[Federal Register: September 28, 2006 (Volume 71, Number 188)]
[Notices]
[Page 57011-57017]
[DOCID:fr28se06-98]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54504; File No. SR-NYSE-2006-76]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Proposed Rule Change Relating To Exchange Rule
104.10 (``Dealings by Specialists'')

September 26, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 22, 2006 the New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'' or ``SEC'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The proposed rule change is an amendment to the specialist
stabilization requirements set forth in NYSE Rule 104.10 (``Dealings by
Specialists''). The Exchange seeks to implement certain changes as a
pilot. The text of the proposed rule change is below. Proposed new
language is in italics; proposed deletions are in [brackets].

Bids and Offers

Rule 70.
* * * * *
* * * Supplementary Material
* * * * *
    .20 (a)(i) With respect to orders he or she is representing on the
Floor, a Floor broker may place within the Display Book[supreg] system
broker agency interest files at multiple price points on both sides of
the market at or outside the Exchange best bid and offer with respect
to each security trading in the location(s) comprising the Crowd such
Floor broker is a part of with respect to orders he or she is
representing on the Floor, except that the agency interest files shall
not include any customer interest that restricts the specialist's
ability to be on parity pursuant to Exchange Rules 104.10[(6)(i)(C)]
(5)(i)(a)(I)(d) and 108(a).
* * * * *

Dealings by Specialists

Rule 104
* * * * *
Supplementary Material:

Functions of Specialists

    .10 Regular specialists.--Any member who expects to act regularly
as specialist in any listed stock and to solicit orders therein must be
registered as a regular specialist.
* * * * *
    (5)(i) Transactions on the Exchange by a specialist for [his] the
specialist's [own] account [of a member acting as specialist] are to be
effected in a reasonable and orderly manner in relation to the
condition of the general market, the market in the particular stock and
the adequacy of the specialist's position to the immediate and
reasonably anticipated needs of the round-lot and the odd-lot market.
    (a) The following types of transactions [to establish or increase a
position are not to be effected except] are permitted when they are
reasonably necessary to render the specialist's position adequate to
such markets' needs:
    (I) Neutral Transactions
    (a) Definition--A neutral transaction is a purchase or sale by
which a specialist liquidates or decreases a position.
    (b) Neutral Transactions may be made without restriction as to
price.
    (c) Re-Entry Obligation Following Neutral Transactions--The
specialist's obligation to maintain a fair and orderly market may
require re-entry on the opposite side of the market trend after
effecting one or more Neutral Transactions. Such re-entry transactions
should be in accordance with the immediate and anticipated needs of the
market.
    (d) Neutral Transactions must yield parity to, and may not claim
precedence based on size over, a customer order in the Crowd upon the
request of the member representing such order, where such request has
been documented as a term of the order, to the extent of the volume of
such order that has been included in the quote prior to the
transaction.
    (e) The requirements contained in (5)(i)(a)(I)(d) above shall not
apply to automatic executions involving the specialist dealer account.
    (II) Non-Conditional Transactions
    (a) Definition--A non-conditional transaction is a specialist's bid
or purchase and offer or sale, that establishes or increases a
position, other than a transaction that reaches across the market to
trade with the Exchange bid or offer.
    (b) Non-Conditional Transactions may be made without restriction as
to price in order to:
    (i) Match another market's better bid or offer price;
    (ii) Bring the price of a security into parity with an underlying
or related security or asset;
    (iii) Add size to an independently established bid or offer on the
Exchange;
    (iv) Purchase at the published bid price on the Exchange;
    (v) Sell at the published offer price on the Exchange;
    (vi) Purchase or sell at a price between the Exchange published bid
and published offer;
    (vii) Purchase below the published bid or sell above the published
offer on the Exchange;
    (c) Re-entry Obligation Following Non-Conditional Transactions--The
specialist's obligation to maintain a fair and orderly market may
require re-entry on the opposite side of the market trend after
effecting one or more Non-Conditional Transactions. Such re-entry
transactions should be commensurate with the size of the Non-
Conditional

