[Federal Register Volume 77, Number 42 (Friday, March 2, 2012)]
[Notices]
[Pages 12905-12906]
[FR Doc No: 2012-5129]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Meeting: RTCA Program Management Committee

AGENCY: Federal Aviation Administration (FAA), U.S. Department of
Transportation (DOT).

ACTION: Notice of RTCA Program Management Committee Meeting.

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SUMMARY: The FAA is issuing this notice to advise the public of a
meeting of the RTCA Program Management Committee.

DATES: The meeting will be held March 21, 2012, from 8:30 a.m.-1:30
p.m.

ADDRESSES: The meeting will be held at RTCA, Inc., 1150 18th Street
NW., Suite 910, Washington, DC 20036.

FOR FURTHER INFORMATION CONTACT: The RTCA Secretariat, 1150 18th Street
NW., Suite 910, Washington, DC 20036, or by telephone at (202) 833-
9339, fax at<PHONE_NUMBER>, or Web site at http://www.rtca.org.

SUPPLEMENTARY INFORMATION: Pursuant to section 10(a)(2) of the Federal
Advisory Committee Act (Pub. L. 92-463, 5 U.S.C., App.), notice is
hereby given for a meeting of the Program Management Committee. The
agenda will include the following:

March 21, 2012

 Welcome, Introductions, and Administrative Remarks
 Review/Approve Meeting Summary
     December 13, 2011, RTCA Paper No. 015-12/PMC-954
 Publication Consideration Approval
     Final Draft, Supplement to DO-312, Safety, Performance and
Interoperability Requirements Document for the In-Trail Procedure in
Oceanic Airspace (ATSA-ITP) Application, RTCA Paper No. 027-12/PMC-959,
prepared by SC-186
     Final Draft, New Document--Minimum Operational Performance
Standards (MOPS) for Solid-State Strap-Down Attitude and Heading
Systems (AHRS), RTCA Paper No. 022-12/PMC-957, prepared by SC-219
     Final Draft, New Document--Guidance for Installation of
Automatic Flight Guidance and Control Systems for Part 23 Airplanes,
RTCA Paper No.018-12/PMC-956, prepared by SC-220
     Final Draft, New Document--Guidance for Certification of
an Installed Automatic Flight Guidance and Control Systems for Part 27/
29 Rotorcraft, RTCA Paper No. 018-12/PMC-955, prepared by SC-220
     Final Draft, Revised DO-305, Future Air Navigation System
1/A--Aeronautical Telecommunication Network Interoperability Standard
(FANS 1/A--ATN B1 Interop Standard), RTCA Paper No. 028-12/PMC-960,
prepared by SC-214
     Final Draft, Revised DO-281A, Minimum Operational
Performance Standards for Aircraft VDL Mode 2 Physical, Link, and
Network Layer, RTCA Paper No. 029-12/PMC-961, prepared by SC-214
     Final Draft, New Document, Aircraft Derived Meteorological
Data via ADS-B Data Link for Wake Vortex, Air Traffic Management and
Weather Applications--Operational Services and Environmental Definition
(OSED), RTCA Paper No. 030-12/PMC-962, prepared by SC-206
 Integration and Coordination Committee (ICC)--Report
     MASPS, SPR Guidance--Update
 Action Item Review
     SC-222--Inmarsat AMS(R)S--Discussion--Review/Approve
Revised Terms of Reference
     PMC Ad Hoc--Special Committee Guidance Document--Status
 Discussion
     SC-147--Traffic Alert and Collision Avoidance System--
Discussion--Requirements Working Group Report and Proposed Terms of
Reference
     SC-220--Automatic Flight Guidance and Control Systems--
Discussion--Recommendations for Future Activity and proposed Terms of
Reference
     SC-217, Terrain and Airport Databases,--Discussion--
Recommendations for Future Activity and Proposed Terms of Reference
     NAC Update
     FAA Actions Taken on Previously Published Documents
     Special Committees--Chairmen's Reports
 Other Business
 Schedule for Committee Deliverables and Next Meeting Date

 Adjourn

    Attendance is open to the interested public but limited to space
availability. With the approval of the chairman, members of the public
may present oral statements at the meeting. Persons wishing to present
statements or obtain information should contact the person listed in
the FOR FURTHER INFORMATION CONTACT section. Members of the public may
present a written statement to the committee at any time.

    Issued in Washington, DC, on February 27, 2012.
Kathy Hitt,
Program Analyst, Business Operations Branch, Federal Aviation
Administration.
[FR Doc. 2012-5129 Filed 3-1-12; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register: March 4, 2010 (Volume 75, Number 42)]
[Notices]
[Page 9981-9982]
[DOCID:fr04mr10-119]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61591; File No. SR-OCC-2009-20]

Self-Regulatory Organizations; The Options Clearing Corporation;
Order Approving Proposed Rule Change Relating to ETFS Physical Swiss
Gold Shares and ETFS Physical Silver Shares

February 25, 2010.

I. Introduction

    On December 14, 2009, The Options Clearing Corporation (``OCC'')
filed with the Securities and Exchange Commission the proposed rule
change pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934.\1\ On January 8, 2010, the Commission published notice of the
proposed rule change in the Federal Register to solicit comments from
interested persons.\2\ For the reasons discussed below, the Commission
is approving the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ Securities Exchange Act Release No. 61254 (Dec. 29, 2009),
75 FR 1093.
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II. Description

    The proposed rule change will amend the interpretation following
the definition of ``fund share'' in Article I, Section 1, of OCC's By-
Laws. This amendment will enable OCC to (i) clear and treat as
securities options any option contracts on ETFS Physical Swiss Gold
Shares or on ETFS Physical Silver Shares that are traded on securities
exchanges and (ii) clear and treat as security futures any futures
contracts on ETFS Physical Swiss Gold Shares and ETFS Physical Silver
Shares.\3\ In addition, in its capacity as a

