[Federal Register Volume 85, Number 159 (Monday, August 17, 2020)]
[Rules and Regulations]
[Pages 49959-49961]
[FR Doc No: 2020-17822]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2020-0265; Project Identifier MCAI-2019-00131-E;
Amendment 39-21201; AD 2020-16-17]
RIN 2120-AA64

Airworthiness Directives; Rolls-Royce Deutschland Ltd & Co KG
(Type Certificate Previously Held by Rolls-Royce plc) Turbofan Engines

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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

SUMMARY: The FAA is adopting a new airworthiness directive (AD) for all
Rolls-Royce Deutschland Ltd. & Co KG (RRD) Trent XWB-75, Trent XWB-79,
Trent XWB-79B, and Trent XWB-84 model turbofan engines. This AD was
prompted by reports of a lack of weld fusion on the resistance welding
during manufacturing, which could result in air leakage through the
low-pressure turbine (LPT) rear support seal panel assembly (``LPT seal
panel''). This AD requires replacement of the LPT seal panel. The FAA
is issuing this AD to address the unsafe condition on these products.

DATES: This AD is effective September 21, 2020.
    The Director of the Federal Register approved the incorporation by
reference of a certain publication listed in this AD as of September
21, 2020.

ADDRESSES: For service information identified in this final rule,
contact Rolls-Royce Deutschland Ltd. & Co KG, Eschenweg 11, 15827
Blankenfelde-Mahlow, Germany; phone: +49 (0) 33 708 6 0; email: https://www.rolls-royce.com/contact-us.aspx. You may view this service
information at the FAA, Airworthiness Products Section, Operational
Safety Branch, 1200 District Avenue, Burlington, MA 01803. For
information on the availability of this material at the FAA, call 781-
238-7759. It is also available on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-2020-
0265.

Examining the AD Docket

    You may examine the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-2020-
0265; or in person at Docket Operations between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays. The AD docket contains
this final rule,

the mandatory continuing airworthiness information (MCAI), any comments
received, and other information. The address for Docket Operations is
U.S. Department of Transportation, Docket Operations, M-30, West
Building Ground Floor, Room W12-140, 1200 New Jersey Avenue SE,
Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT: Stephen Elwin, Aerospace Engineer, ECO
Branch, FAA, 1200 District Avenue, Burlington, MA 01803; phone: 781-
238-7236; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Discussion

    The FAA issued a notice of proposed rulemaking (NPRM) to amend 14
CFR part 39 by adding an AD that would apply to all RRD Trent XWB-75,
Trent XWB-79, Trent XWB-79B, and Trent XWB-84 model turbofan engines.
The NPRM published in the Federal Register on March 30, 2020 (85 FR
17513). The NPRM was prompted by reports of a lack of weld fusion on
the resistance welding during manufacturing, which could result in air
leakage through the LPT seal panel. The NPRM proposed to require
replacement of the LPT seal panel. The FAA is issuing this AD to
address the unsafe condition on these products.
    The European Union Aviation Safety Agency (EASA), which is the
Technical Agent for the Member States of the European Community, has
issued EASA AD 2019-0071, dated March 28, 2019 (referred to after this
as ``the MCAI''), to address the unsafe condition on these products.
The MCAI states:

    The affected parts, as defined in this [EASA] AD, are static
parts, located behind the intermediate pressure (IP) turbine 2 disc,
forming a seal between the IP and LP cavities through an interface
with the rotating IP flying seal. It was recently determined that,
on certain affected parts, insufficient fusion was achieved on the
resistance welding during manufacturing.
    This condition, if not corrected, could lead to air leakage
through the LP seal panel, affecting the service lives of the IP
turbine 2 and LP turbine 1 discs, possibly resulting in premature
disc failure and high energy uncontained debris release from the
engine, with consequent damage to, and reduced control of, the
aeroplane.
    To address this potential unsafe condition, Rolls-Royce
identified the affected parts and published the NMSB, providing
instructions to replace these affected parts.
    For the reason described above, this [EASA] AD requires
replacement of affected parts during a qualified shop visit.

    You may obtain further information by examining the MCAI in the AD
docket on the internet at https://www.regulations.gov by searching for
and locating Docket No. FAA-2020-0265.

Comments

    The FAA gave the public the opportunity to participate in
developing this final rule. The following presents the comments
received on the NPRM and the FAA's response to each comment.

Request To Revise Definition of Module 51

    Delta Air Lines, Inc. (DAL) requested that the definition of
``module 51'' in paragraph (h) of this AD be revised to ``intermediate
pressure turbine module.'' DAL reasoned that the RRD Trent XWB Engine
Manual and Rolls-Royce plc (RR) Alert Non-Modification Service Bulletin
(NMSB) Trent XWB 72-AJ994, Revision 2, dated August 29, 2019, both
refer to module 51 as the intermediate-pressure turbine (IPT) module
and refer to module 52 as the LPT module. Therefore, revising this
definition would alleviate confusion.
    The FAA agrees and revised the definition of module 51 to read,
``For the purpose of this AD, `module 51' is the IPT module.''

Support for the AD

    The Air Line Pilots Association, International, expressed support
for the AD as written.

Conclusion

    The FAA reviewed the relevant data, considered the comments
received, and determined that air safety and the public interest
require adopting this final rule with the change described previously
and minor editorial changes. The FAA has determined that these minor
changes:
     Are consistent with the intent that was proposed in the
NPRM for addressing the unsafe condition; and
     Do not add any additional burden upon the public than was
already proposed in the NPRM.
    The FAA has also determined that these changes will not increase
the economic burden on any operator or increase the scope of this final
rule.

Service Information Incorporated by Reference Under 1 CFR Part 51

    The FAA reviewed RR Alert NMSB Trent XWB 72-AJ994, Revision 2,
dated August 29, 2019. The Alert NMSB describes procedures for removing
and replacing the LPT seal panel. This service information is
reasonably available because the interested parties have access to it
through their normal course of business or by the means identified in
the ADDRESSES section.

Costs of Compliance

    The FAA estimates that this AD affects 26 engines installed on
airplanes of U.S. registry.
    The FAA estimates the following costs to comply with this AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per      Cost on U.S.
                Action                         Labor cost           Parts cost        product        operators
----------------------------------------------------------------------------------------------------------------
Replace the LPT seal panel............  1 work-hour x $85 per           $282,890        $282,975      $7,357,350
                                         hour = $85.
----------------------------------------------------------------------------------------------------------------

    According to the manufacturer, all of the costs of this AD may be
covered under warranty, thereby reducing the cost impact on affected
individuals. The FAA does not control warranty coverage for affected
individuals. As a result, the FAA has included all costs in our cost
estimate.

Authority for This Rulemaking

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

develop on products identified in this rulemaking action.

Regulatory Findings

    This AD will not have federalism implications under Executive Order
13132. This AD will not have a substantial direct effect on the States,
on the relationship between the national Government and the States, or
on the distribution of power and responsibilities among the various
levels of government.
    For the reasons discussed above, I certify this AD:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Would not affect intrastate aviation in Alaska, and
    (3) Would not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

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

Adoption of the Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive (AD):

2020-16-17 Rolls-Royce Deutschland Ltd & Co KG (Type Certificate
previously held by Rolls-Royce plc): Amendment 39-21201; Docket No.
FAA-2020-0265; Project Identifier MCAI-2019-00131-E.

(a) Effective Date

    This AD is effective September 21, 2020.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to all Rolls-Royce Deutschland Ltd. & Co KG
(Type Certificate previously held by Rolls-Royce plc) Trent XWB-75,
Trent XWB-79, Trent XWB-79B, and Trent XWB-84 model turbofan
engines.

(d) Subject

    Joint Aircraft System Component (JASC) Code 7250, Turbine
Section.

(e) Unsafe Condition

    This AD was prompted by reports of a lack of weld fusion on the
resistance welding during manufacturing, which could result in air
leakage through the low-pressure turbine (LPT) rear support seal
panel assembly (``LPT seal panel'') causing a life reduction to the
intermediate-pressure turbine (IPT) 2 and LPT 1 disks. The FAA is
issuing this AD to prevent failure of the IPT 2 and LPT 1 disks. The
unsafe condition, if not addressed, could result in uncontained
debris release, damage to the engine, and damage to the airplane.

(f) Compliance

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

(g) Required Actions

    During the next qualified shop visit after the effective date of
this AD, or during the current shop visit, if, on the effective date
of this AD, the engine or module 51 is in a qualified shop visit,
remove the affected LPT seal panel from service and replace it with
a part eligible for installation in accordance with the
Accomplishment Instructions, paragraph 3.A., of Rolls-Royce plc
Alert Non-Modification Service Bulletin (NMSB) Trent XWB 72-AJ994,
Revision 2, dated August 29, 2019.

(h) Definitions

    (1) For the purpose of this AD, a ``qualified shop visit'' is a
Level 4 (Overhaul) or Level 3 (Refurbishment) shop visit of an
affected engine with an affected LPT seal panel installed, or Level
2 shop visit (Check and Repair) of module 51 with an affected LPT
seal panel installed.
    (2) For the purpose of this AD, ``module 51'' is the IPT module.
    (3) For the purpose of this AD, an ``affected LPT seal panel''
is LPT rear support seal panel assembly, identified as catalogue
serial number (CSN)<PHONE_NUMBER>0, with a serial number (S/N) listed
in Appendix 1 of RR Alert NMSB Trent XWB 72-AJ994, Revision 2, dated
August 29, 2019. This appendix additionally lists the module 51 S/N
and engine S/N in which these panels were originally installed.
    (4) For the purpose of this AD, a ``part eligible for
installation'' is a LPT seal panel, CSN<PHONE_NUMBER>0, with a S/N not
listed in Appendix 1 of RR Alert NMSB Trent XWB 72-AJ994, Revision
2, dated August 29, 2019.

