[Federal Register: September 21, 2006 (Volume 71, Number 183)]
[Notices]
[Page 55230-55237]
[DOCID:fr21se06-85]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54450; File No. SR-Amex-2006-44]

Self-Regulatory Organizations; American Stock Exchange LLC; Order
Granting Accelerated Approval of a Proposed Rule Change and Amendments
No. 1 and 2 Thereto Relating to the Listing and Trading of the DB
Currency Index Value Fund

September 14, 2006.

I. Introduction

    On May 2, 2006, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to list and trade the DB Currency Index Value Fund
under Commentary .07 to Amex Rule 1202. On July 31, 2006, Amex filed
Amendment No. 1 to the proposed rule change. On August 18, 2006, Amex
filed Amendment No. 2 to the proposed rule change. The proposed rule
change, as amended, was published for comment in the Federal Register
on August 29, 2006 for a 15-day comment period, which ended on
September 13, 2006.\3\ The Commission received no comments on the
proposal. This order grants accelerated approval of the proposed rule
change, as amended.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 54351 (August 23,
2006), 71 FR 51245, as corrected by 71 FR 53492 (September 11,
2006).
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II. Description of the Proposal

    The Exchange seeks to list and trade shares (``Shares'') of the DB
Currency Index Value Fund (``Trust'' or ``Fund'').\4\

Pursuant to Commentary .07 to Amex Rule 1202, the Exchange may approve
the listing and trading of trust issued receipts (``TIRs'') that
represent beneficial ownership of shares or securities (``Investment
Shares'') of a trust, partnership, commodity pool or other similar
entity that holds investments comprising, or otherwise based on, any
combination of securities, futures contracts, swaps, forward contracts,
options on futures contracts, commodities or portfolios of investments.
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    \4\ The Fund will be formed as a Delaware statutory trust
pursuant to a Certificate of Trust and a Declaration of Trust and
Trust Agreement among Wilmington Trust Company, as trustee, the DB
Commodity Services LLC as managing owner, and the holders of the
Shares. The Exchange states that the Fund will not be subject to
registration and regulation under the Investment Company Act of 1940
(``1940 Act'').
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    The Shares represent beneficial ownership interests in the Fund's
net assets, consisting solely of the common units of beneficial
interests of DB Currency Index Value Master Fund (the ``Master Fund'').
The Master Fund is a statutory trust created under Delaware law whose
investment portfolio will consist primarily of futures contracts on the
currencies comprising the Deutsche Bank G10 Currency Future Harvest
IndexTM--Excess Return (the ``DBCHI'' or Index'') and
securities for margin purposes. Both the Fund and the Master Fund will
be commodity pools operated by DB Commodity Services LLC (the
``Managing Owner''). The Managing Owner is registered as a commodity
pool operator (the ``CPO'') and commodity trading advisor (the ``CTA'')
with the Commodity Futures Trading Commission (``CFTC'') and is a
member of the National Futures Association (``NFA'').
    For the Master Fund, the Managing Owner will manage the futures
contracts with the investment objective of tracking the performance of
the Index over time, less the expenses of the operations of the Fund
and the Master Fund.\5\ The Master Fund will hold a portfolio of both
long and short futures contracts with a notional value to equity ratio
of approximately two to one (2:1) \6\ on the currencies that comprise
the Index (the ``Index Currencies'') and will include cash and U.S.
Treasury securities for margin purposes and other high credit quality
short-term fixed income securities. The Master Fund will not engage in
borrowing. In seeking to cause the NAV (as defined herein) \7\ of the
Fund to track the Index during periods in which the Index is flat or
declining, as well as when the Index is rising, the Managing Owner
believes that the Index and the Fund will provide the advantages of
market diversification and the reduction of country-specific foreign
exchange risk (i.e., volatility). The Exchange represented that Amex
Rule 1202 accommodates the listing and trading of the Shares and that
the Shares will conform to the initial and continued listing criteria
under Commentary .07(d) to Amex Rule 1202.
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    \5\ The Exchange stated that the Wilmington Trust Company is the
trustee of the Fund and the Master Fund and has delegated to the
Managing Owner the power and authority to manage and operate the
day-to-day affairs of both.
    \6\ Such ratio is generally intended to be comparable to the
limits imposed on registered investment companies pursuant to the
asset coverage requirements of Section 18(a) of the 1940 Act. Even
though the Master Fund is not registered or regulated as an
investment company under the 1940 Act, the Exchange represents that
it is structured in a manner that is sensitive to the capital
structure limitations imposed on registered investment companies by
the 1940 Act.
    \7\ See infra note 15 (defining net asset value or ``NAV'').
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    In connection with the proposal, Amex also seeks to amend
Commentary .02 to Amex Rule 1200 to conform to Amex's current trading
hours to permit the Shares to trade until 4:15 p.m. Eastern Time
(``ET'').

Index Description

    DBCHI is intended to reflect the return from investing assets in
long currency futures positions for certain currencies associated with
relatively high yielding interest rates and an equal amount in short
currency futures positions for certain currencies associated with
relatively low yielding interest rates.\8\ The Index is designed to
exploit the trend of currencies associated with relatively high
interest rates, on average, tending to rise in value relative to
currencies associated with relatively low interest rates.
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    \8\ This is known as the ``Interest Rate Parity'' or ``Covered
Interest Arbitrage'' formula.
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    The Index, at any time, is comprised of futures positions on six
(6) currencies from The Group Ten (``G10'') countries,\9\ each of which
is traded on the Chicago Mercantile Exchange (the ``CME''). The sponsor
of the Index is Deutsche Bank AG London (``DB London'' or ``Index
Sponsor'').
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    \9\ The G10 currencies are the United States Dollar, the Euro,
the Japanese Yen, the Canadian Dollar, the Swiss Franc, the British
Pound, the Australian Dollar, the New Zealand Dollar, the Norwegian
Krone, and the Swedish Krona (collectively, the ``Eligible Index
Currencies'').
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    As described below, the Index will be calculated and disseminated
every fifteen (15) seconds on the Consolidated Tape (``CT'') and
through major market data vendors during the time the Shares are traded
on the Exchange. DB London calculates the closing level of the Index on
the basis of closing prices on CME for the applicable futures contracts
relating to the Index Currencies \10\ and applies a set of rules to
these values to calculate the closing level of the Index.\11\ The CME-
traded futures contract of each applicable Index Currency that is
closest to expiration is used in the Index calculation. The futures
contracts on the Index Currencies are rolled during the period in which
the Index is re-weighted (the ``Index Re-Weighting Period'').\12\ The
new futures contract on an Index Currency that has the next closest
expiration date is selected. The calculation of the Index on an excess-
return basis is the weighted average return on the change in price of
the futures contracts relating to the Index Currencies.
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    \10\ The Index Sponsor calculates the level of the Index
intraday and at the end of the day. The intraday calculation is
based on feeds of real-time data relating to the underlying futures
contracts and updates intermittently approximately every 15 seconds.
The Index Sponsor uses independent feeds from Reuters to verify all
prices. A number of currency market participants independently
verify the correctness of the disseminated intraday Index value and
closing Index value. Telephone conversation between Sudhir C.
Bhattacharyya, Assistant General Counsel, Amex, and Edward Cho,
Special Counsel, Division of Market Regulation, Commission, on
September 14, 2006.
    \11\ The notional amounts of each Index Currency included in the
Index are based on the Index closing level as of the Index Re-
Weighting Period (as defined herein). The Index closing level
reflects an arithmetic weighted average of the change in the futures
positions on the Index Currencies'' exchange rates against the U.S.
Dollar (``USD'') since March 12, 1993. On such date, the closing
Index level was $100.
    \12\ The Index Sponsor reviews and re[pi]weights the Index on a
quarterly basis, in accordance with its rules. The futures contracts
held by the Fund are, therefore, three (3) months in duration. The
Index Re-Weighting Period takes place just prior to the third
Wednesday in each of March, June, September, and December months,
which are traditional settlement dates in the International Money
Market (the ``IMM Dates''). Upon re-weighting, the high yielding
Index Currencies are allocated a base weight of 33\1/3\%, and the
low yielding Index Currencies are allocated a base weight of -33\1/
3\%. These new weights are applied during the Index Re-Weighting
Period. The futures contracts on the Index Currencies are rolled
during the Index Re-Weighting Period, which will occur over the
fourth and third business days prior to each of the IMM Dates.
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Investment Objective and Strategy

