[Federal Register Volume 87, Number 242 (Monday, December 19, 2022)]
[Proposed Rules]
[Pages 77544-77546]
[FR Doc No: 2022-27477]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R10-OAR-2022-0719, FRL-10254-01-R10]

Air Plan Approval; ID; Incorporation by Reference Updates

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: The Environmental Protection Agency (EPA) proposes to approve
a revision to the Idaho State Implementation Plan (SIP) submitted on
May 4, 2022. The submission updates the incorporation by reference of
the national ambient air quality standards and related planning and
monitoring requirements into the Idaho air quality rules as of July 1,
2021. Idaho undertakes such updates regularly to ensure the state air
quality rules and the federally enforceable Idaho SIP remain consistent
with EPA air quality regulations over time.

DATES: Comments must be received on or before January 18, 2023.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R10-
OAR-2022-0719, at www.regulations.gov. Follow the online instructions
for submitting comments. Once submitted, comments cannot be edited or
removed from www.regulations.gov. The EPA may publish any comment
received to its public docket. Do not electronically submit any
information you consider to be Confidential Business Information or
other information the disclosure of which is restricted by statute.
Multimedia submissions (audio, video, etc.) must be accompanied by a
written comment. The written comment is considered the official comment
and should include discussion of all points you wish to make. The EPA
will generally not consider comments or comment contents located
outside of the primary submission (i.e., on the web, cloud, or other
file sharing system). For additional submission methods, the full EPA
public comment policy, information about Confidential Business
Information or multimedia submissions, and general guidance on making
effective comments, please visit

www.epa.gov/dockets/commenting-epa-dockets.

FOR FURTHER INFORMATION CONTACT: Kristin Hall, EPA Region 10, 1200
Sixth Avenue, Suite 155, Seattle, WA 98101, at<PHONE_NUMBER> or
[email protected].

SUPPLEMENTARY INFORMATION:

Table of Contents

I. Background
II. Evaluation
III. Proposed Action
IV. Incorporation by Reference
V. Statutory and Executive Order Reviews

I. Background

    Section 110 of the Clean Air Act requires each state to submit a
State Implementation Plan (SIP) to attain and maintain the national
ambient air quality standards promulgated by the EPA. To stay up to
date with changes to the standards and related planning and monitoring
requirements, Idaho incorporates certain Federal provisions by
reference into state air quality rules as of a specific date. Each
year, Idaho updates the citation date and submits the revised state air
quality rules to the EPA for approval into the Idaho SIP.

II. Evaluation

    On May 3, 2022, Idaho submitted such an update. In the submission,
Idaho revised the date by which specific Federal provisions are
incorporated by reference into the state air quality rules from July 1,
2020 to July 1, 2021. Specifically, these Federal provisions are
incorporated in IDAPA <IP_ADDRESS> Federal Regulations Incorporated by
Reference, section 03, paragraphs a through e, and consist of the
following:
     National Primary and Secondary Ambient Air Quality
Standards, 40 Code of Federal Regulations (CFR) part 50;
     Requirements for Preparation, Adoption, and Submittal of
Implementation Plans, 40 CFR part 51, with the exception of certain
visibility-related provisions;
     Approval and Promulgation of Implementation Plans, 40 CFR
part 52, subparts A and N, and appendices D and E;
     Ambient Air Monitoring Reference and Equivalent Methods,
40 CFR part 53; and
     Ambient Air Quality Surveillance, 40 CFR part 58.
    Between the current SIP-approved adoption date of July 1, 2020 and
the revised adoption date of July 1, 2021, the EPA made no changes to
40 CFR parts 50, 53, and 58. With respect to 40 CFR part 51, the EPA
revised the continuous emissions monitoring reporting requirements in
Appendix P to make SIP-related reporting more consistent with similar
reporting under the New Source Performance Standards and National
Emissions Standards for Hazardous Air Pollutants.\1\ Specifically,
certain source categories \2\ subject to SIP requirements must, at a
minimum, report excess emissions semi-annually instead of quarterly.
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    \1\ 85 FR 49596, August 14, 2020.
    \2\ The covered source categories are: fossil fuel-fired steam
generators; fluid bed catalytic cracking unit catalyst regenerators
at petroleum refineries; sulfuric acid plants; and nitric acid
plants.
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    The EPA also revised 40 CFR part 52 to update the requirements for
certain states to address the interstate transport of pollutants in the
eastern part of the United States.\3\ We note this rulemaking does not
apply in Idaho. Additionally, the EPA revised the 40 CFR 52.21 major
new source review applicability regulations to clarify when the
requirement to obtain a major new source review permit applies to a
source proposing to undertake a physical change or a change in the
method of operation (i.e., a project) under the major new source review
pre-construction permitting programs.\4\
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    \3\ 86 FR 23054, April, 30, 2021.
    \4\ 85 FR 74890, November 24, 2020.
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    Finally, the EPA revised 40 CFR part 52 subpart N to approve
changes to the Idaho SIP, including an update to the incorporation by
reference of EPA regulations, revisions to address interstate transport
requirements, and a change to redesignate to attainment the Idaho
portion of the Logan, Utah-Idaho fine particulate matter nonattainment
area.\5\
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    \5\ 85 FR 73632, November 19, 2020; 85 FR 65722, October 16,
2020; 86 FR 18457, April 9, 2021; 86 FR 27532, May 21, 2021.
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    Idaho's revisions to IDAPA <IP_ADDRESS>, section 03, paragraphs a
through e have the effect of incorporating into the Idaho SIP the
revisions to 40 CFR parts 51 and 52 described above. After reviewing
the submission, we have made the preliminary determination that the
submitted updates are consistent with Federal regulations and Clean Air
Act requirements.

III. Proposed Action

    The EPA proposes to approve and incorporate by reference revisions
to the Idaho SIP submitted on May 4, 2022. Upon final approval, the
Idaho SIP will include IDAPA <IP_ADDRESS> Incorporation by Reference,
subsection 03, paragraphs a through e, state effective March 24, 2022.
As described in section II of this preamble, this provision
incorporates the national ambient air quality standards and related
planning and monitoring requirements as of July 1, 2021.

IV. Incorporation by Reference

    In this document, the EPA is proposing to include in a final rule,
regulatory text that includes incorporation by reference. In accordance
with requirements of 1 CFR 51.5, the EPA is proposing to incorporate by
reference the provisions described in section III of this preamble. The
EPA has made, and will continue to make, these documents generally
available through www.regulations.gov and at the EPA Region 10 Office
(please contact the person identified in the FOR FURTHER INFORMATION
CONTACT section of this preamble for more information).