(i) Credit for Previous Actions

    You may take credit for replacement of the LPT seal panel
requirements of paragraph (g) of this AD if you performed the
replacement before the effective date of this AD using RR Alert NMSB
Trent XWB 72-AJ994, Revision 1, dated November 15, 2018, or Initial
Issue, dated September 5, 2018.

(j) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, ECO Branch, FAA, has the authority to approve
AMOCs for this AD, if requested using the procedures found in 14 CFR
39.19. In accordance with 14 CFR 39.19, send your request to your
principal inspector or local Flight Standards District Office, as
appropriate. If sending information directly to the manager of the
ECO Branch, send it to the attention of the person identified in
paragraph (k)(1) of this AD. You may email your request to<EMAIL_ADDRESS>    (2) Before using any approved AMOC, notify your appropriate
principal inspector, or lacking a principal inspector, the manager
of the local flight standards district office/certificate holding
district office.

(k) Related Information

    (1) For more information about this AD, contact Stephen Elwin,
Aerospace Engineer, ECO Branch, FAA, 1200 District Avenue,
Burlington, MA 01803; phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>    (2) Refer to European Union Aviation Safety Agency AD 2019-0071,
dated March 28, 2019, for more information. You may examine the EASA
AD in the AD docket on the internet at https://www.regulations.gov
by searching for and locating Docket No. FAA-2020-0265.

(l) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference (IBR) of the service information listed
in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless the AD specifies otherwise.
    (i) Rolls-Royce plc (RR) Alert Non-Modification Service Bulletin
Trent XWB 72-AJ994, Revision 2, dated August 29, 2019.
    (ii) [Reserved]
    (3) For RR service information identified in this AD, contact
Rolls-Royce Deutschland Ltd & Co KG, Eschenweg 11, Blankenfelde-
Mahlow, Germany; phone: 9 011 49 03370860.
    (4) You may view this service information at FAA, Airworthiness
Products Section, Operational Safety Branch, 1200 District Avenue,
Burlington, MA 01803. For information on the availability of this
material at the FAA, call<PHONE_NUMBER>.
    (5) You may view this service information that is incorporated
by reference at the National Archives and Records Administration
(NARA). For information on the availability of this material at
NARA, email<EMAIL_ADDRESS>or go to: http://www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued on July 29, 2020.
Gaetano A. Sciortino,
Deputy Director for Strategic Initiatives, Compliance & Airworthiness
Division, Aircraft Certification Service.
[FR Doc. 2020-17822 Filed 8-14-20; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 81, Number 42 (Thursday, March 3, 2016)]
[Proposed Rules]
[Pages 11136-11139]
[FR Doc No: 2016-04491]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2015-7203; Airspace Docket No. 15-ASO-14]

Proposed Establishment of Class D Airspace: Destin, FL; Duke
Field, Eglin AFB, FL; Proposed Revocation of Class D Airspace; Eglin AF
Aux No 3 Duke Field, FL; and Proposed Amendment of Class D and E
Airspace; Eglin Air Force Base, FL; Eglin Hurlburt Field, FL; and
Crestview, FL

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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

SUMMARY: This action proposes to establish Class D airspace at Destin,
FL, providing the controlled airspace required for the Air Traffic
Control Tower at Destin Executive Airport, (formerly Destin-Fort Walton
Beach Airport). Additionally, this action would remove Eglin AF Aux No
3 Duke Field from the Class D designation, and establish Duke Field,
Eglin AFB, FL in its place. Controlled airspace is necessary for the
safety and management of instrument flight rules (IFR) operations at
the airport. This action also would amend existing Class D and Class E
airspace by recognizing the airport's name change. This action also
would change the existing Class D airspace designation at Duke Field,
Eglin Air Force Base (AFB), FL, and would adjust the geographic
coordinates of Eglin AFB, Destin Executive Airport, Duke Field, and
Hurlburt Field, to stay in concert with the FAA's database.

DATES: Comments must be received on or before April 18, 2016.

ADDRESSES: Send comments on this rule to: U.S. Department of
Transportation, Docket Operations, 1200 New Jersey Avenue SE., West
Bldg. Ground Floor, Rm. W12-140, Washington, DC 20590-0001; Telephone:
1-800-647-5527; Fax:<PHONE_NUMBER>. You must identify the Docket Number
FAA-2015-7203; Airspace Docket No. 15-ASO-14, at the beginning of your
comments. You may also submit and review received comments through the
Internet at http://www.regulations.gov. You may review the public
docket containing the proposal, any comments received, and any final
disposition in person in the Dockets Office between 9:00 a.m. and 5:00
p.m., Monday through Friday, except Federal holidays. The Docket Office
(telephone 1-800-647-5527), is on the ground floor of the building at
the above address.
    FAA Order 7400.9Z, Airspace Designations and Reporting Points, and
subsequent amendments can be viewed online at http://www.faa.gov/airtraffic/publications/. For further information, you can contact the
Airspace Policy Group, Federal Aviation Administration, 800
Independence Avenue SW., Washington, DC 20591; telephone:<PHONE_NUMBER>.
The Order is also available for inspection at the National Archives and
Records Administration (NARA). For information on the availability of
FAA Order 7400.9Z at NARA, call<PHONE_NUMBER>, or go to http://www.archives.gov/federal_register/code_of_federal-regulations/ibr_locations.html.
    FAA Order 7400.9, Airspace Designations and Reporting Points, is
published yearly and effective on September 15.

FOR FURTHER INFORMATION CONTACT: John Fornito, Operations Support
Group, Eastern Service Center, Federal Aviation Administration, P.O.
Box 20636, Atlanta, Georgia 30320; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part, A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it would establish Class D airspace at Destin Executive Airport,
Destin, FL, and Duke Field Eglin AFB, FL; and remove Class D airspace
at Eglin AF Aux No 3 Duke Field; and amend Class D and Class E airspace
at Eglin Air Force Base, FL.

Comments Invited

    Interested persons are invited to comment on this rule by
submitting such written data, views, or arguments, as they may desire.
Comments that provide the factual basis supporting the views and
suggestions presented are particularly helpful in developing reasoned
regulatory decisions on the proposal. Comments are specifically invited
on the overall regulatory, aeronautical, economic, environmental, and
energy-related aspects of the proposal.
    Communications should identify both docket numbers (FAA Docket No.
FAA-2015-7203; Airspace Docket No. 15-ASO-14) and be submitted in
triplicate to the Docket Management System (see ADDRESSES section for
address and phone number). You may also submit comments through the
Internet at http://www.regulations.gov.
    Persons wishing the FAA to acknowledge receipt of their comments on
this action must submit with those comments a self-addressed stamped
postcard on which the following statement is made: ``Comments to Docket
No. FAA-2015-7203; Airspace Docket No. 15-ASO-14.'' The postcard will
be date/time stamped and returned to the commenter.
    All communications received before the specified closing date for
comments will be considered before taking action on the proposed rule.
The proposal contained in this notice may be changed in light of the
comments received. A report summarizing each substantive public contact
with FAA personnel concerned with this rulemaking will be filed in the
docket.

Availability of NPRMs

    An electronic copy of this document may be downloaded from and
comments submitted through http://www.regulations.gov. Recently
published rulemaking documents can also be accessed through the FAA's
Web page at http://www.faa.gov/airports_airtraffic/air_traffic/publications/airspace_amendments/.
    You may review the public docket containing the proposal, any
comments received, and any final disposition in person in the Dockets
Office (see the ADDRESSES section for address and phone number) between
9:00 a.m. and 5:00 p.m., Monday through Friday, except Federal
Holidays. An informal docket may also be examined between 8:00 a.m. and
4:30 p.m., Monday through Friday, except Federal Holidays at the office
of the Eastern Service Center, Federal Aviation Administration, Room
350, 1701 Columbia Avenue, College Park, Georgia 30337.
    Persons interested in being placed on a mailing list for future
NPRM's should contact the FAA's Office of Rulemaking,<PHONE_NUMBER>,
to request a copy of Advisory Circular No. 11-2A, Notice of Proposed
Rulemaking distribution System, which describes the application
procedure.

Availability and Summary of Documents for Incorporation by Reference

    This document proposes to amend FAA Order 7400.9Z, Airspace
Designations and Reporting Points, dated August 6, 2015, and effective
September 15, 2015. FAA Order 7400.9Z is publicly available as listed
in the ADDRESSES section of this document. FAA Order 7400.9Z lists
Class A, B, C, D, and E airspace areas, air traffic service routes, and
reporting points.

The Proposal

    The FAA is considering an amendment to Title 14, Code of Federal
Regulations (14 CFR) part 71 to establish Class D airspace up to and
including 1,600 feet within a 4.4 mile radius of at Destin Executive
Airport, Destin, FL, providing the controlled airspace required to
support the Air Traffic

Control Tower. Additionally, this action would remove the Class D
designator for Eglin AF Aux No 3 Duke Field, FL, and replace it with
Duke Field, Eglin AFB, FL. This action would also adjust the geographic
coordinates in Class D airspace, Class E surface area airspace, and
Class E airspace extending upward from 700 feet above the surface for
Eglin Air Force Base, FL, Destin Executive Airport, Duke Field, and
Hurlburt Field, to stay in concert with the FAA's database. Also,
Destin-Fort Walton Beach Airport would be changed to Destin Executive
Airport.
    Class D and Class E airspace designations are published in
Paragraphs 5000, 6002, and 6005, respectively of FAA Order 7400.9Z,
dated August 6, 2015, and effective September 15, 2015, which is
incorporated by reference in 14 CFR 71.1. The Class D and Class E
airspace designation listed in this document will be published
subsequently in the Order.

Regulatory Notices and Analyses

    The FAA has determined that this proposed regulation only involves
an established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore: (1) Is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a Regulatory Evaluation as the
anticipated impact is so minimal. Since this is a routine matter that
will only affect air traffic procedures and air navigation, it is
certified that this proposed rule, when promulgated, will not have a
significant economic impact on a substantial number of small entities
under the criteria of the Regulatory Flexibility Act.

