[Federal Register: May 14, 2009 (Volume 74, Number 92)]
[Notices]
[Page 22766-22769]
[DOCID:fr14my09-74]

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

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 28722; File No. 812-13598]

Flaherty & Crumrine Preferred Income Fund Incorporated, et al.;
Notice of Application

May 8, 2009.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of application for an order under section 6(c) of the
Investment Company Act of 1940 (``Act'') for an exemption from sections
18(a)(1)(A) and (B) of the Act.

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

Applicants: Flaherty & Crumrine Preferred Income Fund Incorporated
(``PFD''), Flaherty & Crumrine Preferred Income Opportunity Fund
Incorporated (``PFO''), Flaherty & Crumrine/Claymore Preferred
Securities Income Fund Incorporated (``FFC''), and Flaherty & Crumrine/
Claymore Total Return Fund Incorporated (``FLC'') (each, a ``Fund'' and
collectively, ``Funds'').

Summary of Application: Applicants request an order (``Order'')
granting an exemption from sections 18(a)(1)(A) and (B) of the Act for
a period from the date of the Order until October 31, 2010. The Order
would permit each Fund to issue or incur debt that would be used to
redeem the Fund's auction preferred shares (``APS Shares'') issued
prior to February 1, 2008 that are outstanding at the time of such
issuance or incurrence (``post-Order debt''), and to refinance such
post-Order debt, subject to the 200% asset coverage requirement
ordinarily applicable to a senior security that is stock. The Order
also would permit each Fund to declare dividends or any other
distributions on, or purchase, capital stock during the term of the
Order, provided that any such post-Order debt has asset coverage of at
least 200% after deducting the amount of such transaction.

Filing Dates: The application was filed on November 4, 2008, and
amended on March 23, 2009 and April 23, 2009.

Hearing or Notification of Hearing: An order granting the application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the Commission's Secretary
and serving applicants with a copy of the request, personally or by
mail. Hearing requests should be received by the Commission by 5:30
p.m. on May 29, 2009, and should be accompanied by proof of service on
applicants, in the form of an affidavit or, for lawyers, a certificate
of service. Hearing requests should state the nature of the writer's
interest, the reason for the request, and the issues contested. Persons
who wish to be notified of a hearing may request notification by
writing to the Commission's Secretary.

ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street,
NE., Washington, DC 20549-1090. Applicants: Donald F. Crumrine,
Flaherty & Crumrine Incorporated, 301 E. Colorado Boulevard, Suite 720,
Pasadena, CA 91101.

FOR FURTHER INFORMATION CONTACT: Steven I. Amchan, Attorney Adviser, at
(202) 551-6826, or Jennifer L. Sawin, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Office of Investment Company
Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or an applicant
using the Company name box, at http://www.sec.gov/search/search.htm or
by calling<PHONE_NUMBER>.

Applicants' Representations

    1. Each of the Funds is organized as a Maryland corporation. PFD,
PFO, and FLC are registered under the Act as diversified, closed-end
management investment companies. FFC is registered under the Act as a
non-diversified, closed-end management investment company. Each Fund is
advised by Flaherty & Crumrine Incorporated (``Flaherty & Crumrine'')
and has issued and outstanding a class of common shares and a class of
one or more series of APS Shares.
    2. Applicants state that the Funds issued their APS Shares for
purposes of investment leverage to augment the amount of investment
capital available for use in the pursuit of their investment
objectives. Applicants state that, through the use of leverage, the
Funds seek to enhance the investment return available to the holders of
their common shares by earning a rate of portfolio return (which
includes the return related to investments made with proceeds from
leverage) that exceeds the leverage costs. Applicants represent that
owners of APS Shares of FFC and FLC are entitled to receive a stated
liquidation preference amount of $25,000 per share (plus any
accumulated but unpaid dividends), and owners of APS Shares of PFD and
PFO are entitled to receive a stated liquidation preference amount of
$100,000 per share (plus any accumulated but unpaid dividends), in any
liquidation, dissolution, or winding up of the relevant Fund before any
distribution or payment to holders of the Fund's common shares. They
state that dividends declared and payable on APS Shares have a similar
priority over dividends declared and payable on the Fund's common
shares. In addition, applicants state that APS Shares are ``perpetual''
securities and are not subject to mandatory redemption by a Fund so
long as certain asset coverage tests are met. Further, applicants state
that APS Shares are redeemable at each Fund's option.
    3. Applicants state that prior to February 2008, dividend rates on
the APS Shares for each dividend period were set at the market clearing
rate determined through an auction process that brought together
bidders, who sought to buy APS Shares, and holders of APS Shares, who
sought to sell their APS Shares. Applicants represent that each Fund's
Articles Supplementary provide that if an auction fails to clear
(because of an imbalance of sell orders over bids), the dividend
payment rate over the next dividend period is set at a specified
maximum applicable rate (the ``Maximum Rate'') determined by reference
to a short-term market interest rate (i.e., a commercial paper rate).
Applicants state that an unsuccessful auction is not a default; the
relevant Fund continues to pay dividends to all holders of APS Shares,
but at the specified Maximum Rate rather than a market clearing rate.
Applicants represent that the Funds experienced no unsuccessful
auctions prior to February 2008.
    4. Applicants state that if investors did not purchase all of the
APS Shares tendered for sale at an auction prior to the failure of the
auction market, dealers historically would enter into the auction and
purchase any excess shares to prevent the auction from failing.
Applicants represent that this auction mechanism had generally provided
readily available liquidity to holders of APS Shares for more than
twenty years. Applicants state that they understand that many investors
may have invested short-term cash balances in APS Shares believing they
were safe short-term investments and, in many cases, the equivalent of
cash.
    5. Applicants state that in February 2008, the financial
institutions that historically provided ``back stop'' liquidity to APS
Shares auctions stopped participating in them and the auctions began to
fail. Applicants further state that, beginning in February 2008, the
Funds experienced auction failures due to an imbalance between buy and
sell orders. Applicants believe that there is no established secondary
market that would provide holders of the Funds' APS Shares with the
liquidation preference of $25,000 or $100,000, as the case may be, per
share. As described more fully in the application, Applicants state
that they believe they have redeemed as much of the Funds' APS Shares
as appropriate and feasible. Applicants state, however, that none of
the Funds would be able to replace its APS Shares entirely with new
debt without the requested Order providing temporary relief from the
300% asset coverage test. As a result, applicants state that there is
currently no reliable mechanism for holders of their APS Shares to
obtain liquidity, and believe that the current lack of liquidity is
causing distress and creating severe hardship for holders of their APS
Shares.
    6. Applicants seek relief for a temporary period from the date on
which the Order is granted until October 31, 2010 (``Exemption
Period''). The proposed replacement of the Funds' APS Shares with debt
would provide liquidity for holders of the Funds' APS Shares, while
Applicants continue their diligent efforts to obtain a more permanent
form of financing, such as a new type of senior security that is
equity.\1\ Applicants submit that the gradual reduction of leverage
through the use of proceeds of any common share issuances or the
development of an alternative form of preferred stock might take
several months, if at all, after the Order has been issued. Applicants
state that it is uncertain when, or if, the securities and capital
markets will return to conditions that would enable the Funds to
achieve compliance with the asset coverage requirements that would
apply in the absence of the Order. Given the uncertainty and the
current and continuing unsettled state of the securities and capital
markets, applicants believe that the Exemption Period is reasonable and
appropriate. Each Fund's incurrence of debt to redeem its APS Shares
would be subject to approval by the Fund's board of directors
(``Board'').
---------------------------------------------------------------------------

    \1\ See, e.g., Eaton Vance Management, SEC No-Action Letter
(June 13, 2008) (permitting the issuance of ``liquidity protected
preferred shares'' to supplement or replace Eaton Vance funds'
auction rate preferred stock).
---------------------------------------------------------------------------

Applicants' Legal Analysis

    1. Section 18(a)(1)(A) of the Act provides that it is unlawful for
any registered closed-end investment company to issue any class of
senior security representing indebtedness, or to sell such security of
which it is the issuer, unless the class of senior security will have
an asset coverage of at least 300% immediately after issuance or sale.
Section 18(a)(2)(A) of the Act provides that it is unlawful for any
registered closed-end investment company to issue any class of senior
security that is a stock, or to sell any such security of which it is
the issuer, unless the class of senior security will have an asset
coverage of at least 200% immediately after such issuance or sale.\2\
---------------------------------------------------------------------------

