[Federal Register Volume 76, Number 98 (Friday, May 20, 2011)]
[Notices]
[Page 29232]
[FR Doc No: 2011-12437]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER11-3551-000]

Glacial Energy of New York; Supplemental Notice That Initial
Market-Based Rate Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding of
Glacial Energy of New York's application for market-based rate
authority, with an accompanying rate tariff, noting that such
application includes a request for blanket authorization, under 18 CFR
part 34, of future issuances of securities and assumptions of
liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426, in accordance with Rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214). Anyone filing a motion to intervene or protest must serve a
copy of that document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is June 2, 2011.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street, NE., Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive e-mail notification
when a document is added to a subscribed dockets(s). For assistance
with any FERC Online service, please e-mail<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: May 13, 2011.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2011-12437 Filed 5-19-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 85, Number 238 (Thursday, December 10, 2020)]
[Notices]
[Pages 79552-79555]
[FR Doc No: 2020-27090]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90573; File No. SR-Phlx-2020-41]

Self-Regulatory Organizations; Nasdaq PHLX LLC; Order Instituting
Proceedings To Determine Whether To Approve or Disapprove a Proposed
Rule Change To List and Trade Options on a Nasdaq-100 Volatility Index

December 4, 2020.

I. Introduction

    On August 24, 2020, Nasdaq PHLX LLC (``Exchange'' or ``Phlx'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to
list and trade options on a Nasdaq-100 Volatility Index (``VOLQ'' or
``Volatility Index''). The proposed rule change was published for
comment in the Federal Register on September 8, 2020.\3\ On October 20,
2020, pursuant to Section 19(b)(2) of the Act,\4\ the Commission
designated a longer period within which to approve the proposed rule
change, disapprove the proposed rule change, or institute proceedings
to determine whether to disapprove the proposed rule change.\5\ This
order institutes proceedings under Section 19(b)(2)(B) of the Act \6\
to determine whether to approve or disapprove the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 89725 (September 1,
2020), 85 FR 55544 (``Notice''). Comment received on the Notice is
available on the Commission's website at: https://www.sec.gov/comments/sr-phlx-2020-41/srphlx202041.htm.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 90226, 85 FR 67781
(October 26, 2020). The Commission designated December 7, 2020 as
the date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to disapprove, the
proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
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II. Description of and Comment on the Proposed Rule Change

A. Description of the Proposal

    The Exchange proposes to list and trade options on VOLQ, a new
index that measures changes in 30-day implied volatility of the Nasdaq-
100 Index (``Nasdaq-100 Index'' or ``NDX''). As proposed, options on
the VOLQ will be cash-settled and will have European-style exercise
provisions. The Exchange states that the Volatility Index will measure
``at-the-money'' volatility. The Volatility Index, calculated using

published real-time bid/ask quotes of NDX options, represents 30-day
implied volatility and will be disseminated in annualized percentage
points.\7\
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    \7\ The Exchange proposes to amend Phlx Options 4A, Section 12,
``Terms of Option Contracts,'' at subparagraphs (b)(2), (b)(6) and
(e) as well as Supplementary Material .01 to Options 4A, Section 12.
The Exchange also proposes to amend Phlx Options 3. Section 3,
``Minimum Increments'' and Options 4A, Section 6, ``Position
Limits.''
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    The Exchange proposes to list up to six weekly expirations and up
to 12 standard (monthly) expirations in Volatility Index options. The
six weekly expirations will be for the nearest weekly expirations from
the actual listing date, and the weekly expirations will not expire in
the same week in which standard (monthly) Volatility Index options
expire. Standard (monthly) expirations in the Volatility Index options
will not be counted as part of the maximum six weekly expirations
permitted for Volatility Index options.\8\ In addition, the Exchange
proposes that long term option series having up to sixty months to
expiration may be listed and traded.\9\
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    \8\ See Phlx Options 4A, Section 12, Terms of Option Contracts,
proposed new section (b)(viii)(A).
    \9\ Phlx Options 4A, Section 12(b)(2), as proposed to be
amended. Phlx Rule Options 4A, Section 12(b)(2) currently applies
only to stock index options and would be amended to permit listing
of long term Volatility Index options.
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Volatility Index Design and Composition \10\
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    \10\ For the Exchange's complete description of the proposal,
including more information about the Volatility Index calculation
methodology, see Notice, supra note 3.
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    The Exchange states that the Volatility Index \11\ reflects changes
in 30-day implied volatility, which measures the magnitude of changes
of the underlying broad-based securities index, NDX. The Exchange
further states that NDX includes 100 of the largest \12\ domestic and
international non-financial companies listed on The Nasdaq Stock Market
LLC based on market capitalization. According to the Exchange, the
Volatility Index, which the Exchange considers a broad-based securities
index pursuant to Phlx Options 4A, Section 2(a)(13),\13\ measures the
expectation for market volatility over the next thirty calendar days as
expressed by options on NDX. The Exchange explains that the Volatility
Index uses the bid and offer prices of certain listed options on NDX
\14\ to obtain the prices of synthetic precisely at-the-money (``ATM'')
options, which are then used to calculate 30-day closed-form implied
volatility. Finally, the 30-day closed-form implied volatility is
multiplied by 100 to calculate the Volatility Index level. The
Volatility Index is quoted in annualized percentage points. For
example, an Index level of 17.90 represents an annualized implied
volatility of 17.90%.
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    \11\ The calculation of the Volatility Index is based on the
methodology developed by NShares LLC.
    \12\ The Exchange reports that as of June 30, 2020, there were
78 components in the bottom 25% of Nasdaq-100 Index weight. From
January 1 through June 30, 2020, these components had an Average
Daily Dollar Trading Volume of $29.7 billion. The Average Daily
Dollar Trading Volume of the least active component was $41.1
million. The aggregate market capitalization of the 78 components
was $2.60 trillion. The Exchange states that the Nasdaq-100 Index
reflects companies across major industry groups including computer
hardware and software, telecommunications, retail/wholesale trade,
and biotechnology. It does not contain securities of financial
companies including investment companies.
    \13\ Phlx Options 4A, Section 2(a)(13) define a ``market index''
and ``broad-based index'' to mean an index designed to be
representative of a stock market as a whole or of a range of
companies in unrelated industries. The Exchange states that, like
the Cboe Volatility Index (``VIX''), VOLQ is an implied volatility
index and not a realized volatility index.
    \14\ For any calculation of synthetic precisely ATM option
prices, a total of thirty-two component options are used, comprising
four calls and four puts from each of four consecutive weeks.
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    The Exchange believes that the proposed product does not have
single or aggregated component concentration risk. The Exchange states
that the methodology caps each single component as well as the top five
weighted components. The Exchange further states that no component
security of the Volatility Index comprises more than 12.50% of the
index's weighting and that the five weighted component securities of
the Volatility Index in the aggregate do not comprise more than 43.75%
of the index's weighting.
Index Calculation and Maintenance
    The Exchange states that the level of the Volatility Index will
reflect the current 30-day implied volatility of NDX. The Volatility
Index will be updated on a real-time basis on each trading day
beginning at 9:30 a.m. and ending at 4:15 p.m. (New York time). If the
current published value of a component is not available, the last
published value will be used in the calculation. Values of the
Volatility Index will be disseminated via the Nasdaq GIDS market data
system every fifteen seconds during the Exchange's regular trading
hours to market information vendors such as Bloomberg and Thomson
Reuters. In the event the Volatility Index ceases to be maintained or
calculated the Exchange will not list any additional series for trading
and will limit all transactions in such options to closing transactions
only for the purpose of maintaining a fair and orderly market and
protecting investors.
Exercise and Settlement Value
    The exercise settlement value calculation used for Volatility Index
option settlement will be calculated on the same day as the Volatility
Index Options expiration date. The exercise settlement value of a
Volatility Index option will be calculated on the specific date
(usually a Wednesday) identified in the option symbol for the series.
If that Wednesday or the Friday that is thirty days following that
Wednesday is an Exchange holiday, the exercise settlement value will be
calculated on the business day immediately preceding that Wednesday.
The last trading day for a Volatility Index option will be the business
day immediately preceding the expiration date of the Volatility Index
option. When the last trading day is moved because of an Exchange
holiday, the last trading day for an expiring Volatility Index option
contract will be the day immediately preceding the last regularly
scheduled business day.\15\
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    \15\ See Phlx Options 4A, Section 12, ``Terms of Option
Contracts,'' proposed new section (b)(6)(B) and (C).
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    Monthly options on the Volatility Index will expire on the
Wednesday that is thirty days prior to the third Friday of the calendar
month immediately following the expiring month. Trading in expiring
options on the Volatility Index will normally cease at 4:15 p.m. (New
York time) on the Tuesday preceding an expiration Wednesday.
Final Settlement \16\
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    \16\ For a full description of the final settlement process, see
Notice supra note 3.
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    The Exchange states that the final settlement price (Ticker Symbol:
VOLS) will be calculated as described below on Wednesday commencing at
9:32:000 a.m. (New York time) on the expiration day, and continuing
each second for the next 300 seconds (``Closing Settlement Period'').
The exercise settlement amount will be equal to the difference between
the final settlement price and the exercise price of the option,
multiplied by $100. Exercise will result in the delivery of cash on the
business day following expiration.
    The Volatility Index's component NDX options are listed on Phlx as
well as on the Exchange's affiliates, Nasdaq ISE, LLC (``ISE'') and
Nasdaq GEMX, LLC (``GEMX''). The settlement value for the Volatility
Index options (VOLS) will be the Closing Volume Weighted Average Price
(``Closing VWAP''), to be determined by reference to the prices and
sizes of executed transactions or