Environmental Review

    This proposal would be subject to an environmental analysis in
accordance with FAA Order 1050.1F, ``Environmental Impacts: Policies
and Procedures'' prior to any FAA final regulatory action.

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

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

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

0
1. The authority citation for Part 71 continues to read as follows:

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

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of Federal Aviation
Administration Order 7400.9Z, Airspace Designations and Reporting
Points, dated August 6, 2015, effective September 15, 2015, is amended
as follows:

Paragraph 5000 Class D Airspace.

* * * * *

ASO FL D Destin, FL [New]

Destin Executive Airport, FL
    (Lat. 30[deg]24'00'' N., long. 86[deg]28'17'' W.)
Eglin Air Force Base, FL
    (Lat. 30[deg]29'00'' N., long. 86[deg]31'34'' W.)

    That airspace extending upward from the surface to and including
1,600 feet MSL within a 4.4-mile radius of Destin Executive Airport,
excluding that portion north of the triangle beginning at lat.
30[deg]23'39'' N., long. 86[deg]23'13'' W., to lat. 30[deg]27'00''
N., long. 86[deg]30'19'' W., to lat. 30[deg]20'54'' N., long.
86[deg]31'56'' W. This Class D airspace is effective during the
operating hours of the Destin Executive Airport tower published in
the Airport/Facility Directory. The airspace is incorporated into
the Eglin Air Force Base, FL Class D airspace when the tower is
closed.

ASO FL D Eglin Air Force Base, FL [Amended]

Eglin Air Force Base, FL
    (Lat. 30[deg]29'00'' N., long. 86[deg]31'34'' W.)
Destin Executive Airport
    (Lat. 30[deg]24'00'' N., long. 86[deg]28'17'' W.)
Duke Field
    (Lat. 30[deg]38'55'' N., long. 86[deg]31'19'' W.)
Hurlburt Field
    (Lat. 30[deg]25'44'' N., long. 86[deg]41'20'' W.)

    That airspace extending upward from the surface to and including
2,600 feet MSL within a 5.5-mile radius of Eglin AFB, and within a
4.4-mile radius of Destin Executive Airport, excluding the portion
north of a line connecting the 2 points of intersection within a
5.2-mile radius centered on Duke Field; excluding the portion
southwest of a line connecting the 2 points of intersection within a
5.3-mile radius of Hurlburt Field; excluding a portion east of a
line beginning at lat. 30[deg]30'43'' N., long. 86[deg]26'21'' W.
extending east to the 5.5-mile radius of Eglin AFB. When the tower
at Destin Executive Airport is operational, it excludes Destin's
Class D airspace defined as that airspace south of the triangle
beginning at lat. 30[deg]23'39'' N., long. 86[deg]23'13'' W. to lat.
30[deg]27'00'' N., long. 86[deg]30'19'' W. to lat. 30[deg]20'54''
N., long. 86[deg]31'56'' W. from the surface to and including 1,600
feet MSL.

ASO FL D Eglin AF Aux No 3 Duke Field, FL [Removed]

ASO FL D Duke Field Eglin AFB, FL [New]

Duke Field, FL
    (Lat. 30[deg]38'55'' N., long. 86[deg]31'19'' W.)
Crestview, Bob Sikes Airport
    (Lat. 30[deg]46'44'' N., long. 86[deg]31'20'' W.)
Eglin AFB
    (Lat. 30[deg]29'00'' N., long. 86[deg]31'34'' W.)

    That airspace extending upward from the surface to and including
2,700 feet MSL within a 5.2-mile radius of Duke Field; excluding the
portion north of a line connecting the 2 points of intersection with
a 4.2-mile radius circle centered on Bob Sikes Airport; excluding
the portion south of a line connecting the 2 points of intersection
with a 5.5-mile radius circle centered on Eglin AFB. This Class D
airspace area is effective during the specific dates and times
established in advance by a Notice to Airmen. The effective date and
time will thereafter be continuously published in the Airport/
Facility Directory.

ASO FL D Eglin Hurlburt Field, FL [Amended]

Eglin, Hurlburt Field, FL
    (Lat. 30[deg]25'44'' N., long. 86[deg]41'20'' W.)
Eglin AFB
    (Lat. 30[deg]29'00'' N., long. 86[deg]31'34'' W.)

    That airspace extending upward from the surface, to and
including 2,500 feet MSL within a 5.3-mile radius of Hurlburt Field;
excluding the portion northeast of a line connecting the 2 points of
intersection with a 5.5-mile radius circle centered on Eglin AFB.
This Class D airspace area is effective during the specific dates
and times established in advance by a Notice to Airmen. The
effective date and time will thereafter be continuously published in
the airport/Facility Directory.

Paragraph 6002 Class E Surface Area Airspace.

* * * * *

ASO FL E2 Crestview, FL [Amended]

Bob Sikes Airport, FL
    (Lat. 30[deg]46'44'' N., long. 86[deg]31'20'' W.)
Duke Field, Eglin AFB
    (Lat. 30[deg]38'55'' N., long. 86[deg]31'19'' W.)

    Within a 4.2-mile radius of Bob Sikes Airport; excluding the
portion south of a line connecting the 2 points of intersection with
a 5.2-mile radius circle centered on Duke Field This Class E
airspace area is effective during the specific dates and times
established in advance by a Notice to Airmen. The effective date and
time will thereafter be continuously published in the Airport/
Facility Directory.

Paragraph 6005 Class E Airspace Areas Extending Upward From 700
Feet or More Above the Surface of the Earth.

* * * * *

ASO FL E5 Eglin Air Force Base, FL [Amended]

Eglin Air Force Base, FL
    (Lat. 30[deg]29'00'' N., long. 86[deg]31'34'' W.)
Destin Executive Airport
    (Lat. 30[deg]24'00'' N., long. 86[deg]28'17'' W.)

Duke Field
    (Lat. 30[deg]38'55'' N., long. 86[deg]31'19'' W.)
Hurlburt Field
    (Lat. 30[deg]25'44'' N., long. 86[deg]41'20'' W.)
Fort Walton Beach Airport
    (Lat. 30[deg]24'23'' N., long. 86[deg]49'45'' W.)

    That airspace extending upward from 700 feet above the surface
within a 7-mile radius of Eglin Air Force Base, and within a 7.8-
mile radius of Destin Executive Airport, and within a 7-mile radius
of Duke Field, and within a 7-mile radius of Hurlburt Field,
excluding a 1.5-mile radius of Fort Walton Beach Airport.

    Issued in College Park, Georgia, on February 23, 2016.
Ryan W. Almasy,
Acting Manager, Operations Support Group, Eastern Service Center, Air
Traffic Organization.
[FR Doc. 2016-04491 Filed 3-2-16; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register: November 13, 2009 (Volume 74, Number 218)]
[Notices]
[Page 58676-58677]
[DOCID:fr13no09-110]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Intent To Request Revision From the Office of
Management and Budget of a Currently Approved Information Collection
Activity, Request for Comments; Experimental Permits for Reusable
Suborbital Rockets

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice and request for comments.

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

SUMMARY: The FAA invites public comments about our intention to request
the Office of Management and Budget (OMB) to approve a current
information collection. This rulemaking established requirements for
the FAA's authority to issue Experimental Permits for reusable
suborbital rockets to authorize launches for the purpose of research
and development, crew training and showing compliance with the
regulations.

DATES: Please submit comments by January 12, 2010.

FOR FURTHER INFORMATION CONTACT: Carla Mauney on<PHONE_NUMBER>, or by
e-mail at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Federal Aviation Administration (FAA)

    Title: Experimental Permits for Reusable Suborbital Rockets.
    Type of Request: Extension without change of an approved
collection.
    OMB Control Number: 2120-0722.
    Form(s): There are no FAA forms associated with this collection.
    Affected Public: A total of 10 Respondents.
    Frequency: The information is collected on occasion.
    Estimated Average Burden per Response: Approximately 18.6 hours per
response.
    Estimated Annual Burden Hours: An estimated 2,567 hours annually.
    Abstract: The FAA has imposed requirements for obtaining an
Experimental Permit as required by the Commercial Space Launch
Amendments Act of 2004. This rulemaking established requirements for
the FAA's new authority to issue Experimental Permits for reusable
suborbital rockets to authorize launches for the purpose of research
and development, crew training and showing compliance with the
regulations.

ADDRESSES: Send comments to the FAA at the following address: Ms. Carla
Mauney, Room 712, Federal Aviation

Administration, IT Enterprises Business Services Division, AES-200, 800
Independence Ave., SW., Washington, DC 20591.
    Comments are invited on: Whether the proposed collection of
information is necessary for the proper performance of the functions of
the Department, including whether the information will have practical
utility; the accuracy of the Department's estimates of the burden of
the proposed information collection; ways to enhance the quality,
utility and clarity of the information to he collected; and ways to
minimize the burden of the collection of information on respondents,
including the use of automated collection techniques or other forms of
information technology.

    Issued in Washington, DC, on November 5, 2009.
Carla Mauney,
FAA Information Collection Clearance Officer, IT Enterprises Business
Services Division, AES-200.
[FR Doc. E9-27272 Filed 11-12-09; 8:45 am]

BILLING CODE 4910-13-M


[Federal Register Volume 79, Number 240 (Monday, December 15, 2014)]
[Unknown Section]
[Pages 74016-74018]
[FR Doc No: 2014-29268]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 73

[Docket No. FAA-2014-0875; Airspace Docket No. 14-ASO-13]
RIN 2120-AA66

Amendment of Restricted Area Boundary Descriptions; Cape
Canaveral, FL

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule; technical amendment.

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

SUMMARY: This action makes minor adjustments to the boundary
descriptions of restricted areas R-2932, R-2933, R-2934 and R-2935 at
Cape Canaveral, FL. The changes are required based on more accurate
digital plotting of points that revealed minor mismatches between
adjacent boundaries. The R-2933 description is also amended to remove
exclusionary wording that no longer applies.

DATES: Effective date 0901 UTC, March 5, 2015.