V. Statutory and Executive Order Reviews

    Under the Clean Air Act, the Administrator is required to approve a
State Implementation Plan submission that complies with the provisions
of the Clean Air Act and applicable Federal regulations. 42 U.S.C.
7410(k); 40 CFR 52.02(a). Thus, in reviewing State Implementation Plan
submissions, the EPA's role is to approve state choices, provided that
they meet the criteria of the Clean Air Act. Accordingly, this proposed
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 proposed 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 the requirements would be inconsistent
with the Clean Air Act; and
     Does not provide the 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, this proposed rulemaking would not apply on any Indian
reservation land or in any other area in Idaho where the EPA or an
Indian tribe has demonstrated that a tribe has jurisdiction. In those
areas of Indian country, the proposed rulemaking would not have tribal
implications as specified by Executive Order 13175 (65 FR 67249,
November 9, 2000).

List of Subjects in 40 CFR Part 52

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

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

    Dated: December 13, 2022.
Casey Sixkiller,
Regional Administrator, Region 10.
[FR Doc. 2022-27477 Filed 12-16-22; 8:45 am]
BILLING CODE 6560-50-P


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[Federal Register: December 4, 2009 (Volume 74, Number 232)]
[Notices]
[Page 63748]
[DOCID:fr04de09-72]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. AC10-9-000]

 MidAmerican Energy Company; Notice of Filing

November 25, 2009.
    Take notice that on October 27, 2009, MidAmerican Energy Company
(MidAmerican) submitted a request for approval of proposed journal
entries required to reclassify, for accounting purposes, certain
limited assets and the related accumulated depreciation, from the
distribution plant accounts to the transmission plant accounts.
    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.
Anyone filing a motion to intervene or protest must serve a copy of
that document on the Applicant and all the parties in this proceeding.
    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>.
    Comment Date: 5 p.m. Eastern Time on December 15, 2009.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-28915 Filed 12-3-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 36 (Wednesday, February 23, 2011)]
[Notices]
[Page 10084]
[FR Doc No: 2011-3976]

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DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Notice of Applications for Certificates of Public Convenience and
Necessity and Foreign Air Carrier Permits Filed Under Subpart B
(Formerly Subpart Q) During the Week Ending January 22, 2011

    The following Applications for Certificates of Public Convenience
and Necessity and Foreign Air Carrier Permits were filed under Subpart
B (formerly Subpart Q) of the Department of Transportation's Procedural
Regulations (See 14 CFR 301.201 et seq.). The due date for Answers,
Conforming Applications, or Motions to Modify Scope are set forth below
for each application. Following the Answer period DOT may process the
application by expedited procedures. Such procedures may consist of the
adoption of a show-cause order, a tentative order, or in appropriate
cases a final order without further proceedings.
    Docket Number: DOT-OST-2006-24629.
    Date Filed: January 18, 2011.
    Due Date for Answers, Conforming Applications, or Motion to Modify
Scope: Febuary 8, 2011.
    Description: Application of Yangtze River Express Airlines Co.,
Ltd. requesting an exemption and amended foreign air carrier permit
authorizing it to engage in charter foreign air transportation of
property and mail between a point or points in the People's Republic of
China, on the one hand, and a point or points in the United States, on
the other hand; and a statement of authorization for 54 one-way third/
fourth freedom cargo charter flights on a Shanghai (PVG)--Qingdao,
China (TAO)--Los Angeles (LAX)--Shanghai (PVG) routing.

Renee V. Wright,
Program Manager, Docket Operations, Federal Register Liaison.
[FR Doc. 2011-3976 Filed 2-22-11; 8:45 am]
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[Federal Register: March 15, 2006 (Volume 71, Number 50)]
[Notices]
[Page 13365]
[DOCID:fr15mr06-68]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP96-383-075]

Dominion Transmission, Inc.; Notice of Negotiated Rate

March 7, 2006.
    Take notice that on February 28, 2006, Dominion Transmission, Inc.
(DTI) tendered for filing as part of its FERC Gas Tariff, Third Revised
Volume No. 1, the following tariff sheets, to become effective March 1,
2006:

Sixth Revised Sheet No. 1404
Fourth Revised Sheet No. 1405
Third Revised Sheet No. 1407
Second Revised Sheet No. 1408

    DTI states that the purpose of this filing is to report a
negotiated rate transaction between DTI and Dominion Field Services,
Inc. and Riley Natural Gas, as pool operators for Linn Operating, Inc.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211 and 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed in accordance with the provisions of
section 154.210 of the Commission's regulations (18 CFR 154.210).
Anyone filing an intervention or protest must serve a copy of that
document on the Applicant. Anyone filing an intervention or protest on
or before the intervention or protest date need not serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

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

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

TTY, call<PHONE_NUMBER>.

Magalie R. Salas,
Secretary.
 [FR Doc. E6-3653 Filed 3-14-06; 8:45 am]

BILLING CODE 6717-01-P


September 16, 2007

Dr. Debbie Edwards

Director, Office of Pesticide Programs

U.S. Environmental Protection Agency

Office of Pesticide Programs

Division Mail Code 7501P

One Potomac Yard

2777 South Crystal Drive

Arlington, VA  22202

Re:  Container Regulations - Extension Request for August 16, 2009
Compliance

       Date for Label Language

Dear Dr. Edwards:

The American Chemistry Council Biocides Panel (Panel) is submitting this
request to extend the compliance date for EPA’s containers and
containment regulation.  The Panel consists of more than 55 member
companies that are the major manufacturers and formulators of
antimicrobial pesticides in the U.S.  A list of the Panel’s member
companies is attached.  Many of the Panel’s member companies sell and
distribute FIFRA regulated products that can be classified as seasonal
consumer products.  These products will have to be packaged, labeled
with EPA acceptable labels, and ready for shipment by November, 2008 in
order to meet the existing August 16, 2009 compliance date for label
language following the Pesticide Container regulations published in the
August 16, 2006 Federal Register.  These products are not industrial or
agricultural products whose containers are often labeled with computer
generated labels at time of packaging, just prior to shipment.  Seasonal
consumer product registrants must prepare label graphics and prepare
printing plates based on the EPA Accepted label many months in advance
of final product distribution.

