[Federal Register Volume 83, Number 245 (Friday, December 21, 2018)]
[Notices]
[Pages 65765-65768]
[FR Doc No: 2018-27615]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84837; File No. SR-MSRB-2018-09]

Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change to the MSRB's Facility for the Electronic Municipal Market
Access System (EMMA)

December 17, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\
notice is hereby given that on December 7, 2018 the Municipal
Securities Rulemaking Board (the ``MSRB'' or ``Board'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the MSRB. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The MSRB filed with the Commission a proposed rule change
(``proposed rule change'') to the MSRB's facility for the Electronic
Municipal Market Access system (EMMA[supreg]) to modernize and
consolidate the information facility for the EMMA system, which
consists of the EMMA Primary Market Disclosure Service, the EMMA
Continuing Disclosure Service, the EMMA Trade Price Transparency
Service and the EMMA Short-Term Obligation Rate Transparency Service
(``EMMA IF''). The MSRB has filed the proposed rule change under
Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) \4\
thereunder, as a noncontroversial rule change that renders the proposal
effective upon filing. The proposed rule change would be made operative
on January 10, 2019.
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    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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    The text of the proposed rule change is available on the MSRB's
website at www.msrb.org/Rules-and-Interpretations/SEC-Filings/2018-Filings.aspx, at the MSRB's principal office, and at the Commission's
Public Reference Room.

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

    In its filing with the Commission, the MSRB included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The MSRB 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
    The proposed rule change consists of amendments to the EMMA IF.\5\
The EMMA IF sets forth the material aspects of the operation of the
EMMA system by describing the basic functionality of, and the high-
level parameters by which