quotes in the thirty-two underlying NDX component options \17\ on the
Exchange calculated at the opening of trading on the expiration date.
As part of the Exchange's calculation of the Closing VWAP, the Exchange
will observe the number of contracts of the then-current NDX component
options traded on Phlx at each price during individual one-second
intervals of the Closing Settlement Period on the expiration day.\18\
If no transactions occur on Phlx in a NDX component option during any
one-second observation period, the NBBO midpoint of each of the NDX
component options for which a transaction has not occurred \19\ at the
end of the one second observation period will be considered the One
Second VWAP for that observation period for purposes of the settlement
methodology. The NBBO midpoint will be the midpoint of the best bid and
best offer from Phlx, ISE, and GEMX.\20\ Each One Second VWAP for each
component option is then used to calculate the Volatility Index,
resulting in the calculation of 300 sequential Volatility Index values.
Finally, all 300 Volatility Index values will be arithmetically
averaged (i.e., the sum of 300 Volatility Index calculations is divided
by 300) and the resulting figure is rounded to the nearest .01 to
arrive at the settlement value.
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    \17\ The Exchange states that, dependent upon movement in the
Nasdaq-100 Index, the thirty-two underlying NDX component options
can change every second.
    \18\ The Exchange calculates a volume weighted average price for
each one-second observation period (a ``One Second VWAP'') for each
component option.
    \19\ The Volatility Index's component NDX options are listed on
Phlx as well as on the Exchange's affiliates, ISE and GEMX. The
Exchange reports that NDX average bid/ask spreads for all component
options at each second for each of four expiration dates (11/21/
2018, 12/19/2018, 1/16/2019, and 2/13/2019) commencing at 9:30:15
a.m. is 5.52%. Commencing at 9:32.010 a.m. the NDX average bid/ask
spreads for all component options at each second for each of four
expiration dates is 3.72%. The Exchange believes that this
demonstrates quote stability at 2 minutes after the opening.
    \20\ By considering the NBBO of all three markets, the Exchange
believes the risk of manipulation is tempered by the consideration
of a larger number of quotes from multiple Market Makers.
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    The Exchange believes that the Volatility Index final settlement
has exceedingly high hurdles for potential manipulation. First, the
Exchange believes that market participants cannot predict which
components will be included in the final settlement. Second, the
Exchange believes that traders are subject to highly competitive market
forces of deep and established market liquidity. For example, the
Exchange notes that during each second of the final settlement
observation period on January 16, 2019 and February 13, 2019, the
average notional value of each bid of the thirty-two components was
$21.1 million; the average notional value of each offer was $13.5
million. Third, the Exchange states that since the Volatility Index
assesses each second of all listed NDX options, this is a continuous
assessment of competitive price action and voluminous trading activity
for all Nasdaq-100 Index stock components. In support, the Exchange
notes that during the final settlement observation period (five-minute
period) on January 16, 2019 and February 13, 2019, the average
summation of traded volume for all Nasdaq-100 Index component shares
was 18.8 million shares. The average total value of all Nasdaq-100
Index shares traded during the final settlement observation period was
$1.93 billion. The corresponding market capitalization for all Nasdaq-
100 Index components during the final settlement period was $7.8
trillion.
Contract Specifications
    The proposed Options on the Volatility Index are European-style and
cash-settled. The Exchange's standard trading hours for broad-based
index options (9:30 a.m. to 4:15 p.m., New York time) will apply to the
Volatility Index options under Phlx Options 4A, Section 12 at
Supplementary Material .01, as proposed to be amended. The Exchange
proposes to apply margin requirements for the purchase and sale of
options on the Volatility Index that are identical to those applied for
its other broad-based index options.
    The trading of options on the Volatility Index will be subject to
the trading halt procedures applicable to other index options traded on
the Exchange.\21\ Options on the Index will be quoted and traded in
U.S. dollars.\22\ Accordingly, the Exchange believes that all Exchange
and The Options Clearing Corporation members will be able to
accommodate trading, clearance and settlement of the Volatility Index
without alteration. All options on the index will have a minimum
increment of $0.05 for options trading below $3.00 and $0.10 for all
other series.
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    \21\ Phlx Options 4A, Section 18(c), ``Trading Rotations, Halts
or Reopenings.''
    \22\ Phlx Options 4A, Section 12(a)(1) titled ``Meaning of
Premium Bids and Offers,'' provides that bids and offers shall be
expressed in terms of dollars and decimal equivalents of dollars per
unit of the index (e.g., a bid of 85.50 would represent a bid of
$85.50 per unit).
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    The Exchange proposes to set the minimum strike price interval for
options on the Volatility Index at $0.50 or greater where the strike
price is less than $75, $1 or greater where the strike price is $200 or
less and $5 or greater where the strike price is more than $200.\23\
The Exchange proposes that there shall be no position or exercise
limits for options on the Volatility Index.
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    \23\ Phlx Options 4A, Section 12 ``Terms of Option Contracts,''
proposed new section (b)(6)(E).
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    The trading of options on the Volatility Index will be subject to
the same rules that presently govern the trading of Exchange index
options, including sales practice rules, margin requirements, and
trading rules.\24\
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    \24\ The Exchange states that Phlx Options 10, Section 6, which
is designed to protect public customer trading, will apply to
trading in options on the Volatility Index. Specifically, the rule
prohibits members and member organizations from accepting a customer
order to purchase or write an option, including options on the
Volatility Index, unless such customer's account has been approved
in writing by an Options Principal. Additionally, Phlx Options 10,
Section 8, ``Suitability,'' is designed to ensure that options,
including options on the Volatility Index, are only sold to
customers capable of evaluating and bearing the risks associated
with trading in this instrument. Further, Phlx Options 10, Section
9, ``Discretionary Accounts,'' permits members and member
organizations to exercise discretionary power with respect to
trading options, including options on the Volatility Index, in a
customer's account only if the customer has given prior written
authorization and the account has been accepted in writing by a
Registered Options Principal. Phlx Options 10, Section 9 also
requires a record to be made of every option transaction for an
account in respect to which a member or member organization or a
partner, officer or employee of a member organization is vested with
any discretionary authority, such record to include the name of the
customer, the designation, number of contracts and premium of the
option contracts, the date and time when such transaction took place
and clearly reflecting the fact that discretionary authority was
exercised. Finally, Phlx Options 10, Section 7, ``Supervision of
Accounts,'' Phlx Options 10, Section 10,''Confirmations to
Customers,'' and Phlx Options 10, Section 13, ``Delivery of Options
Disclosure Documents,'' will also apply to trading in options on the
Volatility Index.
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    The Exchange represents that it has an adequate surveillance
program in place for options traded on the Volatility Index and intends
to apply those same program procedures that it applies to the
Exchange's other options products. Additionally, the Exchange states
that it is a member of the Intermarket Surveillance Group, through
which it can coordinate surveillance and investigative information
sharing in the stock and options markets with all of the U.S.
registered stock and options markets. The Exchange believes that it is
unlikely that the Volatility Index settlement value could be
manipulated because the likelihood of gaming the components over a 300
second period is extremely low. Phlx believes that its surveillance
procedures currently in place, coupled with additional measures,\25\
will allow it to adequately

