[Federal Register: June 2, 2006 (Volume 71, Number 106)]
[Notices]
[Page 32164-32171]
[DOCID:fr02jn06-136]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53875; File No. SR-NYSEArca-2006-11]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Order Granting Accelerated Approval of Proposed Rule Change
Relating to the Trading of the United States Oil Fund, LP Pursuant to
Unlisted Trading Privileges

May 25, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on April 26, 2006, NYSE Arca, Inc. (the ``Exchange''), through its
wholly owned subsidiary NYSE Arca Equities, Inc. (``NYSE Arca
Equities'' or the ``Corporation''), filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I and II below, which Items have been prepared by
the Exchange. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons and is
approving the proposal on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange, through its wholly owned subsidiary NYSE Arca
Equities, proposes to amend its rules governing NYSE Arca, L.L.C. (also
referred to as the ``NYSE Arca Marketplace''), the equities trading
facility of NYSE Arca Equities. The Exchange proposes new NYSE Arca
Equities Rule 8.300 in order to permit trading, either by listing or
pursuant to unlisted trading privileges (``UTP''), units in a
partnership that is a commodity pool under the Commodity Exchange Act
(``CEA'') that is designed to track a specified commodity or index of
commodities by holding any combination of investments (i) comprised of
or based on futures contracts, options on futures contracts, forward
contracts, swaps, and over-the-counter (``OTC'') contracts for
commodities or based on price changes in commodities, and (ii) in
securities that may be required to satisfy margin or collateral
requirements associated with investments in the financial instruments
listed in item (i) above (such units are referred to generally herein
as ``Partnership Units''). Pursuant to these proposed rules, the
Exchange initially proposes to trade, pursuant to UTP, units
(``Units'') of the United States Oil Fund, LP (``USOF'' or the
``Partnership'').
    The text of the proposed rule change appears below. Additions are
underlined.
* * * * *
Rules of NYSE Arca Equities, Inc.
Rule 8.300
Partnership Units
    (a) The Corporation will consider for trading, whether by listing
or pursuant to unlisted trading privileges, Partnership Units that meet
the criteria of this Rule.
    (b) Definitions. The following terms as used in the Rule shall,
unless the context otherwise requires, have the meanings herein
specified:
    (1) Commodity. The term ``commodity'' is defined in Section 1(a)(4)
of the Commodity Exchange Act.
    (2) Partnership Units. The term ``Partnership Units'' for purposes
of this Rule means a security (a) that is issued by a partnership that
invests in any combination of futures contracts, options on futures
contracts, forward contracts, commodities and/or securities; and (b)
that is issued and redeemed daily in specified aggregate amounts at net
asset value.
    (c) Designation. The Corporation may list and trade Partnership
Units based on an underlying asset, commodity or security. Each issue
of a Partnership Unit shall be designated as a separate series and
shall be identified by a unique symbol.
    (d) Initial and Continued Listing. Partnership Units will be listed
and/or traded on the Corporation subject to application of the
following criteria:
    (1) Initial Listing--The Corporation will establish a minimum
number of Partnership Units required to be outstanding at the time of
commencement of trading on the Corporation.
    (2) Continued Listing--The Corporation will consider removing from
listing Partnership Units under any of the following circumstances:
    (i) if following the initial twelve month period following the
commencement of trading of Partnership Units, (A) the partnership has
more than 60 days remaining until termination and there are fewer than
50 record and/or beneficial holders of Partnership Units for 30 or more
consecutive trading days; (B) if the partnership has fewer than 50,000
Partnership Units issued and outstanding; or (C) if the market value of
all Partnership Units issued and outstanding is less than $1,000,000;
    (ii) if the value of the underlying benchmark investment, commodity
or asset is no longer calculated or available on at least a 15-second
delayed basis or the Corporation stops providing a hyperlink on its Web
site to any such investment, commodity, or asset value;
    (iii) if the Indicative Partnership Value is no longer made
available on at least a 15-second delayed basis; or
    (iv) if such other event shall occur or condition exists which in
the opinion of the Corporation makes further dealings on the
Corporation inadvisable.
    Upon termination of a partnership, the Corporation requires that
Partnership Units issued in connection with such partnership be removed
from Corporation listing. A partnership will terminate in accordance
with the provisions of the partnership prospectus.
    (3) Term--The stated term of the partnership shall be as stated in
the prospectus. However, such entity may be terminated under such
earlier circumstances as may be specified in the Partnership
prospectus.
    (4) General Partner--The following requirements apply:
    (i) The general partner of a partnership must be an entity having
substantial capital and surplus and the experience and facilities for
handling partnership business. In cases where, for any reason, an
individual has been appointed as general partner, a qualified entity
must also be appointed as general partner.
    (ii) No change is to be made in the general partner of a listed
issue without prior notice to and approval of the Corporation.
    (5) Voting--Voting rights shall be as set forth in the applicable
partnership prospectus.
    (e) Market Maker Accounts.

    (1) An ETP Holder acting as a registered Market Maker in
Partnership Units is obligated to comply with Rule 7.26 pertaining to
limitations on dealings when such Market Maker, or affiliate of such
Market Maker, engages in Other Business Activities. For purposes of
Partnership Units, Other Business Activities shall include acting as a
Market Maker or functioning in any capacity involving market-making
responsibilities in the underlying asset or commodity, related futures
or options on futures, or any other related derivatives. However, an
approved person of an ETP Holder acting as a registered Market Maker in
Partnership Units that has established and obtained Corporation
approval of procedures restricting the flow of material, non-public
market information between itself and the ETP Holder pursuant to Rule
7.26, and any member, officer or employee associated therewith, may act
in a market making capacity, other than as a Market Maker in the
Partnership Units on another market center, in the underlying asset or
commodity, related futures or options on futures, or any other related
derivatives.
    (2) The ETP Holder acting as a registered Market Maker in
Partnership Units must file, with the Corporation, in a manner
prescribed by the Corporation, and keep current a list identifying all
accounts for trading the underlying asset or commodity, related futures
or options on futures, or any other related derivatives, which the ETP
Holder acting as registered Market Maker may have or over which it may
exercise investment discretion. No ETP Holder acting as registered
Market Maker in the Partnership Units shall trade in the underlying
asset or commodity, related futures or options on futures, or any other
related derivatives, in an account in which an ETP Holder acting as a
registered Market Maker, directly or indirectly, controls trading
activities, or has a direct interest in the profits or losses thereof,
which has not been reported to the Corporation as required by this
Rule.
    (3) In addition to the existing obligations under Corporation rules
regarding the production of books and records (See, e.g. Rule 4.4), the
ETP Holder acting as a registered Market Maker in Partnership Units
shall make available to the Corporation such books, records or other
information pertaining to transactions by such entity or any limited
partner, officer or approved person thereof, registered or non-
registered employee affiliated with such entity for its or their own
accounts in the underlying asset or commodity, related futures or
options on futures, or any other related derivatives, as may be
requested by the Corporation.
    (4) In connection with trading the underlying asset or commodity,
related futures or options on futures or any other related derivative
(including Partnership Units), the ETP Holder acting as a registered
Market Maker in Partnership Units shall not use any material nonpublic
information received from any person associated with an ETP Holder or
employee of such person regarding trading by such person or employee in
the physical asset or commodity, futures or options on futures, or any
other related derivatives.
    (f) Limitation of Corporation Liability. Neither the Corporation
nor any agent of the Corporation shall have any liability for damages,
claims, losses or expenses caused by any errors, omissions, or delays
in calculating or disseminating any underlying asset or commodity
value, the current value of the underlying asset or commodity if
required to be deposited to the partnership in connection with issuance
of Partnership Units; net asset value; or other information relating to
the purchase, redemption or trading of Partnership Units, resulting
from any negligent act or omission by the Corporation or any agent of
the Corporation, or any act, condition or cause beyond the reasonable
control of the Corporation or its agent, including, but not limited to,
an act of God; fire; flood; extraordinary weather conditions; war;
insurrection; riot; strike; accident; action of government;
communications or power failure; equipment or software malfunction; or
any error, omission or delay in the reports of transactions in an
underlying asset or commodity.
    The Corporation will file separate proposals under Section 19(b) of
the Securities Exchange Act of 1934 before listing and trading separate
and distinct Partnership Units designated on different underlying
investments, commodities and/or assets.

Commentary

    .01 The Exchange requires that Equity Trading Permit holders
provide to all purchasers of newly issued Partnership Units a
prospectus for the series of Partnership Units.
* * * * *

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of, and basis for, the proposed rule change. The
text of these statements may be examined at the places specified in
Item III below, and is set forth in Sections A, B, and C below.

