[Federal Register: August 7, 2006 (Volume 71, Number 151)]
[Notices]
[Page 44752-44757]
[DOCID:fr07au06-120]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54251; File No. SR-NYSEArca-2006-18]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Order Granting Accelerated Approval of a Proposed Rule Change and
Amendment No. 1 Relating to the Trading of the Index-Linked Securities
of Barclays Bank PLC Linked to the Performance of the Goldman Sachs
Crude Oil Total Return Index TM Pursuant to Unlisted Trading
Privileges

July 31, 2006
    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 16, 2006, NYSE Arca, Inc. (``Exchange''), through its wholly
owned subsidiary NYSE Arca Equities, Inc. (``NYSE Arca Equities'' or
the ``Corporation''), filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. On July 27,
2006, the Exchange filed Amendment No. 1 to the proposed rule
change.\3\ The Commission is publishing this notice and order to
solicit comments on the proposed rule change from interested persons
and is approving the proposal on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ In Amendment No. 1, the Exchange clarified certain aspects
of its proposal regarding the Securities and surveillance.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Through NYSE Arca Equities, the Exchange proposes to amend its
rules governing NYSE Arca, L.L.C. (also referred to as the ``NYSE Arca
Marketplace''), the equities trading facility of NYSE Arca Equities.
Pursuant to NYSE Arca Equities Rule 5.2(j)(6), the Exchange proposes to
trade pursuant to unlisted trading privileges (``UTP'') the Index-
Linked Securities (``Securities'') of Barclays Bank PLC (``Barclays''),
which are linked to the performance of the Goldman Sachs Crude Oil
Total Return Index TM (``Index'').

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

    In its filing with the Commission, the Exchange 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 III below. The Exchange 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 the
Statutory Basis for, the Proposed Rule Change

 1. Purpose
    Pursuant to NYSE Arca Equities Rule 5.2(j)(6), the Exchange
proposes to trade pursuant to UTP the Securities of

Barclays, which are linked to the performance of the Index. Barclays
intends to issue the Securities under the name ``iPathSM Exchange-
Traded Notes.'' A rule proposal for the original listing and trading of
the Securities was filed with the Commission by the New York Stock
Exchange, Inc. (``NYSE'') \4\ and approved by the Commission.\5\
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    \4\ See Securities Exchange Act Release No. 53967 (June 9,
2006), 71 FR 34976 (June 16, 2006) (SR-NYSE-2006-19) (the ``NYSE
Proposal'').
    \5\ See Securities Exchange Act Release No. 54177 (July 19,
2006), 71 FR 54177 (July 27, 2006) (the ``NYSE Order'').
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(a) The Securities and the Index
(i) The Securities
    In August 2005, the Commission approved NYSE Arca Equities Rule
5.2(j)(6), which provides general standards for the listing and trading
of ``Index-Linked Securities.'' \6\ Index-Linked Securities are
securities that provide for the payment at maturity of a cash amount
based on the performance of an underlying index or indexes. Such
securities may or may not provide for the repayment of the original
principal investment amount. As permitted in NYSE Arca Equities Rule
5.2(j)(6), the Exchange is submitting this rule proposal to the
Commission pursuant to Section 19(b)(2) of the Act, to obtain
Commission approval to trade the Securities pursuant to UTP.
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    \6\ See Securities Exchange Act Release No. 52204 (August 3,
2005), 70 FR 46559 (August 10, 2005) (SR-PCX-2005-63).
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    A description of the Securities and the Index is set forth in the
NYSE Proposal.\7\ The Securities are a series of medium-term debt
securities of Barclays that provide for a cash payment at maturity, or
upon earlier exchange at the holder's option, based on the performance
of the Index subject to the adjustments described below.
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    \7\ See supra note 4.
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    The Securities will not have a minimum principal amount that will
be repaid and, accordingly, payment on the Securities prior to or at
maturity may be less than the original issue price of the Securities.
In fact, the value of the Index must increase for the investor to
receive at least the $50 principal amount per Security at maturity or
upon exchange or redemption. If the value of the Index decreases or
does not increase sufficiently to offset the investor fee,\8\ the
investor will receive less, and possibly significantly less, than the
$50 principal amount per Security. In addition, holders of the
Securities will not receive any interest payments from the Securities.
The Securities will have a term of 30 years and are not callable.\9\
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    \8\ The investor fee is equal to 0.75% per year times the
principal amount of a holder's Securities times the index factor,
calculated on a daily basis in the following manner. The investor
fee on the date of issuance of the Securities will equal zero. On
each subsequent calendar day until maturity or early redemption, the
investor fee will increase by an amount equal to 0.75% times the
principal amount of a holder's Securities times the index factor on
that day (or, if such day is not a trading day, the index factor on
the immediately preceding trading day) divided by 365. The investor
fee is the only fee holders will be charged in connection with their
ownership of the Securities.
    \9\ Telephone conference between John Carey, Assistant General
Counsel, NYSE Group, Inc., and Florence Harmon, Senior Special
Counsel, Division of Market Regulation (``Division''), Commission,
on July 12, 2006.
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    Holders who have not previously redeemed their Securities will
receive a cash payment at maturity equal to the principal amount of
their Securities times the index factor \10\ on the Final Valuation
Date \11\ minus the investor fee on the Final Valuation Date.
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    \10\ The ``index factor'' on any given day will be equal to the
closing value of the Index on that day divided by the initial index
level. The index factor on the Final Valuation Date will be equal to
the final index level divided by the initial index level. The
``initial index level'' is the closing value of the Index on the
date of issuance of the Securities (the ``Trade Date'') and the
``final index level'' is the closing value of the Index on the Final
Valuation Date. Telephone conference between John Carey, Assistant
General Counsel, NYSE Group, Inc., and Florence Harmon, Senior
Special Counsel, Division, Commission, on July 14, 2006.
    \11\ The ``Final Valuation Date'' is the last Thursday before
maturity of the Securities.
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    Prior to maturity, holders may, subject to certain
restrictions,\12\ redeem their Securities on any Redemption Date \13\
during the term of the Securities provided that they present at least
50,000 Securities for redemption, or they act through a broker or other
financial intermediaries (such as a bank or other financial institution
not required to register as a broker-dealer to engage in securities
transactions) that are willing to bundle their Securities for
redemption with other investors' Securities. If a holder chooses to
redeem such holder's Securities, the holder will receive a cash payment
on the applicable Redemption Date equal to the principal amount of such
holder's Securities times the index factor on the applicable Valuation
Date minus the investor fee on the applicable Valuation Date. To redeem
their Securities, holders must instruct their broker or other person
through whom they hold their Securities to follow certain procedures as
described in the NYSE Proposal.\14\
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    \12\ Telephone conference between John Carey, Assistant General
Counsel, NYSE Group, Inc., and Florence Harmon, Senior Special
Counsel, Division, Commission, on July 13, 2006.
    \13\ A ``Redemption Date'' is the third business day following a
Valuation Date (other than the Final Valuation Date). A ``Valuation
Date'' is each Thursday from the first Thursday after issuance of
the Securities until the last Thursday before the Final Valuation
Date inclusive (or, if such date is not a trading day, the next
succeeding trading day).
    \14\ If holders elect to redeem their Securities, Barclays may
request that Barclays Capital Inc. (a broker-dealer) purchase the
Securities for the cash amount that would otherwise have been
payable by Barclays upon redemption. In this case, Barclays will
remain obligated to redeem the Securities if Barclays Capital Inc.
fails to purchase the Securities. Any Securities purchased by
Barclays Capital Inc. may remain outstanding.
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    If an event of default occurs and the maturity of the Securities is
accelerated, Barclays will pay the default amount in respect of the
principal of the Securities at maturity.\15\ More information regarding
default procedures, including a quotation period and an objection
period, is set forth in the NYSE Proposal.
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    \15\ That cost will equal: (i) The lowest amount that a
qualified financial institution would charge to effect this
assumption or undertaking, plus (ii) the reasonable expenses,
including reasonable attorneys' fees, incurred by the holders of the
Securities in preparing any documentation necessary for this
assumption or undertaking.
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(ii) The Index
    The Index is a sub-index of the GSCI [supreg] and reflects the
excess returns that are potentially available through an unleveraged
investment in the contracts comprising the relevant components of the
Index (which currently includes only the West Texas Intermediate
(``WTI'') crude oil futures contract traded on the New York Mercantile
Exchange (``NYMEX'')), plus the Treasury Bill rate of interest that
could be earned on funds committed to the trading of the underlying
contracts.\16\ The value of the Index, on any given day, reflects: (i)
The price levels of the contracts included in the Goldman Sachs Crude
Oil Total Return Index TM (which represents the value of the
Goldman Sachs Crude Oil Total Return Index TM); (ii) the
``contract daily return,'' which is the percentage change in the total
dollar weight of the Goldman Sachs Crude Oil Total Return Index
TM from the previous day to the current day; and (iii) the
Treasury Bill rate of interest that could be earned on funds committed
to the trading of the underlying contracts.
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    \16\ The Treasury Bill rate of interest used for purposes of
calculating the index on any day is the 91-day auction high rate for
U.S. Treasury Bills, as reported on Telerate page 56, or any
successor page, on the most recent of the weekly auction dates prior
to such day.
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    In addition to other criteria described in the NYSE Proposal, in
order to qualify for inclusion in the Index the contract must be
related to WTI crude oil. As presently constituted, the only contract
used to calculate the Index is

