[Federal Register: January 15, 2009 (Volume 74, Number 10)]
[Notices]
[Page 2573-2574]
[DOCID:fr15ja09-82]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. IC09-587-000]

Commission Information Collection Activities (FERC-587); Comment
Request; Extension

January 9, 2009.
AGENCY: Federal Energy Regulatory Commission, DOE.

ACTION: Notice of proposed information collection and request for
comments.

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SUMMARY: In compliance with the requirements of section 3506(c) (2) (a)
of the Paperwork Reduction Act of 1995 (Pub. L. No. 104-13), the
Federal Energy Regulatory Commission (Commission) is soliciting public
comment on the specific aspects of the information collection described
below.

DATES: Comments in consideration of the collection of information are
due Monday, March 23, 2009.

ADDRESSES: An example of this collection of information may be obtained
from the Commission's Web site (at http://www.ferc.gov/docs-filing/
elibrary.asp). Comments may be filed either electronically or in paper
format, and should refer to Docket No. IC09-587-000. Documents must be
prepared in an acceptable filing format and in compliance with the
Federal Energy Regulatory Commission submission guidelines at http://
www.ferc.gov/help/submission-guide.asp.
    Comments may be filed electronically via the eFiling link on the
Commission's Web site at http://www.ferc.gov. First time users will
have to establish a user name and password (http://www.ferc.gov/docs-
filing/eregistration.asp) before eFiling. The Commission will send an
automatic acknowledgement to the sender's e-mail address upon receipt
of comments through eFiling.

    Commenters filing electronically should not make a paper filing.
Commenters that are not able to file electronically must send an
original and 14 copies of their comments to: Federal Energy Regulatory
Commission, Secretary of the Commission, 888 First Street, NE.,
Washington, DC 20426.
    Users interested in receiving automatic notification of activity in
this docket may do so through eSubscription (at http://www.ferc.gov/
docs-filing/esubscription.asp). In addition, all comments and FERC
issuances may be viewed, printed or downloaded remotely through FERC's
Web site using the ``eLibrary'' link and searching on Docket Number
IC09-587. For user assistance, contact FERC Online Support (e-mail at
<EMAIL_ADDRESS>or call toll-free at<PHONE_NUMBER>, or for
TTY, contact<PHONE_NUMBER>).

FOR FURTHER INFORMATION CONTACT: Michael Miller may be reached by
telephone at<PHONE_NUMBER>, by fax at<PHONE_NUMBER>, and by e-mail at
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The FERC uses the FERC Form No. 587 (``Land
Description (Public Land States/Non-Public Land States (Rectangular or
Non-Rectangular Survey System Lands in Public Land States))''; OMB
Control Number 1902-0145) to collect information required by the
statutory provisions of Section 24 of the Federal Power Act (FPA), (16
U.S.C. 818). Applicants proposing hydropower projects, or changes to
existing projects located on lands owned by the United States are
required to provide a description of the U.S. lands affected, to the
Commission and Secretary of Interior. FERC Form No. 587 consolidates
the information required, and identifies hydropower project boundary
maps associated with lands of the United States. The Commission
verifies the accuracy of the information supplied and coordinates with
the Bureau Land of Management State Offices (BLM), so the U.S. lands
can be reserved as hydropower sites and withdrawn from other uses.
(When the filer submits the FERC-587, the filer is also required to
submit exhibit drawings (e.g., on aperture cards and/or electronic
files). The FERC-587 serves as a `table of contents' for the federal
lands that are shown in the drawings. The reporting requirements and
burdens related to the preparation and submittal of the actual drawings
are included, as appropriate, in: FERC-512 (Application for Preliminary
Permits; OMB Control No: 1902-0073), FERC-500 (Application for License/
Relicense for Water Projects with Greater than 5 MW Capacity; OMB
Control No. 1902-0058), and FERC-505 (Application for License/Relicense
for Water Projects with Less then 5 MW Capacity; OMB Control No. 1902-
0115).)
    Action: The Commission is requesting a three-year extension of the
current expiration date for the FERC-587.
    Burden Statement: Public reporting burden for this collection is
estimated at:

----------------------------------------------------------------------------------------------------------------
                                        Number of        Number of      Average burden
        FERC Data collection           respondents     responses per      hours per        Total annual burden
                                         annually        respondent        response               hours
                                                (1)              (2)              (3)           (1) x (2) x (3)
----------------------------------------------------------------------------------------------------------------
FERC-587...........................             250                1                1                       250
----------------------------------------------------------------------------------------------------------------

    The total estimated annual cost is $12,500 (250 hours at $50/hour).
The estimated annual cost per respondent is $50. [These figures are
based on the estimated median salary (adjusted for inflation) for a
civil engineering technician, from the Bureau of Labor Statistics,
Occupational Employment Statistics.]
    The reporting burden includes the total time, effort, or financial
resources expended to generate, maintain, retain, disclose, or provide
the information including: (1) Reviewing instructions; (2) developing,
acquiring, installing, and utilizing technology and systems for the
purposes of collecting, validating, verifying, processing, maintaining,
disclosing and providing information; (3) adjusting the existing ways
to comply with any previously applicable instructions and requirements;
(4) training personnel to respond to a collection of information; (5)
searching data sources; (6) completing and reviewing the collection of
information; and (7) transmitting, or otherwise disclosing the
information.
    The estimate of cost for respondents is based upon salaries for
professional and clerical support, as well as direct and indirect
overhead costs. Direct costs include all costs directly attributable to
providing this information, such as administrative costs and the cost
for information technology. Indirect or overhead costs are costs
incurred by an organization in support of its mission. These costs
apply to activities which benefit the whole organization rather than
any one particular function or activity.
    Comments are invited on: (1) Whether the proposed collection of
information is necessary for the proper performance of the functions of
the Commission, including whether the information will have practical
utility; (2) the accuracy of the agency's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used; (3) ways to enhance the quality,
utility and clarity of the information to be collected; and (4) ways to
minimize the burden of the collection of information on those who are
to respond, including the use of appropriate automated, electronic,
mechanical, or other technological collection techniques or other forms
of information technology, e.g. permitting electronic submission of
responses.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-753 Filed 1-14-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 77, Number 29 (Monday, February 13, 2012)]
[Notices]
[Pages 7583-7584]
[FR Doc No: 2012-3232]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2011-P-0701]

Determination That WILPO (phentermine hydrochloride) Tablets, 8
Milligrams, Was Not Withdrawn From Sale for Reasons of Safety or
Effectiveness

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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SUMMARY: The Food and Drug Administration (FDA) has determined that
WILPO (phentermine hydrochloride) Tablets, 8 Milligrams (mg), was not
withdrawn from sale for reasons of safety or effectiveness. This
determination will allow FDA to approve Abbreviated New Drug
Applications (ANDAs) for phentermine hydrochloride tablets, 8 mg, if
all other legal and regulatory requirements are met.

FOR FURTHER INFORMATION CONTACT: Nam Kim, Center for Drug Evaluation
and Research, Food and Drug Administration, 10903 New Hampshire Ave.,
Bldg. 51, rm. 6320, Silver Spring, MD 20993-0002,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: In 1984, Congress enacted the Drug Price
Competition and Patent Term Restoration Act of 1984 (Pub. L. 98-417)
(the 1984 amendments), which authorized the approval of duplicate
versions of drug products under an ANDA procedure. ANDA applicants
must, with certain exceptions, show that the drug for which they are
seeking approval contains the same active ingredient in the same
strength and dosage form as the ``listed drug,'' which is a version of
the drug that was previously approved. ANDA applicants do not have to
repeat the extensive clinical testing otherwise necessary to gain
approval of a new drug application (NDA). The only clinical data
required in an ANDA are data to show that the drug that is the subject
of the ANDA is bioequivalent to the listed drug.
    The 1984 amendments include what is now section 505(j)(7) of the
Federal Food, Drug, and Cosmetic Act (21 U.S.C. 355(j)(7)), which
requires FDA to publish a list of all approved drugs. FDA publishes
this list as part of the ``Approved Drug Products With Therapeutic
Equivalence Evaluations,'' which is known generally as the ``Orange
Book.'' Under FDA regulations, drugs are removed from the list if the
Agency withdraws or suspends approval of the drug's NDA or ANDA for
reasons of safety or effectiveness or if FDA determines that the listed
drug was withdrawn from sale for reasons of safety or effectiveness (21
CFR 314.162).
    A person may petition the Agency to determine, or the Agency may
determine on its own initiative, whether a listed drug was withdrawn
from sale for reasons of safety or effectiveness. This determination
may be made at any time after the drug has been withdrawn from sale,
but must be made prior to approving an ANDA that refers to the listed
drug (Sec.  314.161 (21 CFR 314.161)). FDA may not approve an ANDA that
does not refer to a listed drug.
    WILPO (phentermine hydrochloride) Tablets, 8 mg is the subject of
NDA 012737, held by Sandoz, Inc. WILPO is indicated in the management
of exogenous obesity as a short term adjunct (a few weeks) in a regimen
of weight reduction based on caloric restriction.
    WILPO (phentermine hydrochloride) Tablets, 8 mg, is currently
listed in the ``Discontinued Drug Product List'' section of the Orange
Book.
    KVK-Tech, Inc. (KVK-Tech), submitted a citizen petition dated
September 22, 2011 (Docket No. FDA-2011-P-0701), under 21 CFR 10.30,
requesting that the Agency determine whether WILPO (phentermine
hydrochloride) Tablets, 8 mg, was withdrawn from sale for reasons of
safety or effectiveness. After considering the citizen petition and
reviewing

