[Federal Register: May 25, 2011 (Volume 76, Number 101)]
[Notices]
[Page 30327-30328]
[DOCID:fr25my11-45]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 14123-000]

Reliable Storage 1 LLC; Notice of Preliminary Permit Application
Accepted for Filing and Soliciting Comments, Motions To Intervene, and
Competing Applications

    On March 25, 2011, Reliable Storage 1 LLC filed an application,
pursuant to section 4(f) of the Federal Power Act, proposing to study
the feasibility of hydropower near the towns of Luttrell and Blaine, in
Union and Grainger Counties, Tennessee. The sole purpose of a
preliminary permit, if issued, is to grant the permit holder priority
to file a license application during the permit term. A preliminary
permit does not authorize the permit holder to perform any land-
disturbing activities or otherwise enter upon lands or waters owned by
others without the owners' express permission.
    The proposed pumped storage project would consist of the following:
(1) A 200-foot-high, 2,932-foot-long earth embankment dam; (2) an upper
reservoir with a surface area of 27.5 acres and an 2,262 acre-foot
storage capacity; (3) a 120-foot-high, 2,475-foot-long earth embankment
dam creating; (4) a lower reservoir with a surface area of 73.5 acres
and an 3,903 acre-foot storage capacity; (5) one 24-foot-diameter,
5,950-foot-long penstock; (6) a bifurcation to three penstocks each 16-
foot-diameter, and 50-foot-long; (7) a powerhouse/pumping station
containing three pump/generating units with a total generating capacity
of 260 megawatts; (8) a substation; (9) a 1.83-mile-long, 115 kV
transmission line to an existing distribution line; and (10) a new
1,300-foot-long access road. The proposed project would have an average
annual generation of 270,000,000 megawatt-hours (MWh), which would be
sold to a local utility.
    Applicant Contact: Mr. Daniel R. Irvin, Free Flow Power
Corporation, 239 Causeway Street Suite 300, Boston, MA 01244; phone
(978) 252-7631.
    FERC Contact: Michael Spencer,<PHONE_NUMBER>.
    Deadline for filing comments, motions to intervene, competing
applications (without notices of intent), or notices of intent to file
competing applications: 60 days from the issuance of this notice.
Competing applications and notices of intent must meet the requirements
of 18 CFR 4.36. Comments, motions to intervene, notices of intent, and
competing applications may be filed electronically via the Internet.
See 18 CFR 385.2001(a)(1)(iii) and the instructions on the Commission's
Web site http://www.ferc.gov/docs-filing/efiling.asp. Commenters can
submit brief comments up to 6,000 characters, without prior
registration, using the eComment system at http://www.ferc.gov/docs-
filing/ecomment.asp. You must include your name and contact information
at the end of your comments. For assistance, please contact FERC Online
Support at<EMAIL_ADDRESS>call toll-free at (866) 208-
3676; or, for TTY, contact<PHONE_NUMBER>. Although the Commission
strongly encourages electronic filing, documents may also be paper-
filed. To paper-file, mail an original and seven copies to: Kimberly D.
Bose, Secretary, Federal Energy Regulatory Commission, 888 First
Street, NE., Washington, DC 20426.
    More information about this project, including a copy of the
application, can be viewed or printed on the ``eLibrary'' link of the
Commission's Web site at http://www.ferc.gov/docs-filing/elibrary.asp.
Enter the docket number (P-14123-000) in the docket number field to
access the document. For assistance, contact FERC Online Support.

    Dated: May 18, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-12871 Filed 5-24-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 86, Number 227 (Tuesday, November 30, 2021)]
[Notices]
[Pages 67999-68001]
[FR Doc No: 2021-26070]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93670; File No. SR-FICC-2021-008]

Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Make Certain Revisions and Clarifications to the Rules

November 24, 2021.
    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 November 15, 2021, Fixed Income Clearing Corporation (``FICC'')
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 by the clearing agency. FICC filed the
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and
Rule 19b-4(f)(4) thereunder.\4\ 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.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(4).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    The proposed rule change consists of modifications to the FICC
Government Securities Division (``GSD'') Rulebook (``GSD Rules''), the
FICC Mortgage-Backed Securities Division (``MBSD'') Clearing Rules
(``MBSD Rules'') and the FICC MBSD EPN Rules (``EPN Rules,'' and
together with the GSD Rules and the MBSD Rules, the ``Rules'') to (1)
incorporate in the Rules the affirmative undertakings that Members
currently make in onboarding membership agreements; (2) incorporate
into the Rules the governing law of agreements and other documents
provided to FICC pursuant to the Rules; (3) clarify FICC's ability to
rely on electronic signatures on agreements and other documents
provided to FICC pursuant to the Rules; and (4) clarify in the GSD
Rules and MBSD Rules that Members shall appoint a duly authorized
representative in connection with their membership, and remove the
requirement that FICC approve the form of power of attorney or
resolutions of the Member's board of directors that evidences such
authorization, as described in greater detail below.\5\
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    \5\ Capitalized terms not defined herein are defined in the GSD
Rules, MBSD Rules and EPN Rules, as applicable, available at https://www.dtcc.com/legal/rules-and-procedures. GSD and MBSD have several
membership categories. For ease of description, unless otherwise
indicated by the context, the term ``Member'' is used to refer to
all membership categories.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

