[Federal Register Volume 79, Number 151 (Wednesday, August 6, 2014)]
[Notices]
[Pages 45857-45860]
[FR Doc No: 2014-18534]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72730; File No. SR-BYX-2014-013]

Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Rule 11.24(a)(2) to Include Riskless Principal Orders To the Types of
Orders that May Qualify as Retail Orders under the Retail Price
Improvement Program

July 31, 2014.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on July 24, 2014, BATS Y-Exchange, Inc. (the ``Exchange'' or
``BYX'') 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 Exchange
has designated this proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with
the Commission. 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)(6)(iii).
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange proposes to amend Exchange Rule 11.24(a)(2) to include
riskless principal orders to the types of orders that may qualify as
Retail Orders under the Exchange's Retail Price Improvement Program
(the ``RPI Program''). The Exchange has designated this proposal as
non-controversial and provided the Commission with the notice required
by Rule 19b-4(f)(6)(iii) under the Act.\5\
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    \5\ 17 CFR 240.19b-4(f)(6)(iii).
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    The text of the proposed rule change is available at the Exchange's
Web site at http://www.batstrading.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 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 parts of such
statements.

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

1. Purpose
    The Exchange proposes to amend Exchange Rule 11.24(a)(2) to include
riskless principal orders to the types of orders that may qualify as
Retail Orders under the Exchange's RPI Program.\6\ The Exchange
established the RPI Program in an attempt to attract retail order flow
to the Exchange by potentially providing price improvement to such
order flow.\7\ Under the RPI Program, all Exchange Users \8\ are
permitted members to submit Retail Price Improvement Orders (``RPI
Orders'') \9\ which are designed to provide potential price improvement
for Retail Orders in the form of non-displayed interest that is better
than the national best bid that is a Protected Quotation (``Protected
NBB'') or the national best offer that is a Protected Quotation
(``Protected NBO'', and together with the Protected NBB, the
``Protected NBBO'').\10\ The Exchange believes that the RPI Program
promotes competition for retail order flow by allowing Exchange Users
to submit RPI Orders to interact with Retail Orders.
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    \6\ The Exchange notes that in order to qualify as a Retail
Order, a riskless principal order must satisfy the criteria set
forth in FINRA Rule 5320.03.
    \7\ See Securities Exchange Act Release No. 68303 (November 27,
2012), 77 FR 71652 (December 3, 2012) (``RPI Approval Order'') (SR-
BYX-2012-019). See also Securities Exchange Act Release No. 71249
(January 7, 2014), 79 FR 2229 (January 13, 2014) (SR-BYX-2014-001)
(Notice of Filing and Immediate Effectiveness extending pilot period
until January 31, 2015).
    \8\ A ``User'' is defined ``as any member or sponsored
participant of the Exchange who is authorized to obtain access to
the System.'' BYX Rule 1.5(cc).
    \9\ A ``Retail Price Improvement Order'' is defined in Rule
11.24(a)(3) as an order that consists of non-displayed interest on
the Exchange that is priced better than the Protected NBB or
Protected NBO by at least $0.001 and that is identified as such. See
Rule 11.24(a)(3).
    \10\ The term Protected Quotation is defined in BYX Rule 1.5(t)
and has the same meaning as is set forth in Regulation NMS Rule
600(b)(58). The terms Protected NBB and Protected NBO are defined in
BYX Rule 1.5(s). The Protected NBB is the best-priced protected bid
and the Protected NBO is the best-priced protected offer. Generally,
the Protected NBB and Protected NBO and the national best bid
(``NBB'') and national best offer (``NBO'', together with the NBB,
the ``NBBO'') will be the same. However, a market center is not
required to route to the NBB or NBO if that market center is subject
to an exception under Regulation NMS Rule 611(b)(1) or if such NBB
or NBO is otherwise not available for an automatic execution. In
such case, the Protected NBB or Protected NBO would be the best-
priced protected bid or offer to which a market center must route
interest pursuant to Regulation NMS Rule 611.
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    Exchange Rule 11.24(a)(2) currently defines a Retail Order as, ``an
agency order that originates from a natural person and is submitted to
the Exchange by a Retail Member Organization, provided that no change
is made to the terms of the order with respect to price or side of the
market and the order does not originate from a trading algorithm or any
other computerized methodology.'' The Exchange believes that its
definition of a Retail Order is unnecessarily restrictive compared to
that of other exchanges because it does not include ``riskless
principal orders'' in its definition.\11\ The Exchange believes that
its comparatively narrow definition may create confusion among the
Exchange's Members,\12\ preventing

