[Federal Register Volume 81, Number 105 (Wednesday, June 1, 2016)]
[Notices]
[Pages 35115-35116]
[FR Doc No: 2016-12773]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77911; File No. SR-NYSEMKT-2016-42]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of
Designation of Longer Period for Commission Action on Proposed Rule
Change To Amend Rule 952NY With Respect to Opening Trading in an
Options Series

May 25, 2016.
    On March 23, 2016, NYSE MKT LLC (``Exchange'') filed with the
Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\
and Rule 19b-4 thereunder,\2\ a proposed rule change to amend the
Exchange's process for opening trading in an options series. The
proposed rule change was published for comment in the Federal Register
on April 12, 2016.\3\ The Commission has received no comment letters on
the proposal.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 77540 (April 6,
2016), 81 FR 21623.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \4\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether these proposed rule changes should be disapproved.
The 45th day for this filing is May 27, 2016.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission is extending the 45-day time period for Commission
action on the proposed rule change. The Commission finds that it is
appropriate to designate a longer period within which to take action on
the proposed rule change so that it has sufficient time to consider and
take action on the Exchange's proposed rule change.
    Accordingly, pursuant to Section 19(b)(2)(A)(ii)(I) of the Act \5\
and for the

reasons stated above, the Commission designates July 11, 2016 as the
date by which the Commission should either approve or disapprove, or
institute proceedings to determine whether to disapprove, the proposed
rule change (File No. SR-NYSEMKT-2016-42).
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2)(A)(ii)(I).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2016-12773 Filed 5-31-16; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 207 (Wednesday, October 26, 2016)]
[Notices]
[Pages 74423-74424]
[FR Doc No: 2016-25790]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. EL17-5-000; QF16-876-001; QF16-877-001; QF16-879-001;
QF16-880-001; QF16-881-001; QF16-882-001; QF16-883-001; QF16-884-001;
QF16-885-001; QF16-886-001; QF16-887-001; QF16-888-001; QF16-889-001;
QF16-899-001]

FLS Energy, Inc.; Notice of Petition for Enforcement

    Take notice that on October 17, 2016, pursuant to section
210(h)(2)(B) of the Public Utility Regulatory Policies Act of 1978
(PURPA) \1\ and sections 206, 306, and 309 of the Federal Power Act,\2\
FLS Energy, Inc. filed a Petition for Enforcement requesting the
Federal Energy Regulatory Commission (Commission) exercise its
authority and initiate enforcement action against the Montana Public
Service Commission and NorthWestern Corporation, alleging that they
failed to implement PURPA, all as more fully explained in the petition.
---------------------------------------------------------------------------

    \1\ 16 U.S.C. 824a-3(h)(2)(B) (2012).
    \2\ 16 U.S.C. 824e, 824k, 825e, 825h.
---------------------------------------------------------------------------

    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and

Procedure (18 CFR 385.211, 385.214). Protests will be considered by the
Commission in determining the appropriate action to be taken, but will
not serve to make protestants parties to the proceeding. Any person
wishing to become a party must file a notice of intervention or motion
to intervene, as appropriate. Such notices, motions, or protests must
be filed on or before the comment date. On or before the comment date,
it is not necessary to serve motions to intervene or protests on
persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 5 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive email
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on November 7, 2016.

    Dated: October 19, 2016.
Kimberly D. Bose,
Secretary.
[FR Doc. 2016-25790 Filed 10-25-16; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: July 11, 2007 (Volume 72, Number 132)]
[Notices]
[Page 37752-37753]
[DOCID:fr11jy07-72]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP07-501-000]

National Fuel Gas Supply Corporation; Notice of Proposed Changes
in FERC Gas Tariff

July 3, 2007.
    Take notice that on June 29, 2007, National Fuel Gas Supply
Corporation (National) tendered for filing as part of its FERC Gas
Tariff, Fourth Revised Volume No. 1, 103rd Revised Sheet No. 9, to
become effective June 1, 2007.
    National states that Article II, Sections 1 and 2 of the settlement
provide that National will recalculate the maximum Interruptible
Gathering (``IG'') rate semi-annually and monthly. Further, Section

2 of Article II provides that the IG rate will be the recalculated
monthly rate, commencing on the first day of the following month, if
the result is an IG rate more than 2 cents above or below the IG rate
as calculated under Section 1 of Article II. The recalculation produced
an IG rate of $1.49 per dth. In addition, Article III, Section 1 states
that any overruns of the Firm Gathering service provided by National
shall be priced at the maximum IG rate. Pursuant to a posting on its
web site, National is currently discounting its IG rate to all shippers
to $0.8000 per dth. This discount will remain in effect at least
throughout the month of July 2007 and until further notice.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211 and 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed in accordance with the provisions of
Section 154.210 of the Commission's regulations (18 CFR 154.210).
Anyone filing an intervention or protest must serve a copy of that
document on the Applicant. Anyone filing an intervention or protest on
or before the intervention or protest date need not serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

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

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

TTY, call<PHONE_NUMBER>.