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

1. Purpose
    The Exchange proposes to add new NYSE Arca Equities Rule 8.300 in
order to permit trading, either by listing or pursuant to UTP, units in
a partnership that holds commodity-based or linked investments.
Pursuant to this proposed rule, the Exchange initially proposes to
trade pursuant to UTP the Units, which represent ownership of a
fractional undivided interest in the net assets of USOF.\3\ The
Commission previously approved the original listing and trading of the
Units by the American Stock Exchange LLC (``Amex'').\4\
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    \3\ USOF, a Delaware limited partnership, is a commodity pool.
The Exchange states that USOF is not an investment company as
defined in Section 3(a) of the Investment Company Act of 1940. The
offering of the Units of the Partnership is registered with the
Commission under the Securities Act of 1933.
    \4\ See Securities Exchange Act Release Nos. 53582 (March 31,
2006), 71 FR 17510 (April 6, 2006) (order granting approval to SR-
Amex-2005-127) (``Amex Order''); 53324 (February 16, 2006), 71 FR
9614 (February 24, 2006) (``USOF Notice'').
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    The investment objective of the USOF is for its net asset value
(``NAV'') \5\ to reflect the performance of the spot price of West
Texas Intermediate light, sweet crude oil delivered to Cushing,
Oklahoma (the ``WTI light, sweet crude oil''),\6\ as represented by the
performance of the price of the ``Benchmark Oil Futures Contract,''
less the expense of operation of USOF. The ``Benchmark Oil Futures
Contract'' is the near-month (i.e., spot month) future contract for
delivery of WTI light, sweet crude oil traded on the New York
Mercantile Exchange (``NYMEX'').\7\
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    \5\ NAV is the total assets, less total liabilities of USOF,
determined on the basis of generally accepted accounting principles.
NAV per Unit is the NAV of USOF divided by the number of outstanding
Units.
    \6\ The types of crude oil are typically described by a
combination of their physical attributes and their place of origin.
A few of these types of crude oil are widely traded and their prices
serve as benchmarks in determining the spot and forward prices of
the other types of crude oil. The three most important types of
crude oil that are used as benchmarks are the light, sweet crude oil
from the United States known as ``West Texas Intermediate,'' a
light, sweet crude oil from Europe's North Sea known as ``Brent
Crude,'' and a medium crude oil from the Middle East known as
``Dubai Crude.'' These three types of crude oil are the ones used
most frequently in the trading of listed futures contracts, listed
options, and non-exchange listed derivative contracts based on crude
oil.
    \7\ The Exchange will file a Form 19b-4 to obtain Commission
approval for the continued trading of the Units should the General
Partner change the Benchmark Oil Futures Contract from this NYMEX
WTI light, sweet crude oil futures contract.

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    The assets of USOF will consist of futures contracts for light,
sweet crude oil and other petroleum based fuels that are traded on the
NYMEX or other U.S. and foreign exchanges \8\ (collectively, ``Oil
Futures Contracts''). USOF will also purchase other oil interests, such
as cash-settled options on Oil Futures Contracts, forward contracts for
oil, and OTC transactions that are based on the price of oil, other
petroleum-based fuels, and indices based on the foregoing
(collectively, ``Other Oil Interests''). (Oil Futures Contracts and
Other Oil Interests are collectively referred to as ``Oil Interests.'')
The Oil Interests for light, sweet crude oil and other petroleum based
fuels in which USOF will invest are based on domestic oil, (WTI light,
sweet crude oil), international oil (Brent Crude Oil), heating oil,
natural gas, and gasoline. A description of these commodities and the
primary trading market for futures contracts based on such commodities
is set forth in the USOF Notice.\9\
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    \8\ USOF will primarily purchase WTI light, sweet crude Oil
Futures Contracts traded on the NYMEX, but may also purchase Oil
Futures Contracts on other exchanges, including the Intercontinental
Exchange, formerly known as the International Petroleum Exchange,
which operates its futures business through ICE Futures (``ICE
Futures'') and the Singapore Oil Exchange.
    \9\ See USOF Notice, supra note 4.
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    USOF will also invest in short term obligations of the United
States Government (``Treasuries'') to be used to satisfy its current or
future margin and collateral requirements and to otherwise satisfy its
obligations with respect to its investments in Oil Interests.
    (a) The Units. In January 2005, the Commission approved an Exchange
rule (NYSE Arca Equities Rule 8.201) for the listing and trading of
Commodity-Based Trust Shares.\10\ Commodity-Based Trust Shares are
trust issued receipts (``TIRs'') based on the value of an underlying
commodity or index of commodities held by a trust. Because of USOF's
structure as a partnership and the nature of its investments, the
current Commodity-Based Trust Shares rule (NYSE Arca Equities Rule
8.201) does not specifically permit the Exchange to trade this product.
This proposal seeks to expand the ability of the Exchange to list and/
or trade securities based on a portfolio of underlying investments that
may not be ``securities'' in circumstances where the issuer is a
partnership, organized as a commodities pool under the CEA.
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    \10\ See Securities Exchange Act Release Nos. 51067 (January 21,
2005), 70 FR 3952 (January 27, 2005) (approving general standards
for the listing and trading of Commodity-Based Trust Shares and
trading pursuant to UTP of shares of the iShares(r) COMEX Gold
Trust); 51245 (February 23, 2005), 70 FR 10731-01 (March 4, 2005)
(approving the trading pursuant to UTP of shares of the
streetTRACKS[reg] Gold Trust); 53520 (March 20, 2006), 71 FR 14977
(March 24, 2006) (approving the trading pursuant to UTP of shares of
the iShares Silver Trust). See also Securities Exchange Act Release
No. 53736 (April 27, 2006), 71 FR 26582 (May 5, 2006) (proposal to
trade pursuant to UTP shares of the DB Commodity Index Tracking
Fund).
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    Under proposed NYSE Arca Equities Rule 8.300, the Exchange would be
able to trade pursuant to UTP the Units issued by USOF. For units
issued by other commodity-based partnerships or other types of units
issued by USOF, if any, the Exchange would submit a filing pursuant to
Section 19(b) of the Act, subject to the review and approval of the
Commission.
    A description of the liquidity, depth, and pricing mechanisms of
the international oil market, the regulation of futures, operation of
the USOF, and a description of the Units is set forth in the Amex Order
and the USOF Notice.\11\ To summarize, issuances of Units will be made
only in baskets of 100,000 Units or multiples thereof (a ``Basket'').
The Partnership will issue and redeem Baskets of the Units on a
continuous basis by or through participants who have entered into
authorized purchaser agreements (each, an ``Authorized Purchaser'')\12\
with the General Partner,\13\ at the net asset value (``NAV'') per Unit
next determined after an order to purchase the Units in a Basket is
received in proper form. Baskets may be issued and redeemed on any
Business day (defined as any day other than a day on which the Amex,
the NYMEX, or the New York Stock Exchange is closed for regular
trading) through ALPS Distributors, Inc. (the ``Marketing Agent'') in
exchange for cash and/or Treasuries, which Brown Brothers Harriman &
Co. (the ``Custodian'' and the ``Administrator'') receives from
Authorized Purchasers or transfers to Authorized Purchasers, in each
case on behalf of USOF. Baskets are then separable upon issuance into
identical Units that will be traded on the NYSE Arca Marketplace as
equity securities.\14\
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    \11\ See supra note 4.
    \12\ An ``Authorized Purchaser'' is a person, who at the time of
submitting to the General Partner an order to create or redeem one
or more Baskets, (i) is a registered broker-dealer or other market
participant, such as a bank or other financial institution that is
exempt from broker-dealer registration, (ii) is a Depository Trust
Company Participant, and (iii) has in effect a valid Authorized
Purchaser Agreement.
    \13\ The General Partner is Victoria Bay Asset Management, LLC,
a single member Delaware limited liability company wholly owned by
Wainwright Holdings, Inc. The General Partner, which was formed for
the specific purpose of managing and controlling USOF, has
registered as a Commodity Pool Operator (``CPO'') with the Commodity
Futures Trading Commission (``CFTC'') and has become a member of the
National Futures Association (``NFA'').
    \14\ The Exchange expects that the number of outstanding Units
will increase and decrease as a result of creations and redemptions
of Baskets.
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    Baskets will be issued in exchange for Treasuries and/or cash in an
amount equal to the NAV per Unit times 100,000 Units (the ``Basket
Amount''). Authorized Purchasers that wish to purchase a Basket must
transfer the Basket Amount to the Administrator (the ``Deposit
Amount''). Authorized Purchasers that wish to redeem a Basket will
receive an amount of Treasuries and cash in exchange for each Basket
surrendered in an amount equal to the NAV per Basket (the ``Redemption
Amount'').
    On each business day, the Administrator will make available, prior
to 9:30 a.m. Eastern Time (``ET''), the estimated Basket Amount for the
creation of a Basket based on the prior day's NAV.\15\ According to the
Amex Order, the Amex will disseminate at least every 15 seconds
throughout the trading day, via the facilities of the Consolidated Tape
Association (``CTA''), an amount representing, on a per Unit basis, the
current indicative value of the Basket Amount (See ``Indicative
Partnership Value'' below). Shortly after 4 p.m. ET, the Administrator
will determine the NAV for USOF as described below. At or about 4 p.m.
ET on each business day, the Administrator will determine the Actual
Basket Amount (``Actual Basket Amount'') for orders placed by
Authorized Purchasers received before 12 p.m. ET that day. Thus,
although Authorized Purchasers place orders to purchase Units during
the trading day until 12 p.m. ET, the Actual Basket Amount is
determined as of 4 p.m. ET.
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    \15\ The Administrator will make available an ``estimated''
Basket Amount prior to the opening of trading on the Exchange,
rather than the Actual Basket Amount, which will not be available
until shortly after 4 p.m. ET each business day, as described below.
All such information (NAV, Actual Basket Amount, Estimated Basket
Amount, and daily disclosure of portfolio holdings) will be
available to all market participants at the same time to avoid any
informational disadvantage.
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    Shortly after 4 p.m. ET on each business day, the Administrator,
Amex, and the General Partner will disseminate the NAV for the Units
and the Actual Basket Amount (for orders placed during the day). The
Basket Amount and the NAV are communicated by the Administrator to all
Authorized Purchasers via facsimile or electronic mail message.
According to the Amex Order, the Amex will also disclose the NAV and

