) trading information. The Information Circular will also discuss
any exemptive, no-action, and interpretive relief granted by the
Commission from any rules under the Act.
    In addition, the Information Circular will reference that USNG is
subject to various fees and expenses described in the Registration
Statement. The Information Circular will also reference that the CFTC
has regulatory jurisdiction over the trading of natural-gas-based
futures contracts and related options.
    The Information Circular will also disclose the trading hours of
the Units of USNG and that the NAV for the Units

will be calculated after 4 p.m. ET each trading day. The Information
Circular will also disclose that information about the Units of USNG
will be publicly available on USNG's Web site.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act \12\ in general and Section 6(b)(5) of the Act \13\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to remove impediments to a free and open market
and a national market system, and, in general, to protect investors and
the public interest. In addition, Nasdaq believes that the proposal is
consistent with Rule 12f-5 under the Act \14\ because it deems the
Covered Securities to be an equity securities, thus rendering trading
in the Covered Securities subject to Nasdaq's existing rules governing
the trading of equity securities.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
    \14\ 17 CFR 240.12f-5.
---------------------------------------------------------------------------

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

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

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

    Written comments on the proposed rule change were neither solicited
nor received.

III. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-NASDAQ-2007-052 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2007-052. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments,

all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room. Copies of such
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-NASDAQ-2007-052 and should be submitted on or before
June 14, 2007.

IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change

    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
exchange.\15\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\16\ which
requires that an exchange have rules designed, among other things, 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. The Commission believes that this proposal should benefit
investors by increasing competition among markets that trade the Units.
---------------------------------------------------------------------------

    \15\ In approving this rule change, the Commission notes that it
has considered the proposal's impact on efficiency, competition, and
capital formation. See 15 U.S.C. 78c(f).
    \16\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In addition, the Commission finds that the proposal is consistent
with Section 12(f) of the Act,\17\ which permits an exchange to trade,
pursuant to UTP, a security that is listed and registered on another
exchange.\18\ The Commission notes that it previously approved the
listing and trading of the Units on Amex.\19\ The Commission also finds
that the proposal is consistent with Rule 12f-5 under the Act,\20\
which provides that an exchange shall not extend UTP to a security
unless the exchange has in effect a rule or rules providing for
transactions in the class or type of security to which the exchange
extends UTP. The Exchange has represented that it meets this
requirement because it deems the Units to be equity securities, thus
rendering trading in the Units subject to the Exchange's existing rules
governing the trading of equity securities.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78l(f).
    \18\ Section 12(a) of the Act, 15 U.S.C. 78l(a), generally
prohibits a broker-dealer from trading a security on a national
securities exchange unless the security is registered on that
exchange pursuant to Section 12 of the Act. Section 12(f) of the Act
excludes from this restriction trading in any security to which an
exchange ``extends UTP.'' When an exchange extends UTP to a
security, it allows its members to trade the security as if it were
listed and registered on the exchange even though it is not so
listed and registered.
    \19\ See supra note 5.
    \20\ 17 CFR 240.12f-5.
---------------------------------------------------------------------------

    The Commission further believes that the proposal is consistent
with Section 11A(a)(1)(C)(iii) of the Act,\21\ which sets forth
Congress' finding that it is in the public interest and appropriate for
the protection of investors and the maintenance of fair and orderly
markets to assure the availability to brokers, dealers, and investors
of information with respect to quotations for and transactions in
securities. Quotations for and last-sale information regarding the
Units are disseminated through the facilities of the CTA and the
Consolidated Quotation System. Furthermore, the Indicative Partnership
Value is calculated by Amex and published via the facilities of the
Consolidated Tape Association on a 15-second delayed basis throughout
the trading hours for the Units. In addition, if the listing market
halts trading when the Indicative Partnership Value is not being
calculated or disseminated, the Exchange would halt trading in the
Shares.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
---------------------------------------------------------------------------

    The Commission notes that, if the Units should be delisted by the
listing exchange, the Exchange would no

longer have authority to trade the Units pursuant to this order.
    In support of this proposal, the Exchange has made the following
representations:
    1. The Exchange has in place an Information Sharing Agreement with
the NYMEX and ICE Futures for the purpose of providing information in
connection with trading in or related to futures contracts traded on
the NYMEX and ICE Futures, respectively. To the extent USNG invests in
Natural Gas Interests traded on other exchanges, the Exchange will
enter into information sharing agreements with those particular
exchanges.
    2. The Exchange's surveillance procedures are adequate to properly
monitor trading of the Units on the Exchange.
    3. Prior to the commencement of trading, the Exchange will inform
its members in an Information Circular of the special characteristics
and risks associated with trading the Units.
    4. The Information Circular will discuss the requirement that
members deliver a prospectus to investors purchasing newly issued Units
prior to or concurrently with the confirmation of a transaction.

