[Federal Register Volume 77, Number 198 (Friday, October 12, 2012)]
[Notices]
[Pages 62293-62295]
[FR Doc No: 2012-25084]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67997; File No. SR-NASDAQ-2012-112]

 Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Inbound Routing From an Affiliated Exchange

October 5, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\

notice is hereby given that, on September 28, 2012, The NASDAQ Stock
Market LLC (the ``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 continue to accept inbound orders routed
by Nasdaq Execution Services LLC (``NES'') from both the NASDAQ OMX PSX
facility (``PSX'') of NASDAQ OMX PHLX LLC (``PHLX'') as well as from
the NASDAQ OMX BX Equities Market of NASDAQ OMX BX, Inc. (``BX''), as
described further below, for an additional six month period. The text
of the proposed rule change is available at http://nasdaq.cchwallstreet.com, at the Exchange'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 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
    Currently, NES is the approved outbound routing facility of BX and
PSX, providing outbound routing to other market centers.\3\ The
Exchange, BX and PSX have previously adopted rules to permit NASDAQ to
receive inbound routes of certain orders by NES in its capacity as an
order routing facility of BX and PSX.\4\ The Exchange specifically has
adopted a rule to prevent potential informational advantages resulting
from the affiliation between NASDAQ and NES, as related to NES's
authority to route certain orders from BX and PSX to NASDAQ.\5\ NES's
authority to route these orders to NASDAQ is subject to a pilot period
ending October 6, 2012.\6\ The Exchange hereby seeks to extend the
previously approved pilot period (with the attendant obligations and
conditions) for an additional six months, through March 30, 2013.
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    \3\ BX Rule 4758(b) and PHLX Rule 3315(b).
    \4\ See Securities Exchange Act Release Nos. 65554 (October 13,
2011), 76 FR 65311 (October 20, 2011) (SR-NASDAQ-2011-142); 65470
(October 3, 2011), 76 FR 62489 (October 7, 2011) (SR-BX-2011-048);
and 65469 (October 3, 2011), 76 FR 62486 (October 7, 2011) (SR-Phlx-
2011-108).
    \5\ See NASDAQ Rule 2160(c).
    \6\ See Securities Exchange Act Release No. 65554 (October 13,
2011), 76 FR 65311 (October 20, 2011) (SR-NASDAQ-2011-142).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\7\ in general, and with
Sections 6(b)(5) of the Act,\8\ in particular, in that the proposal is
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Specifically,
the proposed rule change will allow NASDAQ to continue to receive
inbound routes of equities orders from NES, acting in its capacity as a
facility of PHLX or BX, in a manner consistent with prior approvals and
established protections. The Exchange believes that extending the
previously approved pilot period for six months is a sufficient length
of time to permit both the Exchange and the Commission to assess the
impact of the Exchange's authority to permit it to receive inbound
routes of certain orders via NES (including the attendant obligations
and conditions).
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    \7\ 15 U.S.C. 78f.
    \8\ 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
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended.

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

    Written comments were neither solicited nor received.

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

    Because the foregoing proposed rule change does not significantly
affect the protection of investors or the public interest, does not
impose any significant burden on competition, and, by its terms, does
not become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6) thereunder.\10\
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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    The Exchange has requested that the Commission waive the 30-day
operative delay. The Commission believes that waiver of the 30-day
operative delay is consistent with the protection of investors and the
public interest because such waiver would allow the pilot period to be
extended without undue delay through March 30, 2013.\11\ Accordingly,
the Commission hereby grants the Exchange's request and designates the
proposal operative upon filing.\12\
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    \11\ See SR-NASDAQ-2012-112, Item 7.
    \12\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2012-112 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NASDAQ-2012-112. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2012-112 and should
be submitted on or before November 2, 2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-25084 Filed 10-11-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 135 (Monday, July 19, 2021)]
[Notices]
[Pages 38140-38143]
[FR Doc No: 2021-15188]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92380; File No. SR-FICC-2021-006]

Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Clearing Agency Model Risk Management Framework

July 13, 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 July 7, 2021, Fixed Income Clearing Corporation (``FICC'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II and III below, which
Items have been prepared by the clearing agency. FICC filed the
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and
Rule 19b-4(f)(1) thereunder.\4\ 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.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(1).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    The proposed rule change clarifies the scope of the Clearing Agency
Model Risk Management Framework (``Framework'') of FICC and its
affiliates The Depository Trust Company (``DTC'') and National
Securities Clearing Corporation (``NSCC,'' and together with FICC, the
``CCPs,'' and the CCPs together with DTC, the ``Clearing
Agencies'').\5\ The Framework has been adopted by the Clearing Agencies
to support their compliance with Rule 17Ad-22(e) (the ``Covered
Clearing Agency Standards'').\6\ The proposed rule change \7\ would
amend the Framework to clarify that the Framework applies solely to
models \8\ utilized by the Clearing Agencies that are subject to the
model risk management requirements set forth in Rule 17Ad-22(e)(4),
(e)(6), and (e)(7) under the Act.\9\ The proposed rule change also
makes other technical and clarifying changes to the text, as more fully
described below.
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    \5\ The Framework sets forth the model risk management practices
that the Clearing Agencies follow to identify, measure, monitor, and
manage the risks associated with the design, development,
implementation, use, and validation of quantitative models. The
Framework is filed as a rule of the Clearing Agencies. See
Securities Exchange Act Release No. 81485 (August 25, 2017), 82 FR
41433 (August 31, 2017) (File Nos. SR-DTC-2017-008; SR-FICC-2017-
014; SR-NSCC-2017-008) (``2017 Notice'') and Securities Exchange Act
Release No. 88911 (May 20, 2020), 85 FR 31828 (May 27, 2020) (File
Nos. SR-DTC-2020-008; SR-FICC-2020-004; SR-NSCC-2020-008) (``2020
Notice'') (collectively, the MRMF Filings'').
    \6\ 17 CFR 240.17Ad-22(e). Each of DTC, NSCC and FICC is a
``covered clearing agency'' as defined in Rule 17Ad-22(a)(5) and
must comply with Rule 17Ad-22(e).
    \7\ Amending the Framework does not require any changes to the
Rules, By-Laws and Organization Certificate of DTC, the Rulebook of
the Government Securities Division of FICC, the Clearing Rules of
the Mortgage-Backed Securities Division of FICC, or the Rules &
Procedures of NSCC, because the Framework is a standalone document.
See MRMF Filings, supra note 5.
    \8\ See infra note 16 for the definition of ``model'' as adopted
by the Clearing Agencies pursuant to the Framework.
    \9\ 17 CFR 240.17Ad-22(e)(4), (e)(6) and (e)(7). References to
Rule 17Ad-22(e)(6) and compliance therewith apply to the CCPs only
and do not apply to DTC.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

    In its filing with the Commission, the clearing agency 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 clearing agency has prepared summaries,
set forth in sections A, B, and C below, of the most significant
aspects of such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

1. Purpose
    The proposed rule change clarifies the scope of the Framework to
make clear that it applies solely to models that are subject to Rule
17Ad-22(e)(4), (e)(6), and (e)(7).\10\ The proposed rule change also
makes other technical and clarifying changes to the text.
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    \10\ Id.

