[Federal Register Volume 82, Number 75 (Thursday, April 20, 2017)]
[Notices]
[Page 18637]
[FR Doc No: 2017-07995]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 3267-000]

Chasm Hydro, Inc.; Notice of Existing Licensee's Notice of Intent
To Not File a Subsequent License Application, and Soliciting Pre-
Application Documents and Notices of Intent To File a License
Application

    At least five years before the expiration of a license for a minor
water power project not subject to sections 14 and 15 of the Federal
Power Act (i.e., a project having an installed capacity of 1.5
megawatts or less), the licensee must file with the Commission a letter
that contains an unequivocal statement of the licensee's intent to file
or not to file an application for a subsequent license.\1\
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    \1\ 18 CFR 16.19(b) (2016) (citing 18 CFR 16.6(b)). Section
16.19(b) applies to licenses not subject to Parts 14 and 15 of the
Federal Power Act.
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    If such a licensee informs the Commission that it does not intend
to file an application for a new license, nonpower license, or
exemption for the project, the licensee may not file an application for
a new license, nonpower license, or exemption for the project, either
individually or in conjunction with an entity or entities that are not
currently licensees of the project.\2\
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    \2\ 18 CFR 16.24(b) (2016).
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    On March 3, 2017, Chasm Hydro, Inc., the existing licensee for the
Ballard Mills Project No. 3267, filed notice of its intent to not file
an application for a subsequent license. Therefore, pursuant to section
16.24(b) of the Commission's regulations, Chasm Hydro, Inc. may not
file an application for a subsequent license for the project, either
individually or in conjunction with an entity or entities that are not
currently licensees of the project.
    The 255-kilowatt (kW) Ballard Mills project is located on the
Salmon River in the Town of Malone, Franklin County, New York. No
federal lands are affected. The existing minor license for the project
expires on March 31, 2022.
    The principal project works consist of: (1) an 8-foot-high, 110-
foot-long concrete capped timber crib overflow dam with 2-foot-high
flashboards creating a reservoir with a surface area of 10 acres and a
volume of 50 acre feet; (2) a 105-foot-long earth embankment dam; (3) a
4.75-foot-wide sluice gate located at the west abutment of the dam; (4)
two 8-foot-wide flood sluice gates located between the existing timber
crib dam and powerhouse; (5) a 29-foot-long by 20-foot-wide concrete
masonry powerhouse with a single horizontal shaft Kaplan turbine-
generator unit rated at 255 kW; (6) an abandoned powerhouse structure
located at the east abutment of the dam; (7) a 150-foot-long
underground cable connecting to a transformer pole; (8) a 0.48/13.2-
kilovolt transformer; (9) a 170-foot-long, 13.2-kilovolt overhead
transmission line; and (10) appurtenant facilities.
    Any party interested in filing a license application for the
Ballard Mills Project No. 3267 must first file a Notice of Intent (NOI)
\3\ and pre-application document (PAD) \4\ pursuant to Part 5 of the
Commission's regulations. Although the integrated licensing process
(ILP) is the default pre-filing process, section 5.3(b) of the
Commission's regulations allows a potential license applicant to
request to use alternative licensing procedures when it files its
NOI.\5\
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    \3\ 18 CFR 5.5 (2016).
    \4\ 18 CFR 5.6 (2016).
    \5\ 18 CFR 5.3(b) (2016).
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    This notice sets a deadline of 120 days from the date of this
notice for interested applicants, other than the existing licensee, to
file NOIs, PADs, and requests to use an alternative licensing process.
    Applications for a subsequent license from potential (non-licensee)
applicants must be filed with the Commission at least 24 months prior
to the expiration of the existing license.\6\ Because the existing
license expires on March 31, 2022, applications for license for this
project must be filed by March 31, 2020.\7\
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    \6\ 18 CFR 16.20 (2016).
    \7\ To the extent an interested applicant files an NOI and PAD
and elects or is required to use the Commission's ILP, a process
plan will be issued within 180 days of this notice, which
accelerates the steps of the ILP to allow for filing a subsequent
license application by the March 31, 2020 deadline.
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    Questions concerning this notice should be directed to Gaylord
Hoisington<PHONE_NUMBER> or<EMAIL_ADDRESS>
    Dated: April 14, 2017.
Kimberly D. Bose,
 Secretary.
[FR Doc. 2017-07995 Filed 4-19-17; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 249 (Tuesday, December 30, 2014)]
[Proposed Rules]
[Pages 78369-78372]
[FR Doc No: 2014-30491]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2014-0751]
RIN 1625-AA00