FOR FURTHER INFORMATION CONTACT: Paul Gallant, Airspace Policy and
Regulations Group, AJV-11, Office of Airspace Services, Federal
Aviation Administration, 800 Independence Avenue SW., Washington, DC
20591; telephone:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Background

    The introduction of more accurate digital plotting of airspace
boundaries for aeronautical charting revealed minor mismatches in
airspace boundaries adjacent to restricted areas R-2932,

R-2933, R-2934 and R-2935 at Cape Canaveral, FL. This action adjusts
certain coordinates in the descriptions of the above restricted areas
to reflect more accurate data.
    In addition, this action removes obsolete wording from the
description of restricted area R-2933, Cape Canaveral, Fl. When R-2933
was established in 1988 (53 FR 6796, March 3, 1988), another restricted
area, R-2931, partially extended into R-2933. Accordingly, an exclusion
was inserted in the R-2933 boundary description, which read as follows:
``excluding the area within a 2-statute mile radius circle centered at
lat. 28[deg]27'54'' N., long. 89[deg]32'02'' W., from 5,000 feet MSL to
and including 15,000 feet MSL.'' Restricted area R-2931 was later
removed when the using agency informed the FAA it was no longer needed.
However, when R-2933 was amended to remove the exclusion, only the
words ``excluding the area within a 2-statute mile radius circle
centered at lat. 28[deg]27'54'' N., long. 89[deg]32'02'' W.'' were
actually removed, and the words ``from 5,000 feet MSL to and including
15,000 feet MSL'' were inadvertently retained in the boundary
description. This action removes the unnecessary wording from the R-
2933 description.

The Rule

    This action amends Title 14 Code of Federal Regulations (14 CFR)
part 73 to make minor updates to certain latitude/longitude coordinates
in the descriptions of restricted areas R-2932, R-2933, R-2934 and R-
2935 at Cape Canaveral, FL. The changes are based on more accurate
digital plotting of the points which revealed several slight mismatches
between adjacent boundaries. R-2933 is also amended to remove wording
that no longer applies. The specific restricted area boundary changes
are listed below:
    R-2932: The point ``lat. 28[deg]41'41'' N., long. 80[deg]34'59''
W.'' is replaced with ``28[deg]41'33'' N., long. 80[deg]35'25'' W.;''
and the point ``28[deg]25'01'' N., long. 80[deg]30'29'' W.'' is
replaced with 28[deg]24'31'' N., long. 80[deg]29'52'' W.'' These points
are changed to match the adjacent boundary of warning area W-497A and
W-497B.
    R-2933: The point ``28[deg]41'41'' N., long. 80[deg]34'59'' W.'' is
replaced with ``28[deg]41'33'' N., long. 80[deg]35'25'' W.'' to match
warning area W-497A; and the point ``28[deg]25'01'' N.,
long.80[deg]30'29'' W.'' is replaced with ``28[deg]24'31'' N., long.
80[deg]29'52'' W.'' to match the boundaries of warning areas W-497A and
W-497B.
    In addition, this action removes the words ``from 5,000 feet MSL to
and including 15,000 feet MSL'' from the boundary description in the
regulatory text for restricted area R-2933. As described above, the
airspace exclusion no longer exists.
    R-2934: The point ``28[deg]51'16'' N., long. 80[deg]42'19'' W.'' is
replaced with ``28[deg]51'16'' N., long. 80[deg]42'29'' W.'' to more
accurately meet a point 3 nautical miles from the shoreline. The point
``28[deg]41'41'' N., long. 80[deg]34'59'' W.'' is replaced with
``28[deg]41'33'' N., long. 80[deg]35'25'' W.'' to match the boundary of
warning area W-497A.
    R-2935: The point ``28[deg]58'01'' N., long. 80[deg]46'59'' W.'' is
replaced with 28[deg]58'02'' N., long. 80[deg]46'58'' W.;'' to
intersect a point 3 nautical miles from the shoreline. The point
``28[deg]51'16'' N., long. 80[deg]42'19'' W.'' is replaced with
``28[deg]51'16'' N., long. 80[deg]42'29'' W.'' and the point
``28[deg]25'01'' N., long. 80[deg]30'29'' W.'' is replaced with
``28[deg]24'31'' N., long. 80[deg]29'52'' W.'' to match warning areas
W-497A and W-497B. The point ``28[deg]19'01'' N., long. 80[deg]33'29''
W.'' is replaced with 28[deg]19'01'' N., long. 80[deg]33'00'' W.'' to
intersect a point 3 nautical miles from the shoreline.
    This amendment consists of minor editorial changes to update
existing restricted area boundaries with more accurate digital
information and remove obsolete wording. It does not affect the
location, designated altitudes, or activities conducted within the
restricted areas; therefore, notice and public procedure under 5 U.S.C.
553(b) are unnecessary.
    The FAA has determined that this action only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
Therefore, this regulation: (1) Is not a ``significant regulatory
action'' under Executive Order 12866; (2) is not a ``significant rule''
under DOT Regulatory Policies and Procedures (44 FR 11034; February 26,
1979); and (3) does not warrant preparation of a regulatory evaluation
as the anticipated impact is so minimal. Since this is a routine matter
that only affects air traffic procedures and air navigation, it is
certified that this rule, when promulgated, does not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority.
    This rulemaking is promulgated under the authority described in
Subtitle VII, Part A, Subpart I, Section 40103. Under that section, the
FAA is charged with prescribing regulations to assign the use of the
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it makes minor editorial changes to the descriptions of Restricted
areas at Cape Canaveral, FL, providing more accurate coordinates and
removing obsolete wording.

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with 311d, FAA Order 1050.1E, Environmental Impacts: Policies and
Procedures. This airspace action is a minor editorial change to the
descriptions of restricted areas R-2932, R-2933, R-2934 and R-2935, at
Cape Canaveral, FL, to reflect more accurate digital plotting of
latitude/longitude coordinates and to remove exclusionary language that
is no longer required in R-2933. It does not alter the location,
altitudes, or activities conducted within the airspace; therefore, it
is not expected to cause any potentially significant environmental
impacts, and no extraordinary circumstances exists that warrant
preparation of an environmental assessment.

List of Subjects in 14 CFR Part 73

    Airspace, Prohibited areas, Restricted areas.

Adoption of the Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR part 73, as follows:

PART 73--SPECIAL USE AIRSPACE

0
1. The authority citation for part 73 continues to read as follows:

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

Sec.  73.29  [Amended]

0
2. Section 73.29 is amended as follows:
* * * * *

R-2932 Cape Canaveral, FL [Amended]

    By removing the current boundaries and adding the following:
    Boundaries. Beginning at lat. 28[deg]39'21'' N., long.
80[deg]42'39'' W.; to lat. 28[deg]41'33'' N., long. 80[deg]35'25''
W.; thence 3 NM from and parallel to the shoreline; to lat.
28[deg]24'31'' N., long. 80[deg]29'52'' W.; to lat. 28[deg]25'01''
N., long. 80[deg]37'59'' W.; to lat. 28[deg]34'01'' N., long.
80[deg]39'29'' W.; to the point of beginning.

R-2933 Cape Canaveral, FL [Amended]

    By removing the current boundaries and adding the following:
    Boundaries. Beginning at lat. 28[deg]39'21'' N., long.
80[deg]42'39'' W.; to lat. 28[deg]41'33'' N., long. 80[deg]35'25''
W.; thence 3 NM from and parallel to the shoreline; to lat.
28[deg]24'31'' N., long. 80[deg]29'52'' W.; to lat. 28[deg]25'01''
N., long. 80[deg]37'59'' W.; to lat. 28[deg]34'01'' N., long.
80[deg]39'29'' W.; to the point of beginning.

R-2934 Cape Canaveral, FL [Amended]

    By removing the current boundaries and adding the following:
    Boundaries. Beginning at lat. 28[deg]49'11'' N., long.
80[deg]50'44'' W.; to lat. 28[deg]51'16'' N., long. 80[deg]47'14''
W.; to lat. 28[deg]51'16'' N., long. 80[deg]42'29'' W.; thence 3 NM
from and parallel to the shoreline; to lat. 28[deg]41'33'' N., long.
80[deg]35'25'' W.; to lat. 28[deg]39'21'' N., long. 80[deg]42'39''
W.; to lat. 28[deg]34'01'' N., long. 80[deg]39'29'' W.; to lat.
28[deg]25'01'' N., long. 80[deg]37'59'' W.; to lat. 28[deg]25'01''
N., long. 80[deg]41'44'' W.; to lat. 28[deg]31'21'' N., long.
80[deg]43'49'' W.; to lat. 28[deg]38'01'' N., long. 80[deg]47'01''
W.; to the point of beginning, excluding that airspace below 1,200
feet AGL west of a line from lat. 28[deg]31'21'' N., long.
80[deg]43'49'' W.; to lat. 28[deg]28'41'' N., long. 80[deg]40'29''
W.; to lat. 28[deg]25'01'' N., long. 80[deg]40'29'' W.

R-2935 Cape Canaveral, FL [Amended]

    By removing the current boundaries and adding the following:
    Boundaries. Beginning at lat. 28[deg]47'21'' N., long.
81[deg]04'59'' W.; to lat. 28[deg]58'02'' N., long. 80[deg]46'58''
W.; thence 3 NM from and parallel to the shoreline; to lat.
28[deg]51'16'' N., long. 80[deg]42'29'' W.; to lat. 28[deg]51'16''
N., long. 80[deg]47'14'' W.; to lat. 28[deg]49'11'' N., long.
80[deg]50'44'' W.; to lat. 28[deg]38'01'' N., long. 80[deg]47'01''
W.; to lat. 28[deg]31'21'' N., long. 80[deg]43'49'' W.; to lat.
28[deg]25'01'' N., long. 80[deg]41'44'' W.; to lat. 28[deg]24'31''
N., long. 80[deg]29'52'' W.; thence 3 NM from and parallel to the
shoreline; to lat. 28[deg]19'01'' N., long. 80[deg]33'00'' W.; to
lat. 28[deg]19'01'' N., long. 80[deg]46'29'' W.; to the point of
beginning.