Transactions and the immediate and anticipated needs of the market.
    (b)(I) The following types of transactions by a specialist for the
specialist's account to establish or increase a position are not to be
effected except when, with the approval of a Floor Official, the
transactions are reasonably necessary to render the specialist's
position adequate to the immediate and reasonably anticipated needs of
the round-lot and the odd-lot market and the specialist reoffers or
rebids where necessary after effecting such transaction:
    [(A)](a) A purchase at a price above the last trade price on the
Exchange [sale in the same session:];
    (b) A sale at a price below the last trade price on the Exchange;
[(B)](c) the purchase of more than 50% of the stock offered in the
market at a price equal to the last trade price [sale] where such last
trade [transaction] price [would be on a ``zero plus tic'' (i.e., the
last sale price] was [above the] higher than the last differently
priced [previous different] regular way sale. [price); and]
    [(C) Failing to reoffer or rebid where necessary after effecting
transactions described in (A) and (B) above.
    Transactions of these types, may, nevertheless, be effected with
the approval of a Floor Official or in less active markets where they
are an essential part of a proper course of dealings and where the
amount of stock involved and the price change, if any, are normal in
relation to the market.]
    (c) Prohibited Transactions
    (I) During the last ten minutes prior to the close of trading, a
specialist with a long position in a security is prohibited from making
a purchase in such security that results in a new high price on the
Exchange for the day at the time of the specialist's transaction,
except as provided in subparagraphs (5)(i)(a)(II)(b)(i) through
(5)(i)(a)(II)(b)(ii) above.
    (II) During the last ten minutes of trading, a specialist with a
short position in a security is prohibited from making a sale in such
security, including securities subject to the Regulation SHO Pilot (17
CFR 240.202T), that results in a new low price on the Exchange for the
day at the time of the specialist's transaction, except as provided in
subparagraphs (5)(i)(a)(II)(b)(i) through (5)(i)(a)(II)(b)(ii) above.
    (ii) [Notwithstanding the provisions of subparagraphs (5)(i)(A) and
(B) above, w]Whenever a specialist effects a principal purchase of a
specialty stock, in another [participating] market center [through
ITS,] at or above the price at which [he] the specialist holds orders
to sell that stock, such orders which remain unexecuted on the Floor
must be filled by the specialist buying the stock for [his own] the
specialist's account[,] at the same price at which [he effected his]
the principal transaction was effected;[through ITS] above unless[,]
effecting such a principal transaction on the Floor[,]at that
price[,]would [(a)] be inconsistent with the maintenance of fair and
orderly markets[; or (b) result in the election of stop orders].
    (iii) Whenever a specialist effects a principal sale of a specialty
stock[,] in another [participating] market center [through ITS,] at or
below the price at which [he] the specialist holds orders to buy that
stock, such orders which remain unexecuted on the Floor must be filled
by the specialist [by] selling the stock for [his own] the specialist's
account[,] at the same price at which [be effected his] the principal
transaction was effected [through ITS subject to the same conditions as
set forth in (ii)(a) and (b) above] unless effecting such principal
transaction on the Floor at that price would be inconsistent with the
maintenance of fair and orderly markets and provided further that
effecting such a principal transaction on the Floor, at that price,
would not be precluded by the short selling rules, or would not result
in a sale to a stabilizing bid.
    [(iv) Notwithstanding the provisions of (5)(i)(A) and (B) above, a
specialist may effect a principal purchase of a specialty security to
establish or increase a position at a price above the last sale in the
same session at a price that matches the then current national best bid
or, in the case of a sale, that matches the then current national best
offer displayed by another market center.]
    (6) Specialist Transactions in Active Securities that Establish or
Increase the Specialist's Position:
    The provisions of this rule are pursuant to a pilot program set to
commence following Commission approval and end on June 30, 2007.
    (i) Definition--``active'' securities are:
    (a) Securities comprising the S&P 500[supreg] Stock Index;
    (b) Securities trading on the Exchange during the first five
trading days following their initial public offering of such
securities; and
    (c) Securities that have been designated as ``active'' by a Floor
Official subject to the following provisions:
    (I) A Floor Official may designate a security as ``active'' when
such security has exhibited substantially greater than normal trading
volume and is, in the Floor Official's judgment likely to continue to
sustain such higher volume during the remainder of the current trading
session.
    (II) A Floor Official's designation of a security as ``active''
shall last only for the trading session on the particular day it is
determined. A new designation may be made on subsequent days based on
the security's trading characteristics that day.
    (III) The Floor Official shall promptly inform the Market
Surveillance Division of NYSE Regulation, Inc. (``MKS'') any time she
or he designates a security as ``active,'' in the time and manner
prescribed by the Exchange.
    (IV) The Floor Official designating a security as ``active'' and
the specialist for such security shall prepare and maintain such
documentation regarding the security as the Exchange shall from time to
time require.
    (ii) Definition--A ``Conditional Transaction'' is a specialist's
transaction in an active security that establishes or increases a
position and reaches across the market to trade as the contra-side to
the Exchange published bid or offer (``Hit Bid/Take Offer'').
    (iii) The following Conditional Transactions, may be made by a
specialist without restriction as to price, provided they are followed
by appropriate re-entry on the opposite side of the market commensurate
with the size of the specialist's transaction. (``Appropriate'' re-
entry shall mean re-entry on the opposite side of the market at or
before the price participation point or the ``PPP''.):
    (a) A specialist's purchase from the Exchange published offer that
is priced above the last differently-priced trade on the Exchange and
above the last differently-priced published offer on the Exchange; and
    (b) A specialist's sale to the Exchange published bid that is
priced below the last differently-priced trade on the Exchange and
below the last differently-priced published bid on the Exchange.
    (iv) Re-entry Obligations for Conditional Transactions:
    (a) ``PPPs''--The Exchange will periodically issue guidelines,
called price participation points (``PPP''), that identify the price at
or before which a specialist is expected to re-enter the market after
effecting a Conditional Transaction. PPPs are only minimum guidelines
and compliance with them does not guarantee that a specialist is
meeting its obligations.
    (b) Notwithstanding that a security may not have reached the PPP,
the specialist may be required to re-enter the market immediately after
a Conditional Transaction based on the