Members from participating in the RPI Program. In addition, the
Exchange believes that the restrictiveness of the Exchange's definition
may inadvertently put the Exchange at a competitive disadvantage in
relation to other exchanges that provide a less restrictive definition
of a Retail Order.
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    \11\ The Exchange notes that other market centers include
``riskless principal orders'' as part of their definitions of
``Retail Orders.'' See, e.g., Securities Exchange Act Release No.
68937 (February 15, 2013), 78 FR 12397 (February 22, 2013) (SR-
NASDAQ-2012-129); Securities Exchange Act Release No. 69103 (March
11, 2013), 78 FR 16547 (March 15, 2013) (SR-NYSE-2013-20);
Securities Exchange Release No. 69104 (March 11, 2013), 78 FR 16556
(March 15, 2013) (SR-NYSEMKT-2013-22); and Securities Exchange Act
Release No. 69378 (April 15, 2013), 78 FR 23617 (April 19, 2013)
(SR-EDGX-2013-13).
    \12\ The term ``Member'' is defined as ``any registered broker
or dealer that has been admitted to membership in the Exchange. A
Member will have the status of a ``member'' of the Exchange as that
term is defined in Section 3(a)(3) of the Act. Membership may be
granted to a sole proprietor, partnership, corporation, limited
liability company or other organization which is a registered broker
or dealer pursuant to Section 15 of the Act, and which has been
approved by the Exchange.'' See Exchange Rule 1.5(n).
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    Accordingly, the Exchange proposes to amend the definition of a
Retail Order in under Rule 11.24(a)(2) to include riskless principal
orders to the types of orders that may qualify as Retail Orders.\13\
The Exchange proposes to amend Rule 11.24(a)(2) to define a Retail
Order as, ``an agency order or riskless principal that meets the
criteria of FINRA Rule 5320.03 that originates from a natural person
and is submitted to the Exchange by a Retail Member organization,
provided that no change is made to the terms of the order with respect
to price or side of market and the order does not originate from a
trading algorithm or any other computerized methodology'' (emphasis
added).\14\ The Exchange believes that, for purposes of determining
whether an order should qualify as a Retail Order, there is no
substantive difference between an agency order and a riskless principal
order that meets the requirements of FINRA Rule 5320.03. A riskless
principal transaction is a transaction in which a Member, after having
received an order to buy (sell) a security, purchases (sells) the
security as principal and, contemporaneously, satisfies the original
order by selling (buying) as principal at the same price. Generally, a
riskless principal transaction involves two orders, the execution of
one being dependent upon the receipt or execution of the other; thus,
there is no ``risk'' in the interdependent transactions when completed.
Unlike a riskless principal transaction, an agency order is entered
directly in the System \15\ by a Member on behalf of a customer.
Ultimately, however, the results of a riskless principal transaction
and an agency order are the same: the customer receives an execution
while the involved Member acts as an intermediary to effect the
transaction.\16\
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    \13\ The Exchange notes that in order to qualify as a Retail
Order, a riskless principal order must satisfy the criteria set
forth in FINRA Rule 5320.03.
    \14\ The Exchange notes that it will amend its attestation form
for Members designating Retail Orders to conform to these new
requirements. The definition of Retail Order under Rule 11.24(a)(2)
will continue to state that a Retail Order is an Immediate or Cancel
(``IOC'') Order and shall operate in accordance with paragraph (f)
of Rule 11.24 and that a Retail Order may be an odd lot, round lot,
or mixed lot.
    \15\ The term ``System'' is defined as ``the electronic
communications and trading facility designated by the Board through
which securities orders of Users are consolidated for ranking,
execution and, when applicable, routing away.'' Exchange Rule
1.5(aa).
    \16\ A principal transaction differs from both a riskless
principal transaction and an agency order in that it is an order for
the principal account of the entering Member.
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    The Exchange believes that the requirement that the entry of such
riskless principal orders satisfy FINRA Rule 5320.03 provides
sufficient protection against Members submitting orders for their own
account to the Exchange. A Member entering a riskless principal
transaction will have to, contemporaneously with the execution of the
customer's order, submit a report identifying the trade as riskless
principal to FINRA. Additionally, the Member will need to have written
policies and procedures to ensure that riskless principal transactions
comply with applicable FINRA rules. The policies and procedures, at a
minimum, must require that the customer order be received prior to the
offsetting principal transaction, and that the offsetting principal
transaction is at the same price as the customer order exclusive of any
markup or markdown, commission equivalent, or other fee, and is
allocated to a riskless principal or customer account in a consistent
manner and within 60 seconds of execution. Additionally, the Member
must have supervisory systems in place that produce records that enable
the Member and FINRA to reconstruct accurately, readily, and in a time-
sequenced manner all Retail Orders that are entered on a riskless
principal basis.
    The Exchange believes that the Member must also ensure that non-
Retail Orders from customers are not included with the Retail Orders as
part of a riskless principal transaction. The above requirements ensure
that despite the procedural differences between the execution of a
riskless principal transaction and an agency order, the only difference
will be the procedure in which the transactions are effected and not
the result.
    The Exchange further believes that clarifying that riskless
principal orders that meet the requirements of FINRA Rule 5320.03 are
able to be submitted as Retail Orders on the same basis as agency
orders will enable Members, and in turn, their retail customers, to
benefit from the price improvement opportunities available under the
Exchange's RPI Program.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \17\ in general, and furthers the objectives of Section
6(b)(5) of the Act \18\ in particular, in that it is designed to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in 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.
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    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change promotes just
and equitable principles of trade because it will ensure that riskless
principal orders that meet the requirements of FINRA Rule 5320.03 will
have the same opportunity to be submitted as Retail Orders as agency
orders. As discussed above, there is no functional distinction for
purposes of Retail Orders between an order entered by a Member on an
agency basis and one entered on a riskless principal basis. The
Exchange believes that the proposed change would tend to reduce any
potential discrimination between similarly situated customers or
brokers by ensuring that the ability of retail customers to benefit
from the use of Retail Orders and price improvement opportunities
available under the Exchange's RPI Program does not depend on a
distinction in capacity that is not meaningful for purposes of
submitting Retail Orders. As a result of the change, a retail customer
would be able to in the RPI Program utilizing Retail Orders without
regards to whether the Member enters the order on a riskless principal
or agency basis.
    The Exchange believes that the proposed rule change will remove
impediments to and perfect the mechanism of a free and open market and
a national market system because it will clarify that riskless
principal orders that meet the requirements of FINRA Rule 5320.03 are
eligible to be submitted as Retail Orders on the same basis as agency
orders. By allowing all orders that are functionally equivalent to
agency orders to be submitted as Retail Orders, the proposed change
would potentially stimulate further competition for retail order flow
because it is similar to the definition of

retail order available on other exchanges.\19\
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    \19\ See Footnote 4 of the EDGX Exchange, Inc. (``EDGX'') fee
schedule available at http://www.directedge.com/Trading/EDGXFeeSchedule.aspx (last visited July 16, 2014); NASDAQ Stock
Market LLC Rule 4780(a)(2); New York Stock Exchange, Inc. Rule
107C(a)(3)' and NYSE MKT LLC Rule 107C(a)(3).
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    The Exchange believes that the proposed change would protect
investors and the public interest by expanding the access of Members to
the RPI Program offered by the Exchange as well as the access of the
public to an exchange sponsored alternative to broker-operated
internalization venues. In this regard, the Exchange believes that
maintaining or increasing the proportion of Retail Orders in exchange-
listed securities that are executed on a registered national securities
exchange (rather than relying on certain available off-exchange
execution methods) would contribute to investors' confidence in the
fairness of their transactions and would benefit all investors by
deepening the Exchange's liquidity pool, supporting the quality of
price discovery, promoting market transparency and improving investor
protection.

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 that
the amendment, by increasing the level of participation in the RPI
Program, will increase the level of competition around retail
executions such that retail investors would receive better prices than
they currently do on the Exchange and potentially through bilateral
internalization arrangements. The Exchange believes that the
transparency and competitiveness of operating a program such as the RPI
Program on an exchange market would result in better prices for retail
investors and benefits retail investors by expanding the capabilities
of the Exchange to encompass practices currently allowed on non-
exchange venues. In addition, by allowing all orders that are
functionally equivalent to agency orders to be submitted as Retail
Orders, the proposed change would potentially stimulate further
competition for retail order flow because it is similar to the
definition of retail order available on other exchanges.\20\
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    \20\ Id.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants, or Others

    The Exchange has neither solicited nor received written comments on
the proposed rule change.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \21\ and Rule 19b-4(f)(6) \22\ thereunder.
Because the foregoing proposed rule change does not: (i) Significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) 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 \23\ and subparagraph (f)(6) of Rule
19b-4 thereunder.\24\
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    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 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.
    \23\ 15 U.S.C. 78s(b)(3)(A).
    \24\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing.\25\ However,
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest.\26\ The Exchange has asked the Commission to waive
the 30-day operative delay so that the proposal may become operative
immediately upon filing. The Exchange believes that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest because such waiver would allow riskless principal
orders meeting the requirements of FINRA Rule 5320.03 to immediately
qualify as retail orders, and thereby allow more Exchange members to
benefit from the price improvement opportunities available under the
Exchange's RPI Program. The Exchange also believes that waiving the 30-
day operative delay would enable the Exchange to remain competitive
with other market centers by providing an additional choice to its
members as to where they send retail orders on a riskless principal
basis. The Exchange notes that several other exchanges presently
include riskless principal orders within their definition of a retail
order.\27\ The Commission believes that waiving the 30-day operative
delay is consistent with the protection of investors and the public
interest. Therefore, the Commission hereby waives the 30-day operative
delay and designates the proposal operative upon filing.\28\
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    \25\ 17 CFR 240.19b-4(f)(6)(iii).
    \26\ Id.
    \27\ See, e.g., Securities Exchange Act Release Nos. 68937
(February 15, 2013), 78 FR 12397 (February 22, 2013) (SR-NASDAQ-
2012-129); 69103 (March 11, 2013), 78 FR 16547 (March 15, 2013) (SR-
NYSE-2013-20); 69104 (March 11, 2013), 78 FR 16556 (March 15, 2013)
(SR-NYSEMKT-2013-22); and 69378 (April 15, 2013), 78 FR 23617 (April
19, 2013) (SR-EDGX-2013-13).
    \28\ 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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act.\29\ If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule change should be approved or disapproved.\30\
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    \29\ 15 U.S.C. 78s(b)(3)(C).
    \30\ Id.
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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-BYX-2014-013 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BYX-2014-013. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will

