[Federal Register: October 4, 2007 (Volume 72, Number 192)]
[Notices]
[Page 56816-56817]
[DOCID:fr04oc07-119]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56571; File No. SR-FINRA-2007-001]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Order Approving Proposed Rule Change Relating to the
Reporting of Foreign Equity Securities to the Order Audit Trail System

September 28, 2007.

I. Introduction

    On July 31, 2007, the Financial Industry Regulatory Authority, Inc.
(``FINRA'') (f/k/a the National Association of Securities Dealers, Inc.
(``NASD'')) filed with the Securities and Exchange Commission
(``Commission'') pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change relating to

reporting of order information for foreign equity securities to the
Order Audit Trail System (``OATS''). The proposed rule change was
published for comment in the Federal Register on August 9, 2007.\3\ The
Commission received no comments on the proposal. This order approves
the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 56199 (August 3,
2007), 72 FR 44899 (the ``Notice'').
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II. Description of the Proposal

    NASD Rules 6950 through 6958 (``OATS Rules'') impose obligations on
member firms to record in electronic form and report to OATS on a daily
basis certain information regarding orders in Nasdaq-listed equity
securities originated, received, transmitted, modified, canceled, or
executed by members. FINRA integrates the OATS information with quote
and transaction information from a number of different sources to
create a time-sequenced record of orders, quotes, and transactions.
    Currently, a member has recording and reporting obligations under
the OATS Rules only with respect to orders in Nasdaq-listed equity
securities. Beginning on February 4, 2008, members also will be
required to record and report order information regarding all OTC
equity securities, as defined in NASD Rule 6951.\4\ The definition of
``OTC equity security'' encompasses essentially all foreign equity
securities, except those that are listed on a U.S. national securities
exchange.
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    \4\ See Securities Exchange Act Release No. 54585 (October 10,
2006); 71 FR 61112 (October 17, 2006) (SR-NASD-2005-101); NASD
Notice to Members 06-70 (December 2006); see also Securities
Exchange Act Release No. 55440 (March 9, 2007), 72 FR 12852 (March
19, 2007) (SR-NASD-2007-019).
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    After approval of NASD-2005-101, FINRA indicated that numerous
member firms and industry organizations raised issues with its staff
regarding the breadth of the application of the OATS Rules to foreign
equity securities, as well as issues presented by the lack of U.S.
symbols for many foreign securities; the programming difficulties
associated with tracking trades in foreign symbols and currencies; and
the fact that, for many firms, orders for foreign securities are
handled by foreign affiliates that are not currently set up to record
and report OATS information. In addition, FINRA noted that many trades
in foreign equity securities are routed to foreign broker-dealers and
executed on a foreign stock exchange. Consequently, pursuant to the
OATS Rules although FINRA would receive OATS information regarding the
origination and routing of such orders, FINRA would not receive
execution reports, and FINRA would not have trade report data to
consolidate with the OATS data.\5\
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    \5\ Trade reporting requirements under NASD Rule 6620 do not
extend to a member's transactions in foreign equity securities
executed on and reported to a foreign securities exchange or
transactions executed over-the-counter in a foreign country that are
reported to the regulator of securities markets for that country.
See NASD Rule 6620(g); Securities Exchange Act Release No. 55745
(May 11, 2007), 72 FR 27891 (May 17, 2007) (SR-NASD-2007-030).
---------------------------------------------------------------------------

    In response to these concerns, FINRA proposed to amend Rule 6952 to
exclude certain orders and transactions in foreign equity securities
from the OATS recording and reporting requirements. With this change
members will only have to record and report order information regarding
foreign equity securities only in those instances where any resulting
execution is subject to the transaction reporting requirements in Rule
6620. Members would not be required to record and submit information to
FINRA for orders in a foreign equity security that do not result in a
trade report to FINRA.\6\ FINRA will receive order information for the
same transactions for which FINRA receives trade report information.
FINRA believes this change strikes the appropriate balance enabling
FINRA to effectively monitor its members' compliance with their order
handling requirements while avoiding overly burdensome reporting
requirements.
---------------------------------------------------------------------------

    \6\ See the Notice at 44900-44901 for examples of trade
reporting scenarios.
---------------------------------------------------------------------------

    In addition, FINRA proposed to permit firms to use Form T to report
required OATS information instead for reporting through the firm's
normal OATS reporting channels in instances where a firm has a
reporting obligation in a foreign equity security, but does not have a
U.S. symbol assigned to it at the time of the trade.

III. Discussion and Commission Findings

    The Commission has carefully reviewed the proposed rule change and
finds that it is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to a national securities
association.\7\ In particular, the Commission finds that the proposed
rule change is consistent with Section 15A(b)(6) of the Act,\8\ which,
among other things, requires that FINRA rules be designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, and, in general, to protect investors
and the public interest.
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    \7\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78o-3(b)(6).
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    The Commission believes that the proposed rule change addresses
concerns unique to OATS reporting requirements for orders in foreign
equity securities in a manner consistent with the Act, and strikes an
appropriate balance between ensuring that FINRA can effectively monitor
members' compliance with their order handling obligations and avoiding
overly burdensome reporting requirements. Members will continue to be
required to record and report OATS data to FINRA in those instances
where a resulting execution in a foreign equity security is subject to
a transaction reporting requirement pursuant to Rule 6620(g).
Therefore, FINRA will receive OATS data that it can use in connection
with trade reports to effectively monitor its members' activities in
foreign equity securities. However, members will be relieved of the
obligation to record and report OATS data to FINRA in instances where
there is not a transaction reporting requirement.
    Further, the Commission believes that allowing members to report
required OATS data for orders in a foreign equity security that has not
been assigned a symbol at the time of the reportable event on Form T
instead of through a member's normal OATS report channels will allow
members to fulfill their trade reporting obligations and OATS
obligations more efficiently while still ensuring the FINRA receives
the information it requires to effectively monitor its members' trading
activity in foreign equity securities.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\9\ that the proposed rule change (SR-FINRA-2007-001), be, and
hereby is, approved. It will become operative on February 4, 2008.
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    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
---------------------------------------------------------------------------
pursuant to delegated authority.\10\

    \10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-19593 Filed 10-3-07; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 25 (Wednesday, February 6, 2013)]
[Notices]
[Page 8510]
[FR Doc No: 2013-02659]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER13-797-000]

EBRFUEL, LLC; Supplemental Notice That Initial Market-Based Rate
Filing Includes Request for Blanket Section 204 Authorization

    This is a supplemental notice in the above-referenced proceeding,
of EBRFUEL, LLC's application for market-based rate authority, with an
accompanying rate schedule, noting that such application includes a
request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability is February 19, 2013.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426.
    The filings in the above-referenced proceeding(s) are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the web site that enables subscribers to receive email notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please email<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: January 29, 2013.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2013-02659 Filed 2-5-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 83, Number 120 (Thursday, June 21, 2018)]
[Notices]
[Page 28845]
[FR Doc No: 2018-13352]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9979-27-OARM]

National Advisory Council for Environmental Policy and
Technology; Renewal of Charter

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of charter renewal.

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SUMMARY: Notice is hereby given that the Environmental Protection
Agency (EPA) has determined that, in accordance with the provisions of
the Federal Advisory Committee Act (FACA), the National Advisory
Council for Environmental Policy and Technology (NACEPT) is necessary
and in the public interest in connection with the performance of duties
imposed on the agency by law. Accordingly, NACEPT will be renewed for
an additional two-year period. The purpose of NACEPT is to provide
advice and recommendations to the Administrator of EPA on a broad range
of environmental policy, technology and management issues.

FOR FURTHER INFORMATION CONTACT: Eugene Green, Designated Officer, U.S.
EPA, (Mail Code 1601M), 1200 Pennsylvania Avenue NW, Washington, DC
20460, telephone<PHONE_NUMBER>, or [email protected].