    The Exchange states that the investment objective of the Fund is to
reflect the performance of the DBCHI, over time, less the expenses of
the operation of the Fund and the Master Fund. The Fund will pursue its
investment objective by investing substantially all of its assets in
the Master Fund. Each Share will correlate with a Master Fund share
issued by the Master Fund and held by the Fund.
    The Master Fund's portfolio is managed with a view to reflect the
performance of the Index over time. The Exchange stated that the Master
Fund is not traditionally ``managed,'' which typically involves
effecting changes in the composition of a portfolio on the

basis of judgments relating to economic, financial, and market
considerations. Instead, the Managing Owner seeks to maintain the
relationship between the composition and weightings of the CME futures
positions in the Index Currencies to the Master Fund's long and short
currency futures positions from time to time. The Managing Owner
adjusts the portfolio on a quarterly basis to conform to periodic
changes in the composition and relative weightings of the Index
Currencies and may make certain adjustments or changes to the portfolio
more frequently in the case of significant changes in the foreign
currency markets due to volatility.
    The Fund will pursue its investment objective by investing
substantially all of its assets in the Master Fund. To track the Index,
the Master Fund generally will establish long futures positions in the
three Index Currencies associated with the highest interest rates and
short futures positions in the three Index Currencies associated with
the lowest interest rates \13\ and will adjust its holdings quarterly
as the Index is adjusted. However, if the USD is among the Index
Currencies, the Master Fund will not establish a long or short futures
position (as the case may be) in USD because USD is the Fund's home
currency and, as a consequence, the Exchange states that the Master
Fund never can enjoy profit or suffer loss from long or short futures
positions in USD. When the USD is not associated with the highest or
lowest interest rates among the Eligible Index Currencies, the
aggregate notional value of the Master Fund's futures contracts at the
time they are established will be double the value of the Master Fund's
holdings of U.S. Treasury Bills and other high credit quality short-
term fixed income securities, (i.e., a ratio of 2:1).\14\ If the USD is
associated with the highest or lowest interest rates among the Eligible
Index Currencies, the aggregate notional value of the Master Fund's
futures contracts at the time they are established will be
approximately 1.66 times the value of the Master Fund's holdings of
U.S. Treasury Bills and other high credit quality short-term fixed
income securities (i.e., a ratio of 1.66:1). Holding futures positions
with a notional amount in excess of the Master Fund's NAV \15\
increases the potential for both trading profits and losses, depending
on the performance of the Index. The Master Fund's ability to track the
Index will not be affected by the presence or absence of the USD among
the Index Currencies. Because the notional value of the Master Fund's
futures positions can rise or fall over time, the ratio of long and
short futures positions could be higher or lower between quarterly
adjustments of the Index Currencies.
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    \13\ The use of long and short positions in the construction of
the Index causes the Index to rise as a result of any upward price
movement of Index Currencies expected to gain relative to the USD
(as a result of the long positions), and likewise, to rise as a
result of any downward price movement of Index Currencies expected
to lose relative to the USD (as a result of the short positions).
    \14\ See supra note 6.
    \15\ NAV is the total assets of the Master Fund, less total
liabilities of the Master Fund, determined on the basis of generally
accepted accounting principles. NAV per Master Fund share is the NAV
of the Master Fund divided by the number of outstanding Master Fund
shares. This will be the same for the Shares of the Fund because of
a one-to-one correlation between the Shares and the shares of the
Master Fund.
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Product Description

A. Creation and Redemption of Shares
    Issuances of the Shares will be made only in one or more blocks of
200,000 Shares (the ``Basket''). The Fund will issue and redeem the
Shares on a continuous basis, by or through participants that have
entered into participant agreements (each, an ``Authorized
Participant'') \16\ with the Managing Owner at the NAV per Share next
determined after an order to purchase the Shares in a Basket is
received in proper form. Following issuance, the Shares will be traded
on the Exchange similar to other equity securities. The Shares will be
registered in book entry form through DTC.
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    \16\ An ``Authorized Participant'' is a person, who at the time
of submitting to the trustee an order to create or redeem one or
more Baskets, (i) is a registered broker-dealer, (ii) is a
Depository Trust Company (``DTC'') participant, and (iii) has in
effect a valid participant agreement.
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    Baskets will be issued in exchange for a cash amount equal to the
NAV per Share times 200,000 Shares (the ``Basket Amount''). The Basket
Amount will be determined on each business day by the Bank of New York,
the Fund administrator.\17\ Authorized Participants that wish to
purchase a Basket must transfer the Basket Amount to the Administrator
(the ``Cash Deposit Amount''). Authorized Participants that wish to
redeem a Basket will receive cash in exchange for each Basket
surrendered in an amount equal to the NAV per Basket (the ``Cash
Redemption Amount''). The Commodity Broker will be the custodian for
the Master Fund and responsible for safekeeping the Master Fund's
assets.\18\
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    \17\ As described in the Notice, the Bank of New York is the
administrator for both the Fund and the Master Fund. The
Administrator will perform or supervise the performance of services
necessary for the operation and administration of the Fund and the
Master Fund (other than making investment decisions), including NAV
calculations, accounting, and other administrative services.
    \18\ The Commodity Broker is Deutsche Bank Securities, Inc., an
affiliate of the Managing Owner and registered with the CFTC as a
futures commission merchant.
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B. Net Asset Value (NAV)
    As stated in the proposal, shortly after 4 p.m. ET each business
day, the Administrator will determine the NAV for the Fund, utilizing
the current settlement value of the futures contracts on the Index
Currencies. Also shortly after 4 p.m. ET each business day, the
Administrator, Amex, and the Managing Owner will disseminate the NAV
for the Shares and the Basket Amount (for orders placed during the
day). The NAV and Basket Amount will be communicated by the
Administrator to all Authorized Participants via facsimile or
electronic mail message and will be available on the Index Sponsor's
Internet Web site at http://index.db.com The Amex will also disclose the NAV and Basket Amount on its Internet Web site (http://.

http://www.amex.com). The Exchange represented that the NAV would be made

available to all market participants at the same time.
    The NAV for the Fund is total assets of the Master Fund less total
liabilities of the Master Fund. The NAV is calculated by including any
unrealized profit or loss on futures contracts and any other credit or
debit accruing to the Master Fund but unpaid or not received by the
Master Fund. The NAV is then used to compute all fees (including the
management and administrative fees) that are calculated from the value
of Master Fund assets. The Administrator will calculate the NAV per
share by dividing the NAV by the number of Shares outstanding.
    The Exchange believes that generally the Shares will not trade at a
material discount or premium to the NAV of the Shares based on
potential arbitrage opportunities. Nevertheless, the value of a Share
may be influenced by non-concurrent trading hours between the Amex and
the various futures exchanges on which the Index Currencies are traded.
As a result, during periods when the Amex is open and the futures
exchanges on which the Index Currencies are traded are closed, trading
spreads and the resulting premium or discount on the Shares may widen,
and, therefore, increase the difference between the price of the Shares
and the NAV of the Shares.

C. Dissemination of the Index and Underlying Futures Contracts
Information
    DB London, as the Index Sponsor, will publish the value of the
Index at least once every fifteen (15) seconds throughout each trading
day on the CT, Bloomberg, Reuters, and on its Internet Web site at
http://index.db.com. The Exchange stated that the disseminated value of

the Index will not reflect changes to the prices of the Index
Currencies between the close of trading of each respective futures
contract on the relevant futures exchange, i.e., 3 p.m. ET (close of
trading on the CME futures market), and the close of trading on the
Amex at 4:15 p.m. ET. The closing Index level will similarly be
provided by DB London. In addition, any adjustments or changes to the
Index will also be provided by DB London and the Exchange on their
respective Internet Web sites.\19\
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    \19\ The Sponsor has in place procedures to prevent the improper
sharing of information between different affiliates and departments.
Specifically, an information barrier exists between the personnel
within DB London that calculate and reconstitute the Index and other
personnel associated with the Sponsor, including but not limited to
the Managing Owner, sales and trading, external or internal fund
managers, and bank personnel who are involved in hedging the bank's
exposure to instruments linked to the Index, in order to prevent the
improper sharing of information relating to the composition of the
Index.
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    The daily settlement prices for the foreign currency futures
contracts comprising the Index and held by the Master Fund are publicly
available on the Internet Web sites of the futures exchanges trading
the particular contracts, as well as automated quotation systems,
published or other public sources, or on-line information services such
as Bloomberg or Reuters. In addition, the Exchange will provide a
hyperlink on its Internet Web site to the Index Sponsor's Internet Web
site. All of the foreign currency futures contracts in which the Master
Fund currently expects to invest are traded on the CME, although
currency futures contracts on the Eligible Index Currencies also trade
on other futures exchanges in the United States and the Master Fund may
invest in such contracts.\20\
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    \20\ Other futures exchanges may include, for example, the New
York Board of Trade and other futures exchanges which have a
Comprehensive Surveillance Sharing Agreement (``CSSA'') with Amex or
is an Intermarket Surveillance Group (``ISG'') member. Telephone
conversation between Jeffrey P. Burns, Associate General Counsel,
Amex, and Florence Harmon, Senior Special Counsel, Division of
Market Regulation, Commission, on September 13, 2006.
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    In addition, various data vendors and news publications publish
futures prices and data. The Exchange represented that futures quotes
and last sale information for the Index Currencies are widely
disseminated through a variety of market data vendors worldwide,
including Bloomberg and Reuters. In addition, the Exchange further
noted that complete real-time data for such futures is available by
subscription from Reuters and Bloomberg. The specific contract
specifications for the futures contracts are also available from CME on
its Internet Web site, as well as other financial informational
sources.
D. Availability of Information Regarding the Shares
    The Internet Web sites for the Fund and/or the Exchange, which are
publicly accessible at no charge, will contain the following
information: (a) Current NAV per Share daily and the prior business
day's NAV and the reported closing price; (b) the mid-point of the bid-
ask price in relation to the NAV as of the time the NAV is calculated
(the ``Bid-Ask Price''); \21\ (c) the calculation of the premium or
discount of such price against such NAV; (d) data in chart form
displaying the frequency of distribution of discounts and premiums of
the Bid-Ask Price against the NAV, within appropriate ranges for each
of the four (4) previous calendar quarters; (e) the prospectus; and (f)
other applicable quantitative information. The Exchange will also make
available on its Internet Web site the daily trading volume of the
Shares.
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    \21\ The Bid-Ask Price of the Shares is determined using the
highest bid and lowest offer as of the time of calculation of the
NAV.
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E. Foreign Currency Pricing
    In its proposal, the Exchange stated that investors may also
obtain, on a 24-hour basis, currency pricing information from various
financial information service providers. The Exchange stated that
current currency spot prices are also generally available with bid/ask
spreads from foreign exchange dealers. Complete real-time data for
futures and options prices traded on CME and Phlx are also available by
subscription from information service providers. CME and Phlx also
provide delayed futures and options information on current and past
trading sessions and market news free of charge on their respective Web
sites. There are a variety of other public Internet Web sites that
provide information on currency, such as Bloomberg (http://www.bloomberg.com/markets/currecies/eurafr_currencies.html
), which