This approval order is conditioned on the Exchange's adherence to these
representations.
    The Commission finds good cause for approving this proposal before
the thirtieth day after the publication of notice thereof in the
Federal Register. As noted previously, the Commission previously found
that the listing and trading of the Units on Amex is consistent with
the Act. The Commission presently is not aware of any regulatory issue
that should cause it to revisit that finding or would preclude the
trading of the Units on the Exchange pursuant to UTP. Therefore,
accelerating approval of this proposal should benefit investors by
creating, without undue delay, additional competition in the market for
the Units.

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\22\ that the proposed rule change (SR-NASDAQ-2007-052), be and it
hereby is, approved on an accelerated basis.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\23\
---------------------------------------------------------------------------

    \23\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-10038 Filed 5-23-07; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 77, Number 32 (Thursday, February 16, 2012)]
[Notices]
[Pages 9297-9298]
[FR Doc No: 2012-3624]

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

DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[Docket No. NHTSA-2012-0021]

National Emergency Medical Services Advisory Council (NEMSAC);
Notice of Federal Advisory Committee Meeting

AGENCY: National Highway Traffic Safety Administration (NHTSA), U.S.
Department of Transportation (DOT).

ACTION: Meeting Notice--National Emergency Medical Services Advisory
Council.

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

SUMMARY: The NHTSA announces a meeting of NEMSAC to be held in the
Metropolitan Washington, DC area. This notice announces the date, time,
and location of the meeting, which will be open to the public. This
meeting will include a special roundtable event, hosted by the NEMSAC,
regarding the EMS Education Agenda for the Future. The purpose of
NEMSAC is to provide a nationally recognized council of emergency
medical services (EMS) representatives and consumers to provide advice
and recommendations regarding EMS to DOT's National Highway Traffic
Safety Administration.

DATES: The NEMSAC meeting will take place over two and a half days and
be held on Wednesday March 28, 2012, from 9 a.m. to 5 p.m. EST,
Thursday March 29, 2012, from 1 p.m. to 5 p.m. EST, and on Friday March
30, 2012, from 8 a.m. to 12 p.m. EST. NEMSAC committees will meet from
8 a.m. to 12 p.m. on March 29, 2012. Public comment periods will be
scheduled throughout the day of March 28, 2012, as well as from 3:30
p.m. to 4:30 p.m. EST on March 29, 2012.

ADDRESSES: The meeting will be held on the 8th floor of the FHI 360
Conference Center at 1825 Connecticut Avenue NW., Washington, DC 20009.

FOR FURTHER INFORMATION CONTACT: Drew Dawson, Director, U.S. Department
of Transportation, Office of Emergency Medical Services, 1200 New
Jersey Avenue SE., NTI-140, Washington, DC 20590, telephone number
(202) 366-9966; email<EMAIL_ADDRESS>

SUPPLEMENTARY INFORMATION: Notice of this meeting is given under the
Federal Advisory Committee Act, Public Law 92-463, as amended (5 U.S.C.
App.). NEMSAC will meet on March 28-30, 2012, at the FHI 360 Conference
Center at 1825 Connecticut Avenue NW., Washington, DC 20009. This
meeting will include a special roundtable event, hosted by the NEMSAC,
regarding the EMS Education Agenda for the Future. The purpose of the
March 28, 2012, roundtable is to provide NEMSAC with stakeholder input
about the EMS Education Agenda for the Future: A Systems Approach
including a briefing on the Agenda's history and lessons learned from
its implementation throughout the United States. This stakeholder input
will help NEMSAC in making recommendations to the Department of
Transportation and the Federal Interagency Committee on EMS regarding:
The Agenda's future and a process for revising/updating the Agenda as
deemed necessary and appropriate.