    \2\ Section 18(h) of the Act defines asset coverage of a senior
security representing indebtedness of an issuer as the ratio which
the value of the total assets of the issuer, less all liabilities
and indebtedness not represented by senior securities, bears to the
aggregate amount of senior securities representing indebtedness of
the issuer. The section defines asset coverage of the preferred
stock of an issuer as the ratio which the value of the total assets
of the issuer, less all liabilities and indebtedness not represented
by senior securities, bears to the aggregate amount of senior
securities representing indebtedness of the issuer plus the
aggregate amount the class of senior security would be entitled to
on involuntary liquidation.
---------------------------------------------------------------------------

    2. Section 18(a)(1)(B) prohibits a closed-end fund from declaring a
dividend or other distribution on, or purchasing, its own capital stock
unless its outstanding indebtedness will have an asset coverage of at
least 300%

immediately after deducting the amount of such dividend, distribution
or purchase price.\3\ Section 18(a)(2)(B) prohibits a closed-end fund
from declaring a dividend or other distribution on, or purchasing, its
own common stock unless its outstanding preferred stock will have an
asset coverage of at least 200% immediately after deducting the amount
of such dividend, distribution or purchase price.
---------------------------------------------------------------------------

    \3\ An exception is made for the declaration of a dividend on a
class of preferred stock if the senior security representing
indebtedness has an asset coverage of at least 200% at the time of
declaration after deduction of the amount of such dividend. See
section 18(a)(1)(B) of the Act. Further, section 18(g) of the Act
provides, among other things, that ``senior security,'' for purposes
of section 18(a)(1)(B), does not include any promissory note or
other evidence of indebtedness issued in consideration of any loan,
extension or renewal thereof, made by a bank or other person and
privately arranged, and not intended to be publicly distributed.
---------------------------------------------------------------------------

    3. Section 6(c) of the Act provides, in relevant part, that the
Commission, by order upon application, may conditionally or
unconditionally exempt any person, security, or transaction from any
provision of the Act if and to the extent necessary or appropriate in
the public interest and consistent with the protection of investors and
the purposes fairly intended by the policy and provisions of the Act.
    4. Applicants request that the Commission issue an Order under
section 6(c) of the Act to exempt each Fund from the 300% asset
coverage requirements set forth in sections 18(a)(1)(A) and (B) of the
Act. Specifically, applicants seek relief to permit each Fund, for the
Exemption Period, to issue or incur post-Order debt for the purpose of
redeeming all or a portion of its APS Shares that were issued prior to
February 1, 2008 and that are outstanding at the time of such issuance
or incurrence, as well as any refinancing of such debt until the
expiration of the Exemption Period, subject to asset coverage of 200%
ordinarily applicable to a senior security that is stock, rather than
the asset coverage of 300% ordinarily applicable to a senior security
constituting indebtedness. Applicants also seek relief to permit each
Fund to declare dividends or any other distributions on, or purchase,
capital stock during the Exemption Period, provided that any such post-
Order debt has asset coverage of at least 200% after deducting the
amount of such transaction. Applicants state that, except as permitted
under the requested Order, if issued, the Funds would meet all of the
asset coverage requirements of section 18(a) of the Act. In addition,
applicants state that within the Exemption Period each Fund that
borrows in reliance on the Order will either pay down or refinance the
post-Order debt so that the Fund would, then and thereafter, have asset
coverage of at least 300% for each class of senior security
representing indebtedness to the extent required by the Act.
    5. Applicants state that section 18 reflects congressional concerns
regarding preferential treatment for certain classes of shareholders,
complex capital structures, and the use of excessive leverage.
Applicants submit that another concern was that senior securities gave
the misleading impression of safety from risk. Applicants believe that
the request for temporary relief is necessary, appropriate and in the
public interest and that such relief is consistent with the protection
of investors and the purposes intended by the policy and provisions of
the Act.
    6. Applicants note that the illiquidity of APS Shares is a unique,
exigent situation that is posing severe hardships on APS Shares
shareholders. Applicants represent that the proposed replacement of the
APS Shares with debt would provide liquidity for the Funds' APS Shares
shareholders while the Funds continue their efforts to obtain a more
permanent form of financing (such as through the issuance of preferred
equity-based instruments) that fully complies with the asset coverage
requirements of section 18.\4\
---------------------------------------------------------------------------

    \4\ See supra note 1.
---------------------------------------------------------------------------

    7. Applicants represent that the Order would help avoid the
potential harm to common shareholders that could result if the Funds
were to deleverage their portfolios in the current difficult market
environment \5\ or that could result if a reduction in investment
return reduced the market price of common shares. Applicants also state
that the requested Order would permit the Funds to continue to provide
their common shareholders with the enhanced returns that leverage may
provide.
---------------------------------------------------------------------------

    \5\ Applicants state that each Fund's portfolio consists
primarily of preferred securities. Applicants further state that
Flaherty & Crumrine concluded that preferred securities were
significantly undervalued and traded at historically wide spreads to
benchmark fixed-income asset classes. Applicants state they believe
that further deleveraging in the current market environment would
not be a reasonable method to provide liquidity to their remaining
APS Shares shareholders.
---------------------------------------------------------------------------

    8. Applicants believe that the interests of both classes of the
Funds' current investors would be well served by the requested order--
the APS Shares shareholders because they would achieve the liquidity
that the market currently cannot provide (as well as full recovery of
the liquidation value of their shares), and the common shareholders
because the adverse consequences of forced deleveraging would be
avoided and each Fund's investment return would be enhanced to the
extent that the cost of the new form of leverage is lower than the cost
of continuing to pay the Maximum Rate on outstanding APS Shares.
    9. Applicants represent that the proposed borrowing would be
obtained from banks, insurance companies or qualified institutional
buyers (as defined in Rule 144(a)(1) under the Securities Act of 1933)
who would be capable of assessing the risk associated with the
transaction. Applicants also state that, to the extent the Act's asset
coverage requirements were aimed at limiting leverage because of its
potential to magnify losses as well as gains, they believe that the
proposal would not unduly increase the speculative nature of the Funds'
common shares because the relief is temporary and the Funds would be no
more highly leveraged if they replace the existing APS Shares with
borrowing.\6\ Applicants also state that the proposed liquidity
solution actually could simplify the Funds' capital structures, and
would not make them more complex, opaque, or hard to understand or
result in pyramiding or inequitable distribution of control.
---------------------------------------------------------------------------

    \6\ Applicants acknowledge that managing any portfolio that
relies on borrowing for leverage entails the risk that, when the
borrowing matures and must be repaid or refinanced, an economically
attractive form of replacement leverage may not be available in the
capital markets. For that reason, any portfolio that relies on
borrowing for leverage is subject to the risk that it may have to
forcibly deleverage, which could be disadvantageous to the
portfolio's common shareholders. Applicants therefore state that
they regard leveraging through borrowing as potentially a temporary,
interim step, with the issuance of new preferred equity-based
instruments as a possible longer-term replacement source of
portfolio leverage.
---------------------------------------------------------------------------

    10. Applicants state that the current state of the credit markets,
which has affected the APS Shares, is an historic event of unusual
severity, which requires a creative and flexible response on the part
of both the public and private sectors. Applicants believe that these
issues have created an urgent need for limited, quick, thoughtful and
responsive solutions. Applicants believe that the request meets the
standards for exemption under section 6(c) of the Act.