the MSRB operates, the EMMA system. The EMMA system is an information
system for the collection and dissemination of municipal securities
disclosure documents and related information. Issuers, obligated
persons, brokers, dealers, municipal securities dealers, and the
general public routinely interact with the EMMA system, as it is the
information system that receives, displays and disseminates information
under certain MSRB rules and Exchange Act Rule 15c2-12 (``Rule 15c2-
12''),\6\ as promulgated by the SEC.
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    \5\ The EMMA IF is currently available on the MSRB's website at
http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/Facilities/EMMA-Facility.aspx.
    \6\ 17 CFR 240.15c2-12.
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    For example, MSRB Rule G-32 (``Rule G-32''), on the disclosure
obligations of brokers, dealers, and municipal securities dealers
(collectively, ``dealers'') in primary offerings, generally requires
underwriters of a primary offering of municipal securities to submit
the official statement for such offering to the EMMA system within one
business day after receipt of the official statement from the issuer or
its designee, but by no later than the closing date.\7\ Rule G-32 also
requires that dealers acting as underwriters in the primary offering of
municipal securities to submit information in accordance with MSRB Form
G-32, such as the name of the managing underwriter and security type
for each issue in the offering.\8\ Rule 15c2-12 specifies a list of
events that certain dealers acting as a participating underwriter in an
offering of municipal securities must reasonably determine that an
issuer or an obligated person has undertaken, in a written agreement or
contract for the benefit of the holders of the municipal securities, to
provide to the MSRB by submission to the EMMA system.
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    \7\ See MSRB Rule G-32, available at: http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-32.aspx.
    \8\ See MSRB Form G-32, available at: http://www.msrb.org/Rules-and-Interpretations/Form-G-32.aspx.
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Background
    The EMMA system includes a public website, the EMMA Portal, which
provides free public access to disclosures and transparency information
for municipal securities. The EMMA system also includes certain paid
subscription feeds, which provide access to certain documents and
information for a commercially reasonable fee in accordance with the
terms of a subscription agreement between the MSRB and a subscribing
counterparty.
    The EMMA system began operation on March 31, 2008 as a pilot
facility of the MSRB's existing Official Statement and Advance
Refunding Document system of the Municipal Securities Information
Library system.\9\ On December 8, 2008, the MSRB received approval from
the SEC to establish the continuing disclosure service of the EMMA
system effective as of July 1, 2009.\10\ The MSRB's most recent
amendment to the EMMA IF was in August 2015, which added descriptions
regarding the core operational hours for the EMMA system and the
general availability of the system.\11\
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    \9\ See Securities Exchange Act Release No. 57577 (March 28,
2008), 73 FR 18022 (April 2, 2008) (File No. SR-MSRB-2007-06)
(approving operation of the EMMA pilot to provide free public access
to the MSIL system collection of official statements and advance
refunding documents and to the MSRB's Real-Time Transaction
Reporting System historical and real-time transaction price data).
    \10\ See Securities Exchange Act Release No. 59061 (December 5,
2008), 73 FR 75778 (December 12, 2008) (File No. SR-MSRB-2008-05)
(approving the continuing disclosure service of the EMMA system with
an effective date of July 1, 2009).
    \11\ See Securities Exchange Act Release No. 75602 (August 4,
2015), 80 FR 47976 (August 10, 2015) (File No. MSRB-2015-06).
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    The MSRB launched the EMMA Portal (emma.msrb.org) in March 2008 as
an online source of key municipal market information. The EMMA Portal
continues to serve as the venue for public access to variable rate
security information, transaction data, primary market disclosures and
continuing disclosures. The MSRB makes available its set of official
statements and advance refunding documents for free on the EMMA Portal.
The EMMA system has been the centralized repository of all continuing
disclosures in the municipal market pursuant to Rule 15c2-12 since July
2009. In addition to those disclosures specifically identified in Rule
15c2-12, the MSRB also provides issuers and obligated persons with the
ability to post additional disclosures about their securities to the
EMMA Portal.
    The purpose of the proposed rule change is to revise the EMMA IF to
harmonize its language with the recently revised Real-Time Transaction
Reporting System (RTRS) information facility (``RTRS IF''),\12\ as well
as to modernize and consolidate the EMMA IF. Given the revisions to the
RTRS IF and the SEC's recent amendments to Rule 15c2-12,\13\ the MSRB
performed a comprehensive review of the EMMA IF to evaluate whether it
sufficiently and clearly describes the basic functionality and
operation of the EMMA system. The MSRB believes that issuers, obligated
persons, dealers, other submitters \14\ and subscribers \15\ benefit
from this information being provided in a concise and organized manner.
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    \12\ See Securities Exchange Act Release No. 83038 (April 12,
2018), 83 FR 17200 (April 18, 2018) (File No. MSRB-2018-02).
    \13\ See Securities Exchange Act Release No. 83885 (August 20,
2018), 83 FR 44700 (August 31, 2018) (File No. MSRB-S7-01-17).
    \14\ As further described in the EMMA IF, a submitter means an
issuer, obligated person, dealer, or agent acting on behalf of an
issuer, obligated person, or dealer, that has been authorized to
interface with the EMMA system for the purposes of submitting
documents and other related information into the system.
    \15\ Subscriber refers to an individual or entity that receives
the dissemination of data from the EMMA system through an MSRB
subscription service.
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Proposed Amendments to the RTRS Information Facility
(i) Consolidating Format and Streamlining Redundancies
    The EMMA IF is currently structured such that there are separate
segmented topics within the information facility, including separate
sections for the EMMA Primary Market Disclosure Service, EMMA
Continuing Disclosure Service, EMMA Trade Transparency Service, EMMA
Short-Term Obligation Rate Transparency Service, and EMMA subscription
services. Many of these segmented topics were initially designed to
stand alone and consequently include redundant information included
elsewhere in the EMMA IF.
    The proposed rule change would reorganize the EMMA IF by
streamlining this information repeated in each topic section and
incorporating it into a general introductory section. In this way, the
proposed amendments would consolidate repetitive references in the EMMA
IF and ensure overall consistency within the document. For example, the
proposed rule change would consolidate the descriptions of the EMMA
Portal, currently repeated under multiple topic segments, into a
distinct description in the information facility with its own section.
Similarly, the proposed amendments would consolidate information
regarding the core operational hours into a single description included
in the introductory section. The proposed rule change also consolidates
several other repetitive references under the various topic segments in
the EMMA IF.
    The proposed rule change would also eliminate certain descriptions
regarding the EMMA Trade Price Transparency Service and the EMMA Short-
Term Obligation Rate Transparency Service that repeat technical
descriptions already provided in the RTRS IF and the Short-Term
Obligation Rate Transparency (SHORT) information facility (``SHORT
IF''). The proposed rule change would eliminate this redundant
information and replace it