Agenda of National EMS Advisory Council Meeting, March 28-30, 2012

    The tentative agenda includes the following:

Wednesday, March 28, 2012

(1) Opening Remarks
(2) History and Overview of the EMS Education Agenda for the Future
(3) Panel Discussion 1--Successes and Challenges in
Implementing the Current Agenda
(4) Panel Discussion 2--Opportunities and Challenges in
Revising the Agenda
(5) Panel Discussion 3--The Process To Revise the Agenda
(6) Next Steps

Thursday, March 29, 2012

(1) Opening Remarks
(2) Review and Approval of Minutes of Last Meeting
(3) Update From NHTSA Office of EMS
(4) Federal Partner Update
(5) Presentations From NEMSAC Committees
(6) Public Comment Period

Friday, March 30, 2012

(1) Deliberations of Committee Documents
(2) Discussion of New and Emerging Issues
(3) Unfinished Business/Continued Discussion From Previous Day
(4) Next Steps and Adjourn

    Public comment periods will be scheduled throughout the day of
March 28, 2012, as well as from 3:30 p.m. to 4:30 p.m. EST on March 29,
2012. Written comments or requests to make oral presentations must be
received by March 21, 2012, by emailing<EMAIL_ADDRESS>In order to
allow as many people as possible to speak, speakers are requested to
limit their remarks to 5 minutes.
    Public Attendance: This meeting will be open to the public. There
will not be a teleconference option for this meeting. Individuals
wishing to attend must register online at www.regonline.com/NEMSAC no
later than March 26, 2012.
    Minutes of the NEMSAC Meeting will be available to the public
online through www.EMS.gov.

    Issued on: February 13, 2012.
Jeffrey P. Michael,
Associate Administrator for Research and Program Development.
[FR Doc. 2012-3624 Filed 2-15-12; 8:45 am]
BILLING CODE 4910-59-P


[Federal Register Volume 75, Number 92 (Thursday, May 13, 2010)]
[Notices]
[Pages 27112-27114]
[FR Doc No: 2010-11510]

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

DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

Solicitation of Applications and Notice of Funding Availability
for the FRA Railroad System Issues Research and Development Program

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

ACTION: Notice of funding availability; solicitation for applications.

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

SUMMARY: Under this Notice, the FRA is soliciting applications from
interested and responsible parties for two grants: (1) To conduct a
Locomotive Biofuel Study, and (2) to conduct a Study of the Use of Bio-
based Technologies (Lubricants) that can be used in locomotives,
rolling stock and other rail equipment.

DATES: FRA will accept applications for these grant opportunities until
June 7, 2010.

ADDRESSES: Applications must be submitted electronically to http://www.grants.gov (``Grants.gov''). Grants.gov allows organizations
electronically to find and apply for competitive grant opportunities
from all Federal grant-making agencies. Any entity wishing to submit an
application pursuant to this notice should immediately initiate the
process of registering with Grants.gov at http://www.grants.gov. For
application materials that an applicant is unable to submit via
Grants.gov, applicants may submit an original and two (2) copies to the
Federal Railroad Administration at the following address: Federal
Railroad Administration, Attention: Melissa Shurland, Office of
Research and Development, Mail Stop 20, Room W36-429, 1200 New Jersey
Avenue, SE., Washington, DC 20590. Due to delays caused by enhanced
screening of mail delivered via the U.S. Postal Service, applicants are
encouraged to use other means to assure timely receipt of materials.

FOR FURTHER INFORMATION CONTACT: Melissa Shurland, Office of Research
and Development, Federal Railroad Administration, 1200 New Jersey
Avenue, SE., Washington, DC 20590; Phone:<PHONE_NUMBER> or Jennifer
Capps, Grants Officer, Office of Acquisition and Grants Services (RAD-
50), Federal Railroad Administration, 1200 New Jersey Avenue, SE.,
Washington, DC 20590; Phone:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Title IV, Section 404 of the Passenger Rail
Investment and Improvement Act, 2008 (Division B of Pub. L. 110-432)
authorized the FRA, in consultation with the Secretary of Energy and
Administrator of the Environmental Protection Agency, to conduct a
``Locomotive Biofuel Study.'' This study will focus on determining the
extent to which freight railroads, Amtrak, and other passenger rail
operators could use biofuel blends to power locomotives and other
vehicles that can operate on diesel fuel, as appropriate. Additionally,
Section 405 of the Passenger Rail