    Dated: June 4, 2018.
Donna J. Vizian,
Principal Deputy Assistant Administrator, Office of Administration and
Resources Management.
[FR Doc. 2018-13352 Filed 6-20-18; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 80, Number 186 (Friday, September 25, 2015)]
[Notices]
[Pages 57838-57839]
[FR Doc No: 2015-24428]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4228-DR; Docket ID FEMA-2015-0002]

Louisiana; Amendment No. 2 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of Louisiana (FEMA-4228-DR), dated July 13, 2015, and
related determinations.

DATES: Effective Date: September 4, 2015.

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

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
for the State of Louisiana is hereby amended to include the following
area among those

areas determined to have been adversely affected by the event declared
a major disaster by the President in his declaration of July 13, 2015.

    West Feliciana Parish for Public Assistance.

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

W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2015-24428 Filed 9-24-15; 8:45 am]
 BILLING CODE 9111-23-P


[Federal Register: May 30, 2008 (Volume 73, Number 105)]
[Notices]
[Page 31164-31165]
[DOCID:fr30my08-95]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57856; File No. SR-Amex-2008-38]

Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to Fixed Return Option Transaction Fees

May 23, 2008.
    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 May 7, 2008, American Stock Exchange LLC (``Amex'' or the
``Exchange'') 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 substantially by Amex.
The Exchange has designated this proposal as one establishing or
changing a member due, fee, or other charge imposed by Amex under
section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2)
thereunder,\4\ which renders the proposal effective upon filing with
the Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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

    Amex is proposing to amend its options fee schedule (the ``Options
Fee Schedule'') to adopt transaction fees in connection with Fixed
Return Options (``FROs''). The text of the proposed rule change is
available at http://www.amex.com, the principal offices of the
Exchange, and 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, Amex 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. Amex has prepared summaries, set forth in sections A, B,
and C below, of the most significant aspects of such statements.

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

1. Purpose
    In August 2007, the Commission approved an Exchange proposal to
list and trade FROs based on individual stocks and exchange-traded
funds (``ETFs'').\5\ In connection with the ability to trade FROs, the
Options Clearing Corporation (``OCC'') also filed proposed rule changes
as well as a revision to the Options Disclosure Document (``ODD''). The
Commission recently approved the ODD revisions so that FROs may
commence trading on the Exchange.\6\ The Exchange expects to launch
FROs on May 8, 2008.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 56251 (August 14,
2007), 72 FR 46523 (August 20, 2007) (SR-Amex-2004-27).
    \6\ See Securities Exchange Act Release No. 57744 (April 30,
2008) (SR-ODD-2008-01). The Commission previously approved proposed
OCC rule changes in November 2007. See Securities Exchange Act
Release No. 56875 (November 30, 2007), 72 FR 69274 (December 7,
2007) (SR-OCC-2007-08).
---------------------------------------------------------------------------

    Amex proposes to adopt transaction fees in connection with FROs of
(i) $0.20 per contract side for orders of the account of specialists
and registered options traders (``ROTs''), (ii) $0.23 per contract side
for orders of the account of supplemental registered options traders
(``SROTs''), (iii) $0.30 per contract side for orders of the account of
non-member market makers and (iv) $0.26 per contract side for order of
the account of non-member broker-dealers and member broker-dealers.\7\
Orders for the account of customers would not be subject to a
transaction charge in FROs. In all cases, the fees are charged only to
Exchange members through whom the orders are placed. These transaction
charges are identical to the existing transaction charges for equity
options. In addition, FROs would not be subject to the options
marketing fee.
---------------------------------------------------------------------------

    \7\ The transaction charges for specialists and ROTs each would
consist of an options transaction fee of $0.10 per contract side, an
options comparison fee of $0.05 per contract side and an options
floor brokerage fee of $0.05 per contract side. With respect to
SROTs and non-member market makers, transaction charges would
consist of an options transaction fee of either $0.13 per contract
side or $0.20 per contract side, respectively, and an options
comparison fee of $0.05 per contract side and an options floor
brokerage fee of $0.05 per contract side. The transaction charges
for non-member broker-dealers (broker-dealers) and member broker-
dealers (firms) each would consist of an options transaction fee of
$0.19 per contract side, an options comparison fee of $0.04 per
contract side and an options floor brokerage fee of $0.03 per
contract side.
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    FROs would also be subject to the identical BD Auto-Ex Fee that
currently exists for equity options, exchange-

traded fund share (``ETF'') options, QQQQ options and trust issued
receipt (``HOLDR'') options. Accordingly, the BD Auto-Ex Fee in
connection with FROs would provide that orders for the account of
specialists, ROTs and non-member market makers that are automatically
executed on the Exchange be subject to (i) a $0.50 per contract side
options transaction fee, (ii) a $0.05 per contract side options
comparison fee and (iii) $0.05 per contract side options floor
brokerage fee.\8\ Similarly, FRO orders for the account of member
broker-dealers (Firms) and non-member broker-dealers (Broker/Dealer)
that are automatically executed on the Exchange would be subject to the
BD Auto-Ex Fee as follows: (i) A $0.50 per contract side options
transaction fee; (ii) a $0.04 per contract side comparison fee and
(iii) a $0.03 per contract side floor brokerage fee.
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release No. 47216 (January 17,
2003), 68 FR 5059 (January 31, 2003) (SR-Amex-2002-114). The
Exchange recently amended the Options Fee Schedule to clarify that
BD Auto-Ex Fees apply to Options Linkage Orders that are
automatically executed. See Securities Exchange Act Release No.
57589 (April 1, 2008), 73 FR 18827 (April 7, 2008) (SR-Amex-2008-
09).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of section 6 of the act,\9\ in general, and
furthers the objectives of section 6(b)(4),\10\ in particular, in that
it is designed to provide for the equitable allocation of reasonable
dues, fees and other charges among its members and other persons using
its facilities. The Exchange notes that the proposed transaction fees
are similar to the fees currently charged in connection with
transactions in equity options.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f.
    \10\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    The proposed rule change does not 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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.

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

    The foregoing proposed rule change has been designated as a fee
change pursuant to section 19(b)(3)(A)(ii) of the Act \11\ and Rule
19b-4(f)(2) \12\ thereunder, because it establishes or changes a due,
fee, or other charge imposed on members by Amex. Accordingly, the
proposal is effective upon filing with the Commission. At any time
within 60 days of the filing of the proposed rule change, the
Commission may summarily abrogate 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.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \12\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-Amex-2008-38 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-Amex-2008-38. This file
number should be included on the subject line if e-mail 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 inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. 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 publicly available. All
submissions should refer to File Number SR-Amex-2008-38 and should be
submitted on or before June 20, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-12073 Filed 5-29-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: March 24, 2008 (Volume 73, Number 57)]
[Notices]
[Page 15516-15517]
[DOCID:fr24mr08-62]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. ER08-23-000; ER08-23-001; ER08-23-002]