surveil for any potential manipulation in the trading of Volatility
Index options. The Exchange also represents that it has the necessary
system capacity to support additional quotations and messages that will
result from the listing and trading of options on the Volatility Index.
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    \25\ See Notice, supra note 3.
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B. Comment on the Proposal

    A commenter, who states it is the provider of the VOLQ methodology,
expressed support for the proposal. The commenter states that VOLQ is a
response to requests from market participants and that competition and
innovation generated by VOLQ are in the public interest and will
benefit investors.\26\
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    \26\ See letter dated September 16, 2020 from Scott Nations,
President, Nations Indexes, to Vanessa Countryman, Secretary,
Commission, available at: https://www.sec.gov/comments/sr-phlx-2020-41/srphlx202041-7783670-223493.pdf.
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III. Proceedings To Determine Whether To Approve or Disapprove SR-Phlx-
2020-41 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Sections
19(b)(2)(B) of the Act \27\ to determine whether the proposed rule
change should be approved or disapproved. Institution of proceedings is
appropriate at this time in view of the legal and policy issues raised
by the proposed rule change. Institution of proceedings does not
indicate that the Commission has reached any conclusions with respect
to any of the issues involved. Rather, as described below, the
Commission seeks and encourages interested persons to provide
additional comment on the proposed rule change to inform the
Commission's analysis of whether to approve or disapprove the proposed
rule change.
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    \27\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    Pursuant to Section 19(b)(2)(B) of the Act,\28\ the Commission is
providing notice of the grounds for possible disapproval under
consideration. The Commission is instituting proceedings to allow for
additional analysis of and input concerning the proposed rule change's
consistency with the Section 6(b)(5) of the Act, which requires, among
other things, that the rules of a national securities exchange be
designed to prevent fraudulent and manipulative acts and practices, 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.\29\
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    \28\ Id.
    \29\ 15 U.S.C. 78f(b)(5).
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IV. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with Section 6(b)(5) \30\ of the Act or any other provision
of the Act, or the rules and regulations thereunder. Although there do
not appear to be any issues relevant to approval or disapproval that
would be facilitated by an oral presentation of views, data, and
arguments, the Commission will consider, pursuant to Rule 19b-4 under
the Act,\31\ any request for an opportunity to make an oral
presentation.\32\
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    \30\ 15 U.S.C. 78f(b)(5).
    \31\ 17 CFR 240.19b-4.
    \32\ Section 19(b)(2) of the Act, as amended by the Securities
Act Amendments of 1975, Pub. L. 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Act Amendments of 1975, Senate Comm. on
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
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    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposed rule change should be approved
or disapproved by December 31, 2020. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
January 14, 2021. The Commission asks that commenters address the
sufficiency of the Exchange's statements in support of the proposal,
which are set forth in the Notice,\33\ in addition to any other
comments they may wish to submit about the proposed rule change. In
this regard, the Commission seeks commenters' views regarding whether
the Exchange's proposal to list and trade options on the Volatility
Index, a new index that measures changes in 30-day implied volatility
of the Nasdaq-100 Index, is adequately designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, and to protect investors and the public interest.
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    \33\ See Notice, supra note 3.
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    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File No. SR-Phlx-2020-41 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 No. SR-Phlx-2020-41. The file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make publicly available. All submissions
should refer to File No. SR-Phlx-2020-41 and should be submitted on or
before December 31, 2020. Rebuttal comments should be submitted by
January 14, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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    \34\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-27090 Filed 12-9-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: July 30, 2009 (Volume 74, Number 145)]
[Notices]
[Page 38000-38001]
[DOCID:fr30jy09-50]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

July 23, 2009.
    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

    Docket Numbers: RP06-200-053.
    Applicants: Rockies Express Pipeline LLC.
    Description: Rockies Express Pipeline LLC submits Fifth Revised
Sheet No. 8 et al. to its FERC Gas Tariff, Second Revised Volume No. 1.
    Filed Date: 07/22/2009.
    Accession Number: 20090722-0149.
    Comment Date: 5 p.m. Eastern Time on Monday, August 03, 2009.

    Docket Numbers: RP06-298-009.
    Applicants: Public Service Commission of New York v.
    Description: Semi-Annual Report of Operational Sales of Gas of
National Fuel Gas Supply Corporation.
    Filed Date: 07/23/2009.
    Accession Number: 20090723-5028.
    Comment Date: 5 p.m. Eastern Time on Tuesday, August 04, 2009.

