[Federal Register Volume 79, Number 113 (Thursday, June 12, 2014)]
[Notices]
[Pages 33802-33803]
[FR Doc No: 2014-13685]

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DEPARTMENT OF TRANSPORTATION

Pipeline and Hazardous Materials Safety Administration

[Docket No. PHMSA-2014-0085; Notice 14-9]

Hazardous Materials: Notice of Availability of Draft
Environmental Assessment and Request for Public Comment for a Special
Permit Relating to the Transport of Precursor Chemicals From Syria in
Port Arthur, Texas

AGENCY: Pipeline and Hazardous Materials Safety Administration, DOT.

ACTION: Notice of Availability and Request for Public Comment.

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SUMMARY: This notice informs the public of the availability of a draft
environmental assessment in support of a special permit application
that would allow offloading and the transport by highway of hazardous
materials in non-DOT Specification Packaging in Port Arthur, Texas.
PHMSA requests public comment on the draft environmental assessment.

DATES: PHMSA will accept comments on the draft environmental assessment
until close of business June 23, 2014.

ADDRESSES: Comments may be submitted in the following ways:
    Federal eRulemaking Portal: www.regulations.gov. Follow
instructions for submitting comments.
    Mail: Docket Management System: U.S. Department of Transportation,
Docket Operations, M-30, West Building Ground Floor, Room W12-140, 1200
New Jersey Avenue SE., Washington, DC 20590. If you submit your
comments by mail, please submit two copies. To receive confirmation
that PHMSA has received your comments, please include a self-addressed
stamped postcard.
    Hand Delivery: Docket Management System: U.S. Department of
Transportation, Docket Operations, M-30, West Building Ground Floor,
Room W12-140, 1200 New Jersey Avenue SE., Washington, DC 20590 between
9 a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    Fax: Docket Management System: U.S. Department of Transportation,
Docket Operations,<PHONE_NUMBER>.
    Instructions: Include the agency name and docket number PHMSA-2014-
0085 (Notice 14-9) at the beginning of your comment. Please note that
all comments received will be posted without change to
www.regulations.gov, including any personal information provided.
    Privacy Act: Anyone is able to search the electronic form of any
written communications and comments received into any of our dockets by
the name of the individual submitting the document (or signing the
document, if submitted on behalf of an association, business, labor
union, etc.). You may review DOT's complete Privacy Act Statement in
the Federal Register, 65 FR 19477, April 11, 2000, or you may visit
www.regulations.gov.
    Docket: For access to the docket to read the draft environmental
assessment or comments received, go to www.regulations.gov or DOT's
Docket Operations Office (see hand delivery address above).

FOR FURTHER INFORMATION CONTACT: Alice Koethe, Attorney, Pipeline and
Hazardous Materials Safety Administration, Office of the Chief Counsel,
1200 New Jersey Avenue SE., Washington, DC 20590;<PHONE_NUMBER>;
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In accordance with the National
Environmental Policy Act (NEPA), 42 U.S.C. 4321-4347, the Council on
Environmental Quality (CEQ) NEPA implementing regulations, 40 CFR parts
1500-1508, and DOT Order 5610.1C, Procedures for Considering
Environmental Impacts, the Pipeline and Hazardous Materials Safety
Administration (PHMSA) has prepared a draft environmental assessment
(Draft EA) for an application for a Special Permit/Requested Relief of
Certain Packaging Requirements for Highway Motor Vehicles relating to
the transport of precursor chemicals from Syria in Port Arthur, Texas.
PHMSA serves as the lead agency for the Draft EA, and the U.S. Coast
Guard, U.S. Department of Commerce, and the U.S. Department of the
Treasury serve as cooperating agencies.
    The Organisation for the Prohibition of Chemical Weapons (OPCW) and
the Department of State have informed PHMSA that an operation is
underway to eliminate Syria's chemical weapons program, including the
removal of 19 different chemicals from Syria used as precursors to
chemical weapons. Five of these chemicals are bound for Port Arthur,
Texas, where they will be destroyed and disposed (the ``operation'').
These five chemicals have been/are to be transferred to a Norwegian
sovereign immune cargo vessel, which is ultimately bound for Port
Arthur, Texas. There are no explosives or munitions associated with the
chemicals, and these chemicals have not been assembled into weapons or
mixed for weapons purposes. OPCW informed PHMSA that these five
chemicals are being shipped in 16 20-ft ISO maritime shipping
containers in various packagings. However, due to incomplete
information from international officials and questions about loading,
PHMSA cannot confirm that the UN packagings containing the chemicals
are compliant with the Hazardous Materials Regulations, 49 CFR Parts
171-180 (HMR).
    Veolia is the private company that the OPCW selected for the
destruction and disposal of the chemicals. Upon arrival at the Port of
Port Arthur, Veolia's subcontractor, Bed Rock Inc, d/b/a/Tri State
Motor Transit Company (Tri State), will transport the chemicals 15
miles overland from the Port of Port Arthur to Veolia's approved
disposal site in Port Arthur, Texas. Due to the lack of compliance
assurance with the HMR, Veolia has requested a special permit (SP) from
PHMSA.
    PHMSA has prepared the Draft EA analyzing the environmental impacts
of four alternatives: (1) The no action alternative, where PHMSA does
not issue a SP because the chemicals do not

enter and are not destroyed in the United States; (2) PHMSA does not
issue a SP and exercises agency discretion to forgo enforcement of the
HMR for the 15-mile overland transport; (3) PHMSA issues a SP, inspects
the drums for HMR compliance prior to the arrival in Port Arthur, and
requires any non-compliant or unsafe drums to be placed into salvage
drums; and (4) PHMSA issues a SP for relief from the HMR.
    The Draft EA is available online at www.regulations.gov under
docket number PHMSA-2014-0085. The Draft EA is also available on
PHMSA's Web site at http://phmsa.dot.gov/hazmat/port-arthur. The Draft
EA is also available for inspection locally at the following public
library: Port Arthur Public Library, 4615 9th Avenue (at Highway 73),
Port Arthur, TX 77642,<PHONE_NUMBER>. The anticipated delivery date to
Port Arthur necessitates an abbreviated comment period of 10 days.

    Issued in Washington, DC, on June 6, 2014.
Magdy El-Sibaie,
Associate Administrator for Hazardous Materials Safety, Pipeline and
Hazardous Materials Safety Administration.
[FR Doc. 2014-13685 Filed 6-11-14; 8:45 am]
BILLING CODE 4910-60-P


[Federal Register Volume 76, Number 217 (Wednesday, November 9, 2011)]
[Rules and Regulations]
[Pages 69608-69609]
[FR Doc No: 2011-28931]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

Docket No. FAA-2011-0585; Airspace Docket No. 11-AWP-9

Modification of Class E Airspace; Blythe, CA

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action modifies Class E airspace at Blythe, CA, to
accommodate aircraft using Area Navigation (RNAV) Global Positioning
System (GPS) standard instrument approach procedures at Blythe Airport.
This action also corrects geographic coordinates in the regulatory
text. This improves the safety and management of Instrument Flight
Rules (IFR) operations at the airport.