``derivatives clearing organization'' registered with the Commodities
Futures Trading Commission (``CFTC''), OCC also filed this proposed
rule change with the CFTC for prior approval by the CFTC pursuant to
provisions of the Commodity Exchange Act (``CEA'') in order to
foreclose any potential liability under the CEA based on an argument
that OCC's clearing of such options as securities options or the
clearing of such futures as security futures constitutes a violation of
the CEA.
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    \3\ The Commission recently approved rule changes permitting
NYSE Amex, NYSE Arca, International Securities Exchange, and the
Chicago Board Options Exchange to each list and trade options based
on the EFTS Gold Trust and EFTS Silver Trust shares. Securities
Exchange Act Release No. 61483 (Feb. 3, 2010), 75 FR 6753 (Feb. 10,
2010).
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    The products that are affected by this approval order are
essentially the same as the options and security futures on SPDR Gold
Shares, iShares COMEX Gold Shares, and iShares Silver Shares that OCC
currently clears pursuant to rule changes approved by the Commission
last year.\4\
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    \4\ Securities Exchange Act Release Nos. 57895 (May 30, 2008),
73 FR 32066 (June 5, 2008) and 59054 (Dec. 4, 2008), 73 FR 75159
(Dec. 10, 2008).
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III. Discussion

    Section 17A(b)(3)(F) of the Act requires, among other things, that
the rules of a clearing agency be designed to promote the prompt and
accurate clearance and settlement of securities transactions and
derivative transactions.\5\ By amending its By-Laws to help clarify
that options and security futures on ETFS Physical Swiss Gold Shares
and ETFS Physical Silver Shares will be treated and cleared as
securities options or security futures, OCC's proposed rule change
should help clarify the jurisdictional status of such contracts and
accordingly should help to promote the prompt and accurate clearance
and settlement of securities transactions and of derivative
transactions. In accordance with the Memorandum of Understanding
entered into between the CFTC and the Commission on March 11, 2008, and
in particular the addendum thereto concerning Principles Governing the
Review of Novel Derivative Products, the Commission believes that novel
derivative products that implicate areas of overlapping regulatory
concern should be permitted to trade in either a CFTC- or Commission-
regulated environment or both in a manner consistent with laws and
regulations (including the appropriate use of all available exemptive
and interpretive authority).
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    \5\ 15 U.S.C. 78q-1(b)(3)(F).
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IV. Conclusion

    On the basis of the foregoing, the Commission finds that the
proposed rule change is consistent with the requirements of the Act and
in particular Section 17A of the Act \6\ and the rules and regulations
thereunder.
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    \6\ 15 U.S.C. 78q-1.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\7\ that the proposed rule change (File No. SR-OCC-2009-20) be and
hereby is approved.\8\
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    \7\ 15 U.S.C. 78s(b)(2).
    \8\ 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.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-4517 Filed 3-3-10; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: December 29, 2008 (Volume 73, Number 249)]
[Notices]
[Page 79470-79471]
[DOCID:fr29de08-59]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OECA-2008-0899; FRL-8757-5]

Agency Information Collection Activities; Proposed Collection;
Comment Request; NSPS for Stationary Compression Ignition Internal
Combustion Engines; EPA ICR Number 2196.03, OMB Control Number 2060-
0590

AGENCY: Environmental Protection Agency.

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (PRA) (44
U.S.C. 3501 et seq.), this document announces that EPA is planning to
submit a request to renew an existing approved Information Collection
Request (ICR) to the Office of Management and Budget (OMB). This ICR is
scheduled to expire on August 31, 2009.

DATES: Comments must be submitted on or before February 27, 2009.

ADDRESSES: Submit your comments, identified by Docket ID Number EPA-HQ-
OECA-2008-0899 by one of the following methods:
     http://www.regulations.gov: Follow the on-line
instructions for submitting comments.
     E-mail<EMAIL_ADDRESS>     Fax:<PHONE_NUMBER>.
     Mail: Enforcement and Compliance Docket and Information
Center (ECDIC), Environmental Protection Agency, EPA Docket Center
(EPA/DC), Mailcode: 2201T, 1200 Pennsylvania Avenue, NW., Washington,
DC 20460.
     Hand Delivery: Enforcement and Compliance Docket and
Information Center (ECDIC), Environmental Protection Agency, EPA Docket
Center (EPA/DC), EPA West, Room 3334, 1301 Constitution Avenue, NW.,
Washington, DC. The EPA Docket Center is open from 8:30 a.m. to 4:30
p.m., Monday through Friday, excluding legal holidays. Deliveries are
only accepted during the Docket Center's normal hours of operation, and
special arrangements should be made for deliveries of boxed
information.
    Instructions: Direct your comments to Docket ID Number EPA-HQ-OECA-
2008-0899. EPA's policy is that all comments received will be included
in the public docket without change and may be made available online at
http://www.regulations.gov, including any personal information
provided, unless the comment includes information claimed to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Do not submit information that you
consider to be CBI or otherwise protected through http://
www.regulations.gov or e-mail. The http://www.regulations.gov Web site
is an ``anonymous access'' system, which means EPA will not know your
identity or contact information unless you provide it in the body of
your comment. If you send an e-mail comment directly to EPA without
going through http://www.regulations.gov your e-mail address will be
automatically captured and included as part of the comment that is
placed in the public docket and made available on the Internet. If you
submit an electronic comment, EPA recommends that you include your name
and other contact information in the body of your comment and with any
disk or CD-ROM you submit. If EPA cannot read your comment due to
technical difficulties and cannot contact you for clarification, EPA
may not be able to consider your comment. Electronic files should avoid
the use of special characters, any form of encryption, and be free of
any defects or viruses. For additional information about EPA's public
docket visit the EPA Docket Center homepage at http://www.epa.gov/
epahome/dockets.htm.

FOR FURTHER INFORMATION CONTACT: Learia Williams; Compliance Assessment
and Media Programs Division, Environmental Protection Agency, Mailcode
2223A, 1200 Pennsylvania Avenue, NW., Washington, DC 20460; telephone
number,<PHONE_NUMBER>; fax number<PHONE_NUMBER>; or via e-mail to
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

How Can I Access the Docket and/or Submit Comments?

    EPA has established a public docket for this ICR under Docket ID
Number EPA-HQ-OECA-2008-0899 which is available for online viewing at
http://www.regulations.gov, or in person viewing at the Enforcement and
Compliance Docket in the EPA Docket Center (EPA/DC), EPA West, Room
3334, 1301 Constitution Avenue, NW., Washington, DC. The EPA/DC Public
Reading Room is open from 8:30 a.m. to 4:30 p.m., Monday through
Friday, excluding legal holidays. The telephone number for the Reading
Room is<PHONE_NUMBER>, and the telephone number for Enforcement and
Compliance Docket is<PHONE_NUMBER>.
    Use http://www.regulations.gov to obtain a copy of the draft
collection of information, submit or view public comments, access the
index listing of

the contents of the docket, and to access those documents in the public
docket that are available electronically. Once in the system, select
``search,'' then key in the docket ID number identified in this
document.