Applicants' Conditions

    Applicants agree that any order granting the requested relief shall
be subject to the following conditions:
    1. Each Fund that borrows subject to 200% asset coverage under the
order

will do so only if such Fund's Board, including a majority of the
directors who are not ``interested persons'' (as defined in section
2(a)(19) of the Act) (``Independent Directors''), shall have determined
that such borrowing is in the best interests of such Fund, its common
shareholders, and its APS Shares shareholders. Each Fund shall make and
preserve for a period of not less than six years from the date of such
determination, the first two years in an easily accessible place,
minutes specifically describing the deliberations by the Board and the
information and documents supporting those deliberations, the factors
considered by the Board in connection with such determination, and the
basis of such determination.
    2. Upon expiration of the Exemption Period, each Fund will have
asset coverage of at least 300% for each class of senior security
representing indebtedness.
    3. The Board of any Fund that has borrowed in reliance on the order
shall receive and review, no less frequently than quarterly during the
Exemption Period, detailed progress reports prepared by management (or
other parties selected by the Independent Directors) regarding and
assessing the efforts that the Fund has undertaken, and the progress
that the Fund has made, towards achieving compliance with the
appropriate asset coverage requirements under section 18 by the
expiration of the Exemption Period. The Board, including a majority of
the Independent Directors, will make such adjustments as it deems
necessary or appropriate to ensure that the applicant comes into
compliance with section 18 of the Act within a reasonable period of
time, not to exceed the expiration of the Exemption Period. Each Fund
will make and preserve minutes describing these reports and the Board's
review, including copies of such reports and all other information
provided to or relied upon by the Board, for a period of not less than
six years, the first two years in an easily accessible place.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-11234 Filed 5-13-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: May 5, 2006 (Volume 71, Number 87)]
[Notices]
[Page 26572]
[DOCID:fr05my06-135]

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

SECURITIES AND EXCHANGE COMMISSION

Submission for OMB Review; Comment Request

Upon written request, copies available from: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549.

Extension: Form 24F-2; SEC File No. 270-399; OMB Control No. 3235-
0456.

    Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange Commission
(``Commission'') has submitted to the Office of Management and Budget
requests for extension of the previously approved collections of
information discussed below.
    Rule 24f-2 (17 CFR 270.24f-2) under the Investment Company Act of
1940 requires any open-end management companies (``mutual funds''),
unit investment trusts (``UITs'') or face-amount certificate companies
(collectively, ``funds'') deemed to have registered an indefinite
amount of securities to file, not later than 90 days after the end of
any fiscal year in which it has publicly offered such securities, Form
24F-2 with the Commission.\1\ Form 24F-2 is the annual notice of
securities sold by funds that accompanies the payment of registration
fees with respect to the securities sold during the fiscal year.
---------------------------------------------------------------------------

    \1\ 17 CFR 274.24.
---------------------------------------------------------------------------

    The Commission estimates that 5,509 funds file Form 24F-2 on the
required annual basis. The average annual burden per respondent for
Form 24F-2 is estimated to be two hours. The total annual burden for
all respondents to Form 24F-2 is estimated to be 11,018 hours. The
estimate of average burden hours is made solely for the purposes of the
Paperwork Reduction Act, and is not derived from a comprehensive or
even a representative survey or study of the costs of Commission rules.
    Compliance with the collection of information required by Form 24F-
2 is mandatory. The Form 24F-2 filing that must be made to the
Commission is available to the public. An agency may not conduct or
sponsor, and a person is not required to respond to, a collection of
information unless it displays a currently valid control number.
    General comments regarding the above information should be directed
to the following persons: (i) Desk officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503, or e-mail to:
<EMAIL_ADDRESS>and (ii) R. Corey Booth, Director/Chief

Information Officer, Securities and Exchange Commission, C/O Shirley
Martinson, 6432 General Green Way, Alexandria, Virginia 22312, or send
an e-mail to<EMAIL_ADDRESS>Comments must be submitted to OMB
within 30 days of this notice.

    April 25, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6-6778 Filed 5-4-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 88, Number 124 (Thursday, June 29, 2023)]
[Rules and Regulations]
[Pages 42028-42030]
[FR Doc No: 2023-13825]

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

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2023-0483]
RIN 1625-AA00

Safety Zone; Redwood City Fourth of July Fireworks; Redwood
Creek, Redwood City, CA

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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

SUMMARY: The Coast Guard is establishing a temporary safety zone on the
navigable waters of the Redwood Creek in Redwood City, CA in support of
a fireworks display on July 4, 2023. The safety zone is necessary to
protect personnel, vessels, and the marine environment from potential
hazards created by pyrotechnics. Unauthorized persons or vessels are
prohibited from entering into, transiting through, or remaining in the
safety zone without the permission of the Captain of the Port San
Francisco or a designated representative.

DATES: This rule is effective from 9 a.m. July 3, 2023, until 10:20
p.m. July 4, 2023.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to https://www.regulations.gov, type USCG-
2023-0483 in the search box and click ``Search.'' Next, in the Document
Type column, select ``Supporting & Related Material.''

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Petty Officer First Class Shannon Curtaz-Milian, U.S.
Coast Guard, Sector San Francisco, at<PHONE_NUMBER>,
[email protected].

SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
Sec.  Section
U.S.C. United States Code

II. Background Information and Regulatory History

    The Coast Guard is issuing this temporary rule without prior notice
and opportunity to comment pursuant to authority under section 4(a) of
the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because it is impracticable. The Coast Guard
did not receive final details for this event until June 12, 2023. It is
impracticable to go through the full notice and comment rule making
process because the Coast Guard must establish this safety zone by July
3, 2023, and lacks sufficient time to provide a reasonable comment
period and to consider those comments before issuing the rule.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this rule effective less than 30 days after
publication in the Federal Register. Delaying the effective date of
this rule would be impracticable and contrary to public interest
because action is necessary to protect personnel, vessels, and the
marine environment from the potential safety hazards associated with
the fireworks display on Redwood Creek in Redwood City, CA on July 4,
2023.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority 46 U.S.C.
70034 (previously 33 U.S.C. 1231). The Captain of the Port San
Francisco has determined that potential hazards associated with the
Redwood City Fourth of July Fireworks will be a safety concern for
anyone within a 100-foot radius of the fireworks vessel during loading
and staging on July 3, 2023, and anyone within a 850-foot radius of the
fireworks vessel starting 30 minutes before the fireworks display is
scheduled to commence and ending 30 minutes after the conclusion of the
fireworks display on July 4, 2023. For this reason, this temporary
safety zone is needed to protect personnel, vessels, and the marine
environment in the navigable waters around the fireworks vessel and
during the fireworks display.

IV. Discussion of the Rule

    This rule establishes a temporary safety zone from 9 a.m. on July
3, 2023, until 10:20 p.m. on July 4, 2023, during the loading, staging,
and transit of the fireworks vessel in San Francisco Bay from Pier 50
to Redwood Creek, Redwood City, CA, and until 30 minutes after
completion of the fireworks display. During the loading, staging, and
transit of the fireworks vessel, scheduled to take place between 9 a.m.
on July 3, 2023, until 9 p.m. on July 4, 2023, until 30 minutes prior
to the start of the fireworks display, the safety zone will encompass
the navigable waters around and under the fireworks vessel, from
surface to bottom, within a circle formed by connection of all points
100 feet out from the fireworks vessel. The fireworks display is
scheduled to start from 9:30 p.m. and end at approximately 9:50 p.m. on
July 4, 2023, on Redwood Creek in Redwood City, CA.
    The fireworks vessel will remain at Pier 50 until the start of its
transit to the display location. Movement of the vessel from Pier 50 to
the display location is scheduled to take place from 3 p.m. to 7 p.m.
on July 4, 2023, where it will remain until the conclusion of the
fireworks display.
    At 9 p.m. on July 4, 2023, 30 minutes prior to the commencement of
the 20-minute fireworks display, the safety zone will increase in size
and encompass the navigable waters around and under the fireworks
vessel, from surface to bottom, within a circle formed by all
connecting points 850 feet from the circle center at approximate
position 37[deg]30'28.48'' N, 122[deg]12'51.53'' W (NAD 83). The safety
zone will terminate at 10:20 p.m. on July 4, 2023, or as announced via
Broadcast Notice to Mariners.
    This regulation is necessary to keep persons and vessels away from
the immediate vicinity of the fireworks loading, staging, transit, and
display site. Except for persons or vessels authorized by the COTP or
the COTP's designated representative, no person or vessel may enter or
remain in the restricted area. A ``designated representative'' means a
Coast Guard Patrol Commander, including a Coast Guard coxswain, petty
officer, or other officer operating a Coast Guard vessel, or a Federal,
State, or local officer designated by or assisting the Captain of the
Port San Francisco (COTP) in the enforcement of the safety zone. This
regulation is necessary to ensure the

safety of participants, spectators, and transiting vessels.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive orders, and we
discuss First Amendment rights of protestors.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. This rule has not been designated a ``significant
regulatory action,'' under Executive Order 12866. Accordingly, this
rule has not been reviewed by the Office of Management and Budget
(OMB).
    This regulatory action determination is based on the limited
duration and narrowly tailored geographic area of the safety zone.
Although this rule restricts access to the waters encompassed by the
safety zone, the effect of this rule will not be significant because
the local waterways users will be notified to ensure the safety zone
will result in minimum impact. The vessels desiring to transit through
or around the temporary safety zone may do so upon express permission
from the COTP or the COTP's designated representative.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as
amended, requires Federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard certifies under 5 U.S.C. 605(b) that this rule
will not have a significant economic impact on a substantial number of
small entities.
    While some owners or operators of vessels intending to transit the
safety zone may be small entities, for the reasons stated in section
V.A above, this rule will not have a significant economic impact on any
vessel owner or operator.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
call or email the person listed in the FOR FURTHER INFORMATION CONTACT
section.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Governments

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has 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. We have analyzed this rule under that Order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes.

E. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

F. Environment

    We have analyzed this rule under Department of Homeland Security
Directive 023-01, Rev. 1, associated implementing instructions, and
Environmental Planning COMDTINST 5090.1 (series), which guide the Coast
Guard in complying with the National Environmental Policy Act of 1969
(42 U.S.C. 4321-4370f), and have determined that this action is one of
a category of actions that do not individually or cumulatively have a
significant effect on the human environment. This rule involves a
temporary safety zone in the navigable waters around the loading,
staging, transit, and display of fireworks near Pier 50 in San
Francisco Bay and on Redwood Creek in Redwood City. It is categorically
excluded from further review under paragraph L60(a) of Appendix A,
Table 1 of DHS Instruction Manual 023-01-001-01, Rev. 1. A Record of
Environmental Consideration supporting this determination is available
in the docket. For instructions on locating the docket, see the
ADDRESSES section of this preamble.

G. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to call or email the person listed in the FOR
FURTHER INFORMATION CONTACT section to coordinate protest activities so
that your message can be received without jeopardizing the safety or
security of people, places, or vessels.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority:  46 U.S.C. 70034, 70051, 70124; 33 CFR 1.05-1, 6.04-
1. 6.04-6, and 160.5; Department of Homeland Security Delegation No.
00170.1, Revision No. 01.3.

0
2. Add Sec.  165.T11-132 to read as follows:

Sec.  165.T11-132  Safety Zone; Redwood City Fourth of July Fireworks;
Redwood Creek, Redwood City, CA.

    (a) Location. The following area is a safety zone: all navigable
waters of San Francisco Bay, from surface to bottom, within a circle
formed by connecting all points 100 feet out from the fireworks vessel
during loading and staging at Pier 50 in San Francisco, CA as well as
transit and arrival to Redwood Creek, Redwood City, CA. Between 9 p.m.
and 10:20 p.m. on July 4, 2023, the safety zone will expand to all
navigable waters, from surface to bottom, within a circle formed by
connecting all points 850 feet out from the fireworks vessel in
approximate position 37[deg]30'28.48'' N 122[deg]12'51.53'' W (NAD 83)
or as announced via Broadcast Notice to Mariners.
    (b) Definitions. As used in this section, ``designated
representative'' means a Coast Guard Patrol Commander, including a
Coast Guard coxswain, petty officer, or other officer operating a Coast
Guard vessel, or a Federal, State, or Local officer designated by or
assisting the Captain of the Port San Francisco (COTP) in the
enforcement of the safety zone.
    (c) Regulations. (1) Under the general safety zone regulations in
subpart C of this part, you may not enter the safety zone described in
paragraph (a) of this section unless authorized by the COTP or the
COTP's designated representative.
    (2) The safety zone is closed to all vessel traffic, except as may
be permitted by the COTP or the COTP's designated representative.
    (3) Vessel operators desiring to enter or operate within the safety
zone must contact the COTP or the COTP's designated representative to
obtain permission to do so. Vessel operators given permission to enter
or operate in the safety zone must comply with all lawful orders or
directions given to them by the COTP or the COTP's designated
representative. Persons and vessels may request permission to enter the
safety zone on VHF-23A or through the 24-hour Command Center at
telephone<PHONE_NUMBER>.
    (d) Enforcement period. This section will be enforced from 9 a.m.
on July 3, 2023, until 10:20 p.m. on July 4, 2023.
    (e) Information broadcasts. The COTP or the COTP's designated
representative will notify the maritime community of periods during
which this zone will be enforced, in accordance with 33 CFR 165.7.

    Dated: June 21, 2023.
Jordan M. Baldueza,
Captain, U.S. Coast Guard, Alternate Captain of the Port, San
Francisco.
[FR Doc. 2023-13825 Filed 6-28-23; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 88, Number 31 (Wednesday, February 15, 2023)]
[Notices]
[Pages 9922-9925]
[FR Doc No: 2023-03169]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96872; File No. SR-NYSECHX-2023-07]

Self-Regulatory Organizations; NYSE Chicago, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Extending
the Expiration Date of the Temporary Amendments to Rules 10.9261 and
10.9830

February 9, 2023.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on January 31, 2023, the NYSE Chicago, Inc. (``NYSE Chicago'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
and II below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes extending the expiration date of the
temporary amendments to Rules 10.9261 and 10.9830 as set forth in SR-
NYSECHX-2022-19 from January 31, 2023 to April 30, 2023, in conformity
with recent changes by the Financial Industry Regulatory Authority,
Inc. (``FINRA''). The proposed rule change would not make any changes
to the text of Rules 10.9261 and 10.9830. The proposed rule change is
available on the Exchange's website at www.nyse.com, at the principal
office of the Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

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

1. Purpose
    The Exchange proposes extending the expiration date of the
temporary amendments as set forth in NYSECHX-2022-19 \4\ to Rules
10.9261 (Evidence and Procedure in Hearing) and 10.9830 (Hearing) from
January 31, 2023 to April 30, 2023 to harmonize with recent changes by
FINRA to extend the expiration of temporary amendments to its Rules
9261 and 9830. NYSECHX-2022-19 temporarily granted to the Chief or
Deputy Chief Hearing Officer the authority to order that hearings be
conducted by video conference if warranted by the current COVID-19
public health risks posed by in-person hearings. The proposed rule
change would not make any changes to the text of Exchange Rules 10.9261
and 10.9830.\5\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 95477 (August 11,
2022), 85 FR 50680 (August 17, 2022) (SR-NYSECHX-2022-19) (``SR-
NYSECHX-2022-19'').
    \5\ The Exchange may submit a separate rule filing to extend the
expiration date of the proposed temporary amendments if the Exchange
requires temporary relief from the rule requirements identified in
this proposal beyond April 30, 2023. The amended NYSE Chicago rules
will revert back to their original state at the conclusion of the
temporary relief period and any extension thereof.
---------------------------------------------------------------------------

Background
    In 2022, NYSE Chicago adopted disciplinary rules that are, with
certain exceptions, substantially the same as the disciplinary rules of
its affiliate NYSE Arca, Inc., which are in turn substantially similar
to the FINRA Rule 8000 Series and Rule 9000 Series, and which set forth
rules for conducting investigations and enforcement actions.\6\
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 95020 (June 1,
2022), 87 FR 35034, (June 8, 2022) (SR-NYSECHX-2022-10) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change to Adopt
Investigation, Disciplinary, Sanction, and Other Procedural Rules
Modeled on the Rules of the Exchange's Affiliates) (``2022 Notice of
Disciplinary Rules'').
---------------------------------------------------------------------------

    In adopting disciplinary rules modeled on FINRA's rules, NYSE
Chicago adopted the hearing and evidentiary processes set forth in Rule
10.9261 and in Rule 10.9830 for hearings in matters involving temporary
and permanent cease and desist orders under the Rule 9800 Series. As
adopted, the text of Rule 10.9261 and Rule 10.9830 are substantially
the same as the FINRA rules with certain modifications.\7\
---------------------------------------------------------------------------