    Issued in Washington, DC, on December 9, 2014.
Gary A. Norek,
Manager, Airspace Policy and Regulations Group.
[FR Doc. 2014-29268 Filed 12-12-14; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 86, Number 113 (Tuesday, June 15, 2021)]
[Notices]
[Pages 31764-31769]
[FR Doc No: 2021-12474]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92133; File No. SR-FINRA-2020-038]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Order Approving Proposed Rule Change, as Modified by
Amendment No. 1, to FINRA Rules 5122 (Private Placements of Securities
Issued by Members) and 5123 (Private Placements of Securities) That
Would Require Members To File Retail Communications Concerning Private
Placement Offerings That Are Subject to Those Rules' Filing
Requirements

June 9, 2021.

I. Introduction

    On October 28, 2020, the Financial Industry Regulatory Authority,
Inc. (``FINRA'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to amend FINRA Rules 5122
(Private Placements of Securities Issued by Members) and 5123 (Private
Placements of Securities) that would require members to file certain
retail communications concerning private placements.
---------------------------------------------------------------------------

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

    The proposed rule change was published for comment in the Federal
Register on November 6, 2020.\3\ On December 11, 2020, FINRA consented
to an extension of the time period in which the Commission must approve
the proposed rule change, disapprove the proposed rule change, or
institute proceedings to determine whether to approve or disapprove the
proposed rule change to February 4, 2021.\4\ On January 12, 2021, FINRA
responded to five comment letters received in response to the Notice
and filed an amendment to the proposed rule change (``Amendment No.
1'').\5\ On January 29, 2021, FINRA responded to a sixth comment letter
received in response to the Notice.\6\ On February 4, 2021, the
Commission filed an Order Instituting Proceedings to determine whether
to approve or disapprove the proposed rule change, as modified by
Amendment No. 1.\7\ The Commission received no comments in response to
the OIP. On April 12, 2021, FINRA responded to a seventh comment letter
received in response to the Notice.\8\ On May 4, 2021, FINRA consented
to an extension of the time period in which the Commission must approve
or disapprove the proposed rule change to May 26, 2021.\9\ On May 25,
2021, FINRA consented to an extension of the time period in which the
Commission must approve or disapprove the proposed rule change to June
9, 2021.\10\ This order approves the proposed rule change, as modified
by Amendment No. 1.
---------------------------------------------------------------------------

    \3\ See Exchange Act Release No. 90302 (Nov. 2, 2020), 85 FR
71120 (Nov. 6, 2020) (File No. SR-FINRA-2020-038) (``Notice'').
    \4\ See letter from Joseph Savage, Vice President, Office of
General Counsel Regulatory Policy, FINRA, to Daniel Fisher, Branch
Chief, Division of Trading and Markets, Commission, dated December
11, 2020. This letter is available at https://www.finra.org/sites/default/files/2021-01/SR-FINRA-2020-038-Extension1.pdf.
    \5\ See letter from Joseph P. Savage, Vice President and
Counsel, Office of General Counsel, FINRA, to Vanessa Countryman,
Secretary, Commission, dated January 12, 2021 (``FINRA January 12
Letter''). The FINRA January 12 Letter is available at the
Commission's website at https://www.sec.gov/comments/sr-finra-2020-038/srfinra2020038-8233135-227749.pdf. Amendment No. 1 is available
at https://www.finra.org/sites/default/files/2021-01/SR-FINRA-2020-038-Amendment1.pdf.
    \6\ See letter from Joseph P. Savage, Vice President and
Counsel, Office of General Counsel, FINRA, to Vanessa Countryman,
Secretary, Commission, dated January 29, 2021 (``FINRA January 29
Letter''). The FINRA January 29 Letter is available at the
Commission's website at https://www.sec.gov/comments/sr-finra-2020-038/srfinra2020038-8311262-228459.pdf.
    \7\ See Exchange Act Release No. 91066 (Feb. 4, 2021), 86 FR
8970 (Feb. 10, 2021) (File No. SR-FINRA-2020-038) (``OIP'').
    \8\ See letter from Joseph P. Savage, Vice President and
Counsel, Office of General Counsel, FINRA, to Vanessa Countryman,
Secretary, Commission, dated April 12, 2021 (``FINRA April 12
Letter''). The FINRA April 12 Letter is available at the
Commission's website at https://www.sec.gov/comments/sr-finra-2020-038/srfinra2020038-8662482-235305.pdf.
    \9\ See letter from Joseph Savage, Vice President, Office of
General Counsel Regulatory Policy, FINRA, to Daniel Fisher, Branch
Chief, Division of Trading and Markets, Commission, dated May 4,
2021. This letter is available at https://www.finra.org/sites/default/files/2021-05/SR-FINRA-2020-038-Extension2.pdf.
    \10\ See letter from Joseph Savage, Vice President, Office of
General Counsel Regulatory Policy, FINRA, to Daniel Fisher, Branch
Chief, Division of Trading and Markets, Commission, dated May 25,
2021. This letter is available at https://www.finra.org/sites/default/files/2021-05/SR-FINRA-2020-038-Extension3.pdf.
---------------------------------------------------------------------------

II. Description of the Proposed Rule Change

    For certain private placements of unregistered securities issued by
a FINRA member or a control entity \11\ (``member private
placements''), FINRA Rule 5122 requires the member or control entity to
provide prospective

investors \12\ with a private placement memorandum (``PPM''), term
sheet or other offering document that discloses the intended use of the
offering proceeds, the offering expenses, and the amount of selling
compensation that will be paid to the member and its associated
persons. Among other things, the current rule also requires a member to
file the PPM, term sheet or other offering document with FINRA's
Corporate Financing Department at or prior to the first time the
document is provided to any prospective investor, and to file any
amendments to such documents within 10 days of being provided to any
investor or prospective investor.\13\ Similarly, for certain private
placements of unregistered securities \14\ issued by a non-member,
FINRA Rule 5123 requires members or control persons to file with
FINRA's Corporate Financing Department any PPM, term sheet or other
offering document,\15\ including any material amended versions thereof,
used in connection with an offering within 15 calendar days of the date
of first sale.
---------------------------------------------------------------------------

    \11\ A ``control entity'' means any entity that controls or is
under common control with a member, or that is controlled by a
member or its associated persons. See FINRA Rule 5122(a)(2)-(3); see
also Notice at note 3.
    \12\ Because of the types of private placements exempt from the
application of Rule 5122, FINRA believes that the rule applies
predominately to private placements sold to retail investors. See
Notice at 71121.
    \13\ See Notice at 71120.
    \14\ See Notice at note 8 (listing those types of member private
placements exempt from the filing obligations of Rule 5122,
including, among others, offerings sold solely to institutional
accounts, qualified purchasers, qualified institutional buyers,
investment companies, and banks).
    \15\ Rules 5122 and 5123 do not enumerate the types of
information that might be considered ``other offering documents.''
However, FINRA has stated previously that an example of ``other
offering document'' is ``[a]ny other type of document that sets
forth the terms of the offering.'' See ``Frequently Asked Questions
(FAQ) About Private Placements,'' Question #10, available on
www.finra.org. The ``terms of an offering'' include facts such as
the amount of proceeds that the issuer intends to raise, the type of
security, descriptions or illustrations of the intended use of
proceeds, and explanations of tax benefits or other information that
would be relevant to an investor when deciding whether to make an
investment. See Notice at 71121.
---------------------------------------------------------------------------

    Separately, FINRA also requires broker-dealers to file with FINRA's
Advertising Regulation Department certain written communications that
they distribute or make available to retail customers to review those
written communications for compliance with the content requirements of
FINRA Rule 2210 (Communications with the Public).\16\ For example,
retail communications \17\ are required to comply with the general,
fair and balanced standards in FINRA Rule 2210.\18\ Despite these
existing obligations, FINRA has found a comparatively high rate of non-
compliance with Rule 2210 of retail communications concerning private
placements.\19\ Currently, some broker-dealers submit retail
communications as part of their Rules 5122 and 5123 filings either
voluntarily or as new members.\20\ In a 2018 spot check of these
filings, FINRA found that 76% of retail communications filed during the
spot check review period involved significant violations of Rule
2210.\21\ Further, FINRA stated that since January 1, 2014, it has
initiated 49 disciplinary actions related to non-compliant retail
communications concerning private placements. This number represents
21% of all actions involving private placements. According to FINRA,
these communications often present false or misleading information
regarding the underlying offering, which could result in significant
losses to investors and could undermine public trust in the private
placement markets.\22\
---------------------------------------------------------------------------