post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent
amendments, all written statements with respect to the proposed rule
change that are filed with the Commission, and all written
communications relating to the proposed rule change between the
Commission and any person, other than those that may be withheld from
the public in accordance with the provisions of 5 U.S.C. 552, will be
available for Web site viewing and printing in the Commission's Public
Reference Room, 100 F Street, NE., Washington, DC 20549, on official
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of
such filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-BYX-2014-013, and should be submitted on or before
August 27, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
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    \31\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-18534 Filed 8-5-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 199 (Friday, October 14, 2011)]
[Notices]
[Pages 63960-63964]
[FR Doc No: 2011-26525]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-29831; 812-13695]

NGP Capital Resources Company, et al.; Notice of Application

October 7, 2011.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of application for an order under section 57(a)(4) and
57(i) of

the Investment Company Act of 1940 (the ``Act'') and rule 17d-1 under
the Act to permit certain joint transactions otherwise prohibited by
section 57(a)(4) of the Act.

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SUMMARY: Summary of Application: Applicants request an order to permit
a business development company (``BDC'') to co-invest with certain
affiliates in portfolio companies.
    Applicants: NGP Capital Resources Company (the ``Company''), NGP
Co-Investment Opportunity Fund, LP (``NGPC'') and NGP Investment
Advisor, L.P. (the ``Adviser'').

DATES: Filing Dates: The application was filed on September 8, 2009,
and amended on December 17, 2009, January 5, 2011, August 25, 2011, and
October 6, 2011.
    Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on November 1, 2011, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
St., NE., Washington, DC 20549-1090. Applicants: c/o Stephen K.
Gardner, NGP Capital Resources Company, 1221 McKinney Street, Suite
2975, Houston, TX 77010.

FOR FURTHER INFORMATION CONTACT: Bruce R. MacNeil, Senior Counsel, at
(202) 551-6817, or Janet M. Grossnickle, Assistant Director, at (202)
551-6821 (Office of Investment Company Regulation, Division of
Investment Management).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or an applicant
using the Company name box, at http://www.sec.gov/search/search.htm or
by calling<PHONE_NUMBER>.

Applicants' Representations

    1. The Company, a Maryland corporation, is an externally managed,
non-diversified, closed-end management investment company that has
elected to be regulated as a BDC under the Act.\1\ The Company's
investment objective is to generate both current income and capital
appreciation primarily through debt investments with certain equity
components. The Company's operations are conducted by the Adviser. The
Company has a five-member board of directors (``Board'') of which three
members are not interested persons of the Company within the meaning of
section 2(a)(19) of the Act (``Independent Directors'').
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    \1\ Section 2(a)(48) defines a BDC to be any closed-end
investment company that operates for the purpose of making
investments in securities described in sections 55(a)(1) through
55(a)(3) of the Act and makes available significant managerial
assistance with respect to the issuers of such securities.
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    2. NGPC is organized as a limited partnership and, in reliance on
the exclusion from the definition of investment company contained in
section 3(c)(1), it is anticipated that NGPC will not register under
the Act. NGP Energy Capital Management, LLC (the ``Affiliated
Adviser'') owns 99.9% of the ownership interest in NGPC, with the
Company's administrator, NGP Administration, LLC (the
``Administrator''), owning the remaining 0.1%. The Affiliated Adviser's
99.9% ownership interest will be diluted as NGPC offers its interests
to outside investors. NGPC has not commenced operations and does not
anticipate doing so unless and until the relief sought by this
application is obtained. NGPC and any Future Co-Investment Affiliate
(as defined below) will operate pursuant to an investment objective and
investment strategies that are identical to those of the Company. The
Adviser will manage the investment activities of NGPC.
    3. Applicants state that as of August 15, 2011, the Company's
capital available for investment was $145 million. The Company does not
have any specific plans to raise additional capital but may do so in
the future to the extent there are opportunities. Applicants also state
that NGPC anticipates raising $250 to $500 million in a private
offering.
    The Adviser is registered as an investment adviser under the
Investment Advisers Act of 1940. The Affiliated Adviser owns 99.9% of
the ownership interest in the Adviser, with the Administrator owning
the remaining 0.1%. The Adviser may in the future advise other entities
that are affiliated persons of the Company, as defined in section
2(a)(3)(C) of the Act (the ``Future Co-Investment Affiliates,'' and
together with NGPC, the ``Co-Investment Affiliates'').\2\ Applicants
request relief permitting the Company and the Co-Investment Affiliates
to co-invest in portfolio companies (the ``Co-Investment Program'' and
each investment, a ``Co-Investment Transaction'').\3\ In selecting
investments for the Company the Adviser will consider only the
investment objective, investment strategies, investment position,
capital available for investment, and other pertinent factors
applicable to the Company. Likewise, when selecting investments for the
Co-Investment Affiliates, the Advisor will consider only the investment
objective, investment strategies, investment position, capital
available for investment, and other pertinent factors applicable to the
Co-Investment Affiliates. However, as the Company and the Co-Investment
Affiliates have the same investment objectives and investment
strategies, the Adviser anticipates that any investment that is an
appropriate investment for one entity will be an appropriate investment
for the other. Applicants state that under the Co-Investment Program,
co-investments between the Company and the Co-Investment Affiliates
would be the norm, rather than the exception. The Company, NGPC and any
Future Co-Investment Affiliate will disclose in offering documents and
periodic financial reports that they will routinely co-invest with each
other pursuant to the Co-Investment Program and will disclose how Co-
Investment Transactions will be allocated.
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    \2\ Section 2(a)(3)(C) defines an ``affiliated person'' of
another person as any person directly or indirectly controlling,
controlled by, or under common control with, such other person.
    \3\ All existing entities that currently intend to rely on the
order have been named as applicants and any future entities that may
rely on the order in the future will comply with its terms and
conditions.
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    4. Under the Co-Investment Program, each Co-Investment Transaction
would be allocated among the Company and the Co-Investment Affiliates
based upon on the relative capital of each entity available for
investment (``Available Capital'').\4\ These relative allocation
percentages (``Relative Allocation Percentages'') would be approved
each quarter or, as necessary or appropriate, between quarters by both
the full Board and the required majority (within the meaning of Section
57(o)) (the ``Eligible