http://www.amex.com.\16\ On each day that the Amex is open for regular

trading, the Administrator will adjust the Deposit Amount as
appropriate to reflect the prior day's Partnership NAV and accrued
expenses. The Administrator will then determine the Deposit Amount for
a given business day.
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    \16\ See supra note 15.
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    The Administrator will calculate NAV as follows: (1) Determine the
current value of USOF assets and (2) subtract the liabilities of USOF.
The NAV will be calculated at 4 p.m. ET using the settlement value \17\
of Oil Futures Contracts traded on the NYMEX as of the close of open-
outcry trading on the NYMEX at 2:30 p.m. ET, and for the value of other
Oil Futures Interests and Treasuries, the value of such investments as
of the earlier of 4 p.m. ET or the close of trading on the New York
Stock Exchange. The NAV is calculated by including any unrealized
profit or loss on Oil Futures Contracts and other Oil Interests and any
other credit or debit accruing to USOF but unpaid or not received by
USOF. The NAV is then used to compute all fees (including the
management and administrative fees) that are calculated from the value
of Partnership assets. The Administrator will calculate the NAV per
unit by dividing the NAV by the number of Units outstanding. The
calculation methodology for the NAV is described in more detail in the
Amex Order.
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    \17\ See NYMEX Rule 6.52.
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    The Units will not be individually redeemable but will only be
redeemable in Baskets. To redeem, an Authorized Participant will be
required to accumulate enough Units to constitute a Basket (i.e.,
100,000 Units). Authorized Participants that wish to redeem a Basket
will receive the Redemption Amount in exchange for each Basket
surrendered.\18\ The operation of the Partnership and creation and
redemption process is described in more detail in the Amex Order.
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    \18\ Authorized Purchasers are required to pay a transaction fee
of $1,000 for each order to create or redeem one or more Baskets.
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(b) Dissemination and Availability of Information.

(i) Oil Futures Contracts

    The daily settlement prices for the NYMEX traded Oil Futures
Contracts held by USOF are publicly available on the NYMEX Web site at
http://www.nymex.com The Exchange's Web site at http://www.nysearca.com.
 will also include a hyperlink to the NYMEX Web site
for the purpose of disclosing futures contract pricing. In addition,
various market data vendors and news publications publish futures
prices and related data. The Exchange represents that quote and last
sale information for the Oil Futures Contracts are widely disseminated
through a variety of market data vendors worldwide, including Bloomberg
and Reuters. According to the Amex Order, last sale information for the
Benchmark Oil Futures Contract will be updated and disseminated at
least every 15 seconds by one or more major market data vendors during
the time the Units trade. However, from 2:30 p.m. ET to the opening of
NYMEX ACCESS at 3:15 p.m. ET, the pricing for the Benchmark Oil Futures
Contract will not be updated. The Exchange further represents that
real-time futures data is available by subscription from Reuters and
Bloomberg. The NYMEX also provides delayed futures information on
current and past trading sessions and market news free of charge on its
Web site. The specific contract specifications for the Oil Futures
Contracts are also available on the NYMEX Web site and the ICE Futures
Web site at https://www.theice.com.

(ii) USOF Units

    The Web site for USOF, which will be publicly accessible at no
charge and to which the Exchange will provide a hyperlink on its Web
site (http://www.nysearca.com), will include the following information:

(1) The prior business day's NAV and the reported closing price; (2)
the mid-point of the bid-ask price \19\ in relation to the NAV as of
the time the NAV is calculated (the ``Bid-Ask Price''); (3) calculation
of the premium or discount of such price against such NAV; (4) data in
chart form displaying the frequency distribution of discounts and
premiums of the Bid-Ask Price against the NAV, within appropriate
ranges for each of the four previous calendar quarters; (5) the
prospectus and the most recent periodic reports filed with the
Commission or required by the CFTC; and (6) other applicable
quantitative information. In addition, information on USOF's daily
portfolio holdings will be available on its Web site at http://www.unitedstatesoilfund.com
 and will be equally accessible to investors

and Authorized Purchasers.
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    \19\ The Bid-Ask Price of Units is determined using the highest
bid and lowest offer as of the time of calculation of the NAV.
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    As described above, the NAV for USOF will be calculated and
disseminated daily. According to the Amex Order, the Amex also intends
to disseminate for USOF on a daily basis by means of CTA/CQ High Speed
Lines information with respect to the Indicative Partnership Value (as
discussed below), recent NAV, Units outstanding, the estimated Basket
Amount and the Deposit Amount (e.g., the Actual Basket Amount). The
Exchange will make available on its Web site daily trading volume,
closing prices and the NAV. The closing price and settlement prices of
the Oil Futures Contracts held by USOF are also readily available from
the NYMEX, automated quotation systems, published or other public
sources, or on-line information services such as Bloomberg or Reuters.
In addition, the Exchange will provide a hyperlink on its Web site at
http://www.nysearca.com to USOF's Web site.

(iii) Indicative Partnership Value

    According to the Amex Order, the Amex will disseminate through the
facilities of the CTA an updated Indicative Partnership Value (the
``Indicative Partnership Value'') per Unit basis at least every 15
seconds from 9:30 a.m. to 4:15 p.m. ET. The Indicative Partnership
Value will be calculated based on the Treasuries and cash required for
creations and redemptions (i.e., NAV per limit x 100,000) adjusted to
reflect the price changes of the current Benchmark Oil Futures
Contract.
    The Indicative Partnership Value will not reflect price changes to
the price of the current Benchmark Oil Futures Contract between the
close of open-outcry trading of these oil futures contract on the NYMEX
at 2:30 p.m. ET and the open of trading on the NYMEX ACCESS market at
3:15 p.m. ET.\20\ The Indicative Partnership Value after 3:15 p.m. ET
will reflect changes to the current Benchmark Oil Futures Contract as
provided for through NYMEX ACCESS. The value of a Unit may accordingly
be influenced by the non-concurrent trading hours of the Amex and
NYMEX. While the Units will trade on the Amex from 9:30 a.m. to 4:15
p.m. ET, the current Benchmark Oil Futures Contract will trade, in
open-outcry, on the NYMEX from 10 a.m. ET to 2:30 p.m. ET and NYMEX
ACCESS from 3:15 p.m. ET through the following morning 9:50 a.m. ET.
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    \20\ NYMEX ACCESS[reg], an electronic trading system, is open
for price discovery on the NYMEX light, sweet crude oil futures
contract each Monday through Thursday at 3:15 p.m. ET through the
following morning at 9:50 a.m. ET, from 3:15-5 p.m. Friday, and from
7 p.m. Sunday night until Monday morning 9:50 a.m. ET. Telephone
Conference between David Strandberg, Director, NYSE Arca Equities
Inc., and Angela Muehr, Attorney, Division of Market Regulation
(``Division''), Commission, on May 25, 2006.