What Particular Information Is of Interest to EPA?

    Pursuant to section 3506(c)(2)(A) of the PRA, EPA specifically
solicits comments and information to enable it to:
    (i) Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the Agency,
including whether the information will have practical utility;
    (ii) evaluate the accuracy of the Agency's estimate of the burden
of the proposed collection of information, including the validity of
the methodology and assumptions used;
    (iii) enhance the quality, utility, and clarity of the information
to be collected; and
    (iv) minimize the burden of the collection of information on those
who are to respond, including through the use of appropriate automated
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., permitting electronic
submission of responses. In particular, EPA is requesting comments from
very small businesses (those that employ less than 25) on examples of
specific additional efforts that EPA could make to reduce the paperwork
burden for very small businesses affected by this collection.

What Should I Consider When Preparing Comments for EPA?

    You may find the following suggestions helpful for preparing your
comments:
    1. Explain your views as clearly as possible and provide specific
examples.
    2. Describe any assumptions that you used.
    3. Provide copies of any technical information and/or data you used
that support your views.
    4. If you estimate potential burden or costs, explain how you
arrived at the estimate that you provide.
    5. Offer alternative ways to improve the collection activity.
    6. Make sure to submit your comments by the deadline identified
under DATES.
    7. To ensure proper receipt by EPA, be sure to identify the docket
ID number assigned to this action in the subject line on the first page
of your response. You may also provide the name, date, and Federal
Register citation.

To What Information Collection Activity or ICR Does This Apply?

    In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et
seq.), this notice announces that EPA is planning to submit the
following ICR for renewal: NSPS for Stationary Compression Ignition
Internal Combustion Engines; EPA ICR Number 2196.03, OMB Control Number
2060-0590; Docket ID Number EPA-HQ-OECA-2008-0899.
    Affected entities: Entities potentially affected by this action are
facilities with stationary compression internal combustion engines.
    Title: NSPS for Stationary Compression Ignition Internal Combustion
Engines (40 CFR Part 60, Subpart IIII).
    ICR numbers: EPA ICR Number 2196.03, OMB Control Number 2060-0590.
    ICR status: This ICR is currently scheduled to expire on August 31,
2009. An Agency may not conduct or sponsor, and a person is not
required to respond to, a collection of information, unless it displays
a currently valid OMB control number. The OMB control numbers for EPA's
regulations in title 40 of the CFR, after appearing in the Federal
Register when approved, are listed in 40 CFR part 9, are displayed
either by publication in the Federal Register or by other appropriate
means, such as on the related collection instrument or form, if
applicable. The display of OMB control numbers in certain EPA
regulations is consolidated in 40 CFR part 9.
    Abstract: The affected entities are subject to the General
Provisions of the NSPS at 40 CFR part 60, subpart A and any changes, or
additions to the General Provisions specified at 40 CFR part 60,
subpart IIII.
    Owners or operators of the affected facilities must make an initial
notification and keep records related to engine performance.
    Burden Statement: The existing ICR provides a detailed explanation
of the Agency's estimate, which is only briefly summarized below. The
annual public reporting and recordkeeping burden for this collection of
information is estimated to average approximately one hour per
response.
    Estimated Number of Respondents: 152,546.
    Frequency of Response: Initially.
    Estimated Total Annual Hour Burden: 152,733.
    Estimated Total Annual Cost: $242,000, which is comprised of no
annualized capital/startup costs and O&M costs of $242,000.

Are There Changes in the Estimates from the Last Approval?

    It is anticipated that the number of respondents will increase to
approximately 210,000 for this ICR due to full implementation of the
standard so that it covers all affected entities. The existing ICR uses
the average number of respondents during the initial period of
implementation.

What Is the Next Step in the Process for This ICR?

    EPA will consider the comments received and amend the ICR as
appropriate. The final ICR package will then be submitted to OMB for
review and approval pursuant to 5 CFR 1320.12. At that time, EPA will
issue another Federal Register notice pursuant to 5 CFR
1320.5(a)(1)(iv) to announce the submission of the ICR to OMB and the
opportunity to submit additional comments to OMB. If you have any
questions about this ICR or the approval process, please contact the
technical person listed under FOR FURTHER INFORMATION CONTACT.

    Dated: December 16, 2008.
Lisa Lund,
Director, Office of Compliance.
 [FR Doc. E8-30821 Filed 12-24-08; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register Volume 81, Number 150 (Thursday, August 4, 2016)]
[Notices]
[Pages 51532-51533]
[FR Doc No: 2016-18475]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78448; File No. SR-ICC-2016-010]

Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Filing of Proposed Rule Change To Revise the ICC Risk Management Model
Description Document and the ICC Risk Management Framework

July 29, 2016.
    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 July 15, 2016, ICE Clear Credit LLC (``ICC'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I, II, and III below, which Items have
been prepared primarily by ICC. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The principal purpose of the proposed rule change is to revise the
ICC Risk Management Framework to incorporate certain risk model
enhancements. ICC also proposes minor clarifying edits to the ICC Risk
Management Model Description document and the ICC Risk Management
Framework. These revisions do not require any changes to the ICC
Clearing Rules (``Rules'').