    Docket Numbers: RP09-275-002.
    Applicants: Columbia Gulf Transmission Company.
    Description: Columbia Gulf Transmission Company submits Tenth
Revised Sheet 191A in its FERC Gas Tariff, Second Revised Volume 1
effective 7/11/09.
    Filed Date: 07/22/2009.
    Accession Number: 20090722-0145.
    Comment Date: 5 p.m. Eastern Time on Monday, August 03, 2009.

    Docket Numbers: RP09-618-001.
    Applicants: Stingray Pipeline Company, LLC.

    Description: Stringray Pipeline Company, LLC submits Substitute
Tenth Revised Sheet No. 199 to its FERC Gas Tariff, Third Revised
Volume No. 1.
    Filed Date: 07/22/2009.
    Accession Number: 20090722-0147.
    Comment Date: 5 p.m. Eastern Time on Monday, August 03, 2009.

    Docket Numbers: RP09-685-002.
    Applicants: Eastern Shore Natural Gas Company.
    Description: Eastern Shore Natural Gas Co submits Second Sub Eighth
Revised Sheet No. 15 to FERC Gas Tariff, Second Revised Volume No. 1.
    Filed Date: 07/22/2009.
    Accession Number: 20090722-0146.
    Comment Date: 5 p.m. Eastern Time on Monday, August 03, 2009.

    Docket Numbers: RP09-687-002.
    Applicants: Equitrans, L.P.
    Description: Motion of Equitrans, LP for extension of time to
comply with Order No. 587-T.
    Filed Date: 07/17/2009.
    Accession Number: 20090720-0108.
    Comment Date: 5 p.m. Eastern Time on Wednesday, July 29, 2009.

    Any person desiring to protest this filing must file in accordance
with Rule 211 of the Commission's Rules of Practice and Procedure (18
CFR 385.211). Protests to this filing will be considered by the
Commission in determining the appropriate action to be taken, but will
not serve to make protestants parties to the proceeding. Such protests
must be filed on or before 5 p.m. Eastern time on the specified comment
date. Anyone filing a protest must serve a copy of that document on all
the parties to the proceeding.
    The Commission encourages electronic submission of protests in lieu
of paper using the ``eFiling'' link at http://www.ferc.gov. Persons
unable to file electronically should submit an original and 14 copies
of the protest to the Federal Energy Regulatory Commission, 888 First
Street, NE., Washington, DC 20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.

Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. E9-18102 Filed 7-29-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 181 (Wednesday, September 20, 2017)]
[Notices]
[Pages 43959-43960]
[FR Doc No: 2017-20018]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER17-2462-000]

SunSea Energy, LLC; Supplemental Notice That Initial Market-Based
Rate Filing Includes Request for Blanket Section 204 Authorization

    This is a supplemental notice in the above-referenced proceeding of
SunSea Energy, LLC's application for market-based rate authority, with
an accompanying rate tariff, noting that such application includes a
request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is October 4, 2017.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
5 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for electronic review in the
Commission's Public Reference Room in Washington, DC. There is an
eSubscription link on the Web site that enables subscribers to receive
email notification when a document is added to a subscribed docket(s).
For assistance with any FERC Online service, please email

<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For TTY,
call<PHONE_NUMBER>.

    Dated: September 14, 2017.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2017-20018 Filed 9-19-17; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 100 (Thursday, May 25, 2017)]
[Notices]
[Page 24136]
[FR Doc No: 2017-10711]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket Nos. FDA-2013-N-1423; FDA-2013-N-0730; FDA-2012-N-0977; FDA-
2013-N-0557; FDA-2009-N-0380; FDA-2013-N-0514; FDA-2013-N-0190; FDA-
2010-D-0350; FDA-2016-N-0538; FDA-2013-N-1428]

Agency Information Collection Activities; Announcement of Office
of Management and Budget Approvals

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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

SUMMARY: The Food and Drug Administration (FDA) is publishing a list of
information collections that have been approved by the Office of
Management and Budget (OMB) under the Paperwork Reduction Act of 1995.

FOR FURTHER INFORMATION CONTACT: Ila S. Mizrachi, FDA PRA Staff, Office
of Operations, Food and Drug Administration, Three White Flint North,
11601 Landsdown St., North Bethesda, MD 20852,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The following is a list of FDA information
collections recently approved by OMB under section 3507 of the
Paperwork Reduction Act of 1995 (44 U.S.C. 3507). The OMB control
number and expiration date of OMB approval for each information
collection are shown in table 1. Copies of the supporting statements
for the information collections are available on the Internet at http://www.reginfo.gov/public/do/PRAMain. 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.

        Table 1--List of Information Collections Approved by OMB
------------------------------------------------------------------------
                                            OMB control    Date approval
           Title of collection                  No.           expires
------------------------------------------------------------------------
Importer's Entry Notice.................       0910-0046      12/31/2019
Threshold of Regulation for Substances         0910-0298      12/31/2019
 Used in Food-Contact Articles..........
Regulations Restricting the Sale and           0910-0312      12/31/2019
 Distribution of Cigarettes and
 Smokeless Tobacco to Protect Children
 and Adolescents........................
Postmarket Surveillance of Medical             0910-0449      12/31/2019
 Devices................................
Product Jurisdiction: Assignment of            0910-0523      12/31/2019
 Agency Component for Review of
 Premarket Applications.................
Administrative Procedures for Clinical         0910-0607      12/31/2019
 laboratory Improvement Amendments of
 1988 Categorization (42 CFR 493.17)....
Requirements under the Comprehensive           0910-0671      12/31/2019
 Smokeless Tobacco Health Education Act
 of 1986; as amended by the Family
 Smoking Prevention and Tobacco Control
 Act....................................
Guidance for Industry on Tobacco               0910-0745      12/31/2019
 Retailer Training Programs.............
Animation in Direct-to-Consumer                0910-0826      12/31/2019
 Advertising............................
Guidance for Industry: Electronic Drug         0910-0827      12/31/2019
 Product Reporting for Human Drug
 Compounding Outsourcing Facilities
 Under Section 503B of the Federal Food,
 Drug, and Cosmetic Act.................
------------------------------------------------------------------------

    Dated: May 18, 2017.
Anna K. Abram,
Deputy Commissioner for Policy, Planning, Legislation, and Analysis.
[FR Doc. 2017-10711 Filed 5-24-17; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register Volume 82, Number 132 (Wednesday, July 12, 2017)]
[Notices]
[Page 32214]
[FR Doc No: 2017-14574]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

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

Extension: Rule 433
    SEC File No. 270-558, OMB Control No. 3235-0617

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collections
of information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
    Rule 433 (17 CFR 230.433) governs the use and filing of free
writing prospectuses under the Securities Act of 1933 (15 U.S.C. 77a et
seq.). The purpose of Rule 433 is to reduce the restrictions on
communications that a company can make to investors during a registered
offering of its securities, while maintaining a high level of investor
protection. A free writing prospectus meeting the conditions of Rule
433(d)(1) must be filed with the Commission and is publicly available.
We estimate that it takes approximately 1.3 burden hours per response
to prepare a free writing prospectus and that the information is filed
by 3,633 respondents approximately 1.25 times a year for a total of
3,633 responses. We estimate that 25% of the 1.3 burden hours per
response (0.32 hours) is prepared by the company for total annual
reporting burden of 1,163 hours (0.32 hours x 3,633 responses).
    Written comments are invited on: (a) Whether this proposed
collection of information is necessary for the performance of the
functions of the agency, including whether the information will have
practical utility; (b) the accuracy of the agency's estimate of the
burden imposed by the collection of information; (c) ways to enhance
the quality, utility, and clarity of the information collected; and (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
    An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid control number.
    Please direct your written comment to Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send an email
to<EMAIL_ADDRESS>
    Dated: July 7, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-14574 Filed 7-11-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 165 (Tuesday, August 25, 2020)]
[Notices]
[Pages 52339-52340]
[FR Doc No: 2020-18606]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #1

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER19-1506-001.
    Applicants: Minonk Wind, LLC.
    Description: Report Filing: Refund Report (ER20-1506-) to be
effective N/A.
    Filed Date: 8/19/20.
    Accession Number: 20200819-5028.
    Comments Due: 5 p.m. ET 9/9/20.