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    While the NYMEX (open outcry) is open for trading, the Indicative
Partnership Value can be expected to closely approximate the value per
unit of the Basket Amount.\21\ However, during Exchange trading hours
when the Oil Futures Contracts have ceased trading, spreads and
resulting premiums or discounts may widen, and therefore, increase the
difference between the price of the Units and the NAV of the Units. The
Exchange believes that dissemination of the Indicative Partnership
Value based on the cash amount required for a Basket provides
additional information that is not otherwise available to the public
and is useful to professionals and investors in connection with the
Units trading on NYSE Arca Marketplace or the creation or redemption of
the Units.
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    \21\ Telephone Conference between David Strandberg, Director,
NYSE Arca Equities Inc., and Angela Muehr, Attorney, Division,
Commission, on May 25, 2006.
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    (c) Continued Listing and UTP Trading Criteria. While the Exchange
immediately seeks to trade the Units pursuant to UTP, the Exchange is
also adopting general initial and continued listing standards
applicable to all Partnership Units in the event the Exchange were to
list such Partnership Units. In such an event, the Exchange would still
file a Form 19b-4 to list such Partnership Units. Nevertheless, such
continued listing standards are included below.
    When the Exchange is the listing market for Partnership Units, the
Partnership will be subject to the continued listing and trading
criteria under proposed new NYSE Arca Equities Rule 8.300. In
particular, the proposed continued listing criteria provides that the
Exchange will consider removal from listing of such Partnership Units
under any of the following circumstances:
     If, following the initial twelve month period from the
date of commencement of trading of the Partnership Units, (i) the
Partnership has more than 60 days remaining until termination and there
are fewer than 50 record and/or beneficial holders of the Partnership
Units for 30 or more consecutive trading days; (ii) the Partnership has
fewer than 50,000 Partnership Units issued and outstanding; or (iii)
the market value of all Partnership Units issued and outstanding is
less than $1,000,000;
     If the value of the underlying benchmark investment,
commodity or asset is no longer calculated or available on at least a
15-second delayed basis or the Exchange stops providing a hyperlink on
its Web site to any such investment, commodity or asset value;
     If the Indicative Partnership Value is no longer made
available on at least a 15-second delayed basis; or
     If such other event shall occur or condition exists which
in the opinion of the Exchange makes further dealings on the Exchange
inadvisable.
    In addition, the Exchange will remove Partnership Units from
listing and trading upon termination of the Partnership.
    If the Exchange is trading Partnership Units pursuant to UTP, such
as the Units, then the Exchange will cease trading in the Units if (i)
the listing market stops trading the Units because of a regulatory halt
similar to a halt based on NYSE Arca Equities Rule 7.12 or a halt
because the Indicative Partnership Value or the value of the underlying
spot commodity or Oil Futures Contract is no longer available; or (ii)
the listing market delists the Units. Additionally, the Exchange may
cease trading the Units if such other event shall occur or condition
exists which in the opinion of the Exchange makes further dealings on
the Exchange inadvisable.
    The Exchange represents that it prohibits the initial and/or
continued listing of any security that is not in compliance with Rule
10A-3 under the Exchange Act.\22\
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    \22\ See Rule 10A-3(c)(7), 17 CFR 240.10A-3(c)(7) (stating that
a listed issuer is not subject to the requirements of Rule 10A-3 if
the issuer is organized as an unincorporated association that does
not have a board of directors and the activities of the issuer are
limited to passively owning or holding securities or other assets on
behalf of or for the benefit of the holders of the listed
securities).
---------------------------------------------------------------------------

    (d) Trading Rules. The Exchange deems the Units to be equity
securities, thus rendering trading in the Partnership subject to the
Exchange's existing rules governing the trading of equity securities.
Trading in the Units on the Exchange will occur in accordance with NYSE
Arca Equities Rule 7.34(a), except that the Units will not be eligible
to trade during the Opening Session (4 a.m. to 9:30 a.m. ET) or the
Late Trading Session (4:15 p.m. to 8 p.m. ET) unless the Indicative
Partnership Value is disseminated during that time.\23\ The Exchange
has appropriate rules to facilitate transactions in the Units during
all trading sessions. The minimum trading increment for Units on the
Exchange will be $0.01.
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    \23\ If the Indicative Partnership Value is disseminated during
the Opening and/or Late Trading Sessions, NYSE Arca will file a
proposal under Section 19(b) of the Act before permitting trading
during those Sessions.
---------------------------------------------------------------------------

    Further, the Exchange has proposed new NYSE Arca Equities Rule
8.300(e), which sets forth certain restrictions on ETP Holders acting
as registered Market Makers in Units to facilitate surveillance. NYSE
Arca Equities Rule 8.300(e)(2)-(3) will require that the ETP Holder
acting as a registered Market Maker in the Units provide the Exchange
with necessary information relating to its trading in the underlying
asset or commodity, related futures or options on futures, or any other
related derivatives. NYSE Arca Equities Rule 8.300(e)(4) will prohibit
the ETP Holder acting as a registered Market Maker in the Units from
using any material nonpublic information received from any person
associated with an ETP Holder or employee of such person regarding
trading by such person or employee in the underlying asset or
commodity, related futures or options on futures or any other related
derivative (including the Units). In addition, NYSE Arca Equities Rule
8.300(e)(1) will prohibit the ETP Holder acting as a registered Market
Maker in the Units from being affiliated with a market maker in the
underlying asset or commodity, related futures or options on futures or
any other related derivative unless adequate information barriers are
in place, as provided in NYSE Arca Equities Rule 7.26.
    As a general matter, the Exchange has regulatory jurisdiction over
its ETP Holders and their associated persons, which includes any person
or entity controlling an ETP Holder, as well as a subsidiary or
affiliate of an ETP Holder that is in the securities business. A
subsidiary or affiliate of an ETP Holder that does business only in
commodities or futures contracts would not be subject to Exchange
jurisdiction, but the Exchange could obtain information regarding the
activities of such subsidiary or affiliate through surveillance sharing
agreements with regulatory organizations of which such subsidiary or
affiliate is a member.
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Units. Trading in the Units may be halted because of
market conditions or for reasons that, in the view of the Exchange,
make trading in the Units inadvisable. These may include (i) the extent
to which trading is not occurring in the current Benchmark Oil Futures
Contract, or (ii) whether other unusual conditions or circumstances
detrimental to the maintenance of a fair and orderly market are
present. In addition, trading in Units will be subject to trading halts
caused by extraordinary market

volatility pursuant to the Exchange's ``circuit breaker'' rule \24\ or
by the halt or suspension of the trading of the current Benchmark Oil
Futures Contract.
---------------------------------------------------------------------------

    \24\ See NYSE Arca Equities Rule 7.12.
---------------------------------------------------------------------------

    If the Exchange is the listing market for Partnership Units, the
Exchange will halt trading in the Partnership Units if: (i) The value
of the underlying benchmark investment, commodity or asset updated at
least every 15 seconds from a source not affiliated with the sponsor,
partnership, or the Exchange is no longer available; (ii) the
Indicative Partnership Value per Unit updated at least every 15 seconds
is no longer available, or (iii) the Exchange stops providing on the
Exchange's Web site, via a hyperlink to the partnership's Web site,
such value of the underlying investment, commodity or asset and
Indicative Partnership Value per Unit.\25\
---------------------------------------------------------------------------

    \25\ In the event the value of the underlying benchmark
investment, commodity or asset or the Indicative Partnership Value
is no longer calculated or disseminated, the Exchange would
immediately contact the Commission to discuss measures that may be
appropriate under the circumstances.
---------------------------------------------------------------------------

    If the Exchange is trading Partnership Units pursuant to UTP, such
as the Units, the Exchange will cease trading the Units if (i) the
listing market stops trading the Units because of a regulatory halt
similar to NYSE Arca Equities Rule 7.12 or a halt because the
Indicative Partnership Value or the value of the underlying spot
commodity or Oil Futures Contract is no longer available, or (ii) the
listing market delists the Units. Additionally, the Exchange may cease
trading the Units if such other event shall occur or condition exists
which in the opinion of the Exchange makes further dealings on the
Exchange inadvisable.
    Units will be deemed ``Eligible Listed Securities,'' as defined in
NYSE Arca Equities Rule 7.55, for purposes of the Intermarket Trading
System (``ITS'') Plan and therefore will be subject to the trade
through provisions of NYSE Arca Equities Rule 7.56, which require that
ETP Holders avoid initiating trade-throughs for ITS securities.
    USOF sought and received certain exemptive relief for the Units,
including relief from the short sale rule, Rule 10a-1, and Regulation
SHO under the Act.\26\
---------------------------------------------------------------------------

    \26\ See letter from James A. Brigagliano, Acting Associate
Director, Division, Commission, to Mr. James M. Cain, Esq.,
Sutherland, Asbill & Brennan LLP, dated April 7, 2006.
---------------------------------------------------------------------------

    (e) Surveillance. The Exchange intends to utilize its existing
surveillance procedures applicable to derivative products and shares of
the streetTRACKS Gold Trust \27\ to monitor trading in the Units. The
Exchange represents that these procedures are adequate to monitor
Exchange trading of the Units.
---------------------------------------------------------------------------

    \27\ See supra note 10.
---------------------------------------------------------------------------

    The Exchange's current trading surveillance focuses on detecting
securities trading outside their normal patterns. When such situations
are detected, surveillance analysis follows and investigations are
opened, where appropriate, to review the behavior of all relevant
parties for all relevant trading violations. The Exchange is able to
obtain information regarding trading in the Units and the underlying
Oil Futures Contracts through ETP Holders in connection with such ETP
Holders' proprietary or customer trades which they effect on any
relevant market. In addition, the Exchange may obtain trading
information via the Intermarket Surveillance Group (``ISG'') from other
exchanges who are members or affiliates of the ISG, including the CBOT.
In addition, the Exchange has an Information Sharing Agreement in place
with NYMEX for the purpose of providing information in connection with
trading in or related to futures contracts traded on the NYMEX. To the
extent that USOF invests in Oil Interests traded on other exchanges,
the Exchange will enter into information sharing agreements, acceptable
to the Commission staff, with those particular exchanges.\28\
---------------------------------------------------------------------------

    \28\ In such event, the Exchange will file a proposed rule
change pursuant to Rule 19b-4 of the Act, indicating such
surveillance arrangements.
---------------------------------------------------------------------------