price and/or volume of the specialist's trading in reference to the
market in the security at the time of such trading. In such situations
specialists may not rely on the fact that there may have been one or
more independent trades following the specialist's trading to justify a
failure to re-enter the market.
    (c) Immediate re-entry is required after the following Conditional
Transactions:
    (I) A purchase that (1) reaches across the market to trade with an
Exchange published offer that is above the last differently priced
trade on the Exchange and above the last differently priced published
offer on the Exchange, (2) is 10,000 shares or more or has a market
value of $200,000 or more, and (3) exceeds 50% of the published offer
size.
    (II) A sale that (1) reaches across the market to trade with an
Exchange published bid that is below the last differently priced trade
on the Exchange and below the last differently priced published bid on
the Exchange, (2) is 10,000 shares or more or has a market value of
$200,000 or more, and (3) exceeds 50% of the published bid size.
    (III) Each trade at a separate price in a Sweep is viewed as a
transaction with the published bid or offer for the purpose of
subparagraphs (6)(iv)(c)(I) and (6)(iv)(c)(II) above.
    (v) The following Conditional Transactions may be made without
restriction as to price:
    (a) A specialist's purchase from the Exchange published offer that
is priced above the last differently-priced trade on the Exchange or
above the last differently-priced published offer on the Exchange; and
    (b) A specialist's sale to the Exchange published bid that is
priced below the last differently-priced trade on the Exchange or below
the last differently-priced published bid on the Exchange.
    (c) Re-entry obligations following transactions defined in
subparagraphs (6)(v)(a) and (6)(v)(b) above are the same as for Non-
Conditional Transactions pursuant to subparagraph (5)(i)(a)(II)(c)
above.
    [(6)(i) Transactions on the Exchange by a specialist for his own
account in liquidating or decreasing his position in a specialty stock
are to be effected in a reasonable and orderly manner in relation to
the condition of the general market, the market in the particular stock
and the adequacy of the specialist's positions to the immediate and
reasonably anticipated needs of the round-lot and the odd-lot market
and in this connection:
    (A) The specialist may liquidate a position by selling stock on a
direct minus tick or by purchasing stock on a direct plus tick only if
such transactions are reasonably necessary in relation to the
specialist's overall position in the stocks in which he is registered;
and the specialist has obtained the prior approval of a Floor Official;
    (B) The specialist may liquidate a position by selling a security
on a direct or zero minus tick or by purchasing a security on a direct
or zero plus tick without the need to obtain Floor Official approval if
such transaction is effected at a price that matches the then current
national best bid or offer displayed by another market center;
    (C) The specialist should maintain a fair and orderly market during
liquidation and, after reliquifying, should re-enter the market to
offset imbalances between supply and demand. The selling of stock on a
direct minus tick or a zero minus tick, or the purchasing of stock on a
direct plus tick or a zero plus tick should be effected in conjunction
with the specialist's re-entry in the market on the opposite side of
the market from the liquidating transaction where the imbalance of
supply and demand indicates that immediately succeeding transactions
may result in a lower price (following the specialist's sale of stock
on a direct minus tick or a zero minus tick) or a higher price
(following the specialist's purchase of stock on a direct plus tick or
a zero plus tick). During any period of volatile or unusual market
conditions resulting in a significant price movement in the subject
security, the specialist's transactions in re-entering the market
following a liquidating transaction effected by selling stock on a
direct minus tick or zero minus tick, or purchasing stock on a direct
plus tick or zero plus tick, should, at a minimum, reflect the
specialist's usual level of dealer participation in the subject
security. During such periods of unusual price movement in a security,
any series of such transactions which may be effected in a brief period
of time should be accompanied by the specialist's re-entry in the
market and effecting transactions which reflect a significant degree of
dealer participation;
    (D) Transactions by a specialist for his or her dealer account in
liquidating or decreasing a position in a specialty security must yield
parity to and may not claim precedence based on size over a customer
order in the Crowd upon the request of the member representing such
order, where such request has been documented as a term of the order,
to the extent of the volume of such order that has been included in the
quote prior to the transaction. However, this provision shall not apply
to automatic executions involving the specialist dealer account.
    (ii) Notwithstanding the provisions of subparagraph (6)(i)(A)
above, whenever a specialist effects a principal purchase (sale) of a
specialty stock, in another participating market center through ITS, at
or above (at or below) the price at which he holds orders to sell (buy)
that stock, such orders which remain unexecuted on the Floor must be
filled by the specialist by buying (selling) the stock for his own
account, at the same price at which he effected his principal
transaction through ITS subject to the same conditions as set forth in
subparagraphs (5)(ii) and (iii) above.
    (7) The requirement to obtain Floor Official approval for
transactions for a specialist's own account contained in subparagraphs
(5)(i)(A), (B) and (6)(i)(A) above shall not apply to transactions
effected in an investment company unit (the ``unit''), as that term is
defined in Section 703.16 of the Listed Company Manual, or a Trust
Issued Receipt (the ``receipt'') as that term is defined in Rule 1200.
Nevertheless such transactions must be effected in a manner that is
consistent with the maintenance of a fair and orderly market and with
the other requirements of this rule and the supplementary material
herein.]
    (7)[(8)] When inquiry is made of a specialist as to the price at
which a block of stock may be sold, the specialist may advise the
broker of the ``clean up'' price for the block, after trading with the
published bid (offer). If, as a result of this inquiry, the block is
sold and the specialist participates as a dealer at the ``clean up''
price, he should also execute at the same price the executable buy
orders held by him. The same principle applies in the event an inquiry
is made with respect to an order to purchase a block of stock.
    [(9) If a specialist has limit sell orders on his book at two or
more different prices, he should not, as a dealer, purchase all of the
stock from the book at the lowest limit price and then immediately
purchase stock from the book at a higher limit price. He should in such
a situation withdraw the offer and cross the entire amount of stock he
is purchasing as a dealer at one price. The same principle applies in
the event the specialist sells stock to limit orders on the book at two
or more different prices.]
    (8)[(10)] A specialist's bid or offer in a specialty stock on the
Exchange may not be inferior to the specialist's market maker bid or
offer disseminated by an electronic communications network (as that
term is defined in Securities and Exchange Commission Rule 600(b)(23)