Directors'').\5\ The Company will not deviate from its co-investment
policies except as may be required by applicable law.\6\ The Co-
Investment Program as a whole has been approved by both the full Board
and the Eligible Directors. The Relative Allocation Percentages will be
approved by both the full Board and the Eligible Directors prior to the
implementation of the Co-Investment Program, and any deviations from
the Relative Allocation Percentages for any investment, by the Company
or the Co-Investment Affiliates, would require prior approval by both
the full Board and the Eligible Directors.
---------------------------------------------------------------------------

    \4\ ``Available Capital'' consists solely of liquid assets not
held for permanent investment, including cash, amounts that can
currently be drawn down from lines of credit, and marketable
securities held for short-term purposes. In addition, for the Co-
Investment Affiliates, Available Capital would include bona fide
uncalled capital commitments that can be called by the settlement
date of the Co-Investment Transaction.
    \5\ The term ``Eligible Directors,'' when used with respect to
the approval of a proposed transaction, plan, or arrangement, means
both a majority of a BDC's directors or general partners who have no
financial interest in such transaction, plan, or arrangement and a
majority of such directors or general partners who are not
interested persons of such company.
    \6\ Applicants are not aware of any such requirement at this
time.
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Applicants' Legal Analysis

    1. Section 57(a)(4) of the Act prohibits certain affiliated persons
of a BDC from participating in a joint transaction with the BDC in
contravention of rules as prescribed by the Commission. In addition,
under section 57(b)(2) of the Act, any person who is directly or
indirectly controlling, controlled by or under common control with a
BDC is subject to section 57(a)(4). Applicants state that the Co-
Investment Affiliates could be deemed to be a person related to the
Company in a manner described by section 57(b) by virtue of their being
under common control with the Company. Section 57(i) of the Act
provides that, until the Commission prescribes rules under section
57(a)(4), the Commission's rules under section 17(d) of the Act
applicable to registered closed-end investment companies will be deemed
to apply. Because the Commission has not adopted any rules under
section 57(a)(4), rule 17d-1 applies.
    2. Section 17(d) of the Act and rule 17d-1 under the Act prohibit
affiliated persons of a registered investment company from
participating in joint transactions with the company unless the
Commission has granted an order permitting such transactions. Rule 17d-
1, as made applicable to BDCs by section 57(i), prohibits any person
who is related to a BDC in a manner described in section 57(b), acting
as principal, from participating in, or effecting any transaction in
connection with, any joint enterprise or other joint arrangement or
profit-sharing plan in which the BDC is a participant, absent an order
from the Commission. In passing upon applications under rule 17d-1, the
Commission considers whether the company's participation in the joint
transaction is consistent with the provisions, policies, and purposes
of the Act and the extent to which such participation is on a basis
different from or less advantageous than that of other participants.
    3. Applicants state that allowing co-investment in portfolio
companies by the Company and the Co-Investment Affiliates will increase
favorable investment opportunities for the Company. The Co-Investment
Program has been approved by the Board and the Eligible Directors on
the basis that it would be mutually advantageous for the Company to
have the additional capital from the Co-Investment Affiliates available
to meet the funding requirements of attractive investments in portfolio
companies.
    4. Applicants state that the formulae for the allocation of co-
investment opportunities among the Company and Co-Investment
Affiliates, and the protective conditions set forth below will ensure
that the Company will be treated fairly. Applicants state that the
Company's participation in the Co-Investment Transactions will be
consistent with the provisions, policies, and purposes of the 1940 Act
and on a basis that is not different from or less advantageous than
that of other participants.

Applicants' Conditions

    Applicants agree that any order granting the requested relief will
be subject to the following conditions:
    1. Each time the Adviser considers an investment for the Co-
Investment Affiliates, the Adviser will make an independent
determination of the appropriateness of the investment for the Company.
    2. (a) If the Adviser deems that the Company's participation in the
investment is appropriate, then such investment will be made pursuant
to the Relative Allocation Percentages, unless the Adviser determines
that investment pursuant to the Relative Allocation Percentages is not
appropriate for that investment. The Relative Allocation Percentages
will be determined by both the full Board and the Eligible Directors in
advance and will be based upon the Available Capital of the Company, on
the one hand, and the Co-Investment Affiliates, on the other hand. The
Relative Allocation Percentages will be approved each quarter, or as
necessary or appropriate, between quarters, by both the full Board and
the Eligible Directors, and may be adjusted, for subsequent
transactions, in their sole discretion for any reason, including, among
other things, changes in the Available Capital of the Company vis-
[agrave]-vis the Available Capital of the Co-Investment Affiliates.
    (b) If the Adviser deems that the Company's participation in the
Co-Investment Transaction is appropriate, but that investment pursuant
to the Relative Allocation Percentages is not appropriate, then the
Adviser will recommend an appropriate level of investment for the
Company and the Co-Investment Affiliates. If the aggregate amount
recommended by the Adviser to be invested by the Company in such Co-
Investment Transaction, together with the amount proposed to be
invested by the Co-Investment Affiliates, exceeds the amount of the
investment opportunity, the amount proposed to be invested by the
Company will be based on a ratio of the Company's Available Capital to
the aggregate Available Capital of the Company and the Co-Investment
Affiliates, up to the maximum amount proposed to be invested by each.
The Adviser will provide the Eligible Directors with information
concerning the Company's and the Co-Investment Affiliates' Available
Capital to assist the Eligible Directors with their review of the
Company's investments for compliance with these allocation procedures.
After making the determinations required in this paragraph (b), the
Adviser will distribute written information concerning the Co-
Investment Transaction, including the amount proposed to be invested by
the Co-Investment Affiliates, to the Independent Directors for their
consideration. Outside of the Relative Allocation Percentages, the
Company will co-invest with the Co-Investment Affiliates only if, prior
to the Company's and the Co-Investment Affiliates' participation in the
Co-Investment Transaction, the Eligible Directors conclude that:
    (i) The terms of the transaction, including the consideration to be
paid, are reasonable and fair and do not involve overreaching of the
Company or its stockholders on the part of any person concerned;
    (ii) the transaction is consistent with
    (A) the interests of the stockholders of the Company; and
    (B) the Company's investment objectives and policies (as described
in the Company's registration statements on Form N-2 and other filings
made with the Commission by the Company under the Securities Act of
1933, as amended (``Securities Act''), any reports filed by the Company
with the Commission under the Securities

Exchange Act of 1934, as amended, and the Company's reports to
stockholders);
    (iii) the investment by the Co-Investment Affiliates would not
disadvantage the Company, and participation by the Company is not on a
basis different from or less advantageous than that of the Co-
Investment Affiliates; provided, that if the Co-Investment Affiliates,
but not the Company, gains the right to nominate a director for
election to a portfolio company's board of directors or the right to
have a board observer or any similar right to participate in the
governance or management of the portfolio company, such event shall not
be interpreted to prohibit the Eligible Directors from reaching the
conclusions required by this condition (2)(b)(iii), if
    (A) the Eligible Directors shall have the right to ratify the
selection of such director or board observer, if any, and
    (B) the Adviser agrees to, and does, provide, periodic reports to
the Company's Board with respect to the actions of such director or the
information received by such board observer or obtained through the
exercise of any similar right to participate in the governance or
management of the portfolio company; and
    (iv) the proposed investment by the Company will not benefit any
affiliated person of the Company, other than the Co-Investment
Affiliates, except (A) to the extent permitted by condition 12; (B) to
the extent permitted by section 57(k); or (C) indirectly, as a result
of an interest in securities issued by the Co-Investment Affiliates or
the Company.\7\
---------------------------------------------------------------------------