Safety Zone; Triathlon National Championships, Milwaukee Harbor,
Milwaukee, Wisconsin

AGENCY: Coast Guard, DHS.

ACTION: Notice of Proposed Rulemaking.

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SUMMARY: The Coast Guard proposes to establish a safety zone within
Milwaukee Harbor in Milwaukee, Wisconsin. This zone is intended to
restrict vessels from a portion of Milwaukee Harbor due to the 2015
Olympic and Sprint Distance National Championships. This proposed
safety zone is necessary to protect the surrounding public and vessels
from the hazards associated with the 2015 Olympic and Sprint Distance
National Championships.

DATES: Comments and related material must be received by the Coast
Guard on or before January 29, 2015.

ADDRESSES: You may submit comments identified by docket number USCG-
2014-0751 using any one of the following methods:
    (1) Federal eRulemaking Portal: http://www.regulations.gov.
    (2) Fax:<PHONE_NUMBER>.
    (3) Mail: Docket Management Facility (M-30), U.S. Department of
Transportation, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590-0001.
    (4) Delivery: Same as mail address above, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays. The telephone
number is<PHONE_NUMBER>.
    See the ``Public Participation and Request for Comments'' portion
of the SUPPLEMENTARY INFORMATION section below for instructions on
submitting comments. To avoid duplication, please use only one of these
four methods.

FOR FURTHER INFORMATION CONTACT: If you have questions on this proposed
rule, call or email Petty Officer Joseph McCollum, U.S. Coast Guard
Sector Lake Michigan; telephone<PHONE_NUMBER>, email
<EMAIL_ADDRESS>If you have questions on viewing or
submitting material to the docket, call Cheryl Collins, Program
Manager, Docket Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Table of Acronyms

DHS Department of Homeland Security
FR Federal Register
NPRM Notice of Proposed Rulemaking

A. Public Participation and Request for Comments

    We encourage you to participate in this rulemaking by submitting
comments and related materials. All comments received will be posted
without change to http://www.regulations.gov and will include any
personal information you have provided.

1. Submitting Comments

    If you submit a comment, please include the docket number for this
rulemaking (USCG-2014-0751), indicate the specific section of this
document to which each comment applies, and provide a reason for each
suggestion or recommendation. You may submit your comments and material
online at http://www.regulations.gov, or by fax, mail, or hand
delivery, but please use only one of these means. If you submit a
comment online, it will be considered received by the Coast Guard when
you successfully transmit the comment. If you fax, hand deliver, or
mail your comment, it will be considered as having been received by the
Coast Guard when it is received at the Docket Management Facility. We
recommend that you include your name and a mailing address, an email
address, or a telephone number in the body of your document so that we
can contact you if we have questions regarding your submission.
    To submit your comment online, go to http://www.regulations.gov,
click on the ``submit a comment'' box, which will then become
highlighted in blue. In the ``Document Type'' drop down menu select
``Proposed Rule'' and insert ``USCG-2014-0751'' in the ``Keyword'' box.
Click ``Search'' then click on the balloon shape in the ``Actions''
column. If you submit your comments by mail or hand delivery, submit
them in an unbound format, no larger than 8\1/2\ by 11 inches, suitable
for copying and electronic filing. If you submit comments by mail and
would like to know that they reached the Facility, please enclose a
stamped, self-addressed postcard or envelope. We will consider all
comments and material received during the comment period and may change
the rule based on your comments.