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

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

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

    ICC proposes revising its risk management framework to incorporate
risk model enhancements related to the single name credit default swap
(``CDS'') liquidity charge methodology. ICC believes such revisions
will facilitate the prompt and accurate clearance and settlement of
securities transactions and derivative agreements, contracts, and
transactions for which it is responsible. The proposed revisions are
described in detail as follows.
    ICC proposes a revised approach to computing single name CDS
liquidity charges. Specifically, ICC proposes to introduce minimum
instrument liquidity requirements independent of instrument maturities.
ICC's current approach features instrument liquidity requirements that
decay with time to maturity for fixed credit spread levels. The
proposed approach introduces minimum liquidity requirements for
individual instruments, independent of time to maturity for the
considered instruments, and thus establishes minimum liquidity charges
that do not decay over time as maturity is approached. The revised
calculation for single name CDS liquidity charges at the instrument
level incorporates a price-based bid-offer width floor component to
provide stability of requirements, as well as a dynamic spread-based
BOW component to reflect the additional risk associated with distressed
market conditions. The values of such price-based BOW and spread-based
BOW are fixed factors, which are subject to at least monthly reviews
and updates by ICC Risk Management Department with consultation with
the Risk Committee.
    ICC also proposes enhancements to the liquidity charge calculation
at the risk factor level. The current risk factor level liquidity
requirements are based on forward CDS spread levels. Under the revised
calculation, liquidity charges at the risk factor level are computed by
first calculating the liquidity requirements for each individual
instrument position in the portfolio, and then summing all instrument
liquidity requirements for positions with the same directionality,
i.e., bought or sold protection. The risk factor liquidity requirement
is the greatest liquidity requirement associated with either the sum of
all bought protection position liquidity requirements, or the sum of
all sold protection position liquidity requirements. There are no
changes to the liquidity charge calculation at the portfolio level.
    ICC expects these enhancements will ensure more stable liquidity
requirements for instruments across the curve. Further, the
enhancements simplify ICC's liquidity charge methodology, which
promotes ease of understanding. As stated above, the current risk
factor level liquidity requirements are based on forward CDS spread
levels and are, in general, more difficult to replicate due to the
inherited need for knowledge of spread levels across the entire term
structure (``curve''). Additionally, to facilitate replication of the
enhanced liquidity charge calculations, ICC will provide end-of-day
data for instruments in which clients have open positions, allowing for
additional transparency and easier replication for clients who wish to
estimate liquidity charges for hypothetical and current positions.
    ICC also proposes updating liquidity scaling factors to reflect the
methodology enhancements. There is no price based component under the
current methodology. To reflect the introduction of a price based
component, the liquidity scaling factors have been decomposed and
adjusted in order to maintain the same overall composition with both
price and spread based components.
    ICC also proposes minor clarifying edits to the ICC Risk Management
Framework and the ICC Risk Management Model Description document. ICC
added language to the Overview section of the Risk Management Framework
to identify which ICC documents provide additional details regarding
ICC's risk management approach. ICC added language to the Governance
and Organization section of the Risk Management Framework to note that
the reporting line of ICC's Chief Risk Officer to the Chairperson of
the ICC Risk Committee, who is also a non-executive manager on the
Board, allows the Chief Risk Officer to bring any issues or concerns
directly to the Board without intermediation by other ICC personnel.
ICC also made edits to the Governance and Organization section of the
Risk Management Framework to revise the list of documents reviewed by
the Risk Committee on at least an annual basis to include the ICC End-
of-Day Price Discovery Policies and Procedures and the ICC Operational
Risk Management

Framework.\3\ Finally, ICC added minor clarifying details to the
technical calculation descriptions set forth in the ICC Risk Management
Model Description document, specifically in the Recovery Rate
Sensitivity Risk Analysis, Interest Rate Sensitivity Risk Analysis,
Spread Risk Analysis, and Guaranty Fund Size Estimation sections.
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    \3\ Staff has confirmed this statement, corrected to conform
with the proposed revised Risk Management Framework filed with the
Commission, with ICC via email on July 26, 2016.
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    Section 17A(b)(3)(F) of the Act \4\ requires, among other things,
that the rules of a 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 and to comply with the provisions of the Act and the rules
and regulations thereunder. ICC believes that the proposed rule changes
are consistent with the requirements of the Act and the rules and
regulations thereunder applicable to ICC, in particular, to Section
17(A)(b)(3)(F),\5\ because ICC believes that the proposed rule changes
will promote the prompt and accurate clearance and settlement of
securities transactions, derivatives agreements, contracts, and
transactions, as the proposed changes provide clarity and enhance risk
policies, resulting in enhanced stability and conservative bias of
requirements, and thereby facilitate ICC's ability to promptly and
accurately clear and settle its cleared CDS contracts. In addition, the
proposed revisions are consistent with the relevant requirements of
Rule 17Ad-22.\6\ In particular, the risk model enhancements proposed in
the Risk Management Model Description document will enhance the
financial resources available to the clearing house by promoting
stability and conservative bias of requirements, and are therefore
reasonably designed to meet the margin and financial resource
requirements of Rule 17Ad-22(b)(2-3).\7\ The risk model enhancements
will also result in a more transparent and simplified liquidity charge
approach, and are therefore consistent with the requirements of Rule
17Ad-22(d)(8).\8\
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    \4\ 15 U.S.C. 78q-1(b)(3)(F).
    \5\ Id.
    \6\ 17 CFR 240.17Ad-22.
    \7\ 17 CFR 240.17Ad-22(b)(2-3).
    \8\ 17 CFR 240.17Ad-22(d)(8).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    ICC does not believe the proposed rule changes would have any
impact, or impose any burden, on competition. The risk model
enhancements and clarifying changes apply uniformly across all market
participants. Therefore, ICC does not believe the proposed rule changes
impose any burden on competition that is inappropriate in furtherance
of the purposes of the Act.

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

    Written comments relating to the proposed rule change have not been
solicited or received. ICC will notify the Commission of any written
comments received by ICC.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) by order approve or disapprove the proposed rule change or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-ICC-2016-010 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ICC-2016-010. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filings will also be available
for inspection and copying at the principal office of ICE Clear Credit
and on ICE Clear Credit's Web site at https://www.theice.com/clear-credit/regulation.
    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-ICC-2016-010
and should be submitted on or before August 25, 2016.
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    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-18475 Filed 8-3-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 48 (Friday, March 11, 2016)]
[Rules and Regulations]
[Pages 12802-12804]
[FR Doc No: 2016-04982]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2015-3658; Directorate Identifier 2014-SW-039-AD;
Amendment 39-18427; AD 2016-05-09]
RIN 2120-AA64

Airworthiness Directives; MD Helicopters, Inc. (MDHI) Helicopters

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: We are adopting a new airworthiness directive (AD) for certain
MDHI Model 369A (Army OH-6A), 369H, 369HE, 369HM, 369HS, 369D, 369E,
369F, 369FF, and 500N helicopters. This AD requires inspecting the
auxiliary fuel pump (fuel pump) wire routing in the left-hand fuel cell
and corrective action, if necessary. This AD also requires installing a
warning decal on the left-hand fuel cell access cover. This AD was
prompted by accidents resulting from incorrectly positioned fuel pump
wiring within the fuel tank interfering with the operation of the fuel
quantity sensor float, which caused an erroneous fuel quantity
indication in the cockpit. The actions are intended to detect and
correct routing of the fuel pump wiring to prevent interference with
the fuel quantity sensor float, an erroneous fuel quantity indication
in the cockpit, and subsequent fuel exhaustion and emergency landing.