Although the Final Rule was published on August 16, 2006, EPA has yet to
provide the regulated community with procedures on how to accomplish the
label changes, either via a PR Notice or other mechanism.  Label
revisions now required include additional statements on
recycling/reconditioning and additional residue removal instructions
depending upon whether the product is in a refillable or non-fillable
container.  In other words there are substantial changes required to
the storage and disposal sections for most, if not all products.
Registrants are waiting for EPA’s publication of acceptable recycling
or reconditioning language.  Additionally, the EPA has yet to address
questions or requests for clarification from the Panel, registrants, and
other trade organizations.  Since time is running short for Panel
members who are registrants of seasonal consumer pesticide products, and
since these Panel members and other registrants have a large number of
consumer pesticide products to address, the August 16, 2009 timing for
labeling compliance will be difficult to meet for all items.

The only immediate solution is for registrants, without any guidance
from EPA, is to begin submitting applications for amendment now.
Affected Panel members, and certainly other registrants, will be
overwhelmed with the burden of additional work to accomplish a large
number of amendment applications, prepare final labels and printing
plates, in a short time.  Furthermore, the EPA OPP Divisions, especially
the Registration  Division and Antimicrobials Division may be
overwhelmed with the high volume of additional work, thereby putting at
risk the timing and/or quality of the review of applications for
amendment and registrations.  All this extra activity will put
additional work-load burdens on the Divisions and may have an impact on
the time to review and accept other applications for registration or
amendment.

Due to these concerns, the Panel requests an extension to the compliance
date for having EPA Accepted labels bearing the label statements
required by the container regulation.  The Panel requests that the
compliance date for Container Labeling be extended to three (3) years
after EPA provides the regulated community with guidance on making label
changes.

Please feel free to contact me at   HYPERLINK
<EMAIL_ADDRESS><EMAIL_ADDRESS>or via telephone at<PHONE_NUMBER>, if you need any additional
information.

Sincerely,

		Hasmukh Shah

							Manager, Biocides Panel

Cc:	Mr. Frank Sanders, Director, Antimicrobials Division

Ms. Lois Rossi, Director, Registration Division

Ms. Nancy Fitz, Field and External Affairs Division

Attachment

American Chemistry Council

Biocides Panel Member Companies

Acti-Chem Specialties

AEGIS Environments

Akzo Nobel Chemicals, Inc.

Albemarle Corporation

Alco Chemical

Ameribrom, Inc.

American Chemet Corporation

Arch Chemicals, Inc.

Ashland Chemical

Bardyke Chemicals Ltd

BASF Corporation

Buckeye International, Inc.

Buckman Laboratories

Chemtura

Ciba Specialty Chemicals

Clariant Corporation

The Clorox Company

Dial Corporation

Dow

DuPont

Ecolab Inc.

Elementis Chromium LP

Enviro Tech Chemical Services, Inc.

FMC Corporation

Hercules Incorporated

International Specialty Products

ISK Biocides, Inc.

Janssen Pharmaceutica

JohnsonDiversey Inc.

Kemira Chemicals, Inc.

LANXESS Corporation

Lonza Inc.

The Lubrizol Corporation

Mason Chemical Company

Merichem Chemicals and Refinery Services LLC

Microban Products Company

Milliken Chemical

Nalco Company

Nordox AS

Osmose, Inc.

Peninsula Copper Industries

Phibro-Tech, Inc.

The Procter and Gamble Company

Reckitt Benckiser Inc.

Rhodia Inc.

Rohm and Haas Company

SC Johnson & Son, Inc.

SCM Metal Products, Inc.

Sostram Corporation

Stepan Company

Syngenta

3M

Triosyn Corporation

Troy Chemical Corporation

Verichem

Viance, LLC

Biocides Panel – September 16, 2007

Extension Request for August 16, 2009 Compliance Date for Label Language

Page   PAGE  3  of   NUMPAGES  3


[Federal Register Volume 86, Number 44 (Tuesday, March 9, 2021)]
[Notices]
[Pages 13571-13572]
[FR Doc No: 2021-04833]

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

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

[Docket No. USCG-2021-0174]

Information Collection Request to Office of Management and
Budget; OMB Control Number 1625-0097

AGENCY: Coast Guard, DHS.

ACTION: Sixty-Day notice requesting comments.

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

SUMMARY: In compliance with the Paperwork Reduction Act of 1995, the
U.S. Coast Guard intends to submit an Information Collection Request
(ICR) to the Office of Management and Budget (OMB), Office of
Information and Regulatory Affairs (OIRA), requesting an extension of
its approval for the following collection of information: 1625-0097,
Plan Approval and Records for Marine Engineering Systems; without
change. Our ICR describes the information we seek to collect from the
public. Before submitting this ICR to OIRA, the Coast Guard is inviting
comments as described below.

DATES: Comments must reach the Coast Guard on or before May 10, 2021.

ADDRESSES: You may submit comments identified by Coast Guard docket
number [USCG-2021-0174] to the Coast Guard using the Federal
eRulemaking Portal at https://www.regulations.gov. See the ``Public
participation and request for comments'' portion of the SUPPLEMENTARY
INFORMATION section for further instructions on submitting comments.
    A copy of the ICR is available through the docket on the internet
at https://www.regulations.gov. Additionally, copies are available
from: COMMANDANT (CG-6P), Attn: Paperwork Reduction Act Manager, U.S.
Coast Guard, 2703 Martin Luther King Jr. Ave. SE, STOP 7710,
Washington, DC 20593-7710.

FOR FURTHER INFORMATION CONTACT: A.L. Craig, Office of Privacy
Management, telephone<PHONE_NUMBER>, or fax<PHONE_NUMBER>, for questions
on these documents.

SUPPLEMENTARY INFORMATION:

Public Participation and Request for Comments

    This notice relies on the authority of the Paperwork Reduction Act
of 1995; 44 U.S.C. chapter 35, as amended. An ICR is an application to
OIRA seeking the approval, extension, or renewal of a Coast Guard
collection of information (Collection). The ICR contains information
describing the Collection's purpose, the Collection's likely burden on
the affected public, an explanation of the necessity of the Collection,
and other important information describing the Collection. There is one
ICR for each Collection.
    The Coast Guard invites comments on whether this ICR should be
granted based on the Collection being necessary for the proper
performance of Departmental functions. In particular, the Coast Guard
would appreciate comments addressing: (1) The practical utility of the
Collection; (2) the accuracy of the estimated burden of the Collection;
(3) ways to enhance the quality, utility, and clarity of information
subject to the Collection; and (4) ways to minimize the burden of the
Collection on respondents, including the use of automated collection
techniques or other forms of information technology.
    In response to your comments, we may revise this ICR or decide not
to seek an extension of approval for the Collection. We will consider
all comments and material received during the comment period.
    We encourage you to respond to this request by submitting comments
and related materials. Comments must contain the OMB Control Number of
the ICR and the docket number of this request, [USCG-2021-0174], and
must be received by May 10, 2021.