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Background
    The Framework is maintained by the Clearing Agencies to support
their compliance with the requirements of the Covered Clearing Agency
Standards relating to model risk management. The Covered Clearing
Agency Standards require that the Clearing Agencies take a variety of
steps to manage the models that they employ in identifying, measuring,
monitoring, and managing their respective credit exposures and
liquidity risks, including that the Clearing Agencies conduct daily
backtesting of model performance, periodic sensitivity analyses of
models, and annual validation of models.\11\
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    \11\ Id.
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    The Framework outlines the applicable regulatory requirements
described above, describes the risks that the Clearing Agencies' model
risk management program are designed to mitigate, and sets forth
specific model risk management practices and requirements adopted by
the Clearing Agencies in order to ensure compliance with the Covered
Clearing Agency Standards. These practices and requirements include,
among other things, the maintenance of a model inventory, a process for
rating model materiality and complexity, processes for performing model
validations and resolving findings identified during model validation,
and processes for model performance monitoring, including backtesting
and sensitivity analyses. The Framework also describes applicable
internal ownership and governance requirements.\12\
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    \12\ See MRMF Filings, supra note 5, for additional information
on the contents of the Framework.
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    The Depository Trust & Clearing Corporation (``DTCC''), the parent
company of the Clearing Agencies, has established a robust model risk
management program, which applies to models employed across multiple
business lines and corporate functions.\13\ DTCC may implement changes
in its model risk management program from time to time, some of which
changes may impact only lower-risk, lower-materiality models that are
not subject to the specific model risk management requirements of the
Covered Clearing Agency Standards. The Clearing Agencies previously
adopted changes to the Framework in connection with proposed
enhancements to their model risk management program, which rule changes
also deleted the defined term ``Clearing Agency Model'' on grounds that
the Framework related solely to models of the Clearing Agencies, and it
was unnecessary to use the modifier ``Clearing Agency''.\14\ In view of
continued expansion of DTCC's model risk management program, however,
the Clearing Agencies desire to avoid any doubt as to the applicability
of the Framework to specific models, and therefore propose to adopt
further clarifying changes to the text of the Framework.
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    \13\ DTCC operates on a shared services model with respect to
the Clearing Agencies. Most corporate functions are established and
managed on an enterprise-wide basis pursuant to intercompany
agreements under which it is generally DTCC that provides a relevant
service to a Clearing Agency.
    \14\ See 2020 Notice, supra note 5.
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Proposed Rule Change
    Section 1 (Executive Summary) of the Framework recites the
regulatory requirements applicable to model risk management for credit
risk models, liquidity risk models, and margin models that are set
forth in the Covered Clearing Agency Standards. The proposed rule
change clarifies the Framework's scope by (i) amending Section 1 of the
Framework to add a sentence that states that the Framework supports the
Clearing Agencies in complying with their rule filing requirements
under Rule 19b-4 \15\ because the Framework itself is a rule that
governs the Clearing Agencies' management of their credit risk, margin,
and liquidity risk management models and (ii) adding a footnote that
states that only those models that satisfy the definition of ``model''
set forth in Section 3.1 of the Framework, and that support the
Clearing Agencies' compliance with the Standards, are models subject to
the Framework and, in contrast, models of the Clearing Agencies that
would satisfy the definition of ``model'' as set forth under Section
3.1 of the Framework, but do not support the Clearing Agencies'
compliance with the Standards, are not subject to the Framework.\16\ In
this regard, the proposed rule change would also amend certain
references to models in subsequent sections to refer to models
``subject to this Framework''. Specifically, the text ``subject to this
Framework'' would modify references to models in (i) Section 3.1 with
respect to (a) models to be added to the Clearing Agencies' model
inventory and (b) models subject to validation as set forth in Section
2,\17\ (ii) Section 3.2 (Model Materiality and Complexity) with respect
to the assignment of complexity ratings to models,\18\ (iii) Section
3.3 (Full Model Validation) with respect to a requirement relating to
the validation of new models,\19\ (iv) Section 3.4 (Periodic Model
Validation) with respect to periodic validation of models,\20\ (v)
Section 3.5 (Model Change Management) with respect to models that
require changes in either structure or technique, (vi) Section 3.7
(Resolution of Model Validation Findings) with respect to internal
tracking and reporting relating to model validations \21\ and (vii)
Section 4.2 (Escalation) \22\ with respect to internal