DATES: This AD is effective April 15, 2016.
    The Director of the Federal Register approved the incorporation by
reference of certain documents listed in this AD as of April 15, 2016.

ADDRESSES: For service information identified in this final rule,
contact MD Helicopters, Inc., Attn: Customer Support Division, 4555 E.
McDowell Rd., Mail Stop M615, Mesa, AZ 85215-9734; telephone 1-800-388-
3378; fax<PHONE_NUMBER>; or at http://www.mdhelicopters.com. You may
review a copy of the referenced service information at the FAA, Office
of the Regional Counsel, Southwest Region, 10101 Hillwood Pkwy, Room
6N-321, Fort Worth, TX 76177. It is also available on the Internet at
http://www.regulations.gov by searching for and locating Docket No.
FAA-2015-3658.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2015-
3658; or in person at the Docket Operations Office between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays. The AD docket
contains this AD, any incorporated-by-reference service information,
the economic evaluation, any comments received, and other information.
The street address for the Docket Operations Office (phone: 800-647-
5527) is U.S. Department of Transportation, Docket Operations Office,
M-30, West Building Ground Floor, Room W12-140, 1200 New Jersey Avenue
SE., Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT: Danny Nguyen, Aerospace Engineer, Los
Angeles Aircraft Certification Office, Transport Airplane Directorate,
FAA, 3960 Paramount Blvd., Lakewood, California 90712; telephone (562)
627-5247; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Discussion

    On September 2, 2015, at 80 FR 53030, the Federal Register
published our notice of proposed rulemaking (NPRM), which proposed to
amend 14 CFR part 39 by adding an AD that would apply to certain MDHI
Model 369A (Army OH-6A), 369H, 369HE, 369HM, 369HS, 369D, 369E, 369F,
369FF, and 500N helicopters. The NPRM proposed to require inspecting
the routing of the fuel pump wiring to determine whether the fuel pump
wire is properly wrapped around the fuel inlet hose and correcting the
routing of the wiring if it is not. The NPRM also proposed to require
installing a decal regarding correct installation of the fuel pump
wiring. The NPRM was prompted by two accidents and one incident that
occurred on Model 369D helicopters resulting from an incorrectly
positioned fuel pump wire within the fuel tank interfering with the
operation of the fuel quantity sensor float, which caused an erroneous
fuel quantity reading in the cockpit. Because the fuel pump is
installed on all the affected model helicopters, we are including them
in the applicability. According to MDHI, because maintenance personnel
caused the incorrect wire routing by failing to follow procedures for
installing the fuel pump, it is also necessary to install a decal on
the left-hand fuel cell access cover to refer maintenance personnel to
the appropriate manual procedures. The proposed requirements were
intended to detect and correct routing of the fuel pump wiring to
prevent interference with the fuel quantity sensor float, an erroneous
fuel quantity indication in the cockpit, and subsequent fuel exhaustion
and emergency landing.

Comments

    We gave the public the opportunity to participate in developing
this AD, but we did not receive any comments on the NPRM (80 FR 53030,
September 2, 2015).

FAA's Determination

    We have reviewed the relevant information and determined that an
unsafe condition exists and is likely to exist or develop on other
products of the same type designs and that air safety and the public
interest require adopting the AD requirements as proposed.

Related Service Information Under 1 CFR Part 51

    MD Helicopters issued one service bulletin on April 30, 2014, with
five different numbers: SB369H-255, SB369E-111, SB500N-049, SB369D-213,
and SB369F-098. The service bulletin specifies a one-time inspection of
the routing of the fuel pump wire in the left-hand fuel cell and
corrective action, if necessary. The service bulletin also specifies
installing a warning decal on the left-hand fuel cell access cover that
refers personnel to the procedures for routing the fuel pump wire that
is contained in the appropriate maintenance manual. The service
bulletin states that recent field incidents have occurred where
maintenance personnel have not followed the procedures for installation
of the fuel pump. Also, the service bulletin states that an incorrectly
installed fuel pump wire can interfere with the fuel quantity sensor
float, which can result in erroneous fuel quantity indications. To
prevent this situation, the service information states that the fuel
pump wire must be wrapped around the fuel inlet hose as shown in the
applicable maintenance manual.
    This service information is reasonably available because the
interested parties have access to it through their normal course of
business or by the means identified in the ADDRESSES section.

Costs of Compliance

    We estimate that this AD will affect 833 helicopters of U.S.
Registry. We estimate that operators may incur the following costs in
order to comply with this AD. Labor costs are estimated at $85 per
work-hour. Inspecting the fuel pump wire routing and installing a decal
will take 3 work-hours, and parts will cost $20 for a total cost of
$275 per helicopter and $229,075 for the U.S. fleet. If required,
rerouting the wiring will require 1 work-hour for a total cost of $85
per helicopter.

Authority for This Rulemaking

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

Regulatory Findings

    This AD will not have federalism implications under Executive Order
13132. This AD will not have a substantial direct effect on the States,
on the relationship between the national government and the States, or
on the distribution of power and responsibilities among the various
levels of government.
    For the reasons discussed above, I certify that this AD:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866;
    (2) Is not a ``significant rule'' under DOT Regulatory Policies and
Procedures (44 FR 11034, February 26, 1979);
    (3) Will not affect intrastate aviation in Alaska to the extent
that it justifies making a regulatory distinction; and
    (4) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.
    We prepared an economic evaluation of the estimated costs to comply
with this AD and placed it in the AD docket.

List of Subjects in 14 CFR Part 39

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

Adoption of the Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

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

2016-05-09 MD Helicopters, Inc.: Amendment 39-18427; Docket No. FAA-
2015-3658; Directorate Identifier 2014-SW-039-AD.

(a) Applicability

    This AD applies to the following helicopters, certificated in
any category:
    (1) Model 369A (Army OH-6A), 369H, 369HE, 369HM, 369HS, and
369D;
    (2) Model 369E with a serial number (S/N) 0001E through 0620E;
    (3) Model 369F and 369FF with a S/N 0001FF through 0212FF,
0600FF, 0601FF, 0602FF, and 0700FF through 0711FF and with an
auxiliary fuel pump part number (P/N) 369A8143-3 installed; and
    (4) Model 500N with a S/N LN001 through LN0111.