with shorter cross-references to the RTRS IF and SHORT IF. This
amendment would promote consistent language across each of the MSRB's
information facilities and reduce the potential for conflicting
descriptions of services that overlap among the EMMA IF, SHORT IF, and
RTRS IF.
(ii) Consistency of Rule References
    As the EMMA system is the MSRB's facility for the collection of
information about primary offering and continuing disclosures occurring
in the municipal securities market, the EMMA IF includes references to
obligations under Rule 15c2-12 and Form G-32. The proposed rule change
would ensure that, if regulatory language is referenced, the most
current language is used in the EMMA IF. Similarly, the proposed
amendments attempt to limit the need for filing future amendments to
the EMMA IF by utilizing language that would remain applicable absent a
material change to an existing regulatory obligation. To that end, the
proposed rule change would eliminate some of the narrow detail
regarding the categories and types of Rule 15c2-12 disclosure documents
that the EMMA IF receives. It replaces this language with a more
general statement, which accounts for the new amendments to Rule 15c2-
12 related to the incurrence of a financial obligation and events
related to financial obligations which reflect financial difficulties.
(iii) Improved Descriptions of EMMA Functionality
    As part of its comprehensive review, the MSRB analyzed whether
aspects of the EMMA IF could be enhanced to more precisely or concisely
describe the EMMA system's functionality and operation, while ensuring
that the EMMA IF continues to appropriately describe the basic
functionality of and the high-level parameters by which the MSRB
operates the EMMA system.
    One area where the MSRB determined that an enhanced description of
EMMA system functionality would be beneficial is in reference to the
process for posting documents and information on display on the EMMA
Portal and dissemination through the EMMA subscription services. The
EMMA IF frequently references that the EMMA system displays and
disseminates documents and information within certain timeframes upon
the EMMA system's ``acceptance.'' The term ``acceptance'' could be
interpreted to suggest that the MSRB formally approves or otherwise
reviews the substantive content of a submission prior to its display or
dissemination through the EMMA Portal or that the documents and
information submitted are directly displayed or disseminated without
further processing. The proposed amendments would uniformly revise this
language to clarify that documents and information are posted on the
EMMA Portal promptly following the processing of a submission through
the EMMA system. For purposes of the EMMA IF, promptly shall mean
within 15 minutes following the successful intake of the data by the
EMMA system, transformation of such data for operational usability, and
storage for effective retrieval for display or dissemination to users
of the EMMA Portal and, as applicable, to licensed subscribers of EMMA
subscription services (``processing''). This clarification better
describes the EMMA system's ministerial function of intaking,
displaying and disseminating documents and information. This
description also reflects the fact that, prior to display and
dissemination, the EMMA system, among other things, conducts routine
format checks, validates the submitter, and may timestamp the data, but
does not conduct a more formal review accepting the substantive content
of the documents and information submitted. Notably, this change is
consistent with the recent amendments to the RTRS IF, which now states
that real-time dissemination for RTRS functionality occurs ``promptly
following processing in RTRS.''
(iv) Removal of Certain Technical and Ancillary Information
    Given that the purpose of the EMMA IF is to set forth the material
aspects of the EMMA system's operation, highly technical and ancillary
information regarding the EMMA system is more appropriately provided in
the EMMA User Guide and similar documents that the MSRB maintains on
its publicly available website (msrb.org).
    The MSRB maintains several specification documents for the EMMA
system, including the EMMA User Guide, Primary Market Submission
Manual, Primary Market Submission Specifications, Preliminary Official
Statement Submission Specifications, Continuing Disclosure Submission
Manual, Continuing Disclosure Submission Specifications, and others
(collectively, the ``EMMA Reporting Specifications''). The EMMA
Reporting Specifications documents are available on the MSRB's publicly
available website.\16\ The EMMA Reporting Specifications provide
detailed information regarding, among other things, user guides for
website submission interfaces and input specifications for computer-to-
computer submission. Similarly, the Specifications for EMMA Primary
Market Disclosure Subscription Service, the Specifications for the MSRB
Continuing Disclosure Subscription Service, and other EMMA subscription
specifications (collectively, the ``EMMA Subscription Service
Specifications'') provide specifications and requirements to access,
retrieve and understand EMMA subscription services.\17\ The MSRB also
maintains an MSRB Subscription Services Price List on its website to
inform interested individuals about the pricing for EMMA subscription
services.
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    \16\ The EMMA Reporting Specifications are currently available
on the MSRB's website, including at: http://www.msrb.org/Market-Transparency/Manuals.aspx.
    \17\ The EMMA Subscription Service Specifications are currently
available on the MSRB's website at: http://www.msrb.org/Market-Transparency/Subscription-Services-and-Products/MSRB-Continuing-Disclosure-Subscription.aspx and http://www.msrb.org/Market-Transparency/Subscription-Services-and-Products/MSRB-Primary-Market-Subscriptions.aspx.
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    The proposed rule change would remove certain technical and
ancillary information from the EMMA IF that is presented in the EMMA
Reporting Specifications, EMMA Subscription Services Specifications,
and MSRB Subscription Services Price List. The removal of such
information will streamline the EMMA IF by only presenting the
information that is necessary to describe the material aspects of the
operation of the EMMA system.
2. Statutory Basis
    The MSRB believes that the proposed rule change is consistent with
the provisions of Section 15B(b)(2)(C) of the Act,\18\ which provides
that the MSRB's rules shall:
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    \18\ 15 U.S.C. 78o-4(b)(2)(C).