the WTI crude oil futures contract traded on the NYMEX.
    The GSCI [supreg], upon which the Index is based, is a proprietary
index on a production-weighted basket of futures contracts on physical
commodities traded on trading facilities in major industrialized
countries. The GSCI [supreg] is designed to be a measure of the
performance over time of the markets for these commodities. The
commodities represented in the GSCI [supreg] are weighted, on a
production basis, to reflect their relative significance (in the view
of the Index Sponsor, in consultation with the Policy Committee) \17\
to the world economy. The fluctuations in the value of the GSCI [reg]
are intended generally to correlate with changes in the prices of such
physical commodities in global markets. The value of the GSCI [reg] has
been normalized such that its hypothetical level on January 2, 1970 was
100. Futures contracts on the GSCI [supreg], and options on such
futures contracts, are currently listed for trading on the Chicago
Mercantile Exchange. More information regarding the operation,
calculation methodology, weighting, and historical performance of the
Index is set forth in the NYSE Proposal.
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    \17\ The Index Sponsor has established a Policy Committee to
assist it with the operation of the GSCI [supreg]. The Policy
Committee is described in more detail in the NYSE Proposal.
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(b) Dissemination and Availability of Information
(i) The Intraday Indicative Value
    According to the NYSE Proposal, an ``Intraday Indicative Value''
(or ``IIV'') meant to approximate the intrinsic economic value of the
Securities will be calculated and published via the facilities of the
Consolidated Tape Association (``CTA'') every 15 seconds from 9:30 a.m.
to 4 p.m. Eastern Time (``ET'') on each day on which the Securities are
traded on the NYSE.\18\ Additionally, Barclays or an affiliate will
calculate and publish the closing IIV of the Securities on each trading
day at http://www.ipathetn.com. In connection with the Securities, the

term ``IIV'' refers to the value at a given time determined based on
the following equation: IIV = Principal Amount per Unit ($50)
multiplied by (Current Index Level divided by Initial Index Level )
\19\ minus Current Investor Fee.\20\
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    \18\ The IIV calculation will be provided for reference purposes
only.
    \19\ The Current Index Level is the most recent published level
of the Index as reported by the Index Sponsor, whereas the Initial
Index Level is the Index level on the trade date for the Securities.
    \20\ The Current Investor Fee is the most recent daily
calculation of the investor fee with respect to the Securities,
determined as described above (which, during any trading day, will
be the investor fee determined on the preceding calendar day).
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    The IIV will not reflect price changes to the price of an
underlying commodity between the close of trading of the futures
contract at the relevant futures exchange and 4 p.m. ET. The value of
the Securities may accordingly be influenced by non-concurrent trading
hours between the Exchange and NYMEX. The WTI crude oil futures (the
futures contracts underlying the Index) will trade on the NYMEX from 10
a.m. to 2:30 p.m. ET.
    While the market for futures trading for each of the Index
commodities is open, the IIV can be expected to closely approximate the
redemption value of the Securities. However, during NYSE Arca
Marketplace trading hours when the futures contracts have ceased
trading, spreads and resulting premiums or discounts may widen, and
therefore, increase the difference between the price of the Securities
and their redemption value. The IIV should not be viewed as a real time
update of the redemption value.
(ii) The Index
    According to the NYSE Proposal, the Index Sponsor makes the
official calculations of the GSCI [supreg]. At present, this
calculation is performed continuously and is reported on Reuters page
GSCI [supreg] (or any successor or replacement page) and is updated on
Reuters at least once every 15 seconds \21\ during business hours on
each day on which the offices of the Index Sponsor in New York City are
open for business (a ``GSCI Business Day'').\22\ The settlement price
for the Index is also reported on Reuters page GSCI [supreg] (or any
successor or replacement page) on each GSCI Business Day between 4 p.m.
and 6 p.m., New York time.
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    \21\ Telephone conference between John Carey, Assistant General
Counsel, NYSE Group, Inc., and Florence Harmon, Senior Special
Counsel, Division, Commission, on July 27, 2006 (clarifying that the
Index value will be disseminated at least every 15 seconds, not
every 3 minutes, during the time the Securities trade on the
Exchange).
    \22\ Both NYSE, as the listing exchange, and NYSE Arca, will not
permit trading in the Securities if certain information about the
Index value is not disseminated on, for example, a date that is not
a GSCI Business Day. See supra.
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(c) UTP Trading Criteria
    The Exchange will cease trading in the Securities if: (1) The
listing market stops trading the Securities because of a regulatory
halt similar to a halt based on NYSE Arca Equities Rule 7.12 or a halt
because the IIV or the value of the underlying Index is no longer
available on at least a 15 second delayed basis; or (2) the listing
market delists the Securities.\23\ In the event that the Exchange is
open for business on a day that is not a GSCI Business Day, the
Exchange will not permit trading of the Securities on that day.
Additionally, the Exchange may cease trading the Securities if such
other event shall occur or condition exists which, in the opinion of
the Exchange, makes further dealings on the Exchange inadvisable.
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    \23\ E-mail between Janet Kissane, Assistant General Counsel,
NYSE Group, Inc., and Florence Harmon, Senior Special Counsel,
Division, Commission, dated July 31, 2006 (clarifying that the
Securities will cease trading during all trading hours).
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(d) Trading Rules
    The Exchange deems the Securities to be equity securities, thus
rendering trading in the Securities subject to the Exchange's existing
rules governing the trading of equity securities. Trading in the
Securities on the NYSE Arca Marketplace will occur from 4 a.m. to 8
p.m. ET in accordance with NYSE Arca Equities Rule 7.34(a).\24\ The
Exchange has appropriate rules to facilitate transactions in the
Securities during all trading sessions. The minimum trading increment
for Securities on the Exchange will be $0.01.
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    \24\ During all NYSE Arca Equities trading sessions, the
Exchange represents that if the official Index Sponsor calculates an
updated Index value, then such value will be updated and
disseminated at least every 15 seconds during such trading session,
and always will be so during the Exchange's core trading session
(although during this session, the Exchange may rely on the listing
exchange to monitor such calculation and dissemination). The
Exchange represents that the official Index Sponsor calculates and
disseminates the Index value from 8 a.m. to 4 p.m. ET. Because this
product is not in continuous distribution, an IIV is not required to
be disseminated at least every 15 seconds in all trading sessions;
however, because of the weekly redemption process for this product,
such dissemination of the IIV is required during the Exchange's core
trading session. The Exchange may rely on the listing market to
monitor such dissemination of the IIV during the Exchange's core
trading session. Telephone conference between John Carey, Assistant
General Counsel, NYSE Group, Inc., and Florence Harmon, Senior
Special Counsel, Division, Commission, on July 12, 2006.
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    Further, the Exchange has recently adopted new Commentary .01 to
NYSE Arca Equities Rule 5.2(j)(6), which sets forth certain
restrictions on ETP Holders acting as registered Market Makers in the
Securities to facilitate surveillance.\25\ Commentary .01(b)-(c) to
NYSE Arca Equities Rule 5.2(j)(6)