 Massie Power, LLC; Notice of Issuance of Order

March 17, 2008.
    Massie Power, LLC (Massie Power) filed an application for market-
based rate authority, with an accompanying market-based rate schedule.
The proposed market-based rate schedule provides for the sale of
energy, capacity and ancillary services at market-based rates. Massie
Power also requested waivers of various Commission regulations. In
particular, Massie Power requested that the Commission grant blanket
approval under 18 CFR part 34 of all future issuances of securities and

assumptions of liability by Massie Power.
    On March 11, 2008, pursuant to delegated authority, the Director,
Division of Tariffs and Market Development--West, granted the request
for blanket approval under Part 34 (Director's Order). The Director's
Order also stated that the Commission would publish a separate notice
in the Federal Register establishing a period of time for the filing of
protests. Accordingly, any person desiring to be heard concerning the
blanket approvals of issuances of securities or assumptions of
liability by Massie Power, should file a protest with the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426, in accordance with Rules 211 and 214 of the Commission's Rules
of Practice and Procedure. 18 CFR 385.211, 385.214 (2007). The
Commission encourages the electronic submission of protests using the
FERC Online link at: http://www.ferc.gov.
    Notice is hereby given that the deadline for filing protests is
April 10, 2008.
    Absent a request to be heard in opposition to such blanket
approvals by the deadline above, Massie Power is authorized to issue
securities and assume obligations or liabilities as a guarantor,
indorser, surety, or otherwise in respect of any security of another
person; provided that such issuance or assumption is for some lawful
object within the corporate purposes of Massie Power, compatible with
the public interest, and is reasonably necessary or appropriate for
such purposes.
    The Commission reserves the right to require a further showing that
neither public nor private interests will be adversely affected by
continued approvals of Massie Power's issuance of securities or
assumptions of liability.
    Copies of the full text of the Director's Order are available from
the Commission's Public Reference Room, 888 First Street, NE.,
Washington, DC 20426. The Order may also be viewed on the Commission's
Web site at: http://www.ferc.gov, using the eLibrary link. Enter the
docket number excluding the last three digits in the docket number
filed to access the document. Comments, protests, and interventions may
be filed electronically via the Internet in lieu of paper. See, 18 CFR
385.2001(a)(1)(iii) and the instructions on the Commission's Web site
under the ``e-Filing'' link. The Commission strongly encourages
electronic filings.

Kimberly D. Bose,
Secretary.
 [FR Doc. E8-5839 Filed 3-21-08; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 77, Number 91 (Thursday, May 10, 2012)]
[Notices]
[Pages 27538-27539]
[FR Doc No: 2012-11302]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Aviation Rulemaking Advisory Committee--Continuing a Task

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of continuing a task assignment for the Aviation
Rulemaking Advisory Committee (ARAC).

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SUMMARY: The FAA assigned the Aviation Rulemaking Advisory Committee
(ARAC) a continuing task to provide advice and recommendations to the
FAA about implementing a process for prioritizing rulemaking projects.
This task addresses, in part, one of the Department of Transportation's
Future of Aviation Advisory Committee (FAAC) recommendations. This
notice informs the public of a continuing ARAC activity and does not
solicit membership for the existing Rulemaking Prioritization Working
Group (RPWG).

FOR FURTHER INFORMATION CONTACT: Katherine Haley, Office of Rulemaking,
Federal Aviation Administration, 800 Independence Avenue SW.,
Washington, DC 20591; telephone:<PHONE_NUMBER>, facsimile:<PHONE_NUMBER>;
email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Background

    The FAA established ARAC to provide advice and recommendations to
the FAA Administrator on the FAA's rulemaking activities. ARAC's
objectives are to improve the development of the FAA's regulations by
providing information, advice, and recommendations related to aviation
issues.
    In April 2011, the FAA tasked ARAC to provide advice and
recommendations on developing a framework and methodologies to assist
the FAA in assessing and sequencing potential rulemaking projects.\1\
The FAA provided the RPWG with a set of issues to test the framework
and methodologies. The RPWG conducted its task from June to December
2011 and submitted recommendations to ARAC on December 14, 2011. ARAC
accepted the recommendations on December 16, 2011 and forwarded them to
the FAA. The entire recommendation report can be found at: http://www.faa.gov/regulations_policies/rulemaking/committees/arac/.
---------------------------------------------------------------------------

    \1\ FAA, Aviation Rulemaking Advisory Committee (ARAC)--New Task
(76 FR 21936).
---------------------------------------------------------------------------

    The March 2012 ARAC Executive Committee meeting included a
discussion of continuing the task to further test the RPWG's
methodology. This notice advises the public that the FAA has assigned,
and the ARAC Executive Committee has accepted, the task to test the
methodology and to develop a report including recommendations
explaining the results.

The Task

    The FAA has tasked the RPWG to provide advice and recommendations
to further test the recommended methodology.
    The RPWG is expected to develop a report containing recommended
changes to the methodology. This report should document both majority
and minority positions on the findings and the rationale for each
position. Any disagreements should be documented, including the
rationale for each position and the reasons for the disagreement.
    In developing its recommendations, the RPWG shall:
    1. Review the RPWG Phase I Recommendation Report.
    2. Test the methodology and the tools using a subset of completed
rulemakings provided by the FAA.
    3. Develop measurable scoring evaluation to evaluate projects
against each other.
    4. Evaluate the results of the test and refine the process and the
tools accordingly.
    Schedule: The recommendations must be forwarded to the ARAC
Executive Committee for review and approval no later than September
2012. The RPWG may be asked to clarify the report between September and
December 2012.

ARAC Acceptance of Task

    The ARAC Executive Committee has accepted the continuing task using
members of the existing RPWG. The RPWG serves as staff to ARAC and
assists in the analysis of the assigned task. ARAC must review and
approve the RPWG's recommendations. If ARAC accepts the working group's
recommendations, it will send them to the FAA.

Working Group Activity

    The RPWG must comply with the procedures adopted by ARAC. As part
of the procedures, the RPWG must:
    1. Recommend a work plan for completion of the task, including the
rationale supporting such a plan, for consideration at the next ARAC
Executive Committee meeting held following publication of this notice.
    2. Provide a status report at each meeting of the ARAC Executive
Committee.
    3. Draft the recommendation report and required analyses and/or any
other related materials or documents.
    4. Present the final recommendations to the ARAC Executive
Committee for review and approval.

Participation in the Working Group

    The existing RPWG is comprised of technical experts having an
interest in the assigned task. A working group member need not be a
representative or a member of the full committee.
    All existing RPWG members who choose to participate in this task
must actively participate by attending all meetings, and providing
written comments when requested to do so. Each member must devote the
resources necessary to support the working group in meeting any
assigned deadlines. Each member must keep their management chain, and
those they may represent, advised of working group activities and
decisions to ensure the proposed technical solutions do not conflict
with their sponsoring organization's position when the subject is
presented to ARAC for approval. Once the RPWG has begun deliberations,
members will not be added or substituted without the

approval of the FAA and the Working Group Chair.
    The Secretary of Transportation determined the formation and use of
ARAC is necessary and in the public interest in connection with the
performance of duties imposed on the FAA by law.
    ARAC meetings are open to the public. However, RPWG meetings are
not open to the public, except to the extent individuals with an
interest and expertise are selected to participate. The FAA will make
no public announcement of the RPWG meetings.

    Issued in Washington, DC, on May 3, 2012.
Brenda D. Courtney,
Acting Executive Director, Aviation Rulemaking Advisory Committee.
[FR Doc. 2012-11302 Filed 5-9-12; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 80, Number 110 (Tuesday, June 9, 2015)]
[Proposed Rules]
[Page 32512]
[FR Doc No: C1-2015-12657]

=======================================================================
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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Parts 101 and 105

[Docket No. USCG-2013-1087]

Seafarers' Access to Maritime Facilities

Correction

    In proposed rule document 2015-12657 appearing on pages 30189-30190
in the issue of Wednesday, May 27, 2015, make the following
correction(s):
    On page 30189, in the DATES section, in the fourth line, ``July 1,
2015'' should read ``July 27, 2015''.

[FR Doc. C1-2015-12657 Filed 6-8-15; 8:45 am]
BILLING CODE 1505-01-P


[Federal Register Volume 85, Number 14 (Wednesday, January 22, 2020)]
[Notices]
[Pages 3744-3745]
[FR Doc No: 2020-00938]

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DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[Docket No. NHTSA-2019-0102]
RIN 2127-ZRIN

Advanced Driver Assistance Systems Draft Research Test Procedures

AGENCY: National Highway Traffic Safety Administration (NHTSA),
Department of Transportation (DOT).