regularly reports current foreign currency pricing for a fee. Other
service providers include CBS Market Watch (http://marketwatch.com/tools.stockresearch/globalmarkets) and Yahoo! Finance (http://

finance.yahoo.com/currency). Many of these Internet Web sites offer
price quotations drawn from other published sources, and as the
information is supplied free of charge, it generally is subject to time
delays.
F. Dissemination of Indicative Fund Value
    As noted above, the Administrator calculates the NAV of the Fund
once each trading day and disseminates such NAV to all market
participants at the same time. In addition, the Administrator causes to
be made available on a daily basis the Cash Deposit Amount to be
deposited in connection with the issuance of the Shares in Baskets.
Other investors can also request such information directly from the
Administrator.
    In order to provide updated information relating to the Fund for
use by investors, professionals, and persons wishing to create or
redeem the Shares, the Exchange will disseminate through the facilities
of the CT an updated Indicative Fund Value (the ``Indicative Fund
Value''). The Indicative Fund Value will be disseminated on a per Share
basis every fifteen (15) seconds during regular Amex trading hours of
9:30 a.m. to 4:15 p.m. ET. The Indicative Fund Value will be calculated
based on the cash required for creations and redemptions (i.e., Basket
Amount), adjusted to reflect the price changes of the Index Currencies
through investments held by the Master Fund, i.e., futures contracts
and options on futures and/or forwards.\22\
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    \22\ On each business day, the Administrator will make available
immediately prior to the opening of trading on the Amex via the
facilities of the CT the most recent Basket Amount for the creation
of a Basket.
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    While the market for futures trading for each of the Index
Currencies is open, the Indicative Fund Value can be expected to
closely approximate the value per Share of the Basket Amount. The
Indicative Fund Value will not reflect price changes to the price of an
underlying currency between the close of trading of the futures
contract at the relevant futures exchange and the close of trading on
the Amex at 4:15 p.m. ET. While the Shares will trade on the Amex from
9:30 a.m. to 4:15 p.m. ET, regular trading hours for each of the Index
Currencies on the CME are 8:20 a.m. to 3 p.m. ET. Therefore, the value
of a Share may be influenced by non-concurrent trading hours between
the Amex and the various futures exchanges on which the futures
contracts based on

the Index Currencies are traded. Accordingly, the Exchange cautioned
that Indicative Fund Value on a per Share basis disseminated during
Amex trading hours should not be viewed as a real time update of the
NAV, which is calculated only once a day.
G. Events Requiring Notice to and/or Approval by the Commission
    The Exchange represented that should the Index Sponsor
substantially change either the Index component selection or weighting
methodology, the Exchange would file a proposed rule change pursuant to
Rule 19b-4 under the Act, which must be approved by the Commission for
continued trading of the Shares.
    The Exchange represented that if a successor or substitute index is
used by the Managing Owner, Amex will file with the Commission a
proposed rule change pursuant to Rule 19b-4 under the Act to address,
among other things, the listing and trading characteristics of the
successor index and Amex's surveillance procedures applicable to the
successor index, which must be approved by the Commission to continue
trading the Shares relating to the successor index.
    In the case of a temporary disruption in connection with the
trading of the futures contracts comprising the Index, the Index
Sponsor may use a currency futures contract on the same Index Currency
from a different futures exchange than CME or use the prior day's price
for such Index Currency contract. In exceptional cases, the Index
Sponsor may employ a ``fair value'' price (i.e., the price for
unwinding the position by dealers in the OTC market). However, the
Exchange represented that if the use of such alternative pricing
methods is more than of a temporary nature, the Exchange will file a
proposed rule change with the Commission pursuant to Rule 19b-4 under
the Act seeking Commission approval to continue trading the Shares.
Unless approved for continued trading, the Exchange would commence
delisting proceedings.
    The Exchange represented that it would halt trading of the Shares
if (a) the value of the Index is no longer calculated or available on
at least a fifteen (15) second basis through the facilities of the CT
or major market data vendors during the time the Shares trade on
Amex,\23\ (b) if the Indicative Fund Value, updated at least every
fifteen (15) seconds, is no longer calculated or available, or (c) the
NAV is no longer disseminated to all market participants at the same
time.\24\
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    \23\ The Managing Owner represents that it will seek to arrange
to have the Index calculated and disseminated on a daily basis
through a third party if DB London ceases to calculate and
disseminate the Index. If, however, the Managing Owner is unable to
arrange for the calculation and dissemination of the Index (or
another index which succeeds the Index), the Exchange will undertake
to delist the Shares. If the Index is discontinued or suspended, the
Managing Owner, in its sole discretion, may substitute the Index
with an index substantially similar to the discontinued or suspended
Index. Such successor Index may be calculated and/or published by
any other third party.
    \24\ The Exchange further represents that it would immediately
contact the Commission to discuss measures that may be appropriate
under the circumstances
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Criteria for Initial and Continued Listing

    The Fund will be subject to the criteria in Commentary .07(d) of
Amex Rule 1202 for initial and continued listing of the Shares. The
proposed continued listing criteria provides for the delisting or
removal from listing of the Shares under any of the following
circumstances:
     Following the initial twelve-month period from the date of
commencement of trading of the Shares: (i) If the Fund has more than 60
days remaining until termination and there are fewer than 50 record
and/or beneficial holders of the Shares for 30 or more consecutive
trading days; (ii) if the Fund has fewer than 50,000 Shares issued and
outstanding; or (iii) if the market value of all Shares is less than
$1,000,000;
     If the value of the underlying Index is no longer
calculated or available on at least a 15-second delayed basis through
one or more major market data vendors; \25\
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    \25\ In the event the Index value is no longer calculated or
disseminated by one or more major market data vendors, the Exchange
would immediately contact the Commission to discuss measures that
may be appropriate under the circumstances.
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     The Indicative Fund Value is no longer made available on
at least a 15-second delayed basis through the facilities of the CT;
\26\
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    \26\ In the event the Indicative Fund Value is no longer
calculated or disseminated through the facilities of the CT, the
Exchange would immediately contact the Commission to discuss
measures that may be appropriate under the circumstances.
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     The calculation or dissemination of the NAV is disrupted
such that the NAV is no longer disseminated to all market participants
at the same time; \27\
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    \27\ In the event the NAV is no longer calculated or
disseminated to all market participants at the same time, the
Exchange would immediately contact the Commission to discuss
measures that may be appropriate under the circumstances.
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     Unless approval is received from the Commission to
continue to list and trade the Shares after a proposed rule change
pursuant to Rule 19b-4 under the Act is properly filed by the Exchange,
(i) more than a temporary disruption exists in connection with the
pricing of the futures contracts comprising the Index, (ii) a successor
or substitute index is used by the Managing Owner in connection with
the Shares, (iii) calculation or dissemination of the NAV is more than
temporarily disrupted, or (iv) the Index Sponsor substantially changes
either the Index component selection methodology or weighting
methodology; or
     If such other event shall occur or condition exists which
in the opinion of the Exchange makes further dealings on the Exchange
inadvisable.
    The initial purchaser (the ``Initial Purchaser'') will initially
purchase and take delivery of 200,000 Shares, which comprises the
initial Basket, at a purchase price of $25.00 per Share ($5,000,000 per
Basket) pursuant to an Initial Purchaser Agreement. The Initial
Purchaser proposes to offer to the public these 200,000 Shares at a
per-Share offering price that will vary depending on, among other
factors, the trading price of the Shares on the Amex, the NAV per
Share, and the supply of and demand for the Shares at the time of the
offer. The Exchange submitted that the anticipated minimum number of
Shares outstanding at the start of trading would be sufficient to
provide adequate market liquidity and to further the Fund's objective
to seek to provide a simple and cost effective means of accessing the
currency futures markets. The Exchange also represented that, for the
initial and continued listing, the Shares must be in compliance with
Section 803 of the Amex Company Guide and Rule 10A-3 under the Act.\28\
---------------------------------------------------------------------------

    \28\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    The Amex original listing fee applicable to the listing of the Fund
is $5,000. In addition, the annual listing fee applicable under Section
141 of the Amex Company Guide will be based upon the year-end aggregate
number of Shares in all series of the Fund outstanding at the end of
each calendar year.