requires that the ETP Holder acting as a registered Market Maker in the
Securities provide the Exchange with necessary information relating to
its trading in the Index components, the commodities underlying the
Index components, or options, futures or options on futures on the
Index, or any other derivatives (collectively, ``derivative
instruments'') based on the Index or based on any Index component or
any physical commodity underlying an Index component. Commentary .01(d)
to NYSE Arca Equities Rule 5.2(j)(6) prohibits the ETP Holder acting as
a registered Market Maker in the Securities from using any material
nonpublic information received from any person associated with an ETP
Holder or employee of such person regarding trading by such person or
employee in the Index components, the commodities underlying the Index
components, or any derivative instruments based on the Index or based
on any Index component or any physical commodity underlying an Index
component (including the Securities). In addition, Commentary .01(a) to
NYSE Arca Equities Rule 5.2(j)(6) prohibits the ETP Holder acting as a
registered Market Maker in the Securities from being affiliated with a
market maker in the Index components, the commodities underlying the
Index components, or any derivative instruments based on the Index or
based on any Index component or any physical commodity underlying an
Index component unless adequate information barriers are in place, as
provided in NYSE Arca Equities Rule 7.26.
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    \25\ See Securities Exchange Act Release No. 54189 (July 21,
2006), 71 FR 43263 (July 31, 2006) (SR-NYSEArca-2006-17).
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    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Securities. Trading in the Securities may be halted
because of market conditions or for reasons that, in the view of the
Exchange, make trading in the Securities inadvisable. These may
include: (1) The extent to which trading is not occurring in the Index
components or (2) whether other unusual conditions or circumstances
detrimental to the maintenance of a fair and orderly market are
present. In addition, trading in Securities will be subject to trading
halts caused by extraordinary market volatility pursuant to the
Exchange's ``circuit breaker'' rule \26\ or by the halt or suspension
of the trading of the Index components.\27\
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    \26\ See NYSE Arca Equities Rule 7.12.
    \27\ See ``UTP Trading Criteria'' above for specific instances
when the Exchange will cease trading the Securities.
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    The Securities will be deemed ``Eligible Listed Securities,'' as
defined in NYSE Arca Equities Rule 7.55, for purposes of the
Intermarket Trading System (``ITS'') Plan and therefore will be subject
to the trade through provisions of NYSE Arca Equities Rule 7.56, which
require that ETP Holders avoid initiating trade-throughs for ITS
securities.
(e) Surveillance
    The Exchange will incorporate and rely upon existing surveillance
procedures applicable to equities to monitor trading in the Securities.
The Exchange believes that these procedures are adequate to monitor
Exchange trading of the Securities in all trading sessions and detect
violations of Exchange rules, thereby deterring manipulation.
    The Exchange's current trading surveillance focuses on detecting
securities trading outside their normal patterns. When such situations
are detected, surveillance analysis follows and investigations are
opened, where appropriate, to review the behavior of all relevant
parties for all relevant trading violations.
    The Exchange is able to obtain information regarding trading in the
Securities and the Index components through ETP Holders in connection
with such ETP Holders' proprietary or customer trades that they effect
on any relevant market. In addition, the Exchange has access to
transaction information, including customer identity information with
respect to all contracts traded on NYMEX and the COMEX, a subsidiary of
the NYMEX, pursuant to the Exchange's information sharing agreement
with NYMEX.
(f) Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin of the special characteristics
and risks associated with trading the Securities. Specifically, the
Information Bulletin will discuss the following: (1) The procedures for
purchases and redemptions of Securities (and that Securities are not
individually redeemable but are redeemable only in aggregations of at
least 50,000 Securities); (2) NYSE Arca Equities Rule 9.2(a),\28\ which
imposes a duty of due diligence on its ETP Holders to learn the
essential facts relating to every customer prior to trading the
Securities; (3) how information regarding the IIV is disseminated; (4)
the requirement that ETP Holders deliver a prospectus to investors
purchasing newly issued Securities prior to or concurrently with the
confirmation of a transaction; and (5) trading information. For
example, the Information Bulletin will advise ETP Holders, prior to the
commencement of trading, of the prospectus delivery requirements
applicable to the Securities. The Exchange notes that investors
purchasing Securities directly from Barclays will receive a prospectus.
ETP Holders purchasing Securities from Barclays for resale to investors
will deliver a prospectus to such investors.
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    \28\ The Exchange recently amended NYSE Arca Equities Rule
9.2(a) (``Diligence as to Accounts'') to provide that ETP Holders,
before recommending a transaction, must have reasonable grounds to
believe that the recommendation is suitable for the customer based
on any facts disclosed by the customer as to his other security
holdings and as to his financial situation and needs. Further, the
Rule provides that prior to the execution of a transaction
recommended to a non-institutional customer, the ETP Holders should
make reasonable efforts to obtain information concerning the
customer's financial status, tax status, investment objectives and
any other information that they believe would be useful to make a
recommendation. See Securities Exchange Act Release No. 54045 (June
26, 2006), 71 FR 37971 (July 3, 2006) (SR-PCX-2005-115).
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    The Information Bulletin will also reference the fact that there is
no regulated source of last sale information regarding physical
commodities, and that the Commission has no jurisdiction over the
trading of physical commodities such as crude oil, or the futures
contracts on which the value of the Securities is based.
    The Information Bulletin will also discuss any exemptive or no-
action relief, if granted, by the Commission staff from any rules under
the Act.
2. Statutory Basis
    The Exchange believes that the basis for this proposed rule change
is consistent with the requirements under Section 6(b)(5) \29\ of the
Act that an exchange have rules that are designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transaction in securities, to remove
impediments and perfect the mechanisms of a free and open market, and,
in general, to protect investors and the public interest.
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    \29\ 15 U.S.C. 78s(b)(5).
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    In addition, the Exchange believes that the proposal is consistent
with Rule 12f-5 under the Act \30\ because it deems the Securities to
be equity securities, thus rendering the Securities subject to

the Exchange's rules governing the trading of equity securities.\31\
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    \30\ 17 CFR 240.12f-5.
    \31\ Telephone conference between John Carey, Assistant General
Counsel, NYSE Group, Inc., and Florence Harmon, Senior Special
Counsel, Division, Commission, on July 12, 2006 (the Exchange
requested that the Commission delete the word ``existing'' to
clarify that the Securities will be subject to all applicable
Exchange rules governing the trading of equity securities for the
Securities).
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B. Self-Regulatory Organization's Statement on Burden on Competition

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

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

    Written comments on the proposed rule change were neither solicited
nor received.

III. Solicitation of Comments

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

Electronic Comments

     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-NYSEArca-2006-18 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2006-18. 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 such
filing also will be available for inspection and copying at the
principal offices 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-NYSEArca-2006-18 and should be submitted on or before
August 28, 2006.

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

    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.\32\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\33\ which
requires that an exchange have rules designed, among other things, to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and in general to protect investors and the public
interest.
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    \32\ In approving this 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).
    \33\ 15 U.S.C. 78f(b)(5).
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    In addition, the Commission finds that the proposal is consistent
with Section 12(f) of the Act,\34\ which permits an exchange to trade,
pursuant to UTP, a security that is listed and registered on another
exchange.\35\ The Commission notes that it previously approved the
listing and trading of the Securities on the NYSE.\36\ The Commission
also finds that the proposal is consistent with Rule 12f-5 under the
Act,\37\ which provides that an exchange shall not extend UTP to a
security unless the exchange has in effect a rule or rules providing
for transactions in the class or type of security to which the exchange
extends UTP. NYSE Arca Equities rules deem the Securities to be equity
securities, thus trading in the Securities will be subject to the
Exchange's rules governing the trading of equity securities and the
specific rules set forth herein for this product class.
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    \34\ 15 U.S.C. 78l(f).
    \35\ Section 12(a) of the Act, 15 U.S.C. 78l(a), generally
prohibits a broker-dealer from trading a security on a national
securities exchange unless the security is registered on that
exchange pursuant to Section 12 of the Act. Section 12(f) of the Act
excludes from this restriction trading in any security to which an
exchange ``extends UTP.'' When an exchange extends UTP to a
security, it allows its members to trade the security as if it were
listed and registered on the exchange even though it is not so
listed and registered.
    \36\ See NYSE Order, supra note 5.
    \37\ 17 CFR 240.12f-5.
---------------------------------------------------------------------------

    The Commission further believes that the proposal is consistent
with Section 11A(a)(1)(C)(iii) of the Act,\38\ which sets forth
Congress's finding that it is in the public interest and appropriate
for the protection of investors and the maintenance of fair and orderly
markets to assure the availability to brokers, dealers, and investors
of information with respect to quotations for and transactions in
securities.
---------------------------------------------------------------------------

    \38\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
---------------------------------------------------------------------------