    Docket Numbers: ER20-2196-001.
    Applicants: Southwest Power Pool, Inc.
    Description: Tariff Amendment: 3690 GridLiance High Plains/Evergy
KS South Int Agr- Amended to be effective 9/1/2020.
    Filed Date: 8/19/20.
    Accession Number: 20200819-5100.
    Comments Due: 5 p.m. ET 9/9/20.

    Docket Numbers: ER20-2201-000.
    Applicants: GridLiance High Plains LLC.
    Description: Supplement to June 26, 2020 GridLiance High Plains LLC
tariff filing (Limited Clarification Comments).
    Filed Date: 8/18/20.
    Accession Number: 20200818-5166.
    Comments Due: 5 p.m. ET 8/25/20.

    Docket Numbers: ER20-2202-001.
    Applicants: Cassadaga Wind LLC.
    Description: Tariff Amendment: Response to Commission Staff Request
Regarding Application for Market-Based Rate to be effective 8/26/2020.
    Filed Date: 8/19/20.
    Accession Number: 20200819-5029.
    Comments Due: 5 p.m. ET 9/9/20.

    Docket Numbers: ER20-2691-000.
    Applicants: Public Service Company of New Mexico.
    Description: Sec.  205(d) Rate Filing: PIA between PNM, Pattern NM
Wind, Red Cloud Wind, and Clines Corners Wind farm to be effective 10/
18/2020.
    Filed Date: 8/18/20.
    Accession Number: 20200818-5155.
    Comments Due: 5 p.m. ET 9/8/20.

    Docket Numbers: ER20-2692-000.
    Applicants: Southern California Edison Company.
    Description: Sec.  205(d) Rate Filing: Letter Agreement Coso Energy
Storage Project SA No. 251 to be effective 8/20/2020.
    Filed Date: 8/19/20.
    Accession Number: 20200819-5060.
    Comments Due: 5 p.m. ET 9/9/20.

    Docket Numbers: ER20-2693-000.
    Applicants: Southern California Edison Company.
    Description: Sec.  205(d) Rate Filing: GIA and DSA Calportland
Company--CPCC Wind Mojave SA Nos. 1110-1111 to be effective 10/19/2020.
    Filed Date: 8/19/20.
    Accession Number: 20200819-5065.
    Comments Due: 5 p.m. ET 9/9/20.

    Docket Numbers: ER20-2694-000.
    Applicants: Icon Energy LLC.
    Description: Baseline eTariff Filing: Baseline new to be effective
10/4/2020.
    Filed Date: 8/19/20.
    Accession Number: 20200819-5071.
    Comments Due: 5 p.m. ET 9/9/20.

    Docket Numbers: ER20-2695-000.
    Applicants: Mohave County Wind Farm LLC.
    Description: Baseline eTariff Filing: Mohave County Wind Farm LLC
Application for MBR Authority to be effective 10/19/2020.
    Filed Date: 8/19/20.
    Accession Number: 20200819-5075.
    Comments Due: 5 p.m. ET 9/9/20.

    Docket Numbers: ER20-2696-000.
    Applicants: AltaGas Pomona Energy Storage Inc.
    Description: Sec.  205(d) Rate Filing: Change in Status and Notice
of Name Change to VESI Pomona Energy Storage, Inc. to be effective 8/
20/2020.
    Filed Date: 8/19/20.
    Accession Number: 20200819-5092.
    Comments Due: 5 p.m. ET 9/9/20.

    Docket Numbers: ER20-2697-000.
    Applicants: California Independent System Operator Corporation.
    Description: Sec.  205(d) Rate Filing: 2020-08-19 Certificate of
Concurrence--LGIA among PG&E and CAISO to be effective 10/7/2020.
    Filed Date: 8/19/20.
    Accession Number: 20200819-5099.
    Comments Due: 5 p.m. ET 9/9/20.

    The filings are accessible in the Commission's eLibrary system
(https://elibrary.ferc.gov/idmws/search/fercgensearch.asp) by querying
the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: August 19, 2020.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2020-18606 Filed 8-24-20; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 75, Number 223 (Friday, November 19, 2010)]
[Notices]
[Pages 70957-70961]
[FR Doc No: 2010-29160]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63314; File No. SR-CBOE-2010-084]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Order Approving Proposed Rule Change Regarding
Registration and Qualification Requirements for Associated Persons

November 12, 2010.

I. Introduction

    On September 10, 2010, the Chicago Board Options Exchange,
Incorporated (``Exchange'' or ``CBOE'') filed with the Securities and
Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to apply its registration and
qualification requirements to all of its members. The proposed rule
change was published for comment in the Federal Register on September
28, 2010.\3\ The Commission received two comment letters on the
proposal.\4\ This order approves the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 62977 (September 22,
2010), 75 FR 59773 (``Notice'').
    \4\ See letter from Frank Vivirito, Chief Compliance Officer, XR
Securities LLC, to Elizabeth M. Murphy, Secretary, Commission, dated
October 14, 2010 (``XR Securities Letter'') and letter from J. Micah
Glick, Chief Compliance Officer, Cutler Group LP, to Elizabeth M.
Murphy, Secretary, Commission, dated October 22, 2010 (``Cutler
Letter'').
---------------------------------------------------------------------------

II. Background

    Currently, registration, examination, and continuing education
requirements for associated persons of trading permit holder \5\
organizations (``TPH organizations'') that conduct a public customer
business are in Chapter IX, Doing Business with the Public, of CBOE's
rules.\6\ The associated persons of TPH organizations register with the
Exchange via the Uniform Application for Securities Industry
Registration or Transfer (``Form U4'') through the Financial Industry
Regulatory Authority's (``FINRA'') Central Registration Depository
System (``WebCRD''), and must pass the General Securities
Representative examination (``Series 7'') to function as
representatives; if acting as options principals engaged in the
supervision of options sales practices, they must also pass the
Registered Options Principal

examination (``Series 4'') or the General Securities Sales Supervisor
examination (``Series 9/10'').
---------------------------------------------------------------------------