    In its filing with the Commission, the clearing agency 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. The clearing agency has prepared summaries,
set forth in sections A, B, and C below, of the most significant
aspects of such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

1. Purpose
    FICC is proposing amendments that would clarify, simplify and
improve the disclosures in the Rules, primarily related to onboarding
and other membership documentation between FICC and its Members. FICC,
along with its affiliates, The Depository Trust Company and National
Securities Clearing Corporation, has recently completed a review of the
templates of onboarding agreements and other documents that are
provided to FICC in connection with a firm's application for membership
and the templates of agreements and documents Members may provide to
FICC during the course of their membership pursuant to the Rules. In
connection with this review,

FICC is proposing to make certain revisions and clarifications to the
Rules.
    More specifically, the proposed rule changes would (1) incorporate
in the Rules the affirmative undertakings that Members currently make
in onboarding membership agreements; (2) incorporate into the Rules the
governing law of agreements and other documents provided to FICC
pursuant to the Rules; (3) clarify FICC's ability to rely on electronic
signatures on agreements and other documents provided to FICC pursuant
to the Rules; and (4) clarify in the GSD Rules and MBSD Rules that
Members shall appoint a duly authorized representative in connection
with their membership, and remove the requirement that FICC approve the
form of power of attorney or resolutions of the Member's board of
directors that evidences such authorization, as described in greater
detail below.
Proposed Revisions To Incorporate Member Undertakings Into the Rules
    FICC is proposing to revise GSD Rules 2A, 3A and 4(d), MBSD Rules
2A and 3, and EPN Rule 1 of Article III, to incorporate affirmative
undertakings that Members currently make in their onboarding membership
agreements.\6\ Each of these Rules currently provide that an applicant
for membership with FICC shall sign and deliver to FICC an agreement
under which the applicant would agree to the affirmative undertakings
that are listed in those Rules. These undertakings include, for
example, to abide by the Rules and be bound by all the provisions
thereof, and to pay any amounts that become payable by the Member to
FICC pursuant to the Rules.\7\
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    \6\ See Section 7 of GSD Rule 2A, Section 4 of GSD Rule 3A and
Section 13 of GSD Rule 4(d); Section 5 of MBSD Rule 2A and MBSD Rule
3(A)(d)(i); and Section 3 of EPN Rule 1 of Article III (All
references to ``Articles'' herein shall be referring to Articles of
the EPN Rules.); id.
    \7\ Id.
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    To simplify and standardize the membership onboarding
documentation, FICC is proposing to revise each of the Rules that
includes these undertakings to state directly that Members agree to the
undertakings listed in that Rule. In connection with this proposed
change, FICC would remove these undertakings from the template
membership agreements, which already provide that Members are bound by
the Rules.
Proposed Revisions to Rules Regarding Governing Law
    FICC is proposing to revise GSD Rule 38, MBSD Rule 29 and EPN Rule
9 of Article V, each of which currently state that the Rules are
governed by New York law.\8\ The proposed change would revise these
Rules to include a statement that all agreements and other documents
that are entered into between FICC and its Members are also governed by
New York law, unless otherwise expressly provided. Currently,
agreements and other documents entered into between FICC and its
Members either include a governing law provision or are governed by New
York law through the application of both (i) GSD Rule 38, MBSD Rule 29
and EPN Rule 9 of Article V, which provide that the rights and
obligations under the Rules are governed by New York law, and (ii) the
FICC membership agreements, which provide that the Rules (including the
Rules referenced in this paragraph) govern the matters and transactions
between FICC and its Members.
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    \8\ Id.
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    This proposed change would both clarify the governing law of the
agreements and other documents entered into between FICC and its
Members pursuant to the Rules, and would allow FICC to simplify those
documents by removing the governing law provisions in such documents.
Proposed Revisions to Rules Regarding FICC's Reliance on Electronic
Signatures
    FICC is proposing to revise GSD Rule 32, MBSD Rule 24 and EPN Rule
15 of Article V, each of which currently lists the circumstances in
which FICC would rely on an electronic signature.\9\ The proposed
revisions to these Rules would clarify that FICC may rely on an
electronic signature with respect to any and all agreements and other
documents delivered pursuant to the Rules. FICC would also remove
reference to the circumstances in which it would accept an electronic
signature, to make clear that FICC would do so in any circumstances.
The proposed revisions would clarify and modernize the language in
these Rules, which still refer to outdated modes of electronic
communication, such as telex, and would align the language in this Rule
to language used in the New York Electronic Signatures and Records
Act.\10\
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    \9\ Id.
    \10\ N.Y. State Tech. Law Sec.  304(2) (McKinney 2021).
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Proposed Revisions to Requirements Related to Members' Authorized
Representatives
    FICC is proposing to revise Section 1 of GSD Rule 40 and Section 1
of MBSD Rule 31, which describe Members' requirement to appoint an
authorized representative in connection with their membership with
FICC.\11\ Currently, these Rules provide that a Member may designate an
authorized representative that is not either a general partner or an
officer of the Member by either a power of attorney or resolutions of
the Member's board of directors, and requires such power of attorney
and resolutions be in a form approved by FICC.\12\ These Rules also
require Members to provide FICC with the signatures of individuals who
are authorized representatives for purposes of conducting business with
FICC.\13\
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    \11\ Supra note 5.
    \12\ Id.
    \13\ Id.
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    In order to simplify the onboarding membership requirements, FICC
is proposing to amend these Rules to clarify that Members must appoint
a duly authorized representative, and to remove references to a power
of attorney or resolutions of the Member's board of directors. The
proposed change would also remove the requirement that FICC approve the
form of power of attorney or resolutions of the Member's board of
directors that evidences the due authorization of that representative.
Finally, FICC is proposing to remove the requirement that Members
provide FICC with the signatures of representatives who are authorized
to conduct business with FICC.\14\
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    \14\ Id.
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2. Statutory Basis
    Section 17A(b)(3)(F) of the Act requires that the rules of FICC be
designed to, among other things, promote the prompt and accurate
clearance and settlement of securities transactions.\15\ FICC believes
the proposed changes are consistent with the requirements of Section
17A(b)(3)(F) of the Act because such changes would clarify and improve
the transparency of the Rules and would allow FICC to simplify the
membership agreements and other documentation provided to it by Members
pursuant to the Rules.
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    \15\ 15 U.S.C. 78q-1(b)(3)(F).
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    More specifically, the proposed changes would make clarifications
to the Rules regarding (i) FICC's ability to rely on electronic
signatures on agreements and other documents provided to it pursuant to
the Rules; and (ii) Members' duly authorized representatives in
connection with their memberships. The proposed changes would also
update the Rules in order to allow FICC to simplify the onboarding and
other membership agreements and documents by incorporating in the