Submitting Comments

    We encourage you to submit comments through the Federal eRulemaking
Portal at https://www.regulations.gov. If your material cannot be
submitted using https://www.regulations.gov, contact the person in the
FOR FURTHER INFORMATION CONTACT section of this document for alternate
instructions. Documents mentioned in this notice, and all public
comments, are in our online docket at https://www.regulations.gov and
can be viewed by following that website's instructions. Additionally,
if you go to the online docket and sign up for email alerts, you will
be notified when comments are posted.
    We accept anonymous comments. All comments received will be posted
without change to https://www.regulations.gov and will include any
personal information you have provided. For more about privacy and
submissions in response to this document, see DHS's eRulemaking System
of Records notice (85 FR 14226, March 11, 2020).

Information Collection Request

    Title: Plan Approval and Records for Marine Engineering Systems--46
CFR Subchapter F.
    OMB Control Number: 1625-0097.
    Summary: This collection of information requires an owner or
builder of a commercial vessel to submit to the U.S. Coast Guard for
review and approval, plans pertaining to marine engineering systems to
ensure that the vessel will meet regulatory standards.
    Need: Under 46 U.S.C. 3306, the Coast Guard is authorized to
prescribe vessel safety regulations including those related to marine
engineering systems. Title 46 CFR Subchapter F prescribes

those requirements. The rules provide the specifications, standards and
requirements for strength and adequacy of design, construction,
installation, inspection, and choice of materials for machinery,
boilers, pressure vessels, safety valves, and piping systems upon which
safety of life is dependent.
    Forms: None.
    Respondents: Owners and builders of commercial vessels. .
    Frequency: On occasion.
    Hour Burden Estimate: The estimated burden remains 5,793 hours a
year.
    Authority: The Paperwork Reduction Act of 1995; 44 U.S.C. chapter
35, as amended.

    Dated: March 3, 2021.
Kathleen Claffie,
Chief, Office of Privacy Management, U.S. Coast Guard.
[FR Doc. 2021-04833 Filed 3-8-21; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register: June 29, 2006 (Volume 71, Number 125)]
[Notices]
[Page 37131-37135]
[DOCID:fr29jn06-88]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54033; File No. SR-Amex-2005-105]

Self-Regulatory Organizations; American Stock Exchange LLC; Order
Granting Approval of Proposed Rule Change and Amendments No. 1 and 2
Thereto Relating to the Listing and Trading of Principal Protected
Notes Linked to the Metals-China Basket

June 22, 2006.

I. Introduction

    On October 20, 2005, the American Stock Exchange LLC (``Amex'' or
``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
proposal to list and trade principal protected notes, the performance
of which is linked to a basket comprised of an equal weighting of the
FTSE/Xinhua China 25 Index (the ``China 25 Index'' or ``Index'') and
futures contracts on the following four commodities: Copper, lead,
nickel, and zinc (the ``Metals-China Basket'' or ``Basket''). On March
23, 2006, Amex filed Amendment No. 1 to the proposed rule change. On
April 12, 2006, Amex filed Amendment No. 2 to the proposed rule change.
The proposed rule change, as amended, was published for comment in the
Federal Register on May 3, 2006.\3\ The Commission received no comments
regarding the proposal. This order approves the proposed rule change,
as amended.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 53723 (April 25,
2006), 71 FR 26146 (``Notice'').
---------------------------------------------------------------------------

II. Description of the Proposal

    Under Section 107A of the Amex Company Guide (``Company Guide''),
the Exchange may approve for listing and trading securities that cannot
be readily categorized under the listing criteria for common and
preferred stocks, bonds, debentures, or warrants.\4\ The Amex proposes
to list for trading under Section 107A of the Company Guide principal
protected notes linked to the performance of the Metals-China Basket
(the ``Notes'').\5\ Wachovia will issue the Notes under the name
``Asset Return Obligation Securities.'' The China 25 Index is
determined, calculated and maintained solely by FXI while the commodity
prices are determined by the cash settlement price of each respective
commodity futures contract traded on the London Metals Exchange (the
``LME'').\6\ The Notes will provide for participation in the positive
performance of the Metals-China Basket during their term while reducing
the risk exposure to investors through principal protection.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 27753 (March 1,
1990), 55 FR 8626 (March 8, 1990) (order approving File No. SR-Amex-
89-29).
    \5\ Wachovia Corporation (``Wachovia'') and FTSE/Xinhua Index
Limited (``FXI''), a joint venture between FTSE International
Limited and Xinhua Financial Network, have entered into a non-
exclusive license agreement providing for the use of the Xinhua
Index by Wachovia and certain affiliates and subsidiaries in
connection with certain securities including these Notes. FTSE/
Xinhua Index Limited is not responsible and will not participate in
the issuance and creation of the Notes.
    \6\ The LME is the primary futures exchange for copper, lead,
nickel, and zinc. The LME is not a cash-cleared market. Both inter-
office and floor trading are cleared and guaranteed by a system run
by the London Clearing House, whose role is to act as a central
counterparty to trades executed between clearing members. The bulk
of trading on the LME is transacted through inter-office dealing
that allows the LME to operate as a 24-hour market. Liquidity for
the four commodities primarily exists during the two daily trading
sessions on the floor of the LME, from 11:40 a.m. to 1:15 p.m. and
from 3:10 p.m. to 4:35 p.m., London time, and declines substantially
outside of these trading sessions. See Telephone Conference between
Jeffrey Burns, Associate General Counsel, Amex, Raymond Lombardo,
Special Counsel, Division of Market Regulation (``Division''),
Commission, and Jan Woo, Attorney, Division, Commission, on June 9,
2006. For a more detailed discussion of the LME, see Notice, note 3,
supra.
---------------------------------------------------------------------------

    The Notes will conform to the initial listing guidelines under
Section 107A \7\ and continued listing guidelines under Sections 1001-
1003 \8\ of the Company Guide. The Notes are senior non-convertible
debt securities of Wachovia. The principal amount of each Note will be
$1,000.\9\ The Notes will have a term of at least one (1) but no more
than ten (10) years.\10\ At a minimum, the Notes will entitle the owner
at maturity to receive at least 100% of the principal investment
amount. At maturity, the holder would receive the full principal
investment amount of each Note, plus the Basket Performance Amount. The
Basket Performance Amount is the greater of zero and the product of
$1,000 and the performance of the Basket as adjusted by the adjustment
factor (the ``Adjustment Factor'').\11\ Accordingly, if the performance
of the Metals-China Basket is negative or does not appreciate by
greater than 7.2341% as of the fifth business day (the ``Valuation
Date''), a holder will nevertheless receive the principal investment
amount of the Note at maturity. The Notes are not callable by the
Issuer.
---------------------------------------------------------------------------