    \5\ Section 1.1 of CBOE's By-Laws provides: ``The term `Trading
Permit Holder' means any individual, corporation, partnership,
limited liability company or other entity authorized by the rules
that holds a Trading Permit. If a Trading Permit Holder is an
individual, the Trading Permit Holder may also be referred to as an
`individual Trading Permit Holder.' If a Trading Permit Holder is
not an individual, the Trading Permit Holder may also be referred to
as a `TPH organization.' A Trading Permit Holder is a `member'
solely for purposes of the Act; however, one's status as a Trading
Permit Holder does not confer on that Person any ownership interest
in the Exchange.'' See Section 3(a)(3)(A) of the Act which defines
member of an exchange.
    \6\ Before CBOE demutualized, Rule 3.1(a) required every
individual member or member organization to have as the principal
purpose of its membership the conduct of a public securities
business.
---------------------------------------------------------------------------

    Rule 3.6A, Qualification and Registration of Certain Associated
Persons, sets forth the requirement for each individual TPH or TPH
organization subject to Rule 15c3-1 under the Act to have a FINOP
(Limited Principal--Financial and Operations).\7\ Rule 3.6A also
references the registration requirements set forth in Chapter IX of
CBOE's Rulebook for associated persons of TPH organizations that
conduct a public customer business.\8\
---------------------------------------------------------------------------

    \7\ The Exchange is proposing to apply the existing FINOP
requirement in Rule 3.6A to all TPH organizations.
    \8\ CBOE has represented that CBOE Stock Exchange (``CBSX'')
firms solely engage in proprietary trading. Chapter IX of CBOE's
Rulebook pertains toTPHs that conduct a public customer business and
is not included in Appendix A, Applicability of Rules of the
Exchange, to the CBSX rules, which lists the CBOE rules that apply
to CBSX TPHs. However, it is the Commission's understanding that it
is CBOE's intent to apply the rules of Chapter IX that are
referenced in Rule 3.6A to CBSX TPHs.
---------------------------------------------------------------------------

    Rule 9.3A, Continuing Education for Registered Persons, applies to
registered persons of TPHs and TPH organizations that conduct business
with the public and sets out CBOE's continuing education requirements.

III. Description of the Proposal

    CBOE proposes to amend its rules and the rules of the CBSX
regarding registration, qualification, and continuing education
requirements for individual TPHs and associated persons \9\ of TPHs.
CBOE is amending its rules to make them substantially similar to the
registration, examination and continuing education requirements of
FINRA. Specifically, CBOE proposes to require all individual TPHs and
TPH associated persons, regardless of whether they conduct a public
customer or proprietary securities business, to register, qualify and
comply with continuing education requirements.\10\
---------------------------------------------------------------------------

    \9\ Section 3(a)(18) of the Act defines an associated person of
a broker or dealer as ``any partner, officer, director, or branch
manager of such broker or dealer (or any person occupying a similar
status or performing similar functions), any person directly or
indirectly controlling, controlled by, or under common control with
such broker or dealer, or any employee of such broker or dealer,
except that any person associated with a broker or dealer whose
functions are solely clerical or ministerial shall not be included
in the meaning of such term for purposes of section 15(b).'' 15
U.S.C. 78c(a)(18).
    \10\ It is the Commission's understanding that, with these
changes to CBOE's rules, all associated persons involved in the
securities business of a firm that does business on the CBOE will
have to register, pass a qualification examination and comply with
continuing education requirements.
---------------------------------------------------------------------------

    CBOE and CBSX will require all individual TPHs and individual
associated persons \11\ not already registered in WebCRD to register
under Rule 3.6A within 60 days of the date of this Order (January 11,
2011) and to pass a qualification examination. CBOE is developing an
alternative to the Series 7 examination that is specifically tailored
toward individual TPHs and associated persons of TPHs that are engaged
in proprietary trading. CBOE has represented that within six months of
the date of this Order it will have completed the development of this
qualification examination \12\ and will file the examination with the
Commission. All individual TPHs and individual associated persons must
take and pass the new examination, as applicable, no later than August
12, 2011.
---------------------------------------------------------------------------

    \11\ Associated persons of CBOE TPHs include both individuals
and non-natural persons.
    \12\ CBOE has represented that it is developing a principal
examination tailored to sole proprietors, officers, partners, and
directors, individual TPHs or individual associated persons who are
engaged in the supervision or monitoring of proprietary trading,
market-making, or brokerage activities, and/or anyone who is engaged
in the supervision or training of those engaged in proprietary
trading, market-making or brokerage activities. Until this
examination is complete and filed with the Commission, these
associated persons must pass the General Securities Principal
examination (``Series 24'').
---------------------------------------------------------------------------

    Rule 3.6A(c) will require that each TPH and TPH organization
designate on Schedule A of Form BD a Chief Compliance Officer (``CCO'')
\13\ who must register with CBOE using Form U4 and pass the Compliance
Official examination (``Series 14'').\14\ CBOE has represented to the
Commission that it has asked FINRA to enable this category of
registration for CBOE and to make the Series 14 examination available
to CCOs of CBOE and CBSX TPHs. CBOE is also proposing to allow a
limited exemption from the requirement to pass the Series 14.\15\
---------------------------------------------------------------------------

    \13\ CBOE indicated that it did not want to use the term
``principal'' in Rule 3.6A to denote associated persons of a member
who are actively engaged in the management of the member's
investment banking or securities business, including supervision,
solicitation, conduct of business or the training of persons
associated with a member for any of these functions.
    Under CBOE's proposed rules anyone functioning as a principal
must register as such with the Exchange via a Form U4 through
FINRA's WebCRD. CBOE did not want to use the term principal in Rule
3.6A to refer to these associated persons because it wanted to avoid
creating confusion for its TPHs that have Registered Options
Principals. Through this filing, CBOE is essentially extending the
Registered Options Principal category and requirements (though not
the same examinations) to those associated persons in a supervisory
function whose firms do not conduct business with the public.
Ultimately, the Commission expects CBOE to eliminate the distinction
in its rules relating to doing business with the public.
Hereinafter, the Commission will refer to such persons as
principals.
    \14\ See NASD Rule 1022(a)(1)(c).
    \15\ See proposed Rule 3.6A(c).
---------------------------------------------------------------------------

    Furthermore, the Exchange is proposing to add Interpretations and
Policies .07 to Rule 3.6A requiring the registration and the successful
completion of a heightened qualification examination by every
individual acting in any of the following capacities: (i) Officer; (ii)
partner; (iii) director; (iv) supervisor of proprietary trading,
market-making or brokerage activities; and/or (v) supervisor of those
engaged in proprietary trading, market-making or brokerage activities
with respect to those activities. Thus, all individuals who engage in
supervisory functions at the TPH organization's securities business, or
who oversee associated persons of TPHs, must register and pass the
relevant principal examination.\16\ The rule also requires each TPH
organization to have at least two of the above listed individuals
registered as principals and subject to the relevant principal
examination requirement. The Exchange may waive the requirement to have
two principals registered if a TPH organization conclusively
demonstrates that only one principal should be required to register
(such as a single member liability company).\17\
---------------------------------------------------------------------------