escalation of model performance monitoring oversight concerns.\23\
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    \15\ 17 CFR 240.19b-4.
    \16\ Pursuant to Section 3.1 of the Framework, the Clearing
Agencies have adopted the following definition of ``model'':
``[M]odel'' refers to a quantitative method, system, or approach
that applies statistical, economic, financial, or mathematical
theories, techniques, and assumptions to process input data into
quantitative estimates. A ``model'' consists of three components: An
information input component, which delivers assumptions and data to
the model; a processing component, which transforms inputs into
estimates; and a reporting component, which translates the estimates
into useful business information. The definition of `model' also
covers quantitative approaches whose inputs are partially or wholly
qualitative or based on expert judgment, provided that the output is
quantitative in nature. See 2017 Notice, supra note 5. See also
Supervisory Guidance on Model Risk Management, SR Letter 11-7
Attachment, dated April 4, 2011, issued by the Board of Governors of
the Federal Reserve System and the Office of the Comptroller of the
Currency, available at https://www.federalreserve.gov/supervisionreg/srletters/sr1107a1.pdf, page 3.
    \17\ Also in this regard, the applicable sentence that this
reference would be added to would also replace the words ``All
models (including, without limitation, all credit risk models margin
models, and liquidity risk models)'' with ``All models.'' The
described reference to ``subject to this Framework'' would be added
after the newly added text ``All models.''
    \18\ In this instance, the new text ``subject to this
Framework'' would be preceded with the added text ``that is'' so
that the reference to ``model'' in this context reads ``. . . model
that is subject to this Framework . . . .''
    \19\ Similar to the prior reference from Section 3.1, the added
reference to ``subject to this Framework'' in Section 3.3 would be
preceded with the added text ``that is'' so that the reference to
``model'' in this context reads ``. . . new model that is subject to
this Framework . . . .''
    \20\ Similar to the prior reference from Section 3.3, the added
reference to ``subject to this Framework in Section 3.4 would be
followed with the added text ``that is'' so that the reference to
``model'' in this context reads ``. . . model subject to this
Framework that is . . . .''
    \21\ The reference to model in this instance also refers to a
new model or a model change and the applicable text reads ``. . .
new model or model change . . . .'' To improve the flow of the text,
the words ``or model change'' would be deleted and ``or changed''
would be added after ``new.'' Also, the addition of ``subject to
this Framework'' would be preceded by newly added words ``that is''
so that the reference to ``model'' in this case refers to ``. . .
new or changed model that is subject to this Framework . . . .''
    \22\ In this instance the existing text does not use the word
``model'' even though it is referencing the escalation of issues
relating to models. The applicable sentence currently begins with
``[a]ll model performance monitoring oversight concerns . . . .''
    \23\ See MRMF Filings, supra note 5, for additional information
on the contents of these sections, and the Framework in general.
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    The proposed rule change makes several other technical and
clarifying changes to the text of the Framework. It revises a sentence
in Section 1 that currently states ``FICC/GSD, FICC/MBSD, and NSCC are
each a ``Central Counterparty'' or ``CCP'' and are collectively
referred to as the ``Central Counterparties'' or ``CCPs''. The proposed
revisions to this sentence (i) changes the first reference to ``Central
Counterparty'' from a capitalized term to an uncapitalized term, (ii)
deletes the second reference to this term in this sentence (shown as
``Central Counterparties'') such that ``CCP'' will be the sole defined
term used to described central counterparties, and (iii) adds ``below''
after the words ``referred to.''
    It defines a term for ``Clearing Agency Model Documentation'' to
reduce the repetition of listing numerous documents that are
subordinate to the Framework with respect to model risk management. The
proposed rule change updates the titles of certain Clearing Agency
Model Documentation.\24\ It also consolidates a reference to
supplementary model risk documentation applicable to the Clearing
Agencies that may be created from time to time into the newly defined
term ``Clearing Agency Model Documentation''. The proposed rule change
adds this defined term to three sentences in Section 1 to replace
references in the section to specifically named model documentation and
supplemental model documentation. It also consolidates two references
that respectively provide that the documentation that is specifically
named in the Framework, and the supplemental documentation that may be
created, are subordinate to the Framework and are reasonably and fairly
implied by the Framework, into one such reference with respect to
Clearing Agency Model Documentation.
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    \24\ Section 1 provides that this documentation each of which
may be updated, amended, retired, or replaced from time to time. In
this regard, the text would be updated to reflect that (i) ``DTCC
Model Validation Procedures'' has been changed to ``Model Validation
Procedures'', (ii) ``DTCC Model Performance Monitoring Procedures''
has been changed to ``DTCC Model Performance Standards & Policy'',
and (iii) ``DTCC Backtesting Procedures'' has been changed to
``Clearing Agency Backtesting Procedures.'' Also, the ``Quantitative
Risk Management Policy'' and ``Quantitative Risk Management
Monitoring Procedures'' would be added as supporting documents.
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    The proposed rule change updates prior references to the Model
Validation & Control unit (defined in the Framework as ``MVC''), the
name of which has recently changed, to instead refer generically to the
unit within the Clearing Agencies' Group Chief Risk office that
performs second-line model risk management functions. This generic
reference to this unit would be defined as ``MRM'' in the Framework
and, therefore, all references to ``MVC'' would be replaced with
``MRM'' beginning from the first use of ``MVC'' in Section 3, and with
respect to all subsequent references to ``MVC,'' through and including
the last reference to ``MVC'' in the second to last paragraph of
Section 5.
    In addition, a sentence in Section 3.1 that states ``[a]ll Model
Validations are performed by MVC, which consists of qualified persons
who are free from influence from the persons responsible for the
development or operation of the models being validated, as required by
the risk management standards described in Section 2[.]'' would be
revised to delete the clause ``as required by the risk management
standards described in Section 2'' and the comma immediately preceding
that clause would be deleted. This clause is unnecessary because it
follows in a paragraph that already makes reference to the referenced
``risk management standards'' in a similar context.
    Also, a sentence in Section 3.8 describes that as part of model
performance monitoring, on at least a monthly basis, a sensitivity
analysis is performed on each CCP's margin models, the key parameters
and assumptions for backtesting of such margin models are reviewed, and
modifications will be considered to ensure the backtesting practices
are appropriate for determining the adequacy of such CCP's margin
resources. This sentence ends with a clause that states ``which
Quantitative Risk Management (``QRM'') performs as required by the risk
management standards described in Section 2.'' The reference to the
requirements of Section 2 is unnecessary when naming the group that
performs these tasks. Therefore, Clearing Agencies will delete the
clause referencing these requirements, and a comma that proceeds it,
from the sentence in Section 3.8 described immediately above, and add a
new sentence, to follow the existing sentence, stating that
Quantitative Risk Management performs these functions, without
referencing the requirements described in Section 2. The new sentence
will read ``Quantitative Risk Management (``QRM'') performs these
functions.'' In addition, in this same sentence, the proposed rule
change will delete ``a'' that currently appears before the words
``sensitivity analysis''.
    The proposed rule change also makes certain technical and
grammatical corrections, including elimination of unused or misapplied
defined terms. The proposed rule change deletes the text ``in
compliance with applicable legal requirements'' from sentence in
Section 1 (Executive Summary) that states that Section 3 of the
Framework describes key aspects of the Framework in terms of the manner
in which the Clearing Agencies identify, measure, monitor, and manage
model risk. Referring to compliance with applicable legal requirements
with respect to an individual section is unnecessary, because Section 1
contains a separate reference indicating that the Framework itself is
designed to support compliance with the legal requirements set forth
under the Covered Clearing Agency Standards relating to model risk
management. The proposed rule change would also modify the beginning of
the sentence described immediately above that currently includes the
text ``Section 3 describes key aspects of the Framework in terms of the
manner in which the Clearing Agencies identify, measure, monitor, and
manage model risk . . .'' to delete the words ``Framework in terms of
the'' to simplify the text by deleting a clause that does not enhance
the meaning of the sentence.
    Finally, the proposed rule change replaces a reference to
``quantitative models'' to ``models'' in the Executive Summary under
Section 1. This use of ``quantitative'' is redundant because, by
definition, models covered by the Framework are quantitative in
nature.\25\
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    \25\ As noted above, pursuant to Section 3.1 of the Framework,
the term ``model'' refers to a quantitative method, system, or
approach that applies statistical, economic, financial, or
mathematical theories, techniques, and assumptions to process input
data into quantitative estimates.
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2. Statutory Basis
    FICC believes that the proposed rule change is consistent with
Section 17A(b)(3)(F) of the Act,\26\ as well as Rule 17Ad-22(e)(4),
(e)(6), and (e)(7) thereunder,\27\ for the reasons described below.
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    \26\ 15 U.S.C. 78q-1(b)(3)(F).
    \27\ 17 CFR 240.17Ad-22(e)(4), (e)(6) and (e)(7). References to
Rule 17Ad-22(e)(6) and compliance therewith apply to the CCPs only
and do not apply to DTC.
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    Section 17A(b)(3)(F) of the Act \28\ requires, inter alia, that the
rules of a clearing agency be designed to assure the safeguarding of
securities and funds

which are in the custody or control of the clearing agency or for which
it is responsible. As described above, the Framework describes the
process by which the Clearing Agencies identify, measure, monitor, and
manage the risks associated with the design, development,
implementation, use, and validation of quantitative models. The
quantitative models covered by the Framework are utilized by the
Clearing Agencies, as applicable, to manage risks associated with the
safeguarding of securities and funds that are in their custody or
control or for which they are responsible, and the proposed rule change
clarifies the applicability of the Framework to specific models,
thereby better supporting the ability of the Clearing Agencies to
perform these important risk management functions and comply with other
regulatory requirements, including Rule 19b-4.
---------------------------------------------------------------------------

    \28\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    Rule 17Ad-22(e)(4), (e)(6), and (e)(7) \29\ requires, inter alia,
that a covered clearing agency establish, implement, maintain and
enforce written policies and procedures reasonably designed to manage
risks associated with its credit risk management models, margin models,
and liquidity risk management models, as applicable. As discussed
above, the proposed rule change clarifies the applicability of the
Framework to such types of models, thereby better supporting the
ability of the Clearing Agencies to comply with these requirements.
Therefore, the Clearing Agencies believe that the proposed changes to
the Framework are consistent with Rule 17Ad-22(e)(4), (e)(6), and
(e)(7).\30\
---------------------------------------------------------------------------

    \29\ 17 CFR 240.17Ad-22(e)(4), (e)(6) and (e)(7). References to
Rule 17Ad-22(e)(6) and compliance therewith apply to the CCPs only
and do not apply to DTC.
    \30\ Id.
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    The Clearing Agencies do not believe that the proposed rule change
would have any impact, or impose any burden, on competition because the
proposed rule change simply clarifies the scope and administration of
the Framework by the Clearing Agencies and would not effectuate any
changes to the Clearing Agencies' model risk management tools as they
currently apply to their respective Members or Participants.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others

    The Clearing Agencies have not solicited or received any written
comments relating to this proposal. The Clearing Agencies will notify
the Commission of any written comments received by the Clearing
Agencies.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) \31\ of the Act and paragraph (f) \32\ of Rule 19b-4
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \31\ 15 U.S.C. 78s(b)(3)(A).
    \32\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-FICC-2021-006 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-FICC-2021-006. 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 FICC and on DTCC's website
(http://dtcc.com/legal/sec-rule-filings.aspx). 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-FICC-2021-006 and should be submitted on
or before August 9, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
---------------------------------------------------------------------------

    \33\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-15188 Filed 7-16-21; 8:45 am]
BILLING CODE 8011-01-P


UNITED STATES ENVIRONMENTAL PROTECTION AGENCY WASHINGTON D. C., 20460 MEMORANDUM PC Code: 038901, 038904, 038905 DP Barcode: 320971 SUBJECT: Environmental Fate and Effects Division Response to Public Comment for the Endothall RED FROM: Michelle Rau Embry, Ph. D. Environmental Risk Branch II Environmental Fate and Effects Division ( 7507C)

TO: Mika Hunter, Chemical Review Manager Reregistration Division ( 7508C)

THROUGH: Dana Spatz, RAPL Tom Bailey, Ph. D., Branch Chief Environmental Risk Branch II Environmental Fate and Effects Division ( 7507C)

DATE: August 24, 2005 The EFED responses to the public comment period on the endothall RED are addressed below.