DATES: Effective date, 0901 UTC, December 15, 2011. The Director of the
Federal Register approves this incorporation by reference action under
1 CFR part 51, subject to the annual revision of FAA Order 7400.9 and
publication of conforming amendments.

FOR FURTHER INFORMATION CONTACT: Eldon Taylor, Federal Aviation
Administration, Operations Support Group, Western Service Center, 1601
Lind Avenue SW., Renton, WA, 98057; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

History

    On August 2, 2011, the FAA published in the Federal Register a
notice of proposed rulemaking (NPRM) to modify controlled airspace at
Blythe, CA (76 FR 46212). Interested parties were invited to
participate in this rulemaking effort by submitting written comments on
the proposal to the FAA. No comments were received. Subsequent to
publication, the FAA found that the boundaries for the controlled
airspace needed to be adjusted; this action makes that adjustment.
    Class E airspace designations are published in paragraph 6005, of
FAA Order 7400.9V dated August 9, 2011, and effective September 15,
2011, which is incorporated by reference in 14 CFR 71.1. The Class E
airspace designations

listed in this document will be published subsequently in that Order.

The Rule

    This action amends Title 14 Code of Federal Regulations (14 CFR)
Part 71 by modifying Class E airspace extending upward from 700 feet
above the surface to accommodate IFR aircraft executing RNAV (GPS)
standard instrument approach procedures at Blythe Airport. Also, the
boundary coordinates in the regulatory text for the Class E 1,200-foot
airspace area is adjusted to be in concert with the FAA's aeronautical
database. This action is necessary for the safety and management of IFR
operations. With the exception of editorial changes and the changes
noted above, this rule is the same as that proposed in the NPRM.
    The FAA has determined this regulation only involves an established
body of technical regulations for which frequent and routine amendments
are necessary to keep them operationally current. Therefore, this
regulation: (1) Is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a regulatory evaluation as the
anticipated impact is so minimal. Since this is a routine matter that
will only affect air traffic procedures and air navigation, it is
certified this rule, when promulgated, will not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act. The FAA's authority to
issue rules regarding aviation safety is found in Title 49 of the U.S.
Code. Subtitle 1, section 106 discusses the authority of the FAA
Administrator. Subtitle VII, Aviation Programs, describes in more
detail the scope of the agency's authority. This rulemaking is
promulgated under the authority described in subtitle VII, part A,
subpart I, section 40103. Under that section, the FAA is charged with
prescribing regulations to assign the use of airspace necessary to
ensure the safety of aircraft and the efficient use of airspace. This
regulation is within the scope of that authority as it creates
additional controlled airspace at Blythe Airport, Blythe, CA.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for 14 CFR part 71 continues to read as
follows:

    Authority:  49 U.S.C. 106(g), 40103, 40113, 40120; E. O. 10854,
24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of the Federal
Aviation Administration Order 7400.9V, Airspace Designations and
Reporting Points, dated August 9, 2011, and effective September 15,
2011 is amended as follows:

Paragraph 6005 Class E airspace areas extending upward from 700
feet or more above the surface of the earth.

* * * * *

AWP CA E5 Blythe, CA [Modified]

Blythe Airport, CA
    (Lat. 33[deg]37'09'' N., long. 114[deg]43'01'' W.)

    That airspace extending upward from 700 feet above the surface
within a 6.7-mile radius of the Blythe Airport, and within 4 miles
south and 1.2 miles north of the 264[deg] bearing from the airport
extending from the 6.7-mile radius to 10 miles west of the airport.
That airspace extending upward from 1,200 feet above the surface
within an area bounded by lat. 33[deg]50'00'' N., long.
114[deg]21'00'' W.; to lat. 33[deg]42'00'' N., long. 114[deg]17'00''
W.; to lat. 33[deg]41'30'' N., long. 114[deg]07'30'' W.; to lat.
33[deg]27'00'' N., long. 114[deg]09'00'' W.; to lat. 33[deg]28'00''
N., long. 114[deg]13'00'' W.; to lat. 33[deg]28'28'' N., long.
114[deg]27'12'' W., thence clockwise along the 15.8-mile radius of
Blythe Airport to lat. 33[deg]26'30'' N., long. 114[deg]57'00'' W.,
to lat. 33[deg]26'00'' N., long. 115[deg]04'00'' W.; to lat.
33[deg]53'00'' N., long. 115[deg]07'00'' W.; to lat. 34[deg]15'00''
N., long. 114[deg]50'00'' W.; to lat. 34[deg]15'00'' N., long.
114[deg]28'00'' W.; to lat. 33[deg]52'00'' N., long. 114[deg]29'00''
W., thence to the point of beginning.

    Issued in Seattle, Washington, on October 3, 2011.
John Warner,
Manager, Operations Support Group, Western Service Center.
[FR Doc. 2011-28931 Filed 11-8-11; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 82, Number 67 (Monday, April 10, 2017)]
[Proposed Rules]
[Page 17174]
[FR Doc No: 2017-07034]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R04-OAR-2013-0772; FRL-9960-93-Region 4]

Air Plan Approval; North Carolina; Motor Vehicle Emissions
Control Program; Correcting Amendment

AGENCY: Environmental Protection Agency.

ACTION: Proposed rule.

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SUMMARY: This proposed action, taken under the authority of the Clean
Air Act, would correct an error in previously promulgated rules
approving certain elements of the North Carolina state implementation
plan (SIP). This error relates to the North Carolina SIP's Motor
Vehicle Emissions Control Standard rules and the correction removes a
provision of the State's otherwise federally-enforceable regulations
that could result in infringement upon the sovereign immunity of
Federal facilities. The intended effect is to ensure that the North
Carolina SIP is correctly identified in the applicable part of the Code
of Federal Regulations and to eliminate the possibility of such
infringement.

DATES: Written comments must be received on or before May 10, 2017.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R04-
OAR-2013-0772 at https://www.regulations.gov. Follow the online
instructions for submitting comments. Once submitted, comments cannot
be edited or removed from Regulations.gov. EPA may publish any comment
received to its public docket. Do not submit electronically any
information you consider to be Confidential Business Information (CBI)
or other information whose disclosure is restricted by statute.
Multimedia submissions (audio, video, etc.) must be accompanied by a
written comment. The written comment is considered the official comment
and should include discussion of all points you wish to make. EPA will
generally not consider comments or comment contents located outside of
the primary submission (i.e. on the web, cloud, or other file sharing
system). For additional submission methods, the full EPA public comment
policy, information about CBI or multimedia submissions, and general
guidance on making effective comments, please visit https://www.epa.gov/dockets/commenting-epa-dockets.

FOR FURTHER INFORMATION CONTACT: Kelly Sheckler, Air Regulatory
Management Section, Air Planning and Implementation Branch, Air,
Pesticides and Toxics Management Division, U.S. Environmental
Protection Agency, Region 4, 61 Forsyth Street SW., Atlanta, Georgia
30303-8960. Mrs. Sheckler can be reached via phone at<PHONE_NUMBER> or
electronic mail at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In the Final Rules Section of this Federal
Register, EPA is approving the State's implementation plan revision as
a direct final rule without prior proposal because the Agency views
this as a noncontroversial submittal and anticipates no adverse
comments. A detailed rationale for the approval is set forth in the
direct final rule. If no adverse comments are received in response to
this rule, no further activity is contemplated. If EPA receives adverse
comments, the direct final rule will be withdrawn and all public
comments received will be addressed in a subsequent final rule based on
this proposed rule. EPA will not institute a second comment period on
this document. Any parties interested in commenting on this document
should do so at this time.