    \7\ See id.
---------------------------------------------------------------------------

    In 2020, in view of the ongoing spread of COVID-19 and its effect
on FINRA's adjudicatory functions nationwide, FINRA filed a temporary
rule change to grant FINRA's Office of Hearing Officers (``OHO'') and
the National Adjudicatory Council (``NAC'') the authority to conduct
certain hearings by video conference, if warranted by the current
COVID-19-related public health risks posed by in-person hearings. Among
the rules FINRA amended were Rules 9261 and 9830.\8\
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release Nos. 83289 (September 2,
2020), 85 FR 55712 (September 9, 2020) (SR-FINRA-2020-027)
(``Initial FINRA Filing''). FINRA also proposed to temporarily amend
FINRA Rules 1015 and 9524. FINRA Rule 1015 governs the process by
which an applicant for new or continuing membership can appeal a
decision rendered by FINRA's Department of Member Supervision under
FINRA Rule 1014 or 1017 and request a hearing which would be
conducted by a subcommittee of the NAC. See id. at 55714. The
Exchange has not adopted FINRA Rule 1015. FINRA Rule 9524 governs
the process by which a statutorily disqualified member firm or
associated person can appeal the Department's recommendation to deny
a firm or sponsoring firm's application to the NAC. See id. Under
the Exchange's version of Rule 10.9524, if the CRO rejects the
application, the ETP Holder or applicant may request a review by the
Exchange Board of Directors. This differs from FINRA's process,
which provides for a hearing before the NAC and further
consideration by the FINRA Board of Directors.
---------------------------------------------------------------------------

    FINRA represented in its filing that its protocol for conducting
hearings by video conference would ensure that such hearings maintain
fair process for the parties by, among other things, FINRA's use of a
high quality, secure and user-friendly video conferencing service and
provide thorough instructions, training and technical support to all
hearing participants.\9\ According to FINRA, the proposed changes were
a reasonable interim solution to allow FINRA's critical adjudicatory
processes to continue to function while protecting the health and
safety of hearing participants as FINRA works towards resuming in-
person hearings in a manner that is compliant with the current guidance
of public health authorities.\10\
---------------------------------------------------------------------------

    \9\ See Initial FINRA Filing, 85 FR at 55713.
    \10\ See id.
---------------------------------------------------------------------------

    Since the Initial FINRA Filing (in 2020), FINRA periodically
extended the temporary relief as the COVID-19 pandemic and concerns
surrounding its spread persisted, with the most recent extension until
January 31, 2023.\11\ In August 2022, the Exchange first filed to
temporarily grant the Chief or Deputy Chief Hearing Officer the
authority to order that hearings be conducted by video conference if
warranted by public health risks posed by in-person hearings

during the ongoing COVID-19 pandemic, which relief it has likewise
extended.\12\ Due to the continued presence and uncertainty of COVID-
19, FINRA believes that there is a continued need for temporary relief
beyond January 31, 2023.\13\
---------------------------------------------------------------------------

    \11\ See, e.g., Securities Exchange Act Release Nos. 94430
(March 16, 2022), 87 FR 16262 (March 22, 2022) (SR-FINRA-2022-018);
96107 (October 19, 2022), 87 FR 64526 (October 25, 2022) (SR-FINRA-
2022-029).
    \12\ See supra note 4, SR-NYSECHX-2022-19; see also Securities
Exchange Act Release No. 96260 (November 8, 2022), 87 FR 68529
(November 15, 2022) (SR-NYSECHX-2022-24).
    \13\ See Securities Exchange Act Release No. 96746 (January 25,
2023) (``SR-FINRA-2023-001'').
---------------------------------------------------------------------------

    According to FINRA, due to the upward trend in the number of COVID-
19 cases since October 2022--when FINRA last filed to extend the
temporary relief, COVID-19 still remains a public health concern.\14\
For example, according to the Centers for Disease Control and
Prevention (``CDC''), approximately 61.73 percent of counties in the
United States have a medium or high COVID-19 Community Level based on
the CDC's most recent calculations.\15\ The daily average number of
hospital admissions is also on the rise.\16\ Much uncertainty also
remains as to whether there will be a significant increase in the
number of cases of COVID-19 in the future given the emergence of new
Omicron variants that the CDC currently is tracking \17\ and the
dissimilar vaccination rates (completed primary series and a first
booster dose) throughout the United States.\18\ Due to the continued
presence and uncertainty of COVID-19, FINRA believes that there is a
continued need for temporary relief beyond January 31, 2023.\19\ On
January 18, 2023, FINRA accordingly filed to extend the expiration date
of the temporary rule amendments to, among other rules, FINRA Rule 9261
and 9830 from January 31, 2023 to April 30, 2023.\20\
---------------------------------------------------------------------------

    \14\ See id.
    \15\ See CDC, COVID Data Tracker--COVID-19 Integrated County
View, https://covid.cdc.gov/covid-data-tracker/#county-view?list_select_state=all_states&list_select_county=all_counties&data-type=CommunityLevels&null=CommunityLevels (last visited Jan. 9,
2023).
    \16\ See CDC, COVID Data Tracker Weekly Review--Daily Trend in
Number of New COVID-19 Hospital Admissions in the United States,
https://www.cdc.gov/coronavirus/2019-ncov/covid-data/covidview/index.html (last visited Jan. 9, 2023) (``The current 7-day daily
average for December 28, 2022-January 3, 2023, was 6,519. This is a
16.1% increase from the prior 7-day average (5,613) from December
21-27, 2022.'').
    \17\ These new Omicron variants include BQ.1.1, XBB.1.5 and
BQ.1. See CDC, COVID Data Tracker--Variant Proportions, https://covid.cdc.govicovid-data-trackerNvariant-proportions (last visited
Jan. 9, 2023).
    \18\ A state-by-state comparison of vaccination rates is
available at https://covid.cdc.gov/covid-data-tracker/#vaccinations_vacc-people-additional-dose-totalpop (last visited
Jan. 9, 2023).
    \19\ See SR-FINRA-2023-001.
    \20\ See generally SR-FINRA-2023-001. As a further basis for
extending the temporary rule relief until April 30, 2023, FINRA
noted that its Board has approved the submission of a rule proposal
to the Commission to make permanent, with some modifications, the
temporary rules to allow hearings to be conducted by video
conference originally set forth in the Initial FINRA Filing and SR-
FINRA-2020-015. See https://www.finra.org/about/governance/finra-board-governors/meetings/update-finra-board-governors-meeting-december-2022. See id., at n 14. FINRA indicated that the extension
of the temporary rule amendments until April 30, 2023 would help
avoid FINRA's rules reverting to their original form and allow FINRA
time to file for (and the Commission time to approve) the permanent
rules. See id.
---------------------------------------------------------------------------

Proposed Rule Change
    Consistent with FINRA's recent proposal, the Exchange proposes to
extend the expiration date of the temporary rule amendments to NYSE
Chicago Rules 10.9261 and 10.9830 as set forth in SR-NYSECHX-2022-19
from January 31, 2023 to April 30, 2023.
    As set forth in SR-FINRA-2023-001, due to the upward trend in the
number of COVID-19 cases since October 2022--when FINRA last filed to
extend the temporary relief, COVID-19 still remains a public health
concern. For example, according to the Centers for Disease Control and
Prevention (``CDC''), approximately 61.73 percent of counties in the
United States have a medium or high COVID-19 Community Level based on
the CDC's most recent calculations.\21\ The daily average number of
hospital admissions is also on the rise.\22\ Much uncertainty also
remains as to whether there will be a significant increase in the
number of cases of COVID-19 in the future given the emergence of new
Omicron variants that the CDC currently is tracking \23\ and the
dissimilar vaccination rates (completed primary series and a first
booster dose) throughout the United States.\24\ Due to the continued
presence and uncertainty of COVID-19, FINRA believes that there is a
continued need for temporary relief beyond January 31, 2023.\25\ FINRA
accordingly proposed to extend the expiration date of the temporary
rule amendments from January 31, 2023 to April 30, 2023.
---------------------------------------------------------------------------