    \7\ The initial listing standards for the Notes require: (1) A
market value of at least $4 million; and (2) a term of at least one
year. Because the Notes will be issued in $1,000 denominations, the
minimum public distribution requirement of one million units and the
minimum holder requirement of 400 holders do not apply. In addition,
the listing guidelines provide that the issuer has assets in excess
of $100 million, stockholder's equity of at least $10 million, and
pre-tax income of at least $750,000 in the last fiscal year or in
two of the three prior fiscal years. In the case of an issuer which
is unable to satisfy the earning criteria stated in Section 101 of
the Company Guide, the Exchange will require the issuer to have the
following: (1) Assets in excess of $200 million and stockholders'
equity of at least $10 million; or (2) assets in excess of $100
million and stockholders' equity of at least $20 million.
    \8\ The Exchange's continued listing guidelines are set forth in
Sections 1001 through 1003 of Part 10 to the Exchange's Company
Guide. Section 1002(b) of the Company Guide states that the Exchange
will consider removing from listing any security where, in the
opinion of the Exchange, it appears that the extent of public
distribution or aggregate market value has become so reduced to make
further dealings on the Exchange inadvisable. With respect to
continued listing guidelines for distribution of the Notes, the
Exchange will rely, in part, on the guidelines for bonds in Section
1003(b)(iv). Section 1003(b)(iv)(A) provides that the Exchange will
normally consider suspending dealings in, or removing from the list,
a security if the aggregate market value or the principal amount of
bonds publicly held is less than $400,000.
    \9\ See Telephone Conference between Jeffrey Burns, Associate
General Counsel, Amex, Raymond Lombardo, Special Counsel, Division,
Commission, and Jan Woo, Attorney, Division, Commission, on June 9,
2006.
    \10\ Id.
    \11\ The Adjustment Factor is initially set at 100% and will be
reduced by a rate of 2% per annum compounded daily on an actual 365
day count. On any calendar day, the Adjustment Factor is equal to
(100%-(2%/365)) n. ``n'' is the number of calendar days from but
excluding July 21, 2005 to and including the calendar day. The
Adjustment Factor as of the Valuation Date will be 93.2341%.
---------------------------------------------------------------------------

    The payment that a holder or investor of a Note will be entitled to
receive (the ``Maturity Payment Amount'') will depend on the
performance of the Metals-China Basket during the term of the Note. The
Metals-China Basket will not be managed and will remain static

over the term of the Notes.\12\ Performance of the Basket will be
determined at the close of the market on the Valuation Date prior to
maturity of the Notes. The Basket Starting Level will be 1,000 and the
Basket Ending Level will be the closing level of the underlying basket
on the Valuation Date, equal to the sum of the products of (i) the
component multiplier of each basket component and (ii) the closing
price or level of the respective basket component on the Valuation
Date. The Basket Ending Level is then adjusted by the Adjustment Factor
as of the Valuation Date. In the event that the Valuation Date occurs
on a non-trading day or if a market disruption event \13\ occurs on
such date, the Valuation Date will be the next trading day on which no
market disruption event occurs.
---------------------------------------------------------------------------

    \12\ See Telephone Conference between Jeffrey Burns, Associate
General Counsel, Amex, and Florence Harmon, Senior Special Counsel,
Division, Commission, on April 24, 2006. Amex confirmed that the
Metals-China Basket is not managed.
    \13\ A ``market disruption event'' is defined as the failure of
the primary market or related markets to open for trading during
regular trading hours or the occurrence or existence of any of the
following events: (i) A trading disruption, if material, at any time
during the one hour period that ends at the close of trading for a
relevant exchange or related exchange; (ii) an exchange disruption,
if material, at any time during the one hour period that ends at the
close of trading for a relevant exchange or related exchange; or
(iii) an early closure. A ``trading disruption'' generally means any
suspension of, or limitation, imposed on trading by the relevant
exchange or related exchange or otherwise, whether by reason of
movements in price exceeding limits permitted by the relevant
exchange or related exchange or otherwise: (i) Relating to
securities that comprise 20% or more of the level of the Index; or
(ii) in options contracts on futures contracts or futures contracts
relating to the Index on any relevant related exchange. An
``exchange disruption'' means any event (other than a scheduled
early closure) that disrupts or impairs the ability of market
participants in general to: (i) Effect transactions in, or obtain
market values on, any relevant exchange or related exchange in
securities that comprise 20% or more of the level of the Index; or
(ii) effect transactions in options contracts or futures contracts
relating to the Index on any relevant related exchange. A ``related
exchange'' is an exchange or quotation system on which futures or
options contracts relating to the Index are traded. See note 19,
infra. In cases of a ``market disruption event,'' other than of a
temporary nature, the Exchange will file a proposed rule change
pursuant to Rule 19b-4 under the Act. Unless approved for continued
trading, the Exchange would commence delisting proceedings. See
Telephone Conference between Jeffrey Burns, Associate General
Counsel, Amex, Raymond Lombardo, Special Counsel, Division,
Commission, and Jan Woo, Attorney, Division, Commission, on June 9,
2006.
---------------------------------------------------------------------------

    At maturity, a holder will receive a maturity payment amount per
Note equal to $1,000 + Basket Performance Amount. If the Adjusted
Basket Ending Level is less than or equal to the Basket Starting Level,
the Basket Performance Amount will be zero and the Maturity Payment
Amount will be $1,000.
    The Basket Performance Amount per Note is equal to the greater of:
(i) Zero; and
[GRAPHIC] [TIFF OMITTED] TN29JN06.072

    The Maturity Payment Amount per Note will never be less than the
principal investment amount of $1,000.
    The Notes are cash-settled in U.S. dollars and do not give the
holder any right to receive a portfolio security, dividend payments, or
any other ownership right or interest in the portfolio or index of
securities comprising the Metals-China Basket. The Notes are designed
for investors who desire to participate or gain exposure to the Metals-
China Basket, are willing to hold the investment to maturity, and who
want to limit risk exposure by receiving principal protection of their
investment amount.