Trading Rules

    The Shares are equity securities subject to Amex rules governing
the trading of equity securities, including, among others, rules
governing priority, parity and precedence of orders, specialist
responsibilities and account opening and customer suitability (Amex
Rule 411). Initial equity margin requirements of 50% will apply to
transactions in the Shares. Shares will trade on the Amex until 4:15
p.m. ET each business day and will trade in a

minimum price variation of $0.01 pursuant to Amex Rule 127. Trading
rules pertaining to odd-lot trading in Amex equities (Amex Rule 205)
will also apply.
    Amex Rule 154, Commentary .04(c), provides that stop and stop limit
orders to buy or sell a security (other than an option, which is
covered by Amex Rule 950(f) and Commentary thereto) the price of which
is derivatively priced based upon another security or index of
securities, may with the prior approval of a Floor Official, be elected
by a quotation, as set forth in Commentary .04(c)(i)-(v). The Exchange
has designated the Shares as eligible for this treatment.\29\
---------------------------------------------------------------------------

    \29\ See Securities Exchange Act Release No. 29063 (April 10,
1991), 56 FR 15652 (April 17, 1991) (noting the Exchange's
designation of equity derivative securities as eligible for such
treatment under Amex Rule 154, Commentary .04(c)).
---------------------------------------------------------------------------

    The Shares will be deemed ``Eligible Securities'', as defined in
Amex Rule 230, for purposes of the Intermarket Trading System (``ITS'')
plan and therefore will be subject to the trade-through provisions of
Amex Rule 236, which require that Amex members avoid initiating trade-
throughs for ITS securities.
    Specialist transactions of the Shares made in connection with the
creation and redemption of Shares will not be subject to the
prohibitions of Amex Rule 190.\30\ Unless exemptive or no-action relief
is available, the Shares will be subject to the short sale rule, Rule
10a-1 and other rules under the Act. If exemptive or no-action relief
is provided, the Exchange will issue a notice detailing the terms of
the exemption or relief. The Shares will generally be subject to the
Exchange's stabilization rule, Amex Rule 170, except that specialists
may buy on ``plus ticks'' and sell on ``minus ticks,'' in order to
bring the Shares into parity with the underlying currency and/or
futures contract price. Commentary .07(f) to Amex Rule 1202 sets forth
this limited exception to Amex Rule 170.
---------------------------------------------------------------------------

    \30\ See Commentary .05 to Amex Rule 190.
---------------------------------------------------------------------------

    The trading of the Shares will be subject to certain conflict of
interest provisions set forth in Commentary .07(e) to Amex Rule 1202.
Specifically, Commentary .07(e) provides that the prohibitions in Amex
Rule 175(c) apply to a specialist in the Shares so that the specialist
or affiliated person may not act or function as a market maker in an
underlying asset, related futures contract or option, or any other
related derivative. An affiliated person of the specialist consistent
with Amex Rule 193 may be afforded an exemption to act in a market
making capacity, other than as a specialist in the Shares on another
market center, in the underlying asset, related futures, or options or
any other related derivative. Commentary .07(e) further provides that
an approved person of an equity specialist that has established and
obtained Exchange approval for procedures restricting the flow of
material, non-public market information between itself and the
specialist member organization, and any member, officer, or employee
associated therewith, may act in a market making capacity, other than
as a specialist in the Shares on another market center, in the
underlying asset or commodity, related futures or options on futures,
or any other related derivatives.
    Commentary .07(g)(1) and (2) to Amex Rule 1202 also ensures that
specialists handling the Shares provide the Exchange with all the
necessary information relating to their trading in physical assets or
commodities, related futures contracts and options thereon, or any
other derivative. As a general matter, the Exchange has regulatory
jurisdiction over its members, member organizations, and approved
persons of a member organization. The Exchange also has regulatory
jurisdiction over any person or entity controlling a member
organization, as well as a subsidiary or affiliate of a member
organization that is in the securities business. A subsidiary or
affiliate of a member organization that does business only in
commodities or futures contracts would not be subject to Exchange
jurisdiction, but the Exchange could obtain information regarding the
activities of such subsidiary or affiliate through surveillance sharing
agreements with regulatory organizations of which such subsidiary or
affiliate is a member.\31\
---------------------------------------------------------------------------

    \31\ All applicable provisions of Amex Rule 1202 and
Commentaries thereto will govern the trading of the Shares.
Telephone conversation between Sudhir C. Bhattacharyya, Assistant
General Counsel, Amex, and Edward Cho, Special Counsel, Division of
Market Regulation, Commission, on September 14, 2006.
---------------------------------------------------------------------------

Trading Halts

    Prior to the commencement of trading, the Exchange will issue an
Information Circular (described below) to members informing them of,
among other things, Exchange policies regarding trading halts in the
Shares. First, the circular will advise that trading will be halted in
the event the market volatility trading halt parameters set forth in
Amex Rule 117 have been reached. Second, the circular will advise that,
in addition to the parameters set forth in Amex Rule 117, the Exchange
will halt trading in the Shares if trading in the underlying related
futures contract(s) is halted or suspended. Third, with respect to a
halt in trading that is not specified above, the Exchange may also
consider other relevant factors and the existence of unusual conditions
or circumstances that may be detrimental to the maintenance of a fair
and orderly market. The Exchange will halt trading in the Shares if the
value of the Index is no longer calculated or available on at least a
fifteen (15) second basis through one or more major market data vendors
during the time the Shares trade on Amex, or if the Indicative Fund
Value per Share updated at least every fifteen (15) seconds is no
longer calculated or available the facilities of the CT, or if the NAV
is no longer calculated or disseminated for the benefit of all market
participants at the same time.\32\
---------------------------------------------------------------------------

    \32\ See supra notes 25-27 and accompanying text.
---------------------------------------------------------------------------

Suitability

    The Information Circular (described below) will inform members and
member organizations of the characteristics of the Fund and of
applicable Exchange rules, as well as of the requirements of Amex Rule
411 (Duty to Know and Approve Customers).
    The Exchange noted that pursuant to Amex Rule 411, members and
member organizations are required in connection with recommending
transactions in the Shares to have a reasonable basis to believe that a
customer is suitable for the particular investment given reasonable
inquiry concerning the customer's investment objectives, financial
situation, needs, and any other information known by such member.

Information Circular

    The Amex will distribute an Information Circular to its members in
connection with the trading of the Shares. The Circular, will discuss
the special characteristics and risks of trading this type of security,
such as currency fluctuation risk. Specifically, the Circular, among
other things, will discuss what the Shares are, how a Basket is created
and redeemed, applicable Amex rules, dissemination information, trading
information, and applicable suitability rules. The Circular will also
explain that the Fund is subject to various fees and expenses described
in the Registration Statement. The Circular will also reference the
fact that the CFTC has regulatory jurisdiction over the trading of
futures contracts.
    The Circular will also notify members and member organizations
about the

procedures for purchases and redemptions of Shares in Baskets that are
described in the prospectus, and that Shares are not individually
redeemable but are redeemable only in one or more Baskets only through
an Authorized Participant. The Circular will advise members of their
suitability obligations with respect to recommended transactions to
customers in the Shares. The Circular will also discuss any relief, if
granted, by the Commission or the staff from any rules under the Act.
    Additionally, the Circular will disclose that the NAV for Shares
will be calculated shortly after 4 p.m. ET each trading day and that
information about the Shares and the Index will be publicly available
on the Internet Web site of Amex and the Fund. In the Information
Circular, the Exchange will inform members and member organizations,
prior to commencement of trading, of the prospectus delivery
requirements applicable to the Fund. The Exchange noted that investors
purchasing Shares directly from the Fund (in exchange for cash) will
receive a prospectus. Amex members purchasing Shares from the Trust for
resale to investors will deliver a prospectus to such investors.

Surveillance

    The Exchange represented that its surveillance procedures are
adequate to properly monitor the trading of the Shares and to deter and
detect violations of Amex rules. Specifically, Amex will rely on its
existing surveillance procedures governing Index Fund Shares. Amex
represents that its surveillance procedures for the Shares will be
similar to those used for other TIRs (such as the Currency Trust Shares
and the DB Commodity Index Tracking Fund) and exchange-traded funds and
will incorporate and rely upon existing Amex surveillance procedures
governing options and equities. The Exchange also noted that the CME is
a member of the ISG. As a result, the Exchange asserted that market
surveillance information is available from the CME, if necessary, due
to regulatory concerns that may arise in connection with the CME
futures contracts that are used in connection with the Index
calculation and held by the Fund. In addition, the Exchange represented
that, to the extent the Master Fund invests in foreign currency futures
contracts traded on futures exchanges other than CME, the Exchange must
have a CSSA with that futures exchange or the futures exchange must be
an ISG member.