Kimberly D. Bose,
Secretary.
[FR Doc. E7-13460 Filed 7-10-07; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 80, Number 214 (Thursday, November 5, 2015)]
[Rules and Regulations]
[Pages 68451-68453]
[FR Doc No: 2015-28097]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R06-OAR-2006-0131; FRL-9936-45-Region 6]

Approval and Promulgation of Implementation Plans; Louisiana;
Major Source Permitting State Implementation Plan

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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

SUMMARY: The Environmental Protection Agency (EPA) is approving
portions of revisions to the Louisiana New Source Review (NSR) State
Implementation Plan (SIP) submitted by the Louisiana Department of
Environmental Quality. These revisions are updates to the Prevention of
Significant Deterioration (PSD) and Nonattainment NSR (NNSR) permit
programs.

DATES: This rule is effective on December 7, 2015.

ADDRESSES: The Environmental Protection Agency (EPA) has established a
docket for this action under Docket ID No. EPA-R06-OAR-2006-0131. All
documents in the docket are listed on the http://www.regulations.gov
Web site. Although listed in the index, some information is not
publicly available, e.g., Confidential Business Information or other
information whose disclosure is restricted by statute. Certain other
material, such as copyrighted material, is not placed on the Internet
and will be publicly available only in hard copy form. Publicly
available docket materials are available either electronically through
http://www.regulations.gov or in hard copy at the EPA Region 6, 1445
Ross Avenue, Suite 700, Dallas, Texas 75202-2733.

FOR FURTHER INFORMATION CONTACT: Stephanie Kordzi,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document wherever ``we,''
``us,'' or ``our'' is used, we mean the EPA.

I. Background

    The background for this action is discussed in detail in our August
19, 2015, proposal (80 FR 50240). In that document, we proposed to
approve portions of SIP submittals for the State of Louisiana. These
amendments provide clarity to the SIP-approved rules and correct
contradictory language. Specific proposed revisions address the
assessment and validation of a facility's emissions inventory values.
Further, the amendments revise the SIP rules to conform to the latest
changes to Louisiana laws including making changes to the Louisiana
NNSR and PSD permitting programs reflecting the requirements found in
the federal NSR Reform Program SIP rules. The changes also define, for
NNSR purposes, the parishes that have been designated as non-attainment
for ozone. Finally, this action addresses eight rule changes for
baseline actual emissions and projected actual emissions definitions.
This action is being taken under section 110 of the Act. We did not
receive any comments regarding our proposal.