    Dated: March 15, 2016.
V. Anne Heard,
Acting Regional Administrator, Region 4.
[FR Doc. 2017-07034 Filed 4-7-17; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 79, Number 40 (Friday, February 28, 2014)]
[Notices]
[Pages 11486-11491]
[FR Doc No: 2014-04389]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71606; File No. SR-NYSEArca-2013-122]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting
Proceedings To Determine Whether To Approve or Disapprove Proposed Rule
Change Relating to the Use of Derivative Instruments by PIMCO Total
Return Exchange Traded Fund

February 24, 2014.

I. Introduction

    On November 6, 2013, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'' or ``Exchange Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change relating to the use of derivative
instruments by the PIMCO Total Return Exchange Traded Fund (``Fund'').
The proposed rule change was published for comment in the Federal
Register on November 26, 2013.\3\ The Commission received no comment
letters on the proposed rule change. On January 9, 2014, pursuant to
Section 19(b)(2) of the Act,\4\ the Commission designated a longer
period within which to either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether to disapprove the proposed rule change.\5\ This order
institutes

proceedings under Section 19(b)(2)(B) of the Act \6\ to determine
whether to approve or disapprove the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 70905 (November 20,
2013), 78 FR 70610 (``Notice'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ Securities Exchange Act Release No. 71271 (January 9, 2014),
79 FR 2736 (January 15, 2014). The Commission determined that it was
appropriate to designate a longer period within which to take action
on the proposed rule change so that it has sufficient time to
consider the proposed rule change. Accordingly, the Commission
designated February 24, 2014 as the date by which it should approve,
disapprove, or institute proceedings to determine whether to
disapprove the proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
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II. Description of the Proposal

    The Commission approved the listing and trading on the Exchange of
shares (``Shares'') of the Fund \7\ under NYSE Arca Equities Rule
8.600, which governs the listing and trading of Managed Fund Shares.
The Shares are offered by PIMCO ETF Trust (``Trust''), a statutory
trust organized under the laws of the State of Delaware and registered
with the Commission as an open-end management investment company.\8\
The investment manager to the Fund is Pacific Investment Management
Company LLC (``PIMCO'' or ``Adviser''). The Exchange proposes to change
the description of the Fund's use of derivative instruments, as
described below.
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    \7\ See Securities Exchange Act Release No. 66321 (February 3,
2012), 77 FR 6850 (February 9, 2012) (SR-NYSEArca-2011-95) (``Prior
Order''). See also Securities Exchange Act Release No. 65988
(December 16, 2011), 76 FR 79741 (December 22, 2011) (SR-NYSEArca-
2011-95) (``Prior Notice,'' and together with the Prior Order,
collectively, ``Prior Release'').
    \8\ The Trust is registered under the Investment Company Act of
1940 (``1940 Act''). The Exchange states that on October 29, 2012
the Trust filed with the Commission the most recent post-effective
amendment to its registration statement under the Securities Act of
1933 (``1933 Act'') and under the 1940 Act relating to the Fund
(File Nos. 333-155395 and 811-22250) (``Registration Statement'').
The Exchange further states that the Trust has obtained an order
granting certain exemptive relief under the 1940 Act. See Investment
Company Act Release No. 28993 (November 10, 2009) (File No. 812-
13571) (``Exemptive Order'').
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    On December 6, 2012, the staff of the Commission's Division of
Investment Management issued a no-action letter (``No-Action Letter'')
relating to the use of derivatives by actively-managed exchange traded
funds (``ETFs'').\9\ The No-Action Letter noted that, in March of 2010,
the Commission announced in a press release that the staff was
conducting a review to evaluate the use of derivatives by mutual funds,
ETFs, and other investment companies and that, pending completion of
this review, the staff would defer consideration of exemptive requests
under the 1940 Act relating to, among others, actively-managed ETFs
that would make significant investments in derivatives.
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    \9\ See No-Action Letter dated December 6, 2012 from Elizabeth
G. Osterman, Associate Director, Office of Exemptive Applications,
Division of Investment Management, Commission.
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    The No-Action Letter stated that Division of Investment Management
staff will no longer defer consideration of exemptive requests under
the 1940 Act relating to actively-managed ETFs that make use of
derivatives provided that they include representations to address some
of the concerns expressed in the Commission's March 2010 press release.
These representations are: (i) That the ETF's board periodically will
review and approve the ETF's use of derivatives and how the ETF's
investment adviser assesses and manages risk with respect to the ETF's
use of derivatives; and (ii) that the ETF's disclosure of its use of
derivatives in its offering documents and periodic reports is
consistent with relevant Commission and staff guidance. The No-Action
Letter stated that the Division of Investment Management would not
recommend enforcement action to the Commission under sections 2(a)(32),
5(a)(1), 17(a), 22(d), and 22(e) of the 1940 Act, or rule 22c-1 under
the 1940 Act if actively-managed ETFs operating in reliance on
specified orders (which include the Trust's Exemptive Order) \10\
invest in options contracts, futures contracts, or swap agreements
provided that they comply with the representations stated in the No-
Action Letter, as noted above.
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    \10\ See supra note 8.
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    In the Prior Release, the Exchange stated that, consistent with the
Trust's Exemptive Order, the Fund would not invest in options
contracts, futures contracts, or swap agreements. In view of the No-
Action Letter, the Exchange is proposing to change this representation
to permit the Fund to use derivative instruments, as described
below.\11\
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    \11\ The Adviser represents that the Fund, in connection with
its use of derivative instruments, will comply with the
representations stated in the No-Action Letter, as noted above.
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    The Prior Release stated that the Fund will invest under normal
market circumstances at least 65% of its total assets in a diversified
portfolio of Fixed Income Instruments of varying maturities.\12\
``Fixed Income Instruments'' include bonds, debt securities, and other
similar instruments issued by various U.S. and non-U.S. public- or
private-sector entities.\13\ The Exchange proposes to revise this
statement to provide that the Fund will invest under normal market
circumstances at least 65% of its total assets in a diversified
portfolio of Fixed Income Instruments of varying maturities, which may
be represented by derivatives related to Fixed Income Instruments
(``65% policy'').
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    \12\ As stated in the Prior Release, the term ``under normal
market circumstances'' includes, but is not limited to, the absence
of extreme volatility or trading halts in the fixed income markets
or the financial markets generally; operational issues causing
dissemination of inaccurate market information; or force majeure
type events such as systems failure, natural or man-made disaster,
act of God, armed conflict, act of terrorism, riot or labor
disruption, or any similar intervening circumstance.
    \13\ As noted in the Prior Release, ``Fixed Income
Instruments,'' as such term is used generally in the Registration
Statement, include: Debt securities issued or guaranteed by the U.S.
Government, its agencies or government-sponsored enterprises;
corporate debt securities of U.S. and non-U.S. issuers, including
convertible securities and corporate commercial paper; mortgage-
backed and other asset-backed securities; inflation-indexed bonds
issued both by governments and corporations; structured notes,
including hybrid or ``indexed'' securities and event-linked bonds;
bank capital and trust preferred securities; loan participations and
assignments; delayed funding loans and revolving credit facilities;
bank certificates of deposit, fixed time deposits, and bankers'
acceptances; repurchase agreements on Fixed Income Instruments and
reverse repurchase agreements on Fixed Income Instruments; debt
securities issued by states or local governments and their agencies,
authorities, and other government-sponsored enterprises; obligations
of non-U.S. governments or their subdivisions, agencies, and
government-sponsored enterprises; and obligations of international
agencies or supranational entities. Securities issued by U.S.
Government agencies or government-sponsored enterprises may not be
guaranteed by the U.S. Treasury.
---------------------------------------------------------------------------