    In support of the portion of the proposed rule change regarding UTP
of the Securities, the Exchange has made the following representations:
    1. NYSE Arca Equities has appropriate rules to facilitate
transactions in this type of security in all trading sessions.
    2. NYSE Arca Equities surveillance procedures are adequate to
properly monitor the trading of the Securities on the Exchange.
    3. NYSE Arca Equities will distribute an Information Bulletin to
its members prior to the commencement of trading of the Securities on
the Exchange that explains the terms, characteristics, and risks of
trading such securities.
    4. NYSE Arca Equities will require a member with a customer who
purchases newly issued Securities on the Exchange to provide that
customer with a product prospectus and will note this prospectus
delivery requirement in the Information Bulletin.
    5. The Exchange will cease trading in the Securities if: (1) The
primary market stops trading the securities because of a regulatory
halt similar to a halt based on NYSE Arca Equities Rule 7.12 and/or a
halt because the IIV or Index value are not disseminated at least every
15 seconds; or (2) if such other event occurs or condition exists
which, in the opinion of the Exchange, makes further dealings on the
Exchange inadvisable; or (3) the primary market delists the Securities.
    This approval order is conditioned on NYSE Arca Equities' adherence
to these representations.
    The Commission finds good cause for approving this proposed rule
change, as amended, before the thirtieth day after the publication of
notice thereof in the Federal Register. As noted previously,

the Commission previously found that the listing and trading of these
Securities on the NYSE is consistent with the Act.\39\ The Commission
presently is not aware of any issue that would cause it to revisit that
earlier finding or preclude the trading of these funds on the Exchange
pursuant to UTP. Therefore, accelerating approval of this proposed rule
change should benefit investors by creating, without undue delay,
additional competition in the market for these Securities.
---------------------------------------------------------------------------

    \39\ See NYSE Order, supra note 5.
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (NYSEArca-2006-18), is hereby approved,
as amended, on an accelerated basis.\40\
---------------------------------------------------------------------------

    \40\ 15 U.S.C. 78s(b)(2).
    \41\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\41\
Nancy M. Morris,
Secretary.
 [FR Doc. E6-12699 Filed 8-4-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 88, Number 101 (Thursday, May 25, 2023)]
[Notices]
[Pages 33949-33950]
[FR Doc No: 2023-11111]

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

[Release No. 34-97528; File No. SR-ICEEU-2023-009]

Self-Regulatory Organizations; ICE Clear Europe Limited; Order
Approving Proposed Rule Change Relating to Amendments of the Investment
Management Procedures

May 19, 2023.

I. Introduction

    On March 23, 2023, ICE Clear Europe Limited (``ICE Clear Europe''),
filed with the Securities and Exchange Commission (``Commission''),
pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to
amend its Investment Management Procedures (the ``Investment Management
Procedures'' or the ``Procedures''). The Proposed Rule Change was
published for comment in the Federal Register on April 5, 2023.\3\ The
Commission has not received any comments on the proposed rule change.
For the reasons discussed below, the Commission is approving the
proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 97224 (Mar. 30, 2023),
88 FR 20200 (April 5, 2023) (File No. SR-ICEEU-2023-009)
(``Notice'').
---------------------------------------------------------------------------

II. Description of the Proposed Rule Change

    ICE Clear Europe is registered with the Commission as a clearing
agency for the purpose of clearing security-based swaps.\4\ In its role
as a clearing agency for clearing security-based swaps, ICE Clear
Europe holds and invests assets for a number of reasons. For example,
ICE Clear Europe's Clearing Members transfer to ICE Clear Europe cash
and other assets to satisfy their margin and guaranty fund
requirements.\5\ ICE Clear Europe also contributes money to the
guaranty fund, and maintains regulatory capital (money that ICE Clear
Europe sets aside in order to comply with regulatory requirements to
which it is subject).\6\ ICE Clear Europe invests cash received from
Clearing Members, its own contributions to the guaranty fund, and its
regulatory capital with the goal of obtaining a reasonable rate of
return while also maintaining sufficient liquidity for its payment
obligations and safeguarding the principal of cash. The Investment
Management Procedures set out how ICE Clear Europe will make these
investments. They provide the permitted investments and related
concentration limits for ICE Clear Europe when investing or securing
(i) cash received from Clearing Members, (ii) ICE Clear Europe's
contributions to the guaranty fund, and (iii) ICE Clear Europe's own
regulatory capital.
---------------------------------------------------------------------------

    \4\ Capitalized terms not otherwise defined herein have the
meanings assigned to them in the Procedures or the ICE Clear Europe
Clearing Rules.
    \5\ ICE Clear Europe's Clearing Rules note that initial margin
means ``the Permitted Cover required to be provided or actually
provided . . . to the Clearing House as collateral for the
obligations of a Clearing Member or Sponsored Principal in respect
of CDS Contracts . . . .'' ICE Clear Europe Clearing Rules Rule 101.
Guaranty fund contributions serve to secure the obligations of a
Clearing Member to ICE Clear Europe and may be used to cover losses
sustained by ICE Clear Europe in the event of a default of the
Clearing Member. ICE Clear Europe Clearing Rules Rule 1103.
    \6\ ICE Clear Europe is subject to regulatory capital
requirements under its supervision by the Commission, the Bank of
England, the Commodity Futures Trading Commission, and as a third-
country central counterparty recognized by the European Securities
and Markets Authority. For a further discussion of these
requirements, see Self-Regulatory Organizations; ICE Clear Europe
Limited; Order Approving Proposed Rule Change Relating to the
Capital Replenishment Plan, Exchange Act Release No. 97018 (Mar. 2,
2023), 88 FR 14412 (Mar. 8, 2023) (SR-ICEEU-2022-027).
---------------------------------------------------------------------------

    The proposed rule change relates to the third category, investments
of ICE Clear Europe's own regulatory capital. Currently, the Procedures
contain a Table of Authorised Investments and Concentration Limits for
ICEU's Regulatory Capital (the ``Table''). The Table provides, among
other things, the instruments in which ICE Clear Europe may invest its
regulatory capital and the maximum maturity that those investments may
have.
    The proposed rule change edits the maximum maturity of certain
investments in sovereign and government agency bonds listed in the
Table. Currently, the Table allows ICE Clear Europe to purchase US
Sovereign Bonds, UK Sovereign Bonds, EU Sovereign Bonds, US Government
Agency Bonds, UK Government Agency Bonds, and EU Government Agency
Bonds (collectively, the ``permitted investments''), each with a
ninety-day maximum maturity. The proposed rule change sets the maximum
maturity of these permitted investments at thirteen months.
    This change--extending the maximum maturity from ninety days to
thirteen months--would align the maximum maturity for ICE Clear
Europe's investment of its regulatory capital with the maximum maturity
ICE Clear Europe currently applies to its investment of cash provided
by Clearing Members and ICE Clear Europe's own contribution to the
guaranty fund.\7\ Thus, the proposed change would establish a single,
consistent maximum maturity for ICE Clear Europe's investment in
sovereign and government agency bonds, regardless of whether the source
of the cash being invested is from Clearing Members, ICE Clear Europe's
contributions to the guaranty fund, or its regulatory capital.
---------------------------------------------------------------------------

    \7\ Currently, the Procedures permit ICE Clear Europe to invest
Clearing Member cash and ICE Clear Europe's skin-in-the-game in the
purchase of permitted investments with a maximum maturity of
thirteen months. Notice, 88 FR at 20200.
---------------------------------------------------------------------------

    There are two primary reasons for the proposed change. First, it
would eliminate what ICE Clear Europe views as an unnecessary
limitation on the maximum maturities of permitted investments.\8\
Although ICE Clear Europe's regulatory capital serves a different
purpose from its Clearing Member cash and skin-in-the-game default
resources, ICE Clear Europe believes that the same principles of
capital preservation and maintaining high levels of liquidity are
appropriate with respect to all the cash it manages, regardless of
whether the cash is regulatory capital, collateral provided by Clearing
Members, or ICE Clear Europe's own contributions to the guaranty fund.
As such, ICE Clear Europe determined that it is not necessary for the
maximum maturity for investments of its regulatory capital to be more
restrictive than for its other investments of cash.\9\
---------------------------------------------------------------------------

    \8\ Notice, 88 FR at 20201.
    \9\ Id.
---------------------------------------------------------------------------

    Second, the proposed change would provide ICE Clear Europe with the
flexibility to invest its regulatory capital in longer-term sovereign
and government bonds than the Procedures currently permit. Although the
additional maturity is only ten months, the additional flexibility may
allow ICE Clear Europe to plan for longer investments and avoid having
to invest or reinvest in shorter duration instruments during potential
periods of market volatility.\10\
---------------------------------------------------------------------------