    (f) Information Bulletin. Prior to the commencement of trading, the
Exchange will inform its ETP Holders in an Information Bulletin of the
special characteristics and risks associated with trading the Units.
Specifically, the Information Bulletin will discuss the following: (i)
The procedures for purchases and redemptions of Units in Baskets (and
that Units are not individually redeemable); (ii) NYSE Arca Equities
Rule 9.2(a),\29\ which imposes a duty of due diligence on its ETP
Holders to learn the essential facts relating to every customer prior
to trading the Units; (iii) how information regarding the Indicative
Partnership Value is disseminated; (iv) the requirement that ETP
Holders deliver a prospectus to investors purchasing newly issued Units
prior to or concurrently with the confirmation of a transaction; and
(v) trading information. For example, the Information Bulletin will
advise ETP Holders, prior to the commencement of trading, of the
prospectus delivery requirements applicable to the Partnership. The
Exchange notes that investors purchasing Units directly from the
Partnership (by delivery of the Deposit Amount) will receive a
prospectus. ETP Holders purchasing Units from the Partnership for
resale to investors will deliver a prospectus to such investors.
---------------------------------------------------------------------------

    \29\ The Exchange has proposed to amend NYSE Arca Equities Rule
9.2(a) (``Diligence as to Accounts'') to provide that ETP Holders,
before recommending a transaction, must have reasonable grounds to
believe that the recommendation is suitable for the customer based
on any facts disclosed by the customer as to his other security
holdings and as to his financial situation and needs. Further, the
proposed rule amendment provides that prior to the execution of a
transaction recommended to a non-institutional customer, the ETP
Holders should make reasonable efforts to obtain information
concerning the customer's financial status, tax status, investment
objectives and any other information that they believe would be
useful to make a recommendation. See Amendment No. 1 to SR-PCX-2005-
115 (November 21, 2005).
---------------------------------------------------------------------------

    In addition, the Information Bulletin will reference that the
Partnership is subject to various fees and expenses described in the
Registration Statement. The Information Bulletin will also reference
the fact that there is no regulated source of last sale information
regarding physical commodities, and that the Commission has no
jurisdiction over the trading of WTI light, sweet crude oil, Brent
crude oil, heating oil, gasoline, natural gas or other petroleum-based
fuels, that the CFTC has regulatory jurisdiction over the trading of
oil-based futures contracts and related options, and that trading in
certain OTC commodity based derivatives is not within the jurisdiction
of the CFTC and may therefore be effectively unregulated. Further, the
Information Bulletin will disclose that the NAV for the Units will be
calculated shortly after 4 p.m. ET each trading day.
    The Information Bulletin will also discuss any relief, if granted,
by the Commission or the staff from any rules under the Act.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \30\ in general and furthers the
objectives of Section 6(b)(5),\31\ in particular, in that it is
designed to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transaction in securities, to remove impediments and perfect the
mechanisms of a free and open market, and, in general, to protect
investors and the public interest.
---------------------------------------------------------------------------

    \30\ 15 U.S.C. 78s(b).
    \31\ 15 U.S.C. 78s(b)(5).
---------------------------------------------------------------------------

    In addition, the Exchange believes that the proposal is consistent
with Rule 12f-5 under the Act \32\ because it deems the Units to be
equity securities, thus rendering the Units subject to the

Exchange's existing rules governing the trading of equity securities.
---------------------------------------------------------------------------

    \32\ 17 CFR 240.12f-5.
---------------------------------------------------------------------------

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

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

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

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

III. Solicitation of Comments

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

Electronic Comments

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

File Number SR-NYSEArca-2006-11 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2006-11. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments,

all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room. Copies of such
filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NYSEArca-2006-11 and should be submitted on or before
June 23, 2006.

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

    The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a national securities exchange.\33\ In
particular, the Commission finds that the proposed rule change is
consistent with Section 6(b)(5) of the Act,\34\ which requires that an
exchange have rules designed, among other things, to promote just and
equitable principles of trade, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and
in general to protect investors and the public interest.
---------------------------------------------------------------------------

    \33\ In approving this rule change, the Commission notes that it
has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
    \34\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In addition, the Commission finds that the proposal is consistent
with Section 12(f) of the Act,\35\ which permits an exchange to trade,
pursuant to UTP, a security that is listed and registered on another
exchange.\36\ The Commission notes that it previously approved the
listing and trading of the Units on the Amex.\37\ The Commission also
finds that the proposal is consistent with Rule 12f-5 under the
Act,\38\ which provides that an exchange shall not extend UTP to a
security unless the exchange has in effect a rule or rules providing
for transactions in the class or type of security to which the exchange
extends UTP. NYSEArca rules deem the Units to be equity securities,
thus trading in the Units will be subject to the Exchange's existing
rules governing the trading of equity securities.
---------------------------------------------------------------------------

    \35\ 15 U.S.C. 78l(f).
    \36\ Section 12(a) of the Act, 15 U.S.C. 78l(a), generally
prohibits a broker-dealer from trading a security on a national
securities exchange unless the security is registered on that
exchange pursuant to Section 12 of the Act. Section 12(f) of the Act
excludes from this restriction trading in any security to which an
exchange ``extends UTP.'' When an exchange extends UTP to a
security, it allows its members to trade the security as if it were
listed and registered on the exchange even though it is not so
listed and registered.
    \37\ See Amex Order, supra note 4.
    \38\ 17 CFR 240.12f-5.
---------------------------------------------------------------------------

    The Commission further believes that the proposal is consistent
with Section 11A(a)(1)(C)(iii) of the Act,\39\ which sets forth
Congress's finding that it is in the public interest and appropriate
for the protection of investors and the maintenance of fair and orderly
markets to assure the availability to brokers, dealers, and investors
of information with respect to quotations for and transactions in
securities.
---------------------------------------------------------------------------

    \39\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
---------------------------------------------------------------------------

    In support of the portion of the proposed rule change regarding UTP
of the Units, the Exchange has made the following representations:
    1. The Exchange has appropriate rules to facilitate transactions in
this type of security in all trading sessions.
    2. The Exchange's surveillance procedures are adequate to properly
monitor the trading of the Units on the Exchange.
    3. The Exchange will distribute an Information Bulletin to its
members prior to the commencement of trading of the Units on the
Exchange that explains the special characteristics and risks of trading
the Units.
    4. The Exchange will require a member with a customer who purchases
newly issued Units on the Exchange to provide that customer with a
product prospectus and will note this prospectus delivery requirement
in the Information Bulletin.
    5. The Exchange will cease trading in the Units if (i) the listing
market stops trading the Units because of a regulatory halt similar to
a halt based on NYSE Arca Equities Rule 7.12 and/or a halt because the
Indicative Partnership Value or the value of the underlying Oil Futures
Contract for WTI light, sweet crude oil is no longer available, or (ii)
the listing market delists the Units. Additionally, the Exchange may
cease trading the Units if such other event shall occur or condition
exists which in the opinion of the Exchange makes further dealings on
the Exchange inadvisable.
    This approval order is conditioned on the Exchange's adherence to
these representations.
    The Commission finds good cause for approving this proposed rule
change before the thirtieth day after the publication of notice thereof
in the Federal Register. As noted previously, the Commission previously
found that the listing and trading of these Units on the Amex is
consistent with the Act.\40\ The Commission presently is not aware of
any issue that would cause it to

revisit that earlier finding or preclude the trading of these funds on
the Exchange pursuant to UTP. Therefore, accelerating approval of this
proposed rule change should benefit investors by creating, without
undue delay, additional competition in the market for these Units.
---------------------------------------------------------------------------

    \40\ See Amex Order, supra note 4.
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (SR-NYSEArca-2006-11), is hereby approved
on an accelerated basis.\41\
---------------------------------------------------------------------------

    \41\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\42\
---------------------------------------------------------------------------

    \42\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6-8547 Filed 6-1-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 83, Number 101 (Thursday, May 24, 2018)]
[Notices]
[Pages 24153-24155]
[FR Doc No: 2018-11120]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2018-0052]

Qualification of Drivers; Exemption Applications; Epilepsy and
Seizure Disorders

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of applications for exemption; request for comments.

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SUMMARY: FMCSA announces receipt of applications from seven individuals
for an exemption from the prohibition in the Federal Motor Carrier
Safety Regulations (FMCSRs) against persons with a clinical diagnosis
of epilepsy or any other condition that is likely to cause a loss of
consciousness or any loss of ability to control a commercial motor
vehicle (CMV) to drive in interstate commerce. If granted, the
exemptions would enable these individuals who have had one or more
seizures and are taking anti-seizure medication to operate CMVs in
interstate commerce.

DATES: Comments must be received on or before June 25, 2018.

ADDRESSES: You may submit comments bearing the Federal Docket
Management System (FDMS) Docket No. FMCSA-2018-0052 using any of the
following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the online instructions for submitting
comments.
     Mail: Docket Management Facility; U.S. Department of
Transportation, 1200 New Jersey Avenue SE, West Building Ground Floor,
Room W12-140, Washington, DC 20590-0001.
     Hand Delivery: West Building Ground Floor, Room W12-140,
1200 New Jersey Avenue SE, Washington, DC, between 9 a.m. and 5 p.m.,
e.t., Monday through Friday, except Federal Holidays.
     Fax: 1-202-493-2251.
    Instructions: Each submission must include the Agency name and the
docket number(s) for this notice. Note that all comments received will
be posted without change to http://www.regulations.gov, including any
personal information provided. Please see the Privacy Act heading below
for further information.
    Docket: For access to the docket to read background documents or
comments, go to http://www.regulations.gov at any time or Room W12-140
on the ground level of the West Building, 1200 New Jersey Avenue SE,
Washington, DC, between 9 a.m. and 5 p.m., e.t., Monday through Friday,
except Federal holidays. The FDMS is available 24 hours each day, 365
days each year. If you want acknowledgment that we received your
comments, please include a self-addressed, stamped envelope or postcard
or print the acknowledgement page that appears after submitting
comments online.
    Privacy Act: In accordance with 5 U.S.C. 553(c), DOT solicits
comments from the public to better inform its rulemaking process. DOT
posts these comments, without edit, including any personal information
the commenter provides, to http://www.regulations.gov, as described in
the system of records notice (DOT/ALL-14 FDMS), which can be reviewed
at http://www.dot.gov/privacy.