    The Prior Release stated that the Fund's investment would not be
used to enhance leverage. In view of the Exchange's proposal to permit
the Fund to use derivative instruments, as described below, the Fund's
investments in derivative instruments may be used to enhance leverage.
However, as noted in the Prior Release, the Fund's investments will not
be used to seek performance that is the multiple or inverse multiple
(e.g., 2x or 3x) of the Fund's broad-based securities market index.

The Fund's Use of Derivatives

    According to the Exchange, with respect to the Fund, derivative
instruments primarily will include forwards, exchange-traded and over-
the-counter (``OTC'') options contracts, exchange-traded futures
contracts, options on futures contracts, and swap agreements.
Generally, derivatives are financial contracts whose value depends
upon, or is derived from, the value of an underlying asset, reference
rate, or index, and may relate to stocks, bonds, interest rates,
currencies or currency exchange rates, commodities, and related
indexes. The Exchange states that the Fund may, but is not required to,
use derivative instruments for risk management purposes or as part of
its investment strategies.\14\
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    \14\ The Fund will seek, where possible, to use counterparties
whose financial status is such that the risk of default is reduced;
however, the risk of losses resulting from default is still
possible. PIMCO's Counterparty Risk Committee evaluates the
creditworthiness of counterparties on an ongoing basis. In addition
to information provided by credit agencies, PIMCO credit analysts
evaluate each approved counterparty using various methods of
analysis, including company visits, earnings updates, the broker-
dealer's reputation, PIMCO's past experience with the broker-dealer,
market levels for the counterparty's debt and equity, the
counterparty's liquidity, and its share of market participation.

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    The Exchange represents that the Fund's investments in derivative
instruments will be made in accordance with the 1940 Act and consistent
with the Fund's investment objective and policies. The Exchange states
that the Fund will typically use derivative instruments as a substitute
for taking a position in the underlying asset and/or as part of a
strategy designed to reduce exposure to other risks, such as interest
rate or currency risk. The Fund may also use derivative instruments to
enhance returns. According to the Exchange, to limit the potential risk
associated with such transactions, the Fund will segregate or
``earmark'' assets determined to be liquid by PIMCO in accordance with
procedures established by the Trust's Board of Trustees and in
accordance with the 1940 Act (or, as permitted by applicable
regulation, enter into certain offsetting positions) to cover its
obligations under derivative instruments. These procedures have been
adopted consistent with Section 18 of the 1940 Act and related
Commission guidance. In addition, the Exchange states that the Fund
will include appropriate risk disclosure in its offering documents,
including leveraging risk. Leveraging risk is the risk that certain
transactions of the Fund, including the Fund's use of derivatives, may
give rise to leverage, causing the Fund to be more volatile than if it
had not been leveraged.\15\ Because the markets for certain securities,
or the securities themselves, may be unavailable or cost prohibitive as
compared to derivative instruments, suitable derivative transactions
may be an efficient alternative for the Fund to obtain the desired
asset exposure.
---------------------------------------------------------------------------

    \15\ To mitigate leveraging risk, the Adviser will segregate or
``earmark'' liquid assets or otherwise cover the transactions that
may give rise to such risk.
---------------------------------------------------------------------------

    The Adviser believes that derivatives can be an economically
attractive substitute for an underlying physical security that the Fund
would otherwise purchase. For example, the Fund could purchase Treasury
futures contracts instead of physical Treasuries or could sell credit
default protection on a corporate bond instead of buying a physical
bond. Economic benefits include potentially lower transaction costs or
attractive relative valuation of a derivative versus a physical bond
(e.g., differences in yields).
    The Adviser further believes that derivatives can be used as a more
liquid means of adjusting portfolio duration as well as targeting
specific areas of yield curve exposure, with potentially lower
transaction costs than the underlying securities (e.g., interest rate
swaps may have lower transaction costs than physical bonds). Similarly,
money market futures can be used to gain exposure to short-term
interest rates in order to express views on anticipated changes in
central bank policy rates. In addition, derivatives can be used to
protect client assets through selectively hedging downside (or ``tail
risks'') in the Fund.
    According to the Exchange, the Fund also can use derivatives to
increase or decrease credit exposure. Index credit default swaps (CDX)
can be used to gain exposure to a basket of credit risk by ``selling
protection'' against default or other credit events, or to hedge broad
market credit risk by ``buying protection.'' Single name credit default
swaps (CDS) can be used to allow the Fund to increase or decrease
exposure to specific issuers, saving investor capital through lower
trading costs. The Fund can use total return swap contracts to obtain
the total return of a reference asset or index in exchange for paying a
financing cost. A total return swap may be much more efficient than
buying underlying securities of an index, potentially lowering
transaction costs.
    The Adviser believes that the use of derivatives will allow the
Fund to selectively add diversifying sources of return from selling
options. Option purchases and sales can also be used to hedge specific
exposures in the portfolio, and can provide access to return streams
available to long-term investors such as the persistent difference
between implied and realized volatility. Option strategies can generate
income or improve execution prices (i.e., covered calls).

Other Investments

    In addition to the Fund's use of derivatives in connection with the
65% policy, under the proposal the Fund would seek to invest in
derivative instruments not based on Fixed Income Instruments,
consistent with the Fund's investment restrictions relating to exposure
to those asset classes.
    The Prior Release also stated that the Fund may invest in debt
securities and instruments that are economically tied to foreign (non-
U.S.) countries. The Prior Release stated further that PIMCO generally
considers an instrument to be economically tied to a non-U.S. country
if the issuer is a foreign government (or any political subdivision,
agency, authority, or instrumentality of such government), or if the
issuer is organized under the laws of a non-U.S. country. In the case
of applicable money market instruments, such instruments will be
considered economically tied to a non-U.S. country if either the issuer
or the guarantor of such money market instrument is organized under the
laws of a non-U.S. country.
    The Exchange proposes to add to this representation that, with
respect to derivative instruments, as proposed to be used, PIMCO
generally will consider such instruments to be economically tied to
non-U.S. countries if the underlying assets are foreign currencies (or
baskets or indexes of such currencies), or instruments or securities
that are issued by foreign governments (or any political subdivision,
agency, authority, or instrumentality of such governments) or issuers
organized under the laws of a non-U.S. country (or if the underlying
assets are money market instruments, as applicable, if either the
issuer or the guarantor of such money market instruments is organized
under the laws of a non-U.S. country).
    The Fund's investments, including investments in derivative
instruments, are subject to all of the restrictions under the 1940 Act,
including restrictions with respect to illiquid securities. The Fund
may hold up to an aggregate amount of 15% of its net assets in illiquid
securities (calculated at the time of investment), including Rule 144A
securities deemed illiquid by the Adviser,\16\ consistent with
Commission guidance. The Fund will monitor its portfolio liquidity on
an ongoing basis to determine whether, in light of current
circumstances, an adequate level of liquidity is being maintained, and
will consider taking appropriate steps in order to maintain adequate
liquidity if, through a change in values, net assets, or other
circumstances, more than 15% of the Fund's net assets are held in
illiquid securities. Illiquid securities include securities subject to
contractual or other restrictions on resale and other instruments that
lack readily available markets as determined in accordance with
Commission staff guidance.
---------------------------------------------------------------------------