. . . be 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
regulating, clearing, settling, processing information with respect
to, and facilitating transactions in municipal securities and
municipal financial products, to remove impediments to and perfect
the mechanism of a free and open market in municipal securities and
municipal financial products, and, in general, to protect investors,
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municipal entities, obligated persons, and the public interest.

    The proposed rule change would contribute to the MSRB's continuing
efforts to improve market transparency by providing greater
transparency

regarding the material functionality and operations of the EMMA system.
As the EMMA system disseminates information about transactions
occurring in the municipal securities market, any improvement with
respect to the understanding of how the EMMA system operates will
further perfect the mechanism of a free and open market in municipal
securities. In addition, the clarifying amendments to the EMMA IF serve
to foster the cooperation and coordination with persons engaged in
regulating, clearing, settling, processing information with respect to,
and facilitating transactions in municipal securities and municipal
financial products, by making it more likely that the market is
promptly provided with the latest information.
    Specifically, the proposed amendments would increase the clarity
and precision with respect to the description of basic EMMA system
functionality and the high-level parameters by which the MSRB operates
the EMMA system. The MSRB believes that issuers, obligated persons,
dealers, other submitters and subscribers will benefit from a clearer
understanding of this information. While additional technical
information regarding the EMMA system is set forth in the EMMA
Reporting Specifications, the EMMA Subscription Services
Specifications, and other similar documents that the MSRB maintains,
the MSRB believes that it is important that material information
regarding the EMMA system be clearly described in the EMMA IF. The
proposed rule change serves this purpose.

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

    Section 15B(b)(2)(C) of the Act \19\ requires that MSRB rules not
be designed to impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
rule change consists of revisions to the EMMA IF to better align the
language of the information facility to the MSRB's administration of
the EMMA system. The proposed rule change seeks to clarify existing
services and make minor changes of a technical nature to the
information facility, including certain revisions resulting from recent
amendments to Rule 15c2-12. The proposed rule change will not
substantively modify the manner in which the MSRB administers the EMMA
system in collecting and disseminating information about municipal
securities. Accordingly, the MSRB does not believe that the proposed
rule change will result in any burden on competition that is not
necessary or appropriate in furtherance of the Act.
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    \19\ Id.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    The Board did not solicit comment on the proposed change.
Therefore, there are no comments on the proposed rule change received
from members, participants or others.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \20\ and Rule 19b-
4(f)(6) thereunder.\21\
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    \20\ 15 U.S.C. 78s(b)(3)(A).
    \21\ 17 CFR 240.19b-4(f)(6).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please
include File Number SR-MSRB-2018-09 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-MSRB-2018-09. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the MSRB. All comments received
will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-MSRB-2018-09 and should be submitted on
or before January 11, 2019.

    For the Commission, pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2018-27615 Filed 12-20-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 85 (Tuesday, May 3, 2016)]
[Proposed Rules]
[Pages 26503-26505]
[FR Doc No: 2016-10176]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2016-5388; Airspace Docket No. 16-ACE-4]

Proposed Revocation of Class E Airspace; Alliance, NE; and
Amendment of Class E Airspace for the Following Nebraska Towns; Albion,
NE; Alliance, NE; Gothenburg, NE; Holdrege, NE; Imperial, NE;
Lexington, NE; and Millard Airport, Omaha, NE

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: This action proposes to remove Class E surface area airspace
at Alliance Municipal Airport, Alliance, NE; and modify Class E
airspace extending upward from 700 feet above the surface at Albion
Municipal Airport, Albion, NE; Alliance Municipal Airport, Alliance,
NE; Quinn Field, Gothenburg, NE; Brewster Field Airport, Holdrege, NE;
Imperial Municipal Airport, Imperial, NE; Jim Kelly Field, Lexington,
NE; and Millard Airport, Omaha, NE. Decommissioning of non-directional
radio beacons (NDB), cancellation of NDB approaches, and implementation
of area navigation (RNAV) procedures have made this action necessary
for the safety and management of Instrument Flight Rules (IFR)
operations at the above airports. This action would also update the
geographic coordinates for Quinn Field, Imperial Municipal Airport, and
Jim Kelly Field to coincide with the FAA's aeronautical database.

