Officer = $799,800 x 17 respondent clearing agencies = $13,596,600.
See supra notes 276 and 304.
---------------------------------------------------------------------------

    The Commission estimates that the average ongoing paperwork cost
associated with preparing, signing and submitting annual compliance
reports pursuant to proposed Rule 3Cj-1(c)(iii) and (iv) would be 54
hours for each respondent clearing agency, corresponding to an annual
cost of $17,036 for each clearing agency and an aggregate annual cost
of $289,612 for all respondent clearing agencies.\307\
---------------------------------------------------------------------------

    \307\ This figure was calculated as follows: ((Compliance
Attorney for 50 hours at $320 per hour) + (Senior Systems Analyst
for 4 hours at $259 per hour)) = $17,036 x 17 respondent clearing
agencies = $289,612. See supra note 278.
---------------------------------------------------------------------------

    The Commission believes that currently-existing clearing agencies
already maintain compliance programs that are overseen by a CCO or an
individual who effectively serves as a CCO. In addition, such clearing
agencies may prepare compliance reports presented to senior management
and/or the clearing agency's board and board committees as part of
their current business practice. Therefore, the Commission expects that
clearing agencies with substantial commitments to compliance would
probably incur only minimal costs in connection with the adoption of
the proposed rule. However, for a clearing agency that does not already
prepare these types of annual compliance reports as part of its
compliance program, the requirements under proposed Rule 3Cj-1 would
likely require the labor of clearing agency staff and impose direct
costs on the clearing agency as described above.

I. Request for Comment

    The Commission solicits comments on the benefits and costs related
to proposed Rules 17Ad-22, 17Ad-23, 17Ad-24, 17Ad-25, 17Ad-26, 17Ab2-1,
3Cj-1 and 17j-1. The Commission specifically requests comments on the
initial and ongoing costs associated with these rules and the costs
associated with any personnel that may be necessary to support
compliance with the rules. Are there additional costs that the
Commission should consider? Are there alternatives that the Commission
should consider? Do the estimates accurately reflect the costs that are
discussed? Please describe and, to the extent practicable, quantify the
costs associated with any comments that are submitted.
    The Commission requests data to quantify the costs and the value of
the benefits discussed above. The Commission seeks estimates of these
costs and benefits, as well as any costs and benefits not addressed,
which may result from the adoption of the proposed rules. Commenters
should provide analysis and empirical data to support their views.

VII. Consideration of Burden on Competition, and Promotion of
Efficiency, Competition, and Capital Formation

    Section 23(a) of the Exchange Act \308\ requires the Commission,
when making rules and regulations under the Exchange Act, to consider
the effect a new rule would have on competition. Section 23(a)(2)
prohibits the Commission from adopting any rule that would impose a
burden on competition not necessary or appropriate in furtherance of
the purposes of the Exchange Act.\309\ Section 3(f) of the Exchange Act
\310\ requires the Commission, when engaging in rulemaking that
requires it to consider whether an action is necessary or appropriate
in the public interest, to consider, in addition to the protection of
investors, whether the action would promote efficiency, competition,
and capital formation.
---------------------------------------------------------------------------

    \308\ 15 U.S.C. 78w(a).
    \309\ 15 U.S.C. 78w(a)(2).
    \310\ 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    The economic effects of the proposed rules were discussed in detail
in the costs and benefits section.\311\ These effects encompassed
effects on economic efficiency, competition, and capital formation.
---------------------------------------------------------------------------

    \311\ See discussion supra at Section VI. Consideration of Costs
and Benefits and accompanying subsections A. through E.
---------------------------------------------------------------------------

    To reiterate, proposed Rules 17Ad-22 through 17Ad-26, 17Aj-1, 3Cj-1
and the proposed amendments to Rule 17Ab2-1 would set standards for the
operation and governance of registered clearing agencies. These
proposed rules are intended to further the purposes of the Exchange Act
and to promote transparency and accountability consistent with the
stated goals of the Dodd-Frank Act.\312\
---------------------------------------------------------------------------

    \312\ See supra note 2 and accompanying text.
---------------------------------------------------------------------------

    Evidence from the securities markets suggests that clearing
agencies over the long-run tend to converge to a small number of
entities or even a single entity. In part, the Commission preliminarily
believes that this is because clearing activities are characterized by
high start-up costs and low marginal costs so that there are large
economies of scale. For example, currently all trades executed on the
eight U.S. based options exchanges are cleared at The Options Clearing
Corporation, and trades executed on the U.S. equity markets, composed
of exchanges, alternative trading platforms, and OTC trading, are
cleared at National Securities Clearing Corporation. In this same way,
it is possible that a single security-based swap clearing agency may
prove itself through market forces to be the most-efficient mechanism
to serve all security-based swap clearing participants by delivering
the lowest-cost services.
    As noted above, the current market structure for clearing agencies
includes four registered clearing agencies and four entities operating
pursuant to the CDS Clearing Exemption Orders that are eligible to
become registered security-based swap clearing agencies pursuant to the
Deemed Registered Provision of the Dodd-Frank Act. In addition, the
Commission preliminarily believes there may be entities using
instrumentalities of interstate commerce to perform collateral
management, trade matching, Tear Up Services or similar security-based
swap lifecycle event services that consequently may trigger the
clearing agency registration requirement.\313\
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    \313\ See supra note 101 and accompanying text (noting that this
list of services that may trigger clearing agency registration is
not exhaustive and urging every security-based swap lifecycle event
service provider to consider whether their function places them
within the clearing agency definition).
---------------------------------------------------------------------------

    The intent of the proposed rules concerning standards for clearing
agency operations and governance standards of clearing agencies is to
promote the prompt and accurate clearance and settlement of securities
transactions, including security-based swap transactions, by requiring
certain minimum standards at clearing agencies. The Commission
preliminarily believes that these requirements would ensure resilient
and cost-effective clearing agency operations as well as promote
transparent and effective clearing agency governance that would
consequently support confidence among market participants in clearing
agencies' ability to serve as efficient mechanisms for clearance and
settlement and to facilitate capital formation.
    Additionally, the Commission believes that proposed Rule 17Aj-1
would support efficiency and the capital formation process by promoting
security-based swap price transparency so that market participants have
access to more information to value their security-based swap
positions. Under the Dodd-Frank Act, all security-based swap
transactions are required to be reported to a security-based swap data
repository, or, if no such data repository exists, to the
Commission.\314\ Consequently, security-based swap data repositories
consolidate post-trade information about security-based swaps. The
Commission preliminarily believes this is helpful for analyzing the
security-based swap market as a whole and identifying its risks.\315\
Similarly, security-based swap execution facilities provide important
pre-trade information about security-based swaps. In addition, there
are also financial services information firms that provide certain
security-based swap pricing data.
---------------------------------------------------------------------------

    \314\ See Public Law 111-203, Sec. Sec.  763(i) and 766(a)
(adding Exchange Act Sections 13(m)(1)(G) and 13A(A)(1),
respectively). The Dodd-Frank Act amends the CEA to provide for a
similar regulatory framework with respect to transactions in swaps
regulated by the CFTC.
    \315\ See Exchange Act Release No. 63347 (November 19, 2010), 75
FR 77306 (December 10, 2010) (discussing in Section II, Role,
Regulation, and Business Models of SDRs, that the enhanced
transparency provided by an SDR is important to help regulators and
others monitor the build-up and concentration of risk exposures in
the security-based swap market).
---------------------------------------------------------------------------