(b) Unsafe Condition

    This AD defines the unsafe condition as incorrect routing of the
auxiliary fuel pump (fuel pump) wiring. This condition could result
in an erroneous fuel quantity indication in the cockpit and
subsequent fuel exhaustion and emergency landing.

(c) Effective Date

    This AD becomes effective April 15, 2016.

(d) Compliance

    You are responsible for performing each action required by this
AD within the specified compliance time unless it has already been
accomplished prior to that time.

(e) Required Actions

    Within 100 hours time-in-service:
    (1) Remove the fuel quantity sensor by following the
Accomplishment Instructions, paragraph 2.B., of MD Helicopters
Service Bulletin SB369H-255, SB369E-111, SB500N-049, SB369D-213, or
SB369F-098, dated April 30, 2014, as applicable to your model
helicopter. Using a mirror and light, inspect the routing of the
fuel pump wire in the area depicted in Figure 2 of MD Helicopters
Service Bulletin SB369H-255, SB369E-111, SB500N-049, SB369D-213, or
SB369F-098, dated April 30, 2014, as applicable to your model
helicopter, and determine whether the fuel pump wire is wrapped
around the left-hand fuel cell fuel inlet hose assembly a minimum of
one revolution.
    (i) If the fuel pump wire is wrapped around the left-hand fuel
cell fuel inlet hose a minimum of one revolution, install the fuel
quantity sensor and perform a fuel quantity sensor functional test
for proper fuel float arm function.
    (ii) If the fuel pump wire is not wrapped around the left-hand
fuel cell fuel inlet hose a minimum of one revolution, install the
fuel quantity sensor, route the fuel pump wire around the left-hand
fuel cell fuel inlet hose by following paragraphs 2.E.(1) through
2.E.(8) of MD Helicopters Service Bulletin SB369H-255, SB369E-111,
SB500N-049, SB369D-213, or SB369F-098, dated April 30, 2014 as
applicable to your model helicopter, and perform a fuel quantity
sensor functional test for proper fuel float arm function.
    (2) Install start pump warning decal, P/N MHS5861-66 or
equivalent, on the left-hand fuel cell cover by following paragraph
2.G. of MD Helicopters Service Bulletin SB369H-255, SB369E-111,
SB500N-049, SB369D-213, or SB369F-098, dated April 30, 2014 as
applicable to your model helicopter.

(f) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, Los Angeles Aircraft Certification Office, FAA,
may approve AMOCs for this AD. Send your proposal to: Danny Nguyen,
Aerospace Engineer Transport Airplane Directorate, FAA, 3960
Paramount Blvd., Lakewood, California 90712; telephone (562) 627-
5247; email<EMAIL_ADDRESS>    (2) For operations conducted under a 14 CFR part 119 operating
certificate or under 14 CFR part 91, subpart K, we suggest that you
notify your principal inspector, or lacking a principal inspector,
the manager of the local flight standards district office or
certificate holding district office before operating any aircraft
complying with this AD through an AMOC.

(g) Subject

    Joint Aircraft Service Component (JASC) Code: 2840 Fuel Quantity
Indicating System.

(h) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference of the service information listed in this
paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless the AD specifies otherwise.
    (i) MD Helicopters Service Bulletin SB369D-213, dated April 30,
2014.
    (ii) MD Helicopters Service Bulletin SB369E-111, dated April 30,
2014.
    (iii) MD Helicopters Service Bulletin SB369F-098, dated April
30, 2014.
    (iv) MD Helicopters Service Bulletin SB369H-255, dated April 30,
2014.
    (v) MD Helicopters Service Bulletin SB500N-049, dated April 30,
2014.
    Note 1 to paragraph (h)(2): MD Helicopters Service Bulletin
SB369D-213, SB369E-111, SB369F-098, SB369H-255, and SB500N-

049, dated April 30, 2014, are co-published as one document.
    (3) For MD Helicopters service information identified in this
final rule, contact MD Helicopters, Inc., Attn: Customer Support
Division, 4555 E. McDowell Rd., Mail Stop M615, Mesa, AZ 85215-9734;
telephone 1-800-388-3378; fax<PHONE_NUMBER>; or at http://www.mdhelicopters.com.
    (4) You may view this service information at FAA, Office of the
Regional Counsel, Southwest Region, 10101 Hillwood Pkwy, Room 6N-
321, Fort Worth, TX 76177. For information on the availability of
this material at the FAA, call<PHONE_NUMBER>.
    (5) You may view this service information that is incorporated
by reference at the National Archives and Records Administration
(NARA). For information on the availability of this material at
NARA, call<PHONE_NUMBER>, or go to: http://www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued in Fort Worth, Texas, on March 1, 2016.
Scott A. Horn,
Acting Manager, Rotorcraft Directorate, Aircraft Certification Service.
[FR Doc. 2016-04982 Filed 3-10-16; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 77, Number 181 (Tuesday, September 18, 2012)]
[Notices]
[Pages 57627-57630]
[FR Doc No: 2012-22964]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67847; File No. SR-NYSE-2012-43]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Amending Sections 902.02 and 902.03 of the Listed Company Manual of the
New York Stock Exchange LLC