DATES: Comments must be received on or before June 17, 2016.

ADDRESSES: Send comments on this proposal to the U.S. Department of
Transportation, Docket Operations, M-30, West Building Ground Floor,
Room W12-140, 1200 New Jersey Avenue SE., Washington, DC 20590;
telephone<PHONE_NUMBER>. You must identify FAA Docket No. FAA-2016-
5388; Airspace Docket No. 16-ACE-4, at the beginning of your comments.
You may also submit comments through the Internet at http://www.regulations.gov. You may review the public docket containing the
proposal, any comments received, and any final disposition in person in
the Dockets Office between 9:00 a.m. and 5:00 p.m., Monday through
Friday, except Federal holidays. The Docket Office (telephone 1-800-
647-5527), is on the ground floor of the building at the above address.
    FAA Order 7400.9Z, Airspace Designations and Reporting Points, and
subsequent amendments can be viewed online at http://www.faa.gov/air_traffic/publications/. For further information, you can contact the
Airspace Policy Group, Federal Aviation Administration, 800
Independence Avenue SW., Washington, DC 20591; telephone:<PHONE_NUMBER>.
The Order is also available for inspection at the National Archives and
Records Administration (NARA). For information on the availability of
FAA Order 7400.9Z at NARA, call<PHONE_NUMBER>, or go to http://www.archives.gov/federal_register/code_of_federal-regulations/ibr_locations.html.
    FAA Order 7400.9, Airspace Designations and Reporting Points, is
published yearly and effective on September 15.

FOR FURTHER INFORMATION CONTACT: Jeffrey Claypool, Federal Aviation
Administration, Operations Support Group, Central Service Center, 10101
Hillwood Parkway, Fort Worth, TX 76177; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. 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. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it would remove Class E surface area airspace at Alliance Municipal
Airport, Alliance, NE; and modify Class E airspace extending upward
from 700 feet above the surface at Albion Municipal Airport, Albion,
NE; Alliance Municipal Airport; Quinn Field, Gothenburg, NE; Brewster
Field Airport, Holdrege, NE; Imperial Municipal Airport, Imperial, NE;
Jim Kelly Field, Lexington, NE; and Millard Airport, Omaha, NE.

Comments Invited

    Interested parties are invited to participate in this proposed
rulemaking by submitting such written data, views, or arguments, as
they may desire. Comments that provide the factual basis supporting the
views and suggestions presented are particularly helpful in

developing reasoned regulatory decisions on the proposal. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal.
Communications should identify both docket numbers and be submitted in
triplicate to the address listed above. Commenters wishing the FAA to
acknowledge receipt of their comments on this notice must submit with
those comments a self-addressed, stamped postcard on which the
following statement is made: ``Comments to Docket No. FAA-2016-5388/
Airspace Docket No. 16-ACE-4.'' The postcard will be date/time stamped
and returned to the commenter.

Availability of NPRMs

    An electronic copy of this document may be downloaded through the
Internet at http://www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's Web page at http://www.faa.gov/airports_airtraffic/air_traffic/publications/airspace_amendments/.
    You may review the public docket containing the proposal, any
comments received, and any final disposition in person in the Dockets
Office (see the ADDRESSES section for the address and phone number)
between 9:00 a.m. and 5:00 p.m., Monday through Friday, except federal
holidays. An informal docket may also be examined during normal
business hours at the Federal Aviation Administration, Air Traffic
Organization, Central Service Center, Operations Support Group, 10101
Hillwood Parkway, Fort Worth, TX 76177.
    Persons interested in being placed on a mailing list for future
NPRMs should contact the FAA's Office of Rulemaking,<PHONE_NUMBER>,
for a copy of Advisory Circular No. 11-2A, Notice of Proposed
Rulemaking Distribution System, which describes the application
procedure.

Availability and Summary of Documents Proposed for Incorporation by
Reference

    This document would amend FAA Order 7400.9Z, Airspace Designations
and Reporting Points, dated August 6, 2015, and effective September 15,
2015. FAA Order 7400.9Z is publicly available as listed in the
ADDRESSES section of this document. FAA Order 7400.9Z lists Class A, B,
C, D, and E airspace areas, air traffic service routes, and reporting
points.