III. Discussion and Commission's Findings

    After careful consideration, the Commission finds that the proposed
rule change, as amended, is consistent with the requirements of the Act
and the rules and regulations thereunder applicable to a national
securities exchange.\33\ In particular, the Commission finds that the
proposed rule change, as amended, is consistent with the requirements
of section 6(b)(5) of the Act,\34\ which requires, among other things,
that the Exchange's rules be designed 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.
---------------------------------------------------------------------------

    \33\ In approving this proposed rule change, the Commission
notes that it has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
    \34\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

A. Surveillance

    Information sharing agreements with primary markets are an
important part of a self-regulatory organization's ability to monitor
for trading abuses in derivative products. The Exchange represents that
the CME, where the futures contract for each of the current Index
components is traded, is a member of the ISG, and that the Exchange has
access to all relevant trading information with respect to those
contracts without any further action. In addition, the Exchange
represents that, in the event that a successor or substitute index is
used by the Managing Owner, Amex will file with the Commission a
proposed rule change, which addresses, among other things, applicable
surveillance procedures, and unless approved by the Commission, the
Exchange will commence delisting of the Shares. The Exchange also
represents that, to the extent the Master Fund invests in foreign
currency futures contracts traded on futures exchanges other than CME,
the Exchange must have a CSSA with that futures exchange or the futures
exchange must be an ISG member.
    Moreover, Amex Rule 1202 requires Exchange specialists, upon the
Exchange's request, to provide Amex with information that the
specialist uses in connection with pricing and trading the Shares on
the Exchange. In particular, Commentaries .07(g)(1) and (g)(2) to Amex
Rule 1202 require that the specialist handling the Shares provide the
Exchange with information relating to its trading in the Shares and the
accounts of the member organization acting as specialist, member
organization, or approved person of such member organization in the
Index components, related futures or options on futures, or any other
related derivatives.

B. Dissemination of Information

    The Commission believes that sufficient venues exist for obtaining
reliable information so that investors in the Shares should be able to
monitor the underlying Index relative to the Indicative Value of their
Shares. There is a considerable amount of information about the Index
and its components and related futures contracts and the Shares
available through public Web sites and professional subscription
services, including Reuters and Bloomberg.
    Real time information about the trading of the component currency
futures contracts trading on CME related to the Index components and
their daily settlement prices of such futures contracts is available
from one or more major market data vendors. Delayed information is
often available from futures exchanges trading futures contracts on the
underlying Index components. The Exchange stated that daily settlement
prices for the futures contracts comprising the Index and held by the
Master Fund are publicly available on the Internet Web sites of the
futures exchanges trading the particular contracts.\35\ The Exchange
has further represented that the Index Sponsor, DB London, will publish
the value of the Index at least every 15 seconds during Amex trading
hours to the CT, Bloomberg, Reuters, and the Index Sponsor's Internet
Web site, http://index.db.com.\36\ While the Index is calculated and

disseminated by the Index Sponsor, an affiliate of a registered broker-
dealer,\37\ the Commission notes that a number of independent sources
may verify both the intraday and closing Index values and the Index
Sponsor uses independent feeds from Reuters to

verify all CME pricing information used to calculate the Index.
---------------------------------------------------------------------------

    \35\ All of the futures contracts in which the Master Fund
currently expects to invest are traded on the CME, although currency
futures contracts on the Eligible Index Currencies also trade on
other futures exchanges in the United States, such as the New York
Board of Trade, which is a member of ISG.
    \36\ The Exchange states that the disseminated value of the
Index will not reflect changes to the prices of the Index Currencies
between the close of trading of each respective futures contract on
the relevant futures exchange, i.e., 3 p.m. ET (close of trading on
the CME futures market), and the close of trading on the Amex at
4:15 p.m. ET.
    \37\ Telephone conversation between Sudhir C. Bhattacharyya,
Assistant General Counsel, Amex, and Edward Cho, Special Counsel,
Division of Market Regulation, Commission, on September 14, 2006.
---------------------------------------------------------------------------

    Likewise, information about the Shares will also be widely
available. The Indicative Fund Value will be disseminated every 15
seconds during Amex regular trading hours through the facilities of the
CT and will be displayed on the Exchange's Internet Web site (http://www.amex.com
).\38\ The Commission believes that dissemination of the

Indicative Fund Value based on the cash amount required for a Basket
provides additional information that is not otherwise available to the
public and is useful to professionals and investors in connection with
the Shares trading on the Exchange or the creation or redemption of the
Shares.
---------------------------------------------------------------------------

    \38\ The Commission notes that the Indicative Fund Value will
not reflect price changes of an underlying currency between the
close of trading of the relevant futures contract at the futures
exchange and the close of trading on the Amex at 4:15 p.m. ET, and
should not be viewed as a real-time update of the Fund's NAV.
---------------------------------------------------------------------------

    In addition, the Internet Web sites for the Fund and/or the
Exchange will disseminate the NAV, Basket Amount, trading volume of the
Shares, and other quantitative information related to the operation of
the Fund and trading of the Shares. The Exchange has represented that
the NAV and Basket Amount will be disseminated shortly after 4 p.m. ET
each business day. The NAV will be made available to all market
participants at the same time. The Commission notes that, if the NAV is
not disseminated to all market participants at the same time, the
Exchange has agreed to halt trading of the Shares.
    In sum, the Commission believes that the availability of
information about the underlying futures contracts, the Index, and the
Shares should facilitate transparency with respect to the proposed
Shares.

C. Listing and Trading

    The Commission finds that the Exchange's proposed rules and
procedures for the listing and trading of the proposed Shares are
consistent with the Act. Shares will trade as equity securities subject
to Amex rules including, among others, rules governing priority, parity
and precedence of orders, specialist responsibilities,\39\ and account
opening and customer suitability requirements. Finally, the Commission
notes that the Information Circular the Exchange will distribute will
inform members and member organizations about the terms,
characteristics and risks in trading the Shares, including their
prospectus delivery obligations.
---------------------------------------------------------------------------

    \39\ For example, Commentary .07(e) to Amex Rule 1202 prohibits
the specialist in the Shares from being affiliated with a market
maker in the Index commodities, related futures or options on
futures, or any other related derivatives, unless information
barriers are in place that satisfy the requirements of Amex Rule
193. Commentary .07(g)(3) to Amex Rule 1202 also prohibits the
specialist in the Shares from using any material nonpublic
information received from any person associated with a member,
member organization or employee of such person regarding trading by
such person or employee in the Index commodities, related futures or
options on futures, or any other related derivatives.
---------------------------------------------------------------------------

D. Accelerated Approval of the Proposed Rule Change, as Amended by
Amendments No. 1 and 2 Thereto

    The Commission finds good cause for approving the proposed rule
change, as amended by Amendments No. 1 and 2, prior to the 30th day
after the date of publication of the notice of filing thereof in the
Federal Register. The Exchange has requested the Commission to approve
the proposal, as amended, on an accelerated basis, after a 15-day
comment period, to enable investors to begin trading the Shares
promptly. The Commission notes that the proposed rule change, as
amended, was noticed for a 15-day comment period and no comments were
received. Therefore, the Commission finds good cause, consistent with
section 19(b)(2) of the Act,\40\ to approve the proposal, as amended,
on an accelerated basis.
---------------------------------------------------------------------------

    \40\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the Act
that the proposed rule change (SR-Amex-2006-44), as amended by
Amendments No. 1 and 2, is approved on an accelerated basis.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\41\
---------------------------------------------------------------------------

    \41\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 06-7841 Filed 9-20-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 76, Number 84 (Monday, May 2, 2011)]
[Rules and Regulations]
[Pages 24345-24349]
[FR Doc No: 2011-9917]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2010-1205; Directorate Identifier 2010-NM-146-AD;
Amendment 39-16677; AD 2011-09-15]
RIN 2120-AA64

Airworthiness Directives; The Boeing Company Model 777-200, -
200LR, -300, and -300ER Series Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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

SUMMARY: We are adopting a new airworthiness directive (AD) for the
products listed above. This AD requires, for certain airplanes,
replacing certain boost pump relays with ground fault interrupter (GFI)
relays. For certain other airplanes, this AD requires installing new
panels in the main equipment center, making certain wiring changes,
installing new GFI relays in the new panels, and installing

new electrical load management system (ELMS) software. For certain
other airplanes, this AD requires doing certain bond resistance
measurements, and corrective actions if necessary. This AD was prompted
by fuel system reviews conducted by the manufacturer. We are issuing
this AD to prevent potential ignition sources inside fuel tanks, which,
in combination with flammable fuel vapors, could result in a fuel tank
explosion and consequent loss of the airplane.

DATES: This AD is effective June 6, 2011.
    The Director of the Federal Register approved the incorporation by
reference of certain publications listed in the AD as of June 6, 2011.