    \7\ Co-Investment Affiliates or an affiliate of the Co-
Investment Affiliates will not receive any fees or other
compensation in connection with the Co-Investment Affiliates' right
to nominate a director or board observer to otherwise participate in
the governance or management of the portfolio company.
---------------------------------------------------------------------------

    3. The Company has the right to decline to participate in any Co-
Investment Transaction or to invest less than the amount proposed.
    4. Except for follow-on investments made pursuant to condition 7,
the Company will not invest in reliance on this order in any portfolio
company in which the Adviser, or any Co-Investment Affiliates or any
person controlling, controlled by, or under common control with the
Investment Adviser or the Co-Investment Affiliates is an existing
investor.
    5. The Company will not participate in any Co-Investment
Transaction unless the terms, conditions, price, class of securities to
be purchased, settlement date, and registration rights will be the same
for the Company as for the Co-Investment Affiliates. The grant to the
Co-Investment Affiliates, but not the Company, of the right to nominate
a director for election to a portfolio company's board of directors,
the right to have an observer on the board of directors or similar
rights to participate in the governance or management of the portfolio
company will not be interpreted so as to violate this condition 5, if
conditions 2(b)(iii)(A) and (B) are met.\8\
---------------------------------------------------------------------------

    \8\ Id.
---------------------------------------------------------------------------

    6. Any sale, exchange, or other disposition by the Company or the
Co-Investment Affiliates of an interest in a security that was acquired
in a Co-Investment Transaction will be accomplished pro rata based on
the original investment of each participant unless the Adviser
formulates a recommendation for participation in a disposition on a
non-pro rata basis and such recommendation is approved by the Eligible
Directors on the basis that such non-pro rata disposition is in the
best interest of the Company. The Company and the Co-Investment
Affiliates will each bear its own expenses in connection with any
disposition, and the terms and conditions of any disposition will apply
equally to all participants.
    7. Any ``follow-on investment'' (i.e., an additional investment in
the same entity) by the Company or the Co-Investment Affiliates, or any
exercising of warrants or other rights to purchase securities of the
issuer in a portfolio company whose securities were acquired in a Co-
Investment Transaction will be accomplished pro rata based on the
original investment of each participant, unless the Adviser formulates
a recommendation for participation in the proposed transaction on a
non-pro rata basis and such recommendation is approved by the Eligible
Directors on the basis that such non-pro rata participation is in the
best interest of the Company. The acquisition of follow-on investments
as permitted by this condition will be subject to the other conditions
set forth in the application.
    8. The Independent Directors will be provided quarterly for review
all information concerning (a) all investments made by the Co-
Investment Affiliate during the preceding quarter and (b) Co-Investment
Transactions during the preceding quarter, including investments made
by the Co-Investment Affiliates which the Company considered but
declined to participate in, so that the Independent Directors may
determine whether the conditions of the order have been met.
    9. The Company will maintain the records required by section
57(f)(3) of the Act as if each of the investments permitted under these
conditions were approved by the Independent Directors under section
57(f).
    10. No Independent Directors will also be a director, general
partner or principal, or otherwise an ``affiliated person'' (as defined
in the Act) of, the Co-Investment Affiliates.
    11. The expenses, if any, associated with acquiring, holding or
disposing of any securities acquired in a Co-Investment Transaction
(including, without limitation, the expenses of the distribution of any
such securities registered for sale under the Securities Act) shall, to
the extent not payable by the Adviser under its investment advisory
agreements with the Co-Investment Affiliates, be shared by the Company
and the Co-Investment Affiliates in proportion to the relative amounts
of their securities to be acquired or disposed of, as the case may be.
    12. Any transaction fee (including break-up or commitment fees but
excluding broker's fees contemplated by section 57(k)(2) of the Act)
received in connection with a Co-Investment Transaction will be
distributed to the Company and the Co-Investment Affiliates on a pro
rata basis based on the amount they invested or committed, as the case
may be, in such Co-Investment Transaction. If any transaction fee is to
be held by the Adviser pending consummation of the transaction, the fee
will be deposited into an account maintained by the Adviser at a bank
or banks having the qualifications prescribed in section 26(a)(1) of
the Act, and the account will earn a competitive rate of interest that
will also be divided pro rata between the Company and the Co-Investment
Affiliates based on the amount they invest in such Co-Investment
Transaction. The Co-Investment Affiliates or any affiliated person of
the Company will not receive additional compensation or remuneration of
any kind (other than (a) the pro rata transaction fees described above
and (b) investment advisory fees paid in accordance with investment
advisory agreements with the Company and the Co-Investment Affiliates)
as a result of or in connection with a Co-Investment Transaction.

    For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-26525 Filed 10-13-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 3 (Monday, January 6, 2014)]
[Notices]
[Pages 651-652]
[FR Doc No: 2013-31579]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 1

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

    Docket Numbers: EC14-39-000.
    Applicants: ITC Midwest LLC.
    Description: Application for Approval of Transaction Pursuant to
FPA Section 203 of ITC Midwest LLC (CIPCO OPGW).
    Filed Date: 12/26/13.
    Accession Number: 20131226-5042.
    Comments Due: 5 p.m. ET 1/16/14.

    Docket Numbers: EC14-40-000.
    Applicants: Castlebridge Energy Group LLC.
    Description: Application of Castlebridge Energy Group LLC for
Authorization to Dispose of Jurisdictional Facilities, Request for
Expedited Consideration, Request for Waiver and Request for
Confidential Treatment.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5111.
    Comments Due: 5 p.m. ET 1/14/14.

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

    Docket Numbers: ER10-1789-003; ER10-1768-002; ER10-1793-002; ER10-
1770-002; ER10-1771-002; ER12-1250-002.
    Applicants: PSEG Energy Resources & Trade LLC, PSEG Fossil LLC,
PSEG New Haven LLC, PSEG Nuclear LLC, PSEG Power Connecticut LLC,
Public Service Electric and Gas Company.
    Description: Updated Market Analysis Update for Northeast Region of
the PSEG Companies.
    Filed Date: 12/23/13.
    Accession Number: 20131223-5279.
    Comments Due: 5 p.m. ET 2/21/14.

    Docket Numbers: ER10-2124-005.
    Applicants: Spring Canyon Energy LLC.
    Description: Triennial Report of Spring Canyon Energy LLC.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5108.
    Comments Due: 5 p.m. ET 2/24/14.

    Docket Numbers: ER10-2125-005.
    Applicants: Judith Gap Energy LLC.
    Description: Triennial Report of Judith Gap Energy LLC.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5103.
    Comments Due: 5 p.m. ET 2/24/14.

    Docket Numbers: ER10-2128-005.
    Applicants: Wolverine Creek Energy LLC.
    Description: Triennial Report of Wolverine Creek Energy LLC.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5104.
    Comments Due: 5 p.m. ET 2/24/14.