FOR FURTHER INFORMATION CONTACT: Ms. Christine A. Hydock, Chief,
Medical Programs Division,<PHONE_NUMBER>, [email protected], FMCSA,
Department of Transportation, 1200 New Jersey Avenue SE, Room W64-224,
Washington, DC 20590-0001. Office hours are 8:30 a.m. to 5 p.m., e.t.,
Monday through Friday, except Federal holidays. If you have questions
regarding viewing or submitting material to the docket, contact Docket
Services, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Background

    Under 49 U.S.C. 31136(e) and 31315, FMCSA may grant an exemption
from the FMCSRs for a five-year period if it finds ``such exemption
would likely achieve a level of safety that is equivalent to or greater
than the level that would be achieved absent such exemption.'' The
statute also allows the Agency to renew exemptions at the end of the
five-year period. FMCSA grants exemptions from the FMCSRs for a two-
year period to align with the maximum duration of a driver's medical
certification.
    The seven individuals listed in this notice have requested an
exemption from the epilepsy and seizure disorders prohibition in 49 CFR
391.41(b)(8). Accordingly, the Agency will evaluate the qualifications
of each applicant to determine whether granting the exemption will
achieve the required level of safety mandated by statute.
    The physical qualification standard for drivers regarding epilepsy
found in 49 CFR 391.41(b)(8) states that a person is physically
qualified to drive a CMV if that person has no established medical
history or clinical diagnosis of epilepsy or any other condition which

is likely to cause the loss of consciousness or any loss of ability to
control a CMV.
    In addition to the regulations, FMCSA has published advisory
criteria \1\ to assist Medical Examiners in determining whether drivers
with certain medical conditions are qualified to operate a CMV in
interstate commerce. [49 CFR part 391, APPENDIX A TO PART 391--MEDICAL
ADVISORY CRITERIA, section H. Epilepsy: Sec.  391.41(b)(8), paragraphs
3, 4, and 5.]
---------------------------------------------------------------------------

    \1\ See http://www.ecfr.gov/cgi-bin/text-idx?SID=e47b48a9ea42dd67d999246e23d97970&mc=true&node=pt49.5.391&rgn=div5#ap49.5.391_171.a and https://www.gpo.gov/fdsys/pkg/CFR-2015-title49-vol5/pdf/CFR-2015-title49-vol5-part391-appA.pdf.
---------------------------------------------------------------------------

    The advisory criteria states the following:
    If an individual has had a sudden episode of a non-epileptic
seizure or loss of consciousness of unknown cause that did not require
anti-seizure medication, the decision whether that person's condition
is likely to cause the loss of consciousness or loss of ability to
control a CMV should be made on an individual basis by the Medical
Examiner in consultation with the treating physician. Before
certification is considered, it is suggested that a six-month waiting
period elapse from the time of the episode. Following the waiting
period, it is suggested that the individual have a complete
neurological examination. If the results of the examination are
negative and anti-seizure medication is not required, then the driver
may be qualified.
    In those individual cases where a driver had a seizure or an
episode of loss of consciousness that resulted from a known medical
condition (e.g., drug reaction, high temperature, acute infectious
disease, dehydration, or acute metabolic disturbance), certification
should be deferred until the driver has recovered fully from that
condition, has no existing residual complications, and is not taking
anti-seizure medication.
    Drivers who have a history of epilepsy/seizures, off anti-seizure
medication and seizure-free for 10 years, may be qualified to operate a
CMV in interstate commerce. Interstate drivers with a history of a
single unprovoked seizure may be qualified to drive a CMV in interstate
commerce if seizure-free and off anti-seizure medication for a five-
year period or more.
    As a result of Medical Examiners misinterpreting advisory criteria
as regulation, numerous drivers have been prohibited from operating a
CMV in interstate commerce based on the fact that they have had one or
more seizures and are taking anti-seizure medication, rather than an
individual analysis of their circumstances by a qualified Medical
Examiner based on the physical qualification standards and medical best
practices.
    On January 15, 2013, FMCSA announced in a Notice of Final
Disposition titled, Qualification of Drivers; Exemption Applications;
Epilepsy and Seizure Disorders, (78 FR 3069), its decision to grant
requests from 22 individuals for exemptions from the regulatory
requirement that interstate CMV drivers have ``no established medical
history or clinical diagnosis of epilepsy or any other condition which
is likely to cause loss of consciousness or any loss of ability to
control a CMV.'' Since the January 15, 2013 notice, the Agency has
published additional notices granting requests from individuals for
exemptions from the regulatory requirement regarding epilepsy found in
49 CFR 391.41(b)(8).
    To be considered for an exemption from the epilepsy and seizure
disorders prohibition in 49 CFR 391.41(b)(8), applicants must meet the
criteria in the 2007 recommendations of the Agency's Medical Expert
Panel (MEP) (78 FR 3069).

II. Qualifications of Applicants

Scott D. DeJarnette

    Mr. DeJarnette is a 54-year old Class DB driver in Kentucky. He has
a history of epilepsy and has been seizure free since 1988. He takes
anti-seizure medication, with the dosage and frequency remaining the
same since 2009. His physician states that he is supportive of Mr.
DeJarnette receiving an exemption.

James R. Grant

    Mr. Grant is a 60-year-old Class CDL-A MC driver in New Hampshire.
He has a history of epilepsy and has been seizure free since 1993. He
takes anti-seizure medication, with the dosage and frequency remaining
the same since 2015. His physician states that she is supportive of Mr.
Grant receiving an exemption.

Jesse Hansen

    Mr. Hansen is a 35-year-old Class D driver in Minnesota. He has a
history of generalized epilepsy and has been seizure free since 2003.
He takes anti-seizure medication, with the dosage and frequency
remaining the same since 2003. His physician states that he is
supportive of Mr. Hansen receiving an exemption.

Troy L. Nichols

    Mr. Nichols is a 47-year-old Class A driver in Illinois. He has a
history of complex partial seizures and has been seizure free since
2001. He takes anti-seizure medication, with the dosage and frequency
remaining the same since 2008. His physician states that he is
supportive of Mr. Nichols receiving an exemption.

Nick J. Ramirez

    Mr. Ramirez is a 39-year-old Class C driver in California. He has a
history of epilepsy and has been seizure free since 2010. He takes
anti-seizure medication, with the dosage and frequency remaining the
same since 2008. His physician states that he is supportive of Mr.
Ramirez receiving an exemption.

Scott A. Ready Sr.

    Mr. Ready is a 52-year-old Class D driver in Wisconsin. He has a
history of a seizure disorder and has been seizure free since 2005. He
takes anti-seizure medication, with the dosage and frequency remaining
the same since 2010. His physician states that she is supportive of Mr.
Ready receiving an exemption.

Michael A. Warren

    Mr. Warren is a 35-year-old Class C Driver in Michigan. He has a
history of a seizure disorder and has been seizure free since 2007. He
takes anti-seizure medication, with the dosage and frequency remaining
the same since 2013. His physician states that he is supportive of Mr.
Warren receiving an exemption.

III. Request for Comments

    In accordance with 49 U.S.C. 31136(e) and 31315, FMCSA requests
public comment from all interested persons on the exemption petitions
described in this notice. We will consider all comments received before
the close of business on the closing date indicated in the dates
section of the notice.

IV. Submitting Comments

    You may submit your comments and material online or by fax, mail,
or hand delivery, but please use only one of these means. FMCSA
recommends that you include your name and a mailing address, an email
address, or a phone number in the body of your document so that FMCSA
can contact you if there are questions regarding your submission.
    To submit your comment online, go to http://www.regulations.gov and
in the search box insert the docket number FMCSA-2018-0052 and click
the search button. When the new screen appears,

click on the blue ``Comment Now!'' button on the right hand side of the
page. On the new page, enter information required including the
specific section of this document to which each comment applies, and
provide a reason for each suggestion or recommendation. If you submit
your comments by mail or hand delivery, submit them in an unbound
format, no larger than 8\1/2\ by 11 inches, suitable for copying and
electronic filing. If you submit comments by mail and would like to
know that they reached the facility, please enclose a stamped, self-
addressed postcard or envelope.
    We will consider all comments and materials received during the
comment period. FMCSA may issue a final determination at any time after
the close of the comment period.

V. Viewing Comments and Documents

    To view comments, as well as any documents mentioned in this
preamble, go to http://www.regulations.gov and in the search box insert
the docket number FMCSA-FMCSA-2018-0052 and click ``Search.'' Next,
click ``Open Docket Folder'' and you will find all documents and
comments related to this notice.