2. Viewing Comments and Documents

    To view comments, as well as documents mentioned in this preamble
as being available in the docket, go to http://www.regulations.gov,
type the docket number USCG-2014-0751 in the ``SEARCH'' box and click
``Search.'' Click on Open Docket Folder on the line associated with
this rulemaking. You may also visit the Docket Management Facility in
Room W12-140 on the ground floor of the Department of Transportation
West Building, 1200 New Jersey Avenue SE., Washington, DC 20590,
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. We have an agreement with the Department of Transportation to
use the Docket Management Facility.

3. Privacy Act

    Anyone can search the electronic form of comments received into any
of our dockets by the name of the individual submitting the comment (or
signing the comment, if submitted on behalf of an association,
business, labor union, etc.). You may review a Privacy Act notice
regarding our public dockets in the January 17, 2008, issue of the
Federal Register (73 FR 3316).

4. Public Meeting

    We do not now plan to hold a public meeting. You may submit a
request for one using one of the four methods specified under
ADDRESSES. Please explain why you believe a public meeting would be
beneficial. If we determine that one would aid this rulemaking, we will
hold one at a time and place announced by a later notice in the Federal
Register.

B. Regulatory History and Information

    The Coast Guard established a temporary safety zone in Milwaukee
Harbor for the Olympic and Sprint Distance National Championships which
were scheduled for August of 2013 and 2014. On May 24, 2013, the Coast
Guard published a TFR entitled Safety Zone; USA Triathlon; Milwaukee
Harbor, Milwaukee, Wisconsin in the Federal Register (78 FR 31415).
That final rule published after a notice of proposed rulemaking was
submitted for public comment in the Federal Register (78 FR 19158).

C. Basis and Purpose

    The legal basis for the rule is the Coast Guard's authority to
establish safety zones: 33 U.S.C. 1231; 33 CFR 1.05-1, 160.5;
Department of Homeland Security Delegation No. 0170.1.
    In 2014, the Coast Guard was informed that the Olympic and Sprint
Distance National Championships are scheduled to return to Milwaukee
Harbor in 2015. Within and around Milwaukee Harbor at Lakeshore inlet,
this event is expected to involve thousands of participants competing
in a swim race surrounded by thousands of spectators. The swim portion
of this event is anticipated to occur on three days during the second
week of August, 2015. The Captain of the Port Lake Michigan has
determined that the likelihood of transiting watercraft during the swim
competition involving a large number of competitors presents a
significant risk of serious injuries or fatalities.

D. Discussion of Proposed Rule

    The Captain of the Port Lake Michigan has determined that a safety
zone is necessary to mitigate the aforementioned safety risks. Thus,
this proposed rule establishes a safety zone that encompasses all
waters of Milwaukee Harbor, including Lakeshore inlet and the Marina at
Pier Wisconsin, west of an imaginary line across the entrance to the
Marina at Pier Wisconsin connecting coordinates 43[deg]02.253' N,
087[deg]53.623' W and 43[deg]01.737' N, 087[deg]53.727' W (NAD 83).
    This proposed rule will be effective from August 1, 2015, until
August 30, 2015. Additionally, the Coast Guard anticipates that this
safety zone will be enforced from 10:30 a.m. until 2:30 p.m. on August
7; from 6:30 a.m. until 4:30 p.m. on August 8, and from 6:30 a.m. until
11:30 a.m. on August 9, 2015. This 2015 enforcement schedule may
change, and in the event of a change, the Captain of the Port Lake
Michigan will issue a Notice of Enforcement with an updated enforcement
schedule.
    The Captain of the Port Lake Michigan will notify the public that
the zone in this proposal is or will be enforced by all appropriate
means to the affected segments of the public including publication in
the Federal Register as practicable, in accordance with 33 CFR
165.7(a). Such means of notification may also include, but are not
limited to Broadcast Notice to Mariners or Local Notice to Mariners.
    All persons and vessels shall comply with the instructions of the
Captain of the Port Lake Michigan or her designated on-scene
representative. Entry into, transiting, or anchoring within the safety
zone is prohibited unless authorized by the Captain of the Port Lake
Michigan or her designated on-scene representative. The Captain of the
Port Lake Michigan or her designated on-scene representative may be
contacted via VHF Channel 16.