    \16\ The Commission understands that this will be either an
appropriate examination developed by CBOE and filed with the
Commission or the Series 24.
    \17\ The Commission expects this waiver to be used in very
limited circumstances.
---------------------------------------------------------------------------

    A TPH organization that is involved solely in proprietary trading
\18\ and has 25 or fewer associated persons would only be required to
have one principal registered and subject to a heightened qualification
examination under this section.\19\
---------------------------------------------------------------------------

    \18\ Interpretations and Policies .07 to Rule 3.6A defines
proprietary trading.
    \19\ See proposed Interpretations and Policies .07 to Rule 3.6A.
The Commission understands that this examination will be the Series
24 until CBOE has completed and filed with the Commission its own
examination for principals of proprietary trading firms. This
requirement is substantially similar to NASDAQ Rule 1021(e)(1).
---------------------------------------------------------------------------

    Rule 3.6A(a)(1) provides that a TPH or TPH organization shall not
maintain a registration with the Exchange for any person: (1) Who is no
longer active in the TPH or TPH organization's securities business; (2)
who is no longer functioning in the registered capacity; or (3) where
the sole purpose is to avoid an examination requirement. A TPH or TPH
organization cannot register any person where there is no intent to
employ that person in the TPH or TPH organization's securities
business. However, a TPH or TPH organization may maintain or make
application for

the registration of an individual who performs legal, compliance,
internal audit, back-office-operations, or similar responsibilities for
the TPH or TPH organization, or a person who performs administrative
support functions for registered personnel, or a person engaged in the
securities business of a foreign securities affiliate or subsidiary of
the TPH or TPH organization.\20\
---------------------------------------------------------------------------

    \20\ This rule is substantially similar to NASD Rule 1021(a).
---------------------------------------------------------------------------

    The Exchange is also proposing to add Rule 3.6A(a)(2) to identify
several categories of individual TPHs and individual associated persons
who are exempt from the new registration requirements. The categories
are: (i) Individual associated persons functioning solely and
exclusively in a clerical or ministerial capacity; (ii) individual TPHs
and individual associated persons who are not actively engaged in the
securities business, (iii) individual TPHs and individual associated
persons functioning solely and exclusively to meet a TPH or TPH
organization's need for nominal corporate officers or for capital
participation; and (iv) individual associated persons whose functions
are solely and exclusively related to transactions in commodities,
transactions in security futures and/or effecting transactions on the
floor of another national securities exchange and who are registered as
floor members with such exchange. \21\
---------------------------------------------------------------------------

    \21\ This rule is substantially similar to NASD Rule 1060.
---------------------------------------------------------------------------

    Rule 3.6A(e) addresses lapses in registration \22\ and
Interpretation and Policies .05 thereto would permit CBOE to waive the
examination requirement in limited circumstances.\23\ In addition, the
Exchange is making certain technical and non-substantive changes to its
rules.\24\
---------------------------------------------------------------------------

    \22\ This rule is substantially similar to NASD rules 1021(c)
and 1031(c) regarding lapses.
    \23\ This rule is substantially similar to NASD Rule 1070
regarding waivers.
    \24\ See Notice at pp. 8-9.
---------------------------------------------------------------------------

    The Exchange states that individual associated persons, including
Registered Options Principals and Registered Representatives, continue
to be subject to the registration, examination and continuing education
requirements of Chapter IX of CBOE's rules, which apply to firms
conducting a public customer business.\25\ Additionally, any TPH or TPH
organization that ends the employment of an individual required to
register under Rule 3.6A must comply with the requirements in Chapter
IX of CBOE's rules.
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    \25\ See supra note 8.
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    The Exchange proposes to require individual TPHs and individual
associated persons whose activities are limited solely to the
transaction of business on the floor with TPHs or registered broker-
dealers to fulfill continuing education requirements.\26\
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    \26\ Interpretations and Policies .01 to Rule 9.3A currently
excludes these persons from the continuing education requirements
set forth in Rule 9.3A. Proposed Interpretations and Policies .04 to
Rule 3.6A states that all persons required to register are subject
to CBOE's continuing education requirements.
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IV. Comment Letters

    The Commission received two comment letters on the proposed rule
change.\27\ One commenter, XR Securities, stated that the examination
proposed to be developed by CBOE for associated persons was redundant
for associated persons currently registered with another exchange who
have passed the Series 7. The commenter stated that the new examination
would impose an unfair burden on firms registered at CBOE and
elsewhere, and argued that it would be better to allow associated
persons registered at more than one exchange to take the Series 7
instead of the proposed CBOE examination. The commenter also stated
that the Series 24 is generally accepted by all exchanges as the CCO
examination, whereas the Series 14 is available for FINRA/NYSE members
to elect to take instead of the Series 24. The commenter believes that
requiring a CCO who currently is Series 24 registered to pass the
Series 14 would be unreasonable.
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    \27\ See supra note 4.
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    The second commenter, Cutler, is supportive of the proposed rule
change requiring all traders to register with CBOE and pass a relevant
trading examination; however, it also expressed concern over the
proposed examination requirements and timeframe for completing a
required examination. In short, Cutler believes no new examination
requirement should be imposed on traders currently properly registered
with CBOE. It suggested creating a new continuing education module for
CBOE traders, to the extent the existing examinations do not cover
relevant material that would be included in the new examination. For
persons to be qualified on CBOE in the near future, Cutler supports
CBOE's plan to create an examination specific and relevant to
professional traders in lieu of the Series 7, which it considers too
broad. Cutler echoed XR Securities' concerns regarding the Series 14
examination for CCOs, stating that the Series 24 is the accepted
examination for CCOs and should be adopted by CBOE instead, and,
similarly, encouraged CBOE to create an exam to succeed the Series 24
for supervisors whose functions are limited to the supervision of
traders.

V. Discussion

    The Commission is sympathetic to the concerns raised by the two
commenters regarding associated persons who are currently Series 7
qualified who do not want to have to take the proposed CBOE proprietary
trading exam, as well as associated persons who have already qualified
as CCOs. The Commission expects that such persons may be eligible for a
waiver of the exam requirement if they are able to demonstrate to the
CBOE's satisfaction that they are appropriately qualified to do
business on the CBOE. However, the Commission believes that this
proposed rule change is an important step towards harmonizing the
registration, qualification and continuing education requirements
across the SROs. In order to meet its obligations under Section 6(b)(1)
of the Act to enforce compliance by member firms \28\ and their
associated persons with the Act, the rules thereunder, and the
exchange's own rules,\29\ an exchange must have baseline registration
and qualification requirements for all persons conducting business on
an exchange, as well as for those supervising such activity. Further to
those provisions, the Commission believes an exchange should require
continuing education for registered persons to help ensure that members
and persons associated with members are up to date on changes to
exchange rules and the securities laws, rules, and regulations that
govern their activities. In addition, an exchange must know if an
associated person of a member firm is subject to a statutory
disqualification. This information is elicited by the Form U4, which is
used by most exchanges and FINRA to register associated persons. The
Commission believes that it is important to ensure that information,
such as whether an associated person is subject to a statutory
disqualification, is available to exchanges and other regulators,
including the Commission and the state securities regulators, through
WebCRD, as well as members of the public