Investment and Improvement Act, 2008 (Division B of Pub. L.110-432)
authorized the FRA to conduct a ``Study of the Use of Bio-based
Technologies.'' The study will focus on the feasibility of using
readily biodegradable lubricants for freight and passenger railroad
locomotives, rolling stock, or other equipment. The two grants,
``Locomotive Biofuel Study'' and the ``Study of the Use of Bio-based
Technologies,'' together, will be supported with a total of up to
$700,000 of Federal funds provided to FRA as part of the
Transportation, Housing and Urban Development, and Related Agencies
Appropriations Act, 2010 (Division A of Pub. L. 111-117 (December 16,
2009)). Eligible projects will include dynamic testing of locomotives,
rolling stock and other rail equipment, with various biofuel blends as
fuel; or bio-based lubricants being utilized in the appropriate
equipment components to verify the effectiveness of the fuel or
lubricant, in comparison to their equivalent petroleum-based products.
FRA anticipates that no further public notice will be made with respect
to selecting grantees under this program.
    Purpose: The volatility of the price of petroleum-based products in
recent years and the negative impact of their use on the environment
has caused end-users to consider alternatives to these products.
Currently in the railroad industry petroleum-based fuel and lubricants
are used in various components of rail equipment and rolling stock,
such as locomotive engines, equipment gear cases and housings. Fuel and
lubricants that are bio-based come from a renewable source, may be
environmentally benign, and can help reduce the railroad industry's
dependence on imported oil. The FRA wishes to conduct the two studies
on the feasibility of using various biofuel blends and bio-based
lubricants in railroad equipment.
    One study will test the feasibility of using biofuel blends as
locomotive engine fuel. For the biofuel study, FRA wishes to consider
(1) the energy intensity of various biofuel blends compared to diesel
fuel; (2) environmental and energy effects of using various biofuel
blends compared to diesel fuel, including emission effects; (3) the
cost of purchasing biofuel blends; (4) whether sufficient biofuel is
readily available; (5) any public benefits derived from the use of such
fuels; and (6) the effect of biofuel use on locomotive and other
vehicle performance and warranty specifications. Locomotive engine
performance and emissions shall be determined through locomotive
testing, using various biofuel blends and diesel fuel. This research
shall be done so that recommendations can be made for premium
locomotive biofuel blends.
    The second study will focus on testing the feasibility of using
bio-based lubricants in locomotive, rolling stock and other equipment.
This study shall consist of the following: (1) An analysis of the
potential use of soy-based grease and soy-based hydraulic fluids to
perform according to railroad industry standards; (2) an analysis of
the potential use of other readily biodegradable lubricants to perform
according to railroad industry standards; (3) a comparison of the
health and safety of petroleum-based lubricants with bio-based
lubricants, which shall include an analysis of fire safety; (4) a
comparison of the environmental impact of petroleum-based lubricants
with bio-based lubricants, which shall include the rate and effects of
biodegradability; (5) a comparison of the performance of the bio-based
lubricant in comparison to petroleum-based lubricants; and (6) a study
of the effects of the bio-based lubricants on railroad equipment
components in comparison to petroleum-based lubricants.
    Authority: The authority for the research can be found in the
Passenger Rail Investment and Improvement Act, 2008, (Division B of
Pub. L. 110-432, (October 16, 2008)).
    Funding: Pursuant to the Transportation, Housing and Urban
Development, and Related Agencies Appropriations Act, 2010, (Division A
of Pub. L. 111-117 (December 16, 2009)) $3,000,000 is available for the
railroad system issues research and development program, and the Act
authorizes FRA to engage in research, development and demonstration
activities relating to railroad system safety, performance-based
regulations, railroad systems and infrastructure security, railroad
environmental issues, and locomotive research and development. Up to
$700,000 of the railroad system issues research and development program
funds will be used to support the studies of the feasibility of using
biofuel blends and bio-based lubricants in locomotives, rolling stock
or other equipment. The funding provided under this grant will be made
available to grantees on a reimbursement basis. It is anticipated that
the available funding could support the projects proposed by multiple
applicants. FRA may choose to award a grant or grants within the
available funds in any amount. Funding made available through a grant
provided under this program, together with funding from other sources
that is committed by a grantee as part of a grant agreement, must be
sufficient to complete the funded project.
    Schedule for Locomotive Biofuel Study and the Study of the Use of
Bio-based Technologies: FRA will begin accepting grant applications
immediately. Applicants must specify the specific grant for which they
are applying, i.e. ``Locomotive Biofuel Study,'' or the ``Study of the
Use of Bio-based Technologies.'' Applications must be submitted by
Monday, June 7, 2010. Due to the limited funding available under this
program: (1) Applicants are encouraged to submit their applications at
the earliest date practicable in order to maximize the consideration of
their application in the competition; and (2) FRA may request that an
applicant submit a revised application reflecting a refined scope of
work and budget. FRA anticipates making the first award(s) pursuant to
this notice during FY 2010.
    Eligible Participants: For the locomotive biofuel study, any
responsible entity with knowledge of biofuel blends and their
applicable use as fuel for locomotives, and the ability to determine
and/or analyze the energy content, specification and chemical
properties of biofuel, is eligible to apply. Eligible participants must
show their ability to conduct dynamic tests of locomotive to acquire
fuel consumption, engine wear, and emissions, of various biofuel
blends.
    Section 405 provides that FRA work with an agricultural-based
lubricant testing facility or facilities to complete the study of the
use of bio-based lubricants. Eligible participants for the bio-based
lubricant study must be knowledgeable and experienced in research,
development and testing of bio-based lubricants, knowledge of
petroleum-based lubricant use in railroad, and the ability to conduct
accurate analyses of biodegradability, and the health and safety
impact, including fire safety of lubricants. Additionally, the
applicant must show ability to a conduct dynamic test of the bio-based
lubricants in railroad equipment.
    Dynamic testing of the biofuel blends and bio-based lubricants can
be accomplished in collaboration with a third party, but any such third
party must be identified in the grant application proposed statement of
work.
    Eligible Projects: Eligible projects must be for the primary
benefit of determining the feasibility of utilizing biofuel blends or
bio-based lubricants in locomotive, rolling stock and other rail
equipment. Only new projects will be eligible; projects that have
either