Metals-China Basket

    The Basket is an equally-weighted basket of the daily settlement
value of the futures contracts on four commodities (copper, lead,
nickel, and zinc) and the China 25 Index. Each component of the Basket
will initially represent 20% of the Basket. The Basket is not a
recognized market index and was created solely for purpose of offering
the Notes. The Metals-China Basket will not be managed and will remain
static over the term of the Notes. The Exchange will calculate an
indicative basket amount once each trading day, as opposed to at least
every 15 seconds during the trading day. The indicative basket value is
the Exchange's estimate of the value of the Notes, less fees. The
Exchange believes that this daily dissemination of an indicative basket
amount is appropriate because the Notes are a bond traded on Amex's
debt floor, the value of which is linked to the basket, and there will
be no creation or redemption of shares as there would be with an
exchange-traded fund (``ETF'').\14\
---------------------------------------------------------------------------

    \14\ See Telephone Conference between Jeffrey Burns, Associate
General Counsel, Amex, and Raymond Lombardo, Special Counsel,
Division, Commission, on April 13, 2006.
---------------------------------------------------------------------------

China 25 Index

    The China 25 Index is designed to represent the performance of the
largest companies in the mainland China equity market that are
available to international investors. The Index consists of stocks of
the 25 largest and most heavily traded Chinese companies.\15\ The
components of the Index are weighted based on the free-float adjusted
total market value of their shares, so that securities with higher
total market values generally have a higher representation in the
Index. Components are screened for liquidity, and weightings are capped
to avoid over-concentration in any one stock. The China 25 Index
commenced publication in March 2001. As of September 30, 2005, the top
three holdings were China Mobile, PetroChina, and BOC Hong Kong, with
the top three industries being telecommunications, oil and gas, and
banks.
---------------------------------------------------------------------------

    \15\ All classes of equity securities in issue are eligible for
inclusion in the Index, subject to conforming with free-float and
liquidity restrictions. H shares and Red Chip shares are eligible
for inclusion in the Index. H shares are incorporated in China and
listed and traded on the Hong Kong Stock Exchange. They are quoted
and traded in Hong Kong and U.S. dollars. Like other securities
trading on the Hong Kong Stock Exchange, there are no restrictions
on who can trade H shares. Red Chip shares are incorporated in Hong
Kong and trade on the Hong Kong Stock Exchange. They are quoted in
Hong Kong dollars. Red Chip companies may be substantially owned
directly or indirectly by the Chinese Government and have the
majority of their business invested in mainland China. H shares and
Red Chip shares trade on the Hong Kong Stock Exchange, typically on
a T+2 basis, through a central book-entry system that the Exchange
states effectively guarantees settlement of exchange trades by
broker-dealers.
---------------------------------------------------------------------------

    As of September 30, 2005, the China 25 Index's components had a
total market capitalization of approximately $414 billion and a float-
adjusted market capitalization of approximately $55 billion.\16\ The
average total market capitalization was approximately $16.5 billion and
the average float-adjusted market capitalization was approximately $22
billion. The ten largest constituents represented approximately 62% of
the index weight.

The 5 highest weighted stocks, which represented 41.7% of the index
weight, had an average daily trading volume in excess of $79 million
globally during the past six (6) months.
---------------------------------------------------------------------------

    \16\ Float-adjusted market capitalization includes shares
available in the market for public investment and reflects free
float adjustments to the Index in accordance with FTSE's free float
rules. Additional information regarding FTSE's free float adjustment
methodology is available on http://www.ftse.com.

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

    Component Selection Criteria. The China 25 Index is rule-based and
is monitored by a governing committee.\17\ The China 25 Index Committee
(the ``Index Committee'') is responsible for conducting quarterly
reviews of components and for making changes in accordance with
applicable procedures. The Index Committee is currently composed of 19
members, four of whom are currently affiliated with non-U.S. broker-
dealers. FTSE, FXI, and the Index Committee have adopted policies that
prohibit the dissemination and use of confidential and proprietary
information about the Index and have instituted procedures designed to
prevent the improper dissemination or the use of such information.
---------------------------------------------------------------------------

    \17\ A rule-based methodology has specific standards and is
applied without discretion. Additional information regarding the
methodology for the China 25 Index is available at http://www.ftse.com/xinhua/english/Indices/International_Investors/Index_Rules.jsp.
 See Telephone Conference between Jeffrey Burns, Associate

General Counsel, Amex, Raymond Lombardo, Special Counsel, Division,
Commission, and Jan Woo, Attorney, Division, Commission, on June 9,
2006.
---------------------------------------------------------------------------

    Float-Adjusted Market Capitalization. When calculating a
component's index weight, shares held by governments, corporations,
strategic partners, or other control groups are excluded from the
company's shares outstanding. Shares owned by other companies are also
excluded, regardless of whether such companies are Index components.
Where a foreign investment limit exists at the sector or company level,
the component's weight will reflect either the foreign investment limit
or the percentage float, whichever is more restrictive. The Exchange
states that the component stocks are screened to ensure there is
sufficient liquidity to be traded. Factors in determining liquidity
include the availability of current and reliable price information and
the level of trading volume relative to shares outstanding. Value
traded and float turnover are also analyzed on a monthly basis to
ensure ample liquidity. Fundamental analysis is not part of the
selection criteria for inclusion or exclusion of stocks from the Index.
The financial and operating conditions of a company are not analyzed.
    Index Maintenance. The Index Committee is responsible for
undertaking the review of the China 25 Index and for approving changes
of components in accordance with the index rules and procedures. The
FTSE Global Classification Committee is responsible for the industry
classification of constituents of the Index within the FTSE Global
Classification System. The FTSE Global Classification Committee may
approve changes to the FTSE Global Classification System and Management
Rules. Adjustments to reflect a major change in the amount or structure
of a constituent company's issued capital (before the quarterly review)
will be made before the start of the index calculation on the day on
which the change takes effect. Adjustments to reflect less significant
changes (before the quarterly review) will be implemented before the
start of the index calculation on the day following the announcement of
the change. All adjustments are made before the start of the index
calculations on the day concerned, unless prevented by market
conditions. A company will be inserted into the Index at the quarterly
periodic review if it rises to 15th position or above when the eligible
companies are ranked by full market value before the application of any
investibility weightings. A company in the Index will be deleted at the
quarterly periodic review if it falls to 36th position or below when
the eligible companies are ranked by full market value before the
application of any investibility weightings. Any deletion to the Index
will simultaneously entail an addition to the Index to maintain 25
index constituents at all times.
    The quarterly review of the Index constituents takes place in
January, April, July, and October. Any changes will be implemented on
the next trading day following the third Friday of the same month of
the review meeting. Details of the outcome of the review and the dates
on which any changes are to be implemented will be published as soon as
possible after the Index Committee meeting has concluded its review.
    The China 25 Index is reviewed quarterly for changes in free float.
These reviews will coincide with the quarterly reviews undertaken of
the Index as a whole. Implementation of any changes will be after the
close of the index calculation on the third Friday in January, April,
July, and October.
    Index Dissemination. The Index is calculated in real time and
published every minute during the index period (09:15-16:00 Local Hong
Kong Time) or (17:15-24:00 U.S. PDT). It is available, by subscription,
published every minute, directly from FTSE and from the following
vendors: Reuters, Bloomberg, Telekurs, FTID, and LSE/Proquote. The end
of day index value, based on last sale prices, is distributed at 16:15
(Local Hong Kong Time). This end of day index value is also made
available to the Financial Times Asia edition and other major
newspapers and will be available at the FTSE Index Services Web site:
http://www.ftse.com. The Index is calculated using Hong Kong Stock