    Issued on: May 16, 2018.
Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2018-11120 Filed 5-23-18; 8:45 am]
 BILLING CODE 4910-EX-P


[Federal Register Volume 79, Number 46 (Monday, March 10, 2014)]
[Notices]
[Page 13374]
[FR Doc No: 2014-04916]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Public Notice for Waiver for Aeronautical Land-Use Assurance at
Lockhart Municipal Airport, Lockhart, TX

AGENCY: Federal Aviation Administration, DOT.

ACTION: Notice of intent for waiver of aeronautical land-use.

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

SUMMARY: The Federal Aviation Administration (FAA) is considering a
proposal to change a portion of the airport from aeronautical use to
nonaeronautical use and to authorize the conversion of the airport
property. The proposal consists of one parcel of land containing a
total of approximately 5.143 acres located on the east side of the
airport, north of Airport Road and west of US Highway 183.
    The parcel was originally acquired as part of a grant in 1948. The
land comprising this parcel is outside the forecasted need for aviation
development and, thus, is no longer needed for indirect or direct
aeronautical use. The airport wishes to develop this land for
compatible commercial, nonaeronautical use. The income from the
conversion of this parcel will benefit the aviation community by
reinvestment in the airport.
    Approval does not constitute a commitment by the FAA to financially
assist in the conversion of the subject airport property nor a
determination of eligibility for grant-in-aid funding from the FAA. The
disposition of proceeds from the conversion of the airport property
will be in accordance with FAA's Policy and Procedures Concerning the
Use of Airport Revenue, published in the Federal Register on February
16, 1999. In accordance with Section 47107(h) of Title 49, United
States Code, this notice is required to be published in the Federal
Register 30 days before modifying the land-use assurance that requires
the property to be used for an aeronautical purpose.

DATES: Comments must be received on or before April 9, 2014.

ADDRESSES: Send comments on this document to Mr. Edward N. Agnew,
Federal Aviation Administration, Manager, Texas Airports Development
Office, 2601 Meacham Boulevard, Fort Worth, TX 76137.

FOR FURTHER INFORMATION CONTACT: Mr. Vance Rodgers, City Manager, City
of Lockhart, P.O. Box 239, Lockhart, TX 78644, telephone (512) 398-
5103, or Mr. Anthony Mekhail, Federal Aviation Administration, Texas
Airports Development Program Manager, 2601 Meacham Boulevard, Fort
Worth, TX 76137, telephone<PHONE_NUMBER>, FAX<PHONE_NUMBER>.
Documents reflecting this FAA action may be reviewed at the above
locations.

    Issued in Fort Worth, Texas on February 26, 2014.
Kelvin Solco,
Manager, Airports Division, FAA, Southwest Region.
[FR Doc. 2014-04916 Filed 3-7-14; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 84, Number 216 (Thursday, November 7, 2019)]
[Notices]
[Pages 60079-60080]
[FR Doc No: 2019-24270]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2019-0188; FRL-10001-63]

Cherokee Nation System Solutions LLC; Transfer of Data

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: This notice announces that pesticide related information
submitted to EPA's Office of Pesticide Programs (OPP) pursuant to the
Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) and the
Federal Food, Drug, and Cosmetic Act (FFDCA), including information
that may have been claimed as Confidential Business Information (CBI)
by the submitter, will be transferred to Cherokee Nation System
Solutions LLC in accordance with the CBI regulations. Cherokee Nation
System Solutions LLC has been awarded a contract to perform work for
OPP, and access to this information will enable Cherokee Nation System
Solutions LLC to fufill the obligations of the contract.

DATES: Cherokee Nation System Solutions LLC will be given access to
this information on or before November 12, 2019.

FOR FURTHER INFORMATION CONTACT: William Northern, Information
Technology and Resources Management Division (7502P), Office of
Pesticide Programs, Environmental Protection Agency, 1200 Pennsylvania
Ave. NW, Washington, DC 20460-0001; telephone number:<PHONE_NUMBER>
email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this action apply to me?

    This action applies to the public in general. As such, the Agency
has not attempted to describe all the specific entities that may be
affected by this action.

B. How can I get copies of this document and other related information?

    The docket for this action, identified by docket identification
(ID) number EPA-HQ-OPP-2019-0188 is available at http://www.regulations.gov or at the Office of Pesticide Programs Regulatory
Public Docket (OPP Docket) in the Environmental Protection Agency
Docket Center (EPA/DC), West William Jefferson Clinton Bldg., Rm. 3334,
1301 Constitution Ave. NW, Washington, DC 20460-0001. The Public
Reading Room is open from 8:30 a.m. to 4:30 p.m., Monday through
Friday, excluding legal holidays. The telephone number for the Public
Reading Room is<PHONE_NUMBER>, and the telephone number for the OPP
Docket is<PHONE_NUMBER>. Please review the visitor instructions and
additional information about the docket available at http://www.epa.gov/dockets.

II. Contractor Requirements

    Under this contract numbers, the contractor will perform the
following: Under Contract No. EP-W-18-015/0680/18/801485/01, the
Contractor shall prepare and deliver reports, including plans,
evaluations, studies, analyses and manuals in accordance with
Attachment 1, Performance Work Statement. Each report shall cite the
contract number, identify the U.S. EPA as the sponsoring agency, and
identify the name of the Contractor preparing the report.
    The Contractor shall furnish two (2) copies of the combined monthly
technical and financial progress report stating the progress made,
including the percentage of the project completed, and a description of
the work accomplished to support the cost. If the work is ordered using
work assignments or delivery orders, include the estimated percentage
of task completed during the reporting period for each work assignment
or delivery order.
    Specific discussions shall include difficulties encountered and
remedial action taken during the reporting period, and anticipated
activity with a schedule of deliverables for the subsequent reporting
period.
    The Contractor shall provide a list of outstanding actions awaiting
Contracting Officer authorization, noted with the corresponding work
assignment, such as subcontractor consents, overtime approvals, and
work plan approvals.
    This contract involves no subcontractors.
    OPP has determined that the contract described in this document
involve work that is being conducted in connection with FIFRA, in that
pesticide chemicals will be the subject of certain evaluations to be
made under this contract. These evaluations may be used in subsequent
regulatory decisions under FIFRA.
    Some of this information may be entitled to confidential treatment.
The information has been submitted to EPA under FIFRA sections 3, 4, 6,
and 7 and under FFDCA sections 408 and 409.
    In accordance with the requirements of 40 CFR 2.307(h)(3), the
contract with Cherokee Nation System Solutions LLC, prohibits use of
the information for any purpose not specified in these contract;
prohibits disclosure of the information to a third party without prior
written approval from the Agency; and requires that each official and
employee of the contractor sign an agreement to protect the information
from unauthorized release and to handle it in accordance with the FIFRA
Information Security Manual. In addition, Cherokee Nation System
Solutions LLC is required to submit for EPA approval a security plan
under which any CBI will be secured and protected against unauthorized
release or compromise. No information will be provided to Cherokee
Nation System Solutions LLC until the requirements in this document
have been fully satisfied. Records of information provided to Cherokee
Nation System Solutions LLC will be maintained by EPA Project Officers
for this contract. All information supplied to Cherokee Nation System
Solutions LLC by EPA for use in connection with this contract will be
returned to EPA when Cherokee Nation System Solutions LLC has completed
its work.

    Authority:  7 U.S.C. 136 et seq.; 21 U.S.C. 301 et seq.

    Dated: November 1, 2019.
Delores Barber,
Director, Information Technology and Resources Management Division,
Office of Pesticide Programs.
[FR Doc. 2019-24270 Filed 11-6-19; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register: November 27, 2007 (Volume 72, Number 227)]
[Rules and Regulations]
[Page 66045]
[DOCID:fr27no07-5]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 45

[Docket No. FAA-2007-27173; Amendment No. 45-25]
RIN 2120-AJ02

Nationality and Registration Marks; Non Fixed-Wing Aircraft

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Direct final rule confirmation of effective date.

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

SUMMARY: This action confirms the direct final rule issued on September
14, 2007, which became effective on November 13, 2007. The rule changes
certain display requirements for nationality and registration marks for
powered parachutes and weight-shift-control aircraft. No comments were
received on this direct final rule.

DATES: The direct final rule published at 72 FR 52467 is confirmed
effective November 13, 2007.

ADDRESSES: The complete docket for the direct final rule on nationality
and registration marks; non fixed-wing aircraft, Docket ID FAA-2007-
27173 may be examined at http://www.regulations.gov at any time or go

to Docket Operations in Room W12-140 of the West Building, Ground
Floor, at 1200 New Jersey Avenue, SE., Washington, DC, between 9 a.m.
and 5 p.m., Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Grant Schneemann, AIR-230,
Airworthiness Branch, Production and Airworthiness Division, Aircraft
Certification Service, Federal Aviation Administration, 800
Independence Avenue, SW., Washington, DC 20591; telephone (202) 267-
8473.