Cerexagri, Inc. Comments  Page xxiv ( 24), 2. Ecosystems Potentially at Risk. Risk assessments have been conducted for aquatic plants and algae. It should be noted that endothall is an aquatic herbicide and algaecide and as such is expected to kill aquatic plants and algae. It would not be a viable product if it were not efficacious. The Agency understands that endothall is targeted for aquatic plants. The statement that is referred to in the comments is a discussion of the required aquatic toxicity studies to assess risk to aquatic plant species.

 Page xlvii ( 47), c. Aquatic Application of Endothall. Cerexagri agrees that the assumption of application 100% of a pond is an overestimation of the EEC. The Agency recognizes that the assumption of 100% treated areas is conservative and is an assumption made for the current screening level risk assessment. However, it must be assumed that treatment of any area within the water body has the potential to affect all aquatic species in that water body. There are currently no available behavioral studies that demonstrate avoidance behavior by fish or other aquatic organisms, and therefore such exposure avoidance cannot be assumed.  Page lii ( 52), Table 15, Summary of Endothall Acute and Chronic Aquatic Toxicity Data. Cerexagri is willing to conduct [ microcosm] studies to assist the Agency in better characterizing the risks to aquatic species associated with endothall use in accordance with product labels. Microcosm studies submitted to the Agency by Cerexagri would be considered in future endothall ecological risk assessments.

 Page lxxi ( 71), Aquatic Plants See comment above ( Page xxiv ( 24)).

Sonja F. Pascatore Comments a. The possibility of an increase ( as much as 160%) in concentration after treatment is an unacceptable risk to small children who swim in shallow water and are at risk of ingesting ppm greater than that which is initially injected. Our own independent lab work showed 7 ppm in water which was supposed to have no more than 2 ppm immediately after treatment.

The Agency would welcome the submission of independent laboratory work on aquatic endothall concentrations following treatment. Additionally, the acceptable level of 2 ppm that is referred to is the maximum contaminant level ( MCL) set for drinking water intakes, not for general water concentrations in a treated water body. The study that is referenced by the commentor ( Yeo, 1970. Dissipation of Endothall and Effects on Aquatic Weeds and Fish. Weed Science, 18( 2): 282 284) refers to a 160% increase in endothall dissipation, rather than concentration. The study indicates an overall decrease in endothall concentrations over time. Initial concentrations of 3 ppm decreased to 1.15 ppm over 12 days ( Table 3).

e. Blue gill and juvenile and adult bass were greatly reduced in this endothall treated ponds study. This in an unacceptable risk in any lake where the fishery is a mainstay and an economic necessity.

The Agency is aware of the fact that application of endothall to water bodies may lead to fish kills, and this risk is addressed in the ecological risk assessment.


[Federal Register Volume 82, Number 188 (Friday, September 29, 2017)]
[Notices]
[Pages 45634-45639]
[FR Doc No: 2017-20887]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81699; File No. SR-NYSEArca-2017-111]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To List and Trade Shares of the GraniteShares
Silver Trust Under NYSE Arca Equities Rule 8.201

September 25, 2017.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on September 12, 2017, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes to list and trade shares of the GraniteShares
Silver Trust under NYSE Arca Equities Rule

8.201. The proposed change is available on the Exchange's Web site at
www.nyse.com, 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 self-regulatory organization
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 those 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 parts of such statements.

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

1. Purpose
    The Exchange proposes to list and trade shares (``Shares'') of the
GraniteShares Silver Trust (the ``Trust''), under NYSE Arca Equities
Rule 8.201.\4\ Under NYSE Arca Equities Rule 8.201, the Exchange may
propose to list and/or trade pursuant to unlisted trading privileges
(``UTP'') Commodity-Based Trust Shares.\5\
---------------------------------------------------------------------------

    \4\ On September 8, 2017, the Trust submitted to the Commission
its draft registration statement on Form S-1 (the ``Registration
Statement'') under the Securities Act of 1933 (15 U.S.C. 77a)
(``Securities Act''). The Jumpstart Our Business Startups Act,
enacted on April 5, 2012, added Section 6(e) to the Securities Act.
Section 6(e) of the Securities Act provides that an ``emerging
growth company'' may confidentially submit to the Commission a draft
registration statement for confidential, non-public review by the
Commission staff prior to public filing, provided that the initial
confidential submission and all amendments thereto shall be publicly
filed not later than 21 days before the date on which the issuer
conducts a road show, as such term is defined in Securities Act Rule
433(h)(4). An emerging growth company is defined in Section 2(a)(19)
of the Securities Act as an issuer with less than $1,000,000,000
total annual gross revenues during its most recently completed
fiscal year. The Trust meets the definition of an emerging growth
company and consequently has submitted its Form S-1 Registration
Statement on a confidential basis with the Commission.
    \5\ Commodity-Based Trust Shares are securities issued by a
trust that represents investors' discrete identifiable and undivided
beneficial ownership interest in the commodities deposited into the
Trust.
---------------------------------------------------------------------------

    The Trust will not be registered as an investment company under the
Investment Company Act of 1940, as amended,\6\ and is not required to
register under such act. The Trust is not a commodity pool for purposes
of the Commodity Exchange Act, as amended.\7\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 80a-1.
    \7\ 17 U.S.C. 1.
---------------------------------------------------------------------------

    The Sponsor of the Trust is GraniteShares LLC, a Delaware limited
liability company. The Bank of New York Mellon is the trustee of the
Trust (the ``Trustee'') \8\ and ICBC Standard Bank PLC is the custodian
of the Trust (the ``Custodian'').\9\
---------------------------------------------------------------------------

    \8\ The Trustee is responsible for the day-to-day administration
of the Trust. The responsibilities of the Trustee include (1)
processing orders for the creation and redemption of Baskets; (2)
coordinating with the Custodian the receipt and delivery of silver
transferred to, or by, the Trust in connection with each issuance
and redemption of Baskets; (3) calculating the net asset value of
the Trust on each business day; and (4) selling the Trust's silver
as needed to cover the Trust's expenses. The Trust does not have a
Board of Directors or persons acting in a similar capacity.
    \9\ The Custodian is responsible for safekeeping the silver
owned by the Trust. The Custodian is appointed by the Trustee and is
responsible to the Trustee under the Trust's silver custody
agreements. The Custodian will facilitate the transfer of silver in
and out of the Trust through the unallocated silver accounts it may
maintain for each Authorized Participant or unallocated silver
accounts that may be maintained for an Authorized Participant by
another silver-clearing bank approved by the London Bullion Market
Association (``LBMA''), and through the unallocated silver account
it will maintain for the Trust. The Custodian is responsible for
allocating specific bars of silver to the Trust Allocated Account.
As used herein, ``Trust Allocated Account'' means the loco London
account established in the name of the Trustee and maintained for
the benefit of the Trust by the Custodian on an allocated basis
pursuant to a written custody agreement between the Trustee and the
Custodian. The Custodian will provide the Trustee with regular
reports detailing the silver transfers in and out of the Trust
Unallocated Account with the Custodian and identifying the silver
bars held in the Trust Allocated Account.
---------------------------------------------------------------------------