II. Final Action

    We are approving portions of SIP submittals for the State of
Louisiana submitted on July 25, 1997, June 22, 1998, February 2, 2000,
January 27, 2003, June 15, 2005, December 20, 2005, May 5, 2006, July
20, 2007, November 9, 2007, August 14, 2009, May 16, 2011, and February
27, 2013, to address air permit procedure revisions, ERC banking
revisions, Baton Rouge Severe Area rule update revisions, NSR reform
revisions, rescission of the alternative emission reduction plan for
Union Carbide Corporation Taft Plant, revisions for Particulate Matter
2.5 (PM2.5) National Ambient Air Quality Standards (NAAQS),
and an update of PM2.5 increments. We approve the portions
of the SIP submittals that meet CAA requirements. Specifically, we are
approving the following revisions to the Louisiana SIP:
     Revisions to LAC 33:III.501 as submitted on July 25, 1997;
     Revisions to LAC 33:III.504 as submitted on June 15, 2005;
December 20, 2005; May 5, 2006; November 9, 2007; August 14, 2009; and
May 16, 2011;
     Revisions to LAC 33:III.509 as submitted on July 25, 1997;
June 22, 1998; January 27, 2003; February 2, 2000; December 20, 2005;
May 5, 2006; November 9, 2007; May 16, 2011; and February 27, 2013;
     Revisions to LAC 33:III.603 as submitted on February 2,
2000; and August 14, 2009;
     Revisions to LAC 33:III.605 as submitted on August 14,
2009;
     Revisions to LAC 33:III.607 as submitted on November 9,
2007 and August 14, 2009;
     Revisions to LAC 33:III.613 as submitted on January 27,
2003 and May 5, 2006;
     Revisions to LAC 33:III.615 as submitted on January 27,
2003 and August 14, 2009; and
     The removal of the Union Carbide Bubble Permit in
Hahnville, Louisiana, as submitted on July 20, 2007, at 40 CFR
52.970(d) to reflect the rescission of the permit by LDEQ.
    The EPA is finding that the May 16, 2011, revisions to the
Louisiana NNSR program at LAC 33:III.504 address all required NNSR
elements for the implementation of the 1997 and 2006 PM2.5
NAAQS. We note that the Louisiana NNSR program does not include
regulation of volatile organic compounds and ammonia as
PM2.5 precursors. However, as section 189(e) of the Act
requires regulation of PM2.5 precursors that significantly
contribute to PM2.5 levels ``which exceed the standard in
the area'' and Louisiana does not have a designated PM2.5
nonattainment area; the revisions addressing only sulfur dioxide and
nitrogen oxides are not inconsistent with the requirements of the CAA.
In the event that an area is designated nonattainment for the 2012
PM2.5 NAAQS or any other future PM2.5 NAAQS,
Louisiana will have a deadline under section 189(a)(2) of the CAA to
make a submission addressing the statutory requirements as to that
area, including the requirements in section 189(e) that apply to the
regulation of PM2.5 precursors.
    This action is being taken under section 110 of the Act.

III. Incorporation by Reference

    In this rule, we are finalizing regulatory text that includes
incorporation by reference. In accordance with the requirements of 1
CFR 51.5, we are finalizing the incorporation by reference of the
revisions to the Louisiana regulations as described in the Final Action
section above. We have made, and will continue to make, these documents
generally available electronically through www.regulations.gov and/or
in hard copy at the EPA Region 6 office.

IV. Statutory and Executive Order Reviews

    Under the Clean Air Act, the Administrator is required to approve a
SIP submission that complies with the provisions of the Act and
applicable Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, the EPA's role is to approve state
choices, provided that they meet the criteria of the Clean Air Act.
Accordingly, this action merely approves state law as meeting Federal
requirements and does not impose

additional requirements beyond those imposed by state law. For that
reason, this action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Orders
12866 (58 FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21,
2011);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the Clean Air Act; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).

In addition, the SIP is not approved to apply on any Indian reservation
land or in any other area where EPA or an Indian tribe has demonstrated
that a tribe has jurisdiction. In those areas of Indian country, the
rule does not have tribal implications and will not impose substantial
direct costs on tribal governments or preempt tribal law as specified
by Executive Order 13175 (65 FR 67249, November 9, 2000).

    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by January 4, 2016. Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this action for the purposed of
judicial review nor does it extend the time within which a petition for
judicial review may be filed, and shall not postpone the effectiveness
of such rule or action. This action may not be challenged later in
proceedings to enforce its requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Carbon monoxide,
Incorporation by reference, Intergovernmental relations, Lead, Nitrogen
dioxide, Ozone, Particulate matter, Reporting and recordkeeping
requirements, Sulfur oxides, and Volatile organic compounds.

    Dated: October 23, 2015.
Samuel Coleman,
Acting Regional Administrator, Region 6.

    40 CFR part 52 is amended as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

0
1. The authority citation for part 52 continues to read as follows:

    Authority:  42 U.S.C. 7401 et seq.

Subpart T--Louisiana

0
2. In Sec.  52.970:
0
a. In paragraph (c), the table titled ``EPA-Approved Louisiana
Regulations in the Louisiana SIP'' is amended by revising the entries
for Sections 501, 504, 509, 603, 605, 607, 613, and 615; and
0
b. Paragraph (d) is amended by removing the entry for ``Union Carbide
Facility in Hahnville, Louisiana''.
    The revisions read as follows:

Sec.  52.970  Identification of plan.

* * * * *
    (c) * * *

                             EPA Approved Louisiana Regulations in the Louisiana SIP
----------------------------------------------------------------------------------------------------------------
                                                        State approval
          State citation              Title/subject          date        EPA Approval date         Comments
----------------------------------------------------------------------------------------------------------------
                                LAC Title 33. Environmental Quality Part III. Air
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------
                                          Chapter 5--Permit Procedures
----------------------------------------------------------------------------------------------------------------
Section 501......................  Scope and                 5/20/1996  11/5/2015 [Insert
                                    Applicability.                       Federal Register
                                                                         citation].