SUPPLEMENTARY INFORMATION:

Background

    On September 14, 2007, the FAA published a direct final rule (72 FR
52467) that permits operators of U.S. registered powered parachutes and
weight-shift-control aircraft to display their nationality and
registration marks in other than a horizontal orientation on the
fuselage, a structural member, or a component of the aircraft. The
direct final rule also clarifies the size requirements for nationality
and registration marks on U.S. registered powered parachutes and
weight-shift-control aircraft.

Discussion of Comments

    The FAA received no comments on the nationality and registration
marks; non fixed-wing aircraft direct final rule.

Conclusion

    In consideration that no comments were submitted in response to the
direct final rule, the FAA has determined that no further rulemaking
action is necessary. Amendment 45-25 remains in effect as adopted.

    Issued in Washington, DC, on November 20, 2007.
John Hickey,
Director, Aircraft Certification Services.
[FR Doc. E7-23028 Filed 11-26-07; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register: April 22, 2009 (Volume 74, Number 76)]
[Notices]
[Page 18415-18416]
[DOCID:fr22ap09-85]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59774; File No. SR-DTC-2009-08]

Self-Regulatory Organizations; the Depository Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Settlement Service Guide and Settlement Progress
Payments

April 15, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on April 3, 2009, the
Depository Trust Company (``DTC'') 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
primarily by DTC. DTC filed the proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act \2\ and Rule 19b-4(f)(4) thereunder
\3\ so that the proposal was effective upon filing with the Commission.
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. 78s(b)(3)(A)(iii).
    \3\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------

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

    The proposed rule change will (i) amend DTC's Settlement Service
Guide's instructions regarding withdrawals of intraday principal and
income payments for non-money market instrument issues and (ii) update
certain aspects of DTC's Settlement Progress Payments (``SPP'')
procedures.

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

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

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

    DTC is amending the procedures governing a participant's withdraw
of principal and income (``P&I'') payments for non-money market
instrument issues that DTC has received from paying agents and
allocated to a participant's settlement account. The changes include
the address and fax number to which a participant must send the wire
instruction form to and the information that must be included in that
form as well as a clarification that the funds must be wired to the
participant's DTC settlement bank.\4\
---------------------------------------------------------------------------

    \4\ The rule change does not change the option for a participant
to submit P&I withdrawal requests electronically.
---------------------------------------------------------------------------

    DTC is also amending its SPP procedures. As background, an SPP is a
payment sent from a DTC participant to DTC through Fedwire when a DTC
participant has insufficient collateral \5\ or is at its net debit
cap.\6\ The SPP creates a credit to the participant's settlement
account thereby reducing their net debit and allowing the participant
to continue to receive deliveries into their participant account.
---------------------------------------------------------------------------

    \5\ ``Collateral'' is defined in DTC's rules as the sum of (i)
the participant's Actual Fund Deposit, (ii) the participant's Actual
Preferred Stock Investment, (iii) the participant's Net Additions,
and (iv) any SPPs wired by the participant to DTC's account at the
Federal Reserve Bank of New York.
    \6\ A net debit cap helps ensure that DTC can complete
settlement, even if a participant fails to settle.
---------------------------------------------------------------------------

    Under this rule change, DTC will implement a new automated SPP
return functionality that will permit participants to request that DTC
return all or a portion of an SPP and to have these payments wired to
the participant's settlement bank account \7\ intraday and before the
settlement period. DTC states that these changes should simplify the
SPP return process and should allow participants to maximize the early
return of available liquidity.\8\
---------------------------------------------------------------------------

    \7\ Under DTC's rules, a settling bank is a participant that is
a bank or trust company subject to supervision or regulation
pursuant to Federal or State banking laws and a party to an
effective ``Settling Bank Agreement.''
    \8\ The upcoming reduction in debit caps for ``families'' will
likely cause increased volume in SPPs. See Securities Exchange Act
Release No. 59148 (Dec. 23, 2008), 73 FR 80481 (Dec. 31, 2008).
---------------------------------------------------------------------------

    Prior to this rule change, DTC would return only the full amount of
a SPP provided that returning the SPP would not result in a negative
collateral monitor \9\ or cause the participant's net settlement debit
to exceed its net debit cap.\10\ DTC would debit the full amount of the
SPP from the participant's settlement account and return the funds
through Fedwire to the participant's original sending bank. If a
participant only had sufficient collateral or debit cap to return a
portion of the SPP, DTC would not process the request until the full
amount of the SPP could be returned. Furthermore, return requests
required manual approval from DTC's Settlement Operations.
---------------------------------------------------------------------------

    \9\ DTC tracks collateral in a participant's account through the
Collateral Monitor (``CM''). The CM reflects the amount that the
collateral in the account exceeds the net debit in the account. When
processing a transaction, DTC verifies that the participant's CM
would not become negative when the transaction completes. If the
transaction would cause the participant to have a negative CM, the
transaction will recycle until the participant has sufficient
collateral to complete.
    \10\ Withdrawals that are blocked as a result of insufficient
collateral or net debit cap will recycle until enough collateral or
settlement credits are generated to satisfy the collateral or net
debit cap deficiency or until the end of the recycle period when
transactions that have not successfully completed are dropped by the
system.
---------------------------------------------------------------------------

    The changes to DTC's SPP function also include new wire
instructions and parameters for using the new automated SPP Return
function.\11\
---------------------------------------------------------------------------

    \11\ The updated wire instructions are attached as Exhibit 5 to
DTC's rule filing.
---------------------------------------------------------------------------

    DTC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \12\ and the rules and
regulations thereunder applicable to DTC. The proposed rule change will
not affect the

safeguarding of funds or securities in DTC's custody and control or for
which it is responsible because it allows for a more efficient
processing of P&I withdrawals and SPP returns.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

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

    DTC does not believe that the proposed rule change will have any
impact or impose any burden on competition.

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

    DTC has not solicited or received written comments relating to the
proposed rule change. DTC will notify the Commission of any written
comments it receives.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(iii) of the Act \13\ and Rule 19b-4(f)(4) \14\ thereunder
because it effects a change in an existing service of a registered
clearing agency that does not adversely affect the safeguarding of
securities and funds in the custody or control of the clearing agency
or for which it is responsible and does not significantly affect the
respective rights or obligations of the clearing agency or persons
using the service. At any time within 60 days of the filing of the
proposed rule change, the Commission may summarily abrogate 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.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \14\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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 e-mail to<EMAIL_ADDRESS>Please include
File No. SR-DTC-2009-08 on the subject line.

Paper Comments

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

All submissions should refer to File No. SR-DTC-2009-08. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C 552, will be available for inspection and copying
in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. to 3 p.m. Copies of such filing also will be available for
inspection and copying at DTC's principal office and on DTC's Web site
at http://www.dtc.org/impNtc/mor/index.html. 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 No. SR-DTC-2009-08 and should be submitted on or
before May 13, 2009.

    For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-9239 Filed 4-21-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 87, Number 227 (Monday, November 28, 2022)]
[Rules and Regulations]
[Page 72898]
[FR Doc No: 2022-25443]

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

Federal Motor Carrier Safety Administration

49 CFR Parts 365, 387 and 390

[Docket No. FMCSA-2021-0188]

Applicability of the Registration, Financial Responsibility, and
Safety Regulations to Motor Carriers of Passengers

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), Department
of Transportation (DOT).

ACTION: Interpretive rule; correction.

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

SUMMARY: In an interpretive rule published in the Federal Register on
November 15, 2022, FMCSA added appendices to the Federal Motor Carrier
Safety Regulations (FMCSRs) to explain existing statutes and
regulations FMCSA administers related to: the applicability of the
FMCSRs, including the financial responsibility regulations, to motor
carriers of passengers operating in interstate commerce, including
limitations on such applicability based on characteristics of the
vehicle operated or the scope of operations conducted; and the
applicability of commercial operating authority registration based on
the Agency's jurisdiction over motor carriers of passengers, regardless
of vehicle characteristics, when operating for-hire in interstate
commerce. The interpretive rule contained an error in the docket
number, errors in the address section, and errors in the SUPPLEMENTARY
INFORMATION section.

DATES: This correction is effective November 28, 2022. Comments on the
interpretive rule must still be received on or before January 17, 2023.

FOR FURTHER INFORMATION CONTACT: Mr. Peter Chandler, Team Leader,
Passenger Carrier Safety Division,<PHONE_NUMBER>,
[email protected].

SUPPLEMENTARY INFORMATION:
    In FR Doc. 2022-24089 appearing on page 68367 in the Federal
Register of November 15, 2022, the following corrections are made:
    1. On page 68367, in the third column, remove the docket number
which reads ``FMCSA-2020-0188'' and add in its place ``FMCSA-2021-
0188''.
    2. On page 68368, in the first column, under addresses, remove
``FMCSA-2016-0352'' and add in its place ``FMCSA-2021-0188'' in both
places it appears.
    3. On page 68368, in the second column, under submitting comments,
remove ``FMCSA-2020-0188'' and add in its place ``FMCSA-2021-0188'' in
both places it appears.
    4. On page 68368, in the third column, under submitting comments,
remove ``FMCSA-2020-0188'' and add in its place ``FMCSA-2021-0188''.

    Issued under authority delegated in 49 CFR 1.87.
Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2022-25443 Filed 11-25-22; 8:45 am]
BILLING CODE 4910-EX-P