    However, the Commission preliminarily believes that the pricing and
valuation information generated by security-based swap clearing
agencies adds value beyond these pre- and post-trade pricing sources as
well as information that may be available from firms that provide
financial services data. This is because proposed Rule 17Aj-1 would
require a security-based swap clearing agency that performs CCP
services to produce end-of-day settlement prices for all security-based
swaps that it clears. This end-of-day pricing information represents
pricing during the life of a security-based swap that is unique because
it is not available from pre- and post-trade sources.
    The Commission also preliminarily believes that this information is
distinct from pricing information made available by firms that sell
certain security-based swap pricing date, because each clearing
agency's prices are generated daily while pricing information available
through other sources may rely on various methods to derive a price--
for instance an average of the bid and ask for a particular security-
based swap or an executed trade price that would otherwise be stale but
that has been adjusted through certain modeling practices to estimate a
current price. Therefore, the Commission preliminarily believes that
the public availability of these end-of-day settlement prices, as well
as any other pricing information the security-based swap clearing
agency publishes or distributes with respect to security-based swaps
can provide helpful transparency to market participants about the
current value of their security-based swap positions. Accordingly, the
Commission preliminarily believes that requiring this information to be
made publicly available on terms that are fair, reasonable and not
unreasonably discriminatory improves fairness, efficiency, and market
competition by

providing availability to pricing information that may otherwise be
difficult for some market participants to obtain and that, among other
benefits, would allow those market participants to be better-informed
about the fair value of their security-based swap positions and to try
to more efficiently manage the utility of those positions within their
portfolio.
    The Commission requests comment on the possible effects of proposed
Rules 17Ad-22, 17Ad-23, 17Ad-24, 17Ad-25, 17Ad-26, 17Aj-1, 3Cj-1 and
the amendments to Rule 17Ab2-1 on efficiency, competition, and capital
formation. The Commission requests that commenters provide views and
supporting information regarding any such effects. The Commission
recognizes that such effects may be difficult to quantify. The
Commission seeks comment on possible anti-competitive effects of the
proposed rules not already identified. The Commission also requests
comments regarding the competitive effects of pursuing alternative
regulatory approaches that are consistent with Sections 763 and 805 of
the Dodd-Frank Act and Section 17A of the Exchange Act. In addition,
the Commission requests comment on how the other provisions of the
Dodd-Frank Act for which Commission rulemaking is required will
interact with and influence the competitive effects of the proposed
rules under proposed Rules 17Ad-22 through 17Ad-26, 17Aj-1, 3Cj-1 and
the amendments to Rule 17Ab2-1.

VIII. Consideration of Impact on the Economy

    For purposes of the Small Business Regulatory Enforcement Fairness
Act of 1996 (``SBREFA''),\316\, the Commission must advise the OMB as
to whether the proposed rule constitutes a ``major'' rule. Under
SBREFA, a rule is considered ``major'' where, if adopted, it results or
is likely to result in: (i) An annual effect on the economy of $100
million or more (either in the form of an increase or a decrease); (ii)
a major increase in costs or prices for consumers or individual
industries; or (iii) significant adverse effect on competition,
investment or innovation. If a rule is ``major,'' its effectiveness
will generally be delayed for sixty days pending Congressional review.
---------------------------------------------------------------------------

    \316\ Public Law 104-121, Title II, 110 Stat. 857 (1996)
(codified in various sections of 5 U.S.C., 15 U.S.C. and as a note
to 5 U.S.C. 601).
---------------------------------------------------------------------------

    The Commission requests comment on the potential impact of proposed
Rules 17Ad-22 through 17Ad-26, 17Aj-1, 3Cj-1 and the amendments to Rule
17Ab2-1 on the economy on an annual basis, any potential increase in
costs or prices for consumers or individual industries, and any
potential effect on competition, investment or innovation. Commenters
are requested to provide empirical data and other factual support for
their view to the extent possible.

IX. Regulatory Flexibility Act Certification

    The Regulatory Flexibility Act (``RFA'') \317\ requires the
Commission, in promulgating rules, to consider the impact of those
rules on small entities. Section 603(a) \318\ of the Administrative
Procedure Act,\319\ as amended by the RFA, generally requires the
Commission to undertake a regulatory flexibility analysis of all
proposed rules to determine the impact of such rulemaking on ``small
entities.'' \320\ Section 605(b) of the RFA states that this
requirement shall not apply to any proposed rule which, if adopted,
would not have a significant economic impact on a substantial number of
small entities.\321\
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    \317\ 5 U.S.C. 601 et seq.
    \318\ 5 U.S.C. 603(a).
    \319\ 5 U.S.C. 551 et seq.
    \320\ Section 601(b) of the RFA permits agencies to formulate
their own definitions of ``small entities.'' The Commission has
adopted definitions for the term ``small entity'' for the purposes
of rulemaking in accordance with the RFA. These definitions, as
relevant to this proposed rulemaking, are set forth in Rule 0-10, 17
CFR 240.0-10.
    \321\ See 5 U.S.C. 605(b).
---------------------------------------------------------------------------

A. Registered Clearing Agencies

    Proposed Rules 17Ad-22 through 17Ad-26, 17Aj-1, 3Cj-1 and amended
Rule 17Ab2-1 would apply to all registered clearing agencies and set
standards for the operation and governance of such clearing agencies.
For the purposes of Commission rulemaking and as applicable to proposed
Rules 17Ad-22 through 17Ad-26, 17Aj-1, 3Cj-1 and amended Rule 17Ab2-1,
a small entity includes, when used with reference to a clearing agency,
a clearing agency that (i) compared, cleared and settled less than $500
million in securities transactions during the preceding fiscal year,
(ii) had less than $200 million of funds and securities in its custody
or control at all times during the preceding fiscal year (or at any
time that it has been in business, if shorter) and (iii) is not
affiliated with any person (other than a natural person) that is not a
small business or small organization.\322\ Under the standards adopted
by the Small Business Administration, small entities in the finance
industry include the following: (i) For entities engaged in investment
banking, securities dealing and securities brokerage activities,
entities with $6.5 million or less in annual receipts; (ii) for
entities engaged in trust, fiduciary and custody activities, entities
with $6.5 million or less in annual receipts; and (iii) funds, trusts
and other financial vehicles with $6.5 million or less in annual
receipts.\323\
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    \322\ 17 CFR 240.0-10(d).
    \323\ 13 CFR 121.201, Section 52.
---------------------------------------------------------------------------