September 12, 2012.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on August 30, 2012, New York Stock Exchange LLC (``NYSE''
or the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the self-
regulatory organization. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes to amend Sections 902.02 and 902.03 of the
Listed Company Manual (the ``Manual'') to provide that, where both of
the companies that form an umbrella partnership real estate investment
trust (``UPREIT'') structure are listed on the Exchange, Listing and
Annual Fees for the two related listed issuers will be subject to a
single fee cap at the time of original listing and on an annual basis.
The text of the proposed rule change is available on the Exchange's Web
site at www.nyse.com, at the principal office of the Exchange, and at
the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend Sections 902.02 and 902.03 of the
Manual to provide that, where both of the companies that form an UPREIT
structure are listed on the Exchange, Listing and Annual Fees for the
two related listed companies will be subject to a single fee cap at the
time of original listing and on an annual basis.
    Many listed real estate investment trusts (``REITs'') form part of
what is known as an ``umbrella partnership real estate investment
trust'' or ``UPREIT'' structure.\4\ In connection with the creation of
an UPREIT structure, the owners of a portfolio of real estate assets
contribute those assets to a limited partnership (the ``Operating
Partnership'') in exchange for common equity interests in the Operating
Partnership (``OP Units''). The sole general partner of the Operating
Partnership is an entity which elects to be taxed as a real estate
investment trust (the ``REIT''). The partnership agreement of the
Operating Partnership grants the REIT (as general partner) sole control
over the Operating Partnership and, consequently, the Operating
Partnership has no board of directors. In addition, the Operating
Partnership has no employees of its own and its operations are managed
entirely by the management and employees of the REIT. In conjunction
with the contribution of the initial portfolio of real estate assets,
the REIT typically raises additional capital in an initial public
offering.\5\ In exchange for contributing the proceeds of the IPO and
any subsequent offerings to the Operating Partnership, the REIT
receives a number of OP Units corresponding to the number of shares
sold by the REIT itself. Shareholders of the REIT receive exactly the
same cash dividends as are paid to OP Unit holders, as the REIT passes
through to its own shareholders the dividends it receives in relation
to the OP Units it owns. After a specified period of time (typically
one year after the IPO), the limited partners have the ability at any
time to require the REIT to redeem their OP Units for a cash amount
equal to the then market price of the REIT's common stock, subject to
the REIT's right to satisfy that redemption requirement by issuing
shares of its own common stock on a one-for-one basis in exchange for
the OP Units.\6\
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    \4\ While the terms ``umbrella partnership real estate
investment trust'' and ``UPREIT'' are not defined in the Internal
Revenue Code, those terms are generally used to describe the
specific structure set forth in Treas. Reg. Sec.  1.701-2(d), ex. 4.
(``Example 4''). For purposes of this rule filing and the proposed
amendments, the Exchange uses those terms solely to describe a
structure which is consistent with the structure described in
Example 4 to a degree sufficient to qualify for the tax treatment
described in Example 4 as in effect on the date of this filing (or
any successor provision in the Internal Revenue Code which describes
a structure which is materially identical to the structure described
in Example 4).
    \5\ A pre-existing REIT may also enter into an UPREIT structure,
generally by contributing its assets to a new Operating Partnership
in exchange for interests in the Operating Partnership and in
conjunction with the contribution of real estate assets by third
parties in exchange for OP Units. The Operating Partnership of an
UPREIT structure can acquire additional portfolios of real estate
assets in exchange for OP Units at any time after its inception.
    \6\ Generally, the REIT will elect to satisfy all redemption
requests by issuing its own stock rather than by making cash
payments.
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    As is apparent from the above description, OP Units and shares of
common stock of the REIT effectively have the same economic rights.
Each OP Unit represents the same proportionate share in the assets of
the Operating Partnership as a corresponding common share of the REIT
and is exchangeable for either a share of the REIT or an amount in cash
equal to the market value of a share of the REIT. It is the Exchange's
understanding that the securities industry typically views the
Operating Partnership as the relevant entity for analysis rather than
the REIT, as the common stock of the REIT effectively functions as an
indirect means of owning an equity interest in the overall enterprise
represented by the Operating Partnership.
    The question as to how the Exchange should treat the REIT and the
Operating Partnership components of an UPREIT for fee purposes when
both are listed companies has not previously arisen. One reason for
this is that typically the Operating Partnership has very few direct
investors and would therefore not qualify for listing. However, the
possibility that both the REIT and the Operating Partnership might both
be listed is not precluded by Exchange rules.\7\
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    \7\ The Exchange has a significant number of listed limited
partnerships which are listed under the initial listing standards
for operating companies set forth in Section 102.01 of the Manual.
As such, subject to compliance with all applicable listing
requirements, the Operating Partnership component of an UPREIT could
list under the existing listing standards for operating companies
set forth in Section 102.01. As the Operating Partnership is not
itself a REIT, it could not list under the REIT listing standard set
forth in Section 102.05.
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    The Exchange believes that the REIT and the Operating Partnership
in an UPREIT structure are effectively a single entity, as they
represent economic interests in the same enterprise and have a single
management and board of directors, with the Operating Partnership
relying entirely on the REIT for its management and corporate
governance. Consequently, there are significant efficiencies for the
Exchange in the listing and regulation of the two listed entities that
constitute an UPREIT structure. In particular, the Exchange notes that
a significant proportion of the regulatory cost it incurs in connection
with the initial and continued listing of an issuer relates to the
review by NYSE Regulation staff of the issuer's compliance with the
board composition and board committee requirements set forth in Section
303A of the Manual.\8\ As a limited partnership, the Operating
Partnership component of an UPREIT structure is exempt from the
Exchange's board and committee requirements with the exception of
Section 303A.06, which requires the Operating Partnership to

have an independent audit committee as required by SEC Rule 10A-3, and
the additional audit committee requirements in Section 303A.07. As the
Operating Partnership is controlled by the REIT in its capacity as
general partner, the Operating Partnership is able to rely on the audit
committee of the REIT's board for its compliance with Sections 303A.06
and 303A.07.\9\ Consequently, for all practical purposes, NYSE
Regulation staff can rely on their corporate governance compliance
reviews of the REIT as a means of effectively monitoring the Operating
Partnership's compliance.\10\ The Exchange believes it is appropriate
to recognize these cost efficiencies by providing some limited relief
from its initial and annual listing fees to the two issuers that form
an UPREIT structure if both are listed on the Exchange. Section 902.03
of the Manual provides that the minimum and maximum initial listing
fees the first time an issuer lists a class of common shares are
$125,000 and $250,000, respectively. The Exchange proposes to amend
Section 902.03 to provide that, when the REIT and the Operating
Partnership components of an UPREIT structure list at the same time,
these minimum and maximum fee amounts will be applied to the aggregate
fees payable by both issuers. In cases where the fees payable by the
REIT and Operating Partnership components of an UPREIT are determined
based on either the minimum or maximum fee levels, the fees will be
allocated between the two issuers based on the percentage of the total
outstanding OP Units represented by the OP Units owned by the REIT. In
addition, the Exchange proposes to treat the REIT and Operating
Partnership components of an UPREIT as a single issuer when applying
the $500,000 cap on all listing and annual fees payable by an issuer in
a calendar year as set forth in Section 902.02 and to allocate those
fees between the two issuers in the manner described in the immediately
preceding sentence. The Exchange does not believe that the limitation
of the proposed amendments to the fee caps to issuers that are related
as the component parts of an UPREIT structure is unfairly
discriminatory. The UPREIT structure is distinctive in the degree to
which the two component issuers function as a single economic
enterprise with one management team and board. As the expectation is
that these sorts of listings will be rare, the Exchange does not
anticipate that it will experience any meaningful diminution in revenue
as a result of the proposed amendments and therefore does not believe
that the proposed amendments would in any way negatively affect its
ability to continue to adequately fund its regulatory program or the
services the Exchange provides to issuers. The Exchange also notes that
the initial and annual listing fees applicable to all other REITs and
operating companies are remaining unchanged, so no company that is not
eligible to benefit from the proposed amendments is being asked to pay
higher fees than it is currently paying.
---------------------------------------------------------------------------