commenced before the time of award or have been completed will not be
considered. Matching funding must be in the form of new financial
commitments toward the proposed project by the applicant and/or its
partners.
    Selection Criteria: The following will be considered to be positive
selection factors in evaluating applications for grants under this
program: (1) The ability of the proposed project to result directly in
evaluating the effectiveness of biofuel blends and bio-based lubricant
as an alternative to petroleum-based fuels and lubricants, including,
but not limited to, testing and analyses of the biofuel blends or bio-
based lubricants to perform in accordance with railroad industry
standards; (2) comparison of biofuel blends or bio-based lubricant with
petroleum-based lubricants in relation to their environmental, health
and safety impact, and the effects of the biofuel blends or bio-based
lubricants on the equipment parts and components; (3) the ability to
conduct dynamic testing of the biofuel blends or bio-based lubricant in
railroad equipment in controlled environment and/or revenue service
conditions; and (4) the ability to provide matching funds or in-kind
contributions, which can be provided by a third party; however, the
grantee is responsible for ensuring their availability.
    Requirements for Grant Applications: The following points describe
the minimum content which will be required in grant applications. These
requirements may be satisfied through a narrative statement submitted
by the applicant, supported by spreadsheet documents, tables, drawings,
and other materials, as appropriate. Each grant application will: (1)
Designate a point of contact for the applicant, including phone number,
mailing address and e-mail address. (2) Include a complete Standard
Form 424, ``Application for Federal Assistance,'' and, as applicable,
Standard Form 424B, ``Assurances--Non-Construction Programs.'' Also
include signed copies of FRA's Additional Assurances and
Certifications, available at http://www.fra.dot.gov/downloads/admin/assurancesandcertifications.pdf. (3) Identify and provide background
information on the bio-based lubricant technology, its application(s),
and benefits. (4) Define the scope of work for the proposed project and
the anticipated project schedule. Describe the proposed project's
physical location (as applicable). (5) Present a detailed budget for
the proposed project. At a minimum, the budget should separate total
cost of the project into the following categories: (a) Direct Costs
(such as labor, materials, equipment and/or procurement fees,
engineering fees, testing facilities fees, actual testing fees, and
inspection fees); (b) Other Direct Costs (such as travel); and (c)
General and Administrative Costs.
    Format: Excluding spreadsheets, drawings, and tables, the narrative
statement for grant applications may not exceed fifty pages. All
application materials should be submitted as attachments through
Grants.Gov. Spreadsheets consisting of budget or financial information
should be submitted via Grants.Gov as Microsoft Excel (or compatible)
documents.

    Issued in Washington, DC, on May 7, 2010.
Paul Nissenbaum,
Acting Associate Administrator, Railroad Policy and Development,
Federal Railroad Administration.
[FR Doc. 2010-11510 Filed 5-12-10; 8:45 am]
BILLING CODE 4910-06-P