ACTION: Request for comment (RFC); extension of comment period.

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

SUMMARY: In response to multiple requests, NHTSA is extending the
comment period on the Advanced Driver Assistance Systems (ADAS) Draft
Research Test Procedures RFC to March 6, 2020. The RFC was published in
the Federal Register on November 21, 2019. The comment period was
originally scheduled to end on January 21, 2020.

DATES: The comment period for the request for comment published
November 21, 2019, at 84 FR 64405, is extended. Written comments must
be received on or before March 6, 2020 in order to be considered
timely.

ADDRESSES:

    Documents: The draft research test procedures described in this RFC
are available for viewing in PDF format in Docket No. NHTSA-2019-0102.
    Comments: You may submit comments, identified by Docket No. NHTSA-
2019-0102, by any of the following methods:
     Internet: To submit comments electronically, go to the
U.S. Government regulations website at http://www.regulations.gov.
Follow the online instructions for submitting comments.
     Fax: Written comments may be faxed to<PHONE_NUMBER>.
     Mail: Send comments to Docket Management Facility, U.S.
Department of Transportation, 1200 New Jersey Avenue SE, West Building
Ground Floor, Room W12-140, Washington, DC 20590-0001.
     Hand Delivery: If you submit written comments by hand or
courier, please do so at 1200 New Jersey Avenue SE, West Building
Ground Floor, Room W12-140, Washington DC between 9 a.m. and 5 p.m.
Eastern Time, Monday through Friday, except Federal holidays.
     You may call Docket Management at 1-800-647-5527.
    Instructions: For detailed instructions on submitting comments and
additional information, see the Public Participation heading of the
SUPPLEMENTARY INFORMATION section of this document. Note that all
comments received will be posted without change to http://www.regulations.gov, including any personal information provided.
    Privacy Act: In accordance with 5 U.S.C. 553(c), DOT solicits
comments from the public to better inform its rulemaking process. DOT
posts these comments, without edit, to www.regulations.gov, as
described in the system of records notice, DOT/ALL-14 FDMS, accessible
through https://www.transportation.gov/privacy. To facilitate tracking
and response, we encourage commenters to provide their name, or the
name of their organization; however, submission of names is completely
optional. All timely comments will be fully considered, regardless of
whether commenters directly identify themselves. If you wish to provide
comments containing proprietary or confidential information, please
contact the agency for alternate submission instructions.

FOR FURTHER INFORMATION CONTACT: For research issues: Mr. Garrick
Forkenbrock, Research Engineer, Vehicle Research and Test Center,
National Highway Traffic Safety Administration, 10820 SR 347, Bldg. 60,
East Liberty, OH 43319. Telephone:<PHONE_NUMBER>. Email:
<EMAIL_ADDRESS>For legal issues: Ms. Sara Bennett,
Attorney-Advisor, Office of Chief Counsel, National Highway Traffic
Safety Administration, 1200 New Jersey Avenue SE, Washington, DC 20590.
Telephone:<PHONE_NUMBER>. Email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: On November 21, 2019, NHTSA published a
request for comment (RFC) (84 FR 64405) on draft research test
procedures that assess nine different ADAS technologies. This RFC
includes test procedures that have been developed for research purposes
only. For light vehicles, the research test procedures include: Active
Parking Assist (APA); \1\ Blind Spot Detection (BSD); \2\ Blind Spot
Intervention (BSI); \3\ Intersection Safety Assist (ISA); \4\ Opposing
Traffic Safety Assist (OTSA); \5\ Pedestrian Automatic Emergency
Braking (PAEB); \6\ Rear Automatic Braking; \7\ and Traffic Jam Assist
(TJA).\8\ For heavy vehicles, the research test procedures include:
Forward Collision Warning (FCW) \9\ and Automatic Emergency Braking
(AEB).\9\
---------------------------------------------------------------------------

    \1\ National Highway Traffic Safety Administration (2019,
August). Active park assist system confirmation test (DOT HS 812
714). Washington, DC: National Highway Traffic Safety
Administration.
    \2\ National Highway Traffic Safety Administration (2018, June).
Blind spot detection system confirmation test (working draft).
Washington, DC: National Highway Traffic Safety Administration.
    \3\ National Highway Traffic Safety Administration (2019, July).
Blind spot intervention system confirmation test (working draft).
Washington, DC: National Highway Traffic Safety Administration.
    \4\ National Highway Traffic Safety Administration (2019,
September). Intersection safety assist system confirmation test
(working draft). Washington, DC: National Highway Traffic Safety
Administration
    \5\ National Highway Traffic Safety Administration (2019,
September). Opposing traffic safety assist system confirmation test
(working draft). Washington, DC: National Highway Traffic Safety
Administration.
    \6\ National Highway Traffic Safety Administration (2019,
April). Pedestrian automatic emergency brake system confirmation
test (working draft). Washington, DC: National Highway Traffic
Safety Administration.
    \7\ National Highway Traffic Safety Administration (2015,
December). Rear automatic braking feature confirmation test
procedure). Washington, DC: National Highway Traffic Safety
Administration. www.regulations.gov, Docket No. NHTSA-2015-0119-
0030.
    \8\ National Highway Traffic Safety Administration (2019, June).
Traffic jam assist system confirmation test (working draft).
Washington, DC: National Highway Traffic Safety Administration.
    \9\ National Highway Traffic Safety Administration (2019,
March). Test track procedures for heavy vehicle forward collision
warning and automatic emergency braking systems. Washington, DC:
National Highway Traffic Safety Administration.
---------------------------------------------------------------------------

    On December 10, 2019, NHTSA received a request for a 45-day
extension extension of the comment period from the Association of
Global Automakers, Inc. and the Alliance of Automobile Manufacturers.
This request can be found in the docket for the RFC listed above under
ADDRESSES. NHTSA has considered this request and determined that a 45-
day extension beyond the original due date is acceptable to provide
additional time for the public to comment on the RFC. This is to notify
the public that NHTSA is extending the comment period on the RFC, and
allowing it to run until March 6, 2020.

    Issued in Washington, DC, under authority delegated in 49 CFR
1.95 and 501.4.
James Clayton Owens,
Acting Administrator.
[FR Doc. 2020-00938 Filed 1-21-20; 8:45 am]
 BILLING CODE 4910-59-P


[Federal Register: May 7, 2007 (Volume 72, Number 87)]
[Notices]
[Page 25824-25829]
[DOCID:fr07my07-97]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55687; File No. SR-NYSE-2007-27]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Amendment No. 3 to Proposed Rule Change and Order
Granting Accelerated Approval to Proposed Rule Change, as Modified by
Amendments No. 1, 2, and 3 Thereto, To Adopt Generic Listing Standards
for Index-Linked Securities

May 1, 2007.