The Proposal

    The FAA is proposing an amendment to Title 14 Code of Federal
Regulations (14 CFR) Part 71 by removing Class E surface area airspace
at Alliance Airport, Alliance, NE., as the airspace is no longer
needed. This proposal also would modify Class E airspace extending
upward from 700 feet above the surface at Albion Municipal Airport,
Albion, NE; Alliance Municipal Airport, Alliance, NE; Quinn Field,
Gothenburg, NE; Brewster Field Airport, Holdrege, NE; Imperial
Municipal Airport, Imperial, NE; Jim Kelly Field, Lexington, NE; and
Millard Airport, Omaha, NE. Airspace reconfiguration is necessary due
to the decommissioning of NDBs, cancellation of NDB approaches, and
implementation of RNAV procedures at the above airports. Controlled
airspace is necessary for the safety and management of the standard
instrument approach procedures for IFR operations at the airports. The
geographic coordinates for Quinn Field, Imperial Municipal Airport, and
Jim Kelly Field would also be updated to be in concert with the FAA's
aeronautical database.
    Class E airspace designations are published in paragraph 6002 and
6005 of FAA Order 7400.9Z, dated August 6, 2015, and effective
September 15, 2015, which is incorporated by reference in 14 CFR 71.1.
The Class E airspace designations listed in this document will be
published subsequently in the Order.

Regulatory Notices and Analyses

    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current, is
non-controversial and unlikely to result in adverse or negative
comments. It, therefore: (1) Is not a ``significant regulatory action''
under Executive Order 12866; (2) is not a ``significant rule'' under
DOT Regulatory Policies and Procedures (44 FR 11034; February 26,
1979); and (3) does not warrant preparation of a regulatory evaluation
as the anticipated impact is so minimal. Since this is a routine matter
that will only affect air traffic procedures and air navigation, it is
certified that this rule, when promulgated, would not have a
significant economic impact on a substantial number of small entities
under the criteria of the Regulatory Flexibility Act.

Environmental Review

    This proposal will be subject to an environmental analysis in
accordance with FAA Order 1050.1F, ``Environmental Impacts: Policies
and Procedures'' prior to any FAA final regulatory action.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

    Accordingly, pursuant to the authority delegated to me, the Federal
Aviation Administration proposes to amend 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for 14 CFR part 71 continues to read as
follows:

    Authority: 49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order 7400.9Z,
Airspace Designations and Reporting Points, dated August 6, 2015, and
effective September 15, 2015, is amended as follows:

Paragraph 6002 Class E Airspace Designated as Surface Areas

* * * * *

ACE NE E2 Alliance, NE [Removed]

Paragraph 6005 Class E Airspace Areas Extending Upward From 700
Feet or More Above the Surface of the Earth

* * * * *

ACE NE E5 Albion, NE [Amended]

Albion Municipal Airport, NE
    (Lat. 41[deg]43'43'' N., long. 98[deg]03'21'' W.)

    That airspace extending upward from 700 feet above the surface
within a 6.7-mile radius of Albion Municipal Airport, and within 2.6
miles each side of the 154[deg] bearing from the airport extending
from the 6.7-mile radius to 9.7 miles southeast of the airport, and
within 3.7 miles each side of the 334[deg] bearing from the airport
extending from the 6.7-mile radius to 10.1 miles northwest for the
airport.
* * * * *

ACE NE E5 Alliance, NE [Amended]

Alliance Municipal Airport, NE
    (Lat. 42[deg]03'12'' N., long. 102[deg]48'14'' W.)

    That airspace extending upward from 700 feet above the surface
within a 7.2-mile radius of Alliance Municipal Airport.
* * * * *

ACE NE E5 Gothenburg, NE [Amended]

Gothenburg, Quinn Field, NE

    (Lat. 40[deg]55'32'' N., long. 100[deg]08'48'' W.)

    That airspace extending upward from 700 feet above the surface
within an 7.3-mile radius of Quinn Field, and within 4 miles each
side of the 030[deg] bearing from the airport extending from the
7.3-mile radius to 11.1 miles northeast of the airport, and within 4
miles each side of the 218[deg] bearing from the airport extending
from the 7.3-mile radius to 10.5 miles southwest of the airport.
* * * * *

ACE NE E5 Holdrege, NE [Amended]

Holdrege, Brewster Field Airport, NE
    (Lat. 40[deg]27'08'' N., long. 99[deg]20'11'' W.)

    That airspace extending upward from 700 feet above the surface
within a 6.5-mile radius of Brewster Field Airport.
* * * * *

ACE NE E5 Imperial, NE [Amended]

Imperial Municipal Airport, NE
    (Lat. 40[deg]30'37'' N., long. 101[deg]37'13'' W.)