    Docket Numbers: ER10-2129-004.
    Applicants: Grays Harbor Energy LLC.
    Description: Triennial Report of Grays Harbor Energy LLC.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5107.
    Comments Due: 5 p.m. ET 2/24/14.

    Docket Numbers: ER10-2135-004.
    Applicants: Spindle Hill Energy LLC.
    Description: Triennial Report of Spindle Hill Energy LLC.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5105.
    Comments Due: 5 p.m. ET 2/24/14.

    Docket Numbers: ER14-824-000; ER14-825-000.
    Applicants: National Grid-Glenwood Energy Center, LLC, National
Grid-Port Jefferson Energy Center, LLC.
    Description: Niagara Mohawk Power Corporation et al submit their
updated Triennial Market Power Analysis.
    Filed Date: 12/24/13.
    Accession Number: 20131226-0004.
    Comments Due: 5 p.m. ET 2/24/14.

    Docket Numbers: ER14-828-000.
    Applicants: Kansas City Power & Light Company.
    Description: KCP&L SPP Integrated Marketplace Filing to be
effective 3/1/2014.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5077.
    Comments Due: 5 p.m. ET 1/14/14.

    Docket Numbers: ER14-829-000.
    Applicants: KCP&L Greater Missouri Operations Company.
    Description: Triennial SPP Filing to be effective 3/1/2014.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5078.
    Comments Due: 5 p.m. ET 2/24/14.

    Docket Numbers: ER14-830-000.
    Applicants: Grays Harbor Energy LLC.
    Description: Revised Market-Based Rate Tariff Pursuant to Order No.
784 to be effective 12/25/2013.

    Filed Date: 12/24/13.
    Accession Number: 20131224-5082.
    Comments Due: 5 p.m. ET 1/14/14.

    Docket Numbers: ER14-831-000.
    Applicants: Judith Gap Energy LLC.
    Description: Revised Market-Based Rate Tariff Pursuant to Order No.
784 to be effective 12/25/2013.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5083.
    Comments Due: 5 p.m. ET 1/14/14.

    Docket Numbers: ER14-832-000.
    Applicants: Spindle Hill Energy LLC.
    Description: Revised Market-Based Rate Tariff Pursuant to Order No.
784 to be effective 12/25/2013.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5084.
    Comments Due: 5 p.m. ET 1/14/14.

    Docket Numbers: ER14-833-000.
    Applicants: Spring Canyon Energy LLC.
    Description: Revised Market-Based Rate Tariff Pursuant to Order No.
784 to be effective 12/25/2013.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5085.
    Comments Due: 5 p.m. ET 1/14/14.

    Docket Numbers: ER14-834-000.
    Applicants: Wolverine Creek Energy LLC.
    Description: Revised Market-Based Rate Tariff Pursuant to Order No.
784 to be effective 12/25/2013.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5086.
    Comments Due: 5 p.m. ET 1/14/14.

    Docket Numbers: ER14-835-000.
    Applicants: PacifiCorp.
    Description: Cost Based Rate Schedule to be effective 12/25/2013.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5088.
    Comments Due: 5 p.m. ET 1/14/14.

    Docket Numbers: ER14-836-000.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Midcontinent Independent System Operator, Inc. submits
tariff filing per 35.13(a)(2)(iii: 12-26-2013 SA 2622 Courtenay & OTP
J262/3 E&P to be effective 12/27/2013.
    Filed Date: 12/26/13.
    Accession Number: 20131226-5033.
    Comments Due: 5 p.m. ET 1/16/14.

    Docket Numbers: ER14-837-000.
    Applicants: Trademark Merchant Energy, LLC.
    Description: Trademark Merchant Energy, LLC submits tariff filing
per 35: Tariff Amendment--Order No. 784 to be effective 12/27/2013.
    Filed Date: 12/26/13.
    Accession Number: 20131226-5035.
    Comments Due: 5 p.m. ET 1/16/14.

    Docket Numbers: ER14-838-000.
    Applicants: Pacific Gas and Electric Company.
    Description: Notice of Termination of Pacific Gas and Electric
Company for the El Peco Energy SGIA, Service Agreement No. 218 under
PG&E FERC Electric Tariff Volume No. 5.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5109.
    Comments Due: 5 p.m. ET 1/14/14.

    Docket Numbers: ER14-839-000.
    Applicants: Frederickson Power L.P.
    Description: Frederickson Power L.P. submits tariff filing per 35:
Tariff Amendment--Order No. 784 to be effective 12/27/2013.
    Filed Date: 12/26/13.
    Accession Number: 20131226-5051.
    Comments Due: 5 p.m. ET 1/16/14.

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

    Docket Numbers: ES14-10-000.
    Applicants: Portland General Electric Company.
    Description: Supplement to November 11, 2013 Application of
Portland General Electric Company for Authority to Issue Short-Term
Debt Securities.
    Filed Date: 12/23/13.
    Accession Number: 20131223-5274.
    Comments Due: 5 p.m. ET 1/2/14.

    Docket Numbers: ES14-19-000.
    Applicants: New York State Electric & Gas Corporation.
    Description: Application for Authorization to Issue Short-Term Debt
Securities under FPA Section 204 of New York State Electric & Gas
Corporation.
    Filed Date: 12/24/13.
    Accession Number: 20131224-5094.
    Comments Due: 5 p.m. ET 1/14/14.

    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: December 26, 2013.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2013-31579 Filed 1-3-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 85, Number 173 (Friday, September 4, 2020)]
[Rules and Regulations]
[Pages 55190-55192]
[FR Doc No: 2020-19735]

=======================================================================
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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2020-0510]
RIN 1625-AA00

Safety Zone; Lake Pontchartrain, New Orleans, LA

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary moving safety zone
for certain waters of Lake Pontchartrain, New Orleans, LA. The safety
zone encompasses all navigable waters from 30 02'58.3'' N, 090
12'54.6'' W to 30 04'05.3'' W, 090 00'09.0'' W. The safety zone is
needed to protect persons, vessels, and the marine environment from
hazards associated with a boat

parade. Persons and vessels are prohibited from entering or remaining
in this zone unless specifically authorized by the Captain of the Port
Sector New Orleans or a designated representative.

DATES: This rule is effective from 12 noon through 3 p.m. on September
7, 2020.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to https://www.regulations.gov, type USCG-
2020-0510 in the ``SEARCH'' box and click ``SEARCH.'' Click on Open
Docket Folder on the line associated with this rule.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Lieutenant Commander Corinne Plummer, Sector New Orleans,
U.S. Coast Guard; telephone<PHONE_NUMBER>, email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
COTP Captain of the Port Sector New Orleans
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
Sec.  Section
U.S.C. United States Code

II. Background Information and Regulatory History

    The Coast Guard is issuing this temporary rule without prior notice
and opportunity to comment pursuant to authority under section 4(a) of
the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(3)(B), the Coast Guard finds that
good cause exists for not publishing a notice of proposed rulemaking
(NPRM) with respect to this rule because it is impracticable. It is
impracticable to publish an NPRM because we must establish this safety
zone by September 7, 2020 and lack sufficient time to provide a
reasonable comment period and then consider those comments before
issuing the rule.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this rule effective less than 30 days after
publication in the Federal Register. Delaying the effective date of
this rule would be contrary to the public interest because the safety
zone is necessary to prevent potential hazards associated with a boat
parade.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority in 46 U.S.C.
70034 (previously 33 U.S.C. 1231). The Captain of the Port Sector New
Orleans (COTP) has determined that potential hazards associated with a
boat parade on September 7, 2020, will be a safety concern for anyone
within a 25-foot radius of the boat parade participants. Possible
hazards include risks of injury or death from near or actual contact
among participant vessels and mariners traversing through the safety
zone. This rule is necessary to protect persons, vessels, and the
marine environment during the boat parade.