    \16\ In reaching liquidity decisions with respect to Rule 144A
securities, the Adviser may consider the following factors: The
frequency of trades and quotes for the security; the number of
dealers willing to purchase or sell the security and the number of
other potential purchasers; dealer undertakings to make a market in
the security; and the nature of the security and the nature of the
marketplace trades (e.g., the time needed to dispose of the
security, the method of soliciting offers, and the mechanics of
transfer).

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

    The Exchange states that the changes described herein will be
effective upon (i) the effectiveness of an amendment to the Trust's
Registration Statement disclosing the Fund's intended use of derivative
instruments, and (ii) when this proposed rule change has become
operative. The Adviser represents that it has managed and will continue
to manage the Fund in the manner described in the Prior Release, and
will not implement the changes described herein until this proposed
rule change is operative.
    The Adviser represents that there is no change to the Fund's
investment objective and that the Fund will continue to comply with all
initial and continued listing requirements under NYSE Arca Equities
Rule 8.600. Except for the changes noted above, all other facts
presented and representations made in the Prior Release remain
unchanged.

Derivatives Valuation Methodology for Purposes of Determining Net Asset
Value

    The Exchange states that the net asset value (``NAV'') of the
Fund's Shares is determined by dividing the total value of the Fund's
portfolio investments and other assets, less any liabilities, by the
total number of Shares outstanding. Fund Shares are valued as of the
close of regular trading (normally 4:00 p.m., Eastern time (``E.T.''))
(``NYSE Close'') on each day NYSE Arca is open (``Business Day'').
Information that becomes known to the Fund or its agents after the NAV
has been calculated on a particular day will not generally be used to
retroactively adjust the price of a portfolio asset or the NAV
determined earlier that day. The Fund reserves the right to change the
time its NAV is calculated if the Fund closes earlier, or as permitted
by the Commission.
    According to the Exchange, for purposes of calculating NAV,
portfolio securities and other assets for which market quotes are
readily available are valued at market value. Market value is generally
determined on the basis of last reported sales prices, or if no sales
are reported, based on quotes obtained from a quotation reporting
system, established market makers, or pricing services. Domestic and
foreign fixed income securities and non-exchange-traded derivatives
will normally be valued on the basis of quotes obtained from brokers
and dealers or pricing services using data reflecting the earlier
closing of the principal markets for those assets. Prices obtained from
independent pricing services use information provided by market makers
or estimates of market values obtained from yield data relating to
investments or securities with similar characteristics. Exchange-traded
options, futures, and options on futures will generally be valued at
the settlement price determined by the applicable exchange.
    Derivatives for which market quotes are readily available will be
valued at market value. Local closing prices will be used for all
instrument valuation purposes.
    For the Fund's 4:00 p.m. E.T. futures holdings, estimated prices
from Reuters will be used if any cumulative futures margin impact is
greater than $0.005 to the NAV due to futures movement after the fixed
income futures market closes (3:00 p.m. E.T.) and up to the NYSE Close
(generally 4:00 p.m. E.T.). Swaps traded on exchanges such as the
Chicago Mercantile Exchange or the Intercontinental Exchange will use
the applicable exchange closing price where available.

Derivatives Valuation Methodology for Purposes of Determining Intra-day
Indicative Value

    According to the Exchange, on each Business Day, before
commencement of trading in Fund Shares on NYSE Arca, the Fund discloses
on its Web site the identities and quantities of the portfolio
instruments and other assets held by the Fund that will form the basis
for the Fund's calculation of NAV at the end of the Business Day. In
order to provide additional information regarding the intra-day value
of Shares of the Fund, NYSE Arca or a market data vendor disseminates
every 15 seconds through the facilities of the Consolidated Tape
Association or other widely disseminated means an updated Intra-day
Indicative Value (``IIV'') for the Fund as calculated by an information
provider or market data vendor.
    The Exchange states that a third party market data provider is
currently calculating the IIV for the Fund. For the purposes of
determining the IIV, the third party market data provider's valuation
of derivatives is expected to be similar to their valuation of all
securities. The third party market data provider may use market quotes
if available or may fair value securities against proxies (such as swap
or yield curves).
    According to the Exchange, with respect to specific derivatives:
     Foreign currency derivatives may be valued intraday using
market quotes, or another proxy as determined to be appropriate by the
third party market data provider.
     Futures may be valued intraday using the relevant futures
exchange data, or another proxy as determined to be appropriate by the
third party market data provider.
     Interest rate swaps may be mapped to a swap curve and
valued intraday based on changes of the swap curve, or another proxy as
determined to be appropriate by the third party market data provider.
     CDX/CDS may be valued using intraday data from market
vendors, or based on underlying asset price, or another proxy as
determined to be appropriate by the third party market data provider.
     Total return swaps may be valued intraday using the
underlying asset price, or another proxy as determined to be
appropriate by the third party market data provider.
     Exchange listed options may be valued intraday using the
relevant exchange data, or another proxy as determined to be
appropriate by the third party market data provider.
     OTC options may be valued intraday through option
valuation models (e.g., Black-Scholes) or using exchange traded options
as a proxy, or another proxy as determined to be appropriate by the
third party market data provider.

Disclosed Portfolio

    The Exchange states that the Fund's disclosure of derivative
positions in the Disclosed Portfolio will include information that
market participants can use to value these positions intraday. This
information will vary by line item, and may include tickers or other
identifiers which would identify the listing or clearing exchange for
exchange-traded and cleared derivatives, strike price(s), underlying
asset, swap or index, coupon, effective date, maturity, and quantities
or exposure. For example, a Treasury future would require only a
ticker/identifier and quantity. An OTC option may require underlying
asset or swap details, strike price, quantity, and expiration date. For
the avoidance of doubt, exchange-traded and cleared derivatives will be
identified by ticker or other identifiers which would identify the
listing or clearing exchange for those instruments.

Impact on Arbitrage Mechanism

    The Adviser believes there will be minimal, if any, impact to the
arbitrage mechanism as a result of the use of derivatives. Market
makers and participants should be able to value derivatives as long as
the positions are disclosed with relevant information. The Adviser
believes that the price at which Shares trade will continue to be

disciplined by arbitrage opportunities created by the ability to
purchase or redeem creation Shares at their NAV, which should ensure
that Shares will not trade at a material discount or premium in
relation to their NAV.
    The Adviser does not believe there will be any significant impacts
to the settlement or operational aspects of the Fund's arbitrage
mechanism due to the use of derivatives. Because derivatives generally
are not eligible for in-kind transfer, they will typically be
substituted with a ``cash in lieu'' amount when the Fund processes
purchases or redemptions of creation units in-kind.