Exchange trade prices and Reuter's real-time spot currency rates, as
described below. A total return index value that takes into account
reinvested dividends is published daily at the end of day. The Index is
not calculated on days that are holidays in Hong Kong. The daily
closing index value, historical values, constituents' weighting,
constituents' market capitalization and daily percentage changes are
publicly available from http://www.ftsexinhua.com. All corporate

actions and rules relating to the management of the indices are also
available from the Web site.
    Exchange Rates and Pricing. FXI calculates the value of the Index
using Reuters real-time foreign exchange spot rates and local stock
exchange real-time, last sale security prices. The underlying Index is
calculated in Hong Kong Dollars, using Hong Kong Stock Exchange trade
prices. Non-Hong Kong Dollar denominated constituent prices are
converted to Hong Kong Dollars in order to calculate the value of the
underlying Index. Thus, the Reuter's foreign exchange rates and Hong
Kong Stock Exchange prices received at the closing time of the
underlying Index will be used to calculate the final underlying Index
value each day.
    The Commission has previously approved the listing of securities
linked to the performance of the China 25 Index.\18\
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    \18\ See, e.g., Securities Exchange Act Release Nos. 50505
(October 8, 2004), 69 FR 61280 (October 15, 2004) (approving the
listing and trading of the iShares FTSE/Xinhua China 25 Index Fund)
and 50800 (December 6, 2004), 69 FR 72228 (December 13, 2004)
(approving the trading of the iShares FTSE/Xinhua China 25 Index
Fund).
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Commodities: Copper, Lead, Nickel, and Zinc \19\
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    \19\ See Telephone Conference between Jeffrey Burns, Associate
General Counsel, Amex, and Raymond Lombardo, Special Counsel,
Division, Commission, on June 9, 2006. For a more detailed
description of copper, lead, nickel, and zinc, see Notice, note 3,
supra.
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    The China Metals Basket is an equally-weighted basket of four
commodities (copper, lead, nickel and zinc) and the FTSE/Xinhua China
25 Index. Each component of the Basket will initially represent 20% of
the Basket. The initial Basket starting level is 1,000 so that each
component of the Basket will represent 200 (20% of the

Basket). Because the China Metals Basket will not be managed over the
term of the Notes, the component weights of the Basket will change due
to market fluctuations.
    The China-Metals Basket will be calculated and disseminated once
each trading day. The Basket will be calculated by the Exchange at the
close of the trading day on the basis of the reported closing price for
the most active futures contract of the four commodities and the
closing level of the FTSE/Xinhua China 25 Index. The value of the
Basket will equal the sum of the products of (i) the component weight
or multiplier of each Basket component and (ii) the closing level of
the Index or the official closing settlement price of the component
commodity.
    The closing prices and daily settlement prices for the futures
contracts are publicly available on the Web sites of the LME at http://www.lme.com.
 In addition, various data vendors and news publications

publish futures prices and data. The Exchange has represented that
futures quotes and last sale information for the futures contracts on
the commodities underlying the Index are widely disseminated through a
variety of market data vendors worldwide, including Bloomberg and
Reuters.

Trading

    Because the Notes are issued in $1,000 denominations, the Amex's
existing debt floor trading rules will apply to the trading of the
Notes.\20\ First, pursuant to Amex Rule 411, the Exchange will impose a
duty of due diligence on its members and member firms to learn the
essential facts relating to every customer prior to trading the
Notes.\21\ Second, even though the trading of the notes will occur on
the debt trading floor subject to the debt trading rules of the
Exchange, the Notes will be subject to the equity margin rules of the
Exchange.\22\ Third, the Exchange will, prior to trading the Notes,
distribute a circular to the membership providing guidance with regard
to member firm compliance responsibilities (including suitability
recommendations) when handling transactions in the Notes and
highlighting the special risks and characteristics of the Notes. With
respect to suitability recommendations and risks, the Exchange will
require members, member organizations and employees thereof
recommending a transaction in the Notes: (1) To determine that such
transaction is suitable for the customer, and (2) to have a reasonable
basis for believing that the customer can evaluate the special
characteristics of, and is able to bear the financial risks of such
transaction. In addition, Wachovia will deliver a prospectus in
connection with the initial sales of the Notes.
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    \20\ Because the Notes are principal protected, the Exchange has
not set out specific criteria for trading halts. However, if a
``market disruption event'' occurs that is of more than a temporary
nature, the Exchange will cease trading the Notes. In the event a
``market disruption event'' occurs that is of more than a temporary
nature, the Exchange would immediately contact the Commission to
discuss measures that may be appropriate under the circumstances.
See Telephone Conference between Jeffrey Burns, Associate General
Counsel, Amex, and Florence Harmon, Senior Special Counsel,
Division, Commission, on April 24, 2006.
    \21\ Amex Rule 411 requires that every member, member firm or
member corporation use due diligence to learn the essential facts,
relative to every customer and to every order or account accepted.
    \22\ See Amex Rule 462 and Section 107B of the Company Guide.
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    The Exchange represents that its surveillance procedures are
adequate to properly monitor the trading of the Notes. Specifically,
the Amex will rely on its existing surveillance procedures governing
equities, which have been deemed adequate under the Act. In addition,
the Exchange also has a general policy which prohibits the distribution
of material, non-public information by its employees.
    Exchange surveillance procedures applicable to trading in the
proposed Notes will be similar to those applicable to other index-
linked notes listed and traded on the Exchange. The Exchange also has
in place a comprehensive surveillance agreement with the Hong Kong
Stock Exchange.\23\ In addition, the Hong Kong Exchanges and Clearing
Ltd. (``HKEx''), which is the clearing house for both the Hong Kong
Stock Exchange and the Hong Kong Futures Exchange, is currently an
affiliate member of the Intermarket Surveillance Group (``ISG''). In
addition, the Exchange has negotiated an Information Sharing Agreement
with the LME regarding the sharing of information related to any
financial instrument based, in whole or in part, upon an interest in or
performance of copper, lead, nickel, and zinc.
---------------------------------------------------------------------------