    \21\ See supra note 15 (CDC, COVID Data Tracker--COVID-19
Integrated County View).
    \22\ See supra note 16 (CDC, COVID Data Tracker Weekly Review--
Daily Trend in Number of New COVID-19 Hospital Admissions in the
United States).
    \23\ See supra note 17 (regarding the new Omicron variants
described in CDC, COVID Data Tracker--Variant Proportions).
    \24\ See supra note 18 (regarding state-by-state comparison of
COVID-19 vaccination rates).
    \25\ See SR-FINRA-2023-001.
---------------------------------------------------------------------------

    The Exchange proposes to similarly extend the expiration date of
the temporary rule amendments to NYSE Chicago Rules 10.9261 and 10.9830
as set forth in SR-NYSECHX-2022-19 from January 31, 2023 to April 30,
2023. The Exchange agrees with FINRA that due to the upward trend in
the number of COVID-19 cases since October 2022--when FINRA last filed
to extend the temporary relief, COVID-19 still remains a public health
concern. The Exchange also agrees that due to the continued presence
and uncertainty of COVID-19, for the reasons set forth in SR-FINRA-
2023-001, there is a continued need for this temporary relief beyond
January 31, 2023. The proposed change would permit OHO to continue to
assess, based on critical COVID-19 data and criteria and the guidance
of health and security consultants, whether an in-person hearing would
compromise the health and safety of the hearing participants such that
the hearing should proceed by video conference. As noted in SR-FINRA-
2023-001, in deciding whether to schedule a hearing by video
conference, OHO may consider a variety of other factors in addition to
COVID-19 trends. Similarly, as noted in SR-FINRA-2023-001, in the
Initial FINRA Filing, FINRA provided a non-exhaustive list of other
factors OHO may take into consideration, including a hearing
participant's individual health concerns and access to the connectivity
and technology necessary to participate in a video conference
hearing.\26\ The Exchange believes that this is a reasonable procedure
to continue to follow for hearings under Rules 10.9261 and 10.9830
chaired by a FINRA employee.
---------------------------------------------------------------------------

    \26\ See SR-FINRA-2023-001.
---------------------------------------------------------------------------

    As noted below, the Exchange has filed the proposed rule change for
immediate effectiveness and has requested that the SEC waive the
requirement that the proposed rule change not become operative for 30
days after the date of the filing, so the Exchange can implement the
proposed rule change immediately.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\27\ in general, and furthers the objectives of Section
6(b)(5),\28\ in particular, because it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, to
remove

impediments to, and perfect the mechanism of, a free and open market
and a national market system and, in general, to protect investors and
the public interest. Additionally, the Exchange believes the proposed
rule change is designed to provide a fair procedure for the
disciplining of members and persons associated with members, consistent
with Sections 6(b)(7) and 6(d) of the Act.\29\
---------------------------------------------------------------------------

    \27\ 15 U.S.C. 78f(b).
    \28\ 15 U.S.C. 78f(b)(5).
    \29\ 15 U.S.C. 78f(b)(7) and 78f(d).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change supports the
objectives of the Act by providing greater harmonization between
Exchange rules and FINRA rules of similar purpose, resulting in less
burdensome and more efficient regulatory compliance. As such, the
proposed rule change will foster cooperation and coordination with
persons engaged in facilitating transactions in securities and will
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
    The proposed rule change, which extends the expiration date of the
temporary amendments to Exchange rules consistent with FINRA's
extension to its Rules 9261 and 9830 as set forth in SR-FINRA-2023-001,
will permit the Exchange to continue to effectively conduct hearings
given the continued presence and uncertainty of COVID-19. Given that
COVID-19 remains a public health concern and the uncertainty around a
potential spike in cases of the disease, without this relief allowing
OHO to proceed by video conference, some or all hearings may have to be
postponed. The ability to conduct hearings by video conference will
permit the adjudicatory functions of the Exchange's disciplinary rules
to continue unabated, thereby avoiding protracted delays. The Exchange
believes that this is especially important in matters where temporary
and permanent cease and desist orders are sought because the proposed
rule change would enable those hearings to continue to proceed without
delay, thereby enabling the Exchange to continue to take immediate
action to stop significant, ongoing customer harm, to the benefit of
the investing public.
    As set forth in detail in NYSECHX-2022-19, the temporary relief to
permit hearings to be conducted via video conference maintains fair
process and will continue to provide fair process consistent with
Sections 6(b)(7) and 6(d) of the Act \30\ while striking an appropriate
balance between providing fair process and enabling the Exchange to
fulfill its statutory obligations to protect investors and maintain
fair and orderly markets while avoiding the COVID-19-related public
health risks for hearing participants. The Exchange notes that this
proposal, like NYSECHX-2022-19, provides only temporary relief. As
proposed, the changes would be in place through April 30, 2023. As
noted in NYSECHX-2022-19 and above, the amended rules will revert back
to their original state at the conclusion of the temporary relief
period and, if applicable, any extension thereof.
---------------------------------------------------------------------------

    \30\ 15 U.S.C. 78f(b)(7) and 78f(d).
---------------------------------------------------------------------------

    Accordingly, the proposed rule change extending this temporary
relief is in the public interest and consistent with the Act's purpose.

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

    The Exchange does not believe that the proposed temporary rule
change will impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
rule change is not intended to address competitive issues but is rather
intended solely to extend temporary relief necessitated by the
continued presence and uncertainty of COVID-19 and the related health
and safety risks of conducting in-person activities. The Exchange
believes that the proposed rule change will prevent unnecessary
impediments to critical adjudicatory processes and its ability to
fulfill its statutory obligations to protect investors and maintain
fair and orderly markets that would otherwise result if the temporary
amendments were to expire on January 31, 2023.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \31\ and Rule 19b-4(f)(6) thereunder.\32\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------

    \31\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \32\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \33\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\34\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange has
indicated that there is a continued need to extend the temporary relief
because the Exchange agrees with FINRA that the COVID-19 related health
concerns necessitating this relief will continue beyond January 31,
2023.\35\ The Exchange also states that extending the temporary relief
provided in SR-NYSECHX-2022-19 immediately upon filing and without a
30-day operative delay will allow the Exchange to continue critical
adjudicatory and review processes so that the Exchange may continue to
operate effectively and meet its critical investor protection goals,
while also protecting the health and safety of hearing
participants.\36\ The Commission also notes that this proposal extends
without change the temporary relief previously provided by SR-NYSECHX-
2022-19.\37\ As proposed, the temporary changes would be in place
through April 30, 2023 and the amended rules will revert back to their
original state at the conclusion of the temporary relief period and, if
applicable, any extension thereof.\38\ For these reasons, the
Commission believes that waiver of the 30-day operative delay for this
proposal is consistent with the protection of investors and the public
interest. Accordingly, the Commission hereby waives the 30-day

operative delay and designates the proposal operative upon filing.\39\
---------------------------------------------------------------------------

    \33\ 17 CFR 240.19b-4(f)(6).
    \34\ 17 CFR 240.19b-4(f)(6)(iii).
    \35\ See supra Item II; see also SR-FINRA-2023-001.
    \36\ See SR-FINRA-2023-001 (noting the same in granting FINRA's
request to waive the 30-day operative delay so that SR-FINRA-2023-
001 would become operative immediately upon filing).
    \37\ See supra note 4.
    \38\ See supra note 5. As noted above, the Exchange states that
if it requires temporary relief from the rule requirements
identified in this proposal beyond April 30, 2023, it may submit a
separate rule filing to extend the effectiveness of the temporary
relief under these rules.
    \39\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule change's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \40\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NYSECHX-2023-07 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSECHX-2023-07. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSECHX-2023-07 and should be submitted
on or before March 8, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\41\
---------------------------------------------------------------------------

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

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-03169 Filed 2-14-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 146 (Wednesday, July 29, 2020)]
[Proposed Rules]
[Pages 45545-45547]
[FR Doc No: 2020-16214]

========================================================================
Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.