Agency records and based on the information we have at this time, FDA
has determined under Sec.  314.161 that WILPO (phentermine
hydrochloride) Tablets, 8 mg, was not withdrawn for reasons of safety
or effectiveness. The petitioner KVK-Tech has identified no data or
other information suggesting that WILPO (phentermine hydrochloride)
Tablets, 8 mg, was withdrawn for reasons of safety or effectiveness. We
have carefully reviewed our files for records concerning the withdrawal
of WILPO (phentermine hydrochloride) Tablets, 8 mg, from sale. We have
also independently evaluated relevant literature and data for possible
postmarketing adverse events. We have found no information that would
indicate that this product was withdrawn from sale for reasons of
safety or effectiveness.
    Accordingly, the Agency will continue to list WILPO (phentermine
hydrochloride) Tablets, 8 mg, in the ``Discontinued Drug Product List''
section of the Orange Book. The ``Discontinued Drug Product List''
delineates, among other items, drug products that have been
discontinued from marketing for reasons other than safety or
effectiveness. ANDAs that refer to WILPO (phentermine hydrochloride)
Tablets, 8 mg, may be approved by the Agency as long as they meet all
other legal and regulatory requirements for the approval of ANDAs. If
FDA determines that labeling for this drug product should be revised to
meet current standards, the Agency will advise ANDA applicants to
submit such labeling.

    Dated: February 7, 2012.
Leslie Kux,
Acting Assistant Commissioner for Policy.
[FR Doc. 2012-3232 Filed 2-10-12; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register Volume 88, Number 166 (Tuesday, August 29, 2023)]
[Proposed Rules]
[Pages 59473-59476]
[FR Doc No: 2023-18568]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2023-1722; Project Identifier MCAI-2023-00493-T]
RIN 2120-AA64

Airworthiness Directives; Dassault Aviation Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: The FAA proposes to supersede Airworthiness Directive (AD)
2023-04-15, which applies to certain Dassault Aviation Model FALCON 7X
airplanes. AD 2023-04-15 requires revising the existing maintenance or
inspection program, as applicable, to incorporate new or more
restrictive airworthiness limitations. Since the FAA issued AD 2023-04-
15, the FAA has determined that new or more restrictive airworthiness
limitations are necessary. This proposed AD would continue to require
the actions in AD 2023-04-15 and would require revising the existing
maintenance or inspection program, as applicable, to incorporate new or
more restrictive airworthiness limitations, as specified in a European
Union Aviation Safety Agency (EASA) AD, which is proposed for
incorporation by reference (IBR). The FAA is proposing this AD to
address the unsafe condition on these products.

DATES: The FAA must receive comments on this proposed AD by October 13,
2023.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to regulations.gov. Follow
the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    AD Docket: You may examine the AD docket at regulations.gov under
Docket No. FAA-2023-1722; or in person at Docket Operations between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays. The AD
docket contains this NPRM, the mandatory continuing airworthiness
information (MCAI), any comments received, and other information. The
street address for Docket Operations is listed above.
    Material Incorporated by Reference:
     For material that is proposed for IBR in this NPRM,
contact EASA, Konrad-Adenauer-Ufer 3, 50668 Cologne, Germany; telephone
+49 221 8999 000; email [email protected]; website easa.europa.eu. You
may find this material on the EASA website at ad.easa.europa.eu. It is
also available at regulations.gov under Docket No. FAA-2023-1722.
     You may view this service information at the FAA,
Airworthiness Products Section, Operational Safety Branch, 2200 South
216th St., Des Moines, WA. For information on the availability of this
material at the FAA, call<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Tom Rodriguez, Aviation Safety
Engineer, FAA, 1600 Stewart Avenue, Suite 410, Westbury, NY 11590;
telephone:<PHONE_NUMBER>; email: [email protected].

SUPPLEMENTARY INFORMATION:

Comments Invited

    The FAA invites you to send any written relevant data, views, or
arguments about this proposal. Send your comments to an address listed
under ADDRESSES. Include ``Docket No. FAA-2023-1722; Project Identifier
MCAI-2023-00493-T'' at the beginning of your comments. The most helpful
comments reference a specific portion of the proposal, explain the
reason for any recommended change, and include supporting data. The FAA
will consider all comments received by the closing date and may amend
this proposal because of those comments.
    Except for Confidential Business Information (CBI) as described in
the following paragraph, and other information as described in 14 CFR
11.35, the FAA will post all comments received, without change, to
regulations.gov, including any personal information you provide. The
agency will also post a report summarizing each substantive verbal
contact received about this NPRM.

Confidential Business Information

    CBI is commercial or financial information that is both customarily
and actually treated as private by its owner. Under the Freedom of
Information Act (FOIA) (5 U.S.C. 552), CBI is exempt from public
disclosure. If your comments responsive to this NPRM contain commercial
or financial information that is customarily treated as private, that
you actually treat as private, and that is relevant or responsive to
this NPRM, it is important that you clearly designate the submitted
comments as CBI. Please mark each page of your submission containing
CBI as ``PROPIN.'' The FAA will treat such marked submissions as
confidential under the FOIA, and they will not be placed in the public
docket of this NPRM. Submissions containing CBI should be sent to Tom
Rodriguez, Aviation Safety Engineer, FAA, 1600 Stewart Avenue, Suite
410, Westbury, NY 11590; telephone:<PHONE_NUMBER>; email:
[email protected]. Any commentary that the FAA receives that is not
specifically designated as CBI will be placed in the public docket for
this rulemaking.

Background

    The FAA issued AD 2023-04-15, Amendment 39-22362 (88 FR 20062,
April 5, 2023) (AD 2023-04-15), for

certain Dassault Aviation Model FALCON 7X airplanes. AD 2023-04-15 was
prompted by an MCAI originated by EASA, which is the Technical Agent
for the Member States of the European Union. EASA issued AD 2022-0142,
dated July 7, 2022 (EASA AD 2022-0142) (which corresponds to FAA AD
2023-04-15), to correct an unsafe condition.
    AD 2023-04-15 requires revising the existing maintenance or
inspection program, as applicable, to incorporate new or more
restrictive airworthiness limitations. The FAA issued AD 2023-04-15 to
address reduced structural integrity and reduced control of the
airplane due to the failure of system components. AD 2023-04-15
specifies that accomplishing the revision required by that AD
terminates the requirements of paragraph (q) of AD 2014-16-23,
Amendment 39-17947 (79 FR 52545, September 4, 2014) (AD 2014-16-23).
This proposed AD would therefore continue to allow that terminating
action.

Actions Since AD 2023-04-15 Was Issued

    Since the FAA issued AD 2023-04-15, EASA superseded AD 2022-0142
and issued EASA AD 2023-0063, dated March 20, 2023 (EASA AD 2023-0063)
(referred to after this as the MCAI), for all Dassault Aviation Model
FALCON 7X airplanes. The MCAI states that new or more restrictive
airworthiness limitations have been developed.
    Airplanes with an original airworthiness certificate or original
export certificate of airworthiness issued after September 7, 2022,
must comply with the airworthiness limitations specified as part of the
approved type design and referenced on the type certificate data sheet;
this proposed AD therefore does not include those airplanes in the
applicability.
    The FAA is proposing this AD to address reduced structural
integrity and reduced control of the airplane due to the failure of
system components. You may examine the MCAI in the AD docket at
regulations.gov under Docket No. FAA-2023-1722.

Related Service Information Under 1 CFR Part 51

    The FAA reviewed EASA AD 2023-0063. This service information
specifies new or more restrictive airworthiness limitations for
airplane structures and safe life limits.
    This proposed AD would also require EASA AD 2022-0142, which the
Director of the Federal Register approved for incorporation by
reference as of May 10, 2023 (88 FR 20062, April 5, 2023).
    This material is reasonably available because the interested
parties have access to it through their normal course of business or by
the means identified in ADDRESSES.