of Regulation NMS [11Ac1-1(a)(8))] or any other market center. A
specialist may not disseminate a market maker bid or offer on another
market center or electronic communications network at a price at which
Exchange rules would preclude dissemination of such bid or offer on the
Exchange.
* * * * *
Rule 123. Record of Orders
* * * * *
(g) Requests To Yield
    A request to a specialist to yield to a customer order in
accordance with Rule 104.10[(6)(i)(C)] (5)(i)(a)(I)(d) is a condition
of that order and must be documented in accordance with applicable
books and records requirements.
* * * * *

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

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

1. Purpose
    The NYSE Hybrid MarketSM (``Hybrid Market'') \3\
combines the benefits of specialist and Floor Broker expertise with the
speed, certainty, and anonymity of electronic executions to create a
market center offering maximum choice to customers without eliminating
time tested trading processes that have proven immensely successful in
providing stable, liquid, and less volatile markets.
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    \3\ The Hybrid Market was approved on March 22, 2006. See
Securities Exchange Act Release No. 53539 (March 22, 2006), 71 FR
16353 (March 31, 2006) (SR-NYSE-2004-05).
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    Specialists will continue to perform their vital functions in the
Hybrid Market'' committing capital and adding liquidity in order to
bridge gaps in supply and demand, which keeps the market fair and
orderly, reducing volatility and encouraging stable prices.
    In order to keep up with the pace of the faster, more
electronically-oriented Hybrid Market, specialists will use proprietary
systems that employ algorithms (sometimes referred to in shorthand as
the ``specialist's API'') to generate quoting and trading messages that
will interact with the NYSE Display Book[supreg] system. These quoting
and trading messages, which must comply with NYSE Rule 104, enable
specialists to place proprietary interest at various prices at and
outside the Exchange quotation and to interact with Exchange orders.
    Given the increase in the amount and speed of market activity which
will occur as a result of the Hybrid Market and the Commission's
adoption of Regulation NMS \4\ (``Reg NMS''), the Exchange believes
that the stabilization requirements set forth in NYSE Rules 104.10(5)
and (6), governing specialist proprietary trading, are no longer
responsive or relevant to the realities of active markets.
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    \4\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005).
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    Specifically, the institutionalization of the market, increased
competition, and increased application of computer and communication
technology has significantly diminished the time and place advantages
of specialists. As a result, markets have seen increases in the average
daily trading volume and the movement off the Floor of the decision
making that affects the direction and extent of movements in the
specialty stocks. There is a dramatic increase in the transparency of
the Display Book[supreg] through, among other things, Exchange
initiatives like NYSE OPENBOOKTM. This increased
transparency gives all market participants, both on and off the Floor,
a greater ability to see and react to market changes. In addition,
prior to the Hybrid Market, all orders were handled by the specialist.
The Hybrid Market has reduced the situations in which specialists' have
the ability to see and interact with orders. Furthermore, in the Hybrid
Market Floor brokers and customers not only have the ability to see
limit orders above and below the current market price, but may also
interact with those orders directly without the involvement of the
specialist. These factors combined significantly reduce the time and
place advantage enjoyed by specialists.
    Amendments to these rules are required to enable specialists to
adapt more quickly and flexibly to changing market conditions in an
environment of rapid quote changes and sub-second executions. The
amendments also recognize that specialists have fewer opportunities to
control the price of or dominate the market in a security, particularly
liquid securities or active trading situations. The amendments also
reflect the inability to use ``tick'' tests effectively in a fast
moving market. Increased transparency, improved technology and better
surveillance have lessened the need for a tick test. The Commission has
already recognized that `` * * * as trading volume increases, it
becomes less likely that a trader would be able to cost-effectively
manipulate the price of a security. Further, the high levels of
transparency and surveillance for actively-traded securities on
exchanges and other regulated markets make it more likely that any
manipulation would be detected and pursued.'' \5\
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    \5\ See Securities Exchange Act Release No. 48709 (October 28,
2003), 68 FR 62972 (November 6, 2003).
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    As such, the amendments, discussed below, provide specialists with
added flexibility to trade at or between the quote, especially when
establishing or increasing a position. With respect to specialist
trading with the Exchange quotation (``hitting bids/taking offers''),
the proposed amendments reflect the view that more liberal trading
ability is appropriate for active stocks, such as those comprising the
S&P 500 Index, while for other securities, the existing rules should
remain in effect, at least until the Exchange has had an ability to
assess these rules in the context of Phase 3 of the Hybrid Market.\6\
The Exchange believes that the proposed amendments will give
specialists the tools they require in order to meet their affirmative
obligation to maintain a fair and orderly market and step in during
moments of market volatility in the faster more electronic oriented
Hybrid Market. The proposed amendments will benefit the investing
public by offering yet another avenue for order execution. Accordingly,
the Exchange proposes that the amendments set forth in this filing be
approved. The Exchange further proposes that the amendments to NYSE
Rule 104.10(6) be approved as a pilot to commence following Commission
approval and end on June 30, 2007.
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    \6\ Phase 3, which is scheduled to begin on or about October 6,
2006, will implement most of the provisions approved by the SEC on
March 22, 2006, including elimination of restrictions on the
availability of automatic executions.
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Current Stabilization Rules