    \16\ See FINRA Rule 2210(c) (Filing Requirements and Review
Procedures).
    \17\ FINRA Rule 2210(a)(5) defines a ``retail communication'' as
any written (including electronic) communication that is distributed
or made available to more than 25 retail investors within any 30
calendar-day period. See Regulatory Notice 20-21 (Jul. 2020)
(stating that a member firm that assists in the preparation of a PPM
or other offering document should expect that it will be considered
a communication with the public by that member firm for purposes of
Rule 2210); see also FINRA January 12 Letter. FINRA Rule 2210
generally does not require members to file private placement
communications. More specifically, there are no filing requirements
for communications distributed or made available only to
institutional investors, as defined in Rule 2210(a)(4), or
communications that are distributed or made available to 25 or fewer
retail customers within a 30-day period. Moreover, there is no
product-specific filing requirement for retail communications
concerning private placements in FINRA Rule 2210(c)(1) through (4)),
as those requirements apply only to retail communications concerning
specified registered securities, such as mutual funds or variable
products. Under FINRA Rule 2210(c)(1)(A), during the first year
after a member's registration is declared effective, the member must
file at least 10 business days prior to use any widely disseminated
retail communication (e.g., newspaper, television, or radio
advertisements and publicly available websites). However, FINRA Rule
2210(c)(7) excludes specified retail communications from the filing
requirements, including retail communications that were previously
filed with FINRA's Advertising Regulation Department and used
without material change ((c)(7)(A)); that do not make any financial
or investment recommendation or otherwise promote a product or
service of the member ((c)(7)(C)); or that are ``offering
documents'' similar to prospectuses (such as PPMs) concerning
securities that are exempt from registration ((c)(7)(F)).
    \18\ All member communications must be based on principles of
fair dealing and good faith, must be fair and balanced, and must
provide a sound basis for evaluating the facts in regard to any
particular security or type of security, industry, or service. See
FINRA Rule 2210(d)(1)(A).
    \19\ See Notice at 71122.
    \20\ See Notice at 71223 (stating that members submit retail
communications as part of their Rule 5122 and 5123 private placement
filings while some others submit them through FINRA's Advertising
Regulation Department's filings review program under Rule 2210
either voluntarily or as new members) and at note 12 (citing FINRA
Rule 2210(c)(1)(A) requiring new members to file all widely-
distributed retail communications (such as publicly available
websites) that promote products or services of the firm during the
first year after the member's broker-dealer membership with FINRA's
Advertising Regulation Department is declared effective).
    \21\ See Notice at 71122 (stating that the violations included
retail communications that: contained prohibited projections or
unreasonable forecasts; failed to provide a sound basis to evaluate
the facts with respect to the offering; failed to adequately
disclose the general risks associated with private placement
investments; or contained readily apparent false or misleading
statements or claims).
    \22\ See id.
---------------------------------------------------------------------------

    To address this area of regulatory concern, FINRA proposed
amendments to Rules 5122 and 5123 that would require members or control
persons to file retail communications that ``promote or recommend'' a
private placement with FINRA's Corporate Financing Department, in
addition to the currently required PPMs, term sheets, and other
offering documents.\23\ The rules' requirements that material
amendments to offering documents must be filed also would apply to any
material amendments to retail communications concerning private
placements.\24\ The proposed rule change would provide FINRA with a
more timely opportunity to review retail communications concerning
private placements for compliance with its rules. Other than those
documents filed pursuant to Rule 2210, FINRA's review of such documents
is currently limited to its cycle and spot exams of its members.\25\
---------------------------------------------------------------------------

    \23\ Amendment 1 to the proposed rule change clarified that
members or control persons would be required to file any retail
communication that ``promotes or recommends'' a private placement,
rather than any retail communication that ``concerns'' a private
placement, as originally proposed.
    \24\ See Notice at 71122.
    \25\ See id.
---------------------------------------------------------------------------

    The proposed rule change would not, however, broaden the
application of the rules to capture those offerings that are currently
exempt from filing.\26\ The proposed rule change also would not impose
new filing fees on broker-dealers.\27\
---------------------------------------------------------------------------

    \26\ See e.g., supra note 14.
    \27\ See Notice at 71122 and note 21.
---------------------------------------------------------------------------

    In addition, the proposed rule change would neither amend Rule 2210
nor, as FINRA states, alter FINRA's interpretation of the application
of that rule's requirements.\28\ Thus, if written communications
qualify as retail communications pursuant to FINRA Rule 2210, those
retail communications

would be subject to the proposed rule changes.
---------------------------------------------------------------------------

    \28\ See FINRA January 12 Letter, FINRA January 29 Letter, and
FINRA April 12 Letter.
---------------------------------------------------------------------------

III. Discussion and Commission Findings

A. Discussion

    After careful review of the proposed rule change, as modified by
Amendment No. 1, the comment letters, and FINRA's responses to the
comments, the Commission finds that the proposed rule change, as
modified by Amendment No. 1, is consistent with the requirements of the
Exchange Act and the rules and regulations thereunder that are
applicable to a national securities association.\29\ Specifically, the
Commission finds that the proposed rule change, as modified by
Amendment No. 1, is consistent with Section 15A(b)(6) of the Exchange
Act,\30\ which requires, among other things, that FINRA rules be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------

    \29\ In approving this rule change, the Commission has
considered the rule's impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
    \30\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------

    Four commenters supported the proposed rule change.\31\ Two of
these commenters stated that the proposed rule change would establish
necessary investor protections in light of regulatory changes that have
expanded the marketplace for private placements.\32\ Specifically, one
stated that its state securities administrator members have observed
significant, recurring problems with private placements and that,
``[w]ith the SEC's recent regulatory changes to the private [placement]
marketplace, . . . the need for increased regulatory scrutiny of
private placement advertisements is even more acute.'' \33\ One other
supportive commenter stated that, because the number of persons who can
invest in private placements has increased substantially over the last
several decades, ``FINRA must keep an eye [on] private placement sales
abuses.'' \34\ One of the other supportive commenters stated that FINRA
and Commission rules already require members to keep detailed records
on marketing materials, which are routinely requested during cycle
examinations, and that the proposed rule changes could facilitate this
review process.\35\ The fourth supportive commenter stated that the
proposed rule changes are justified because they would help FINRA
``better ensure that retail communications used by broker-dealers in
retail private placements are fair, balanced and not misleading.'' \36\
---------------------------------------------------------------------------

    \31\ See letter from David P. Meyer, President, Public Investors
Advocate Bar Association, to Vanessa Countryman, Secretary,
Commission, dated November 27, 2020 (``PIABA Letter''); letter from
Lisa Hopkins President, General Counsel and Senior Deputy, North
American Securities Administrators Association, Inc., to J. Matthew
DeLesDernier, Assistant Secretary, Commission, dated November 24,
2020 (``NASAA Letter''); letter from James P. Dowd, North Capital
Private Securities Corp. and Public Brokers, LLC, to Secretary,
Commission, dated November 23, 2020 (``NCPSC Letter''); and letter
from Tom Selman, Founder, Scopus Financial Group, to Vanessa
Countryman, Secretary, Commission, dated November 22, 2020 (``Scopus
Letter'').
    \32\ See NASAA Letter and PIABA Letter.
    \33\ NASAA Letter (citing Securities Act Release No. 10824 (Aug.
6, 2020) (File No. S7-25-19) (updating the definition of
``accredited investor'' to identify more effectively investors that
have sufficient knowledge and expertise to participate in investment
opportunities that do not have the rigorous disclosure and
procedural requirements, and related investor protections, provided
by registration under the Securities Act of 1933); and Securities
Act Release No. 10884 (Nov. 2. 2020) (File No. S7-05-20) (improving
certain aspects of the exempt offering framework to promote capital
formation while preserving or enhancing important investor
protections)).
    \34\ PIABA Letter (noting a rise in the percentage of American
households qualified as ``accredited investors'' since the
Commission first established the qualification standards in 1982).
    \35\ See NCPSC Letter (referencing FINRA Rule 2210(b)(4)).
    \36\ Scopus Letter. Communications with the public are subject
to FINRA Rule 2210's content standards, including its requirements
that communications be fair and balanced and not misleading. See
FINRA January 12 Letter.
---------------------------------------------------------------------------

1. Requests for Guidance Under FINRA Rule 2210 (Communications With the
Public)
a. Issuer-Prepared Material
    A supportive commenter requested that the Commission use this
opportunity to provide ``definitive guidance'' to members with respect
to the applicability of Rule 2210 to materials prepared and
disseminated by an issuer to the public, without the involvement of a
member firm or its registered representatives.\37\ In response, FINRA
stated that it has already addressed the applicability of Rule 2210 to
issuer-prepared communications.\38\ In particular, FINRA has previously
stated that ``[a member] that assists in the preparation of a private
placement memorandum or other offering document should expect that it
will be considered a communication with the public by that [member] for
purposes of . . . Rule 2210, FINRA's advertising rule.'' \39\
Similarly, FINRA has stated that sales literature concerning a private
placement that a member distributes will be deemed to constitute a
communication by that member with the public, whether or not the member
assisted in its preparation.\40\ Therefore, regardless of whether a
member distributes a retail communication that is attached to a PPM or
as a standalone document, it constitutes a member communication subject
to Rule 2210.\41\
---------------------------------------------------------------------------

    \37\ See NCPSC Letter.
    \38\ FINRA January 12 Letter.
    \39\ Id. (citing Regulatory Notice 20-21 (Jul. 2020) (quoting
Regulatory Notice 10-22 (Apr. 2010))).
    \40\ See id.; see also Regulatory Notice 12-29 (Jun. 2012)
(stating that effective February 4, 2013, communications previously
defined as ``sales literature'' under NASD Rule 2210 (Communications
with the Public) fell within the definition of ``retail
communication'' in FINRA Rule 2210).
    \41\ See FINRA January 12 Letter.
---------------------------------------------------------------------------

    FINRA's proposed rule change does not amend the definition of
``retail communications'' or change the scope of communications
captured within the definition of the term. Thus, the Commission
believes that interpretations of the definition of ``retail
communications'' are outside the scope of the proposed rule change.
However, FINRA stated that it has issued guidance on retail
communications concerning private placements, stating that, in general,
if a member distributes sales literature concerning a private placement
it will be deemed a communication by that member with the public
subject to Rule 2210.\42\ In addition, Rule 2210 prohibits members from
publishing, circulating, or distributing ``any communication that the
member knows or has reason to know contains any untrue statement of a
material fact or is otherwise false or misleading'' regardless of its
origin.\43\
---------------------------------------------------------------------------

    \42\ See supra note 38-41 and accompanying text.
    \43\ FINRA Rule 2210(d)(1)(B); see also FINRA January 12 Letter.
---------------------------------------------------------------------------

b. Performance Projections
    Three commenters sought guidance regarding the application of FINRA
Rule 2210 to performance projections.\44\ A supportive commenter
requested that the Commission provide interpretive guidance under
Exchange Act Rule 10b-5 \45\ concerning the inclusion of

performance return objectives in private placement sales materials.\46\
Specifically, the commenter believes that because of Rule 2210's
restrictions on predicting or projecting performance,\47\ broker-
dealers are placed at a competitive disadvantage relative to private
placements that do not involve a broker-dealer (to which Rule 2010
would not apply), and that the Commission should ``level the playing
field.'' \48\
---------------------------------------------------------------------------