FAA's Determination

    This product has been approved by the aviation authority of another
country and is approved for operation in the United States. Pursuant to
the FAA's bilateral agreement with this State of Design Authority, it
has notified the FAA of the unsafe condition described in the MCAI
referenced above. The FAA is issuing this NPRM after determining that
the unsafe condition described previously is likely to exist or develop
in other products of the same type design.

Proposed AD Requirements in This NPRM

    This proposed AD would retain all requirements of AD 2023-04-15.
This proposed AD would also require revising the existing maintenance
or inspection program, as applicable, to incorporate additional new or
more restrictive airworthiness limitations, which are specified in EASA
AD 2023-0063 already described, as proposed for incorporation by
reference. Any differences with EASA AD 2023-0063 are identified as
exceptions in the regulatory text of this AD.
    This proposed AD would require revisions to certain operator
maintenance documents to include new actions (e.g., inspections) and
Critical Design Configuration Control Limitations (CDCCLs). Compliance
with these actions and CDCCLs is required by 14 CFR 91.403(c). For
airplanes that have been previously modified, altered, or repaired in
the areas addressed by this proposed AD, the operator may not be able
to accomplish the actions described in the revisions. In this
situation, to comply with 14 CFR 91.403(c), the operator must request
approval for an alternative method of compliance (AMOC) according to
paragraph (n)(1) of this proposed AD.

Explanation of Required Compliance Information

    In the FAA's ongoing efforts to improve the efficiency of the AD
process, the FAA developed a process to use some civil aviation
authority (CAA) ADs as the primary source of information for compliance
with requirements for corresponding FAA ADs. The FAA has been
coordinating this process with manufacturers and CAAs. As a result, the
FAA proposes to retain the IBR of EASA AD 2022-0142 and incorporate
EASA AD 2023-0063 by reference in the FAA final rule. This proposed AD
would, therefore, require compliance with EASA AD 2023-0063 and EASA AD
2022-0142 through that incorporation, except for any differences
identified as exceptions in the regulatory text of this proposed AD.
Using common terms that are the same as the heading of a particular
section in EASA AD 2023-0063 or EASA AD 2022-0142 does not mean that
operators need comply only with that section. For example, where the AD
requirement refers to ``all required actions and compliance times,''
compliance with this AD requirement is not limited to the section
titled ``Required Action(s) and Compliance Time(s)'' in EASA AD 2023-
0063 or EASA AD 2022-0142. Service information required by EASA AD
2023-0063 and EASA AD 2022-0142 for compliance will be available at
regulations.gov by searching for and locating Docket No. FAA-2023-1722
after the FAA final rule is published.

Airworthiness Limitation ADs Using the New Process

    The FAA's process of incorporating by reference MCAI ADs as the
primary source of information for compliance with corresponding FAA ADs
has been limited to certain MCAI ADs (primarily those with service
bulletins as the primary source of information for accomplishing the
actions required by the FAA AD). However, the FAA is now expanding the
process to include MCAI ADs that require a change to airworthiness
limitation documents, such as airworthiness limitation sections.
    For these ADs that incorporate by reference an MCAI AD that changes
airworthiness limitations, the FAA requirements are unchanged.
Operators must revise the existing maintenance or inspection program,
as applicable, to incorporate the information specified in the new
airworthiness limitation document. The airworthiness limitations must
be followed according to 14 CFR 91.403(c) and 91.409(e).
    The previous format of the airworthiness limitation ADs included a
paragraph that specified that no alternative actions (e.g.,
inspections), intervals, or CDCCLs may be used unless the actions,
intervals, and CDCCLs are approved as an AMOC in accordance with the
procedures specified in the AMOCs paragraph under ``Additional AD
Provisions.'' This new format includes a ``New Provisions for
Alternative Actions, Intervals, and CDCCLs'' paragraph that does not
specifically refer to AMOCs, but

operators may still request an AMOC to use an alternative action,
interval, or CDCCL.

Costs of Compliance

    The FAA estimates that this AD, if adopted as proposed, would
affect 122 airplanes of U.S. registry. The FAA estimates the following
costs to comply with this proposed AD:
    The FAA estimates the total cost per operator for the retained
actions from AD 2021-09-12 to be $7,650 (90 work-hours x $85 per work-
hour).
    The FAA has determined that revising the existing maintenance or
inspection program takes an average of 90 work-hours per operator,
although the agency recognizes that this number may vary from operator
to operator. Since operators incorporate maintenance or inspection
program changes for their affected fleet(s), the FAA has determined
that a per-operator estimate is more accurate than a per-airplane
estimate.
    The FAA estimates the total cost per operator for the new proposed
actions to be $7,650 (90 work-hours x $85 per work-hour).

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. Subtitle VII: Aviation Programs,
describes in more detail the scope of the Agency's authority.
    The FAA is issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701: General requirements.
Under that section, Congress charges the FAA with promoting safe flight
of civil aircraft in air commerce by prescribing regulations for
practices, methods, and procedures the Administrator finds necessary
for safety in air commerce. This regulation is within the scope of that
authority because it addresses an unsafe condition that is likely to
exist or develop on products identified in this rulemaking action.

Regulatory Findings

    The FAA determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have 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.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Would not affect intrastate aviation in Alaska, and
    (3) Would not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by:
0
a. Removing Airworthiness Directive (AD) 2023-04-15, Amendment 39-22362
(88 FR 20062, April 5, 2023); and
0
b. Adding the following new AD:

Dassault Aviation: Docket No. FAA-2023-1722; Project Identifier
MCAI-2023-00493-T.

(a) Comments Due Date

    The FAA must receive comments on this airworthiness directive
(AD) by October 13, 2023.

(b) Affected ADs

    (1) This AD replaces AD 2023-04-15, Amendment 39-22362 (88 FR
20062, April 5, 2023) (AD 2023-04-15).
    (2) This AD affects AD 2014-16-23, Amendment 39-17947 (79 FR
52545, September 4, 2014) (AD 2014-16-23).

(c) Applicability

    This AD applies to Dassault Aviation Model FALCON 7X airplanes,
certificated in any category, with an original airworthiness
certificate or original export certificate of airworthiness issued
on or before September 7, 2022.

    Note 1 to paragraph (c): Model FALCON 7X airplanes with
modification M1000 incorporated are commonly referred to as ``Model
FALCON 8X'' airplanes as a marketing designation.

(d) Subject

    Air Transport Association (ATA) of America Code 05, Time Limits/
Maintenance Checks.

(e) Unsafe Condition

    This AD was prompted by a determination that new or more
restrictive airworthiness limitations are necessary. The FAA is
issuing this AD to address reduced structural integrity and reduced
control of the airplane due to the failure of system components.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Retained Revision of the Existing Maintenance or Inspection
Program, With No Changes

    This paragraph restates the requirements of paragraph (j) of AD
2023-04-15, with no changes. For airplanes with an original
airworthiness certificate or original export certificate of
airworthiness issued on or before June 7, 2021, except as specified
in paragraph (h) of this AD: Comply with all required actions and
compliance times specified in, and in accordance with, European
Union Aviation Safety Agency (EASA) AD 2022-0142, dated July 7, 2022
(EASA AD 2022-0142). Accomplishing the revision of the existing
maintenance or inspection program required by paragraph (j) of this
AD terminates the requirements of this paragraph.

(h) Retained Exceptions to EASA AD 2022-0142, With No Changes

    This paragraph restates the exceptions specified in paragraph
(k) of AD 2023-04-15, with no changes.
    (1) The requirements specified in paragraphs (1) and (2) of EASA
AD 2022-0142 do not apply to this AD.
    (2) Paragraph (3) of EASA AD 2022-0142 specifies revising ``the
approved AMP'' within 12 months after its effective date, but this
AD requires revising the existing maintenance or inspection program,
as applicable, within 90 days after May 10, 2023 (the effective date
of AD 2023-04-15).
    (3) The initial compliance time for doing the tasks specified in
paragraph (3) of EASA AD 2022-0142 is at the applicable
``limitations'' and ``associated thresholds'' as incorporated by the
requirements of paragraph (3) of EASA AD 2022-0142, or within 90
days after May 10, 2023 (the effective date of this AD 2023-04-15),
whichever occurs later.
    (4) The provisions specified in paragraphs (4) and (5) of EASA
AD 2022-0142 do not apply to this AD.
    (5) The ``Remarks'' section of EASA AD 2022-0142 does not apply
to this AD.

(i) Retained Restrictions on Alternative Actions, Intervals, and
Critical Design Configuration Control Limitations (CDCCLs), With a New
Exception

    This paragraph restates the requirements of paragraph (l) of AD
2023-04-15, with a new exception. Except as required by paragraph
(j) of this AD, after the maintenance or inspection program has been
revised as required by paragraph (g) of this AD, no alternative
actions (e.g., inspections), intervals, or CDCCLs are allowed unless
they are approved as specified in the provisions of the ``Ref.
Publications'' section of EASA AD 2022-0142.