    NYSE Rule 104.10(5) sets forth the specialist's stabilization
obligations with respect to trading as dealer in the stocks in which he
or she is registered. The rule requires that the specialist's trading
meets the test of reasonable

necessity and, unless it is to render the specialist's position in a
stock adequate for current or anticipated needs of the market, a
specialist should not effect a non-stabilizing transaction (i.e., a
transaction with the trend of price movement) for the specialist's
account when acquiring or increasing a position. In this regard, the
rule restricts specialists from purchasing stock at a price above the
last sale (in the same trading session) and purchasing more than 50% of
the stock offered on a ``zero plus tick,'' i.e. at the same price as
the last sale, when such last sale price was higher than the previous,
differently priced sale in the stock on the Exchange. Specialists are
permitted to effect these types of transactions with Floor Official
approval or in less active markets where they are an essential part of
a proper course of dealings and where the amount of stock and price
change (if any) are normal in relation to the market, provided, they
reoffer or rebid as necessary after effecting such trades.
    NYSE Rule 104.10(6) sets forth the specialist's stabilization
requirements when liquidating or reducing a position. This rule
provides that such trades should be effected in a reasonable and
orderly manner, in relation to the condition of the general market, the
market in the particular security and the adequacy of the specialist's
position to meet the immediate and anticipated needs of the market in
the security. Specialists are permitted to liquidate or reduce a
position by selling stock on a ``direct minus tick,'' i.e. selling
stock at a price lower than the price of the last sale on the Exchange
or by purchasing stock on a ``direct plus tick,'' i.e. at a price
higher than the price of the last sale on the Exchange, if such
transaction is reasonably necessary and the specialist has obtained
Floor Official approval; there are no size limitations to such trades.
After such transactions (including sales on ``zero minus ticks'' and
purchases on ``zero plus ticks''), specialists are required to re-enter
the market on the opposite side in an appropriate amount, where the
imbalance of supply and demand indicates that immediately succeeding
transactions may result in lower (following specialist's sale) or
higher (following specialist's purchase) prices.\7\
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    \7\ The Floor Official approval requirements in NYSE Rules
104.10(5) and (6) do not apply to trading in securities commonly
referred to as exchange-traded funds or ETFs. See NYSE Rule
104.10(7).
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Amended Stabilization Rules