E. Regulatory Analyses

    We developed this proposed rule after considering numerous statutes
and executive orders related to rulemaking. Below we summarize our
analyses based on these statutes and executive orders.

1. Regulatory Planning and Review

    This proposed rule is not a significant regulatory action under
section 3(f) of Executive Order 12866, Regulatory Planning and Review,
and does not require an assessment of potential costs and benefits
under section 6(a)(3) of that Order. The Office of Management and
Budget has not reviewed it under that Order. It is not ``significant''
under the regulatory policies and procedures of the Department of
Homeland Security (DHS). We conclude that this proposed rule is not a
significant regulatory action because we anticipate that it will have
minimal impact on the economy, will not interfere with other agencies,
will not adversely alter the budget of any grant or loan recipients,
and will not raise any novel legal or policy issues. Overall, we expect
the economic impact of this proposed rule to be minimal and that a full
Regulatory Evaluation is unnecessary.

2. Impact on Small Entities

    Under The Regulatory Flexibility Act (5 U.S.C. 601-612), we have
considered whether this proposed rule would have a significant economic
impact on a substantial number of small entities. 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 proposed
rule would not have a significant economic impact on a substantial
number of small entities. This proposed rule will affect the following
entities, some of which might be small entities: The owners or
operators of vessels intending to transit or anchor within the waters
of the marina at Pier Wisconsin or Lakeshore inlet during the times in
which the safety zone is enforced in August of 2015.
    This proposed safety zone will not have a significant economic
impact on a substantial number of small entities for the following
reasons: This proposed rule will be enforced for a limited time during
the month of August; this proposed safety zone has been designed to
allow traffic to pass safely around the zone whenever possible, and
vessels

will be allowed to pass through the zone with the permission of the
Captain of the Port. If you think that your business, organization, or
governmental jurisdiction qualifies as a small entity and that this
rule would have a significant economic impact on it, please submit a
comment (see ADDRESSES) explaining why you think it qualifies and how
and to what degree this rule would economically affect it.

3. Assistance for Small Entities

    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 proposed rule so that they can better
evaluate its effects on them and participate in the rulemaking. If the
rule would affect your small business, organization, or governmental
jurisdiction and you have questions concerning its provisions or
options for compliance, please contact Petty Officer Joseph McCollum,
Prevention Department, Coast Guard Sector Lake Michigan, Milwaukee, WI
at<PHONE_NUMBER>. The Coast Guard will not retaliate against small
entities that question or complain about this proposed rule or any
policy or action of the Coast Guard.

4. Collection of Information

    This proposed rule would call for no new collection of information
under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520.).

5. Federalism

    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 proposed rule under that Order and
have determined that it does not have implications for federalism.

6. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to contact 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.

7. 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 proposed rule would not
result in such expenditure, we do discuss the effects of this proposed
rule elsewhere in this preamble.

8. Taking of Private Property

    This proposed rule would not cause a taking of private property or
otherwise have taking implications under Executive Order 12630,
Governmental Actions and Interference with Constitutionally Protected
Property Rights.

9. Civil Justice Reform

    This proposed rule meets applicable standards in sections 3(a) and
3(b)(2) of Executive Order 12988, Civil Justice Reform, to minimize
litigation, eliminate ambiguity, and reduce burden.

10. Protection of Children From Environmental Health Risks

    We have analyzed this proposed rule under Executive Order 13045,
Protection of Children from Environmental Health Risks and Safety
Risks. This proposed rule is not an economically significant rule and
would not create an environmental risk to health or risk to safety that
might disproportionately affect children.

11. Indian Tribal Governments

    This proposed rule does not have tribal implications under
Executive Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it would 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.

12. Energy Effects

    This proposed rule is not a ``significant energy action'' under
Executive Order 13211, Actions Concerning Regulations That
Significantly Affect Energy Supply, Distribution, or Use.

13. Technical Standards

    This proposed rule does not use technical standards. Therefore, we
did not consider the use of voluntary consensus standards.