(j) New Revision of the Existing Maintenance or Inspection Program

    Except as specified in paragraph (k) of this AD: Comply with all
required actions and compliance times specified in, and in
accordance with, EASA AD 2023-0063, dated March 20, 2023 (EASA AD
2023-0063). Accomplishing the revision of the existing maintenance
or inspection program required by this paragraph terminates the
requirements of paragraph (g) of this AD.

(k) Exceptions to EASA AD 2023-0063

    (1) This AD does not adopt the requirements specified in
paragraphs (1) and (2) of EASA AD 2023-0063.
    (2) Paragraph (3) of EASA AD 2023-0063 specifies revising ``the
approved AMP'' within 12 months after its effective date, but this
AD requires revising the existing maintenance or inspection program,
as applicable, within 90 days after the effective date of this AD.
    (3) The initial compliance time for doing the tasks specified in
paragraph (3) of EASA AD 2023-0063 is at the applicable
``limitations'' and ``associated thresholds'' as incorporated by the
requirements of paragraph (3) of EASA AD 2023-0063, or within 90
days after the effective date of this AD, whichever occurs later.
    (4) This AD does not adopt the provisions specified in
paragraphs (4) and (5) of EASA AD 2023-0063.
    (5) This AD does not adopt the ``Remarks'' section of EASA AD
2023-0063.

(l) New Provisions for Alternative Actions, Intervals, and CDCCLs

    After the existing maintenance or inspection program has been
revised as required by paragraph (j) of this AD, no alternative
actions (e.g., inspections), intervals, and CDCCLs are allowed
unless they are approved as specified in the provisions of the
``Ref. Publications'' section of EASA AD 2023-0063.

(m) Terminating Action for Certain Requirements in AD 2014-16-23

    Accomplishing the actions required by paragraphs (g) or (j) of
this AD terminates the requirements of paragraph (q) of AD 2014-16-
23.

(n) Additional AD Provisions

    The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
International Validation Branch, FAA, has the authority to approve
AMOCs for this AD, if requested using the procedures found in 14 CFR
39.19. In accordance with 14 CFR 39.19, send your request to your
principal inspector or responsible Flight Standards Office, as
appropriate. If sending information directly to the International
Validation Branch, send it to the attention of the person identified
in paragraph (o) of this AD. Information may be emailed to: [email protected]. Before using any approved AMOC, notify your
appropriate principal inspector, or lacking a principal inspector,
the manager of the responsible Flight Standards Office.
    (2) Contacting the Manufacturer: For any requirement in this AD
to obtain instructions from a manufacturer, the instructions must be
accomplished using a method approved by the Manager, International
Validation Branch, FAA; or EASA; or Dassault Aviation's EASA Design
Organization Approval (DOA). If approved by the DOA, the approval
must include the DOA-authorized signature.

(o) Additional Information

    For more information about this AD, contact Tom Rodriguez,
Aviation Safety Engineer, FAA, 1600 Stewart Avenue, Suite 410,
Westbury, NY 11590; telephone<PHONE_NUMBER>; email:
[email protected].

(p) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference (IBR) of the service information listed
in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless this AD specifies otherwise.
    (3) The following service information was approved for IBR on
[DATE 35 DAYS AFTER PUBLICATION OF THE FINAL RULE].
    (i) European Union Aviation Safety Agency (EASA) AD 2023-0063,
dated March 20, 2023.
    (ii) [Reserved]
    (4) The following service information was approved for IBR on
May 10, 2023 (88 FR 20062, April 5, 2023.)
    (i) European Union Aviation Safety Agency (EASA) AD 2022-0142,
dated July 7, 2022.
    (ii) [Reserved]
    (5) For EASA ADs 2023-0063 and 2022-0142, contact EASA, Konrad-
Adenauer-Ufer 3, 50668 Cologne, Germany; telephone +49 221 8999 000;
email [email protected]; website easa.europa.eu. You may find these
EASA ADs on the EASA website at ad.easa.europa.eu.
    (6) You may view this service information at the FAA,
Airworthiness Products Section, Operational Safety Branch, 2200
South 216th St., Des Moines, WA. For information on the availability
of this material at the FAA, call<PHONE_NUMBER>.
    (7) You may view this service information that is incorporated
by reference at the National Archives and Records Administration
(NARA). For information on the availability of this material at
NARA, email [email protected], or go to: www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued on August 23, 2023.
Victor Wicklund,
Deputy Director, Compliance & Airworthiness Division, Aircraft
Certification Service.
[FR Doc. 2023-18568 Filed 8-28-23; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 76, Number 114 (Tuesday, June 14, 2011)]
[Notices]
[Page 34802]
[FR Doc No: 2011-14732]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket Number FRA-2011-0035]

Petition for Waiver of Compliance

    In accordance with Part 211 of Title 49 of the Code of Federal
Regulations (CFR), this document provides the public notice that by a
document dated April 15, 2011, the American Short Line and Regional
Railroad Association (ASLRRA), on behalf of seven of its member
railroads, has petitioned the Federal Railroad Administration (FRA) for
a waiver of compliance from certain provisions of the Federal hours of
service laws contained at 49 U.S.C. 21103(a)(4). FRA assigned the
petition Docket Number FRA-2011-0035.
    In their petition, ASLRRA seeks the identical relief granted in
FRA's March 5, 2010, decision in FRA Docket Number 2009-0078, related
to 49 U.S.C. 21103(a)(4), for these additional seven railroads. In
addition, subsequent to FRA's issuance of a final decision in Docket
Number FRA-2009-0078, the York Railway submitted a comment in that
docket seeking to become a party to the waiver. In its March 15, 2011,
letter, FRA specifically indicated that ``[i]f a railroad listed on
ASLRRA's Second Amended Exhibit A has not yet met the joint filing
requirement of the [hours of service law] as outlined in FRA's March 5,
2010, letter, that railroad is not a party to this waiver.''
Recognizing that as a practical matter, the posting of FRA's final
decision letter in Docket Number FRA-2009-0078 may have crossed with
the submission of the York Railway's request to be included in the
waiver. FRA is addressing that request in this docket (FRA-2011-0035).
Accordingly, a copy of York Railway's submission has been placed in
Docket Number FRA-2011-0035, and FRA will address that request for
relief from the hours of service law requirements in conjunction with
ASLRRA's April 15, 2011, petition.
    A copy of the petition, as well as any written communications
concerning the petition, is available for review online at http://www.regulations.gov and in person at the Department of Transportation's
Docket Operations Facility, 1200 New Jersey Ave., SE., W12-140,
Washington, DC 20590. The Docket Operations Facility is open from 9
a.m. to 5 p.m., Monday through Friday, except Federal Holidays.
    Interested parties are invited to participate in these proceedings
by submitting written views, data, or comments. FRA does not anticipate
scheduling a public hearing in connection with these proceedings since
the facts do not appear to warrant a hearing. If any interested party
desires an opportunity for oral comment, they should notify FRA, in
writing, before the end of the comment period and specify the basis for
their request.
    All communications concerning these proceedings should identify the
appropriate docket number and may be submitted by any of the following
methods:
     Web site: http://www.regulations.gov. Follow the online
instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: Docket Operations Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue, SE., W12-140, Washington, DC
20590.
     Hand Delivery: 1200 New Jersey Avenue, SE., Room W12-140,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal Holidays.
    Communications received by July 29, 2011 will be considered by FRA
before final action is taken. Comments received after that date will be
considered as far as practicable.
    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 comment (or signing the comment,
if submitted on behalf of an association, business, labor union, etc.).
You may review DOT's complete Privacy Act Statement in the Federal
Register published on April 11, 2000 (Volume 65, Number 70; Pages
19477-78) or online at http://www.dot.gov/privacy.html.