    The Commission has previously approved listing on the Exchange
under NYSE Arca Equities Rule 8.201 of other precious metals and
silver-based commodity trusts, including the iShares Silver Trust,\10\
the ETFS Silver Trust,\11\ and the Sprott Physical Silver Trust.\12\
---------------------------------------------------------------------------

    \10\ See Securities Exchange Act Release No. 58956 (November 14,
2008), 73 FR 71074 (November 24, 2008) (SR-NYSEArca-2008-124).
    \11\ See Securities Exchange Act Release No. 59781 (April 14,
2009), 74 FR 18771 (April 24, 2009) (SR-NYSEArca-2009-28).
    \12\ See Securities Exchange Act Release No. 63043 (October 5,
2010), 75 FR 62615 (October 12, 2010) (SR-NYSEArca-2010-84).
---------------------------------------------------------------------------

    The Exchange represents that the Shares satisfy the requirements of
NYSE Arca Equities Rule 8.201 and thereby qualify for listing on the
Exchange.\13\
---------------------------------------------------------------------------

    \13\ With respect to the application of Rule 10A-3 (17 CFR
240.10A-3) under the Act, the Trust relies on the exemption
contained in Rule 10A-3(c)(7).
---------------------------------------------------------------------------

Operation of the Trust \14\
---------------------------------------------------------------------------

    \14\ The description of the operation of the Trust, the Shares
and the silver market contained herein are based, in part, on the
Registration Statement. See note 4, supra.
---------------------------------------------------------------------------

    The investment objective of the Trust will be for the Shares to
reflect the performance of the price of silver, less the expenses and
liabilities of the Trust. The Trust will issue Shares which represent
units of fractional undivided beneficial interest in and ownership of
the Trust.
    The Trust will not trade in silver futures or options on any
futures exchange or over the counter (``OTC'') transactions in
forwards, options and other derivatives. The Trust will not hold or
trade in commodity futures contracts, ``commodity interests'', or any
other instruments regulated by the Commodities Exchange Act. The Trust
will take delivery of physical silver that complies with the LBMA
silver delivery rules.
    The Shares are intended to constitute a simple and cost-effective
means of making an investment similar to an investment in silver.
Although the Shares are not the exact equivalent of an investment in
silver, they provide investors with an alternative that allows a level
of participation in the silver market through the securities market.
Operation of the Silver Market
    The global trade in silver consists of OTC transactions in spot,
forwards, and options and other derivatives, together with exchange
traded futures and options.
    The OTC silver market includes spot, forward, and option and other
derivative transactions conducted on a principal-to-principal basis.
While this is a global, nearly 24-hour per day market, its main centers
are London (the biggest venue), New York and Zurich.
    According to the LBMA, the trade association that acts as the
coordinator for activities conducted on behalf of its members and other
participants in the London bullion market, members of the LBMA act as
OTC market makers and it is believed that most OTC market trades are
cleared through London. The LBMA plays an important role in setting OTC
silver trading industry standards. Members of the London bullion market
typically trade with each other and with their clients on a principal-
to-principal basis. All risks, including those of credit, are between
the two parties to a transaction. This is known as an OTC market, as
opposed to an exchange-traded environment. Unlike a futures exchange,
where trading is based around standard contract units, settlement dates
and delivery specifications, the OTC market allows flexibility. It also
provides confidentiality, as transactions are conducted solely between
the two principals involved.

Creation and Redemption of Shares
    The Trust will create and redeem Shares on a continuous basis in
one or more blocks of 50,000 Shares (a block of 50,000 Shares is called
a ``Basket''). As described below, the Trust will issue Shares in
Baskets to certain authorized participants (``Authorized
Participants'') on an ongoing basis. Baskets of Shares will only be
issued or redeemed in exchange for an amount of silver represented by
the aggregate number of Shares redeemed. No Shares will be issued
unless the Custodian has allocated to the Trust's account the
corresponding amount of silver. Initially, a Basket will require
delivery of 50,000 fine ounces of silver. The amount of silver
necessary for the creation of a Basket, or to be received upon
redemption of a Basket, will decrease over the life of the Trust, due
to the payment or accrual of fees and other expenses or liabilities
payable by the Trust.
    Baskets may be created or redeemed only by Authorized Participants.
Orders must be placed by 3:59 p.m. Eastern Time (``E.T.''). The day on
which a Trust receives a valid purchase or redemption order is the
order date.
    Each Authorized Participant must be a registered broker-dealer, a
participant in Depository Trust Corporation (``DTC''), have entered
into an agreement with the Trustee (the ``Authorized Participant
Agreement'') and have established a silver unallocated account with the
Custodian or a physical silver clearing bank. The Authorized
Participant Agreement provides the procedures for the creation and
redemption of Baskets and for the delivery of silver in connection with
such creations or redemptions.
    According to the Registration Statement, Authorized Participants
may surrender Baskets of Shares in exchange for the corresponding
Basket Amount announced by the Trustee. Upon surrender of such Shares
and payment of the Trustee's applicable fee and of any expenses, taxes
or charges (such as stamp taxes or stock transfer taxes or fees), the
Trustee will deliver to the order of the redeeming Authorized
Participant the amount of silver corresponding to the redeemed Baskets.
Shares can only be surrendered for redemption in Baskets of 50,000
Shares each.
    Before surrendering Baskets of Shares for redemption, an Authorized
Participant must deliver to the Trustee a written request indicating
the number of Baskets it intends to redeem. The date the Trustee
receives that order determines the Basket Amount to be received in
exchange. However, orders received by the Trustee after 3:59 p.m. E.T.
on a business day or on a business day when the LBMA Silver Price or
other applicable benchmark price is not announced, will not be
accepted.
    The redemption distribution from the Trust will consist of a credit
to the redeeming Authorized Participant's unallocated account
representing the amount of the silver held by the Trust evidenced by
the Shares being redeemed as of the date of the redemption order.
Net Asset Value
    The NAV of the Trust will be calculated by subtracting the Trust's
expenses and liabilities on any day from the value of the silver owned
by the Trust on that day; the NAV per Share will be obtained by
dividing the NAV of the Trust on a given day by the number of Shares
outstanding on that day. On each day on which the Exchange is open for
regular trading, the Trustee will determine the NAV as promptly as
practicable after 4:00 p.m. E.T. The Trustee will value the Trust's
silver based on the most recently announced LBMA Silver Price. If the
Sponsor determines that such price is inappropriate to use, the Sponsor
will identify an alternate basis for evaluation to be employed by the
Trustee. Further, the Sponsor may instruct the Trustee to use on an on-
going basis a different publicly available price which the Sponsor
determines to fairly represent the commercial value of the Trust's
silver.
    The NAV per Share will be calculated by taking the current price of
the Trust's total assets, subtracting any liabilities, and dividing by
the total number of Shares outstanding. Authorized Participants will
offer Shares at an offering price that will vary, depending on, among
other factors, the price of silver and the trading price of the Shares
on the Exchange at the time of offer. Authorized Participants will not
receive from the Trust, the Sponsor, the Trustee or any of their
affiliates any fee or other compensation in connection with the
offering of the Shares.
Secondary Market Trading
    While the Trust seeks to reflect generally the performance of the
price of silver less the Trust's expenses and liabilities, Shares may
trade at, above or below their NAV. The NAV of Shares will fluctuate
with changes in the market value of the Trust's assets. The trading
prices of Shares will fluctuate in accordance with changes in their NAV
as well as market supply and demand. The amount of the discount or
premium in the trading price relative to the NAV may be influenced by
non-concurrent trading hours between the major silver markets and the
Exchange. While the Shares trade on the Exchange until 4:00 p.m. E.T.,
liquidity in the market for silver may be reduced after the close of
the major world silver markets, including London, Zurich and COMEX. As
a result, during this time, trading spreads, and the resulting premium
or discount, on Shares may widen.
Availability of Information Regarding Silver
    Currently, the Consolidated Tape Plan does not provide for
dissemination of the spot price of a commodity such as silver over the
Consolidated Tape. However, there will be disseminated over the
Consolidated Tape the last sale price for the Shares, as is the case
for all equity securities traded on the Exchange (including exchange-
traded funds). In addition, there is a considerable amount of silver
price and market information available on public Web sites and through
professional and subscription services.
    Investors may obtain silver pricing information on a 24-hour basis
based on the spot price for an ounce of silver from various financial
information service providers, such as Reuters and Bloomberg. In
addition, ICAP's EBS platform also provides an electronic trading
platform to institutions such as bullion banks and dealers for the
trading of spot silver, as well as a feed of live streaming prices to
market data subscribers.\15\
---------------------------------------------------------------------------