    The proposed changes to the stabilization rules retain the
requirement that specialist dealings be reasonably necessary for the
maintenance of a fair and orderly market and that transactions with the
trend of the market be accompanied by appropriate re-entry on the
opposite side. However, these changes move away from defining
stabilization in terms of the last sale to focus on market conditions,
the type of trade in question and the specialist's existing position.
    The proposed rule defines four types of transactions--``Neutral,''
``Non-Conditional,'' ``Conditional,'' and ``Prohibited.'' Neutral
Transactions are discussed in proposed NYSE Rule 104.10(5)(i)(a)(I).
The rule defines a Neutral transaction as a purchase or sale by which a
specialist liquidates or decreases a position. Neutral Transactions may
be made without restriction as to price. This is similar to what the
current rule permits today, but eliminates the requirement for Floor
Official approval in situations where the transaction is a sale on a
direct minus tick or a purchase on a direct plus tick. This recognizes
that ticks no longer provide useful benchmarks in a rapidly changing
market while retaining the specialists' obligation to make an
assessment to ensure the reasonable necessity of such transactions. It
further acknowledges that added flexibility is justified when
specialists are liquidating or reducing a position because the
specialists are adding liquidity to the market.
    Re-entry on the opposite side of the market is not required merely
as a result of the specialist engaging in one or more Neutral
Transactions, but may be necessary in order for the specialist to meet
its affirmative obligation to maintain a fair and orderly market.
    Proposed NYSE Rule 104.10(5)(i)(a)(II) discusses Non-Conditional
Transactions. Non-Conditional Transactions are defined as certain
specialist bids or purchases and offers or sales that establish or
increase a position. Proposed NYSE Rule 104.10(5)(i)(a)(II)(b) sets
forth seven types of Non-Conditional Transactions (items (i) through
(vii)). The first two types of Non-Conditional Transactions (items (i)
and (ii)) are allowed without restriction under the current rule and
have not been changed. Each of these types of transactions may be
effected without restriction as to price or the need for Floor Official
approval:
    (i) Match another market's better bid or offer;
    (ii) Bring the price of a security into parity with an underlying
or related security or asset;
    (iii) Add size to an independently established bid or offer on the
Exchange;
    (iv) Purchase at the published bid on the Exchange;
    (v) Sell at the published offer on the Exchange;
    (vi) Purchase or sell at a price between the Exchange published bid
and published offer; or
    (vii) Purchase below the published bid or sell above the published
offer on the Exchange (during a ``sweep'' for example).
    As with Neutral Transactions, the amended rule reflects that in
circumstances where the specialist is not reaching across the market to
trade with the Exchange bid or offer,\8\ they should have more
flexibility in the types of transactions they can effect, especially as
such transactions must be reasonably necessary. Similarly, because in
most of the instances, an independent source establishes the price of
the allowable transactions, the concerns that a specialist may be
``leading the market'' are diminished. In these instances, specialists
are reacting to a price that is established by market forces beyond the
specialists' control that is information that is readily available to
all market participants. In the other instances, the specialist is
buying at the bid price (selling at the offer price) or trading between
the quotes that also do not raise significant concerns about price
control.
---------------------------------------------------------------------------

    \8\ The requirements governing specialist trading that reaches
across the market when establishing or increasing a position are
discussed below and depend on whether the security in question is
``active.''
---------------------------------------------------------------------------

    Re-entry on the opposite side of the market is not required as a
result of the specialist engaging in one or more Non-Conditional
Transactions, but may be required in order for the specialist to meet
its affirmative obligation to maintain a fair and orderly market. Where
such re-entry is necessary, it should be commensurate with the size of
the specialist's transactions and the immediate and anticipated needs
of the market.
    Whereas the provisions related to Neutral and Non-Conditional
Transactions discussed above apply to specialist trading in all NYSE
securities, Conditional Transactions relate only to specialist
transactions in ``active'' securities.
    Proposed NYSE Rule 104.10(6) governs Conditional Transactions.
Proposed Rule 104.10(6)(i) defines ``active'' securities as:
    (a) Securities comprising the S&P 500[supreg] Stock Index;
    (b) Securities trading on the Exchange during the first five
trading days following their initial public offering; and

    (c) Securities that have been designated as ``active'' by a Floor
Official.
    The proposed rule further describes the process governing Floor
Official designation of a security as ``active.'' The process includes,
among other things, the Floor Official's determination that the
security in question has exhibited substantially greater than normal
trading volume and is likely to continue to sustain such higher volume
during the remainder of the trading session. The Floor Official's
determination that a security should be considered ``active'' lasts
only for the trading session on the particular day it is determined.
While the security may be designated ``active'' on subsequent days,
such determinations must be made based on its trading characteristics
that day. The rule also requires the Floor Official to notify the
Market Surveillance Division of NYSE Regulation, Inc. whenever he or
she designates a security as ``active'' and requires the specialist and
Floor Official to create and maintain such documentation regarding the
security as the Exchange may require.
    Conditional Transactions are defined as specialist trades in
``active'' securities that establish or increase a position by reaching
across the market to trade with the Exchange published bid (in the case
of a specialist's sale) or offer (in the case of a specialist's
purchase) when such bid or offer (as relevant) is priced above the last
differently-priced trade and the last differently-priced published bid
or offer (as relevant) on the Exchange.
    Conditional Transactions may be made without restriction as to
price, provided they are followed by appropriate re-entry on the
opposite side of the market commensurate with the size of the
specialist's transaction.
    To help specialists to determine appropriate re-entry points after
one or more Conditional Transactions, the Exchange will periodically
issue guidelines, called ``Price Participation Points'' (``PPPs'') that
identify the price at or before which a specialist is expected to re-
enter the market after effecting one or more Conditional Transactions.
PPPs are minimum guidelines only and compliance with them does not
guarantee that a specialist is meeting its obligations.\9\
---------------------------------------------------------------------------

    \9\ See proposed NYSE Rule 104.10(6)(iv)(a).
---------------------------------------------------------------------------

    Certain situations require immediate re-entry after one or more
Conditional Transactions, regardless of the PPP; that is, re-entry
should occur as the specialist's next available quoting or trading
action. For example, immediate re-entry may be required based on the
price and/or volume of the specialist's Conditional Transaction(s) in
reference to the market in the security at the time of such trading.
The fact that there may have been one or more independent trades
following the specialist's Conditional Transaction does not, by itself,
eliminate the need for immediate re-entry, when otherwise appropriate.
In addition, immediate re-entry is required after a Conditional
Transaction of: (a) 10,000 shares or more or a quantity of stock with a
market value of $200,000 or more; and (b) which exceeds 50% of the
published bid or offer size (as relevant).\10\
---------------------------------------------------------------------------