                                                  * * * * * * *
Section 504......................  Nonattainment New         2/20/2011  11/5/2015 [Insert    The SIP does not
                                    Source Review                        Federal Register     include LAC
                                    (NNSR) Procedures.                   citation].           33:III.504.M.

                                                  * * * * * * *
Section 509......................  Prevention of            12/20/2012  11/5/2015 [Insert    SIP does not
                                    Significant                          Federal Register     include provisions
                                    Deterioration.                       citation].           for permitting of
                                                                                GHGs as effective
                                                                                on 04/20/2011 at
                                                                                LAC 33:III.509(B)
                                                                                definition of
                                                                                ``carbon dioxide
                                                                                equivalent
                                                                                emissions'',
                                                                                ``greenhouse
                                                                                gases'', ``major
                                                                                stationary
                                                                                source'', and
                                                                                ``significant''.
                                                                                SIP does not
                                                                                include the PM2.5
                                                                                SMC at LAC
                                                                                33:III.509(I)(5)(a
                                                                                ) from the 12/20/
                                                                                2012 adoption. LAC
                                                                                33:III.509(I)(5)(a
                                                                                ) is SIP-approved
                                                                                as of 10/20/2007
                                                                                adoption.
----------------------------------------------------------------------------------------------------------------
                    Chapter 6--Regulations on Control of Emissions Reduction Credits Banking
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
Section 603......................  Applicability......      10/20/2007  11/5/2015 [Insert
                                                                         Federal Register
                                                                         citation].
Section 605......................  Definitions........      10/20/2007  11/5/2015 [Insert
                                                                         Federal Register
                                                                         citation].
Section 607......................  Determination of         10/20/2007  11/5/2015 [Insert
                                    Creditable                           Federal Register
                                    Emission                             citation].
                                    Reductions.
Section 613......................  ERC Balance Sheet..      10/20/2007  11/5/2015 [Insert
                                                                         Federal Register
                                                                         citation].
Section 615......................  Schedule for             10/20/2007  11/5/2015 [Insert
                                    Submitting                           Federal Register
                                    Applications.                        citation].

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------

* * * * *
[FR Doc. 2015-28097 Filed 11-4-15; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 77, Number 91 (Thursday, May 10, 2012)]
[Notices]
[Pages 27530-27532]
[FR Doc No: 2012-11242]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66914; File No. SR-CME-2012-16]

Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.;
Notice of Filing and Order Granting Accelerated Approval of Proposed
Rule Change To Amend Rules Regarding CDS Clearing Member Obligations
and Qualifications

May 3, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on April 23, 2012, Chicago Mercantile Exchange Inc. (``CME'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change described in Items I and II, below, which items
have been prepared substantially by CME. The Commission is publishing
this Notice and Order to solicit comments on the proposed rule change
from interested persons and to approve the proposed rule change on an
accelerated basis.
---------------------------------------------------------------------------

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

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

    CME proposes to amend certain of its rules to comply with pending
revisions to the CFTC Regulations. The text of the proposed rule change
is available at the CME's Web site at http://www.cmegroup.com.

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

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

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

    CME is registered as a derivatives clearing organization with the
Commodity Futures Trading Commission (''CFTC'') and operates a