IV. Discussion of the Rule

    This rule establishes a temporary moving safety zone from 12 noon
through 3 p.m. on September 7, 2020. The safety zone will cover all
navigable waters within 25-foot radius of the NOLA Boat and Float
parade participants as they transit Lake Pontchartrain from position 30
02'58.3'' N, 090 12'54.6'' W to 30 04'05.3'' W, 090 00'09.0'' W and
back to 30 02'58.3'' N, 090 12'54.6'' W. The duration of the zone is
intended to protect persons, vessels, and the marine environment on
these navigable waters while the vessels transit with limited mobility
at minimum speed. No vessel or person will be permitted to enter or
remain in the safety zone without obtaining permission from the COTP or
a designated representative. Vessels requiring entry into this safety
zone must request permission from the COTP or a designated
representative. They may be contacted on VHF-FM Channel 16 or 67.
Persons and vessels permitted to enter this safety zone must transit at
their slowest safe speed and comply with all lawful directions issued
by the COTP or the designated representative. The COTP or a designated
representative will inform the public of the enforcement times and date
for this safety zone through Broadcast Notices to Mariners (BNMs),
Local Notices to Mariners (LNMs), and/or Marine Safety Information
Bulletins (MSIBs) as appropriate.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive orders, and we
discuss First Amendment rights of protestors.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. Executive Order 13771 directs agencies to control
regulatory costs through a budgeting process. This rule has not been
designated a ``significant regulatory action,'' under Executive Order
12866. Accordingly, this rule has not been reviewed by the Office of
Management and Budget (OMB), and pursuant to OMB guidance it is exempt
from the requirements of Executive Order 13771.
    This regulatory action determination is based on the size,
location, duration, and time-of-year of the safety zone. This safety
zone will restrict vessel traffic from entering or remaining within a
25-foot radius of the NOLA Boat and Float parade participants as they
transit Lake Pontchartrain from position 30 02'58.3'' N, 090 12'54.6''
W to 30 04'05.3'' W, 090 00'09.0'' W and back to 30 02'58.3'' N, 090
12'54.6'' W. Vessels can safely transit around the zone. Moreover, the
Coast Guard will issue Broadcast Notice to Mariners via VHF-FM marine
channel 16 or 67 about the zone, and the rule allows vessels to seek
permission to enter the zone.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as
amended, requires Federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard certifies under 5 U.S.C. 605(b) that this rule
will not have a significant economic impact on a substantial number of
small entities.
    While some owners or operators of vessels intending to transit the
safety zone may be small entities, for the reasons stated in section
V.A above, this rule will not have a significant economic impact on any
vessel owner or operator.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
contact the person listed in the FOR FURTHER INFORMATION CONTACT
section.

    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Governments

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes. If
you believe this rule has implications for federalism or Indian tribes,
please contact the person listed in the FOR FURTHER INFORMATION CONTACT
section above.

E. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

F. Environment

    We have analyzed this rule under Department of Homeland Security
Directive 023-01 and Commandant Instruction M16475.1D, which guide the
Coast Guard in complying with the National Environmental Policy Act of
1969 (42 U.S.C. 4321-4370f), and have determined that this action is
one of a category of actions that do not individually or cumulatively
have a significant effect on the human environment. This rule involves
a safety zone lasting 3 hours that will prohibit entry within 25 feet
of the participating vessels with limited maneuverability. It is
categorically excluded from further review under paragraph L(60)a of
Appendix A, Table 1 of DHS Instruction Manual 023-01-001-01, Rev. 01. A
Record of Environmental Consideration supporting this determination
will be made available in the docket where indicated under ADDRESSES.

G. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to contact the person listed in the FOR FURTHER
INFORMATION CONTACT section to coordinate protest activities so that
your message can be received without jeopardizing the safety or
security of people, places or vessels.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.
    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority: 33 U.S.C. 1231; 50 U.S.C. 191; 33 CFR 1.05-1, 6.04-1,
6.04-6, and 160.5; Department of Homeland Security Delegation No.
0170.1.

0
2. Add Sec.  165.T08-0510 to read as follows:

Sec.  165.T08-0510  Safety Zone; Lake Pontchartrain, New Orleans, LA.

    (a) Location. The following area is a safety zone: All navigable
waters within a 25-foot radius of the NOLA Boat and Float parade
participants as they transit Lake Pontchartrain from position 30
02'58.3'' N, 090 12'54.6'' W to 30 04'05.3'' W, 090 00'09.0'' W and
back to 30 02'58.3'' N, 090 12'54.6'' W.
    (b) Effective period. This section is effective from 12 noon. to 3
p.m. on September 7, 2020.
    (c) Regulations. (1) In accordance with the general regulations in
Sec.  165.23, entry into or remaining within this zone is prohibited
unless authorized by the Captain of the Port Sector New Orleans (COTP)
or designated representative. A designated representative is a
commissioned, warrant, or petty officer of the U.S. Coast Guard
assigned to units under the operational control of USCG Sector New
Orleans.
    (2) Vessels requiring entry into this safety zone must request
permission from the COTP or a designated representative. They may be
contacted on VHF-FM Channel 16 or 67.
    (3) Persons and vessels permitted to enter this safety zone must
transit at their slowest safe speed and comply with all lawful
directions issued by the COTP or the designated representative.
    (d) Information broadcasts. The COTP or a designated representative
will inform the public of the enforcement times and date for this
safety zone through Broadcast Notices to Mariners (BNMs), Local Notices
to Mariners (LNMs), and/or Marine Safety Information Bulletins (MSIBs)
as appropriate.

    Dated: September 1, 2020.
W.E. Watson,
Captain, U.S. Coast Guard, Captain of the Port Sector New Orleans.
[FR Doc. 2020-19735 Filed 9-3-20; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 78, Number 236 (Monday, December 9, 2013)]
[Notices]
[Pages 73917-73918]
[FR Doc No: 2013-29229]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Agency Information Collection Activities: Requests for Comments;
Clearance of Renewed Approval of Information Collection: Physiological
Training

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice and request for comments.

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

SUMMARY: In accordance with the Paperwork Reduction Act of 1995, FAA
invites public comments about our intention to request the Office of
Management and Budget (OMB) approval to renew an information
collection. The Federal Register Notice with a 60-day comment period
soliciting comments on the following collection of information was
published on September 24, 2013, vol. 78, no. 185, page 58598. This
report is necessary to

establish qualifications of eligibility to receive voluntary
physiological training with the US Air Force and will be used as proper
evidence of training. The information is collected from pilots and
crewmembers for application to receive voluntary training.