Surveillance

    The Exchange represents that trading in the Shares will be subject
to the existing trading 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.\17\ 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 applicable federal securities laws.
---------------------------------------------------------------------------

    \17\ FINRA surveils trading on 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.
    FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares, exchange traded options, futures, and
options on futures with other markets or other entities that are
members of the Intermarket Surveillance Group (``ISG''), and FINRA may
obtain trading information regarding trading in the Shares, exchange
traded options, futures, and options on futures from such markets or
entities. In addition, the Exchange may obtain information regarding
trading in the Shares, exchange traded options, futures, and options on
futures from markets or other entities that are members of ISG or with
which the Exchange has in place a comprehensive surveillance sharing
agreement.\18\ In addition, FINRA, on behalf of the Exchange, is able
to access, as needed, trade information for certain fixed income
securities held by the Fund reported to FINRA's Trade Reporting and
Compliance Engine. In addition, the Exchange states that it has a
general policy prohibiting the distribution of material, non-public
information by its employees.
---------------------------------------------------------------------------

    \18\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for the Fund may trade on markets that are
members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
---------------------------------------------------------------------------

    Additional information regarding the Trust, the Fund, and the
Shares, including investment strategies, risks, creation and redemption
procedures, fees, portfolio holdings disclosure policies,
distributions, and taxes, among other things, is included in the Notice
and Registration Statement, as applicable.\19\
---------------------------------------------------------------------------

    \19\ See Notice and Registration Statement, supra notes 3 and 8,
respectively.
---------------------------------------------------------------------------

III. Proceedings To Determine Whether To Approve or Disapprove SR-
NYSEArca-2013-122 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \20\ to determine whether the proposed rule
change should be approved or disapproved. Institution of such
proceedings is appropriate at this time in view of the legal and policy
issues raised by the proposed rule change, as discussed below.
Institution of proceedings does not indicate that the Commission has
reached any conclusions with respect to any of the issues involved.
Rather, as described below, the Commission seeks and encourages
interested persons to provide additional comment on the proposed rule
change.
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    Pursuant to Section 19(b)(2)(B) of the Act,\21\ the Commission is
providing notice of the grounds for disapproval under consideration. In
particular, Section 6(b)(5) of the Act \22\ requires, among other
things, that the rules of a national securities exchange be 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 a national market system
and, in general, to protect investors and the public interest; and not
be designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------

    \21\ Id.
    \22\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    As discussed above, under the proposal, the Fund would seek to
invest, under normal market circumstances, at least 65% of its total
assets in a diversified portfolio of Fixed Income Instruments of
varying maturities, which may be represented by derivative instruments
based on Fixed Income Instruments.\23\ With respect to the Fund,
derivative instruments primarily will include forwards, exchange-traded
and OTC options contracts, exchange-traded futures contracts and
options on futures contracts, and swap agreements. In addition to the
Fund's use of derivative instruments in connection with the 65% policy,
under the proposal, the Fund would seek to invest in derivative
instruments that are not based on Fixed Income Instruments, consistent
with the Fund's investment restrictions relating to exposure to those
asset classes.\24\ In the Notice, the Exchange included a description
of the information that would be made available about the derivative
positions in the Disclosed Portfolio. Also in the Notice, the Exchange
discussed the impact of the proposal on the arbitrage mechanism and its
surveillance of the listing and trading of the Shares on the Exchange.
---------------------------------------------------------------------------

    \23\ See supra note 13.
    \24\ In the Prior Release, the Exchange described the Fund's
permitted investments in Fixed Income Instruments and assets other
than Fixed Income Instruments and noted that the Fund would be
subject to certain investment restrictions (in addition to the
diversification requirements and restrictions relating to illiquid
securities, among others, under the 1940 Act). Such investment
restrictions include the following: (a) The Fund may invest up to
15% of its total assets in securities and instruments that are
economically tied to emerging market countries; (b) the Fund will
normally limit its foreign currency exposure (from non-U.S. dollar-
denominated securities or currencies) to 20% of its total assets;
(c) the Fund may invest up to 10% of its total assets in preferred
stock, convertible securities and other equity related securities;
and (d) the Fund will not invest in any non-U.S registered equity
securities, except if such securities are traded on exchanges that
are members of ISG. See Prior Release, supra note 7. In addition,
the Commission notes that specifically with respect to the Fund's
investments in Fixed Income Instruments, the Exchange represented in
the Prior Release that the Fund would be subject to the following
investment restrictions: (i) The Fund will invest primarily (under
normal market circumstances, at least 65% of its total assets) in
investment-grade Fixed Income Instruments, but may invest up to 10%
of its total assets in high yield Fixed Income Instruments; and (ii)
while corporate debt securities and debt securities economically
tied to an emerging market country generally must have $200 million
or more par amount outstanding and significant par value traded to
be considered as an eligible investment for the Fund, at least 80%
of issues of such securities held by the Fund must have $200 million
or more par amount outstanding. See id.
---------------------------------------------------------------------------

    The Commission solicits comment on whether the proposal is
consistent with

the Exchange Act and whether the Exchange has sufficiently met its
burden in presenting a statutory analysis of how its proposal is
consistent with the Exchange Act. In particular, the grounds for
disapproval under consideration include whether the Exchange's proposal
is consistent with Section 6(b)(5) of the Exchange Act, which requires,
among other things, that the rules of a national securities exchange be
``designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade,'' and ``to protect
investors and the public interest.'' \25\ The Commission continues to
evaluate the sufficiency of the information that would be available
regarding the pricing of the OTC derivative instruments included in the
Disclosed Portfolio, and the impact on the ability of investors and
other market participants to value the Fund's holdings, and to engage
in arbitrage and hedging activities.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
concerns identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with Section 6(b)(5) or any other provision of the Act, or
the rules and regulations thereunder. Although there do not appear to
be any issues relevant to approval or disapproval which would be
facilitated by an oral presentation of views, data, and arguments, the
Commission will consider, pursuant to Rule 19b-4, any request for an
opportunity to make an oral presentation.\26\
---------------------------------------------------------------------------

    \26\ Section 19(b)(2) of the Act, as amended by the Securities
Act Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Act Amendments of 1975, Senate Comm. on
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
---------------------------------------------------------------------------