    Based on the Commission's existing information about the clearing
agencies currently registered with the Commission and the four entities
clearing security-based swaps pursuant to the CDS Clearing Exemption
Orders,\324\ the Commission preliminarily believes that such entities
exceed the thresholds defining ``small entities'' set out above. While
other clearing agencies may emerge and become eligible to operate as
clearing agencies and while other security-based swap lifecycle event
service providers may be required to register as clearing agencies, the
Commission preliminarily does not believe that any such entities would
be ``small entities'' as defined in Exchange Act Rule 0-10.\325\
Furthermore, we believe it is unlikely that any clearing agencies,
security-based swap clearing agencies or security-based swap lifecycle
event services providers would have annual receipts of less than $6.5
million. Accordingly, the Commission believes that any registered
clearing agencies will exceed the thresholds for ``small entities'' set
forth in Exchange Act Rule 0-12.
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    \324\ As of July 21, 2010, the following four clearing agencies
are eligible to clear security-based swaps as a result of having
been granted temporary exemptive orders to operate as clearing
agencies for CDS: CME, Eurex, ICE Trust and ICE Clear Europe.
    \325\ See 17 CFR 240.0-10(d). The Commission based this
determination on its review of public sources of financial
information about existing CCPs serving the OTC derivatives market
and lifecycle event service providers.
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B. Certification

    In the Commission's preliminary view, proposed Rules 17Ad-22
through 17Ad-26, 17Aj-1, 3Cj-1 and amended Rule 17Ab2-1 would not have
a significant economic impact on a substantial number of small entities
for the purposes of the RFA. For the reasons described above, the
Commission certifies that the proposed rules would not have a
significant economic impact on a substantial number of small entities.
The Commission requests comment regarding this certification. The
Commission requests that commenters describe the nature of any impact
on small entities, including clearing agencies, other counterparties to
security-based swap transactions and

security-based swap lifecycle event service providers, and provide
empirical data to support the extent of the impact.

X. Statutory Basis and Proposed Rule Text

    Pursuant to the Exchange Act, particularly, Sections 17A(d)
thereof, 15 U.S.C. 78q-1(d), Sections 17A(i), 17A(j) and 3C(j) thereof,
Public Law 111-203, Sec.  763, 124 Stat. 1841 (2010), and Sections
30(b) and 30(c) thereof, 15 U.S.C. 78dd(b) and (c), and Section
805(a)(2) of the Clearing Supervision Act, 12 U.S.C. 5464(a)(2), the
Commission proposes: (1) New Rules 17Ad-22(a), 17Ad-22(d), 17Ad-23,
17Ad-24, 17Ad-25, 17Ad-26 and 3Cj-1, which would govern clearing
agencies; (2) new Rules 17Ad-22(b) and (c), which would govern clearing
agencies that perform central counterparty services; (3) new Rule 17Aj-
1, which would govern security-based swap clearing agencies that
provide central counterparty services; and (4) to amend Rule 17Ab2-1.

List of Subjects in 17 CFR Part 240

    Reporting and recordkeeping requirements, Securities.

    In accordance with the foregoing, Title 17, Chapter II of the Code
of Federal Regulations is proposed to be amended as follows:

PART 240--GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE

    1. The authority citation for Part 240 is amended by adding the
following citations in numerical order to read as follows:

    Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3,
77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78d, 78e, 78f, 78g, 78i,
78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78o, 78o-4, 78p, 78q, 78q-1,
78s, 78u-5, 78w, 78x, 78ll, 78mm, 80a-20, 80a-23, 80a-29, 80a-37,
80b-3, 80b-4, 80b-11, and 7201 et seq.; 18 U.S.C. 1350; and 12
U.S.C. 5221(e)(3), unless otherwise noted.
* * * * *
    Section 240.3Cj-1 is also issued under Pub. L. 111-203, Sec.
763, 124 Stat. 1841 (2010).
* * * * *
    Sections 240.17Ad-22 through 240.17Ad-26 are also issued under
12 U.S.C. 5464(a)(2).
* * * * *
    2. Section 240.3Cj-1 is added to read as follows:

Sec.  240.3Cj-1  Designation of chief compliance officer.

    (a) In general. Each clearing agency shall designate a chief
compliance officer. The compensation and removal of the chief
compliance officer shall require the approval of a majority of the
clearing agency's board.
    (b) Duties. The chief compliance officer shall:
    (1) Report directly to the board of directors or to the senior
officer of the clearing agency;
    (2) In consultation with its board, a body performing a function
similar thereto, or the senior officer of the registered clearing
agency, resolve any conflicts of interest that may arise;
    (3) Be responsible for administering each policy and procedure that
is required to be established pursuant to section 3C of the Act (15
U.S.C. 78c-3) and the rules and regulations thereunder;
    (4) Ensure compliance with the Act and the rules and regulations
thereunder;
    (5) Establish policies and procedures for the prompt remediation of
any non-compliance issues identified by the chief compliance officer;
and
    (6) Establish and follow appropriate procedures for the prompt
handling, management response, remediation, retesting, and closing of
non-compliance issues.
    (c) Annual Reports--(1) In general. The chief compliance officer
shall annually prepare and sign a report that contains a description
of:
    (i) The compliance of the clearing agency with respect to the
Federal securities laws and the rules and regulations thereunder; and
    (ii) Each policy and procedure of the clearing agency of the
compliance officer (including the code of ethics and conflict of
interest policies of the registered clearing agency).
    (2) Requirements. An annual compliance report under this section
shall:
    (i) Accompany each appropriate financial report of the clearing
agency that is required to be furnished to the Commission pursuant to
the Act and the rules thereunder;
    (ii) Include a certification that, under penalty of law, the
compliance report is accurate and complete;
    (iii) Be submitted to the board of directors and audit committee
(or equivalent bodies) of the clearing agency promptly after the date
of execution of the required certification and prior to filing of the
report with the Commission; and
    (iv) Be filed with the Commission in a tagged data format in
accordance with the instructions contained in the EDGAR Filer Manual,
as described in Rule 301 of Regulation S-T (17 CFR 232.301).
    (v) Be filed with the Commission within 60 days after the end of
the fiscal year covered by such report.
    (d) For purposes of this section, references to senior officer
shall include the chief executive officer, or other equivalent officer.
    3. Section 240.17Ab2-1 is amended by revising paragraph (c) to read
as follows:

Sec.  240.17Ab2-1  Registration of clearing agencies.

* * * * *
    (c)(1) The Commission, upon the request of a clearing agency or
upon the election of the Commission, may grant registration of the
clearing agency in accordance with sections 17A(b) and 19(a)(1) of the
Act for a specific period of time and may exempt, other than for
purposes of section 17A(g) of the Act, the registrant from one or more
of the requirements as to which the Commission is directed to make a
determination pursuant to paragraphs (A) through (I) of section
17A(b)(3) of the Act, provided that any such registration shall be
effective only for twenty-four months from the date the registration is
made effective (or such longer period as the Commission may provide by
order).
    (2) In the case of any clearing agency registered in accordance
with paragraph (c)(1) of this section, not later than fifteen months
from the date such registration is made effective (or such longer
period as the Commission may provide by order) the Commission either
will grant registration in accordance with sections 17A(b) and 19(a)(1)
of the Act, without, as applicable, exempting the registrant from one
or more of the requirements as to which the Commission is directed to
make a determination pursuant to subparagraphs (A) through (I) of
section 17A(b)(3) of the Act or without limiting the duration of the
registration, or will institute proceedings in accordance with section
19(a)(1)(B) of the Act to determine whether registration should be
denied at the expiration of the registration granted in accordance with
paragraph (c)(1) of this section.
    4. Section 240.17Ad-22 is added to read as follows:

Sec.  240.17Ad-22  Standards for clearing agencies.