    \15\ See http://www.icap.com.
---------------------------------------------------------------------------

    Reuters and Bloomberg provide at no charge on their Web sites
delayed information regarding the spot price of silver and last sale
prices of silver futures, as well as information about news and
developments in the silver market. Reuters and Bloomberg also offer a
professional service to subscribers for a fee that provides information
on silver prices directly from market participants.
    Complete real-time data for silver futures and options prices
traded on the COMEX are available by subscription from Reuters and
Bloomberg. The NYMEX also provides delayed futures and options
information on current and past trading sessions and market news free
of charge on its Web site. There are a variety of other public Web
sites providing information on silver, ranging from those specializing
in precious metals to sites maintained by major newspapers, such as The
Wall Street Journal. Current silver spot prices are

also generally available with bid/ask spreads from silver bullion
dealers.\16\
---------------------------------------------------------------------------

    \16\ The silver spot price is indicative only, constructed using
a variety of sources to compile a spot price that is intended to
represent a theoretical quote that might be obtained from a market
maker from time to time.
---------------------------------------------------------------------------

Availability of Information
    The intraday indicative value (``IIV'') per Share for the Shares
will be disseminated by one or more major market data vendors at least
every 15 seconds during the Core Trading Session. The IIV will be
calculated based on the amount of silver held by the Trust and a price
of silver derived from updated bids and offers indicative of the spot
price of silver.\17\
---------------------------------------------------------------------------

    \17\ The IIV on a per Share basis disseminated during the Core
Trading Session should not be viewed as a real-time update of the
NAV, which is calculated once a day.
---------------------------------------------------------------------------

    The Web site for the Trust (www.graniteshares.com) will contain the
following information, on a per Share basis, for the Trust: (a) The
mid-point of the bid-ask price \18\ at the close of trading (``Bid/Ask
Price''), and a calculation of the premium or discount of such price
against such NAV; and (b) data in chart format 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. The Web site for the Trust will also provide the Trust's
prospectus. Finally, the Trust's Web site will provide the prior day's
closing price of the Shares as traded in the U.S. market. In addition,
information regarding market price and trading volume of the Shares
will be continually available on a real-time basis throughout the day
on brokers' computer screens and other electronic services. Information
regarding the previous day's closing price and trading volume
information for the Shares will be published daily in the financial
section of newspapers.
---------------------------------------------------------------------------

    \18\ The bid-ask price of the Shares will be determined using
the highest bid and lowest offer on the Consolidated Tape as of the
time of calculation of the closing day NAV.
---------------------------------------------------------------------------

Criteria for Initial and Continued Listing
    The Trust will be subject to the criteria in NYSE Arca Equities
Rule 8.201(e) for initial and continued listing of the Shares.
    A minimum of one Basket or 50,000 Shares will be required to be
outstanding at the start of trading, which is equivalent to 50,000 fine
ounces of silver. The Exchange believes that the anticipated minimum
number of Shares outstanding at the start of trading is sufficient to
provide adequate market liquidity.
Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Trust subject to the Exchange's existing rules
governing the trading of equity securities. Trading in the Shares on
the Exchange will occur in accordance with NYSE Arca Equities Rule
7.34(a). The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions. As provided in NYSE Arca
Equities Rule 7.6, Commentary .03, the minimum price variation
(``MPV'') for quoting and entry of orders in equity securities traded
on the NYSE Arca Marketplace is $0.01, with the exception of securities
that are priced less than $1.00 for which the MPV for order entry is
$0.0001.
    Further, NYSE Arca Equities Rule 8.201 sets forth certain
restrictions on ETP Holders acting as registered Market Makers in the
Shares to facilitate surveillance. Under NYSE Arca Equities Rule
8.201(g), an ETP Holder acting as a registered Market Maker in the
Shares is required to provide the Exchange with information relating to
its trading in the underlying silver, related futures or options on
futures, or any other related derivatives. Commentary .04 of NYSE Arca
Equities Rule 6.3 requires an ETP Holder acting as a registered Market
Maker, and its affiliates, in the Shares to establish, maintain and
enforce written policies and procedures reasonably designed to prevent
the misuse of any material nonpublic information with respect to such
products, any components of the related products, any physical asset or
commodity underlying the product, applicable currencies, underlying
indexes, related futures or options on futures, and any related
derivative instruments (including the Shares).
    As a general matter, the Exchange has regulatory jurisdiction over
its ETP Holders and their associated persons, which include any person
or entity controlling an ETP Holder. A subsidiary or affiliate of an
ETP Holder that does business only in commodities or futures contracts
would not be subject to Exchange jurisdiction, but the Exchange could
obtain information regarding the activities of such subsidiary or
affiliate through surveillance sharing agreements with regulatory
organizations of which such subsidiary or affiliate is a member.
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares. Trading on the Exchange in the Shares may be
halted because of market conditions or for reasons that, in the view of
the Exchange, make trading in the Shares inadvisable. These may
include: (1) The extent to which conditions in the underlying silver
market have caused disruptions and/or lack of trading, or (2) whether
other unusual conditions or circumstances detrimental to the
maintenance of a fair and orderly market are present. In addition,
trading in Shares will be subject to trading halts caused by
extraordinary market volatility pursuant to the Exchange's ``circuit
breaker'' rule.\19\ The Exchange will halt trading in the Shares if the
NAV of the Trust is not calculated or disseminated daily. The Exchange
may halt trading during the day in which an interruption occurs to the
dissemination of the IIV, as described above. If the interruption to
the dissemination of the IIV persists past the trading day in which it
occurs, the Exchange will halt trading no later than the beginning of
the trading day following the interruption.
---------------------------------------------------------------------------

    \19\ See NYSE Arca Equities Rule 7.12.
---------------------------------------------------------------------------

Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances administered by the Exchange, as
well as cross-market surveillances administered by the Financial
Industry Regulatory Authority (``FINRA'') on behalf of the Exchange,
which are designed to detect violations of Exchange rules and
applicable federal securities laws.\20\ The Exchange represents that
these procedures are adequate to properly monitor Exchange trading of
the Shares in all trading sessions and to deter and detect violations
of Exchange rules and federal securities laws applicable to trading on
the Exchange.
---------------------------------------------------------------------------

    \20\ FINRA conducts cross-market surveillances on behalf of the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares with other
markets and other entities that are members of the ISG, and the
Exchange or FINRA, on behalf of the Exchange, or both, may

obtain trading information regarding trading in the Shares from such
markets and other entities. In addition, the Exchange may obtain
information regarding trading in the Shares from markets and other
entities that are members of ISG or with which the Exchange has in
place a comprehensive surveillance sharing agreement.\21\
---------------------------------------------------------------------------

    \21\ For a list of the current members of ISG, see
www.isgportal.org.
---------------------------------------------------------------------------