through BrokerCheck, which derives its information from WebCRD.\30\
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    \28\ Brokers and dealers are required to supervise the
activities of their associated persons. See 15 U.S.C. 78o(b)(4)(E).
    \29\ Section 6(b)(1) requires exchanges to have the ability to
enforce compliance by their members and associated persons with the
federal securities laws and with their own rules. 15 U.S.C.
78f(b)(1).
    \30\ See Section 6(c)(2) of the Act, 15 U.S.C. 78f(c)(2); and
Rule 19h-1 under the Act, 17 CFR 240.19h-1.
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    The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a national securities exchange,\31\ and, in
particular with Section 6(b)(5) of the Act,\32\ which requires, among
other things, that the rules of a national securities exchange be
designed to prevent fraudulent and manipulative acts and practices, 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. The Commission believes that the proposed rule change is also
consistent with Section 6(c)(3)(B) of the Act,\33\ which authorizes
exchanges to prescribe standards of training, experience and competence
for persons associated with exchange members, and gives exchanges the
authority to bar a natural person from becoming a member or a person
associated with a member, if the person does not meet the standards of
training, experience and competence prescribed in the rules of the
exchange.
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    \31\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \32\ 15 U.S.C. 78f(b)(5).
    \33\ 15 U.S.C. 78f(c)(3)(B).
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    CBOE's proposed rule change requires all associated persons of TPHs
engaged in a securities business on CBOE or on CBSX, as well as those
who supervise, train or otherwise oversee those who do, to register
with the Exchange via the Form U4, qualify by passing an appropriate
examination, and be subject to continuing education requirements.\34\
The Commission believes the restrictions on registration that bar a TPH
from maintaining a registration with CBOE for (1) persons no longer
active in the TPH's securities business, (2) persons no longer
functioning in the registered capacity, or (3) for avoidance of an
examination requirement, are appropriate. These limitations should help
ensure that only persons qualified for their category of registration
who are engaged in a securities business are able to transact business
on CBOE and CBSX.
---------------------------------------------------------------------------

    \34\ CBOE's proposed rule change expands its continuing
education requirements to associated persons whose activities are
limited to the transaction of business on CBOE's floor.
---------------------------------------------------------------------------

    The Commission notes that CBOE has exempted several categories of
associated persons from the new registration requirements. These
persons fall outside of CBOE's proposed definition of ``engaged in a
securities business.'' CBOE explained that the people excluded would
not be considered to be actively engaged in a securities business
unless they are registered on the floor of another exchange, in which
case they would not have to register with CBOE.\35\ The Commission
understands that CBOE's proposed rule change applies to all associated
persons conducting a securities business, on a proprietary or agency
basis, on CBOE and CBSX.
---------------------------------------------------------------------------

    \35\ See Notice, p. 6; 75 FR 59775. Such persons must comply
with Section 15(b)(8) of the Act.
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    The Commission expects that CBOE, consistent with its
representation, will have developed and filed with the Commission the
appropriate examination for its representatives engaged in a
proprietary securities business no later than May 12, 2011. If CBOE
fails to do so, the Commission expects CBOE to require all associated
persons engaged in the securities business of a TPH to promptly take
and pass an appropriate existing examination.
    The Commission believes that the requirement that all persons
functioning in certain supervisory capacities be registered through
WebCRD and be subject to higher qualification standards appropriately
reflects the enhanced responsibility of their roles and is consistent
with the Act. The general requirement that TPHs must have a minimum of
two principals responsible for oversight of member organization
activity on CBOE, who must be registered as such and pass a principal
exam, should help CBOE strengthen the regulation of its member firms,
and prepare those individuals for their responsibilities. The nature of
the firm, however, may dictate that more than two principals are needed
to provide appropriate supervision.
    The requirement for each TPH organization to have a CCO who must
register and pass the Series 14 and a FINOP who must register and pass
the Series 27 is appropriate based on the heightened level of
accountability inherent in the duty of overseeing compliance by an
Exchange member, and in the oversight and preparation of financial
reports, and the oversight of those employed in financial and
operational capacities at each firm.
    The Commission believes CBOE's proposed provision requiring any
person whose registration has been revoked by the Exchange as a
disciplinary sanction, or whose most recent registration as a principal
or representative has been terminated for a period of two or more years
immediately preceding the date of receipt by the Exchange of a new
application, to pass the qualification examination appropriate to such
person's category of registration is appropriate. This requirement
should help to ensure that an associated person's qualifications are
current.
    The Commission also believes CBOE's proposed exceptions from the
above-discussed general requirements are appropriate. Any TPH seeking
an exception from the two principal minimum must provide evidence that
conclusively indicates to the Exchange that only one principal is
necessary. The Commission expects this authority to be used sparingly,
because such persons oversee the operations of member firms and provide
the first line of defense in ensuring that member firms are complying
with the rules of an exchange as well as the federal securities laws.
In addition, CBOE may waive the qualification examination requirement
in exceptional cases where the applicant has demonstrated that good
cause exists. The Commission expects this authority to be used
sparingly. Finally, the Commission notes that these exceptions are
substantively the same as exceptions provided in similar rules at other
SROs.\36\
---------------------------------------------------------------------------

    \36\ See, e.g., FINRA Rule 1070(d) and NASDAQ Rule 1070(d)
regarding the examination waiver.
---------------------------------------------------------------------------

    The Commission believes that the proposal will enhance CBOE's
ability to ensure an effective supervisory structure for those
conducting business on CBOE. The requirements apply broadly and are
intended to help close a regulatory gap which has resulted in varying
registration, qualification, and supervision requirements across
markets. The Commission believes that the changes proposed by CBOE to
its rules will strengthen the regulatory structure of the Exchange and
should enhance the ability of its individual TPHs and TPH organizations
to comply with the Exchange's rules as well as with the federal
securities laws.
    Additionally, the Commission believes that the proposed rule change
is consistent with the principles of Section 11A(a)(1)(22) of the Act
in that it seeks to assure fair competition among brokers and dealers
and among exchange markets. The Commission believes that the proposed
rule will promote uniformity of regulation across markets, thus
reducing opportunities for regulatory arbitrage. CBOE's proposed rule
change helps ensure that all persons conducting a securities business
through CBOE are appropriately

supervised, as the Commission expects of all SROs.

VI. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\37\ that the proposed rule change (SR-CBOE-2010-084), be, and
hereby is, approved.
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    \37\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
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    \38\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-29160 Filed 11-18-10; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 92 (Friday, May 11, 2012)]
[Notices]
[Page 27767]
[FR Doc No: 2012-11384]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER12-1692-000]

Galaxy Energy LLC; Supplemental Notice That Initial Market-Based
Rate Filing Includes Request for Blanket Section 204 Authorization

    This is a supplemental notice in the above-referenced proceeding of
Galaxy Energy LLC's application for market-based rate authority, with
an accompanying rate tariff, noting that such application includes a
request for blanket authorization, under 18 CFR Part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR Part 34, of future issuances of securities and assumptions of
liability, is May 24, 2012.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive email notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please email<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: May 4, 2012.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2012-11384 Filed 5-10-12; 8:45 am]
BILLING CODE 6717-01-P