14. Environment

    We have analyzed this proposed rule under Department of Homeland
Security Management Directive 023-01 and Commandant Instruction
M16475.lD, which guide the Coast Guard in complying with the National
Environmental Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and
have made a preliminary determination that this action is one of a
category of actions that do not individually or cumulatively have a
significant effect on the human environment. An environmental analysis
checklist supporting this determination is available in the docket
where indicated under ADDRESSES. This proposed rule involves the
establishment of a safety zone and is therefore categorically excluded
under figure 2-1, paragraph 34(g) of the Instruction. We seek any
comments or information that may lead to the discovery of a significant
environmental impact from this proposed rule.

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 proposes
to amend 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:  33 U.S.C. 1231; 46 U.S.C. Chapter 701, 3306, 3703;
50 U.S.C. 191, 195; 33 CFR 1.05-1, 6.04-1, 6.04-6, and 160.5; Pub.
L. 107-295, 116 Stat. 2064; Department of Homeland Security
Delegation No. 0170.1.

0
2. Add Sec.  165.T09-0751 to read as follows:

Sec.  165.T09-0751  Safety Zone; Triathlon National Championships,
Milwaukee Harbor, Milwaukee, Wisconsin.

    (a) Location. The safety zone will encompass all waters of
Milwaukee Harbor, including Lakeshore inlet and the marina at Pier
Wisconsin, west of an imaginary line across the entrance to the Marina
at Pier Wisconsin connecting coordinates 43[deg]02.253' N,
087[deg]53.623' W and 43[deg]01.737' N, 087[deg]53.727' W (NAD 83).
    (b) Effective Period. This safety zone is effective from August 1,
2015, until August 30, 2015. The Coast Guard anticipates that this
safety zone will be enforced from 10:30 a.m. until 2:30 p.m. on August
7; from 6:30 a.m. until 4:30 p.m. on August 8, and from 6:30 a.m. until
11:30 a.m. on August 9, 2015. This 2015 enforcement schedule may
change, and in the event of a change, the Captain of the Port Lake
Michigan will

issue a Notice of Enforcement with an updated enforcement schedule.
    (c) Regulations.
    (1) In accordance with the general regulations in Sec.  165.23 of
this part, entry into, transiting, or anchoring in this safety zone is
prohibited unless authorized by the Captain of the Port Lake Michigan
or her designated on-scene representative.
    (2) This safety zone is closed to all vessel traffic except as
permitted by the Captain of the Port Lake Michigan or her designated
on-scene representative.
    (3) The ``on-scene representative'' of the Captain of the Port Lake
Michigan is any Coast Guard commissioned, warrant, or petty officer who
has been designated by the Captain of the Port Lake Michigan to act on
her behalf. The Captain of the Port Lake Michigan or her designated on-
scene representative may be contacted via VHF Channel 16.
    (4) Vessel operators desiring to enter or operate within the safety
zone shall contact the Captain of the Port Lake Michigan or her
designated on-scene representative to obtain permission to do so.
Vessel operators given permission to enter or operate in the safety
zone must comply with all directions given to them by the Captain of
the Port Lake Michigan or her on-scene representative.

    Dated: December 3, 2014.
A.B. Cocanour,
Captain, U. S. Coast Guard, Captain of the Port Lake Michigan.
[FR Doc. 2014-30491 Filed 12-29-14; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register: January 23, 2008 (Volume 73, Number 15)]
[Notices]
[Page 4038-4040]
[DOCID:fr23ja08-99]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57155; File No. SR-Phlx-2008-02]

Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing of Proposed Rule Change To Amend By-Law Article XIV,
Section 14-5 and Phlx Rule 50

January 15, 2008.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 8, 2008, the Philadelphia Stock Exchange, Inc. (``Phlx'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a proposed rule change as described in Items I, II,
and III below, which Items have been substantially prepared by Phlx.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to: (i) Modify the timeframes within which
monies owed to the Exchange would become reportable to the Board of
Governors (``Board'') for further action; (ii) eliminate references to
the monetary threshold of $10,000; (iii) conform By-Law language to
indicate that Members, Member Organizations, participants, and
participant organizations would be subject to being terminated for
failure to pay; and (iv) make other clarifying amendments. The text of
the proposed rule change is available at Phlx, the Commission's Public
Reference Room, and http://www.phlx.com.