    Also, pursuant to NYSE Arca Equities Rule 8.201(g), the Exchange is
able to obtain information regarding trading in the Shares and the
underlying silver, silver futures contracts, options on silver futures,
or any other silver derivative, through ETP Holders acting as
registered Market Makers, in connection with such ETP Holders'
proprietary or customer trades through ETP Holders which they effect on
any relevant market.
    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
    All statements and representations made in this filing regarding
(a) the description of the portfolio, (b) limitations on portfolio
holdings or reference assets, or (c) the applicability of Exchange
listing rules specified in this rule filing shall constitute continued
listing requirements for listing the Shares of the Trust on the
Exchange.
    The issuer has represented to the Exchange that it will advise the
Exchange of any failure by the Trust to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the Act, the Exchange will monitor for compliance with the
continued listing requirements. If the Trust is not in compliance with
the applicable listing requirements, the Exchange will commence
delisting procedures under NYSE Arca Equities Rule 5.5(m).
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin of the special characteristics
and risks associated with trading the Shares. Specifically, the
Information Bulletin will discuss the following: (1) The procedures for
purchases and redemptions of Shares in Baskets (including noting that
Shares are not individually redeemable); (2) NYSE Arca Equities Rule
9.2(a), which imposes a duty of due diligence on its ETP Holders to
learn the essential facts relating to every customer prior to trading
the Shares; (3) how information regarding the IIV is disseminated; (4)
the requirement that ETP Holders deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; (5) the possibility that trading spreads
and the resulting premium or discount on the Shares may widen as a
result of reduced liquidity of silver trading during the Core and Late
Trading Sessions after the close of the major world silver markets; and
(6) trading information. For example, the Information Bulletin will
advise ETP Holders, prior to the commencement of trading, of the
prospectus delivery requirements applicable to the Trust. The Exchange
notes that investors purchasing Shares directly from the Trust (by
delivery of the Creation Basket Deposit) will receive a prospectus. ETP
Holders purchasing Shares from the Trust for resale to investors will
deliver a prospectus to such investors.
    In addition, the Information Bulletin will reference that the Trust
is subject to various fees and expenses as will be described in the
Registration Statement. The Information Bulletin will also reference
the fact that there is no regulated source of last sale information
regarding physical silver, that the Commission has no jurisdiction over
the trading of silver as a physical commodity, and that the CFTC has
regulatory jurisdiction over the trading of silver futures contracts
and options on silver futures contracts.
    The Information Bulletin will also discuss any relief, if granted,
by the Commission or the staff from any rules under the Act.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \22\ that an exchange have rules that
are designed 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, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Equities Rule
8.201. The Exchange has in place surveillance procedures that are
adequate to properly monitor trading in the Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. The Exchange may obtain information
via ISG from other exchanges that are members of ISG or with which the
Exchange has entered into a comprehensive surveillance sharing
agreement.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that there is a considerable amount of silver price and silver market
information available on public Web sites and through professional and
subscription services. Investors may obtain silver pricing information
on a 24-hour basis based on the spot price for an ounce of silver from
various financial information service providers. ICAP's EBS platform
also provides an electronic trading platform to institutions such as
bullion banks and dealers for the trading of spot silver, as well as a
feed of live streaming prices to market data subscribers.
    The NAV of the Trust will be published by the Sponsor on each day
that the NYSE Arca is open for regular trading and will be posted on
the Trust's Web site. The IIV relating to the Shares will be widely
disseminated by one or more major market data vendors at least every 15
seconds during the Core Trading Session. The Trust's Web site will also
provide the Trust's prospectus, as well as the two most recent reports
to stockholders. In addition, information regarding market price and
trading volume of the Shares will be continually available on a real-
time basis throughout the day on brokers' computer screens and other
electronic services. Information regarding the previous day's closing
price and trading volume information for the Shares will be published
daily in the financial section of newspapers.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of exchange-traded product that will enhance
competition among market participants, to the benefit of investors and
the marketplace. As noted above, the Exchange has in place surveillance
procedures relating to trading in the Shares and may obtain information
via ISG from other exchanges that are members of ISG or with which the
Exchange has entered into a comprehensive surveillance sharing
agreement. In addition, as noted above, investors will have ready
access to information regarding silver pricing.

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. The Exchange believes the
proposed rule change will enhance competition by accommodating Exchange
trading of an additional exchange-traded product relating to physical
silver.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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_ADDRESS>Please include
File Number SR-NYSEArca-2017-111 in the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2017-111. This
file number should be included in the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing will also be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2017-111 and should
be submitted on or before October 20, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
---------------------------------------------------------------------------

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

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-20887 Filed 9-28-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 128 (Tuesday, July 5, 2016)]
[Rules and Regulations]
[Pages 43471-43472]
[FR Doc No: 2016-15784]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 25

[Docket No. FAA-2015-8298; Special Conditions No. 25-611-SC]

Special Conditions: JAMCO America, Inc., Boeing Model 777-300ER,
Dynamic Test Requirements for Single-Occupant Oblique (Side-Facing)
Seats With Inflatable Restraints

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final special condition; request for comments; corrections.

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

SUMMARY: This document corrects omissions in docket no. FAA-2015-8298,
special conditions no. 25-611-SC, which was published in the Federal
Register on March 16, 2016 (81 FR 13969). The special conditions in the
published document are incomplete. This correction replaces the entire
special conditions section from that which appeared in the original
Federal Register publication.

DATES: This action is effective on JAMCO America, Inc., on July 5,
2016. We must receive your comments August 19, 2016.

FOR FURTHER INFORMATION CONTACT: John Shelden, FAA, Airframe and Cabin
Safety Branch, ANM-115,Transport Airplane Directorate, Aircraft
Certification Service, 1601 Lind Avenue SW., Renton, Washington 98057-
3356; telephone<PHONE_NUMBER>; facsimile<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: On March 16, 2016, the Federal Register
published a document designated as ``Docket No. FAA-2015-8298; Special
Conditions No. 25-611-SC,'' (81 FR 13969). That document issued special
conditions pertaining to dynamic test requirements for single-occupant
oblique (side-facing) seats with inflatable restraints on Boeing Model
777-300ER airplanes. As published, the special conditions are
incomplete. The applicant was aware of the complete set of conditions
at the time of the original, incomplete publication.

Correction

    The following special conditions replace the entire special
conditions section of the final special conditions document [FR Doc.
2016-05995 Filed 3-15-16; 8:45 a.m.], published on March 16, 2016 (81
FR 13969). The introductory language was previously published and is
not changed.

The Special Conditions

0
Accordingly, pursuant to the authority delegated to me by the
Administrator, the following special conditions are issued as part of
the type certification basis for Boeing Model 777-300ER airplanes
modified by JAMCO.

Oblique (Side-Facing) Seats Special Conditions

    In addition to the requirements of Sec.  25.562:

1. Head Injury Criteria (HIC)

    Compliance with Sec.  25.562(c)(5) is required, except that, if the
anthropomorphic test device (ATD) has no apparent contact with the seat
and related structure but has contact with an airbag, a HIC unlimited
score in excess of 1000 is acceptable, provided the HIC15 score
(calculated in accordance with 49 CFR 571.208) for that contact is less
than 700.

2. Body-to-Wall/Furnishing Contact

    If a seat is installed aft of structure (e.g. interior wall or
furnishings) that does not provide a homogenous contact surface for the
expected range of occupants and yaw angles, then

additional analysis and tests may be required to demonstrate that the
injury criteria are met for the area that an occupant could contact.
For example, if different yaw angles could result in different airbag
device performance, then additional analysis or separate tests may be
necessary to evaluate performance.