    (a) Definitions--(1) Central counterparty means a clearing agency
that interposes itself between the counterparties to securities
transactions, acting functionally as the buyer to every seller and the
seller to every buyer.
    (2) Central securities depository services means services of a
clearing agency that is a securities depository as described in section
3(a)(23) of the Act.

    (3) Participant as used in paragraphs (b)(3) and (d)(14) of this
section means that if a participant controls another participant or is
under common control with another participant then the affiliated
participants shall be collectively deemed to be a single participant
for purposes of that subparagraph.
    (4) Normal market conditions as used in paragraphs (b)(1) and (2)
of this section means conditions in which the expected movement of the
price of cleared securities would produce changes in a clearing
agency's exposures to its participants that would be expected to breach
margin requirements or other risk control mechanisms only one percent
of the time.
    (5) Net capital as used in paragraph (b)(7) of this section means
net capital as defined in Rule 15c3-1 under the Act for broker-dealers
or any similar risk adjusted capital calculation for all other
prospective clearing members.
    (b) A clearing agency that performs central counterparty services
shall establish, implement, maintain and enforce written policies and
procedures reasonably designed to:
    (1) Measure its credit exposures to its participants at least once
a day and limit its exposures to potential losses from defaults by its
participants in normal market conditions so that the operations of the
clearing agency would not be disrupted and non-defaulting participants
would not be exposed to losses that they cannot anticipate or control.
    (2) Use margin requirements to limit its credit exposures to
participants in normal market conditions and use risk-based models and
parameters to set margin requirements and review them at least monthly.
    (3) Maintain sufficient financial resources to withstand, at a
minimum, a default by the participant to which it has the largest
exposure in extreme but plausible market conditions; provided that a
security-based swap clearing agency shall maintain sufficient financial
resources to withstand, at a minimum, a default by the two participants
to which it has the largest exposures in extreme but plausible market
conditions.
    (4) Provide for an annual model validation consisting of evaluating
the performance of the clearing agency's margin models and the related
parameters and assumptions associated with such models by a qualified
person who does not perform functions associated with the clearing
agency's margin models (except as part of the annual model validation)
and does not report to a person who performs these functions.
    (5) Provide the opportunity for a person that does not perform any
dealer or security-based swap dealer services to obtain membership at
the clearing agency to clear securities for itself or on behalf of
other persons.
    (6) Have membership standards that do not require that participants
maintain a portfolio of any minimum size or that participants maintain
a minimum transaction volume.
    (7) Provide a person that maintains net capital equal to or greater
than $50 million with the ability to obtain membership at the clearing
agency, with any net capital requirements being scalable so that they
are proportional to the risks posed by the participant's activities to
the clearing agency; provided, however, that the clearing agency may
provide for a higher net capital requirement as a condition for
membership at the clearing agency if the clearing agency demonstrates
to the Commission that such a requirement is necessary to mitigate
risks that could not otherwise be effectively managed by other measures
and the Commission approves the higher net capital requirement as part
of a rule filing or clearing agency registration application.
    (c) Record of financial resources and annual audited financial
report. (1) Each fiscal quarter (based on calculations made as of the
last business day of the clearing agency's fiscal quarter), or at any
time upon Commission request, a clearing agency that performs central
counterparty services shall calculate and maintain a record, in
accordance with Sec.  240.17a-1 of this chapter, of the financial
resources necessary to meet the requirements of paragraph (b)(3) of
this rule and sufficient documentation to explain the methodology it
uses to compute such financial resource requirement.
    (2) Each clearing agency shall post on its Web site an annual
audited financial report. Each financial report shall:
    (i) Be a complete set of financial statements of the clearing
agency for the most recent two fiscal years of the clearing agency and
be prepared in accordance with U.S. generally accepted accounting
principles, except that for a clearing agency that is a corporation or
other organization incorporated or organized under the laws of any
foreign country the financial statements may be prepared in accordance
with U.S. generally accepted accounting principles or International
Financial Reporting Standards as issued by the International Accounting
Standards Board;
    (ii) Be audited in accordance with standards of the Public Company
Accounting Oversight Board by a registered public accounting firm that
is qualified and independent in accordance with Rule 2-01 of Regulation
S-X (17 CFR 210.2-01); and
    (iii) Include a report of the registered public accounting firm
that complies with paragraphs (a) through (d) of Rule 2-02 of
Regulation S-X (17 CFR 210.2-02).
    (d) Each clearing agency shall establish, implement, maintain and
enforce written policies and procedures reasonably designed to, as
applicable:
    (1) Provide for a well founded, transparent, and enforceable legal
framework for each aspect of its activities in all relevant
jurisdictions.
    (2) Require participants to have sufficient financial resources and
robust operational capacity to meet obligations arising from
participation in the clearing agency; have procedures in place to
monitor that participation requirements are met on an ongoing basis;
and have participation requirements that are objective, publicly
disclosed, and permit fair and open access.
    (3) Hold assets in a manner whereby risk of loss or of delay in its
access to them is minimized; and invest assets in instruments with
minimal credit, market and liquidity risks.
    (4) Identify sources of operational risk and minimize them through
the development of appropriate systems, controls, and procedures;
implement systems that are reliable, resilient and secure, and have
adequate, scalable capacity; and have business continuity plans that
allow for timely recovery of operations and fulfillment of a clearing
agency's obligations.
    (5) Employ money settlement arrangements that eliminate or strictly
limit the clearing agency's settlement bank risks, that is, its credit
and liquidity risks from the use of banks to effect money settlements
with its participants; and require funds transfers to the clearing
agency to be final when effected.
    (6) Be cost-effective in meeting the requirements of participants
while maintaining safe and secure operations.
    (7) Evaluate the potential sources of risks that can arise when the
clearing agency establishes links either cross-border or domestically
to clear trades, and ensure that the risks are managed prudently on an
ongoing basis.
    (8) Have governance arrangements that are clear and transparent to
fulfill the public interest requirements in section 17A of the Act
applicable to clearing agencies, to support the objectives of owners
and participants,

and to promote the effectiveness of the clearing agency's risk
management procedures.
    (9) Provide market participants with sufficient information for
them to identify and evaluate the risks and costs associated with using
its services.
    (10) Immobilize or dematerialize securities certificates and
transfer them by book entry to the greatest extent possible when the
clearing agency provides central securities depository services.
    (11) Make key aspects of the clearing agency's default procedures
publicly available and establish default procedures that ensure that
the clearing agency can take timely action to contain losses and
liquidity pressures and to continue meeting its obligations in the
event of a participant default.
    (12) Ensure that final settlement occurs no later than the end of
the settlement day; and require that intraday or real-time finality-be
provided where necessary to reduce risks.
    (13) Eliminate principal risk by linking securities transfers to
funds transfers in a way that achieves delivery versus payment.
    (14) Institute risk controls, including collateral requirements and
limits to cover the clearing agency's credit exposure to each
participant exposure fully, that ensure timely settlement in the event
that the participant with the largest payment obligation is unable to
settle when the clearing agency provides central securities depository
services and extends intraday credit to participants.
    (15) State to its participants the clearing agency's obligations
with respect to physical deliveries and identify and manage the risks
from these obligations.
    5. Section 240.17Ad-23 is added to read as follows:

Sec.  240.17Ad-23  Clearing agency policies and procedures to protect
the confidentiality of trading information of clearing agency
participants.