    Issued in Washington, DC on June 9, 2011.
Robert C. Lauby,
Deputy Associate Administrator for Regulatory & Legislative Operations.
[FR Doc. 2011-14732 Filed 6-13-11; 8:45 am]
BILLING CODE 4910-06-P


[Federal Register Volume 82, Number 22 (Friday, February 3, 2017)]
[Notices]
[Pages 9256-9258]
[FR Doc No: 2017-02259]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79895; File No. SR-NYSEMKT-2017-03]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Amending Rules 900.3NY,
Rule 961NY, Make a Conforming Change to Rule 935NY, and Eliminate
Section 910-AEMI of the AEMI Rules, and Sections 910 and 910-AEMI of
the NYSE MKT Company Guide

January 30, 2017.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on January 18, 2017, NYSE MKT LLC (``Exchange'' or ``NYSE MKT'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the self-regulatory organization. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to amend Rule 900.3NY to eliminate Price
Improving Orders and Quotes, amend Rule 961NY to eliminate the
electronic and open outcry bidding and offering requirements associated
with a Price Improving Order or Quote, and make a conforming change to
Rule 935NY, and (2) eliminate Section 910-AEMI of the AEMI Rules, and
Sections 910 and 910-AEMI of the NYSE MKT Company Guide. The proposed
rule change is available on the Exchange's Web site at www.nyse.com, at
the principal office of the Exchange, and at the Commission's Public
Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to (1) amend Rule 900.3NY to eliminate Price
Improving Orders and Quotes, amend Rule 961NY to eliminate the
electronic and open outcry bidding and offering requirements associated
with a Price Improving Order or Quote, and make a conforming change to
Rule 935NY, and (2) eliminate Section 910-AEMI of the AEMI Rules, and
Sections 910 and 910-AEMI of the NYSE MKT Company Guide. The Exchange
proposes to eliminate these order types in order to streamline its
rules and reduce complexity among its order type offerings, and to
delete obsolete and outdated rules.\4\
---------------------------------------------------------------------------

    \4\ See e.g., Mary Jo White, Chair, Securities and Exchange
Commission, Speech at the Sandler O'Neill & Partners, L.P. Global
Exchange and Brokerage Conference (June 5, 2014) (available at
www.sec.gov/News/Speech/Detail/Speech/1370542004312#.U5HI-fmwJiw)
(``I am asking the exchanges to conduct a comprehensive review of
their order types and how they operate in practice. As part of this
review, I expect that the exchanges will consider appropriate rule
changes to help clarify the nature of their order types and how they
interact with each other, and how they support fair, orderly, and
efficient markets.'' Id.).
---------------------------------------------------------------------------

Elimination of Price Improving Orders and Quotes
    The Exchange proposes to eliminate, and thus delete from its rules,
Price Improving Orders and Quotes, as defined in Rule 900.3NY(r).
    A Price Improving Order or Price Improving Quote is an order or
quote to buy or sell an option at a specified price at an increment
smaller than the minimum price variation in the security. Price
Improving Orders and Quotes may be entered in increments as small as
one cent. Because the Exchange has not implemented this functionality,
the Exchange believes it is appropriate to delete the functionality
from its rules.\5\
---------------------------------------------------------------------------

    \5\ Though originally adopted as a competitive response to
another options market introducing price improving orders, the
Exchange never implemented this functionality for a variety of
reasons, including technology and because most options volume was
concentrated in Penny Pilot issues where price improving orders
would be of little or no value.
---------------------------------------------------------------------------

    To reflect this elimination, the Exchange proposes to delete all
references to Price Improving Orders and Quotes in Rule 900.3NY(r), and
to the electronic and open outcry bidding and offering requirements
associated with a Price Improving Order or Quote in the second
introductory paragraph of Rule 961NY and in Rules 961NY(a), 961NY(b)
and 961NY(c), and to delete in the Commentary to Rule 935NY a reference
to Rule 900.3NY(r),\6\ as follows:
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 59472 (February 27,
2009), 74 FR 9843 (March 6, 2009) (SR-NYSEALTR-2008-14) (order
granting accelerated approval of proposed rule change establishing
rules for the trading of listed options including order exposure
requirements in connection with Price Improving Orders and Quotes,
designation of options eligible for Penny Price Improvement, the
manner of bidding or offering in open outcry for Penny Pricing, and
the required ``sweep'' of any Penny Pricing interest in the System).
---------------------------------------------------------------------------

     Delete Rule 900.3NY(r), which defines Price Improving
Orders and Quotes;
     delete the second introductory paragraph of Rule 961NY,
which describes which options may be

designated for penny price improvement; \7\
---------------------------------------------------------------------------

    \7\ See id.
---------------------------------------------------------------------------

     delete Rule 961NY(a), which describes the electronic
submission process in connection with a Price Improving Order or Quote;
\8\
---------------------------------------------------------------------------

    \8\ See id.
---------------------------------------------------------------------------

     delete Rule 961NY(b), which describes the open outcry
submission process in connection with a Price Improving Order or Quote;
\9\
---------------------------------------------------------------------------

    \9\ See id.
---------------------------------------------------------------------------

     delete Rule 961NY(c), which describes the requirement to
electronically ``sweep'' any penny pricing interest in the Exchange's
System; \10\ and
---------------------------------------------------------------------------

    \10\ See id.
---------------------------------------------------------------------------

     delete in the Commentary to Rule 935NY a reference to Rule
900.3NY(r).
Elimination of Obsolete and Out Dated Section 910-AEMI of the AEMI
Rules and Sections 910 and 910-AEMI of the NYSE MKT Company Guide
    The Exchange also proposes to eliminate, and thus delete one
section from its rulebook and two sections from the Company Guide,
governing the same topic, that are now obsolete and outdated:
     Delete Section 910-AEMI. Amex Company Guide RELATIONSHIP
WITH SPECIALIST (Sec.  910-AEMI) PROCEDURES, RULES AND REGULATIONS, of
the AEMI Rules;
     delete Section 910. PROCEDURES, RULES AND REGULATIONS, of
the NYSE MKT Company Guide; and
     delete Section 910-AEMI. PROCEDURES, RULES AND
REGULATIONS, of the NYSE MKT Company Guide.
    The Exchange has identified these obsolete and outdated rules and
proposes to delete both the section in the rulebook and the
corresponding sections in the Company Guide. These rules relate to
trading systems that have been decommissioned by the Exchange and rules
governing Specialists' obligations, conduct, and activities, including
dealings and communications, which were superseded by later-implemented
rules governing the same conduct or circumstances. The Commission has
previously approved the Exchange's new Equity Rules that superseded the
AEMI rules.\11\ Specifically, pursuant to Rule 0(b) and Rule 0--
Equities, the Equities Rules govern all transactions conducted on the
Exchange's Equities Trading Systems.
---------------------------------------------------------------------------

    \11\ See Securities Exchange Act Release No. 58705 (October 1,
2008), 73 FR 58995 (October 8, 2008) (SR-Amex-2008-63) (order
approving proposed rule change to establish new membership, member
firm conduct, and equity trading rules following the acquisition of
the Exchange).
---------------------------------------------------------------------------

2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \12\ of
the Act, in general, and furthers the objectives of Section
6(b)(5),\13\ in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Specifically, the Exchange believes that eliminating Price
Improving Orders and Quotes would remove impediments to and perfect a
national market system by simplifying the functionality and complexity
of its order types. The Exchange believes that eliminating these order
types would be consistent with the public interest and the protection
of investors because investors will not be harmed and in fact would
benefit from the removal of complex functionality. The Exchange also
believes that eliminating Price Improving Orders and Quotes would
benefit investors and add transparency and clarity to the Exchange's
rules because the functionality of those order types was not
implemented and therefore is not available.
    The Exchange further believes that deleting corresponding
references in Exchange rules to deleted order types, and the associated
bidding and offering process in connection with a deleted order type,
also removes impediments to and perfects the mechanism of a free and
open market by ensuring that members, regulators and the public can
more easily navigate the Exchange's rulebook and better understand the
order types available for trading on the Exchange. Removing obsolete
cross references also furthers the goal of transparency and adds
clarity to the Exchange's rules.
    The Exchange further believes that by deleting obsolete and
outdated rules, it also promotes just and equitable principles of
trade, removes impediments to and perfects the mechanism of a free and
open market and a national market system, and, in general, helps to
protect investors and the public interest by providing transparency as
to which rules are operable and reducing potential confusion that may
result from having obsolete or outdated rules in the Exchange's
rulebook. The Exchange further believes that the proposal removes
impediments to and perfects the mechanism of a free and open market by
ensuring that members, regulators and the public can more easily
navigate and understand the Exchange's rulebook.

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 proposed change is not
designed to address any competitive issue but would rather remove
complex functionality, references to functionality that is not
available, and obsolete and outdated rules, thereby reducing confusion
and making the Exchange's rules easier to understand and navigate.