    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal should be approved or
disapproved by March 21, 2014. Any person who wishes to file a rebuttal
to any other person's submission must file that rebuttal by April 4,
2014.
    The Commission asks that commenters address the sufficiency and
merit of the Exchange's statements in support of the proposal, in
addition to any other comments they may wish to submit about the
proposed rule change. In particular, the Commission seeks comment on
the following:
    1. The Exchange states, in the proposed rule change, that the
Fund's disclosure of derivative positions in the Disclosed Portfolio
will include information that market participants can use to value the
derivatives positions intraday, and that this information will vary by
line item, and may include tickers or other identifiers which would
identify the listing or clearing exchange for exchange-traded and
cleared derivatives, strike price(s), underlying asset, swap or index,
coupon, effective date, maturity, and quantities or exposure. The
Exchange further states that market makers and participants should be
able to value derivatives as long as the positions are disclosed with
relevant information. Do commenters agree? Why or why not? What type of
information is necessary to be included in the information to be made
available about the Disclosed Portfolio for market participants to be
able to value the derivatives positions intraday?
    2. The Exchange states that the Adviser believes there will be
minimal, if any, impact to the arbitrage mechanism as a result of the
use of derivatives. Do commenters agree? Why or why not?
    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-2013-122 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 Numbers SR-NYSEArca-2013-122. 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 filings also will be available
for inspection and copying at the principal office of the Exchanges.
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-2013-
122 and should be submitted on or before March 21, 2014. Rebuttal
comments should be submitted by April 4, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
Kevin M. O'Neill,
Deputy Secretary.
---------------------------------------------------------------------------

    \27\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

[FR Doc. 2014-04389 Filed 2-27-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: December 12, 2005 (Volume 70, Number 237)]
[Notices]
[Page 73465]
[DOCID:fr12de05-59]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP06-116-000]

Maritimes & Northeast Pipeline, L.L.C.; Notice of Proposed
Changes in FERC Gas Tariff

December 6, 2005.
    Take notice that on November 30, 2005, Maritimes & Northeast
Pipeline, L.L.C. (Maritimes) tendered for filing as part of its FERC
Gas Tariff, First Revised Volume No. 1, Second Revised Sheet No. 227B,
proposed to be effective January 1, 2006.
    Maritimes states that copies of its filing have been served upon
all affected customers of Maritimes and interested state commissions.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211 and 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed in accordance with the provisions of
section 154.210 of the Commission's regulations (18 CFR 154.210).
Anyone filing an intervention or protest must serve a copy of that
document on the Applicant. Anyone filing an intervention or protest on
or before the intervention or protest date need not serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.

Magalie R. Salas,
Secretary.
[FR Doc. E5-7216 Filed 12-9-05; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 88, Number 110 (Thursday, June 8, 2023)]
[Notices]
[Pages 37546-37548]
[FR Doc No: 2023-12249]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2022-N-2688]

Analay Rico: Final Debarment Order

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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

SUMMARY: The Food and Drug Administration (FDA or Agency) is issuing an
order under the Federal Food, Drug, and Cosmetic Act (FD&C Act)
permanently debarring Analay Rico from providing services in any
capacity to a person that has an approved or pending drug product
application. FDA bases this order on a finding that Ms. Rico was
convicted of a felony under Federal law for conduct relating to the
development or approval, including the process for development or
approval, of any drug product under the FD&C Act. Analay Rico was given
notice of the proposed permanent debarment and was given an opportunity
to request a hearing to show why she should not be debarred. As of
March 3, 2023 (30 days after receipt of the notice), Ms. Rico had not
responded. Ms. Rico's failure to respond and request a hearing within
the prescribed timeframe constitutes a waiver of her right to a hearing
concerning this action.

DATES: This order is applicable June 8, 2023.

ADDRESSES: Any application by Analay Rico for special termination of
debarment under section 306(d)(4) of the FD&C Act (21 U.S.C.
335a(d)(4)) may be submitted as follows:

Electronic Submissions

     Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. An application
submitted electronically, including attachments, to https://www.regulations.gov will be posted to the docket unchanged. Because
your application will be made public, you are solely responsible for
ensuring that your application does not include any confidential
information that you or a third party may not wish to be posted, such
as medical information, your or anyone else's Social Security number,
or confidential business information, such as a manufacturing process.
Please note that if you include your name, contact information, or
other information that identifies you in the body of your application,
that information will be posted on https://www.regulations.gov.
     If you want to submit an application with confidential
information that you do not wish to be made available to the public,
submit the application as a written/paper submission and in the manner
detailed (see ``Written/Paper Submissions'' and ``Instructions'').

Written/Paper Submissions

     Mail/Hand Delivery/Courier (for written/paper
submissions): Dockets Management Staff (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
     For a written/paper application submitted to the Dockets
Management Staff, FDA will post your application, as well as any
attachments, except for information submitted, marked, and identified,
as confidential, if submitted as detailed in ``Instructions.''
    Instructions: All applications must include the Docket No. FDA-
2022-N-2688. Received applications will be placed in the docket and,
except for those submitted as ``Confidential Submissions,'' publicly
viewable at https://www.regulations.gov or at the Dockets Management
Staff between 9 a.m. and 4 p.m., Monday through Friday,<PHONE_NUMBER>.
    Confidential Submissions--To submit an application with
confidential information that you do not wish to be made publicly
available, submit your application only as a written/paper submission.
You should submit two copies total. One copy will include the
information you claim to be confidential with a heading or cover note
that states ``THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.'' The
Agency will review this copy, including the claimed confidential
information, in its consideration of your application. The second copy,
which will have the claimed confidential information redacted/blacked
out, will be available for public viewing and posted on https://www.regulations.gov. Submit both copies to the Dockets Management
Staff. If you do not wish your name and contact information to be made
publicly available, you can provide this information on the cover sheet
and not in the body of your application and you must identify this
information as ``confidential.'' Any information marked as
``confidential'' will not be disclosed except in accordance with 21 CFR
10.20 and other applicable disclosure law. For more information about
FDA's posting of comments to public dockets, see 80 FR 56469, September
18, 2015, or access the information at: https://www.govinfo.gov/content/pkg/FR-2015-09-18/pdf/2015-23389.pdf.
    Docket: For access to the docket, go to https://www.regulations.gov
and insert the docket number, found in brackets in the heading of this
document, into the ``Search'' box and follow the prompts and/or go to
the Dockets Management Staff, 5630 Fishers Lane, Rm. 1061, Rockville,
MD 20852 between 9 a.m. and 4 p.m., Monday through Friday, 240-402-
7500. Publicly available submissions may be seen in the docket.

FOR FURTHER INFORMATION CONTACT: Jaime Espinosa, Division of Compliance
and Enforcement, Office of Policy, Compliance, and Enforcement, Office
of Regulatory Affairs, Food and Drug Administration,<PHONE_NUMBER> or
[email protected].