    Each clearing agency shall establish, implement, maintain, and
enforce written policies and procedures reasonably designed to protect
the confidentiality of any and all transaction information that the
clearing agency receives. Such policies and procedures shall include,
but are not limited to:
    (a) Limiting access to confidential trading information of clearing
members to those employees of the clearing agency who are operating the
system or responsible for its compliance with any other applicable laws
or rules; and
    (b) Standards controlling employees and agents of the clearing
agency trading for their personal benefit or the benefit of others.
    6. Section 240.17Ad-24 is added to read as follows:

Sec.  240.17Ad-24  Exemption from clearing agency definition for
certain registered securities based swap dealers and registered
security-based swap execution facilities.

    A registered security-based swap dealer and a registered security-
based swap execution facility shall be exempt from inclusion in the
term clearing agency, as defined in section 3(a)(23)(A) of the Act,
where such registered security-based swap dealer or registered
security-based swap execution facility would be deemed to be a clearing
agency solely by reason of functions performed by such institution as
part of customary dealing activities or providing facilities for
comparison of data respecting the terms of settlement of securities
transactions effected on such registered security-based swap execution
facility, respectively, or solely by reason of acting on behalf of a
clearing agency or participant therein in connection with the
furnishing by the clearing agency of services to its participants or
the use of services of the clearing agency by its participants.
    7. Section 240.17Ad-25 is added to read as follows:

Sec.  240.17Ad-25  Clearing agency procedures to identify and address
conflicts of interest.

    Each clearing agency shall establish, implement, maintain and
enforce written policies and procedures reasonably designed to identify
and address existing or potential conflicts of interest. Such policies
and procedures must also be reasonably designed to minimize conflicts
of interest in decision making by the clearing agency.
    8. Section 240.17Ad-26 is added to read as follows:

Sec.  240.17Ad-26  Standards for board or board committee members.

    (a) Each clearing agency shall establish governance standards for
its board members and board committee members.
    (b) Such standards shall address at least the following areas:
    (1) A clear articulation of the roles and responsibilities of
directors serving on the clearing agency's board and any board
committees;
    (2) Director qualifications providing criteria for expertise in the
securities industry, clearance and settlement of securities
transactions, and financial risk management;
    (3) Disqualifying factors concerning serious legal misconduct,
including violations of the Federal securities laws; and
    (4) Policies and procedures for the periodic review by the board or
a board committee of the performance of its individual members.
    9. Section 240.17Aj-1 is added to read as follows:

Sec.  240.17Aj-1  Dissemination of pricing and valuation information by
security-based swap clearing agencies that perform services as a
central counterparty.

    Each security-based swap clearing agency that performs services as
a central counterparty shall make available to the public, on terms
that are fair and reasonable and not unreasonably discriminatory, all
end-of-day settlement prices and any other prices with respect to
security-based swaps that the clearing agency may establish to
calculate mark-to-market margin requirements for its participants and
any other pricing or valuation information with respect to security-
based swaps as is published or distributed by the clearing agency to is
participants.

    Dated: March 3, 2011.

    By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-5182 Filed 3-15-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 75, Number 225 (Tuesday, November 23, 2010)]
[Notices]
[Pages 71430-71431]
[FR Doc No: 2010-29491]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-RCRA-2010-0512, FRL- 9230-5]

Agency Information Collection Activities; Submission to OMB for
Review and Approval; Comment Request; Land Disposal Restrictions
(Renewal), EPA ICR Number 1442.21, OMB Control Number 2050-0085

AGENCY: Environmental Protection Agency.

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (PRA)(44 U.S.C.
3501 et seq.), this document announces that an Information Collection
Request (ICR) has been forwarded to the Office of Management and Budget
(OMB) for review and approval. This is a request to renew an existing
approved collection. The ICR, which is abstracted below, describes the
nature of the information collection and its estimated burden and cost.

DATES: Additional comments may be submitted on or before December 23,
2010.

ADDRESSES: Submit your comments, referencing Docket ID No. EPA-HQ-RCRA-
2010-0512, to (1) EPA, either online using www.regulations.gov (our
preferred method), or by e-mail to<EMAIL_ADDRESS>or by mail to:
RCRA Docket (28221T), U.S. Environmental Protection Agency, 1200
Pennsylvania Avenue, NW., Washington, DC 20460; and (2) OMB, by mail
to: Office of Information and Regulatory Affairs, Office of Management
and Budget (OMB), Attention: Desk Officer for EPA, 725 17th Street,
NW., Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Peggy Vyas, Environmental Protection
Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460; telephone
number:<PHONE_NUMBER>; fax number:<PHONE_NUMBER>; e-mail address:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: EPA has submitted the following ICR to OMB
for review and approval according to the procedures prescribed in 5 CFR
1320.12. On July 8, 2010 (75 FR 39248), EPA sought comments on this ICR
pursuant to 5 CFR 1320.8(d). EPA received no comments. Any additional
comments on this ICR should be submitted to EPA and OMB within 30 days
of this notice.
    EPA has established a public docket for this ICR under Docket ID No
EPA-HQ-RCRA-2010-0512, which is available for online viewing at
www.regulations.gov, or in person viewing at the Resource Conservation
and Recovery Act (RCRA) Docket in the EPA Docket Center (EPA/DC), EPA
West, Room 3334, 1301 Constitution Ave., NW., Washington, DC. The EPA/
DC Public Reading Room is open from 8:30 a.m. to 4:30 p.m., Monday
through Friday, excluding legal holidays. The telephone number for the
Reading Room is<PHONE_NUMBER>, and the telephone number for the RCRA
Docket is<PHONE_NUMBER>.
    Use EPA's electronic docket and comment system at
www.regulations.gov, to submit or view public comments, access the
index listing of the contents of the docket, and to access those
documents in the docket that are available electronically. Once in the
system, select ``docket search,'' then key in the docket ID number
identified above. Please note that EPA's policy is that public
comments, whether submitted electronically or in paper, will be made
available for public viewing at http://www.regulations.gov as EPA
receives them and without change, unless the comment contains
copyrighted material, confidential business information (CBI), or other
information whose public disclosure is restricted by statute. For
further information about the electronic docket, go to http://www.regulations.gov.
    Title: Land Disposal Restrictions (Renewal).
    ICR numbers: EPA ICR No. 1422.21, OMB Control No. 2050-0085.
    ICR Status: This ICR is scheduled to expire on November 30, 2010.
Under OMB regulations, the Agency may continue to conduct or sponsor
the collection of information while this submission is pending at OMB.
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 OMB control number. The OMB control numbers for EPA's regulations
in title 40 of the CFR, after appearing in the Federal Register when
approved, are listed in 40 CFR part 9, are displayed either by
publication in the Federal Register or by other appropriate means, such
as on the related collection instrument or form, if applicable. The
display of OMB control numbers in certain EPA regulations is
consolidated in 40 CFR part 9.
    Abstract: Section 3004 of the Resource Conservation and Recovery
Act (RCRA), as amended, requires that EPA develop standards for
hazardous waste treatment, storage, and disposal as may be necessary to
protect human health and the environment. Subsections 3004(d), (e), and
(g) require EPA to promulgate regulations that prohibit the land
disposal of hazardous waste unless it meets specified treatment
standards described in subsection 3004(m).
    The regulations implementing these requirements are codified in the
Code of Federal Regulations (CFR) Title 40, Part 268. EPA requires that
facilities maintain the data outlined in this ICR so that the Agency
can ensure that land disposed waste meets the treatment standards. EPA
strongly believes that the recordkeeping requirements are necessary for
the agency to fulfill its congressional mandate to protect human health
and the environment.
    This ICR incorporates the ICR for the LDR No-Migration Variances
(OMB Control Number 2050-0062).
    Burden Statement: The annual reporting and recordkeeping burden for
this ICR is approximately 6.21 hours per response. Burden means the
total time, effort, or financial resources expended by persons to
generate, maintain, retain, or disclose or provide information to or
for a Federal agency. This includes the time needed to review
instructions; develop, acquire, install, and utilize technology and
systems for the purposes of collecting, validating, and verifying
information, processing and maintaining information, and disclosing and
providing information; adjust the existing ways to comply with any
previously applicable instructions and requirements which have
subsequently changed; train personnel to be able to respond to a
collection of information; search data sources; complete and review the
collection of information; and transmit or otherwise disclose the
information.
    Respondents/Affected Entities: Entities potentially affected by
this action are private sector and State, Local, or Tribal governments.
    Estimated Number of Respondents: 194,560.
    Frequency of Response: On occasion.
    Estimated Total Annual Hour Burden: 1,208,382.
    Estimated Total Annual Cost: $162,092,988, includes $64,195,885
annualized labor costs and $97,897,103 annualized capital or O&M costs.