substantial business clearing futures and swaps contracts subject to
the jurisdiction of the CFTC. CME proposes to amend certain of its
rules to comply with certain mandatory revisions that are related to
recent changes in CFTC Regulations that will become effective on May 7,
2012. More specifically, CME proposes to adopt revisions to CME Rule
8H04 (CDS Clearing Member Obligations and Qualifications).
    As described above, the CFTC adopted a number of new regulations
designed to implement the core principles for derivatives clearing
organizations (DCOs) in the Commodity Exchange Act, as amended by the
Dodd-Frank Act. CFTC Regulation 39.12, which becomes effective on May
7, 2012, provides for participant and product eligibility requirements.
CFTC Regulation 39.12(a)(iii) provides that a DCO ``shall not set
minimum capital requirements of more than $50 million for any person
that seeks to become a clearing member in order to clear swaps.'' CFTC
Regulation 39.12(a)(2)(ii) provides that ``[c]apital requirements shall
be scalable to the risks posed by clearing members.'' CFTC Regulation
39.12(a) provides that a DCO ``shall establish appropriate admission
and continuing participation requirements for clearing members of the
derivatives clearing organization that are objective, publicly
disclosed, and risk-based.''
    In order to comply with these Regulations, CME plans to amend CME
Rule 8H04. Revised CME Rule 8H04.2 sets minimum capital for a CDS
Clearing Member at $50 million and defines ``capital'' consistent with
Regulation 39.12(a)(2)(i). In order to scale the capital requirements
of CDS Clearing Members to the risks posed by such CDS Clearing
Members, new CME Rule 8H04.3 requires CDS Clearing Members to maintain
capital of at least 20% of the aggregate performance bond requirement
for its proprietary and customer CDS Contracts. Revised CME Rule 8H04.9
requires CDS Clearing Members to provide nominations for certain
members of the CDS Risk Committee and CDS Default Management Committee.
    The text of the proposed rule change is available at the CME's Web
site at http://www.cmegroup.com. CME also made a filing, CME Submission
12-124, with its primary regulator, the CFTC, with respect to the
proposed rule changes.
    CME believes the proposed changes are consistent with the
requirements of the Exchange Act. First, CME, a derivatives clearing
organization, is required to implement the proposed changes to comply
with recent changes to CFTC regulations. CME notes that the policies of
the Commodity Exchange Act (``CEA'') with respect to clearing are
comparable to a number of the policies underlying the Exchange Act,
such as promoting market transparency for derivatives markets,
promoting the prompt and accurate clearance of transactions and
protecting investors and the public interest. Second, CME believes the
proposed changes are specifically designed to promote the prompt and
accurate clearance and settlement of derivative agreements, contracts,
and transactions, and assure the safeguarding of securities and funds
which are in the custody or control of CME, and, in general, protect
investors and the public interest, because the rules changes establish
objective and risk-based admission and continuing participation
requirements for clearing members in compliance with applicable law.

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

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

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

    CME has not solicited, and does not intend to solicit, comments
regarding this proposed rule change. CME has not received any
unsolicited written comments from interested parties.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
     Electronic comments may be submitted by using the
Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml), or send an email to<EMAIL_ADDRESS>Please include
File No. SR-CME-2012-16 on the subject line.
     Paper comments should be sent in triplicate to Elizabeth
M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street
NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-CME-2012-16. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of CME. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-CME-2012-16 and should be
submitted on or before May 31, 2012.

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

    Section 19(b) of the Act \3\ directs the Commission to approve a
proposed rule change of a self-regulatory organization if it finds that
such proposed rule change is consistent with the requirements of the
Act and the rules and regulations thereunder applicable to such
organization.\4\ In particular, Section 17A(b)(3)(F) of the Act
requires that the rules of the clearing agency be designed to promote
the prompt and accurate clearance and settlement of securities
transactions, and to the extent applicable, derivative agreements,
contracts, and transactions.\5\
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    \3\ 15 U.S.C. 78s(b).
    \4\ 15 U.S.C. 78s(b)(2)(B).
    \5\ 15 U.S.C. 78q-1(b)(3)(F).
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    The proposed change would allow CME to expand the base of potential
clearing members by lowering the net capital threshold for membership,
thereby promoting the prompt and accurate clearance and settlement of
securities transactions, and derivative agreements, contracts, and
transactions. It should also allow CME to comply with new CFTC
regulatory requirements, thereby promoting the prompt and accurate
clearance and settlement of derivative agreements, contracts, and
transactions.

    In its filing, CME requested that the Commission approve this
proposed rule change on an accelerated basis for good cause shown. CME
cites as the reason for this request CME's operation as a DCO, which is
subject to regulation by the CFTC under the CEA and, in particular, new
CFTC regulations that become effective on May 7, 2012. Thus, the
Commission finds good cause, pursuant to Section 19(b)(2) of the
Act,\6\ for approving the proposed rule change prior to the 30th day
after the date of publication of notice in the Federal Register because
as a registered DCO, CME is required to comply with the new CFTC
regulations by the time they become effective on May 7, 2012.
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    \6\ 15 U.S.C. 78s(b)(2).
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V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (SR-CME-2012-16) is approved on an
accelerated basis.\7\
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    \7\ In approving the proposed rule change, the Commission
considered the proposal's impact on efficiency, competition and
capital formation. 15 U.S.C. 78c(f).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-11242 Filed 5-9-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 36 (Friday, February 22, 2013)]
[Notices]
[Pages 12372-12374]
[FR Doc No: 2013-04013]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-30383; 812-14105]

UBS AG, et al.; Notice of Application and Temporary Order

February 15, 2013.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Temporary order and notice of application for a permanent order
under section 9(c) of the Investment Company Act of 1940 (``Act'').