    \8\ The Exchange also incurs regulatory costs in reviewing
compliance by listed issuers with the Exchange's initial and
continued financial listing standards, which largely consists of a
review of the issuer's financial statements. The Exchange believes
that there would also be regulatory efficiencies in conducting
financial compliance reviews of UPREITs, as the financial statements
of the two entities are directly related, in that the REIT's
financial statements simply represent its percentage ownership
interest in the Operating Partnership. In particular, the Exchange
notes that because the two entities' financial condition is directly
interrelated, any significant deterioration in the financial
condition or stock price of either issuer which causes that issuer
to fall below compliance with the Exchange's financial listing
standards would likely also cause the same compliance problem for
the other issuer. As a consequence, if both the REIT and the
Operating Partnership fall below compliance with the Exchange's
ongoing financial listing standards, any compliance plan submissions
would be virtually identical and therefore the NYSE Regulation
staff's review, approval and ongoing monitoring of such plans would
require substantially fewer resources than would normally be the
case for two independent companies. Similarly, the Exchange believes
that non-regulatory efficiencies would exist, as the Exchange's
listings client service group, which communicates with listed
issuers on a regular basis, would interact with one management team
instead of two.
    \9\ See Exchange Act Rule 10A-3(e)(3), which provides that
``[I]n the case of a listed issuer that is a limited partnership or
limited liability company where such entity does not have a board of
directors or equivalent body, the term board of directors means the
board of directors of the managing general partner, managing member
or equivalent body.'' See also the discussion at page 18790 of the
adopting release for Rule 10A-3. Release Nos. 33-8220 and 34-47654,
68 FR 18788 (April 16, 2003).
    \10\ The Exchange notes that NYSE Regulation's corporate
governance compliance program relies largely on a review of required
disclosures in issuers' annual meeting proxy statements. As the OP
Unit holders do not have the right to elect directors, the Operating
Partnership does not have an annual meeting proxy statement and the
staff will rely on a review of the REIT's proxy statement as the
basis for a combined review of both the REIT and the Operating
Partnership.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934 (the
``Act''),\11\ in general, and furthers the objectives of Section
6(b)(4) and 6(b)(5) of the Act,\12\ in particular, because it provides
for the equitable allocation of reasonable dues, fees, and other
charges among its members, issuers and other persons using its
facilities and does not unfairly discriminate between customers,
issuers, brokers or dealers. The Exchange also believes that the
proposed rule change is consistent with Section 6(b)(5) of the Act, in
particular in that it is designed to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transactions in
securities, 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.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(4) and 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is consistent
with Section 6(b)(5) of the Act in that it does not unfairly
discriminatory [sic] among listed companies because there is a
reasonable justification for charging UPREITs different fees from those
charged to other issuers and there are cost efficiencies for the
Exchange in that the two listed issuers associated with an UPREIT
represent essentially a single enterprise with a single management and
board. In particular, the Exchange notes that a significant proportion
of the regulatory cost it incurs in connection with the initial and
continued listing of an issuer relates to the review by NYSE Regulation
staff of the issuer's compliance with the board composition and board
committee requirements set forth in Section 303A of the Manual. As the
Operating Partnership is controlled by the REIT in its capacity as
general partner, the Operating Partnership is able to rely on the audit
committee of the REIT's board for its compliance with Sections 303A.06
and 303A.07.\13\ Consequently, for all practical purposes, NYSE
Regulation staff can rely on their corporate governance compliance
reviews of the REIT as a means of effectively monitoring the Operating
Partnership's compliance.\14\
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    \13\ See note 9, supra.
    \14\ As noted above, the Exchange believes that there are also
regulatory efficiencies in its financial compliance review process
in regards to UPREITs, particularly because if both the REIT and the
Operating Partnership fall below compliance with the Exchange's
ongoing financial listing standards, any compliance plan submissions
would be virtually identical and therefore the NYSE Regulation
staff's review, approval and ongoing monitoring of such plans would
require substantially fewer resources than were they for two
independent companies. Similarly, the Exchange believes that non-
regulatory efficiencies would exist, as the Exchange's listings
client service group would interact with one management team instead
of two. See note 10, supra.
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    The Exchange also notes that no other company will be required to
pay higher fees as a result of the proposed amendments.
    The Exchange believes that the proposed rule change is reasonable
in light of the fact that the two listed issuers associated with an
UPREIT share a single board of directors and management team and the
listed securities represent equivalent economic interests in a single
enterprise. In light of the regulatory and client service efficiencies
and resultant cost savings to the Exchange resulting from this
distinctive overlapping of corporate governance and economic interests
in the UPREIT structure, the Exchange believes that it would be more
equitable to establish an overall cap on what these affiliated entities
would be required to pay for listing services. Moreover, the Exchange
believes that the proposal is not unfairly discriminatory in that it
will be available to all UPREITs; other listed companies do not present
the same sort of overlapping economic interests and

governance structures that warrant common treatment of UPREITs for fee
cap purposes.

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

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

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

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

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \15\ of the Act and subparagraph (f)(2) of Rule
19b-4 \16\ thereunder, because it establishes a due, fee, or other
charge imposed by the NYSE.
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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-2012-43 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2012-43. 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 Section, 100 F Street
NE., Washington, DC 20549-1090, on official business days between the
hours of 10:00 a.m. and 3:00 p.m. Copies of the filing will also be
available for Web site viewing and printing at the NYSE's principal
office and on its Internet Web site at www.nyse.com. 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-NYSE-2012-43 and should be
submitted on or before October 9, 2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-22964 Filed 9-17-12; 8:45 am]
BILLING CODE 8011-01-P