I. Introduction

    On March 9, 2007, the New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to adopt generic listing standards for equity
index-linked securities (``Equity Index-Linked Securities''),
commodity-linked securities (``Commodity-Linked Securities''), and
currency-linked securities (``Currency-Linked Securities'' and,
together with Equity Index-Linked Securities and Commodity-Linked
Securities, ``Index-Linked Securities''). On April 4, 2007, Exchange
filed Amendment No. 1 to the proposed rule change. On April 5, 2007,
the Exchange filed Amendment No. 2 to the proposed rule change. The
proposed rule change, as amended, was published for comment in the
Federal Register on

April 13, 2007 for a 15-day comment period.\3\ The Commission received
no comments on the proposal. On April 26, 2007, the Exchange filed
Amendment No. 3 to the proposed rule change.\4\ This order approves the
proposed rule change, as modified by Amendments No. 1, 2, and 3, on an
accelerated basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 55600 (April 9,
2007), 72 FR 18712 (``Notice'').
    \4\ In Amendment No. 3 to the proposed rule change, the Exchange
clarified the eligibility criteria for component securities
comprising the Underlying Index (as defined herein) for Equity
Index-Linked Securities, broadened the requirement for surveillance
procedures, including adequate comprehensive surveillance sharing
agreements, for all Index-Linked Securities, and represented that
Exchange trading rules governing the Index-Linked Securities would
be identified and disclosed in the Information Memorandum.
---------------------------------------------------------------------------

II. Description of the Proposal

    As explained more fully in the Notice, the Exchange proposes to add
new Section 703.22 to its Listed Company Manual (the ``Manual'') to
provide generic listing standards to permit the listing and trading of
Index-Linked Securities pursuant to Rule 19b-4(e) under the Act.\5\
This proposal will enable the Exchange to list and trade Index-Linked
Securities pursuant to Rule 19b-4(e) of the Act if each of the
conditions set forth in proposed Section 703.22 of the Manual is
satisfied. Rule 19b-4(e) provides that the listing and trading of a new
derivative securities product by a self-regulatory organization
(``SRO'') shall not be deemed a proposed rule change, pursuant to
paragraph (c)(1) of Rule 19b-4, if the Commission has approved,
pursuant to Section 19(b) of the Act, the SRO's trading rules,
procedures, and listing standards for the product class that would
include the new derivatives securities product, and the SRO has a
surveillance program for the product class.\6\
---------------------------------------------------------------------------

    \5\ See 17 CFR 240.19b-4(e)(1).
    \6\ When relying on Rule 19b-4(e), the SRO must submit Form 19b-
4(e) to the Commission within five business days after the SRO
begins trading the new derivative securities products. See
Securities Exchange Act Release No. 40761 (December 8, 1998), 63 FR
70952 (December 22, 1998).
---------------------------------------------------------------------------

Index-Linked Securities

    Index-Linked Securities are designed for investors who desire to
participate in a specific market segment by providing exposure to one
or more identifiable underlying securities, commodities, currencies,
derivative instruments, or market indexes of the foregoing (the
``Underlying Index'' or ``Underlying Indexes''). Index-Linked
Securities are the non-convertible debt of an issuer that have a term
of at least one year, but not greater than thirty years, and are tied
to the performance of the Underlying Index. Index-Linked Securities may
or may not make interest payments based on dividends or other cash
distributions paid on the securities comprising the Underlying Index or
Indexes to the holder during their term. Despite the fact that Index-
Linked Securities are linked to an Underlying Index, each will trade as
a single, exchange-listed security.
    The proposed generic listing standards will not be applicable to
Index-Linked Securities with respect to which the payment at maturity
is based on a multiple of the negative performance of an Underlying
Index or Indexes. An Index-Linked Security may or may not provide
``principal protection,'' i.e., a minimum guaranteed amount to be
repaid.\7\ In addition, Index-Linked Securities do not give the holder
any right to receive a portfolio component, dividend payments, or any
other ownership right or interest in the portfolio or underlying
components comprising the Underlying Index. Pursuant to proposed
Section 703.22 of the Manual, the current or composite value of the
Underlying Index will be widely disseminated at least every 15 seconds
during the trading day.
---------------------------------------------------------------------------

    \7\ Some Index-Linked Securities may provide for ``contingent''
protection of the principal amount, whereby the principal protection
may disappear if the Underlying Index at any point in time during
the life of such security reaches a certain predetermined level.
---------------------------------------------------------------------------

Proposed General Listing Criteria for Index-Linked Securities

    The Exchange will apply the following requirements to all issuers
of Index-Linked Securities:
     If the issuer is a NYSE-listed company, the entity must be
a company in good standing (i.e., meets NYSE's applicable continued
listing criteria); if the issuer is an affiliate of a NYSE-listed
company, the NYSE-listed company must be a company in good standing; if
not listed, the issuer must meet the size and earnings requirements of
Sections 102.01-102.03 or Sections 103.01-103.05 of the Manual.
Sovereign issuers will be evaluated on a case-by-case basis.
     The issuer will be expected to have a minimum tangible net
worth \8\ of $250,000,000. In the alternative, the issuer will be
expected: (i) To have a minimum tangible net worth of $150,000,000 and
(ii) not to issue Index-Linked Securities, the original issue price of
which, combined with all the issuer's other Index-Linked Securities
listed on a national securities exchange, exceeds 25% of the issuer's
tangible net worth at the time of issuance.\9\
---------------------------------------------------------------------------

    \8\ ``Tangible net worth'' is defined as total assets, less
intangible assets and total liabilities. Intangibles include non-
material benefits such as goodwill, patents, copyrights, and
trademarks.
    \9\ If the Index-Linked Securities are fully and unconditionally
guaranteed by an affiliate of the issuer, the Exchange will rely on
such affiliate's tangible net worth for purposes of these
requirements and will include in its calculation all Index-Linked
Securities that are fully and unconditionally guaranteed by such
affiliate.
---------------------------------------------------------------------------

     The issuer must be in compliance with Rule 10A-3 under the
Act.\10\
---------------------------------------------------------------------------

    \10\ See 17 CFR 240.10A-3 (setting forth the listing standards
relating to audit committees).
---------------------------------------------------------------------------

    In addition, the Exchange will apply the following requirements to
each issue of Index-Linked Securities:
     The issue must have a minimum public distribution of at
least 1 million units and a minimum of 400 holders, except if traded on
the NYSE Bonds system and the applicable NYSE Bonds listing and trading
standards are satisfied; \11\
---------------------------------------------------------------------------

    \11\ See NYSE Rule 86 (establishing rules and standards with
respect to the Exchange's electronic system, known as ``NYSE
Bonds,'' for receiving, processing, executing, and reporting bids,
offers, and executions in bonds). In addition, this requirement will
not be applicable if the issue provides for the redemption of Index-
Linked Securities at the option of the holders on at least a weekly
basis. See Notice, supra note 3, 72 FR at 18713 (describing the
purpose of weekly redemption rights of Index-Linked Securities and
the rationale behind this exception to the minimum holder
requirement).
---------------------------------------------------------------------------

     The issue must have a principal amount/aggregate market
value of not less than $4 million;
     The issue must have a term of at least one year, but not
greater than thirty years;
     The issue must be the non-convertible debt of the issuer;
and
     The issue must not base its payment at maturity on a
multiple of the negative performance of an Underlying Index or Indexes,
although the payment at maturity may or may not provide for a multiple
of the positive performance of an Underlying Index or Indexes.