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    Summary of Application: Applicants have received a temporary order
exempting them from section 9(a) of the Act, with respect to a guilty
plea entered on December 19, 2012, by UBS Securities Japan Co., Ltd.
(the ``Settling Firm'') in the U.S. District Court for the District of
Connecticut (``District Court'') in connection with a plea agreement
between the Settling Firm and the U.S. Department of Justice (``DOJ''),
until the Commission takes final action on an application for a
permanent order. Applicants have requested a permanent order.
    Applicants: UBS AG; UBS IB Co-Investment 2001 GP Limited (``ESC
GP''); UBS Financial Services Inc. (``UBSFS''); UBS Alternative and
Quantitative Investments LLC (``UBS Alternative''); UBS Willow
Management, L.L.C. (``UBS Willow''), UBS Eucalyptus Management, L.L.C.
(``UBS Eucalyptus'') and UBS Juniper Management, L.L.C. (``UBS
Juniper'') (UBS Willow, UBS Eucalyptus, and UBS Juniper are referred to
collectively as ``UBS Alternative Managers''); UBS Global Asset
Management (Americas) Inc. (``UBS Global AM Americas''); UBS Global
Asset Management (US) Inc. (``UBS Global AM US''); and the Settling
Firm (each an ``Applicant'' and collectively, the ``Applicants'').\1\
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    \1\ Applicants request that any relief granted pursuant to the
application also apply to any existing or future company of which
the Settling Firm is or may become an affiliated person within the
meaning of section 2(a)(3) of the Act (together with the Applicants,
the ``Covered Persons'').
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    Filing Date: The application was filed on December 19, 2012, and
amended on January 31, 2013.
    Hearing or Notification of Hearing: An order granting the
application will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving Applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on March 12, 2013, and should be accompanied by proof of
service on Applicants, in the form of an affidavit, or for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.

ADDRESSES: Elizabeth M. Murphy, Secretary, U.S. Securities and Exchange
Commission, 100 F Street NE., Washington, DC 20549-1090. Applicants:
UBS AG, ESC-GP, and the Settling Firm, c/o UBS Investment Bank, 677
Washington Boulevard, Stamford, CT 06901; UBSFS, 1200 Harbor

Boulevard, Weehawken, NJ 07086; UBS Alternative, 677 Washington
Boulevard, Stamford, CT 06901; UBS Willow, UBS Eucalyptus, and UBS
Juniper, 299 Park Avenue, 29th Floor, New York, NY 10171; UBS Global AM
Americas, One North Wacker Drive, Chicago, IL 60606 and UBS Global AM
US, 1285 Avenue of the Americas, 12th Floor, New York, NY 10019.

FOR FURTHER INFORMATION CONTACT: Steven I. Amchan, Senior Counsel, at
(202) 551-6826 or Jennifer L. Sawin, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Office of Investment Company
Regulation).