    Changes in the Estimates: There is an increase of 42,045 hours in
the total estimated burden currently identified in the OMB Inventory of
Approved ICR Burdens. This increase is due to the addition of the LDR
``No-Migration'' Variance universe and revised estimates for the time
required to respond.

    Dated: November 17, 2010.
John Moses,
Director, Collection Strategies Division.
[FR Doc. 2010-29491 Filed 11-22-10; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 76, Number 175 (Friday, September 9, 2011)]
[Notices]
[Pages 55904-55905]
[FR Doc No: 2011-23021]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 6649-008]

Michael J. Donahue; Notice of Termination of Exemption By Implied
Surrender and Soliciting Comments, Protests, and Motions To Intervene

    Take notice that the following hydroelectric proceeding has been
initiated by the Commission:

    a. Type of Proceeding: Termination of exemption by implied
surrender.
    b. Project No.: 6649-008.
    c. Date Initiated: September 1, 2011.
    d. Exemptee: Michael J. Donahue.
    e. Name and Location of Project: The Fairbanks Mill Project is
located on the Sleeper's River in Caledonia County, Vermont.
    f. Initiated Pursuant to: 18 CFR 4.106.
    g. Exemptee Contact Information: Mr. Michael J. Donahue, Route 3,
Box 269, Lincoln, NH 03251.
    h. FERC Contact: Tom Papsidero,<PHONE_NUMBER>, or
<EMAIL_ADDRESS>    i. Deadline for filing comments, protests, and motions to intervene
is 30 days from the issuance date of this notice. All documents may be
filed electronically via the Internet in lieu of paper. See 18 CFR
385.2001(a)(1)(iii) and the instructions on the Commission's Web site
at http://www.ferc.gov/docs-filing/efiling.asp. The Commission strongly
encourages electronic filings. If unable to be filed electronically,
documents may be paper-filed. To paper-file, an original and seven
copies should be sent to: The Secretary, Federal Energy Regulatory
Commission, 888 First Street, NE., Washington, DC 20426. Commenters can
submit brief comments up to 6,000 characters, without prior
registration, using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact information
at the end of your comments. Please include the project number (P-6649-
008) on any documents or motions filed.
    j. Description of Existing Facilities: The inoperative project
consists of the following existing facilities: (1) Timber-crib dam with
an overall length of 60 feet and a maximum height of 10 feet; (2) an
intake structure; (3) a 2-inch-diameter, 50-foot-long steel penstock;
and (4) a powerhouse containing one unit with a total capacity of 18
kilowatts.
    k. Description of Proceeding: The exemptee is currently in
violation of Standard Article 1 of its exemption granted on October 8,
1982 (21 FERC ] 62,070). Section 4.106(a) of the Commission's
regulations, 18 CFR 4.106(a) (2011), provides, among other things, that
the Commission reserves the right to revoke an exemption if any term or
condition of the exemption is violated. The project has not generated
since the early 1990s and has been abandoned by the exemptee. By not
operating the project as proposed and authorized, the exemptee is in
violation of the terms and conditions of the exemption.
    Based on staff's most recent inspection on August 18, 2010, the
exemptee has not made any progress toward bringing the project back
into operation. On April 13, 2011, Commission staff sent a letter to
the exemptee requiring him to show cause why the Commission should not
initiate a proceeding to terminate the exemption based on his implied
surrender of the exemption. The letter directed the exemptee to provide
information, including documentation of contracts issued, permits
obtained, agreements made, etc., and to show cause why the Commission
should not terminate the exemption for lack of adequate progress toward
the resumption of generation at the project. To date, the exemptee has
failed to respond and the project remains inoperative. Commission staff
continues to inspect the project every

three years and reports that it remains inoperable and in poor
condition.
    l. This notice is available for review and reproduction at the
Commission in the Public Reference Room, Room 2A, 888 First Street,
NE., Washington, DC 20426. The filing may also be viewed on the
Commission's Web site at http://www.ferc.gov/docs-filing/elibrary.asp.
Enter the Docket number excluding the last three digits in the docket
number field to access the notice. You may also register online at
http://www.ferc.gov/docs-filing/esubscription.asp to be notified via e-
mail of new filings and issuances related to this or other pending
projects. For assistance, call toll-free 1-866-208-3676 or e-mail
<EMAIL_ADDRESS>For TTY, call<PHONE_NUMBER>.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions to Intervene--Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210,
385.211, and 385.214. In determining the appropriate action to take,
the Commission will consider all protests filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any protests or motions to
intervene must be received on or before the specified deadline date for
the particular proceeding.
    o. Filing and Service of Responsive Documents--Any filing must (1)
Bear in all capital letters the title ``Comments'', ``Protest'', or
``Motion to Intervene,'' as applicable; (2) set forth in the heading
the project number of the proceeding to which the filing responds; (3)
furnish the name, address, and telephone number of the person
commenting, protesting or intervening; and (4) otherwise comply with
the requirements of 18 CFR 385.2001 through 385.2005. All comments,
protests or motions to intervene must set forth their evidentiary basis
and otherwise comply with the requirements of 18 CFR 4.34(b). All
comments, protests, or motions to intervene should relate to project
works which are the subject of the termination of exemption. A copy of
any protest or motion to intervene must be served upon each
representative of the exemptee specified in item g above. If an
intervener files comments or documents with the Commission relating to
the merits of an issue that may affect the responsibilities of a
particular resource agency, they must also serve a copy of the document
on that resource agency. A copy of all other filings in reference to
this notice must be accompanied by proof of service on all persons
listed in the service list prepared by the Commission in this
proceeding, in accordance with 18 CFR 4.34(b) and 385.2010.
    p. Agency Comments--Federal, state, and local agencies are invited
to file comments on the described proceeding. If any agency does not
file comments within the time specified for filing comments, it will be
presumed to have no comments.