    That airspace extending upward from 700 feet above the surface
within a 6.5-mile radius of Imperial Municipal Airport.
* * * * *

ACE NE E5 Lexington, NE [Amended]

Lexington, Jim Kelly Field, NE
    (Lat. 40[deg]47'26'' N., long. 99[deg]46'33'' W.)

    That airspace extending upward from 700 feet above the surface
within a 6.5-mile radius of Jim Kelly Field.
* * * * *

ACE NE E5 Omaha, Millard Airport, NE [Amended]

Omaha, Millard Airport, NE
    (Lat. 41[deg]11'46'' N., long. 96[deg]06'44'' W.)

    That airspace extending upward from 700 feet above the surface
within a 6.7-mile radius of Millard Airport.

    Issued in Fort Worth, Texas, on April 19, 2016.
Walter Tweedy,
Acting Manager, Operations Support Group, ATO Central Service Center.
[FR Doc. 2016-10176 Filed 5-2-16; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 80, Number 61 (Tuesday, March 31, 2015)]
[Notices]
[Pages 17124-17125]
[FR Doc No: 2015-07248]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74583; File No. SR-ICEEU-2015-008]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to Clearance of New Natural Gas Futures Contracts

March 25, 2015.
    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 March 18, 2015, ICE Clear Europe Limited (``ICE Clear Europe'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change described in Items I, II and III below, which
Items have been prepared primarily by ICE Clear Europe. 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.
---------------------------------------------------------------------------

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

    The principal purpose of the proposed rule change is to modify the
ICE Clear Europe Delivery Procedures with respect to the settlement of
certain European natural gas futures contracts that are currently
traded or will be traded on the ICE Endex market and cleared by ICE
Clear Europe.

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

    In its filing with the Commission, ICE Clear Europe included
statements concerning the purpose of and basis for the proposed rule
change. The text of these statements may be examined at the places
specified in Item IV below. ICE Clear Europe 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
    The purpose of the rule amendments is to modify the ICE Clear
Europe Delivery Procedures in connection with the launch by the ICE
Endex market of certain new natural gas futures contracts that will be
cleared by ICE Clear Europe, namely the ICE Endex TTF Natural Gas Daily
Futures Contracts, ICE Endex Gaspool Natural Gas Daily Futures
Contracts, ICE Endex NCG Natural Gas Daily Futures Contracts and ICE
Endex ZTP Natural Gas Daily Futures Contracts (the ``New Futures
Contracts''). These contracts are daily versions of existing monthly
natural gas futures contracts traded on ICE Endex and cleared by ICE
Clear Europe. ICE Clear Europe also proposes to make clarifying and
conforming amendments for certain existing natural gas contracts that
are covered by the Delivery Procedures. ICE Clear Europe does not
otherwise propose to amend its clearing rules or procedures in
connection with the New Futures Contracts.
    The amendments adopt new subparts of Parts E, F, G and H of the
Delivery Procedures, applicable to the ICE Endex TTF Natural Gas Daily
Futures Contracts, ICE Endex Gaspool Natural Gas Daily Futures
Contracts, ICE Endex NCG Natural Gas Daily Futures Contracts and ICE
Endex ZTP Natural Gas Daily Futures Contracts, respectively. The
amendments add references, as appropriate, to the New Futures Contracts
in the applicable Parts of the Delivery Procedures. The amendments
provide, among other matters, specifications for delivery of natural
gas under a New Futures Contract, including relevant definitions and a
detailed delivery timetable for the contracts. The amendments also
address invoicing and payment for delivery. The amendments provide for
calculation by ICE Clear Europe of buyer's and seller's security to
cover delivery obligations and related liabilities, costs or charges,
as well as procedures to address failed deliveries. The revised
procedures also set out various documentation requirements for the
relevant parties. In addition, changes are made to paragraph 5.1 of the
Delivery Procedures to include the New Futures Contracts in the list of
contracts for which parties may nominate transferors and transferees to
make and take delivery.
    Other changes are made throughout the Delivery Procedures to
conform the names of certain contracts to those used in the relevant
exchange rules, including for the ICE Endex Gaspool Natural Gas Futures
Contract, ICE Endex NCG Natural Gas Futures Contract and ICE Endex ZTP
Natural Gas Futures Contract. (Related changes and clarifications to
defined terms have also been made.) Throughout relevant Parts of the
Delivery Procedures, references to the ``HIT report'' have been
replaced with the ``MPFE report'' (which is the current form of futures
expiry report indicating positions that have gone to expiry). Certain
drafting clarifications to the term ``Invoice Period'' have been made
in the Delivery Procedures.
    Changes have also made to the settlement timetable for existing ICE
Futures UK Natural Gas Daily Futures in paragraph 5.2 of Part D and the
delivery documentation requirements table in paragraph 8.1 of Part D
(including as to the timetable and documentation for nominations of
transferors and transferees). Parallel and conforming changes have been
made in Parts E through H for other existing natural gas contracts. The
existing Schedule of Forms and Reports appended to the Delivery
Procedures has been removed as obsolete and unnecessary.
2. Statutory Basis
    ICE Clear Europe believes that the changes described herein are
consistent with the requirements of Section 17A of the Act \3\ and the
regulations thereunder applicable to it, including the standards under
Rule 17Ad-22,\4\ and are consistent with the prompt and accurate
clearance of and settlement of securities transactions and, to the
extent applicable, derivative agreements, contracts and transactions,
the safeguarding of securities and funds in the custody or control of
ICE Clear Europe or for which it is responsible and the protection of
investors and the public interest, within the meaning of Section
17A(b)(3)(F) of the Act.\5\ The New Futures Contracts have similar