    \10\ Id. at 20200.
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act directs the Commission to approve a
proposed rule change of a self-regulatory organization if it finds that
such proposed rule change is consistent with the requirements of the
Act and the rules and regulations thereunder applicable to such
organization.\11\ For the reasons discussed below, the Commission finds
that the proposed rule change is consistent with section

17A(b)(3)(F) of the Act,\12\ and Rule 17Ad-22(e)(16).\13\
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(2)(C).
    \12\ 15 U.S.C. 78q-1(b)(3)(F).
    \13\ 17 CFR 240.17Ad-22(e)(16).
---------------------------------------------------------------------------

A. Consistency With Section 17A(b)(3)(F) of the Act

    Section 17A(b)(3)(F) of the Act requires, among other things, that
the rules of ICE Clear Europe be designed to assure the safeguarding of
securities and funds which are in the custody or control of the
clearing agency or for which it is responsible.\14\ The proposed rule
change is consistent with section 17A(b)(3)(F) \15\ because it improves
ICE Clear Europe's ability to manage its investments without subjecting
its investments to significantly greater risk.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78q-1(b)(3)(F).
    \15\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    The Commission believes that the changes to the Procedures
discussed above help to improve ICE Clear Europe's management of its
investments. As noted above, ICE Clear Europe's Procedures prohibit it
from investing its regulatory capital in permitted investments that
have a maturity greater than ninety days. At times, this limitation
could subject ICE Clear Europe's regulatory capital to reinvestment
risk \16\ and volatility risk.\17\ Under the proposed rule change, ICE
Clear Europe can more effectively utilize investment strategies that
would allow it to mitigate some of this reinvestment and volatility
risk by purchasing longer term instruments when appropriate. Such
flexibility could be important in light of current and expected market
conditions, including to assist ICE Clear Europe in avoiding having to
invest or reinvest in shorter duration instruments during potential
periods of market volatility.
---------------------------------------------------------------------------

    \16\ Reinvestment risk is the risk that an investor will be
unable to reinvest assets received from an investment at a rate
comparable to their current rate of return.
    \17\ Volatility risk in this context, i.e., sovereign and
government agency bonds, refers to the risk that a bond's price will
fluctuate due to changing interest rates.
---------------------------------------------------------------------------

    For the above reasons, the proposed rule change is consistent with
Section 17A(b)(3)(F) of the Act.\18\
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

B. Consistency With Rule 17Ad-22(e)(16) Under the Act

    Rule 17Ad-22(e)(16) requires that ICE Clear Europe establish,
implement, maintain, and enforce, written policies and procedures
reasonably designed to safeguard its own and its participants' assets,
minimize the risk of loss and delay in access to these assets, and
invest such assets in instruments with minimal credit, market, and
liquidity risks.\19\ The Commission previously found that applying the
Procedures to ICE Clear Europe's regulatory capital helps ICE Clear
Europe to safeguard its own and its Clearing Members' assets and helps
ICE Clear Europe to invest such assets in instruments with minimal
credit, market, and liquidity risks.\20\ As discussed above, the
Procedures would continue to apply to ICE Clear Europe's regulatory
capital, with the only change being that ICE Clear Europe could invest
its regulatory capital in instruments with a maturity of up to thirteen
months, rather than ninety days.
---------------------------------------------------------------------------

    \19\ 17 CFR 240.17Ad-22(e)(16).
    \20\ Self-Regulatory Organizations; ICE Clear Europe Limited;
Notice of Filing of Partial Amendment No. 1 and Order Granting
Accelerated Approval of Proposed Rule Change, as Modified by Partial
Amendment No. 1, Relating to the ICE Clear Europe Investment
Management Procedures and Treasury and Banking Services Policy,
Securities Exchange Act Release No. 89211 (July 1, 2020), 85 FR
41082, 41086 (July 8, 2020) (File No. SR-ICEEU-2020-002).
---------------------------------------------------------------------------

    Even with this change, the Commission continues to believe that ICE
Clear Europe would safeguard its regulatory capital and invest it in
instruments with minimal credit, market, and liquidity risks. The
Commission believes this to be the case because investing in
instruments with a maturity of up to thirteen months, rather than
ninety days, could allow ICE Clear Europe to avoid having to invest or
reinvest in shorter duration instruments during potential periods of
market volatility. Moreover, the maximum maturity for regulatory
capital would be the same as what the Commission previously approved
for investments of cash from Clearing Members and ICE Clear Europe's
skin in the game.\21\
---------------------------------------------------------------------------

    \21\ Id.; Self-Regulatory Organizations; ICE Clear Europe
Limited; Notice of Filing of Partial Amendment No. 2 and Order
Granting Accelerated Approval of Proposed Rule Change, as Modified
by Partial Amendment No. 1 and Partial Amendment No. 2, To Revise
the ICE Clear Europe Treasury and Banking Services Policy, Liquidity
Management Procedures, Investment Management Procedures and
Unsecured Credit Limits Procedures, Securities Exchange Act Release
No. 86891 (Sept. 6, 2019), 84 FR 48191 (Sept. 12, 2019) (File No.
SR-ICEEU-2019-012).
---------------------------------------------------------------------------

    For the above reasons, the proposed rule change is consistent with
Rule 17Ad-22(e)(16) under the Act.\22\
---------------------------------------------------------------------------

    \22\ 17 CFR 240.17Ad-22(e)(16).
---------------------------------------------------------------------------

IV. Conclusion

    On the basis of the foregoing, the Commission finds that the
Proposed Rule Change is consistent with the requirements of the Act,
and in particular, Section 17A(b)(3)(F) of the Act \23\ and Rule 17Ad-
22(e)(16) thereunder.\24\
---------------------------------------------------------------------------

    \23\ 15 U.S.C. 78q-1(b)(3)(F).
    \24\ 17 CFR 240.17Ad-22(e)(16).
---------------------------------------------------------------------------

    It is therefore ordered pursuant to section 19(b)(2) of the Act
that the Proposed Rule Change (SR-ICEEU-2023-009) be, and hereby is,
approved.\25\
---------------------------------------------------------------------------

    \25\ In approving the Proposed Rule Change, the Commission
considered the proposal's impacts on efficiency, competition, and
capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    For the Commission by the Division of Trading and Markets, pursuant
to delegated authority.\26\
---------------------------------------------------------------------------

    \26\ 17 CFR 200.30-3(a)(12).

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-11111 Filed 5-24-23; 8:45 am]
BILLING CODE 8011-01-P


UNITED STATES ENVIRONMENTAL PROTECTION AGENCY NATIONAL RISK MANAGEMENT RESEARCH LABORATORY Air Pollution Prevention and Control Division Research Triangle Park, NC 27711 Office of Research and Development MEMORANDUM:

DATE: March 13, 2005 SUBJECT: Results of Recent Testing to Collect Data for Development of a Potential Instrumental Reference Method for Hg CEMS FROM: Jeff Ryan Office of Research and Development, Air Pollution Prevention and Control Division TO: Bill Maxwell Office of Air Quality Planning and Standards, Emissions Standards Division The following data package contains results from recent testing to evaluate and demonstrate procedures and techniques that may be suitable for potential development of an Instrumental Reference Method for Hg CEMS. In support of OAR's efforts to develop procedures and guidance for monitoring Hg emissions from coal fired power plants, EPA's Office of Research and Development has provided technical support through laboratory, pilot plant and field testing. Recently, ORD has conducted field testing to identify and demonstrate procedures that may be suitable for the potential development of an Instrumental Reference Method for Hg CEMS.

A comprehensive series of tests were conducted in conjunction with field test activities to evaluate the performance of Hg CEMS with respect to recently proposed procedures and requirements for monitoring Hg emissions from coal fired power plants, including Hg CEMs. The tests performed have been described in a separate Test Plan. In summary, the experiments were designed to assess the accuracy and precision of candidate reference Hg CEMs, including the assessment of site specific spectral and matrix interference effects. The latter of which are accomplished using the dynamic spiking technique. The following information contains preliminary data from recent dynamic spiking testing. The quality of the candidate reference analyzer was also subjected to an OH RATA test. Data are not yet available.

Calibration Error/ Linearity/ System Bias Test Data Known concentrations of Hg0 and HgCl2 were injected at multiple locations to demonstrate system performance.