Rules (1) the governing law of agreements and other documents provided
to FICC pursuant to the Rules; and (2) the affirmative undertakings
that Members currently make in onboarding membership agreements.
    By enhancing the clarity and transparency of the Rules, and
allowing FICC to simplify the membership agreements and other
documents, the proposed changes would allow Members to more efficiently
and effectively conduct their business in accordance with the Rules,
which FICC believes would promote the prompt and accurate clearance and
settlement of securities transactions. As such, FICC believes that the
proposed changes would be consistent with Section 17A(b)(3)(F) of the
Act.\16\
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    \16\ Id.
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(B) Clearing Agency's Statement on Burden on Competition

    FICC does not believe the proposed rule changes would impact
competition. The proposed rule changes would merely enhance the clarity
and transparency of the Rules and would simplify the documentation that
is provided to FICC by Members pursuant to the Rules. Therefore, the
proposed changes would not affect FICC's operations or the rights and
obligations of membership. As such, FICC believes the proposed rule
changes would not have any impact on competition.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others

    FICC has not received or solicited any written comments relating to
this proposal. If any written comments are received, they will be
publicly filed as an Exhibit 2 to this filing, as required by Form 19b-
4 and the General Instructions thereto.
    Persons submitting comments are cautioned that, according to
Section IV (Solicitation of Comments) of the Exhibit 1A in the General
Instructions to Form 19b-4, the Commission does not edit personal
identifying information from comment submissions. Commenters should
submit only information that they wish to make available publicly,
including their name, email address, and any other identifying
information.
    All prospective commenters should follow the Commission's
instructions on how to submit comments, available at https://www.sec.gov/regulatory-actions/how-to-submit-comments. General
questions regarding the rule filing process or logistical questions
regarding this filing should be directed to the Main Office of the
Commission's Division of Trading and Markets at
[email protected] or<PHONE_NUMBER>.
    FICC reserves the right to not respond to any comments received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) \17\ of the Act and paragraph (f) \18\ of Rule 19b-4
thereunder. At any time within 60 days of the filing of the 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.
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    \17\ 15 U.S.C 78s(b)(3)(A).
    \18\ 17 CFR 240.19b-4(f).
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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 protected]. Please include
File Number SR-FICC-2021-008 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-FICC-2021-008. 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 website (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 website 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 the filing also will be available for inspection
and copying at the principal office of FICC and on DTCC's website
(http://dtcc.com/legal/sec-rule-filings.aspx). All comments received
will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-FICC-2021-008 and should be submitted on
or before December 21, 2021.
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    \19\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-26070 Filed 11-29-21; 8:45 am]
BILLING CODE 8011-01-P