DATES: Written comments should be submitted by January 8, 2014.

FOR FURTHER INFORMATION CONTACT: Kathy DePaepe at<PHONE_NUMBER>, or by
email at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:
    OMB Control Number: 2120-0101.
    Title: Physiological Training.
    Form Numbers: AC Form 3150-7.
    Type of Review: Renewal of an information collection.
    Background: The submission of this application information is
authorized by the Federal Aviation Reauthorization Act 1996. The
collection of information is necessary to determine if the applicants
meet the qualifications for training under the FAA/USAF training
agreement. The information is used by the Aeromedical Education
Division (AAM-400) to determine if the applicant is qualified to
receive physiological training.
    Respondents: An estimated 5,500 pilots and crewmembers.
    Frequency: Information is collected on occasion.
    Estimated Average Burden per Response: 8 minutes.
    Estimated Total Annual Burden: 733 hours.

ADDRESSES: Interested persons are invited to submit written comments on
the proposed information collection to the Office of Information and
Regulatory Affairs, Office of Management and Budget. Comments should be
addressed to the attention of the Desk Officer, Department of
Transportation/FAA, and sent via electronic mail to<EMAIL_ADDRESS>or faxed to<PHONE_NUMBER>, or mailed to the
Office of Information and Regulatory Affairs, Office of Management and
Budget, Docket Library, Room 10102, 725 17th Street NW., Washington, DC
20503.
    Public Comments Invited: You are asked to comment on any aspect of
this information collection, including (a) Whether the proposed
collection of information is necessary for FAA's performance; (b) the
accuracy of the estimated burden; (c) ways for FAA to enhance the
quality, utility and clarity of the information collection; and (d)
ways that the burden could be minimized without reducing the quality of
the collected information. The agency will summarize and/or include
your comments in the request for OMB's clearance of this information
collection.

    Issued in Washington, DC, on December 2, 2013.
Albert R. Spence,
FAA Assistant Information Collection Clearance Officer, IT Enterprises
Business Services Division, AES-200.
[FR Doc. 2013-29229 Filed 12-6-13; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 80, Number 133 (Monday, July 13, 2015)]
[Notices]
[Pages 40054-40055]
[FR Doc No: 2015-17050]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 4285-046]

City of Logan, Utah; Notice of Application Accepted for Filing,
Ready for Environmental Analysis, Soliciting Comments, Motions to
Intervene, Protests, Recommendations, Terms and Conditions, and Fishway
Prescriptions

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Type of Proceeding: Amendment of License.
    b. Project No.: 4285-046.
    c. Date Filed: May 8, 2015.
    d. Licensee: City of Logan, Utah.
    e. Name of Project: Logan No. 2 Hydroelectric Project.
    f. Location: The project is located on the Logan River, near the
City of Logan, in Cache County, Utah. The project occupies federal
lands administered by the Logan Ranger District, USDA Forest Service
(USFS).
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791a-825r.
    h. Licensee Contact: City of Logan, Utah, Logan City Light and
Power Department, 233 North Main Street, Logan, Utah 84321, Mark
Montgomery at<PHONE_NUMBER> or Greg Clark at<PHONE_NUMBER>.
    i. FERC Contact: Mr. M Joseph Fayyad,<PHONE_NUMBER>,
<EMAIL_ADDRESS>    j. Deadline for filing comments, motions to intervene, protests,
recommendations, terms and conditions, and prescriptions: 60 days from
the issuance date of this notice; reply comments are due 105 days from
the issuance date of this notice. The Commission strongly encourages
electronic filing. Please file motions to intervene, protests and
comments using the Commission's eFiling system at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit brief comments up to
6,000 characters, without prior registration, using the eComment system
at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your
name and contact information at the end of your comments. For
assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>(866) 208-3676 (toll free), or (202) 502-
8659 (TTY). In lieu of electronic filing, please send a paper copy to:
Secretary, Federal Energy Regulatory Commission, 888 First Street NE.,
Washington, DC 20426. The first page of any filing should include
docket number P-4285-046.
    k. Description of Request: Based upon an inspection of the dam and
intake structure, the licensee proposes to replace or rehabilitate
several portions of these structures. The proposed work will include:
(1) Replacement of spillway crest gates with Obermeyer weirs; (2)
Replacement of spillway abutment walls; (3) Armoring the abutments of
the dam, which may consist of a combination of riprap and/or roller
compacted concrete. (4) Replacement of the penstock isolation gate
(Radial Gate) with an Obermeyer weir gate; (5) Replacement of trash
rack at intake structure; (6) Replacement of the low level sluice
gatehouse; (7) Rehabilitating the upstream face of dam; (8) Dredging of
about 100,000 cubic yards of sediment from the reservoir; (9)
refurbishment of the electrical generating equipment, which includes
replacement of the existing runners, wicket gates, and associated parts
which are damaged; and (10) recoating the interior and exterior of the
steel portion of the penstock to reduce corrosion potential.
    l. This filing may be viewed on the Commission's Web site at http://www.ferc.gov/docs-filing/elibrary.asp. Enter the docket number
excluding the last three digits in the docket number field to access
the document. You may also register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filings and
issuances related to this or other pending projects. For assistance,
call 1-866-208-3676 or email<EMAIL_ADDRESS>for TTY, call
(202) 502-8659. A copy is also available for inspection and
reproduction in the Commission's Public Reference Room located at 888
First Street NE., Room 2A, Washington, DC 20426, or by calling (202)
502-8371.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions to Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
and .214. In determining the appropriate action to take, the Commission
will consider all protests or other comments filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any comments, protests, or
motions to intervene must be received on or before the specified
comment date for the particular application.
    o. Filing and Service of Responsive Documents: Any filing must (1)
bear in all capital letters the title ``COMMENTS'', ``PROTEST'',
``MOTION TO INTERVENE'', ``REPLY COMMENTS'', ``RECOMMENDATIONS'',
``TERMS AND CONDITIONS'', or ``PRESCRIPTIONS'', as applicable; (2) set
forth in the heading the name of the applicant and the project number
of the application to which the filing responds; (3) furnish the name,
address, and telephone number of the person protesting or intervening;
and (4) otherwise comply with the requirements of 18 CFR 385.2001
through 385.2005. All comments, motions to intervene, recommendations,
terms and conditions, or prescriptions must set forth their evidentiary
basis and otherwise comply with the requirements of 18 CFR 4.34(b), and
should relate to project works which are the subject of the license
amendment. Agencies may obtain copies of the application directly from
the applicant. A copy of any protest or motion to intervene must be
served upon each representative of the applicant specified in the
particular application. If an intervener files comments or documents
with the Commission relating to the merits of an issue that may affect
the responsibilities of a particular resource agency, they must also
serve a copy of the document on that resource agency. A copy of all
other filings in reference to this application must be accompanied by
proof of service on all persons listed in the service list prepared by
the

Commission in this proceeding, in accordance with 18 CFR 4.34(b) and
385.2010.

    Dated: July 7, 2015.
Kimberly D. Bose,
Secretary.
[FR Doc. 2015-17050 Filed 7-10-15; 8:45 am]
BILLING CODE 6717-01-P