Table 1. HgCl2 at Orifice Reference Tekran Value Average Difference Error µ g/ m3 µ g/ m3 µ g/ m3 0.0 0.4 0.4 N/ A 2.8 2.8 0.0 0% 5.5 5.5 0.0 0% 11.1 10.9  0.2  2%

Table 2. HgCl2 at Probe Reference Tekran Value Average Difference Error µ g/ m3 µ g/ m3 µ g/ m3 0.0 0.3 0.3 N/ A 2.8 2.6  0.2  7.1% 5.5 5.1  0.4  7.3% 11.1 N/ A N/ A N/ A Spectral Interference Test Data Dynamic spiking spectral interference tests were performed at levels or concentrations representing increases of 25, 50 and 100% of native stack levels for SO2, NO, and HCl. Results are presented in Table 3.

Table 3. Spectral Interference Dynamic Spike Data Condition Expected Concentration Observed Concentration Difference Recovery µ g/ m3 µ g/ m3 µ g/ m3 Cal Drift ( Hg0) @ orifice 7.4 7.9 0.6 107.6% Cal Drift ( HgCl2) @ probe 5.3 4.5  0.8 84.6% Zero Drift @ probe 0.0 0.2 0.2 Stack 6.7 Stack + N2 7.8 6.4  1.3 82.9% Stack + 25% SO2 8.1 7.4  0.7 90.8% Stack + 50% SO2 7.8 8.8 1.0 112.9% Stack 10.1 Stack + 25 % NO 10.0 10.1 0.1 101.1% Stack + 50 % NO 9.5 10.0 0.4 104.7% Stack 10.5 Stack + 25 % HCl 10.1 10.7 0.6 105.8% Stack + 50 % HCl 9.8 9.6  0.2 97.7% Stack 10.3 Cal Drift ( Hg0) @ orifice 7.4 7.9 0.6 107.6% Cal Drift ( HgCl2) @ probe 5.3 4.6  0.7 86.3% Zero Drift @ probe 0.0 0.3 0.3 Matrix Interference Tests Data The Hg0 matrix interference tests were conducted using the Tekran 3310 Hg ° generator. Sequences were set up for the Tekran to spike approximately 25%, 50%, and 100% on top of stack concentrations. Hg0 dynamic spiking results are presented in Table 4.

Table 4. Hg0 Dynamic Spike Test Data Baseline Expected Observed Spike Condition Stack Concentration Concentration Recovery ug/ m3 ug/ m3 ug/ m3 % Stack Conc. + 25% Hg0 7.0 9.1 9.2 103% 8.1 10.1 10.5 111% 8.5 13.3 13.6 105% 8.8 13.6 13.8 104% 8.9 16.5 16.7 103% 9.0 16.6 16.8 103%

Stack Conc. + 50% Hg0 6.8 8.9 9.0 101% 6.8 9.0 9.2 109% 7.9 12.8 12.8 100% 7.8 12.7 13.1 107% 8.2 15.8 15.6 98% 7.5 15.2 15.6 105%

Stack Conc. + 100% Hg0 7.7 9.7 9.8 102% 7.6 9.6 9.8 107% 7.7 12.6 12.9 105% 8.1 12.9 13.1 104% 7.7 15.4 15.4 100% 7.6 15.3 15.4 101% The HgCl2 matrix interference tests were conducted using the HOVACAL oxidized Hg gas generator. HgCl2 was spikeed to add approximately 25%, 50%, and 100% on top of stack concentrations. HgCl2 dynamic spiking results are presented in Table 5.

Table 5. HgCl2 Dynamic Spike Test Data Condition Expected Concentration Observed Concentration Difference Recovery µ g/ m3 µ g/ m3 µ g/ m3 Cal Drift ( HgCl2) @ probe 5.3 4.7  0.7 87.7% Zero Drift @ probe 0.3 0.3 Cal Drift ( Hg0) @ orifice 4.8 5.1 0.3 106.0% Stack 7.4 Stack Values + N2 6.7 6.7 0.0 100.7% Stack Values + 50% Hg0 8.3 7.9  0.4 95.3% Stack 6.8 Stack Values + 100% Hg0 9.9 9.3  0.6 93.9% Stack 6.9 Stack Values + 200% Hg0 13.5 12.5  1.0 92.3% Stack Values + N2 6.4 6.3  0.1 99.1% Stack 6.7 Cal Drift ( HgCl2) @ probe 5.3 5.4 0.1 101.9% Zero Drift @ probe 0.0 0.6 0.6 Cal Drift ( Hg0) @ orifice 4.9 5.2 0.3 106.1%

Summary and Observations The data presented have only recently been collected and as such are preliminary and by no means fully interpreted. As can be seen from the data, all dynamic spiking recoveries are within 90  110% of expected concentrations. At 1st interpretation, these recoveries should be considered excellent and appear to indicate the absence of spectral or matrix effects. During the conduct of these tests, it was observed that relatively rapid changes in stack Hg concentrations are possible and cause difficulties in establishing an accurate stack baseline concentration. An accurate baseline concentration is needed to accurately calculate expected concentrations. Existing expected concentration are based on the average of baseline stack concentrations before and after each dynamic spiking data point. The existing data will be examined further in order to optimize further testing. Shorter periods between baseline measurements will greatly alleviate this problem.


[Federal Register Volume 83, Number 36 (Thursday, February 22, 2018)]
[Notices]
[Pages 7756-7757]
[FR Doc No: 2018-03576]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2007-0008]

National Advisory Council

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Committee management; request for applicants for appointment to
the national advisory council.

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

SUMMARY: The Federal Emergency Management Agency (FEMA) is requesting
that qualified individuals who are interested in serving on the FEMA
National Advisory Council (NAC) apply for appointment as identified in
this notice. Pursuant to the Post-Katrina Emergency Management Reform
Act of 2006 (PKEMRA), the NAC advises the FEMA Administrator on all
aspects of emergency management to incorporate input from and ensure
coordination with state, local, tribal, and territorial governments,
and the non-governmental and private sectors on the development and
revision of national plans and strategies, the administration of and
assessment of FEMA's grant programs, and the development and evaluation
of risk assessment methodologies. The NAC consists of up to 35 members,
all of whom are experts and leaders in their respective fields. FEMA
seeks to appoint individuals to eight (8) discipline-specific positions
on the NAC and up to two (2) members as Administrator Selections. If
other positions open during the application and selection period, FEMA
may select qualified candidates from the pool of applications.

DATES: FEMA will accept applications until 11:59 p.m. EDT on March 18,
2018.

ADDRESSES: The preferred method for application package submission is
by email:
     Email: [email protected]. Save materials in one file
using the naming convention, ``Last Name_First Name_NAC Application''
and attach to the email.
    You may also submit your application package by U.S. mail:
     U.S. Mail: Office of the National Advisory Council,
Federal Emergency Management Agency, 500 C Street SW, Washington, DC
20472-3184.
    Use only one method to submit your application. The Office of the
National Advisory Council will send you an email that confirms receipt
of your application and will notify you of the final status of your
application once FEMA selects new members.

FOR FURTHER INFORMATION CONTACT: Deana Platt, Designated Federal
Officer, Office of the National Advisory Council, Federal Emergency
Management Agency, 500 C Street SW, Washington, DC 20472-3184;
telephone<PHONE_NUMBER>; and email [email protected]. For more
information on the NAC, including membership application instructions,
visit http://www.fema.gov/national-advisory-council.