ADDRESSES: For Boeing service information identified in this AD,
contact Boeing Commercial Airplanes, Attention: Data & Services
Management, P.O. Box 3707, MC 2H-65, Seattle, Washington 98124-2207;
telephone<PHONE_NUMBER>, extension 1; fax<PHONE_NUMBER>; e-mail
<EMAIL_ADDRESS>Internet https://www.myboeingfleet.com.
    For Smiths and GE Aviation service information identified in this
AD, contact GE Aviation, Customer Support Center, 1 Neumann Way,
Cincinnati, Ohio 45215; telephone<PHONE_NUMBER>; e-mail
<EMAIL_ADDRESS>Internet http://www.geaviation.com.
    You may review copies of the referenced service information at the
FAA, Transport Airplane Directorate, 1601 Lind Avenue, SW., Renton,
Washington. For information on the availability of this material at the
FAA, call<PHONE_NUMBER>.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov; or in person at the Docket Management Facility
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. The AD docket contains this AD, the regulatory evaluation,
any comments received, and other information. The address for the
Docket Office (phone:<PHONE_NUMBER>) is Document Management Facility,
U.S. Department of Transportation, Docket Operations, M-30, West
Building Ground Floor, Room W12-140, 1200 New Jersey Avenue, SE.,
Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT: Georgios Roussos, Aerospace Engineer,
Systems and Equipment Branch, ANM-130S, FAA, Seattle Aircraft
Certification Office, 1601 Lind Avenue, SW., Renton, Washington 98057-
3356; phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; e-mail:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Discussion

    We issued a notice of proposed rulemaking (NPRM) to amend 14 CFR
part 39 to include an airworthiness directive (AD) that would apply to
the specified products. That NPRM published in the Federal Register on
December 28, 2010 (75 FR 81508). That NPRM proposed to require, for
certain airplanes, replacing certain boost pump relays with ground
fault interrupter (GFI) relays. For certain other airplanes, that NPRM
proposed to require installing new panels in the main equipment center,
making certain wiring changes, installing new GFI relays in the new
panels, and installing new electrical load management system (ELMS)
software. For certain other airplanes, that NPRM proposed to require
doing certain bond resistance measurements, and corrective actions if
necessary.

Comments

    We gave the public the opportunity to participate in developing
this AD. The following presents the comments received on the proposal
and the FAA's response to each comment. Boeing supported the NPRM.

Request to Extend Compliance Time

    American Airlines (AAL) requested that we extend the compliance
time in paragraphs (g) and (h) of the NPRM for the work done in
accordance with Boeing Service Bulletin 777-28A0037, Revision 2, dated
September 20, 2010, from 36 months to 60 months. AAL stated that they
have already accomplished Boeing Service Bulletin 777-28A0037, Revision
1, dated June 15, 2009, on 75 percent of their Model 777 fleet. The
proposed 36-month compliance time would require special scheduling for
those airplanes. AAL proposed that the compliance time for all actions
in the NPRM be extended to 60 months to be consistent with the 60-month
compliance time in paragraph (i) of the NPRM for the GFI relay
replacement for the main tank boost pumps specified in Boeing Service
Bulletin 737-28A0038, Revision 1, dated September 20, 2010.
    We disagree with the request to extend the compliance time for the
actions required by paragraphs (g) and (h) of the NPRM (bond resistance
measurements and the installation of new panels, new fuel pump control
GFI relays, software, and wiring changes). In developing appropriate
compliance times for those actions, we considered the safety
implications and practical aspects of accomplishing these actions
within a period of time that corresponds to the normal scheduled
maintenance for most affected operators. In consideration of these
items, we have determined that a 36-month compliance time will ensure
an acceptable level of safety and allow those actions to be done during
scheduled maintenance intervals for most affected operators. However,
under the provisions of paragraph (k) of this AD, we will consider
requests for approval of an alternative method of compliance (AMOC) if
sufficient data are submitted to substantiate that the request would
provide an acceptable level of safety. We have not changed this AD in
this regard.

Request To Delay Rule Pending Release of New Service Bulletins

    Japan Airlines (JAL) requested that we delay the issuance of this
AD until Boeing and GE Aviation publish new revisions to their service
information (referenced in the NPRM) to include certain changes. JAL
stated these changes are to correct or add numbers for wires, modules,
connectors, and figures. JAL also stated that, in addition, certain GE
Aviation service information also needed to be revised to add another
procedure to install labels or separate the labels from the conversion
kit. JAL explained that when it receives the labels as part of the
conversion kit, the remaining shelf life of the labels is not adequate
to allow the labels to be installed on the airplanes. JAL is concerned
that, unless the service information is revised, these issues could
delay incorporation of this AD or result in multiple AMOC requests. JAL
stated that they are in communication with Boeing and GE Aviation in
regard to these issues with the service information.
    We agree with JAL's concerns about the shelf life of the labels
possibly affecting operators' ability to comply with this AD within the
required compliance times. This AD requires all actions, including
labeling, in the Accomplishment Instructions of Boeing Service
Bulletins 777-28A0038, Revision 1; and 777-28A0037, Revision 2; both
dated September 20, 2010; to be accomplished. We have added paragraph
(j) to this AD to provide an optional method of labeling panels.
However, we disagree with the request to delay this AD until Boeing and
GE Aviation issue revised service information to correct or add numbers
for wires, modules, connectors, and figures. No data or information to
justify that request was provided. However, under the provisions of
paragraph (k) of this AD, we will consider requests for

an AMOC if sufficient data are submitted to substantiate that the
change would provide an acceptable level of safety. We have not changed
the AD in this regard.

Conclusion

    We reviewed the relevant data, considered the comments received,
and determined that air safety and the public interest require adopting
the AD with the change described previously and minor editorial
changes. We have determined that these minor changes:
     [Agr]re consistent with the intent that was proposed in
the NPRM for correcting the unsafe condition; and
     Do not add any additional burden upon the public than was
already proposed in the NPRM.
    We also determined that these changes will not increase the
economic burden on any operator or increase the scope of the AD.

Costs of Compliance

    We estimate that this AD will affect 130 airplanes of U.S.
registry. The following table provides the estimated costs for U.S.
operators to comply with this AD.

                                             Table--Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Number of
                                              Average                   Cost per      U.S.-
            Action              Work hours   labor rate     Parts       product     registered     Fleet cost
                                              per hour                              airplanes
----------------------------------------------------------------------------------------------------------------
Replacements: Group 1                    3          $85      $25,577      $25,832          126  $3,254,832.
 airplanes identified in
 Boeing Service Bulletin
 777[dash]28A0038.
Replacements: Group 2                    3           85       52,545       52,800            0  No airplanes
 airplanes identified in                                                                         currently on
 Boeing Service Bulletin                                                                         U.S. Register.
 777[dash]28A0038.
Replacements: Group 3                    4           85       37,257       37,597            4  $150,388.
 airplanes identified in
 Boeing Service Bulletin
 777[dash]28A0038.
Replacements: Group 4                    4           85       17,816       18,156            0  No airplanes
 airplanes identified in                                                                         currently on
 Boeing Service Bulletin                                                                         U.S. Register.
 777[dash]28A0038.
Installations and                       76           85       29,934       36,394          130  $4,731,220.
 Measurement: Boeing Service
 Bulletin 777[dash]28A0037.
----------------------------------------------------------------------------------------------------------------

Authority for This Rulemaking

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

Regulatory Findings

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

List of Subjects in 14 CFR Part 39

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

Adoption of the Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

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

2011-09-15 The Boeing Company: Amendment 39-16677; Docket No. FAA-
2010-1205; Directorate Identifier 2010-NM-146-AD.

Effective Date

    (a) This AD is effective June 6, 2011.

Affected ADs

    (b) AD 2008-11-13, Amendment 39-15536, affects this AD.

Applicability

    (c) This AD applies to The Boeing Company Model 777-200, -200LR,
-300, and -300ER series airplanes, certificated in any category; as
identified in the service information specified in paragraphs (c)(1)
and (c)(2) of this AD.
    (1) Boeing Service Bulletin 777-28A0038, Revision 1, dated
September 20, 2010.
    (2) Boeing Service Bulletin 777-28A0037, Revision 2, dated
September 20, 2010.

Subject

    (d) Air Transport Association (ATA) of America Code 28: Fuel.

Unsafe Condition

    (e) This AD was prompted by fuel system reviews conducted by the
manufacturer. The Federal Aviation Administration is issuing this AD
to prevent potential ignition sources inside fuel tanks, which, in
combination with flammable fuel vapors, could result in a fuel tank
explosion and consequent loss of the airplane.

Compliance

    (f) You are responsible for having the actions required by this
AD performed within the compliance times specified, unless the
actions have already been done.

Related Airworthiness Limitation

    Note 1: AD 2008-11-13 requires a revision of the Airworthiness
Limitations (AWLs) section of the Instructions for Continued
Airworthiness to include limitations for the fuel tank systems. One
of the limitations, AWL 28-AWL-18, requires a repetitive

inspection of the ground fault interrupter (GFI) functions.