========================================================================

Federal Register / Vol. 85, No. 146 / Wednesday, July 29, 2020 /
Proposed Rules

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2020-0718; Product Identifier 2019-CE-045-AD]
RIN 2120-AA64

Airworthiness Directives; Textron Aviation Inc. Airplanes (Type
Certificate Previously Held by Beechcraft Corporation)

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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

SUMMARY: The FAA proposes to adopt a new airworthiness directive (AD)
for certain Textron Aviation Inc. (Textron) (type certificate
previously held by Beechcraft Corporation) Models F90, 65-90, 65-A90,
B90, C90, H90 (T-44A), E90, 65-A90-1 (JU-21A, U-21A, RU-21A, RU-21D, U-
21G, RU-21H), 65-A90-2 (RU-21B), 65-A90-3 (RU-21C), 65-A90-4 (RU-21E,
RU-21H), 99, 99A, 99A (FACH), A99, A99A, B99, C99, 100, A100 (U-21F),
and B100 airplanes. This proposed AD was prompted by reports of fatigue
cracks in the lower forward wing fitting. This proposed AD would
require a one-time inspection for the presence of washer part number
(P/N) 90-380058-1 on the left-hand (LH) and right-hand (RH) lower
forward wing bolt and, if applicable, removing washer P/N 90-380058-1,
inspecting the wing fitting, bolt, and nut, replacing the wing fitting
if it is cracked, and replacing the washer with washer P/N 90-380019-1.
The FAA is proposing this AD to address the unsafe condition on these
products.

DATES: The FAA must receive comments on this proposed AD by September
14, 2020.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to https://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    For service information identified in this NPRM, contact Textron
Aviation Inc., P.O. Box 7706, Wichita, KS 67277: phone:<PHONE_NUMBER>;
internet: https://txtav.com/. You may view this service information at
the FAA, Airworthiness Products Section, Operational Safety Branch, 901
Locust St, Kansas City, MO 64106. 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 https://www.regulations.gov by searching for and locating Docket No. FAA-2020-
0718; or in person at Docket Operations between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays. The AD docket contains
this NPRM, any comments received, and other information. The street
address for Docket Operations is listed above. Comments will be
available in the AD docket shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Brian C. Adamson, Aerospace Engineer,
Wichita ACO Branch, AIR-7K3, FAA, 1801 Airport Rd, Wichita, KS 67209;
phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>or
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comments Invited

    The FAA invites you to send any written relevant data, views, or
arguments about this proposed AD. Send your comments to an address
listed under the ADDRESSES section. Include ``Docket No. FAA-2020-0718;
Product Identifier 2019-CE-041-AD'' at the beginning of your comments.
The FAA will consider all comments received by the closing date and may
amend this proposed AD because of those comments.
    Except for Confidential Business Information (CBI) as described in
the following paragraph, and other information as described in 14 CFR
11.35, the FAA will post all comments we receive, without change, to
https://regulations.gov, including any personal information you
provide. The FAA will also post a report summarizing each substantive
verbal contact it receives about this proposed AD.

Confidential Business Information

    Confidential Business Information (CBI) is commercial or financial
information that is both customarily and actually treated as private by
its owner. Under the Freedom of Information Act (FOIA) (5 U.S.C. 552),
CBI is exempt from public disclosure. If your comments responsive to
this NPRM contain commercial or financial information that is
customarily treated as private, that you actually treat as private, and
that is relevant or responsive to this NPRM, it is important that you
clearly designate the submitted comments as CBI. Please mark each page
of your submission containing CBI as ``PROPIN.'' The FAA will treat
such marked submissions as confidential under the FOIA, and they will
not be placed in the public docket of this NPRM. Submissions containing
CBI should be sent to Brian C. Adamson, Aerospace Engineer, Wichita ACO
Branch, AIR-7K3, FAA, 1801 Airport Rd, Wichita, KS 67209; phone: 316-
946-4193; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>or 2e79474d46475a4f036d617d6e484f4f00494158. Any commentary that the FAA receives which is not
specifically designated as CBI will be placed in the public docket for
this rulemaking.

Discussion

    Textron has received reports of fatigue cracks in the lower forward
wing fitting on two airplanes. Investigation revealed that installing
washer P/N 90-380058-1 on the wing bolt will cause a premature torque
indication. This washer may have been installed as part of kit 101-
4024-3 on Models F90, 65-90, 65-A90, B90, C90, H90 (T-44A), E90, 65-
A90-1 (JU-21A, U-21A, RU-21A, RU-21D, U-21G, RU-21H), 65-A90-2 (RU-
21B), 65-A90-3 (RU-21C), 65-A90-4 (RU-21E, RU-21H), 99, 99A, 99A
(FACH), A99, A99A, B99, C99, 100, A100 (U-21F), and B100 airplanes, or
as part of kit 90-4077-1 on Models 65-90, 65-A90, 65-A90-1 (JU-21A, U-
21A, RU-21A, RU-21D, U-21G, RU-21H),

65-A90-2 (RU-21B), 65-A90-3 (RU-21C), 65-A90-4 (RU-21E, RU-21H), B90,
C90, and E90 airplanes. Under-torque of the wing bolt causes a reduced
clamping force that changes the load path reacted by the RH and LH
lower forward wing fitting.
    This condition, if not addressed, could result in fatigue cracks
that lead to failure of the forward lower wing fitting, wing
separation, and loss of airplane control.

Related Service Information Under 1 CFR Part 51

    The FAA reviewed Beechcraft Mandatory Service Letter MTL-57-01,
Revision 1, dated September 19, 2018. The service information contains
procedures for a one-time inspection for the presence of washer P/N 90-
380058-1 on the LH and RH lower forward wing bolt and, if applicable,
removing washer P/N 90-380058-1; inspecting the wing fitting, bolt, and
nut; replacing the wing fitting if it is cracked; and replacing the
washer with washer P/N 90-380019-1. This service information is
reasonably available because the interested parties have access to it
through their normal course of business or by the means identified in
the ADDRESSES section.

FAA's Determination

    The FAA is proposing this AD because it evaluated all the relevant
information and determined the unsafe condition described previously is
likely to exist or develop in other products of this same type design.

Proposed AD Requirements

    This proposed AD would require accomplishing the actions specified
in the service information described previously.

Differences Between This Proposed AD and the Service Information

    The service information specifies inspecting within 200 flight
hours or 12 months, whichever occurs earlier. This proposed AD would
require inspecting within the next 200 flight hours or 12 months,
whichever occurs later.
    The service information applies to Models A100A and A100C
airplanes, and to Model F90 with S/N LA-1. This proposed AD would not
apply to these airplanes because they do not have an FAA type
certificate.
    This proposed AD would apply to military models T-44A, JU-21A, RU-
21A, RU-21B, RU-21C, RU-21D, RU-21E, RU-21H, U-21A, U-21F, U-21G, and
FACH airplanes, because these models have a civil counterpart that is
subject to the unsafe condition. The service information does not apply
to all of these military models.

Costs of Compliance

    The FAA estimates that this proposed AD would affect 1,319
airplanes of U.S. registry.
    The FAA estimates the following costs to comply with this proposed
AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per      Cost on U.S.
             Action                  Labor cost              Parts cost               product        operators
----------------------------------------------------------------------------------------------------------------
Inspection for washer P/N 90-    0.3 work-hour x    Not applicable..............          $25.50      $33,634.50
 380058-1 (LH Wing Fitting).      $85 per hour =
                                  $25.50.
Inspection for washer P/N 90-    0.3 work-hour x    Not applicable..............           25.50       33,634.50
 380058-1 (RH Wing Fitting).      $85 per hour =
                                  $25.50.
----------------------------------------------------------------------------------------------------------------

    The FAA estimates the following costs to do any necessary
replacements that would be required based on the results of the
proposed inspection. The FAA has no way of determining the number of
airplanes that might need these replacements:

                                               On-Condition Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per
               Action                        Labor cost                    Parts cost                 product
----------------------------------------------------------------------------------------------------------------
RH Wing bolt, washer, and nut         8 work-hours x $85 per   $335.............................          $1,015
 removal.                              hour = $680.
LH Wing bolt, washer, and nut         8 work-hours x $85 per   335..............................           1,015
 removal.                              hour = $680.
Inspection of RH Lower Forward Wing   2 work-hours x $85 per   Not applicable...................             170
 Fitting.                              hour = $170.
Inspection of LH Lower Forward Wing   2 work-hours x $85 per   Not applicable...................             170
 Fitting.                              hour = $170.
Removal and Replacement of P/N 50-    150 work-hours x $85     7,297.85.........................       20,047.85
 120073-8 RH Lower Forward Wing        per hour = $12,750.
 Fitting.
Removal and Replacement of P/N 50-    150 work-hours x $85     11,812.56........................       24,562.56
 120073-7 LH Lower Forward Wing        per hour = $12,750.
 Fitting.
----------------------------------------------------------------------------------------------------------------

    According to the manufacturer, some or all of the costs of this
proposed AD may be covered under warranty, thereby reducing the cost
impact on affected individuals. The FAA does not control warranty
coverage for affected individuals. As a result, the FAA has included
all costs in this cost estimate.