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

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

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

1. Purpose
    The purpose of the proposed rule change is to amend the language in
Phlx By-Law Article XIV, section 14-5 and Exchange Rule 50 to bolster
the Exchange's procedures regarding collection of monies owed to the
Exchange.
    The proposed rule change modifies the timeframes within which
monies owed to the Exchange would become reportable to the Board, and
by which Members, Member Organizations, participants, and participant
organizations would be subject to a suspension or termination. The
proposed rule change also defines the types of fees subject to each
timeframe. Specifically, the previous time limitations of 50 days from
the original invoice for certain monies and 20 days for other
categories of monies would be removed from By-Law Article XIV, Section
14-5 and the time limitations in Exchange Rule 50 would be amended. The
50 day timeframe applied to dues, foreign currency options users' fees,
fees, other charges and other monies due and owed to the Exchange. The
20 day timeframe applied to fines and other monetary sanctions.
    Under this proposal, a Member, or Member Organization, participant,
or participant organization or employee thereof shall be referred to
the Board for failure to: (i) Pay fines and/or other monetary sanctions
within 30 days after notice thereof; or (ii) pay dues, foreign currency
options users' fees, fees, other charges, and/or other monies due,
including late charges, within 90 days from the date of the original
invoice. These timeframes would be amended in Rule 50 and deleted from
By-Law Article XIV, section 14-5, rather than appear in both Rule 50
and By-Law Article XIV, section 14-5. The purpose of amending these
timeframes is to conform to the Exchange's current accounting and
billing cycles and to allow a reasonable time for payment of invoices
prior to the necessity to report a past due amount to the Board for
further action.
    In addition, this proposed rule change would eliminate the
references to the monetary threshold of $10,000 from both By-Law
Article XIV, section 14-5 and Rule 50, so that all past due amounts are
reportable to the Board within the specified proposed new timeframes.
The requirement to report to the Finance Committee is proposed to be
eliminated from Rule 50. Both of these changes are intended to direct
collection matters to the Board directly and without regard to the
amount, in order to enhance the immediacy of the Exchange's collection
efforts.
    The word ``terminate'' is proposed to be added to By-Law Article
XIV, section 14-5 to conform with the termination language in By-Law
Article XIV, section 14-1. By-Law Article XIV, section 14-1 currently
provides that the Board shall have the power to establish and assess
penalties and late charges for failure to pay any fees, dues, or
charges owed to the Exchange, including, without limitation,
termination of a permit or participation (which permit or