    \44\ See NCPSC Letter; letter from Anthony Chereso, President
and CEO, Institute for Portfolio Alternatives, to Vanessa
Countryman, Division of Investment Management [sic], Commission,
dated January 26, 2021 (``IPA Letter''); and letter from Mick Law
P.C., L.L.O. to Vanessa Countryman, Division of Investment
Management [sic], Commission, dated February 2, 2021 (``Mick
Letter'').
    \45\ Under Exchange Act Rule 10b-5, it is unlawful for any
person, directly or indirectly, by the use of any means or
instrumentality of interstate commerce, or of the mails or of any
facility of any national securities exchange, to employ any device,
scheme, or artifice to defraud, to make any untrue statement of a
material fact or to omit to state a material fact necessary in order
to make the statements made, in the light of the circumstances under
which they were made, not misleading, or to engage in any act,
practice, or course of business which operates or would operate as a
fraud or deceit upon any person, in connection with the purchase or
sale of any security.
    \46\ See NCPSC Letter.
    \47\ See FINRA Rule 2210(d)(1)(F) (stating that, in general,
communications may not predict or project performance, imply that
past performance will recur or make any exaggerated or unwarranted
claim, opinion or forecast).
    \48\ See id.
---------------------------------------------------------------------------

    In response, FINRA stated that, in general, Rule 2210(d)(1)(F)
prohibits member communications from predicting or projecting
performance or making any exaggerated or unwarranted claim, opinion or
forecast.\49\ More specifically, FINRA stated that retail
communications concerning private placements may not project or predict
returns to investors such as yields, income, dividends, capital
appreciation percentages or any other future investment
performance.\50\ However, FINRA also clarified that despite its
prohibition on certain types of performance predictions, its rules
permit retail communications concerning private placements to include
reasonable forecasts of issuer operating metrics (e.g., forecasted
sales, revenues or customer acquisition numbers) that may convey
important information regarding the issuer's plans and financial
position. FINRA stated that these presentations should provide a sound
basis for evaluating the facts, such as clear explanations of the key
assumptions underlying the forecasted issuer operating metrics and the
key risks that may impede achievement of the forecasted metrics.\51\
---------------------------------------------------------------------------

    \49\ See FINRA January 12 Letter.
    \50\ See id. (citing Regulatory Notice 20-21 (Jul. 2020)).
    \51\ See id.
---------------------------------------------------------------------------

    One commenter recommended that FINRA ``clarify the application of
its principles-based advertising rules to retail communications
concerning private placement[s].'' \52\ In particular, the commenter
recommended that FINRA provide interpretive guidance on the term
``performance projection'' to help members comply with FINRA Rule
2210(d)(1)(F).\53\ FINRA responded that the proposed rule change would
not amend or provide guidance on Rule 2210. Accordingly, FINRA believes
that the commenter's recommendation is outside the scope of the
proposed rule change.\54\
---------------------------------------------------------------------------

    \52\ IPA Letter.
    \53\ See id.
    \54\ See FINRA January 29 Letter.
---------------------------------------------------------------------------

    Another commenter described its experience evaluating the features
and risks of alternative investments marketed through private
placements and has found, like FINRA, many instances in which a
sponsor's offering promotional materials did not comply with FINRA Rule
2210.\55\ Thus, the commenter asked FINRA to further clarify Regulatory
Notice 20-21 to: (1) Explain what types of information constitute an
issuer's ``operating metrics'' \56\ and (2) clarify when members may
present information about ``distribution rates'' within retail
communications.\57\
---------------------------------------------------------------------------

    \55\ See Mick Letter.
    \56\ See id.
    \57\ See id.
---------------------------------------------------------------------------

    In response, FINRA stated that the commenter's concerns regard the
application of FINRA Rule 2210 rather than the filing requirements in
the proposed rule changes to Rules 5122 and 5123 that are the subject
of the rule filing.\58\ FINRA reiterated its guidance under Regulatory
Notice 20-21 but stated that it is willing to further discuss with its
members issues regarding particular retail communications that are
filed with FINRA, both before and after a communication is filed.\59\
---------------------------------------------------------------------------

    \58\ See FINRA April 12 Letter.
    \59\ See id.
---------------------------------------------------------------------------

    Given that the proposed rule change does not change the
interpretation of retail communications, the Commission believes that
interpretations of the definition of ``retail communications'' are
outside the scope of the proposed rule change. However, FINRA stated
that it has existing guidance regarding the type of performance
projections a member can include, and is prohibited from including, in
its retail communications.
2. Other Suggested Rule Changes
    One of the four commenters supporting the proposed rule change
suggested three additional changes ``to protect retail investors in the
private placement market.'' \60\ First, the commenter recommended that
FINRA combine Rules 5122 and 5123 into a single rule and that the
combined new rule should require (as does Rule 5122) disclosure about
the use of offering proceeds, offering expenses and selling
compensation, suggesting that providing investors these key pieces of
information about an offering is justified given the history of
problems in the private placement market. Third, the commenter
recommended that FINRA amend Rule 2210 so that it applies to PPMs, term
sheets, and other offering documents in retail private placements,
arguing that in the absence of a legal definition of ``private
placement memorandum'' it is difficult to distinguish a PPM from other
retail communications and it may be difficult to determine if a member
assisted in its preparation. Accordingly, the commenter recommended
that such offering documents be subject to the general content
standards of Rule 2210(d)(1).\61\
---------------------------------------------------------------------------

    \60\ Scopus Letter.
    \61\ See id.
---------------------------------------------------------------------------

    In response, FINRA stated that the commenter's suggestions were
beyond the scope of the proposed rule change and could not be adopted
as part of this filing.\62\ The Commission agrees with FINRA that the
commenter's suggestions raise issues that go beyond the subject matter
of this proposal and therefore are beyond the scope of the proposed
rule change.
---------------------------------------------------------------------------

    \62\ See FINRA January 12 Letter.
---------------------------------------------------------------------------

3. Non-Promotional Communications
    One commenter expressed concern with the breadth of the
communications that would be required to be filed.\63\ The commenter
believes that requiring a member to file all ``retail communications
concerning a private placement'' could result in members being required
to file communications that are administrative in nature, such as
confirmations that a signature was received or reminders of actions
that investors still need to take.\64\ Instead, the commenter
recommended that FINRA narrow the scope of the filing requirement to
capture only ``those types of communications on which investors are
likely to base an investment decision,'' such as pitch decks or slide
shows.\65\
---------------------------------------------------------------------------

    \63\ See letter from Atish Davda, Co-Founder and Chief Executive
Office, Chris Giampapa, General Counsel, and Phil Haslett, Co-
Founder and Chief Revenue Officer, EquityZen Inc., to Vanessa A.
Countryman, Secretary, Commission, dated December 4, 2020.
    \64\ See id.
    \65\ See id.
---------------------------------------------------------------------------

    In response, FINRA noted that the examples of administrative
communications that the commenter identified likely would be directed
to a single or small group of investors, and thus would be
correspondence (which is not subject to filing) rather than retail

communications.\66\ Nevertheless, FINRA recognized that some of these
administrative and non-promotional communications may fall within the
definition of retail communication because they are distributed to more
than 25 retail investors within a 30-day period.\67\ Accordingly, FINRA
amended the proposed rule change to narrow the filing requirement to
any retail communication that ``promotes or recommends'' a member
private placement (Rule 5122) or other private placement (Rule 5123),
rather than a retail communication ``concerning'' such offerings.\68\
---------------------------------------------------------------------------

    \66\ See FINRA January 12 Letter. ``Correspondence'' is defined
as any written (including electronic) communication that is
distributed or made available to 25 or fewer retail investors within
any 30 calendar-day period. See Rule 2210(a)(2).
    \67\ See supra note 17.
    \68\ See FINRA January 12 Letter; see also supra note 5.
---------------------------------------------------------------------------

    The Commission believes that the proposed rule change in Amendment
No. 1 to apply the filing requirement only to a retail communication
that ``promotes or recommends'' a member private placement is designed
to protect investors and the public interest by appropriately narrowing
the filing requirement to those communications that pose the greatest
regulatory concern, and therefore improving the timeliness of FINRA's
review of private placement communications that might influence
investors' transaction decisions.

B. Commission Findings

    Under Rules 5122 and 5123, broker-dealers are required to file with
FINRA's Corporate Financing Department any PPM, term sheet, or other
offering document used in connection with private placements, but these
rules do not currently require retail communications governed by Rule
2210 to be filed. Similarly, Rule 2210 generally does not require
broker-dealers to file with FINRA's Advertising Regulation Department
the materials they use to communicate with retail investors concerning
private placements. Accordingly, firms currently have no regulatory
obligation to submit retail communications concerning private
placements for review by FINRA. Currently, some broker-dealers submit
retail communications as part of their Rules 5122 and 5123 filings
either voluntarily or as new members.\69\ Given the comparatively high
rate of non-compliance with Rule 2210 in these private placement retail
communications, and the increased risk of investor harm associated with
those communications,\70\ FINRA proposed to amend Rules 5122 and 5123
to make such submissions mandatory, in addition to the currently
required PPMs, term sheets, and other offering documents.\71\ The
proposed rule change would not amend Rule 2210 or change FINRA's
interpretations of the rule.
---------------------------------------------------------------------------

    \69\ See supra note 20.
    \70\ See supra note 19-22 and accompanying text.
    \71\ See id.
---------------------------------------------------------------------------