Installations and Software Changes

    (g) For Groups 1 and 2 airplanes identified as Configuration 2
in Boeing Service Bulletin 777-28A0037, Revision 2, dated September
20, 2010: Within 36 months after the effective date of this AD,
install new panels, P301 and P302, in the main equipment center;
make certain wiring changes; install new GFI relays in the P301 and
P302 panels; and install new electrical load management system
(ELMS) software; as applicable. Do the applicable actions in
accordance with the Accomplishment Instructions of Boeing Service
Bulletin 777-28A0037, Revision 2, dated September 20, 2010, except
as specified in paragraph (j) of this AD.

    Note 2:  Boeing Service Bulletin 777-28A0039, Revision 2, dated
September 20, 2010, is an additional source of guidance for
installing ELMS software.

    Note 3:  Smiths Service Bulletin 5000ELM-28-454, dated August
13, 2007; and GE Aviation Service Bulletin 6000ELM-28-455, Revision
1, dated February 1, 2010; are additional sources of guidance for
making a wiring change in the P110 and P210 panels, respectively.

    (h) For Groups 1 and 2 airplanes identified as Configuration 1
in Boeing Service Bulletin 777-28A0037, Revision 2, dated September
20, 2010: Within 36 months after the effective date of this AD, do
bonding resistance measurements to verify bonding requirements as
specified in Boeing Service Bulletin 777-28A0037, Revision 2, dated
September 20, 2010, are met, in accordance with the Accomplishment
Instructions of Boeing Service Bulletin 777-28A0037, Revision 2,
dated September 20, 2010.

Replacement of GFI Relays

    (i) For airplanes identified in Boeing Service Bulletin 777-
28A0038, Revision 1, dated September 20, 2010: Within 60 months
after the effective date of this AD, replace 4 main tank boost pump
relays in electrical load management system panels P110, P210, and
P320 with new GFI relays, in accordance with the Accomplishment
Instructions of Boeing Service Bulletin 777-28A0038, Revision 1,
dated September 20, 2010, except as specified in paragraph (j) of
this AD.

    Note 4:  Boeing Service Bulletin 777-28A0038, Revision 1, dated
September 20, 2010, references the service bulletins identified in
Table 1 of this AD as additional sources of guidance for replacing
the main tank boost pump relays.

              Table 1--Additional Sources of Guidance for Replacing the Main Tank Boost Pump Relays
----------------------------------------------------------------------------------------------------------------
 Group number of airplanes, as
  identified in Boeing Service
 Bulletin 777-28A0038, Revision     Panel No.     Service bulletin    Revision level              Date
  1, dated September 20, 2010
----------------------------------------------------------------------------------------------------------------
Group 1........................            P110  Smiths Service     Original.........  August 8, 2007.
                                                  Bulletin 5000ELM-
                                                  28-443.
Group 1........................            P210  Smiths Service     Original.........  August 8, 2007.
                                                  Bulletin 6000ELM-
                                                  28-444.
Group 1........................            P320  Smiths Service     Original.........  August 8, 2007.
                                                  Bulletin 4000ELM-
                                                  28-445.
Group 2........................            P110  GE Aviation        1................  January 7, 2010.
                                                  Service Bulletin
                                                  5000ELM-28-446.
Group 2........................            P210  Smiths Service     Original.........  August 8, 2007.
                                                  Bulletin 6000ELM-
                                                  28-447.
Group 2........................            P320  GE Aviation        1................  January 7, 2010.
                                                  Service Bulletin
                                                  4000ELM-28-448.
Group 3........................            P110  GE Aviation        1................  January 7, 2010.
                                                  Service Bulletin
                                                  5000ELM-28-449.
Group 3........................            P210  Smiths Service     Original.........  August 8, 2007.
                                                  Bulletin 6000ELM-
                                                  28-450.
Group 3........................            P320  GE Aviation        1................  January 7, 2010.
                                                  Service Bulletin
                                                  4000ELM-28-451.
Group 4........................            P110  Smiths Service     Original.........  August 8, 2007.
                                                  Bulletin 5000ELM-
                                                  28-463.
Group 4........................            P210  Smiths Service     Original.........  August 8, 2007.
                                                  Bulletin 6000ELM-
                                                  28-464.
Group 4........................            P320  Smiths Service     Original.........  August 8, 2007.
                                                  Bulletin 4000ELM-
                                                  28-465.
----------------------------------------------------------------------------------------------------------------

Optional Method To Install a Label

    (j) Where Boeing Service Bulletin 777-28A0037, Revision 2, dated
September 20, 2010; and Boeing Service Bulletin 777-28A0038,
Revision 1, dated September 20, 2010: specify installing a label, an
operator's equivalent procedure may be used as a method to indelibly
mark the applicable service bulletin number on the panel.

    Note 5:  Additional guidance on indelibly marking the panel may
also be found in Boeing Standard BAC5307.

Alternative Methods of Compliance (AMOCs)

    (k)(1) The Manager, Seattle Aircraft Certification Office (ACO),
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 local
Flight Standards District Office, as appropriate. If sending
information directly to the manager of the ACO, send it to the
attention of the person identified in the Related Information
section of this AD. Information may be e-mailed to<EMAIL_ADDRESS>    (2) Before using any approved AMOC, notify your appropriate
principal inspector, or lacking a principal inspector, the manager
of the local flight standards district office/certificate holding
district office.

Related Information

    (l) For more information about this AD, contact Georgios
Roussos, Aerospace Engineer, Systems and Equipment Branch, ANM-130S,
FAA, Seattle Aircraft Certification Office, 1601 Lind Avenue, SW.,
Renton, Washington 98057-3356; telephone:<PHONE_NUMBER>; fax: 425-
917-6590; e-mail<EMAIL_ADDRESS>
Material Incorporated by Reference

    (m) You must use Boeing Service Bulletin 777-28A0038, Revision
1, dated September 20, 2010; or Boeing Service Bulletin 777-28A0037,
Revision 2, dated September 20, 2010; as applicable; to do the
actions required by this AD, unless the AD specifies otherwise.
    (1) The Director of the Federal Register approved the
incorporation by reference of this service information under 5
U.S.C. 552(a) and 1 CFR part 51.
    (2) For Boeing service information identified in this AD,
contact Boeing Commercial Airplanes, Attention: Data & Services
Management, P.O. Box 3707, MC

2H-65, Seattle, Washington 98124-2207; telephone<PHONE_NUMBER>,
extension 1; fax<PHONE_NUMBER>; e-mail<EMAIL_ADDRESS>Internet
https://www.myboeingfleet.com.
    (3) For Smiths and GE Aviation service information identified in
this AD, contact GE Aviation, Customer Support Center, 1 Neumann
Way, Cincinnati, Ohio 45215; telephone<PHONE_NUMBER>; e-mail
<EMAIL_ADDRESS>Internet http://www.geaviation.com.
    (4) You may review copies of the service information at the FAA,
1601 Lind Avenue, SW., Renton, Washington. For information on the
availability of this material at the FAA, call<PHONE_NUMBER>.
    (5) You may also review copies of the service information that
is incorporated by reference at the National Archives and Records
Administration (NARA). For information on the availability of this
material at an NARA facility, call<PHONE_NUMBER>, or go to http://www.archives.gov/federal_register/code_of_federal_regulations/ibr_locations.html.

    Issued in Renton, Washington, on April 8, 2011.
Ali Bahrami,
Manager, Transport Airplane Directorate, Aircraft Certification
Service.
[FR Doc. 2011-9917 Filed 4-29-11; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 76, Number 153 (Tuesday, August 9, 2011)]
[Notices]
[Pages 48870-48871]
[FR Doc No: 2011-20117]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2010-D-0428]

Guidance for Industry and Food and Drug Administration Staff;
Class II Special Controls Guidance Document: Herpes Simplex Virus Types
1 and 2 Serological Assays; Availability

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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

SUMMARY: The Food and Drug Administration (FDA) is announcing the
availability of the guidance entitled ``Class II Special Controls
Guidance Document: Herpes Simplex Virus Types 1 and 2 Serological
Assays.'' This guidance document describes a means by which the herpes
simplex virus types 1 and 2 serological assay device type may comply
with the requirement of special controls for class II devices.

DATES: Submit either electronic or written comments on this guidance at
any time. General comments on Agency guidance documents are welcome at
any time.

ADDRESSES: Submit written requests for single copies of the guidance
document entitled ``Class II Special Controls Guidance Document: Herpes
Simplex Virus Types 1 and 2 Serological Assays'' to the Division of
Small Manufacturers, International and Consumer Assistance, Center for
Devices and Radiological Health, Food and Drug Administration, 10903
New Hampshire Ave., Bldg. 66, rm. 4613, Silver Spring, MD 20993-

0002. Send one self-addressed adhesive label to assist that office in
processing your request, or fax your request to<PHONE_NUMBER>. See the
SUPPLEMENTARY INFORMATION section for information on electronic access
to the guidance.
    Submit electronic comments on the guidance to http://www.regulations.gov. Submit written comments to the Division of Dockets
Management (HFA-305), Food and Drug Administration, 5630 Fishers Lane,
rm. 1061, Rockville, MD 20852. Identify comments with the docket number
found in brackets in the heading of this document.