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

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

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \14\ and Rule 19b-4(f)(6) thereunder.\15\
Because the 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \15\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\17\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
---------------------------------------------------------------------------

    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the

Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings under Section
19(b)(2)(B) \18\ of the Act to determine whether the proposed rule
change should be approved or disapproved.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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-NYSEMKT-2017-03 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-NYSEMKT-2017-03. 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 the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEMKT-2017-03 and should
be submitted on or before February 24, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------

    \19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-02259 Filed 2-2-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: June 2, 2010 (Volume 75, Number 105)]
[Notices]
[Page 30812]
[DOCID:fr02jn10-70]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. AD10-11-000]

Frequency Regulation Compensation in the Organized Wholesale
Power Markets; Further Notice Concerning Technical Conference

May 25, 2010.
    Take notice that on May 26, 2010, the Federal Energy Regulatory
Commission staff will convene a technical conference related to the
Commission's Notice of Proposed Rulemaking on Frequency Regulation
Compensation in the Organized Wholesale Power Markets, as previously
announced.\1\
---------------------------------------------------------------------------

    \1\ Notice of Technical Conference re Frequency Compensation in
the Organized Wholesale Power Markets, 75 FR 23,759, as supplemented
by Supplemental Notice of Technical Conference re Frequency
Compensation in the Organized Wholesale Power Markets, issued April
27, 2010.
---------------------------------------------------------------------------

    The discussions at the conference, which is open to the public, may
address matters at issue in the following Commission proceedings:
    Docket No. ER09-1049-000, Midwest Independent Transmission System
Operator, Inc.
    Docket No. ER09-1126-000, Midwest Independent Transmission System
Operator, Inc.
    Docket No. ER07-1372-000, Midwest Independent Transmission System
Operator, Inc.
    For more information, please contact Tatyana Kramskaya, 202-502-
6262<EMAIL_ADDRESS>or Eric Winterbauer,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
Kimberly D. Bose,
Secretary.
[FR Doc. 2010-13271 Filed 6-1-10; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 97 (Monday, May 22, 2017)]
[Notices]
[Pages 23390-23394]
[FR Doc No: 2017-10355]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-32638; 812-14735]

Solar Capital Ltd., et al.

May 17, 2017.
AGENCY:  Securities and Exchange Commission (``Commission'').

ACTION:  Notice.

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

    Notice of application for an order (``Order'') to amend a prior
order under sections 17(d) and 57(i) of the Investment Company Act of
1940 (the ``Act'') and rule 17d-1 under the Act permitting certain
joint transactions otherwise prohibited by sections 17(d) and 57(a)(4)
of the Act and under rule 17d-1 under the Act. Applicants request an
order that would permit certain business development companies (each, a
``BDC'') and certain closed-end investment companies to co-invest in
portfolio companies with each other and with affiliated investment
funds. The Order would supersede the prior order.\1\
---------------------------------------------------------------------------

    \1\ Solar Capital Ltd., et al., Investment Company Act Rel. Nos.
31143 (Jul. 1, 2014) (notice) and 31187 (Jul. 28, 2014) (order).
---------------------------------------------------------------------------

    Applicants: Solar Capital Ltd. (``Solar Capital''); Solar Senior
Capital Ltd. (``Solar Senior'' and together with Solar Capital, the
``Solar Funds''); SUNS SPV LLC (``Solar Senior Subsidiary'') and Solar
Capital Partners, LLC (``Solar Adviser'').
    Filing Dates: The application was filed on January 13, 2017, and
amended on April 4, 2017 and May 4, 2017.
    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 June 12, 2017, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0-5 under the Act, hearing
requests should state the nature of the writer's interest, any facts
bearing upon the desirability of a hearing on the matter, 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: Michael S. Gross, Solar
Capital Ltd., 500 Park Avenue, New York, NY 10022.

FOR FURTHER INFORMATION CONTACT:  Barbara T. Heussler, Senior Counsel,
at<PHONE_NUMBER> or Robert H. Shapiro, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Chief Counsel's Office).

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 for an
applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling<PHONE_NUMBER>.

Summary of the Application

    1. The Solar Funds are Maryland corporations organized as closed-
end management investment companies that have elected to be regulated
as BDC's under section 54(a) of the Act.\2\ Solar Capital's investment
objective is to generate both current income and capital appreciation
through debt and equity investment. Solar Senior's investment objective
is to seek to maximize current income consistent with the preservation
of capital. The Solar Funds each have a five-member Board,\3\ of which
the same three members serve as Non-Interested Directors.\4\
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    \2\ Section 2(a)(48) of the Act 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.
    \3\ The term ``Board'' refers to the Board of Directors of the
relevant Regulated Fund.
    \4\ The term ``Non-Interested Directors'' means, with respect to
any Board, the directors who are not ``interested persons'' within
the meaning of section 2(a)(19).
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    2. Solar Senior Subsidiary is a Wholly-Owned Investment Sub, as
defined below, whose sole business purpose is to hold one or more
investments on behalf of Solar Senior. Because it is a wholly-owned,
consolidated subsidiary of Solar Senior, and Solar Senior's investment
adviser is Solar Adviser, Solar Adviser also manages the assets the
Solar Senior Subsidiary.
    3. Solar Adviser, a privately held investment adviser registered
with the Commission under the Investment Advisers Act of 1940 (the
``Advisers Act''), was organized as a limited liability company under
the laws of the state of Delaware. Solar Adviser serves as the
investment adviser to each of the Solar Funds.
    4. Applicants seek an Order to permit a Regulated Fund \5\ and one
or more other Regulated Funds and/or one or more Affiliated Funds \6\
to participate in the same investment opportunities through a proposed
co-investment program (the ``Co-Investment Program'') where such
participation would otherwise be prohibited under section 57(a)(4) and
rule 17d-1 by (a) co-investing with each other in securities issued by
issuers in private placement transactions in which an Adviser
negotiates terms in addition to price; \7\ and (b) making additional
investments in securities of such issuers, including through the
exercise of warrants, conversion privileges, and other rights to
purchase securities of the issuers (``Follow-On Investments''). ``Co-
Investment Transaction'' means any transaction in which a Regulated
Fund (or its Wholly-Owned Investment Sub) participated together with
one or more other Regulated Funds and/or one or more Affiliated Funds
in reliance on the requested Order. ``Potential Co-Investment
Transaction'' means any investment opportunity in which a Regulated
Fund (or its Wholly-Owned Investment Sub) could not participate
together with one or more Affiliated Funds and/or one or more other
Regulated Funds without obtaining and relying on the Order.\8\
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    \5\ ``Regulated Fund'' means Solar Capital, Solar Senior and any
Future Regulated Fund. ``Future Regulated Fund'' means any closed-
end management investment company (a) that is registered under the
Act or has elected to be regulated as a BDC, (b) whose investment
adviser is an Adviser, and (c) that intends to participate in the
Co-Investment Program. The term ``Adviser'' means (a) Solar Adviser
or its successors, and (b) any future investment adviser that
controls, is controlled by, or is under common control with Solar
Adviser and is registered as an investment adviser under the
Advisers Act. The term ``successor'' means an entity that results
from a reorganization into another jurisdiction or change in the
type of business organization.
    \6\ ``Affiliated Fund'' means any entity (a) whose investment
adviser is an Adviser, (b) that would be an investment company but
for section 3(c)(1) or 3(c)(7) of the Act, and (c) that intends to
participate in the Co-Investment Program.
    \7\ The term ``private placement transactions'' means
transactions in which the offer and sale of securities by the issuer
are exempt from registration under the Securities Act of 1933 (the
``Securities Act'').
    \8\ All existing entities that currently intend to rely upon the
requested Order have been named as applicants. Any other existing or
future entity that subsequently relies on the Order will comply with
the terms and conditions of the application.