participation may be reissued) and forfeiture of all rights as a
Member, Member Organization or participant organization, permit holder
or (with respect to a foreign currency options participation) an owner,
lessor or lessee. The proposed rule change to By-Law Article XIV,
section 14-5 clarifies that the Board has the power to terminate, not
just suspend, any permit or rights and privileges of a foreign currency
options participation of any Member, foreign currency options
participant,\3\ Member Organization or participant organization or
employee thereof. Currently, By-Law Article XIV, section 14-5 only
covers suspension. The Exchange believes it is helpful to add
``terminate'' to By-Law Article XIV, section 14-5 so that the
consequences of a failure to pay appear together, even though By-Law
Article XIV, section 14-1 already gives the Board the power to
terminate. In other words, the Board's power to terminate is merely
being repeated in another by-law and is not being created by this
proposed rule change.
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    \3\ By-Law Article I, Section 1-1(j) defines a Foreign Currency
Options Participation as ``the foreign currency options
participations issued from time to time by the Exchange.''
    By-Law Article I, Section 1-1(k) defines a Foreign Currency
Options Participant or Participant as ``a Member of the Exchange who
has purchased a foreign currency options participation and a non-
member who has been admitted to the Exchange as a foreign currency
options participant by the Admissions Committee.''
    By-Law Article I, Section 1-1(l) defines a Foreign Currency
Options Participant Organization as:
    ``* * * corporation, partnership (general or limited), limited
liability partnership, limited liability company, business trust or
similar organization, transacting business as a broker or a dealer
in securities and which has the status of a foreign currency options
participant organization by virtue of (i) permission given to it by
the Admissions Committee pursuant to the provisions of Section 10-6
of these By-Laws or (ii) the transitional rules adopted by the
Exchange pursuant to Section 12-12 of these By-Laws. References
herein to officer or partner, when used in the context of a foreign
currency options participant organization, shall include any person
holding a similar position in any organization other than a
corporation or partnership that has the status of a foreign currency
options participant organization.''
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    A Member, Member Organization or employee thereof is required to
maintain a permit in order to qualify as a member of the Exchange. That
permit has certain rights and privileges \4\ that allow the Member or
Member Organization, and its employees, to access the trading floor and
trade, among other things. In order to trade foreign currency options
at the Exchange, either a permit or a foreign currency participation is
required.\5\
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    \4\ See Exchange Rule 908 (Rights and Privileges of A-1
Permits.)
    \5\ See Exchange By-Law Article XXVII, Section 27-1 (Foreign
Currency Options Participants) and Exchange By-Law Article XIII,
Section 13-1 (Qualification.) See also Securities Exchange Act
Release No. 49098 (January 16, 2004), 69 FR 3974 (January 27, 2004)
(SR-Phlx-2003-73) at n. 8 which states, ``The Exchange, however,
plans to retain its existing Foreign Currency Option (``FCO'')
participations (as defined in section 1-1(i) of the amended By-
laws). After the demutualization, the ability to trade FCOs on the
Phlx will also be available through a Series A-1 Permit, as set
forth in proposed Rule 908(b).''
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    For non-payment of monies owed, the Board may, using its powers in
By-Law Article XIV, Sections 14-1 and 14-5, determine to, in the case
of a permit: (1) Suspend trading privileges that flow from the permit
for a period of time, until payment is made; or (2) terminate the
permit; or, in the case of a foreign currency options participation,
(3) suspend the rights and privileges for a period of time; (4)
terminate the participation; or (5) if eligible, pursuant to the last
paragraph of By-Law Article XIV, section 14-5, dispose of the
participation.
    In the event that a permit is terminated by the Board, the affected
party would be required to reapply for admission with the Exchange for
a new permit once payment in full was made of any outstanding balance
owed to the Exchange. In the event of disposal,\6\ as referenced in the
last paragraph of By-Law Article XIV, section 14-5, the Exchange would
purchase the participation at the current bid \7\ and allocate proceeds
to the holder less the amount that was owed the Exchange.\8\ This
provision is only being changed to delete the $10,000 threshold, such
that any amounts owed and not paid after one year may subject a foreign
currency options participation to disposal.
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    \6\ See By-Law Article XXVII, Section 27-3 (Privileges and
Obligations of Foreign Currency Options Participants.)
    \7\ The current bid for a Foreign Currency Options Participation
is posted weekly in the Exchange bulletin.
    \8\ See By-Law Article XV, Section 15-3 (Disposition of Proceeds
of Sale of Foreign Currency Options Participation) and By-Law
Article XV, Section 15-11 (Foreign Currency Options Participations
Purchased by the Exchange.)
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with section
6(b) of the Act,\9\ in general, and furthers the objectives of section
6(b)(5) of the Act,\10\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest by providing notice and clarity of its reporting procedures
for non-payment to the Exchange.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

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

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

    No written comments were either solicited or received.

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

    Within 35 days of the date of publication of this notice in the
Federal Registeror within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which Phlx consents, the Commission will:
    (A) By order approve such proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-Phlx-2008-02 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-Phlx-2008-02. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/

rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of Phlx. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-Phlx-2008-02 and should be
submitted on or before February 13, 2008.
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    \11\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-1059 Filed 1-22-08; 8:45 am]

BILLING CODE 8011-01-P