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

Applicants' Representations

    1. UBS AG, a company organized under the laws of Switzerland, is a
Swiss-based global financial services firm. UBS AG and its subsidiaries
provide global wealth management, securities and retail and commercial
banking services. Each of the other Applicants is either a direct or
indirect majority-owned or wholly-owned subsidiary of UBS AG. UBSFS is
a corporation organized under the laws of Delaware and provides a wide
range of wealth management services, including financial planning and
wealth management consulting, asset-based and advisory services and
transaction-based services, to clients in the United States and
throughout the world. UBSFS, UBS Alternative, UBS Alternative
Managers,\2\ and UBS Global AM Americas are investment advisers
registered under the Investment Advisers Act of 1940, and all but UBSFS
currently serve as investment advisers to registered management
investment companies (``Funds''). UBSFS and UBS Global AM US are
registered as broker-dealers under the Securities and Exchange Act of
1934 (``Exchange Act''). UBSFS is the co-principal underwriter to
various registered unit investment trusts. UBS Global AM US serves as
principal underwriter to various open-end Funds. UBS AG and ESC GP
provide investment advisory services to employees' securities companies
(``ESCs''), as defined in section 2(a)(13) of the Act, which provide
investment opportunities for highly compensated key employees, officer,
directors and current consultants of UBS AG and its affiliates.
Applicants (other than the Settling Firm) collectively serve as
investment adviser to Funds and ESCs, principal underwriter to open-end
Funds, and co-principal underwriter to registered unit investment
trusts (such activities, collectively, ``Fund Service Activities'').
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    \2\ UBS Alternative is also managing member of the UBS
Alternative Managers.
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    2. On December 19, 2012, the Fraud Section of the Criminal Division
of the DOJ filed a one-count criminal information (the ``Information'')
in the District Court charging wire fraud, in violation of Title 18,
United States Code, Sections 1343 and 2. The Information charges that
between approximately 2006 and at least 2009, the Settling Firm engaged
in a scheme to defraud counterparties to interest rate derivatives
trades executed on its behalf by secretly manipulating benchmark
interest rates to which the profitability of those trades was tied. The
Information charges that, in furtherance of this scheme, on or about
February 25, 2009, the Settling Firm committed wire fraud in violation
of Title 18, United States Code, Sections 1343 and 2 by transmitting,
or causing the transmission of: (i) An electronic chat between a
derivatives trader employed by the Settling Firm and a broker employed
at an interdealer brokerage firm; (ii) a subsequent submission for the
London InterBank Offered Rate for Japanese Yen (``Yen LIBOR'') to
Thomson Reuters; and (iii) a subsequent publication of a Yen LIBOR rate
through international and interstate wires.
    3. Pursuant to a plea agreement (the ``Plea Agreement''), the
Settling Firm entered a plea of guilty (the ``Guilty Plea'') on
December 19, 2012, in the District Court. In the Plea Agreement, the
Settling Firm agreed to a fine of $100 million and other remedies.
Applicants expect that the District Court will enter a judgment against
the Settling Firm (the ``Judgment'') that will require remedies that
are materially the same as set forth in the Plea Agreement. In
addition, UBS AG has entered into a non-prosecution agreement with DOJ,
dated December 18, 2012 (the ``Non-Prosecution Agreement''), relating
to submissions of the Yen LIBOR and other benchmark interest rates. In
the Non-Prosecution Agreement, UBS AG has agreed to, among other
things: (i) Provide full cooperation with DOJ and any other law
enforcement or government agency designated by DOJ until the conclusion
of all investigations and prosecutions arising out of the conduct
described in the Non-Prosecution Agreement; (ii) strengthen its
internal controls as required by certain other U.S. and non-U.S.
regulatory agencies that have addressed the misconduct described in the
Non-Prosecution Agreement; and (iii) the payment of $500 million, which
includes amounts incurred by the Settling Firm for criminal penalties
arising from the Judgment. The individuals at the Settling Firm and any
other Covered Person who were identified by the Settling Firm, UBS AG
or any U.S. or non-U.S. regulatory or enforcement agencies as being
responsible for the conduct underlying the Plea Agreement (including
the conduct described in any of the Exhibits thereto) (the ``Conduct'')
have either resigned or have been terminated.

Applicants' Legal Analysis

    1. Section 9(a)(1) of the Act provides, in pertinent part, that a
person may not serve or act as an investment adviser or depositor of
any registered investment company or a principal underwriter for any
registered open-end investment company or registered unit investment
trust, if such person within ten years has been convicted of any felony
or misdemeanor arising out of such person's conduct, as, among other
things, a broker or dealer. Section 2(a)(10) of the Act defines the
term ``convicted'' to include a plea of guilty. Section 9(a)(3) of the
Act extends the prohibitions of section 9(a)(1) to a company any
affiliated person of which has been disqualified under the provisions
of section 9(a)(1). Section 2(a)(3) of the Act defines ``affiliated
person'' to include, among others, any person directly or indirectly
controlling, controlled by, or under common control with, the other
person. Applicants state that the Settling Firm is an affiliated person
of each of the other Applicants within the meaning of section 2(a)(3).
Applicants state that the guilty plea would result in a
disqualification of each Applicant for ten years under section 9(a) of
the Act because the Settling Fund would become the subject of a
conviction described in 9(a)(1).
    2. Section 9(c) of the Act provides that the Commission shall grant
an application for exemption from the disqualification provisions of
section 9(a) if it is established that these provisions, as applied to
Applicants, are unduly or disproportionately severe or that the
Applicants' conduct has been such as not to make it against the public
interest or the protection of investors to grant the exemption.
Applicants have filed an application pursuant to section 9(c) seeking
temporary and permanent