Listing Standards for Equity Index-Linked Securities

    Equity Index-Linked Securities would be subject to the criteria in
proposed Section 703.22(B)(I) of the Manual for initial and continued
listing. For an Underlying Index to be appropriate for the initial
listing of an Equity Index-Linked Security, such Underlying Index must
comprise at least ten component securities of different issuers. The
Underlying Index must also either: (i) Be approved for the trading of
options or other derivative securities by the Commission under Section
19(b)(2) of the Act \12\ and rules thereunder, and the conditions set
forth in the Commission's approval order, including comprehensive
surveillance sharing

agreements for non-U.S. stocks, continue to be satisfied, or (ii)
satisfy certain eligibility standards, rebalancing obligations, and
empirical requirements based on market value, trading volume, and
dollar weight percentages.\13\ In particular, all component securities
comprising the Underlying Index for Equity Index-Linked Securities must
either be: (A) securities (other than foreign country securities and
American Depository Receipts (``ADRs''), that are (1) issued by an Act
reporting company which is listed on a national securities exchange and
(2) NMS stocks, as defined in Rule 600 of Regulation NMS,\14\ or (B)
foreign country securities or ADRs, provided that foreign country
securities or foreign country securities underlying ADRs having their
primary trading market outside the United States on foreign trading
markets that are not members of the Intermarket Surveillance Group
(``ISG'') or parties to comprehensive surveillance sharing agreements
with the Exchange will not, in the aggregate, represent more than 20%
of the dollar weight of the Underlying Index.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(2).
    \13\ See Notice, supra note 3, 72 FR at 18713-18714 (providing,
among others, detailed eligibility requirements of the component
securities comprising the Underlying Index based on minimum market
value, trading volume, and certain dollar weight percentages).
    \14\ See 17 CFR 242.600(b)(47).
---------------------------------------------------------------------------

    In connection with an Equity Index-Linked Security, the Exchange
would commence delisting or removal proceedings if any of the standards
set forth in the initial eligibility criteria are not continuously
maintained \15\ or an Underlying Index fails to satisfy the maintenance
standards or conditions for such Underlying Index or Indexes as set
forth by the Commission in its order under Section 19(b)(2) of the Act
\16\ approving the Underlying Index for the trading of options or other
derivatives. The Exchange would also commence delisting or removal
proceedings of an Equity Index-Linked Security if: (1) The aggregate
market value or the principal amount of the Equity Index-Linked
Securities publicly held is less than $400,000; (2) the value of the
Underlying Index or composite value of the Underlying Indexes is no
longer calculated and widely disseminated on at least a 15-second basis
during the time the Equity Index-Linked Securities trade on the
Exchange; or (3) such other event occurs or condition exists which, in
the opinion of the Exchange, makes further dealings on the Exchange
inadvisable.
---------------------------------------------------------------------------

    \15\ Proposed Section 703.22 of the Manual provides for certain
exceptions to the continued listing criteria of Equity Index-Linked
Securities based on certain numerical requirements and percentages
with respect to the component securities comprising the Underlying
Index. See Notice, supra note 3, 72 FR at 18714.
    \16\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

Listing Standards for Commodity-Linked and Currency-Linked Securities

    Commodity-Linked and Currency-Linked Securities would be subject to
the criteria in proposed Sections 703.22(B)(II) and 703.22(B)(III) of
the Manual, respectively, for initial and continued listing. Each issue
of Commodity-Linked or Currency-Linked Securities must meet either of
the following initial listing standards:
     The Commodity Reference Asset \17\ or Currency Reference
Asset,\18\ as the case may be, to which the corresponding security is
linked shall have been reviewed and approved for the trading of
Commodity Trust Shares (in the case of Commodity-Linked Securities) or
Currency Trust Shares (in the case of Currency-Linked Securities),
options, or other derivatives by the Commission under Section 19(b)(2)
of the Act \19\ and rules thereunder, and the conditions set forth in
the Commission's approval order, including with respect to
comprehensive surveillance sharing agreements, continue to be
satisfied; or
---------------------------------------------------------------------------

    \17\ Commodity Reference Asset is defined as one or more
physical commodities or commodity futures, options, or other
commodity derivatives, Commodity Trust Shares (as defined in NYSE
Rule 1300B), or a basket or index of any of the foregoing.
    \18\ Currency Reference Asset is defined as one or more
currencies, or options, currency futures, or other currency
derivatives, Currency Trust Shares (as defined in NYSE Rule 1300A),
or a basket or index of any of the foregoing.
    \19\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

     The pricing information for each component of a Commodity
Reference Asset or Currency Reference Asset, as the case may be, must
be derived from certain required sources.\20\
---------------------------------------------------------------------------

    \20\ In the case of a Commodity Reference Asset, the pricing
information for each component thereof must be derived from a market
which is an ISG member or affiliate or with which the Exchange has a
comprehensive surveillance sharing agreement. In the case of a
Currency Reference Asset, the pricing information for each component
thereof must be either (1) the generally accepted spot price for the
currency exchange rate in question or (2) derived from a market
which (a) is an ISG member or affiliate or with which the Exchange
has a comprehensive surveillance sharing agreement and (b) is the
pricing source for components of a Currency Reference Asset that has
previously been approved by the Commission.
---------------------------------------------------------------------------

    With respect to each of the Commodity-Linked and Currency-Linked
Securities, the value of the Commodity Reference Asset or Currency
Reference Asset, as the case may be, must be calculated and widely
disseminated on at least a 15-second basis during the time the
corresponding Commodity-Linked or Currency-Linked Securities trade on
the Exchange. In addition, if the Commodity-Linked or Currency-Linked
Securities are periodically redeemable, the indicative value of the
subject Commodity-Linked or Currency-Linked Securities, as the case may
be, must be calculated and widely disseminated by one or more major
market data vendors on at least a 15-second basis during the time such
securities trade on the Exchange.
    The Exchange would commence delisting or removal proceedings if any
of the initial listing criteria described above for each of the
Commodity-Linked or Currency-Linked Securities, as applicable, is not
continuously maintained. Notwithstanding the foregoing, an issue of
Commodity-Linked or Currency-Linked Securities would not be delisted
for a failure to have in place comprehensive surveillance sharing
agreements if the Commodity Reference Asset or Currency Reference
Asset, as the case may be, has at least 10 components, and the Exchange
has comprehensive surveillance sharing agreements with respect to at
least 90% of the dollar weight of such Commodity Reference Asset or
Currency Reference Asset. The Exchange would also commence delisting or
removal proceedings if: (1) The aggregate market value or the principal
amount of the Commodity-Linked or Currency-Linked Securities publicly
held is less than $400,000; (2) the value of the Commodity Reference
Asset or Currency Reference Asset, as the case may be, is no longer
calculated or available and a new corresponding Commodity or Currency
Reference Asset is substituted, unless the new corresponding Commodity
or Currency Reference Asset meets the requirements of proposed Section
703.22; or (3) such other event occurs or condition exists which, in
the opinion of the Exchange, makes further dealings on the Exchange
inadvisable.

Exchange Rules Applicable to Index-Linked Securities

    Index-Linked Securities traded on the Exchange's equity trading
floor will be subject to all Exchange rules governing the trading of
equity securities. The Exchange's equity margin rules and the
Exchange's regular trading hours (9:30 a.m. to 4 p.m. Eastern Time)
will apply to transactions in Index-Linked Securities. However, Index-
Linked Securities traded on the NYSE Bonds system will be subject to
the rules applicable to such securities traded on that system.

Information Memorandum

    The Exchange represents that it will prepare and distribute, if
appropriate,

an Information Memorandum that describes the product to each member
organization highlighting the particular structure and corresponding
risks of an Index-Linked Security. In particular, the Memorandum will
set forth the Exchange's suitability rule that sets forth certain
requirements for member organizations recommending a transaction in
Index-Linked Securities. In addition, the Information Memorandum will
note that all of the Exchange's equity trading rules will be applicable
to trading in the Index-Linked Securities, except in the case of Index-
Linked Securities traded on the NYSE Bonds system, in which case the
Information Memorandum will note that the Index-Linked Securities will
be subject to the trading rules applicable to securities trading on
such system. The Memorandum will also reference the member requirements
to deliver a prospectus to each investor purchasing newly issued Index-
Linked Securities prior to or concurrently with the confirmation of a
transaction.

Surveillance

    The Exchange represents that it will closely monitor activity in
Index-Linked Securities to identify and deter any potential improper
trading activity in such securities. Additionally, the Exchange states
that its surveillance procedures are adequate to properly monitor the
trading of Index-Linked Securities. Specifically, the Exchange will
rely on its existing surveillance procedures governing equities,
options, and exchange-traded funds. The Exchange represents that it has
developed procedures to closely monitor activity in Index-Linked
Securities and the Underlying Indexes and their components to identify
and deter potential improper trading activity. To the extent
applicable, the Exchange will be able to obtain trading and beneficial
holder information from the primary trading markets for the components
of the Underlying Indexes in relation to Index-Linked Securities,
either pursuant to bilateral information sharing agreements with those
markets or because those markets are full or affiliate members of ISG.