    The Commission believes that the proposed rule change to require
members to file retail communications concerning private placements
would help prevent fraudulent and manipulative acts and practices by
facilitating FINRA's review of information about private placements
being disclosed to retail customers in those communications. Requiring
members to file retail communications concerning private placements
with FINRA's Corporate Financing Department would allow FINRA to review
the documents more efficiently and timely than it could by relying on
cycle reviews of its members. Through its reviews of the these retail
communications, FINRA would be able to more efficiently identify retail
communications about private placements that may not be fair and
balanced as required by FINRA Rule 2210, thereby reducing the potential
risk of customer harm from investing on the basis of misleading
communications. Moreover, given the high rate of non-compliance with
this fundamental communications standard, FINRA's increased ability to
review retail communications concerning private placements pursuant to
this proposed rule change would likely incentivize broker-dealers to
distribute those types of retail communications that are fair and
balanced in compliance with Rule 2210 and deter them from presenting
information in a manner that may cause investor harm. The Commission
believes that these changes are particularly important in light of the
expanded retail investor participation in the market for private
placements.\72\ The proposed rule change would help encourage the use
of fair and balanced communications to investors making investment
decisions.
---------------------------------------------------------------------------

    \72\ See supra notes 32-34 and accompanying text.
---------------------------------------------------------------------------

    Although some commenters requested clarification of specific
aspects of the application of FINRA Rule 2210, such as broker-dealers'
use of performance projections in their retail communications, and in
some cases sought guidance on specific factual scenarios, FINRA has
previously provided guidance on these issues and has offered to
continue to provide guidance as necessary. Moreover, the Commission
believes that these comments are beyond the scope of this proposed rule
change.\73\ Notably, the proposed rule change does not modify Rule
2210, does not change its application, nor does it subject any
additional communications to 2210's requirements.\74\
---------------------------------------------------------------------------

    \73\ Another commenter requested that the Commission require
issuers of new Regulation D offerings to disclose, at a minimum, the
use of offering proceeds and the offering expenses associated with
the offering, and that they be filed for review. See Scopus Letter.
The Commission believes that interpretations of its own regulatory
terms are beyond the scope of the proposed rule change.
    \74\ A commenter also requested that FINRA combine Rules 5122
and 5123 into a single rule requiring (as does Rule 5122) disclosure
about the use of offering proceeds, offering expenses and selling
compensation. The Commission finds that this suggestion is also
beyond the scope of the proposed rule change.
---------------------------------------------------------------------------

    In sum, the Commission believes that the proposed rule change
addresses a problem identified by FINRA regarding the comparatively
high rate of non-compliance with Rule 2210 of retail communications
concerning private placements. The Commission believes that FINRA's
proposed rule change would improve the quality of information available
to retail investors about private placement securities offered by FINRA
members and strengthen FINRA's ability to monitor these communications
for potential violations of its rules thereby improving prospective
investors' confidence in these communications. FINRA has taken a number
of steps to narrowly tailor this proposed rule change in some key
respects: The proposed rule change would apply to types of retail
communications that have been found to have a high rate of
noncompliance with FINRA's fair and balanced standards; broker-dealers
would not have to pay a filing fee for their submissions; and the
proposed filing requirement has been narrowed to apply only to retail
communications concerning private placements that ``promote or
recommend'' a private placement security. Thus, for the reasons stated
above, we believe that the proposed rule change, as modified by
Amendment No. 1, is consistent with the provisions of Section 15A(b)(6)
of the Exchange Act because it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest.

IV. Conclusion

    It is therefore ordered pursuant to Section 19(b)(2) of the
Exchange Act \75\ that the proposed rule change (SR-FINRA-2020-038), as
modified by Amendment No. 1, be, and hereby is, approved.
---------------------------------------------------------------------------

    \75\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\76\
---------------------------------------------------------------------------

    \76\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-12474 Filed 6-14-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 203 (Thursday, October 20, 2016)]
[Rules and Regulations]
[Page 72526]
[FR Doc No: 2016-25434]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2016-0783]

Drawbridge Operation Regulation; Chester River, Chestertown, MD

AGENCY: Coast Guard, DHS.

ACTION: Notice of temporary deviation from drawbridge regulation;
Modification.

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

SUMMARY: The Coast Guard has modified a temporary deviation from the
operating schedule that governs the S213 (MD 213) Bridge across the
Chester River, mile 26.8, at Chestertown, MD. This modified deviation
is necessary to perform bridge maintenance. This modified deviation
allows the bridge to remain in the closed-to-navigation position.

DATES: This modified deviation is effective from 6 a.m. on October 30,
2016 through 6 a.m. on November 20, 2016.

ADDRESSES: The docket for this deviation, [USCG-2016-0783] is available
at http://www.regulations.gov. Type the docket number in the ``SEARCH''
box and click ``SEARCH''. Click on Open Docket Folder on the line
associated with this deviation.

FOR FURTHER INFORMATION CONTACT: If you have questions on this modified
temporary deviation, call or email Mr. Michael R. Thorogood, Bridge
Administration Branch Fifth District, Coast Guard, telephone 757-398-
6557, email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: On August 25, 2016, the Coast Guard
published a temporary deviation entitled ``Drawbridge Operation
Regulation; Chester River, Chestertown, MD'' in the Federal Register
(81 FR 58846). Under that temporary deviation, the bridge would remain
in the closed-to-navigation position from 8 p.m. on September 6, 2016
to 6 a.m. on October 30, 2016. The bridge would open for vessels on
signal during the scheduled closure periods, if at least 24 hours
notice were given.
    The Maryland State Highway Administration, who owns and operates
the S213 (MD 213) Bridge, has requested a modified temporary deviation
from the currently published deviation to extend the time needed to
complete the bridge painting project.
    Under this modified temporary deviation, the bridge will be
maintained in the closed-to-navigation position from 6 a.m. on October
30, 2016 through 6 a.m. on November 20, 2016. The bridge is a double
bascule draw bridge and has a vertical clearance in the closed position
of 12 feet above mean high water.
    The Chester River is used by recreational vessels. The Coast Guard
has carefully considered the nature and volume of vessel traffic on the
waterway in publishing this temporary deviation.
    For the duration of the bridge maintenance, vessels will not be
allowed to pass through the bridge due to placement of barges and
equipment in the main navigation span. The bridge will open for vessels
on signal during the scheduled closure period, if at least 24 hours
notice is given. The bridge will not be able to open for emergencies
and there is no immediate alternative route for vessels to pass. The
Coast Guard will also inform the users of the waterways through our
Local and Broadcast Notices to Mariners of the change in operating
schedule for the bridge so that vessel operators can arrange their
transit to minimize any impact caused by the temporary deviation.
    In accordance with 33 CFR 117.35(e), the drawbridge must return to
its regular operating schedule immediately at the end of the effective
period of this temporary deviation. This deviation from the operating
regulations is authorized under 33 CFR 117.35.

    Dated: October 17, 2016.
Hal R. Pitts,
Bridge Program Manager, Fifth Coast Guard District.
[FR Doc. 2016-25434 Filed 10-19-16; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 86, Number 217 (Monday, November 15, 2021)]
[Notices]
[Page 63038]
[FR Doc No: 2021-24736]

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

DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4615-DR; Docket ID FEMA-2021-0001]

New York; Amendment No. 4 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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

SUMMARY: This notice amends the notice of a major disaster declaration
for the State of New York (FEMA-4615-DR), dated September 5, 2021, and
related determinations.

DATES: This amendment was issued October 20, 2021.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street, SW,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
for the State of New York is hereby amended to include the following
area among those areas determined to have been adversely affected by
the event declared a major disaster by the President in his declaration
of September 5, 2021.

    Dutchess County for Individual Assistance (already designated
for Public Assistance).
    The following Catalog of Federal Domestic Assistance Numbers
(CFDA) are to be used for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services; 97.034, Disaster
Unemployment Assistance (DUA); 97.046, Fire Management Assistance
Grant; 97.048, Disaster Housing Assistance to Individuals and
Households In Presidentially Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance--Disaster Housing
Operations for Individuals and Households; 97.050 Presidentially
Declared Disaster Assistance to Individuals and Households--Other
Needs; 97.036, Disaster Grants--Public Assistance (Presidentially
Declared Disasters); 97.039, Hazard Mitigation Grant.

Deanne Criswell,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2021-24736 Filed 11-12-21; 8:45 am]
BILLING CODE 9111-23-P


From:
D'Angelo, Wayne J<EMAIL_ADDRESS>Sent:
Tuesday, November 24, 2020 10:46 AM
To:
Jones, DonnaLee<EMAIL_ADDRESS>Cc:
Stuart, Eric<EMAIL_ADDRESS>Balserak, Paul<EMAIL_ADDRESS>Green, Joseph J<EMAIL_ADDRESS>Subject:
Steel Industry's Proposed Redlines to Subpart AAa NSPS for EAF and AOD

Dear Dr. Jones,    I hope you are doing well.  On behalf of the Steel Manufacturers Association (SMA), American Iron & Steel Institute (AISI), and Specialty Steel Industry of North America (SSINA), I am attaching the steel industry's proposed redline edits to the Subpart AAa NSPS for Electric Arc Furnaces (EAFs) and Argon-Oxygen Decarburization vessels (AOD).   We recognize that it has taken us a long time to get these to you, but the time was not wasted; We were able to compile and coordinate feedback and recommendations from all three steel associations and each of their participating member companies.  And as a result of that collaborative process, I believe we were able to develop recommendations that can help EPA clarify and improve the structure of the NSPS.

We appreciate you allowing us to provide these proposed edits and recommendations, and we look forward to discussing them with you at your convenience.  To that end, I plan to reach out to you again in early December to schedule a follow-up discussion with representatives of the three steel associations (copied here).   In the meantime, please let me know if you have any questions or issues you would like to discuss.  Until then, I hope you and yours have a very happy Thanksgiving.

Best wishes,
Wayne

WAYNE D'ANGELO
Partner
Kelley Drye & Warren LLP
Washington Harbour
3050 K Street NW, Suite 400
Washington, DC 20007
Tel:<PHONE_NUMBER>
Cell:<PHONE_NUMBER>

WWW.KELLEYDRYE.COM

<EMAIL_ADDRESS>

<< NSPS-Word-Subpart-AAa-steel industry final redlines v1.docx >>