Authority for This Rulemaking

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

Regulatory Findings

    The FAA determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not

have a substantial direct effect on the States, on the relationship
between the national government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Will not affect intrastate aviation in Alaska, and
    (3) 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.

The Proposed Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13   [Amended]

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

Textron Aviation Inc. (Type Certificate previously held by
Beechcraft Corporation): Docket No. FAA-2020-0718; Product
Identifier 2019-CE-045-AD.

(a) Comments Due Date

    The FAA must receive comments by September 14, 2020.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to the Textron Aviation Inc. (type certificate
previously held by Beechcraft Corporation) airplanes, certificated
in any category, identified in table 1 to paragraph (c) of this AD:

           Table 1 to Paragraph (c) of This AD--Applicability
------------------------------------------------------------------------
                  Models                       Serial numbers  (S/Ns)
------------------------------------------------------------------------
F90.......................................  LA-2 through LA-225.
65-90, 65-A90, B90, C90...................  All S/Ns.
H90 (T-44A)...............................  LL-1 through LL-61.
E90.......................................  LW-1 through LW-347.
65-A90-1 (JU-21A, U-21A, RU-21A, RU-21D, U- LM-1 through LM-144.
 21G, RU-21H).
65-A90-2 (RU-21B).........................  LS-1, LS-2, LS-3.
65-A90-3 (RU-21C).........................  LT-1 and LT-2.
65-A90-4 (RU-21E, RU-21H).................  LU-1 through LU-16.
99, 99A, 99A (FACH), A99, A99A, B99, C99..  U-1 through U-239.
100, A100 (U-21F).........................  B-1 through B-247.
B100......................................  BE-1 through BE-137.
------------------------------------------------------------------------

(d) Subject

    Joint Aircraft System Component (JASC): 5700, Wings.

(e) Unsafe Condition

    This AD was prompted by information provided by Textron Aviation
Inc. that a washer assembly may provide premature torque indication
that could lead to cracking of the wing fitting. The FAA is issuing
this AD to prevent such fatigue cracks. The unsafe condition, if not
addressed, could result in failure of the forward lower wing
fitting, which could lead to wing separation and loss of airplane
control.

(f) Compliance

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

(g) Action

    (1) Within the next 200 flight hours after the effective date of
this AD or within 12 months after the effective date of this AD,
whichever occurs later, inspect each washer assembly attached to the
left and right lower forward wing bolts and remove all part number
90-380058-1 washers in accordance with the Accomplishment
Instructions, paragraphs 3 through 5, of Beechcraft Mandatory
Service Letter MTL-57-01, Revision 1, dated September 19, 2018 (MTL-
57-01). In all locations where a washer part number 90-380058-1 was
removed, do the following:
    (i) Inspect the bolt, nut, and fitting in accordance with the
Accomplishment Instructions, paragraph 6, of MTL-57-01. If there is
a crack in the fitting, replace the fitting before further flight.
    (ii) Install a part number 90-380019-1 washer in accordance with
the Accomplishment Instructions, paragraph 7, of MTL-57-01.
    (2) As of the effective date of this AD, do not install washer
part number 90-380058-1 on any airplane listed in table 1 to
paragraph (c) of this AD.

(h) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, Wichita ACO Branch, FAA, has the authority to
approve AMOCs for this AD, if requested using the procedures found
in 14 CFR 39.19. Send information to ATTN: Brian C. Adamson,
Aerospace Engineer, Wichita ACO Branch, AIR-7K3, FAA, 1801 Airport
Rd, Wichita, KS 67209; phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>;
email<EMAIL_ADDRESS>or e4b38d878c8d9085c9a7abb7a4828585ca838b92. Before using
any approved AMOC on any airplane to which the AMOC applies, notify
your appropriate principal inspector (PI) in the FAA Flight
Standards District Office (FSDO), or lacking a PI, your local FSDO.

(i) Related Information

    (1) For more information about this AD, contact Brian C.
Adamson, Aerospace Engineer, Wichita ACO Branch, AIR-7K3, FAA, 1801
Airport Rd, Wichita, KS 67209; phone:<PHONE_NUMBER>; fax: 316-946-
4107; email<EMAIL_ADDRESS>or 6e39070d06071a0f432d213d2e080f0f40090118.
    (2) For service information identified in this AD, contact
Textron Aviation Inc., PO Box 7706, Wichita, KS 67277: phone: 316-
517-5800: internet: https://txtav.com/. You may view this service
information at the FAA, Airworthiness Products Section, Operational
Safety Branch, 901 Locust St, Kansas City, MO 64106. For information
on the availability of this material at the FAA, call<PHONE_NUMBER>.

    Issued on July 22, 2020.
Lance T. Gant,
Director, Compliance & Airworthiness Division, Aircraft Certification
Service.
[FR Doc. 2020-16214 Filed 7-28-20; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register: October 25, 2010 (Volume 75, Number 205)]
[Notices]
[Page 65474-65475]
[DOCID:fr25oc10-45]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. PR11-6-000]

American Midstream (Alabama Intrastate), LLC; Notice of
Compliance Filing

October 18, 2010.
    Take notice that on October 15, 2010, American Midstream (Alabama
Intrastate), LLC pursuant to an October 7, 2010, Letter Order issued in
Docket Nos. PR10-24-000 and PR10-24-001 which required American
Midstream (Alabama Intrastate), LLC to file a revised Statement of
Operating Conditions.
    Any person desiring to participate in this rate filing must file in
accordance with Rules 211 and 214 of the Commission's Rules of Practice
and Procedure (18 CFR 385.211 and 385.214). Protests will be considered
by the Commission in determining the

appropriate action to be taken, but will not serve to make protestants
parties to the proceeding. Any person wishing to become a party must
file a notice of intervention or motion to intervene, as appropriate.
Such notices, motions, or protests must be filed on or before the date
as indicated below. Anyone filing an intervention or protest must serve
a copy of that document on the Applicant. Anyone filing an intervention
or protest on or before the intervention or protest date need not serve
motions to intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://
www.ferc.gov. Persons unable to file electronically should submit an
original and 7 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern time on Monday, October 25, 2010.

Kimberly D. Bose,
Secretary.
[FR Doc. 2010-26822 Filed 10-22-10; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 88, Number 191 (Wednesday, October 4, 2023)]
[Notices]
[Page 68726]
[FR Doc No: 2023-21927]

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

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-462, OMB Control No. 3235-0521]

Proposed Collection; Comment Request; Extension: Rule 425

Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736

    Notice is hereby given, that pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
    Rule 425 (17 CFR 230.425) under the Securities Act of 1933 (15
U.S.C. 77a et seq.) requires the filing of certain prospectuses and
communications under Rule 135 (17 CFR 230.135) and Rule 165 (17 CFR
230.165) in connection with business combination transactions. The
purpose of the rule is to permit more oral and written communications
with shareholders about tender offers, mergers and other business
combination transactions on a more timely basis, so long as the written
communications are filed on the date of first use. Approximately 5,370
issuers file communications under Rule 425 at an estimated 0.25 hours
per response for a total 1,343 annual burden hours (0.25 hours per
response x 5,370 responses).
    Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden imposed by the collection of information; (c) ways to
enhance the quality, utility, and clarity of the information collected;
and (d) ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication by December 4, 2023.
    An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid control number.
    Please direct your written comment to David Bottom, Director/Chief
Information Officer, Securities and Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington, DC 20549 or send an email to:
[email protected].

    Dated: September 28, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-21927 Filed 10-3-23; 8:45 am]
BILLING CODE 8011-01-P