Firewall Procedures

    For Index-Linked Securities where the Underlying Index is
maintained by a broker-dealer, the broker-dealer will be required to
erect a ``firewall'' around the personnel responsible for the
maintenance of the Underlying Index or who have access to information
concerning changes and adjustments to the Underlying Index, and the
Underlying Index will be calculated by a third party who is not a
broker-dealer. Any advisory committee, supervisory board, or similar
entity that advises an Index Licensor or Administrator (each as defined
in NYSE Rule 1100, Supplementary Material .10) or that makes decisions
regarding the Underlying Index or portfolio composition, methodology,
and related matters would be required to implement and maintain, or be
subject to, procedures designed to prevent the use and dissemination of
material, non-public information regarding the applicable Underlying
Index or portfolio.\21\
---------------------------------------------------------------------------

    \21\ The Exchange states that NYSE Rules 1300B(b) and Rule 1301B
provide for certain conflict-of-interest restrictions on specialist
firms transacting in components of a Commodity Reference Asset, or
any derivative instrument thereon, with respect to any issue of
Commodity-Linked Securities. Similarly, a proposed rule change to
NYSE Rules 1300A and 1301A seeks to impose similar restrictions on
specialist firms for any issue of Currency-Linked Securities. See
Securities Exchange Act Release No. 55222 (February 1, 2007), 72 FR
6021 (February 8, 2007) (SR-NYSE-2006-68).
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Trading Halts

    In the case of Commodity-Linked or Currency-Linked Securities, if
the indicative value or the Commodity Reference Asset value or Currency
Reference Asset value, as the case may be, applicable to a
corresponding series of such securities is not being disseminated as
required, or, in the case of Equity Index-Linked Securities, if the
value of the Underlying Index is not being disseminated as required,
the Exchange may halt trading during the day on which such interruption
first occurs. If such interruption persists past the trading day in
which it occurred, the Exchange will halt trading no later than the
beginning of the trading day following the interruption.

III. Discussion and Commission's Findings

    After careful consideration, the Commission finds that the proposed
rule change, as amended, is consistent with the requirements of the Act
and the rules and regulations thereunder applicable to a national
securities exchange.\22\ In particular, the Commission finds that the
proposed rule change is consistent with the requirements of Section
6(b)(5) of the Act,\23\ which requires, among other things, that the
Exchange's rules be 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.
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    \22\ In approving this proposed rule change, the Commission
notes that it has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
    \23\ 23 15 U.S.C. 78f(b)(5).
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A. Generic Listing Standards for Index-Linked Securities

    To list and trade Index-Linked Securities, the Exchange currently
must file a proposed rule change with the Commission pursuant to
Section 19(b)(1) of the Act \24\ and Rule 19b-4 thereunder.\25\
However, Rule 19b-4(e) provides that the listing and trading of a new
derivative securities product by a SRO will not be deemed a proposed
rule change pursuant to Rule 19b-4(c)(1) if the Commission has
approved, pursuant to Section 19(b) of the Act, the SRO's trading
rules, procedures, and listing standards for the product class that
would include the new derivative securities product, and the SRO has a
surveillance program for the product class. The Exchange's proposed
rules for the listing and trading of Index-Linked Securities pursuant
to Rule 19b-4(e) fulfill these requirements.
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    \24\ 15 U.S.C. 78s(b)(1).
    \25\ 25 17 CFR 240.19b-4.
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    The Exchange's ability to rely on Rule 19b-4(e) to list and trade
Index-Linked Securities that meet the requirements of proposed Section
703.22 of the Manual should reduce the time frame for bringing these
securities to the market and thereby reduce the burdens on issuers and
other market participants, while also promoting competition and making
Index-Linked Securities available to investors more quickly.
    The Commission has previously approved generic listing standards
pursuant to Rule 19b-4(e) for Index-Linked Securities based on indexes
that consist of domestic, and to a certain extent, foreign, equity
securities.\26\ The Commission has also previously approved the listing
and trading on the Exchange of debt securities linked to the
performance of a variety of commodities

and commodity indexes \27\ and derivative products based on
currencies.\28\ In approving these securities for Exchange trading, the
Commission considered applicable Exchange rules that govern their
trading. The Commission believes that generic listing standards for
Index-Linked Securities should fulfill the intended objective of Rule
19b-4(e) and allow Index-Linked Securities that satisfy the proposed
generic listing standards to commence trading without the need for
public comment and Commission approval.\29\
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    \26\ See, e.g., Securities Exchange Act Release No. 54167 (July
18, 2006), 71 FR 42145 (July 25, 2006) (SR-NASDAQ-2006-002)
(approving Rule 4420(m) of the NASDAQ Stock Market LLC); Securities
Exchange Act Release No. 52204 (August 3, 2005), 70 FR 46559 (August
10, 2005) (SR-PCX-2005-63) (approving generic listing standards for
index-linked securities for the Pacific Exchange, Inc., n/k/a NYSE
Arca, Inc.); and Securities Exchange Act Release No. 51563 (April
15, 2005), 70 FR 21257 (April 25, 2005) (SR-Amex-2005-001)
(approving Section 107(D) of the American Stock Exchange LLC Company
Guide).
    \27\ See, e.g., Securities Exchange Release No. 55548 (March 28,
2007), 72 FR 16392 (April 4, 2007) (SR-NYSE-2006-71) (approving a
proposal to list and trade notes linked to the performance of sub-
indices of the Dow Jones-AIG Commodity Index); Securities Exchange
Release No. 54731 (November 9, 2006), 71 FR 66814 (November 16,
2006) (SR-NYSE-2006-54) (approving the listing and trading of two
series of commodity-linked securities); Securities Exchange Release
No. 54177 (July 19, 2006), 71 FR 42700 (July 27, 2006) (SR-NYSE-
2006-19) (approving the listing and trading of index-linked notes
linked to the performance of the Goldman Sachs Crude Oil Total
Return Index); Securities Exchange Release No. 53849 (May 22, 2006),
71 FR 30706 (May 30, 2006) (SR-NYSE-2006-20) (approving the listing
and trading of index-linked securities linked to the performance of
the GSCI Total Return Index); and Securities Exchange Release No.
53876 (May 25, 2006), 71 FR 32158 (June 2, 2006) (SR-NYSE-2006-16)
(approving the listing and trading of index-linked securities linked
to the performance of the Dow Jones-AIG Commodity Index Total
Return).
    \28\ See, e.g., Securities Exchange Act Release No. 55268
(February 9, 2007), 72 FR 7793 (February 20, 2007) (SR-NYSE-2007-03)
(approving the listing and trading of Currency Trust Shares relating
to the Japanese Yen); Securities Exchange Act Release No. 54020
(June 20, 2006), 71 FR 36579 (June 27, 2006) (SR-NYSE-2006-35)
(approving the listing and trading of six Currency Trust Shares);
and Securities Exchange Act Release No. 52843 (November 28, 2005),
70 FR 72486 (December 5, 2005) (SR-NYSE-2005-65) (approving the
listing and trading of Euro Shares).
    \29\ The Commission notes that the failure of a particular
product or index to comply with the proposed generic listing
standards under Rule 19b-4(e), however, would not preclude the
Exchange from submitting a separate filing pursuant to Section
19(b)(2), requesting Commission approval to list and trade a
particular index-linked product.
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B. Listing and Trading Index-Linked Securities