    \10\ See proposed NYSE Rule 104.10(6)(iv)(c)(I) and (II).
---------------------------------------------------------------------------

    The Exchange believes that the provisions governing Conditional
Transactions appropriately balance the need of specialists to have more
flexibility in trading in fast moving markets with the traditional
requirements governing their non-stabilizing trading. In addition,
these provisions recognize that with respect to securities that are
``active'' as defined in the rule, the specialist has little
opportunity to drive price movements in the security.
    Specialist transactions in ``inactive'' securities (i.e.,
securities that are not covered by the definition of ``active''
securities) that reach across the market to trade with the existing bid
or offer when the specialist is establishing or increasing a position,
continue to be governed by the requirements of current NYSE Rule
104.10(5)(i), and are reflected in the re-numbered NYSE Rule
104.10(5)(i)(b)(I). Proposed NYSE Rule 104.10(5)(i)(b)(I) reflects the
current rule text, interpretation and practice on the Floor. While the
Exchange believes that the structure of Neutral, Non-Conditional,
Prohibited, and Conditional transactions is suitable for all securities
with appropriate re-entry requirements, this proposed rule filing does
not include that broad an amendment. The Exchange intends to review the
trading in the inactive securities once Phase 3 of the Hybrid Market is
implemented and will make any necessary filings related to this point
after the completion of that review.
    Proposed amended NYSE Rule 104.10(5)(i)(b)(I) now covers the
circumstances discussed in the current NYSE Rule 104.10(6)(i) which is
proposed for deletion. The Exchange is further proposing to delete the
following text from NYSE Rule 104.10(5)(i)(C): \11\
---------------------------------------------------------------------------

    \11\ Telephone conversation between Deanna Logan, Director,
NYSE, and Jan Woo, Attorney, Division of Market Regulation,
Commission, on September 25, 2006 (clarifying the section of the
NYSE Rules that is being deleted).
---------------------------------------------------------------------------

    (C) failing to reoffer or rebid where necessary after effecting
transactions described in (A) and (B) above.
    Transactions of these types, may, nevertheless, be effected with
the approval of a Floor Official or in less active markets where they
are an essential part of a proper course of dealings and where the
amount of stock involved and the price change, if any, are normal in
relation to the market.
    The transactions discussed in NYSE Rule 104.10(5)(i)(C) are by
their nature, transactions in less active securities which make the
discussion of less active markets redundant.\12\ Furthermore, the
requirement that the specialist obtain Floor Official approval and
reoffer or rebid where necessary are now incorporated in the first
subparagraph of NYSE Rule 104.10(5)(i)(b)(I).
---------------------------------------------------------------------------

    \12\ Id.
---------------------------------------------------------------------------

    In addition, the proposed rule amendments provide that certain
transactions are Prohibited: During the last ten minutes of trading, a
specialist with a long position in a security is prohibited from making
a purchase in such security that results in a new Exchange high for the
day at the time of the specialist's transaction, and a specialist with
a short position in a security is prohibited from making a sale in such
security, including securities subject to the Regulation SHO Pilot (17
CFR 240.202T), that results in a new Exchange low for the day at the
time of the specialist's transaction. However, the specialist is
permitted to effect such transaction in order to match another market's
better bid or offer or to bring the price of the security into parity
with an underlying or related security or asset. This reflects the
possibility that such trading may unnecessarily influence the price of
a security. The exemptions recognize that in those situations, an
independent party, not the specialist, has set the price.
    Moreover, the Exchange seeks to delete current section (9) of
current NYSE Rule 104.10 because it is no longer applicable given the
proposed changes to the stabilization rules as described above.
Further, the deletion of section (9) is consistent with the proposed
re-definition of a Sweep Transaction.\13\ The proposed amendments
further make clear that each trade at a separate price in a Sweep is
viewed as a transaction with the published bid or offer for the
purposes of the transactions that require

immediate re-entry pursuant to proposed NYSE Rule
104.10(6)(iv)(c)(III).
---------------------------------------------------------------------------

    \13\ See SR-NYSE-2006-65 (filed on August 23, 2006) including
Amendment No. 1 thereto superseding the original filing in its
entirety (filed on September 11, 2006).
---------------------------------------------------------------------------

    Lastly, conforming changes to NYSE Rule 104.10 have been made
consistent with the changes noted above, including necessary numbering
changes to certain provisions and certain non-substantive language
changes. For example, current NYSE Rule 104.10(6)(i)(D) which governs
the ability of the Crowd to prevent the specialist, when liquidating or
decreasing a position, from trading on parity with the Crowd during a
manual transaction has been re-numbered NYSE Rule
104.10(5)(i)(a)(I)(d). NYSE Rules 70 and 123 have been amended to
reflect this provision's new rule number.
    The proposed amendments are intended to enhance the specialist's
ability to effect transactions for its dealer account to provide
support to the Hybrid Market. Under the proposed rule change
specialists will, to a greater degree, be able to position themselves
to provide more liquidity against the market trend and thus moderate
volatility. The proposed amendments provide needed flexibility for
specialists to better adapt to the new challenges of the Hybrid Market.
2. Statutory Basis
    The Exchange believes that the basis under the Act for this
proposed rule change is the requirement under Section 6(b)(5) \14\ that
an exchange have rules that are designed to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------

    \14\ 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

    The Exchange has neither solicited nor received written comments on
the proposed rule change.