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    5. Applicants state any of the Regulated Funds may, from time to
time, form a Wholly-Owned Investment Sub.\9\ Such a subsidiary would be
prohibited from investing in a Co-Investment Transaction with any other
Regulated Fund or Affiliated Fund because it would be a company
controlled by its parent Regulated Fund for purposes of section
57(a)(4) and rule 17d-1. Applicants request that each Wholly-Owned
Investment Sub be permitted to participate in Co-Investment
Transactions in lieu of its parent Regulated Fund and that the Wholly-
Owned Investment Sub's participation in any such transaction be
treated, for purposes of the Order, as though the Regulated Fund were
participating directly. Applicants represent that this treatment is
justified because a Wholly-Owned Investment Sub would have no purpose
other than serving as a holding vehicle for the Regulated Fund's
investments and, therefore, no conflicts of interest could arise
between the Regulated Fund and the Wholly-Owned Investment Sub. The
Regulated Fund's Board would make all relevant determinations under the
conditions with regard to a Wholly-Owned Investment Sub's participation
in a Co-Investment Transaction, and the Regulated Fund's Board would be
informed of, and take into consideration, any proposed use of a Wholly-
Owned Investment Sub in the Regulated Fund's place. If the Regulated
Fund proposes to participate in the same Co-Investment Transaction with
any of its Wholly-Owned Investment Subs, the Board will also be
informed of, and take into consideration, the relative participation of
the Regulated Fund and the Wholly-Owned Investment Sub.
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    \9\ The term ``Wholly-Owned Investment Sub'' means an entity (i)
whose sole business purpose is to hold one or more investments on
behalf of a Regulated Fund (and, in the case of an SBIC Subsidiary
(as defined below), maintain a license under the SBA Act (as defined
below) and issue debentures guaranteed by the SBA (as defined
below)); (ii) that is wholly-owned by the Regulated Fund (with the
Regulated Fund at all times holding, beneficially and of record,
100% of the voting and economic interests); (iii) with respect to
which the Regulated Fund's Board has the sole authority to make all
determinations with respect to the entity's participation under the
conditions of the application; and (iv) that would be an investment
company but for section 3(c)(1) or 3(c)(7) of the Act. All
subsidiaries of the Regulated Fund participating in the Co-
Investment Transactions will be Wholly-Owned Investment Subs and
will have Objectives and Strategies (as defined below) that are
either the same as, or a subset of, the Regulated Fund's Objectives
and Strategies. The term ``SBIC Subsidiary'' means a Wholly-Owned
Investment Sub that is licensed by the Small Business Administration
(the ``SBA'') to operate under the Small Business Investment Act of
1958, as amended (the ``SBA Act'') as a small business investment
company (an ``SBIC'').
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    6. When considering Potential Co-Investment Transactions for any
Regulated Fund, the applicable Adviser will consider only the
Objectives and Strategies,\10\ investment policies, investment
positions, capital available for investment as described in the
application (``Available Capital''), and other pertinent factors
applicable to that Regulated Fund. The Advisers expect that any
portfolio company that is an appropriate investment for a Regulated
Fund should also be an appropriate investment for one or more other
Regulated Funds and/or one or more Affiliated Funds, with certain
exceptions based on available capital or diversification.\11\
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    \10\ ``Objectives and Strategies'' means a Regulated Fund's
investment objectives and strategies as described in the Regulated
Fund's registration statement on Form N-2, other filings the
Regulated Fund has made with the Commission under the Securities Act
or the Securities Exchange Act of 1934, and the Regulated Fund's
reports to shareholders.
    \11\ The Regulated Funds, however, will not be obligated to
invest, or co-invest, when investment opportunities are referred to
them.
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    7. Other than pro rata dispositions and Follow-On Investments as
provided in conditions 7 and 8, and after making the determinations
required in conditions 1 and 2(a), the Adviser will present each
Potential Co-Investment Transaction and the proposed allocation to the
directors of the Board eligible to vote under section 57(o) of the Act
(``Eligible Directors''), and the ``required majority,'' as defined in
section 57(o) of the Act (``Required Majority'') \12\ will approve each
Co-Investment Transaction prior to any investment by the participating
Regulated Fund.
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    \12\ In the case of a Regulated Fund that is a registered
closed-end fund, the Board members that make up the Required
Majority will be determined as if the Regulated Fund were a BDC
subject to section 57(o).
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    8. With respect to the pro rata dispositions and Follow-On
Investments provided in conditions 7 and 8, a Regulated Fund may
participate in a pro rata disposition or Follow-On Investment without
obtaining prior approval of the Required Majority if, among other
things: (i) The proposed participation of each Regulated Fund and
Affiliated Fund in such disposition is proportionate to its outstanding
investments in the issuer immediately preceding the disposition or
Follow-On Investment, as the case may be; and (ii) the Board of the
Regulated Fund has approved that Regulated Fund's participation in pro
rata dispositions and Follow-On Investments as being in the best
interests of the Regulated Fund. If the Board does not so approve, any
such disposition or Follow-On Investment will be submitted to the
Regulated Fund's Eligible Directors. The Board of any Regulated Fund
may at any time rescind, suspend or qualify its approval of pro rata
dispositions and Follow-On Investments with the result that all
dispositions and/or Follow-On Investments must be submitted to the
Eligible Directors.
    9. No Non-Interested Director of a Regulated Fund will have any
direct or indirect financial interest in any Co-Investment Transaction
or any interest in any portfolio company, other than through an
interest (if any) in the securities of the Regulated Funds.
    10. If an Adviser or its principal owners (the ``Principals''), or
any person controlling, controlled by, or under common control with an
Adviser or the Principals, and the Affiliated Funds (collectively, the
``Holders'') own in the aggregate more than 25 percent of the
outstanding voting shares of a Regulated Fund (the ``Shares''), then
the Holders will vote such Shares as required under condition 14.
Applicants believe that this condition will ensure that the Non-
Interested Directors will act independently in evaluating the Co-
Investment Program, because the ability of an Adviser or the Principals
to influence the Non-Interested Directors by a suggestion, explicit or
implied, that the Non-Interested Directors can be removed if desired by
the Holders will be limited significantly. The Non-Interested Directors
shall evaluate and approve any such independent party, taking into
account its qualifications, reputation for independence, cost to the
shareholders, and other factors that they deem relevant.

Applicants' Legal Analysis

    1. Section 57(a)(4) of the Act prohibits certain affiliated persons
of a BDC from participating in joint transactions with the BDC or a
company controlled by a BDC in contravention of rules as prescribed by
the Commission. 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 submit
that each of the Regulated Funds and Affiliated Funds could be deemed
to be a person related to each Regulated Fund in a manner described by
section 57(b) by virtue of being under common control. 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 to transactions subject to

section 57(a)(4). Because the Commission has not adopted any rules
under section 57(a)(4), rule 17d-1 also applies to joint transactions
with Regulated Funds that are BDCs. Section 17(d) of the Act and rule
17d-1 under the Act are applicable to Regulated Funds that are
registered closed-end investment companies.
    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. 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 in the absence of the requested relief,
the Regulated Funds would be, in some circumstances, limited in their
ability to participate in attractive and appropriate investment
opportunities. Applicants believe that the proposed terms and
conditions will ensure that the Co-Investment Transactions are
consistent with the protection of each Regulated Fund's shareholders
and with the purposes intended by the policies and provisions of the
Act. Applicants state that the Regulated Funds' participation in the
Co-Investment Transactions will be consistent with the provisions,
policies, and purposes of the Act and on a basis that is not different
from or less advantageous than that of other participants.

Applicants' Conditions

    Applicants agree that the Order will be subject to the following
conditions:
    1. Each time an Adviser considers a Potential Co-Investment
Transaction for an Affiliated Fund or another Regulated Fund that falls
within a Regulated Fund's then-current Objectives and Strategies, the
Regulated Fund's Adviser will make an independent determination of the
appropriateness of the investment for such Regulated Fund in light of
the Regulated Fund's then-current circumstances.
    2. (a) If the Adviser deems a Regulated Fund's participation in any
Potential Co-Investment Transaction to be appropriate for the Regulated
Fund, it will then determine an appropriate level of investment for the
Regulated Fund.
    (b) If the aggregate amount recommended by the applicable Adviser
to be invested by the applicable Regulated Fund in the Potential Co-
Investment Transaction, together with the amount proposed to be
invested by the other participating Regulated Funds and Affiliated
Funds, collectively, in the same transaction, exceeds the amount of the
investment opportunity, the investment opportunity will be allocated
among them pro rata based on each participant's Available Capital, up
to the amount proposed to be invested by each. The applicable Adviser
will provide the Eligible Directors of each participating Regulated
Fund with information concerning each participating party's Available
Capital to assist the Eligible Directors with their review of the
Regulated Fund's investments for compliance with these allocation
procedures.
    (c) After making the determinations required in conditions 1 and
2(a), the applicable Adviser will distribute written information
concerning the Potential Co-Investment Transaction (including the
amount proposed to be invested by each participating Regulated Fund and
Affiliated Fund) to the Eligible Directors of each participating
Regulated Fund for their consideration. A Regulated Fund will co-invest
with one or more other Regulated Funds and/or one or more Affiliated
Funds only if, prior to the Regulated Fund's participation in the
Potential Co-Investment Transaction, a Required Majority concludes
that:
    (i) The terms of the Potential Co-Investment Transaction, including
the consideration to be paid, are reasonable and fair to the Regulated
Fund and its shareholders and do not involve overreaching in respect of
the Regulated Fund or its shareholders on the part of any person
concerned;
    (ii) the Potential Co-Investment Transaction is consistent with:
    (A) the interests of the shareholders of the Regulated Fund; and
    (B) the Regulated Fund's then-current Objectives and Strategies;
    (iii) the investment by any other Regulated Funds or Affiliated
Funds would not disadvantage the Regulated Fund, and participation by
the Regulated Fund would not be on a basis different from or less
advantageous than that of other Regulated Funds or Affiliated Funds;
provided that, if any other Regulated Fund or Affiliated Fund, but not
the Regulated Fund itself, 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 Required Majority from reaching the
conclusions required by this condition (2)(c)(iii), if:
    (A) The Eligible Directors will have the right to ratify the
selection of such director or board observer, if any;
    (B) the applicable Adviser agrees to, and does, provide periodic
reports to the Regulated Fund'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
    (C) any fees or other compensation that any Affiliated Fund or any
Regulated Fund or any affiliated person of any Affiliated Fund or any
Regulated Fund receives in connection with the right of the Affiliated
Fund or a Regulated Fund to nominate a director or appoint a board
observer or otherwise to participate in the governance or management of
the portfolio company will be shared proportionately among the
participating Affiliated Funds (who each may, in turn, share its
portion with its affiliated persons) and the participating Regulated
Funds in accordance with the amount of each party's investment; and
    (iv) the proposed investment by the Regulated Fund will not benefit
the Advisers, the Affiliated Funds or the other Regulated Funds or any
affiliated person of any of them (other than the parties to the Co-
Investment Transaction), except (A) to the extent permitted by
condition 13, (B) to the extent permitted by section 17(e) or 57(k) of
the Act, as applicable, (C) indirectly, as a result of an interest in
the securities issued by one of the parties to the Co-Investment
Transaction, or (D) in the case of fees or other compensation described
in condition 2(c)(iii)(C).
    3. Each Regulated Fund has the right to decline to participate in
any Potential Co-Investment Transaction or to invest less than the
amount proposed.
    4. The applicable Adviser will present to the Board of each
Regulated Fund, on a quarterly basis, a record of all investments in
Potential Co-Investment Transactions made by any of the other Regulated
Funds or Affiliated Funds during the preceding quarter that fell within
the Regulated Fund's then-current Objectives and Strategies that were
not made available to the Regulated Fund, and an explanation of why the
investment opportunities were not offered to the Regulated Fund. All
information presented to the Board pursuant to this condition will be
kept for the life of the Regulated Fund and at least two years
thereafter, and will be