    Dated: September 1, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-23021 Filed 9-8-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: July 1, 2008 (Volume 73, Number 127)]
[Notices]
[Page 37521-37523]
[DOCID:fr01jy08-84]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58013; File No. SR-NYSE-2008-48]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Amending NYSE Rule 103A To Exempt Executive Floor Governors From Floor
Member Continuing Education

June 24, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on June 19, 2008, New York Stock Exchange LLC (``NYSE'' 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 substantially prepared by the Exchange.
The Exchange filed the proposal as a ``non-controversial'' proposed
rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule
19b-4(f)(6) thereunder,\4\ which rendered the proposal effective upon
filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange is proposing to amend NYSE Rule 103A(a)(3) (Specialist
Stock Reallocation and Member Education and Performance) to exempt
Executive Floor Governors (``EFGs'') of the Exchange from Floor Member
Continuing Education (``FMCE'') requirements. The Exchange further
proposes, in connection with specific FMCE modules, to deem members who
substantially assisted NYSE Regulation, Inc. (``NYSE Regulation'')
staff in the development of such modules as having fulfilled their
obligation to complete required training on that module. The

text of the proposed rule change is available at http://www.nyse.com,
the Exchange, and 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 Exchange included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange is submitting this proposed amendment to NYSE Rule
103A(a)(3) to permit the Exchange to exempt EFGs from the Exchange's
mandatory FMCE program and to deem certain other members who have
substantially assisted NYSE Regulation in developing a training module
to have fulfilled their obligation to complete training on that module.
    NYSE Rule 103A(a)(3) requires that the Exchange, via NYSE
Regulation, provide mandatory continuing education for all Floor
members and permits the Exchange to deny non-complying members access
to the Trading Floor until they complete their required education.
    On March 18, 2008, NYSE Regulation, which supervises the creation
and delivery of content for the Exchange's FMCE program, launched the
Learning Management System (``LMS''), which automates the delivery of
program content to members via a Web-based interactive program that
participants can access from an internet-capable computer. The Exchange
filed certain amendments to Rule 103A to update the Rule in light of
the new system requirements.\5\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 56851 (November 28,
2007), 72 FR 68932 (December 6, 2007) (SR-NYSE-2007-106).
---------------------------------------------------------------------------

    This proposed rule change seeks limited relief from the technical
program requirements for two groups of members: (i) EFGs; and (ii)
members who provide substantial assistance to NYSE Regulation staff in
the development of specific training modules.
    EFGs are experienced and knowledgeable Exchange members who
volunteer substantial amounts of time providing consultative and
interpretive advice with respect to many NYSE rules. Among other
things, EFGs:
     Take an active role in supervising unusual trading
situations pursuant to NYSE Rules 46 and 47, which requires them to
know and keep abreast of changes to NYSE rules and policies;
     Are frequently called on by NYSE rule development staff to
provide feedback from the perspective of a knowledgeable practitioner
with respect to proposed rules changes;
     Are regularly consulted with respect to trading situations
on the Floor and provide trading dispute rulings in conjunction with
NYSE Market, Inc. and NYSE Regulation staff; and
     Participate in regular meetings with NYSE Regulation
senior staff to discuss various issues regarding trading on the
Exchange and other Floor-related issues.
    In addition to the foregoing, NYSE Regulation also consults with
the EFGs on FMCE content, including previewing LMS modules to some or
all of the EFGs during the development phase.
    In view of their participation in the development of policies that
are then taught to all members through the FMCE program, and in view of
their contact with the FMCE program during its development, the
Exchange believes it is appropriate to exempt EFGs from sitting through
the completed FMCE program modules; the EFGs clearly have provided
valuable assistance by the time the modules are rolled out to the
general membership. Accordingly, NYSE Regulation seeks a limited
exemption for EFGs from FMCE requirements.
    Additionally, in conjunction with creating educational materials
for the FMCE program, NYSE Regulation staff from time to time may
consult at length with experienced Floor members, including but not
limited to Floor Officials (who act in such capacity by volunteering
their time), in the development of content (e.g., slide shows and
scripts). The purpose of such consultations is to ensure that the
educational materials are both practical and effective as educational
tools. Floor member contributions include, but are not limited to,
ensuring that market examples used to drive home teaching points are
realistic, that descriptions of how members interact with trading
systems are feasible, that trading examples used to demonstrate
applicable rules are useful, and that descriptions of trading
activities are phrased in language that is familiar to qualified Floor
members. Such member participation may include attending applicable
meetings, drafting and reviewing documents, providing input on visuals
and narration used for the module, and conducting research. Where such
members have made a substantial contribution to the development of an
educational module, the Exchange seeks authority to deem such members
as having fulfilled their obligation to complete only that particular
module on which they were consulted, in recognition of the fact that
they have partnered with staff to create the final product and, in
doing so, have become educated on the related regulatory aspects. These
members would still be obligated to complete modules on which they were
not consulted, just like any other member.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
and furthers the objectives of Section 6(b)(5) of the Act,\6\ in that
it is designed to prevent fraudulent and manipulative practices, to
promote just and equitable principles of trade, to remove impediments
to, and perfect the mechanisms of, a free and open market and a
national market system, and, in general, to protect investors and the
public interest. The Exchange believes this proposed rule change will
serve all of these goals by providing for a more reasonable and robust
program for developing educational materials for Floor members that are
accurate in accordance with applicable rules and policies and couched
in terms that are better understood by trading practitioners. Offering
the exemptions proposed in this filing will encourage participation by
experienced Floor members in the development of the program.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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 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 \7\ and Rule 19b-4(f)(6) thereunder.\8\
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.\9\
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \8\ 17 CFR 240.19b-4(f)(6).
    \9\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires the Exchange to give the Commission written
notice of the Exchange's intent to file the proposed rule change
along with a brief description and text of the proposed rule change,
at least five business days prior to the date of filing of the
proposed rule change, or such shorter time as designated by the
Commission. The Exchange has satisfied the pre-filing requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay.
---------------------------------------------------------------------------

    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    In support of its request, the Exchange has represented that
certain EFGs are overdue or have pending due dates for completion of
their FMCE requirements. The Exchange has stated that it would prefer
to grant the waivers proposed in this filing to the EFGs, rather than
continuing to apply a deadline extension for these individuals.\12\
---------------------------------------------------------------------------

    \12\ The Exchange further noted that the proposed rule change
also seeks limited relief from technical program requirements for a
very small number of members in recognition of important
contributions to the development of educational materials that are
then presented to the general membership.
---------------------------------------------------------------------------