    Taken together, the Commission finds that the NYSE proposal
contains adequate rules and procedures to govern the listing and
trading of Index-Linked Securities listed pursuant to Rule 19b-4(e) on
the Exchange. All Index-Linked Security products listed under the
proposed generic standards will be subject to the full panoply of NYSE
rules and procedures that currently govern the trading of equity
securities on the Exchange.
    As set forth more fully above, NYSE has proposed size, earnings,
and minimum tangible net worth requirements for each Index-Linked
Security issuer, as well as minimum distribution and holder, principal
amount/market value, and minimum term thresholds for each issuance of
Index-Linked Securities. The Exchange's proposed listing criteria
include minimum market capitalization, monthly trading volume, and
relative weighting requirements for each Equity Index-Linked Security
and the components underlying each such security. For Commodity-Linked
and Currency-Linked Securities, the assets (or their derivatives) to
which they are linked must either have been reviewed and approved for
trading by the Commission or their pricing information must be derived
from certain required sources.\30\ These requirements are designed to
ensure that the trading markets for the Underlying Index components are
adequately capitalized and sufficiently liquid, and that, in the case
of Equity Index-Linked Securities, no one component dominates the
Underlying Index. The Commission believes that these requirements
should minimize the potential for manipulation.
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    \30\ See supra note 20 and accompanying text.
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    The Commission also finds that, in the case of Commodity-Linked and
Currency-Linked Securities with at least 10 components, the requirement
that at least 90% of the dollar weight of the corresponding Commodity
Reference Asset or Currency Reference Asset, as the case may be, must
have comprehensive surveillance sharing agreements with the Exchange
should permit the Exchange to identify potential trading and other
violations of its rules. In the case of Equity Index-Linked Securities,
each component security (other than foreign country securities and
ADRs) must be issued by a reporting company under the Act, listed on a
national securities exchange, and be an ``NMS stock,'' as such term is
defined in Rule 600 of Regulation NMS.\31\ The Commission believes that
such a requirement will contribute to the transparency of the
Underlying Index. Alternatively, such component securities may also be
foreign country securities, including foreign country securities
underlying ADRs, so long as the foreign country securities having their
primary trading market on foreign markets that are not ISG members or
parties to comprehensive surveillance agreements with the Exchange do
not, in the aggregate, represent more than 20 percent of the dollar
weight of the Underlying Index. The Commission also believes that, with
respect to Equity Index-Linked Securities, the requirement that at
least 90 percent of the component securities, by dollar weight, and 80
percent of the total number of component securities, be eligible
individually for options trading should prevent an Index-Linked
Security from being a vehicle for trading options on a security not
otherwise options eligible. The Commission also notes that, by
requiring pricing information for the relevant Underlying Index or
Indexes to be readily available, the proposed listing standards of
Section 703.22 of the Manual should help ensure a fair and orderly
market for Index-Linked Securities listed and traded pursuant to Rule
19b-4(e).
---------------------------------------------------------------------------

    \31\ 17 CFR 240.600(b)(47).
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    The Exchange has also developed delisting criteria that will permit
it to suspend trading of an Index-Linked Security in circumstances that
make further dealings in the product inadvisable. The Commission
believes that the delisting criteria should help ensure that a minimum
level of liquidity exists for each Index-Linked Security to allow for
the maintenance of fair and orderly markets. Also, in the event that
the value of the Underlying Index or, in the case of Commodity-Linked
and Currency-Linked Securities that are periodically redeemable, the
indicative value, is no longer calculated and widely disseminated on at
least a 15-second basis, the Exchange may halt trading during the day
on which the interruption first occurs; however, if the interruption
persists past the trading day on which it occurred, the Exchange will
halt trading no later than the beginning of the trading day following
the interruption and will commence delisting proceedings.

C. Surveillance

    The Commission notes that any Index-Linked Securities approved for
listing and trading would be subject to the Exchange's existing
surveillance procedures governing equities, options, and exchange-
traded funds, as well as procedures the Exchange represents it has
developed to closely monitor activity in Index-Linked Securities and
the Underlying Indexes and their components. The Exchange has
represented that its surveillance procedures are adequate to properly
monitor the trading of Index-Linked Securities listed pursuant to these
proposed generic listing standards. In addition, the Commission notes
that the Exchange has represented that it will be able to obtain
trading and beneficial holder information from the primary trading
markets for the components of the Underlying Indexes in relation to
Index-Linked Securities, either pursuant

to bilateral information sharing agreements with those markets or
because those markets are full members or affiliate members of the ISG.
In particular, the Exchange has represented that it will implement
adequate comprehensive surveillance sharing agreements for non-U.S.
components, as applicable.

D. Information Memorandum

    The Exchange has represented that it will distribute, as
appropriate, an Information Memorandum to members describing the
product, the structure of the product, and the corresponding risks of
the Index-Linked Security. In addition, the Information Memorandum will
set forth the Exchange's suitability requirements with respect to
recommendations in transactions in Index-Linked Securities to customers
and the prospectus delivery requirements. The Memorandum will also
identify and describe the Exchange's trading rules governing the Index-
Linked Securities.

E. Firewall Procedures

    The Exchange has further represented that, if the Underlying Index
is maintained by a broker-dealer, such broker-dealer will establish a
``firewall'' around personnel responsible for the maintenance of the
Underlying Index. As an added measure, a third-party who is not a
broker-dealer will calculate the Underlying Index. In addition, the
Exchange has stated that any person, committee, board, or similar
entity that advises the Index Licensor or Administrator (each as
defined in NYSE Rule 1100, Supplementary Material .10) or that makes
decisions regarding the composition and methodology of the Underlying
Index, will be subject to policies and procedures designed to prevent
the use and dissemination of material, non-public information. With
respect to trading on NYSE, the Exchange has stated that, with respect
to any issue of Index-Linked Securities, specialists will be restricted
from making markets in and trading components of the Underlying
Securities or any derivative instruments thereof.\32\
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    \32\ See supra note 21.
---------------------------------------------------------------------------

F. Acceleration

    The Commission finds good cause for approving the proposed rule
change, as modified by Amendments No. 1, 2, and 3 thereto, before the
30th day after the date of publication of notice of filing thereof in
the Federal Register. The Exchange requested accelerated approval of
the proposal to facilitate the prompt listing and trading of Index-
Linked Securities based on indexes or portfolios meeting the specified
criteria of proposed Section 703.22 of the Manual. The Commission notes
that the Exchange's proposed generic listing standards are based, in
part, on previously approved listing standards for Index-Linked
Securities based on an Underlying Index made up of equity
securities.\33\ The Commission also notes that it has previously
approved the listing and trading of derivative products based on
commodities and currencies.\34\ The Commission believes that
accelerated approval of the proposed rule change should expedite the
listing and trading of additional Index-Linked Securities, subject to
the standards discussed herein, to the benefit of the investing public.
Therefore, the Commission finds good cause, consistent with Section
19(b)(2) of the Act,\35\ to approve the proposed rule change on an
accelerated basis.
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    \33\ See supra note 26.
    \34\ See supra notes 27-28.
    \35\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether Amendment No. 3
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 e-mail to<EMAIL_ADDRESS>Please include

File Number SR-NYSE-2007-27 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2007-27. This file
number should be included on the subject line if e-mail 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 inspection and
copying in the Commission's Public Reference Room. Copies of the filing
also will be available for inspection and copying at the principal
office of the Exchange. 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-2007-27 and should be submitted on or before May 29, 2007.

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\36\ that the proposed rule change (SR-NYSE-2007-27), as modified
by Amendments No. 1, 2, and 3, is hereby approved on an accelerated
basis.
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    \36\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\37\
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    \37\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-8600 Filed 5-4-07; 8:45 am]

BILLING CODE 8010-01-P