3. Neck Injury Criteria

    a. The seating system must protect the occupant from experiencing
serious neck injury. The assessment of neck injury must be conducted
with the airbag device activated, unless there is reason to also
consider that the neck-injury potential would be higher for impacts
below the airbag-device deployment threshold.
    b. The Nij, calculated in accordance with 49 CFR
571.208, must be below 1.0, where Nij =Fz/
Fzc + My/Myc, and Nij
critical values are:

i. Fzc = 1530 lb for tension
ii. Fzc = 1385 lb for compression
iii. Myc = 229 lb-ft in flexion
iv. Myc = 100 lb-ft in extension

    c. In addition, peak upper neck Fz must be below 937 lb
in tension and 899 lb in compression.
    d. Rotation of the head about its vertical axis relative to the
torso is limited to 105 degrees in either direction from forward-
facing.
    e. The neck must not impact any surface that would produce
concentrated loading on the neck.

4. Spine and Torso Injury Criteria

    a. The lumbar spine tension (Fz) cannot exceed 1200 lb.
    b. Significant concentrated loading on the occupant's spine, in the
area between the pelvis and shoulders during impact, including rebound,
is not acceptable. During this type of contact, the interval for any
rearward (X-axis direction) acceleration exceeding 20g must be less
than 3 milliseconds as measured by the thoracic instrumentation
specified in 49 CFR part 572, subpart E, filtered in accordance with
SAE recommended practice J211/1, ``Instrumentation for Impact Test--
Part 1--Electronic Instrumentation.''
    c. The occupant must not interact with the armrest or other seat
components in any manner significantly different than would be expected
for a forward-facing seat installation.

5. Pelvis Criteria

    Any part of the load-bearing portion of the bottom of the ATD
pelvis must not translate beyond the edges of the seat bottom seat-
cushion supporting structure.

6. Femur Criteria

    Axial rotation of the upper leg (about the Z-axis of the femur, per
SAE J211/1) must be limited to 35 degrees in the strike direction from
the normal seating position. Evaluation during rebound need not be
considered.

7. ATD and Test Conditions

    Longitudinal tests conducted to measure the injury criteria above
must be performed with the FAA Hybrid III ATD, as described in SAE
1999-01-1609, ``A Lumbar Spine Modification to the Hybrid III ATD For
Aircraft Seat Tests.'' The tests must be conducted with an undeformed
floor, at the most-critical yaw cases for injury, and with all lateral
structural supports (e.g. armrests or walls) installed.

Inflatable Lapbelt Special Conditions

    The inflatable lapbelts must meet special conditions no. 25-187A-
SC, ``Boeing Model 777 Series Airplanes; Seats with Inflatable
Lapbelts.''
    1. Because this type of protection system may or may not activate
during various crash conditions, the applicant must demonstrate that
the injury criteria listed in these special conditions are not exceeded
in an event which is slightly below the activation level of the airbag
system.
    2. Additionally, as indicated in special conditions no. 25-187A-SC,
inflatable lapbelts must be shown to not affect emergency-egress
capabilities in the main aisle, cross-aisle, and passageway.

    Issued in Renton, Washington, on June 17, 2016.
Michael Kaszycki,
Assistant Manager, Transport Airplane Directorate, Aircraft
Certification Service.
[FR Doc. 2016-15784 Filed 7-1-16; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 84, Number 51 (Friday, March 15, 2019)]
[Notices]
[Pages 9511-9512]
[FR Doc No: 2019-04844]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #2

    Take notice that the Commission received the following electric
corporate filings:

    Docket Numbers: EC18-61-001.
    Applicants: Clearway Energy, Inc., Clearway Renew LLC, Carlsbad
Energy Center LLC.
    Description: Notification of Consummation and Change in
Circumstances of Clearway Energy, Inc., et al.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5122.
    Comments Due: 5 p.m. ET 3/29/19.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER19-1214-000.
    Applicants: Southwestern Electric Power Company.
    Description: Sec.  205(d) Rate Filing: SWEPCO-AECC Foreman Delivery
Point Agreement to be effective 2/18/2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5051.
    Comments Due: 5 p.m. ET 3/29/19.

    Docket Numbers: ER19-1215-000.
    Applicants: Cricket Valley Energy Center, LLC.
    Description: Baseline eTariff Filing: Application Market-Based Rate
Authorization and Request for Waivers to be effective 5/8/2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5079.
    Comments Due: 5 p.m. ET 3/29/19.

    Docket Numbers: ER19-1216-000.

    Applicants: Northwest Ohio Wind, LLC.
    Description: Baseline eTariff Filing: Reactive Service Revenue
Requirement to be effective 5/8/2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5095.
    Comments Due: 5 p.m. ET 3/29/19.

    Docket Numbers: ER19-1217-000.
    Applicants: Montana-Dakota Utilities Co.
    Description: Compliance filing: Baseline Tariff Refiling and
Request for Administrative Cancellation to be effective 1/18/2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5099.
    Comments Due: 5 p.m. ET 3/29/19.

    Docket Numbers: ER19-1219-000.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Sec.  205(d) Rate Filing: 2019-03-08_SA 6510_MISO-
Cleco 2nd Renewal SSR Agreement for Teche Unit No. 3 to be effective 4/
1/2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5167.
    Comments Due: 5 p.m. ET 3/29/19.

    Docket Numbers: ER19-1220-000.
    Applicants: PacifiCorp.
    Description: Tariff Cancellation: Term of BPA Hermiston Interchange
Move Agmt to be effective 5/20/2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5170.
    Comments Due: 5 p.m. ET 3/29/19.

    Docket Numbers: ER19-1221-000.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Sec.  205(d) Rate Filing: 2019-03-08_SA 3258 Big
Rivers Electric Corp.--OSER LLC GIA (J753) to be effective 2/22/2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5176.
    Comments Due: 5 p.m. ET 3/29/19.

    Docket Numbers: ER19-1222-000.
    Applicants: Montana-Dakota Utilities Co.
    Description: Compliance filing: Refilling Tariff Records to be
effective 1/18/2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5179.
    Comments Due: 5 p.m. ET 3/29/19.

    Docket Numbers: ER19-1223-000.
    Applicants: Midcontinent Independent System Operator, Inc., AEP
Indiana Michigan Transmission Company.
    Description: Sec.  205(d) Rate Filing: 2019-03-08_Rate Schedule
53_Duke IMTCo Interim Revenue Distribution Agreement to be effective 3/
9/2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5182.
    Comments Due: 5 p.m. ET 3/29/19.

    Docket Numbers: ER19-1224-000.
    Applicants: Midcontinent Independent System Operator, Inc., AEP
Indiana Michigan Transmission Company.
    Description: Sec.  205(d) Rate Filing: 2019-03-08_Revisions to
Schedules 7, 8, and 9 to add AEP Indiana Michigan to be effective 6/1/
2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5187.
    Comments Due: 5 p.m. ET 3/29/19.

    Docket Numbers: ER19-1225-000.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Sec.  205(d) Rate Filing: 2019-03-08_SA 3259 Big
Rivers Electric Corp.--OSER LLC GIA (J762) to be effective 2/22/2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5192.
    Comments Due: 5 p.m. ET 3/29/19.

    Docket Numbers: ER19-1226-000.
    Applicants: Southern California Edison Company.
    Description: Sec.  205(d) Rate Filing: SCE?s Revision to Formula
Rate Tariff Authorized PBOPs Expense Amount to be effective 1/1/2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5194.
    Comments Due: 5 p.m. ET 3/29/19.

    Docket Numbers: ER19-1227-000.
    Applicants: Monongahela Power Company, PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: Mon Power submits
Interconnection Agreement No. 5267 (IA) to be effective 4/30/2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5196.
    Comments Due: 5 p.m. ET 3/29/19.

    Docket Numbers: ER19-1228-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: Original WMPA SA No. 5313;
Queue No. AC2-101 to be effective 2/7/2019.
    Filed Date: 3/8/19.
    Accession Number: 20190308-5195.
    Comments Due: 5 p.m. ET 3/29/19.

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

    Dated: March 8, 2019.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2019-04844 Filed 3-14-19; 8:45 am]
 BILLING CODE 6717-01-P