FOR FURTHER INFORMATION CONTACT: Haja Sittana El Mubarak, Center for
Devices and Radiological Health, Food and Drug Administration, 10903
New Hampshire Ave., Bldg. 66, rm. 5519, Silver Spring, MD 20993-0002,
301-796-6193.

SUPPLEMENTARY INFORMATION:

I. Background

    This guidance document provides recommendations on the types of
information and data that FDA believes needs to be included in a 510(k)
for herpes simplex virus (HSV) types 1 and 2 serological assays. HSV
serological assays are devices that consist of antigens and antisera
used in various serological tests to identify antibodies to HSV in
serum. Additionally, some of the assays consist of HSV antisera
conjugated with a fluorescent dye (immunofluorescent assays) used to
identify HSV directly from clinical specimens or tissue culture
isolates derived from clinical specimens. The identification aids in
the diagnosis of diseases caused by HSVs and provides epidemiological
information on these diseases. Herpes simplex viral infections range
from common and mild lesions of the skin and mucous membranes to a
severe form of encephalitis (inflammation of the brain). Neonatal
herpes virus infections range from a mild infection to a severe
generalized disease with a fatal outcome. We revised the existing
guidance by rewriting the method comparison section and the sample
selection inclusion and exclusion criteria section. The revisions
define and differentiate the required studies and the study populations
for the assessment of the safety and effectiveness of the different
types of HSV types 1 and 2 serological assays. Additionally, the
revisions include several corrections and clarifications throughout the
document to ensure accuracy, consistency, and ease of reading. The
draft of this guidance issued on September 28, 2010 (75 FR 59726) and
the comment period closed on December 27, 2010. We received no comments
on the draft guidance. Elsewhere in this issue of the Federal Register,
FDA is finalizing the amendment of the special controls guidance
document and designating this guidance as the class II special control
for HSV types 1 and 2 serological assays. Following the effective date
in the final rule finalizing the amendment of the special controls
guidance document, this revised guidance document will serve as the
special control for this device and supersedes the guidance with the
same name that issued on April 3, 2007 (72 FR 15888).

II. Significance of Special Controls Guidance Document

    FDA believes that adherence to the recommendations described in
this guidance document, in addition to the general controls, will
provide reasonable assurance of the safety and effectiveness of the HSV
types 1 and 2 serological assays classified under 21 CFR 866.3305. In
order to be classified as a class II device, HSV types 1 and 2
serological assays must comply with the requirements of special
controls; manufacturers must address the issues requiring special
controls as identified in the guidance document, either by following
the recommendations in the guidance document or by some other means
that provides equivalent assurances of safety and effectiveness.

III. Electronic Access

    Persons interested in obtaining a copy of the guidance may do so by
using the Internet. A search capability for all CDRH guidance documents
is available at http://www.fda.gov/MedicalDevices/DeviceRegulationandGuidance/GuidanceDocuments/default.htm. Guidance
documents are also available at http://www.regulations.gov. To receive
``Class II Special Controls Guidance Document: Herpes Simplex Virus
Types 1 and 2 Serological Assays,'' you may either send an e-mail
request to<EMAIL_ADDRESS>to receive an electronic copy of the
document or send a fax request to<PHONE_NUMBER> to receive a hard copy.
Please use the document number 1713 to identify the guidance you are
requesting.

IV. Paperwork Reduction Act

    This guidance refers to previously approved collections of
information found in FDA regulations and guidance documents. These
collections of information are subject to review by the Office of
Management and Budget (OMB) under the Paperwork Reduction Act of 1995
(44 U.S.C. 3501-3520). The collections of information in 21 CFR part
807, subpart E, have been approved under OMB control number 0910-0120;
the collections of information in 21 CFR part 812 have been approved
under OMB control number 0910-0078; and the collections of information
in 21 CFR part 801 and 21 CFR 809.10 have been approved under OMB
control number 0910-0485.

V. Comments

    Interested persons may submit to the Division of Dockets Management
(see ADDRESSES), either electronic or written comments regarding this
document. It is only necessary to send one set of comments. It is no
longer necessary to send two copies of mailed comments. Identify
comments with the docket number found in brackets in the heading of
this document. Received comments may be seen in the Division of Dockets
Management between 9 a.m. and 4 p.m., Monday through Friday.

    Dated: August 3, 2011.
Nancy K. Stade,
Deputy Director for Policy, Center for Devices and Radiological Health.
[FR Doc. 2011-20117 Filed 8-8-11; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register Volume 88, Number 201 (Thursday, October 19, 2023)]
[Rules and Regulations]
[Pages 71990-71991]
[FR Doc No: 2023-22993]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2023-1325; Airspace Docket No. 23-AGL-17]
RIN 2120-AA66

Amendment of VOR Federal Airway V-36 and Establishment of RNAV
Route T-675; Northcentral United States

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule, delay of effective date.

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

SUMMARY: This action changes the effective date of a final rule
published in the Federal Register on September 22, 2023, amending Very
High Frequency Omnidirectional Range (VOR) Federal airway V-36 and
establishing Canadian Area Navigation (RNAV) route T-675 in the
northcentral United States (U.S.). The FAA is delaying the effective
date to coincide with the expected completion of the associated
aeronautical data requirements for establishing all segments of
Canadian RNAV route T-675 within U.S. airspace and to adopt the rule
amendments concurrently.

DATES: The effective date of the final rule published on September 22,
2023 (88 FR 65311) is delayed from November 30, 2023, to March 21,
2024. The Director of the Federal Register

approved this incorporation by reference action under Title 1 Code of
Federal Regulations part 51, subject to the annual revision of FAA JO
Order 7400.11 and publication of conforming amendments.

FOR FURTHER INFORMATION CONTACT: Colby Abbott, Rules and Regulations
Group, Office of Policy, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

SUPPLEMENTARY INFORMATION:

Background

    The FAA published a final rule in the Federal Register for Docket
No. FAA-2023-1325 (88 FR 65311, September 22, 2023), amending VOR
Federal airway V-36 and establishing Canadian RNAV route T-675 within
U.S. airspace. In the final rule, the FAA added a cross-border route
segment to T-675, at NavCanada's request, and explained the inclusion
of the additional route segment as a difference from the proposed
action published in the notice of proposed rulemaking (NPRM). The
effective date for that final rule is November 30, 2023. After
publishing the final rule, the FAA realized that not all the necessary
aeronautical data required for establishing the additional segment of
Canadian RNAV route T-675 within U.S. airspace had been submitted in
time or accomplished for updating the FAA's National Airspace System
Resource (NASR) database to meet the November 30, 2023, effective date.
The FAA has determined delaying the effective date for the entire rule
prevents confusion associated with amending V-36 and establishing T-675
in Airspace Docket 23-AGL-17 with two different effective dates for two
chart cycles four months apart, and ensures all of the V-36 and T-675
actions publish accurately and concurrently on the same date.
    The FAA expects to complete the associated aeronautical data
requirements and update the NASR database for establishing all segments
of Canadian RNAV route T-675 by March 21, 2024; therefore, the rule
amending VOR Federal airway V-36 and establishing Canadian RNAV route
T-675 within US airspace is delayed to coincide with that date.
    VOR Federal airways are published in paragraph 6010(a) and Canadian
Area Navigation Routes (T-routes) are published in paragraph 6013 of
FAA JO Order 7400.11, Airspace Designations and Reporting Points, which
is incorporated by reference in 14 CFR 71.1 on an annual basis. This
document amends the current version of that order, FAA Order JO
7400.11H, dated August 11, 2023, and effective September 15, 2023. FAA
Order JO 7400.11H is publicly available online at www.faa.gov/air_traffic/publications/. You may also contact the Rules and
Regulations Group, Office of Policy, Federal Aviation Administration,
800 Independence Avenue SW, Washington DC 20591; telephone: (202) 267-
8783.
    FAA Order JO 7400.11H lists Class A, B, C, D, and E airspace areas,
air traffic service routes, and reporting points.

Good Cause for No Notice and Comment

    Section 553(b)(3)(B) of Title 5, United States Code, (the
Administrative Procedure Act) authorizes agencies to dispense with
notice and comment procedures for rules when the agency for ``good
cause'' finds that those procedures are ``impracticable, unnecessary,
or contrary to the public interest.'' Under this section, an agency,
upon finding good cause, may issue a final rule without seeking comment
prior to the rulemaking. The FAA finds that prior notice and public
comment to this final rule is unnecessary due to the brief length of
the extension of the effective date and the fact that there is no
substantive change to the rule.

Delay of Effective Date

    Accordingly, pursuant to the authority delegated to me, the
effective date of the final rule, Airspace Docket 23-AGL-17, as
published in the Federal Register on September 22, 2023 (88 FR 65311),
FR Doc. 2023-20449, is hereby delayed until March 21, 2024.

    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.

    Issued in Washington, DC, on October 13, 2023.
Karen L. Chiodini,
Acting Manager, Rules and Regulations Group.
[FR Doc. 2023-22993 Filed 10-18-23; 8:45 am]
BILLING CODE 4910-13-P