SUPPLEMENTARY INFORMATION:

I. Background

    Section 306(a)(2)(A) of the FD&C Act (21 U.S.C. 335a(a)(2)(A))
requires debarment of an individual from providing services in any
capacity to a person that has an approved or pending drug product
application if FDA finds that the individual has been convicted of a
felony under Federal law for conduct relating to the development or
approval, including the process of development or approval, of any drug
product under the FD&C Act. On October 18, 2022, Ms. Rico was convicted
as defined in section 306(l)(1) of the FD&C Act in the U.S. District
Court for the Southern District of Florida, Miami Division, when the
court accepted her plea of guilty and entered judgment against her for
one count of conspiracy to commit mail fraud and wire fraud in
violation of 18 U.S.C. 1349.
    The factual basis for this conviction is as follows: As contained
in the Information, entered into the docket on March 16, 2021, and the
Factual Proffer in support of Ms. Rico's guilty plea, entered into the
docket on August 8, 2022, both from her case, Ms. Rico was a clinical
research coordinator employed at Tellus Clinical Research, Inc.
(Tellus). Tellus was a medical research clinic that conducted clinical
trials on behalf of pharmaceutical company sponsors. Among the clinical
research trials conducted by Tellus were two different studies of an
investigational drug intended to treat opioid dependency sponsored by

Sponsor 1 and managed by Contract Research Organization (CRO) 1 (the
opioid dependency trials); two studies of an investigational drug
intended to treat irritable bowel syndrome in female patients sponsored
by Sponsor 2 and by CRO 2 (the IBS trials); and one study of an
investigational injectable drug intended to treat diabetic nephropathy
sponsored by Sponsor 3 and managed by CRO 3 (the diabetes trial). One
of Ms. Rico's co-conspirators was the clinical investigator hired by
the sponsors and/or the CROs for each of these five studies (the
Studies). Ms. Rico served as a study coordinator for the Studies. In
that role, she was responsible for administering procedures to subjects
in the Studies and preparing honest and accurate written records,
including records known as ``case histories,'' describing the
participation of the subjects in the Studies.
    Ms. Rico and her co-conspirators caused false information to be
entered in subject case histories to make it appear that subjects had,
among other things, satisfied eligibility criteria to participate in
the Studies, provided informed consent to participate in the Studies,
received physical examinations, received or been administered the
investigational drug for the Studies, and received payments for visits
to Tellus for the Studies when, in truth and in fact, Ms. Rico knew
that such events had not occurred.
    For example, on or about March 12, 2014, Ms. Rico initialed case
history documentation in the first Opioid dependency study for subject,
N.F., the mother of one of Ms. Rico's co-conspirators, wherein Ms. Rico
indicated falsely that N.F. was eligible to participate in the study,
provided a urine sample that tested positive for opiates and
buprenorphine, received study medication from one of Ms. Rico's co-
conspirators, and that another co-conspirator witnessed N.F. receive
the study medication. Ms. Rico knew that N.F. was not eligible to
participate in the study, had not provided a urine sample that tested
positive for opiates or buprenorphine, and had not received any study
medication, and these representations were false. In addition, on or
about June 9, 2015, Ms. Rico initialed case history documentation for
subject G.C., falsely representing that G.C. was a study subject
participating in the second IBS study, that G.C. had visited Tellus,
that Ms. Rico had obtained G.C.'s urine and blood for analysis as
required by the protocol governing IBS Study 2, that Ms. Rico had
performed an electrocardiogram on G.C., and that Ms. Rico had dispensed
IBS Study 2 medication to G.C. In truth, Ms. Rico knew that G.C. was
not participating in the second IBS study and that these
representations were false.
    Furthermore, Ms. Rico knew that subjects in the IBS trials were
required to make daily phone calls to an ``e-diary'' system (a toll-
free number maintained by a third party) and report their personal
experience with the study drug. In furtherance of the conspiracy, Ms.
Rico and her co-conspirators knowingly placed telephone calls to the e-
diary system, using the subjects' individual PIN numbers, for purposes
of reporting fabricated data on behalf of subjects in the IBS studies.
Ms. Rico and her co-conspirators placed these fraudulent telephone
calls on behalf of more than 10 subjects in the IBS trials. Ms. Rico
also participated in falsifying and fabricating data in connection with
the diabetes trial. For example, on or about November 20, 2015, Ms.
Rico initialed case history documentation for subject S.D. in the
diabetes trial, falsely representing that she witnessed one of her co-
conspirators dispense the study drug to subject S.D. at Tellus. In
truth, Ms. Rico knew these representations were false. For her work as
a clinical research coordinator at Tellus and for her participation in
the conspiracy, Ms. Rico received approximately $240,000.
    In 2016, FDA conducted a regulatory inspection of Tellus relating
to allegations of fraudulent and fabricated data submitted in the IBS
trials. For the purpose of preventing FDA investigators from learning
the truth about fabricated data at Tellus, Ms. Rico contacted certain
individuals enrolled as subjects in the IBS trials and instructed them
to lie to FDA investigators regarding their participation in the IBS
trials. Among other things, Ms. Rico instructed subjects to falsely
represent to FDA investigators that they had participated in an IBS
study at Tellus, received physical examinations and electrocardiograms,
and met with a doctor who matched the physical description of one of
Ms. Rico's co-conspirators.
    As a result of this conviction, FDA sent Ms. Rico by certified mail
on January 20, 2023, a notice proposing to permanently debar her from
providing services in any capacity to a person that has an approved or
pending drug product application. The proposal was based on a finding,
under section 306(a)(2)(A) of the FD&C Act, that Ms. Rico was
convicted, as set forth in section 306(l)(1) of the FD&C Act, of a
felony under Federal law for conduct relating to the development or
approval, including the process of development or approval, of any drug
product under the FD&C Act. The proposal also offered Ms. Rico an
opportunity to request a hearing, providing her 30 days from the date
of receipt of the letter in which to file the request, and advised her
that failure to request a hearing constituted an election not to use
the opportunity for a hearing and a waiver of any contentions
concerning this action. Ms. Rico received the proposal on February 1,
2023. She did not request a hearing within the timeframe prescribed by
regulation and has, therefore, waived her opportunity for a hearing and
any contentions concerning her debarment (21 CFR part 12).

II. Findings and Order

    Therefore, the Assistant Commissioner, Office of Human and Animal
Food Operations, under section 306(a)(2)(A) of the FD&C Act, under
authority delegated to the Assistant Commissioner, finds that Ms. Rico
has been convicted of a felony under Federal law for conduct relating
to the development or approval, including the process of development or
approval, of any drug product under the FD&C Act.
    As a result of the foregoing finding, Ms. Rico is permanently
debarred from providing services in any capacity to a person with an
approved or pending drug product application, effective (see DATES)
(see sections 306(a)(2)(A) and 306(c)(2)(A)(ii) of the FD&C Act). Any
person with an approved or pending drug product application who
knowingly employs or retains as a consultant or contractor, or
otherwise uses the services of Ms. Rico in any capacity during her
debarment, will be subject to civil money penalties (section 307(a)(6)
of the FD&C Act (21 U.S.C. 335b(a)(6))). If Ms. Rico provides services
in any capacity to a person with an approved or pending drug product
application during her period of debarment, she will be subject to
civil money penalties (section 307(a)(7) of the FD&C Act). In addition,
FDA will not accept or review any abbreviated new drug application from
Ms. Rico during her period of debarment, other than in connection with
an audit under section 306(c)(1)(B) of the FD&C Act. Note that, for
purposes of sections 306 and 307 of the FD&C Act, a ``drug product'' is
defined as a drug subject to regulation under section 505, 512, or 802
of the FD&C Act (21 U.S.C. 355, 360b, 382) or under section 351 of the
Public Health Service Act (42 U.S.C. 262) (section 201(dd) of the FD&C
Act (21 U.S.C. 321(dd))).

    Dated: June 5, 2023.
Lauren K. Roth,
Associate Commissioner for Policy.
[FR Doc. 2023-12249 Filed 6-7-23; 8:45 am]
BILLING CODE 4164-01-P