SUPPLEMENTARY INFORMATION: The NAC is an advisory committee established
in accordance with the provisions of the Federal Advisory Committee Act
(FACA), 5 U.S.C. Appendix. As required by PKEMRA, the Secretary of
Homeland Security established the NAC to ensure effective and ongoing
coordination of Federal preparedness, protection, response, recovery,
and mitigation for natural disasters, acts of terrorism, and other man-
made disasters. FEMA is requesting that individuals who are interested
in and qualified to serve on the NAC apply for appointment to an open
position in one of the following discipline areas: Elected Local
Government Official (Representative), Elected State Government Official
(Representative), Emergency Management (Representative), Emergency
Response Providers (Representative), Communications Expert (Special
Government Employee (SGE)), Cybersecurity Expert (SGE), and In-Patient
Medical Provider (SGE). The Administrator may appoint up to two (2)
additional candidates to serve as FEMA Administrator Selections (as SGE
appointments). You are encouraged to visit https://www.fema.gov/membership-applications for further information on expertise required
to fill these positions. Appointments will be for three-year terms that
start in September 2018.
    The NAC Charter contains more information and can be found at:
https://www.fema.gov/media-library/assets/documents/35316.
    If you are interested, qualified, and want FEMA to consider
appointing you to fill an open position on the NAC, please submit an
application package to the Office of the NAC as listed in the ADDRESSES
section of this notice. Current NAC members whose terms are ending
should notify the Office of the NAC of their interest in reappointment
in lieu of submitting a new application, and if desired, provide
updated application materials for consideration. There is no
application form; however, each application package MUST include the
following information:
     Cover letter, addressed to the Office of the NAC, that
includes or indicates: Current position title and employer or
organization you represent, home and work addresses, and preferred
telephone number and email address; the discipline area position(s) for
which you are qualified; why you are interested in serving on the NAC;
and how you heard about the solicitation for NAC members;
     Resume or Curriculum Vitae (CV); and
     One Letter of Recommendation addressed to the Office of
the NAC.
    Your application package must be eight (8) pages or less.
Information contained in your application package should clearly
indicate your qualifications to serve on the NAC and fill one of the
current open positions. FEMA will not consider incomplete applications.
FEMA will review the information contained in application packages and
make selections based on: (1) Leadership attributes, (2) emergency
management experience, (3) expert knowledge in discipline area, and (4)
ability to meet NAC member expectations. FEMA will also consider
overall NAC composition, including geographic diversity and mix of
officials, emergency managers, and emergency response providers from
state, local, and tribal governments, when selecting members.
    Appointees may be designated as a SGE as defined in section 202(a)
of title 18, United States Code, or as a Representative member. SGEs
speak as experts in their field and Representative members speak for
the stakeholder group they represent. Candidates selected for
appointment as SGEs are required to complete a Confidential Financial
Disclosure Form (Office of Government Ethics (OGE) Form 450) each year.
You can find this form at the Office of Government Ethics website
(http://www.oge.gov). However, please do not submit this form with your
application.
    The NAC generally meets in person twice per year. FEMA does not pay
NAC members for their time, but may reimburse travel expenses such as
airfare, per diem to include hotel stays, and other transportation
costs within federal travel guidelines when pre-approved by the
Designated Federal Officer. NAC members must serve on one of the three
NAC Subcommittees, which meet regularly by teleconference. FEMA
estimates the total time

commitment for subcommittee participation to be 1-2 hours per week
(more for NAC leadership).
    DHS does not discriminate on the basis of race, color, religion,
sex, national origin, political affiliation, sexual orientation, gender
identity, marital status, disability and genetic information, age,
membership in an employee organization, or other non-merit factor. DHS
strives to achieve a widely diverse candidate pool for all of its
recruitment actions. Current DHS and FEMA employees, including FEMA
Reservists, are not eligible for membership. Federally registered
lobbyists may apply for positions designated as Representative
appointments but are not eligible for positions that are designated as
SGE appointments.

    Dated: February 13, 2018.
Brock Long,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2018-03576 Filed 2-21-18; 8:45 am]
 BILLING CODE 9111-48-P


[Federal Register Volume 87, Number 155 (Friday, August 12, 2022)]
[Proposed Rules]
[Pages 49779-49781]
[FR Doc No: 2022-17122]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2022-0995; Project Identifier MCAI-2021-01365-T]
RIN 2120-AA64

Airworthiness Directives; Bombardier, Inc., Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: The FAA proposes to adopt a new airworthiness directive (AD)
for certain Bombardier, Inc., Model BD-700-1A10 and BD-700-1A11
airplanes. This proposed AD was prompted by reports of the passenger
door failing to dampen during opening at regularly scheduled
maintenance checks, causing the door to open more rapidly than normal.
An investigation found that a contributing factor was erroneous
aircraft maintenance manual (AMM) procedures. This proposed AD would
prohibit using certain versions of certain aircraft maintenance manual
(AMM) tasks for the passenger door. The FAA is proposing this AD to
address the unsafe condition on these products.

DATES: The FAA must receive comments on this proposed AD by September
26, 2022.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to www.regulations.gov.
Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.

Examining the AD Docket

    You may examine the AD docket at www.regulations.gov by searching
for and locating Docket No. FAA-2022-0995; or in person at Docket
Operations between 9 a.m. and 5 p.m., Monday through Friday, except
Federal holidays. The AD docket contains this NPRM, the mandatory
continuing airworthiness information (MCAI), any comments received, and
other information. The street address for Docket Operations is listed
above. Comments will be available in the AD docket shortly after
receipt.

FOR FURTHER INFORMATION CONTACT: Chirayu Gupta, Aerospace Engineer,
Mechanical Systems and Administrative Services Section, FAA, New York
ACO Branch, 1600 Stewart Avenue, Suite 410, Westbury, NY 11590;
telephone<PHONE_NUMBER>; email [email protected].

SUPPLEMENTARY INFORMATION:

Comments Invited

    The FAA invites you to send any written relevant data, views, or
arguments about this proposal. Send your comments to an address listed
under ADDRESSES. Include ``Docket No. FAA-2022-0995; Project Identifier
MCAI-2021-01365-T'' at the beginning of your comments. The most helpful
comments reference a specific portion of the proposal, explain the
reason for any recommended change, and include supporting data. The FAA
will consider all comments received by the closing date and may amend
the proposal because of those comments.
    Except for Confidential Business Information (CBI) as described in
the following paragraph, and other information as described in 14 CFR
11.35, the FAA will post all comments received, without change, to
www.regulations.gov, including any personal information you provide.
The agency will also post a report summarizing each substantive verbal
contact received about this NPRM.

Confidential Business Information

    CBI is commercial or financial information that is both customarily
and actually treated as private by its owner. Under the Freedom of
Information Act (FOIA) (5 U.S.C. 552), CBI is exempt from public
disclosure. If your comments responsive to this NPRM contain commercial
or financial information that is customarily treated as private, that
you actually treat as private, and that is relevant or responsive to
this NPRM, it is important that you clearly designate the submitted
comments as CBI. Please mark each page of your submission containing
CBI as ``PROPIN.'' The FAA will treat such marked submissions as
confidential under the FOIA, and they will not be placed in the public
docket of this NPRM. Submissions containing CBI should be sent to
Chirayu Gupta, Aerospace Engineer, Mechanical Systems and
Administrative Services Section, FAA, New York ACO Branch, 1600 Stewart
Avenue, Suite 410, Westbury, NY 11590; telephone<PHONE_NUMBER>; email [email protected]. Any commentary that the FAA receives which is
not specifically designated as CBI will be placed in the public docket
for this rulemaking.

Background

    Transport Canada Civil Aviation (TCCA), which is the aviation
authority for Canada, has issued TCCA AD CF-2021-41, dated November 24,
2021 (TCCA AD CF-2021-41) (also referred to after this as the MCAI), to
correct an unsafe condition for certain Bombardier, Inc., Model BD-700-
1A10 and BD-700-1A11 airplanes. You may examine the MCAI in the AD
docket at www.regulations.gov by searching for and locating Docket No.
FAA-2022-0995.
    This proposed AD was prompted reports of the passenger door failing
to dampen during opening at regularly scheduled maintenance checks,
causing the door to open more rapidly than normal. An investigation
found that a contributing factor was erroneous AMM procedures. The AMM
tasks related to passenger door maintenance have since been corrected,
and only versions of these tasks dated May 19, 2021, or later have the
correct procedures. The FAA is proposing this AD to prevent rapid
opening of the passenger door, which can result in damage to the door
and consequent injury to maintenance personnel. See the MCAI for
additional background information.

FAA's Determination

    This product has been approved by the aviation authority of another
country, and is approved for operation in the United States. Pursuant
to the FAA's bilateral agreement with the State of Design Authority,
the FAA has been notified of the unsafe condition described in the MCAI
and service information referenced above. The FAA is proposing this AD
because the FAA evaluated all the relevant information and determined
the unsafe condition

described previously is likely to exist or develop on other products of
the same type design.

Proposed Requirements of This NPRM

    This proposed AD would prohibit using versions issued prior to May
19, 2021 of certain AMM tasks for the passenger door.

Costs of Compliance

    The FAA estimates that this proposed AD affects 408 airplanes of
U.S. registry. The FAA estimates the following costs to comply with
this proposed AD:

                                      Estimated Costs for Required Actions
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per       Cost on U.S.
                          Labor cost                              Parts cost        product         operators
----------------------------------------------------------------------------------------------------------------
1 work-hour x $85 per hour = $85.............................              $0              $85          $34,680
----------------------------------------------------------------------------------------------------------------

Authority for This Rulemaking

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

Regulatory Findings

    The FAA determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Would not affect intrastate aviation in Alaska, and
    (3) Would not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

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

The Proposed Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

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

Bombardier Inc.: Docket No. FAA-2022-0995; Project Identifier MCAI-
2021-01365-T.