subject to examination by the Commission and its staff.
    5. Except for Follow-On Investments made in accordance with
condition 8,\13\ a Regulated Fund will not invest in reliance on the
Order in any issuer in which another Regulated Fund, Affiliated Fund,
or any affiliated person of another Regulated Fund or Affiliated Fund
is an existing investor.
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    \13\ This exception applies only to Follow-On Investments by a
Regulated Fund in issuers in which that Regulated Fund already holds
investments.
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    6. A Regulated Fund will not participate in any Potential Co-
Investment Transaction unless the terms, conditions, price, class of
securities to be purchased, settlement date, and registration rights
will be the same for each participating Regulated Fund and Affiliated
Fund. The grant to an Affiliated Fund or another Regulated Fund, but
not the Regulated Fund, 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 6, if conditions
2(c)(iii)(A), (B) and (C) are met.
    7. (a) If any Affiliated Fund or any Regulated Fund elects to sell,
exchange or otherwise dispose of an interest in a security that was
acquired in a Co-Investment Transaction, the applicable Advisers will:
    (i) Notify each Regulated Fund that participated in the Co-
Investment Transaction of the proposed disposition at the earliest
practical time; and
    (ii) formulate a recommendation as to participation by each
Regulated Fund in the disposition.
    (b) Each Regulated Fund will have the right to participate in such
disposition on a proportionate basis, at the same price and on the same
terms and conditions as those applicable to the participating
Affiliated Funds and Regulated Funds.
    (c) A Regulated Fund may participate in such disposition without
obtaining prior approval of the Required Majority if: (i) The proposed
participation of each Regulated Fund and each Affiliated Fund in such
disposition is proportionate to its outstanding investments in the
issuer immediately preceding the disposition; (ii) the Board of the
Regulated Fund has approved as being in the best interests of the
Regulated Fund the ability to participate in such dispositions on a pro
rata basis (as described in greater detail in the application); and
(iii) the Board of the Regulated Fund is provided on a quarterly basis
with a list of all dispositions made in accordance with this condition.
In all other cases, the Adviser will provide its written recommendation
as to the Regulated Fund's participation to the Eligible Directors, and
the Regulated Fund will participate in such disposition solely to the
extent that a Required Majority determines that it is in the Regulated
Fund's best interests.
    (d) Each Affiliated Fund and each Regulated Fund will bear its own
expenses in connection with any such disposition.
    8. (a) If any Affiliated Fund or any Regulated Fund desires to make
a Follow-On Investment in a portfolio company whose securities were
acquired in a Co-Investment Transaction, the applicable Advisers will:
    (i) Notify each Regulated Fund that participated in the Co-
Investment Transaction of the proposed transaction at the earliest
practical time; and
    (ii) formulate a recommendation as to the proposed participation,
including the amount of the proposed Follow-On Investment, by each
Regulated Fund.
    (b) A Regulated Fund may participate in such Follow-On Investment
without obtaining prior approval of the Required Majority if: (i) The
proposed participation of each Regulated Fund and each Affiliated Fund
in such investment is proportionate to its outstanding investments in
the issuer immediately preceding the Follow-On Investment; and (ii) the
Board of the Regulated Fund has approved as being in the best interests
of the Regulated Fund the ability to participate in Follow-On
Investments on a pro rata basis (as described in greater detail in the
application). In all other cases, the Adviser will provide its written
recommendation as to the Regulated Fund's participation to the Eligible
Directors, and the Regulated Fund will participate in such Follow-On
Investment solely to the extent that a Required Majority determines
that it is in the Regulated Fund's best interests.
    (c) If, with respect to any Follow-On Investment:
    (i) the amount of the opportunity is not based on the Regulated
Funds' and the Affiliated Funds' outstanding investments immediately
preceding the Follow-On Investment; and
    (ii) the aggregate amount recommended by the applicable Adviser to
be invested by the applicable Regulated Fund in the Follow-On
Investment, together with the amount proposed to be invested by the
other participating Regulated Funds and Affiliated Funds, collectively,
in the same transaction, exceeds the amount of the investment
opportunity; then the investment opportunity will be allocated among
them pro rata based on each participant's Available Capital, up to the
maximum amount proposed to be invested by each.
    (d) The acquisition of Follow-On Investments as permitted by this
condition will be considered a Co-Investment Transaction for all
purposes and subject to the other conditions set forth in this
application.
    9. The Non-Interested Directors of each Regulated Fund will be
provided quarterly for review all information concerning Potential Co-
Investment Transactions and Co-Investment Transactions, including
investments made by other Regulated Funds or Affiliated Funds that the
Regulated Fund considered but declined to participate in, so that the
Non-Interested Directors may determine whether all investments made
during the preceding quarter, including those investments that the
Regulated Fund considered but declined to participate in, comply with
the conditions of the Order. In addition, the Non-Interested Directors
will consider at least annually the continued appropriateness for the
Regulated Fund of participating in new and existing Co-Investment
Transactions.
    10. Each Regulated Fund will maintain the records required by
section 57(f)(3) of the Act as if each of the Regulated Funds were a
BDC and each of the investments permitted under these conditions were
approved by the Required Majority under section 57(f) of the Act.
    11. No Non-Interested Director of a Regulated Fund will also be a
director, general partner, managing member or principal, or otherwise
an ``affiliated person'' (as defined in the Act) of an Affiliated Fund.
    12. 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) will, to
the extent not payable by the Advisers under their respective
investment advisory agreements with Affiliated Funds and the Regulated
Funds, be shared by the Regulated Funds and the Affiliated Funds in
proportion to the relative amounts of the securities held or to be
acquired or disposed of, as the case may be.

    13. Any transaction fee \14\ (including break-up or commitment fees
but excluding broker's fees contemplated by section 17(e) or 57(k) of
the Act, as applicable), received in connection with a Co-Investment
Transaction will be distributed to the participating Regulated Funds
and Affiliated Funds on a pro rata basis based on the amounts they
invested or committed, as the case may be, in such Co-Investment
Transaction. If any transaction fee is to be held by an Adviser pending
consummation of the transaction, the fee will be deposited into an
account maintained by such 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 among the participating Regulated Funds and Affiliated
Funds based on the amounts they invest in such Co-Investment
Transaction. None of the Affiliated Funds, the Advisers, the other
Regulated Funds or any affiliated person of the Regulated Funds or
Affiliated Funds will receive additional compensation or remuneration
of any kind as a result of or in connection with a Co-Investment
Transaction (other than (a) in the case of the Regulated Funds and the
Affiliated Funds, the pro rata transaction fees described above and
fees or other compensation described in condition 2(c)(iii)(C); and (b)
in the case of an Adviser, investment advisory fees paid in accordance
with the agreement between the Adviser and the Regulated Fund or
Affiliated Fund.
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    \14\ Applicants are not requesting and the staff is not
providing any relief for transaction fees received in connection
with any Co-Investment Transaction.
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    14. If the Holders own in the aggregate more than 25 percent of the
Shares of a Regulated Fund, then the Holders will vote such Shares as
directed by an independent third party when voting on (1) the election
of directors; (2) the removal of one or more directors; or (3) any
other matter under either the Act or applicable state law affecting the
Board's composition, size or manner of election.
    15. Each Regulated Fund's chief compliance officer, as defined in
rule 38a-1(a)(4), will prepare an annual report for its Board each year
that evaluates (and documents the basis of that evaluation) the
Regulated Fund's compliance with the terms and conditions of the
application and the procedures established to achieve such compliance.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-10355 Filed 5-19-17; 8:45 am]
 BILLING CODE 8011-01-P