    \23\ See Telephone Conference between Jeffrey Burns, Associate
General Counsel, Amex, and Florence Harmon, Senior Special Counsel,
Division, Commission, on April 24, 2006.
---------------------------------------------------------------------------

    The listing and trading of the China-Metals Notes will be subject
to Amex Rules 1203A and 1204A applicable to Commodity-Based Trust
Shares. Amex Rule 1203A addresses potential conflicts of interest and
provides that the prohibitions in the Amex Rule 175(c) apply to a
specialist in the Notes so that the specialist or affiliated person may
not act or function as a market maker in the underlying commodities,
related futures contracts or option on commodity future, or any other
related commodity derivative. An affiliated person of the specialist,
consistent with the Amex Rule 193, may be afforded an exemption to act
in a market making capacity, other than as a specialist in the Notes on
another market center, in the underlying commodities, related futures
or options or any other related commodity derivative. More
specifically, Amex Rule 1203A provides that an approved person of the
specialist that has established and obtained Exchange approval for
procedures restricting the flow of material, non-public market
information between itself and the specialist member organization, and
any member, officer, or employee associated therewith, may act in a
market making capacity, other than as a specialist in the Notes, on
another market center in the underlying commodity, related commodity
futures or options on commodity futures, or any other related commodity
derivatives.
    Amex Rule 1204A requires that specialists provide the Exchange with
all the necessary information relating to their trading in physical
commodities and related futures contracts and options thereon or any
other related commodities derivative. Amex Rule 1204A states that, in
connection with trading the physical asset or commodities, futures or
options on futures, or any other related derivatives, the use of
material, non-public information received from any person associated
with a member, member organization, or employee of such person
regarding trading by such person or employee in the physical asset or
commodities, futures or options on futures, or any other related
derivatives is prohibited by the Exchange.

III. Discussion and Commission's Findings

    After careful consideration, the Commission finds that the proposed
rule change, as amended, is consistent with the requirements of the Act
and the rules and regulations thereunder applicable to a national
securities exchange.\24\ In particular, the Commission finds that the
proposed rule change, as amended, is consistent with the requirements
of section 6(b)(5) of the Act,\25\ which requires, among other things,
that the Exchange's rules be designed to promote just and equitable
principles of trade, to remove

impediments to and perfect the mechanism of a free and open market and
a national market system and, in general, to protect investors and the
public interest.
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    \24\ In approving this proposed rule change, the Commission
notes that it has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
    \25\ 15 U.S.C. 78f(b)(5).
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A. Surveillance

    Information sharing agreements with primary markets are an
important part of a self-regulatory organization's ability to monitor
for trading abuses in derivative products. The Commission believes that
the Exchange's comprehensive surveillance sharing agreements with the
LME and the Hong Kong Stock Exchange for the purpose of providing
information in connection with trading of the Index components and
commodity futures contracts on which the Notes are based create the
basis for Amex to monitor for fraudulent and manipulative practices in
the trading of the Notes. The Exchange represents that all of the other
trading venues on which current Index components are traded are members
of the ISG and the Exchange has access to all relevant trading
information with respect to those contracts without any further action.
    Moreover, Amex Rule 1204A requires Exchange specialists to provide
the Exchange with information relating to their trading in physical
commodities and related futures contracts and options thereon or any
other related commodities derivative. The Commission believes that
these rules provide Amex with the tools necessary to adequately surveil
trading in the Notes.

B. Dissemination of Information

    The Commission believes that sufficient venues exist for obtaining
reliable information so that investors in the Notes can monitor the
underlying Index relative to the indicative value of their Notes. There
is a considerable amount of information about the Index and its
components available through public Web sites and professional
subscription services, including Reuters and Bloomberg. The Index is
calculated in real time by FXI and published every minute during the
index period (09:15-16:00 Local Hong Kong Time) or (17:15-24:00 U.S.
PDT) and is available, by subscription, directly from FTSE and from the
following vendors: Reuters, Bloomberg, Telekurs, FTID, and LSE/
Proquote.
    The closing prices and daily settlement prices for the futures
contracts on copper, lead, nickel and zinc are publicly available on
the Web sites of the LME at http://www.lme.com. In addition, various

data vendors and news publications publish futures prices and data. The
Exchange has represented that futures quotes and last sale information
for the commodities underlying the Index are widely disseminated
through a variety of market data vendors worldwide, including Bloomberg
and Reuters.
    The Exchange will calculate and disseminate an indicative basket
value once each trading day. The Commission believes that this daily
dissemination of an indicative basket amount is appropriate because the
Notes are a bond traded on Amex's debt floor, the value of which is
linked to the basket but at maturity is at least 100% of the principal
investment amount, and there will be no creation or redemption of
shares as there would be with an ETF. The end of day index value, based
on last sale prices, is distributed at 16:15 (Local Hong Kong Time) and
is available through the Financial Times Asia edition and other major
newspapers and on the FTSE Index Services Web site: http://www.ftse.com.
 In addition, the daily closing index value, historical

values, constituents' weighting, constituents' market capitalization
and daily percentage changes, as well as, all corporate actions and
rules relating to the management of the indices, are publicly available
from http://www.ftsexinhua.com. The commodity prices are determined by

the cash settlement price of each respective commodity futures contract
traded on the LME. Wachovia will determine the value of the Notes at
maturity, which will consist of at least 100% of the principal
investment amount, plus the Basket Performance Amount.

C. Listing and Trading

    The Commission finds that the Exchange's proposed rules and
procedures for the listing and trading of the proposed Notes are
consistent with the Act. The Notes will trade as debt securities
subject to Amex rules including, among others, rules governing equity
margins, specialist responsibilities, account opening and customer
suitability requirements. The Commission believes that the listing and
delisting criteria for the Notes should help to maintain a minimum
level of liquidity and therefore minimize the potential for
manipulation of the Notes. Finally, the Commission notes that the
circular that the Exchange will distribute will inform members and
member organizations about the terms, characteristics and risks in
trading the Notes, including their prospectus delivery obligations.

IV. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the Act,
that the proposed rule change (SR-Amex-2005-105), as amended, be, and
it hereby is, approved.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\26\
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    \26\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E6-10244 Filed 6-28-06; 8:45 am]

BILLING CODE 8010-01-P