orders exempting the Applicants and the other Covered Persons from the
disqualification provisions of section 9(a) of the Act. On December 19,
2012, Applicants received a temporary conditional order from the
Commission exempting them from section 9(a) of the Act with respect to
the Guilty Plea from December 19, 2012, until the Commission takes
final action on an application for a permanent order or, if earlier,
February 15, 2013.
    3. Applicants believe they meet the standard for exemption
specified in section 9(c). Applicants state that the prohibitions of
section 9(a) as applied to them would be unduly and disproportionately
severe and that the conduct of Applicants has been such as not to make
it against the public interest or the protection of investors to grant
the exemption from section 9(a).
    4. Applicants assert that the Conduct did not involve any of the
Applicants' Fund Service Activities, and that the Settling Firm does
not serve in any of the capacities described in section 9(a) of the
Act. Additionally, Applicants assert that the Conduct did not involve
any Fund or ESC with respect to which the Applicants provided Fund
Service Activities, or the assets of any such Fund or ESC. Applicants
further assert that (i) none of the current or former directors,
officers or employees of the Applicants (other than certain personnel
of the Settling Firm and UBS AG who were not involved in any of the
Applicants' Fund Service Activities) had any knowledge of, or had any
involvement in, the Conduct; (ii) no former employee of the Settling
Firm or any other Covered Person who previously has been or who
subsequently may be identified by the Settling Firm, UBS AG or any U.S.
or non-U.S. regulatory or enforcement agencies as having been
responsible for the Conduct will be an officer, director, or employee
of any Applicant or any other Covered Person; (iii) those identified
employees have had no, and will not have any future, involvement in the
Covered Persons' activities in any capacity described in section 9(a)
of the Act; and (iv) because the personnel of the Applicants (other
than certain personnel of the Settling Firm and UBS AG who were not
involved in any of the Applicants' Fund Service Activities) did not
have any involvement in the Conduct, shareholders of those RICs and
ESCs were not affected any differently than if those RICs and ESCs had
received services from any other non-affiliated investment adviser or
principal underwriter. Applicants have agreed that neither they nor any
of the other Covered Persons will employ any of the former employees of
the Settling Firm or any other Covered Person who previously have been
or who subsequently may be identified by the Settling Firm, UBS AG or
any U.S. or non-U.S. regulatory or enforcement agency as having been
responsible for the Conduct in any capacity without first making a
further application to the Commission pursuant to section 9(c).
    5. Applicants further represent that the inability of the
Applicants (other than the Settling Firm) to continue providing Fund
Service Activities would result in potential hardships for both the
Funds and their shareholders. Applicants state that they will
distribute written materials, including an offer to meet in person to
discuss the materials, to the board of directors of each Fund,
including the directors who are not ``interested persons,'' as defined
in section 2(a)(19) of the Act, of such Fund, and their independent
legal counsel as defined in rule 0-1(a)(6) under the Act, if any,
regarding the Guilty Plea, any impact on the Funds, and the
application. The Applicants will provide the Funds with all information
concerning the Plea Agreement and the application that is necessary for
the Funds to fulfill their disclosure and other obligations under the
federal securities laws.
    6. Applicants also state that, if they (other than the Settling
Firm) were barred from providing Fund Service Activities to Funds, the
effect on their businesses and employees would be severe. The
Applicants state that they have committed substantial capital and
resources to establishing expertise in advising and sub-advising Funds
and in support of their principal underwriting business.
    7. Applicants state that several Applicants and certain of their
affiliates have previously received orders under section 9(c), as
described in greater detail in the application.

Applicants' Conditions

    Applicants agree that any order granted by the Commission pursuant
to the application will be subject to the following conditions:
    1. Any temporary exemption granted pursuant to the application
shall be without prejudice to, and shall not limit the Commission's
rights in any manner with respect to, any Commission investigation of,
or administrative proceedings involving or against, Covered Persons,
including, without limitation, the consideration by the Commission of a
permanent exemption from section 9(a) of the Act requested pursuant to
the application or the revocation or removal of any temporary
exemptions granted under the Act in connection with the application.
    2. Neither the Applicants nor any of the other Covered Persons will
employ any of the former employees of the Settling Firm or any other
Covered Person who previously have been or who subsequently may be
identified by the Settling Firm, UBS AG or any U.S. or non-U.S.
regulatory or enforcement agency as having been responsible for the
Conduct in any capacity without first making a further application to
the Commission pursuant to section 9(c).

Temporary Order

    The Commission has considered the matter and finds that Applicants
have made the necessary showing to justify granting a temporary
exemption.
    Accordingly,
    It is hereby ordered, pursuant to section 9(c) of the Act, that the
Applicants and the other Covered Persons are granted a temporary
exemption from the provisions of section 9(a), effective forthwith,
solely with respect to the Guilty Plea, subject to the conditions in
the application, until the date the Commission takes final action on
their application for a permanent order.

    By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013-04013 Filed 2-21-13; 8:45 am]
BILLING CODE 8011-01-P