(a) Comments Due Date

    The FAA must receive comments on this airworthiness directive
(AD) by September 26, 2022.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to Bombardier, Inc., Model BD-700-1A10 and BD-
700-1A11 airplanes, certificated in any category, serial numbers (S/
Ns) 9002 through 9998 inclusive, and S/Ns 60001 through 60045
inclusive.

(d) Subject

    Air Transport Association (ATA) of America Code 52, Doors.

(e) Reason

    This AD was prompted by reports of the passenger door failing to
dampen during opening at regularly scheduled maintenance checks,
causing the door to open more rapidly than normal. An investigation
found that a contributing factor was erroneous aircraft maintenance
manual (AMM) procedures. The FAA is issuing this AD to prevent rapid
opening of the passenger door, which can result in damage to the
door and consequent injury to maintenance personnel.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Maintenance or Inspection Program Task Restrictions

    As of 30 days after the effective date of this AD, when
performing the maintenance tasks identified in figure 1 to paragraph
(g) of this AD, do not use any version of any task identified in
figure 1 to paragraph (g) of this AD that was issued prior to May
19, 2021.
BILLING CODE 4910-13-P

[GRAPHIC] [TIFF OMITTED] TP12AU22.000

(h) Other FAA AD Provisions

    The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager, New
York ACO Branch, FAA, has the authority to approve AMOCs for this
AD, if requested using the procedures found in 14 CFR 39.19. In
accordance with 14 CFR 39.19, send your request to your principal
inspector or responsible Flight Standards Office, as appropriate. If
sending information directly to the manager of the certification
office, send it to ATTN: Program Manager, Continuing Operational
Safety, FAA, New York ACO Branch, 1600 Stewart Avenue, Suite 410,
Westbury, NY 11590; telephone<PHONE_NUMBER>. Before using any
approved AMOC, notify your appropriate principal inspector, or
lacking a principal inspector, the manager of the responsible Flight
Standards Office.
    (2) Contacting the Manufacturer: For any requirement in this AD
to obtain instructions from a manufacturer, the instructions must be
accomplished using a method approved by the Manager, New York ACO
Branch, FAA; or Transport Canada Civil Aviation (TCCA); or
Bombardier, Inc.'s TCCA Design Approval Organization (DAO). If
approved by the DAO, the approval must include the DAO-authorized
signature.

(i) Related Information

    (1) Refer to Mandatory Continuing Airworthiness Information
(MCAI) TCCA AD CF-2021-41, dated November 24, 2021; for related
information. This MCAI may be found in the AD docket at
www.regulations.gov by searching for and locating Docket No. FAA-
2022-0995.
    (2) For more information about this AD, contact Chirayu Gupta,
Aerospace Engineer, Mechanical Systems and Administrative Services
Section, FAA, New York ACO Branch, 1600 Stewart Avenue, Suite 410,
Westbury, NY 11590; telephone<PHONE_NUMBER>; email [email protected].

    Issued on August 4, 2022.
Christina Underwood,
Acting Director, Compliance & Airworthiness Division, Aircraft
Certification Service.
[FR Doc. 2022-17122 Filed 8-11-22; 8:45 am]
BILLING CODE 4910-13-C


[Federal Register Volume 82, Number 170 (Tuesday, September 5, 2017)]
[Notices]
[Page 42008]
[FR Doc No: 2017-18807]

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SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold a closed meeting on Wednesday,
September 6, 2017 at 2 p.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the closed meeting.
Certain staff members who have an interest in the matters also may be
present.
    The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR
200.402(a)(3), (a)(5), (a)(7), (a)(9)(ii) and (a)(10), permit
consideration of the scheduled matters at the closed meeting.
    Commissioner Stein, as duty officer, voted to consider the items
listed for the closed meeting in closed session.
    The subject matters of the closed meeting will be:
    Institution and settlement of injunctive actions;
    Institution and settlement of administrative proceedings;
    Adjudicatory matters;
    Resolution of litigation claims; and
    Other matters relating to enforcement proceedings.
    At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have
been added, deleted or postponed; please contact Brent J. Fields from
the Office of the Secretary at<PHONE_NUMBER>.

    Dated: August 30, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017-18807 Filed 8-31-17; 11:15 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 102 (Thursday, May 26, 2011)]
[Notices]
[Pages 30736-30737]
[FR Doc No: 2011-13031]

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

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-3322-EM; Docket ID FEMA-2011-0001]

Louisiana; Amendment No. 2 to Notice of an Emergency Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of the emergency declaration for
the State of Louisiana (FEMA-3322-EM), dated May 6, 2011, and related
determinations.

DATES: Effective Date: May 17, 2011.

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

SUPPLEMENTARY INFORMATION: The notice of an emergency declaration for
the State of Louisiana is hereby amended to include the following areas
among those areas determined to have been adversely affected by the
event declared an emergency by the President in his declaration of May
6, 2011.

    The parishes of East Feliciana, Franklin, Lafourche, and
Richland for emergency protective measures (Category B), including
direct Federal assistance, under the Public Assistance program.

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. 2011-13031 Filed 5-25-11; 8:45 am]
BILLING CODE 9111-23-P


[Federal Register Volume 76, Number 75 (Tuesday, April 19, 2011)]
[Notices]
[Page 21892]
[FR Doc No: 2011-9372]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. AD11-3-009]

Review of Cost Submittals by Other Federal Agencies for
Administering Part I of the Federal Power Act; Notice Requesting
Questions and Comments on Fiscal Year 2010 Other Federal Agency Cost
Submissions

    In its Order On Rehearing Consolidating Administrative Annual
Charges Bill Appeals And Modifying Annual Charges Billing Procedures,
109 FERC ] 61,040 (2004) (October 8 Order) the Commission set forth an
annual process for Other Federal Agencies (OFAs) to submit their costs
related to Administering Part I of the Federal Power Act. Pursuant to
the established process, the Director of the Financial Services
Division, Office of the Executive Director, on October 1, 2010, issued
a letter requesting the OFAs to submit their costs by January 3, 2011
using the OFA Cost Submission Form.
    Upon receipt of the agency submissions, the Commission posted the
information in eLibrary, and issued, on March 9, 2011, a notice
announcing the date for a technical conference to review the submitted
costs. On March 24, 2011, the Commission held the technical conference.
Technical conference transcripts, submitted cost forms, and detailed
supporting documents are all available for review under Docket No.
AD11-3. These documents are accessible on-line at http://www.ferc.gov,
using the ``eLibrary'' link and are available for review in the
Commission's Public Reference Room in Washington, DC.
    Interested parties may file specific questions and comments on the
FY 2010 OFA cost submissions with the Commission under Docket No. AD11-
3-009, no later than April 26, 2011. Once filed, the Commission will
forward the questions and comments to the OFAs for response.
    Anyone with questions pertaining to the technical conference or
this notice should contact W. Doug Foster at<PHONE_NUMBER> (via e-mail
at doug.foster@ferc.gov), or Fannie Kingsberry at<PHONE_NUMBER> (via
e-mail at fannie.kingsberry@ferc.gov).

    Dated: April 12, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-9372 Filed 4-18-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: February 3, 2006 (Volume 71, Number 23)]
[Notices]
[Page 5824]
[DOCID:fr03fe06-43]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. ER06-270-000; ER06-271-000]

Solios Asset Management LLC; Solios Power LLC; Notice of Issuance
of Order

January 27, 2006.
    Solios Asset Management LLC (Solios Management) and Solios Power
LLC (Solios Power) filed applications for market-based rate authority,
with an accompanying rate tariffs. The proposed rate tariffs provide
for sales of energy, capacity and ancillary services at market-based
rates. Solios Management and Solios Power also requested waivers of
various Commission regulations. In particular, Solios Management and
Solios Power requested that the Commission grant blanket approval under
18 CFR part 34 of all future issuances of securities and assumptions of
liability by Solios Management and Solios Power.
    On January 26, 2006, the Commission granted the request for blanket
approval under Part 34, subject to the following:
    Any person desiring to be heard or to protest the blanket approval
of issuances of securities or assumptions of liability by Solios
Management and Solios Power should file a motion to intervene or
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 (2004).
    Notice is hereby given that the deadline for filing motions to
intervene or protests, is February 27, 2006.
    Absent a request to be heard in opposition by the deadline above,
Solios Management and Solios Power are 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 Solios Management and Solios 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 approval of Solios Management's and Solios Power's issuances
of securities or assumptions of liability.
    Copies of the full text of the Commission'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.

Magalie R. Salas,
Secretary.
[FR Doc. E6-1446 Filed 2-2-06; 8:45 am]

BILLING CODE 6717-01-P