    The Commission believes that the proposed exemptions should not
unduly advantage the affected members or subvert the intent of the
continuing education requirement in NYSE Rule 103A. Waiving the
operative delay will allow the Exchange to grant waivers immediately to
those floor members who are eligible under the proposed rule change,
rather than continuing to extend to deadline for these floor members
during the 30-day operative delay.
    For these reasons, the Commission believes that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest. Accordingly, the Commission designates the proposed
rule change to be operative upon filing with the Commission.\13\
---------------------------------------------------------------------------

    \13\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-2008-48 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-NYSE-2008-48. 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
am and 3 pm. Copies of the filing will also be available for inspection
and copying at the NYSE's principal office and on its Internet Web site
at http://www.nyse.com. 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-NYSE-2008-48 and should be submitted on or before July 22, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-14832 Filed 6-30-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 86, Number 183 (Friday, September 24, 2021)]
[Notices]
[Page 53104]
[FR Doc No: 2021-20680]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4505-DR; Docket ID FEMA-2021-0001]

Rhode Island; Amendment No. 5 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of Rhode Island (FEMA-4505-DR), dated March 30, 2020, and
related determinations.

DATES: This amendment was issued August 5, 2021.

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

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
dated March 30, 2020 for the State of Rhode Island is hereby amended to
include the Hazard Mitigation Grant Program.

    All areas within the State of Rhode Island are eligible for
assistance under the Hazard Mitigation Grant Program.

    The following Catalog of Federal Domestic Assistance Numbers
(CFDA) are to be used for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services; 97.034, Disaster
Unemployment Assistance (DUA); 97.046, Fire Management Assistance
Grant; 97.048, Disaster Housing Assistance to Individuals and
Households In Presidentially Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance--Disaster Housing
Operations for Individuals and Households; 97.050, Presidentially
Declared Disaster Assistance to Individuals and Households--Other
Needs; 97.036, Disaster Grants--Public Assistance (Presidentially
Declared Disasters); 97.039, Hazard Mitigation Grant.

Deanne Criswell,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2021-20680 Filed 9-23-21; 8:45 am]
BILLING CODE 9111-23-P


[Federal Register Volume 83, Number 213 (Friday, November 2, 2018)]
[Notices]
[Pages 55161-55162]
[FR Doc No: 2018-23995]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 5261-022]

Notice of Intent To File License Application, Filing of Pre-
Application Document, and Approving Use of the Traditional Licensing
Process: Green Mountain Power Corporation

    a. Type of Filing: Notice of Intent to File License Application and
Request to Use the Traditional Licensing Process.
    b. Project No.: 5261-022.
    c. Date Filed: August 29, 2018.
    d. Submitted By: Green Mountain Power Corporation.
    e. Name of Project: Newbury Project.
    f. Location: On the Wells River in the Town of Newbury, Orange
County, Vermont. No federal lands are occupied by the project works or
located within the project boundary.
    g. Filed Pursuant to: 18 CFR 5.3 and 5.5 of the Commission's
regulations.
    h. Potential Applicant Contact: Jason Lisai, Director of Generation
Operations, Green Mountain Power Corporation, 163 Acorn Lane,
Colchester, VT 05446;<PHONE_NUMBER>; email at
[email protected].
    i. FERC Contact: John Baummer at<PHONE_NUMBER>; or
[email protected].
    j. Green Mountain Power filed its request to use the Traditional
Licensing Process on August 29, 2018, and provided public notice of the
request on August 28, 2018. In a letter dated October 26, 2018, the
Director of the Division of Hydropower Licensing approved Green
Mountain Power's request to use the Traditional Licensing Process.
    k. With this notice, we are initiating informal consultation with
the U.S. Fish and Wildlife Service and NOAA Fisheries under section 7
of the Endangered Species Act and the joint agency regulations
thereunder at 50 CFR part 402; and NOAA Fisheries under section 305(b)
of the Magnuson-Stevens Fishery Conservation and Management Act and
implementing regulations at 50 CFR 600.920. We are also initiating
consultation with the Vermont State Historic Preservation Officer, as
required by section 106 of the National Historic Preservation Act, and
the implementing regulations of the Advisory Council on Historic
Preservation at 36 CFR 800.2.
    l. With this notice, we are designating Green Mountain Power as the
Commission's non-federal representative for carrying out informal
consultation pursuant to section 7 of the

Endangered Species Act; and consultation pursuant to section 106 of the
National Historic Preservation Act.
    m. Green Mountain Power filed a Pre-Application Document (PAD;
including a proposed process plan and schedule) with the Commission,
pursuant to 18 CFR 5.6 of the Commission's regulations.
    n. A copy of the PAD is available for review at the Commission in
the Public Reference Room or may be viewed on the Commission's website
(http://www.ferc.gov), using the eLibrary link. Enter the docket
number, excluding the last three digits in the docket number field to
access the document. For assistance, contact FERC Online Support at
[email protected],<PHONE_NUMBER> (toll free), or (202) 502-
8659 (TTY). A copy is also available for inspection and reproduction at
2152 Post Road, Rutland, VT 05701.
    o. The licensee states its unequivocal intent to submit an
application for a subsequent license for Project No. 5261. Pursuant to
18 CFR 16.20, each application for a subsequent license and any
competing license applications must be filed with the Commission at
least 24 months prior to the expiration of the existing license. All
applications for license for this project must be filed by August 31,
2021.
    p. Register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filings and issuances
related to this or other pending projects. For assistance, contact FERC
Online Support.

    Dated: October 26, 2018.
Kimberly D. Bose,
Secretary.
[FR Doc. 2018-23995 Filed 11-1-18; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 205 (Wednesday, October 23, 2013)]
[Notices]
[Pages 63273-63274]
[FR Doc No: 2013-24807]

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DEPARTMENT OF TRANSPORTATION

Office of the Secretary

 Applications for Certificates of Public Convenience and
Necessity and Foreign Air Carrier Permits

    Notice of Applications for Certificates of Public Convenience and
Necessity and Foreign Air Carrier Permits Filed Under Subpart B
(formerly Subpart Q) during the Week Ending September 28, 2013. The
following Applications for Certificates of Public Convenience and
Necessity and Foreign Air Carrier Permits were filed under Subpart B
(formerly Subpart Q) of the Department of Transportation's Procedural
Regulations (See 14 CFR 301.201 et seq.). The due date for Answers,
Conforming Applications, or Motions to Modify Scope are set forth below
for each application. Following the Answer period DOT may process the
application by expedited procedures. Such procedures may consist of the
adoption of a show-cause order, a tentative order, or in appropriate
cases a final order without further proceedings.
    Docket Number: DOT-OST-2007-28567.
    Date Filed: September 26, 2013.
    Due Date for Answers, Conforming Applications, or Motion to Modify
Scope: October 17, 2013.

    Description: Application of United Airlines, Inc. requesting
renewal of its certificate authority to provide scheduled air
transportation of persons, property, and mail between Newark Liberty
and Shanghai on Segment 2 of United's certificate for Route 821.

Barbara J. Hairston,
Supervisory Dockets Officer, Docket Operations, Federal Register
Liaison.
[FR Doc. 2013-24807 Filed 10-22-13; 8:45 am]
BILLING CODE 4910-9X-P