characteristics to other ICE Endex natural gas contracts currently
cleared by ICE Clear Europe, and ICE Clear Europe believes that its
existing financial resources, risk management, systems and operational
arrangements are sufficient to support clearing of such products (and
address physical delivery under such contracts). The other changes set
forth in the proposed amendments are generally intended to conform and
clarify various provisions of the Delivery Procedures for natural gas
contracts, and are also consistent with the prompt and accurate
clearance and settlement of derivative agreements, contracts and
transactions.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78q-1.
    \4\ 17 CFR 240.17Ad-22.
    \5\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    Specifically, ICE Clear Europe believes that it will be able to
manage the risks associated with acceptance of the New Futures
Contracts for clearing and physical delivery in such contracts. The New
Futures Contracts present a similar risk profile to other ICE Endex
contracts currently cleared by ICE Clear Europe, and ICE Clear Europe
believes that its existing risk management and margin framework is
sufficient for purposes of risk management of the New Futures Contracts
and related deliveries.
    Similarly, ICE Clear Europe has established appropriate standards
for determining the eligibility of contracts submitted to it for
clearing, and ICE Clear Europe believes that its existing systems are
appropriately scalable to handle the New Futures Contracts, which are
generally similar from an operational perspective to the other ICE
Endex power contracts currently cleared by ICE Clear Europe.
    For the reasons noted above, ICE Clear Europe believes that the
proposed rule change is consistent with the requirements of Section 17A
of the Act and regulations thereunder applicable to it.

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

    ICE Clear Europe does not believe the proposed rule change would
have any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the Act. ICE Clear Europe is adopting the
amendments to the Delivery Procedures principally in connection with
the listing of new contracts for trading on the ICE Endex market. ICE
Clear Europe believes that such contracts will provide additional
opportunities for interested market participants to engage in trading
activity relating to the relevant underlying gas markets. ICE Clear
Europe does not believe the adoption of related Delivery Procedures
amendments would adversely affect access to clearing for clearing
members or their customers, or otherwise adversely affect competition
in clearing services.

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

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

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

    The foregoing rule change has become effective upon filing pursuant
to Section 19(b)(3)(A) \6\ of the Act and Rule 19b-4(f)(4)(ii) \7\
thereunder because it effects a change in an existing service of a
registered clearing agency that primarily affects the clearing
operations of the clearing agency with respect to products that are not
securities, including futures that are not security futures, swaps that
are not security-based swaps or mixed swaps, and forwards that are not
security forwards, and does not significantly affect any securities
clearing operations of the clearing agency or any rights or obligations
of the clearing agency with respect to securities clearing or persons
using such securities-clearing service. At any time within 60 days of
the filing of the proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(4)(ii).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml) or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-ICEEU-2015-008 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ICEEU-2015-008. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filings will also be available
for inspection and copying at the principal office of ICE Clear Europe
and on ICE Clear Europe's Web site at https://www.theice.com/notices/Notices.shtml?regulatoryFilings.
    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-ICEEU-2015-008
and should be submitted on or before April 21, 2015.
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    \8\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
Brent J. Fields,
Secretary.
[FR Doc. 2015-07248 Filed 3-30-15; 8:45 am]
BILLING CODE 8011-01-P