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

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

IV. Solicitation of Comments

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

Electronic Comments

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

File Number SR-NYSE-2006-76 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2006-76. 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. Copies of such
filing also will be available for inspection and copying at the
principal office of the NYSE.
    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-2006-76
and should be submitted on or before October 19, 2006.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. 06-8355 Filed 9-26-06; 10:59 am]

BILLING CODE 8010-01-P


[Federal Register Volume 82, Number 193 (Friday, October 6, 2017)]
[Notices]
[Page 46819]
[FR Doc No: 2017-21634]

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

DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-3386-EM; Docket ID FEMA-2017-0001]

South Carolina; Amendment No. 2 to Notice of an Emergency
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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

SUMMARY: This notice amends the notice of an emergency declaration for
the State of South Carolina (FEMA-3386-EM), dated September 7, 2017,
and related determinations.

DATES: This amendment was issued September 29, 2017.

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: Notice is hereby given that the incident
period for this emergency is closed effective September 13, 2017.

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.

Brock Long,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2017-21634 Filed 10-5-17; 8:45 am]
BILLING CODE 9111-23-P


[Federal Register Volume 78, Number 54 (Wednesday, March 20, 2013)]
[Rules and Regulations]
[Pages 17082-17083]
[FR Doc No: 2013-06174]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2012-1006; Directorate Identifier 2012-NE-28-AD;
Amendment 39-17392; AD 2013-05-20]
RIN 2120-AA64

Airworthiness Directives; Rolls-Royce Deutschland Ltd & Co KG
Turbojet Engines

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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

SUMMARY: We are adopting a new airworthiness directive (AD) for certain
Rolls-Royce Deutschland Ltd & Co KG (RRD) Spey 511-8 turbojet engines.
This AD requires inspection and, if necessary, replacement of affected
bolts and, if any bolt is found broken, inspection of the adjacent
disc(s) for damage. This AD was prompted by a recent quality review
determination that bolts with reduced material properties may have been
installed in some engines. We are issuing this AD to prevent
uncontained turbine disc fracture and damage to the airplane.

DATES: This AD becomes effective April 24, 2013.

ADDRESSES: The Docket Operations office is located at Docket Management
Facility, U.S. Department of Transportation, 1200 New Jersey Avenue
SE., West Building Ground Floor, Room W12-140, Washington, DC 20590-
0001.

FOR FURTHER INFORMATION CONTACT: Frederick Zink, Aerospace Engineer,
Engine Certification Office, FAA, Engine & Propeller Directorate, 12
New England Executive Park, Burlington, MA 01803; phone:<PHONE_NUMBER>;
fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Discussion

    We issued a notice of proposed rulemaking (NPRM) to amend 14 CFR
part 39 to include an AD that would apply to the specified products.
That NPRM was published in the Federal Register on November 7, 2012 (77
FR 66769). That NPRM proposed to correct an unsafe condition for the
specified products. The Mandatory Continuing Airworthiness Information
states:

    The results of a recent quality review of low pressure turbine
(LPT) support assembly, high pressure turbine (HPT) bearing support
assembly and HPT air seal sleeve bolts identified that, before
installation, those bolts are not subjected to a complete quality
inspection. As a consequence, bolts with reduced material properties
may have been installed in some engines.
    This condition, if not detected and corrected, could lead to
failure of a bolt, potentially causing turbine disc fracture and
release of high-energy debris, possibly resulting in damage to the
aeroplane and/or injury to the occupants.

Comments

    We gave the public the opportunity to participate in developing
this AD. We received no comments on the NPRM (77 FR 66769, November 7,
2012).
    However, we made editorial changes to paragraph (e) of this AD for
clarification purposes. Paragraphs (e)(1) and (e)(2) were re-written to
clearly define the drawdown for engines that have accumulated more then
4,500 engine cycles since the last engine shop visit on the effective
date of the AD. If an engine had greater than 4,500 cycles since the
last engine shop visit, paragraph (e)(1) of the NPRM (77 FR 66769,
November 7, 2012) could be interpreted to mean that the actions were
required before further flight. This is not the intent of the proposed
rule. Paragraph (e)(2) of the NPRM specified that an inspection within
100 engine cycles was required for engines with greater than 4,400
cycles since last shop visit, but we determined that this could be
confusing. We therefore changed paragraphs (e)(1) and (e)(2) in the
final rule to:
    (1) If engine cycles accumulated since the last engine shop visit
are 4,400 cycles or more on the effective date of this AD, visually
inspect the bolts installed in the low-pressure turbine (LPT) support
assembly, high-pressure turbine (HPT) bearing support assembly, and HPT
air seal sleeve within 100 engine cycles-in-service.
    (2) If engine cycles accumulated since the last engine shop visit
are fewer than 4,400 cycles on the effective date of this AD, visually
inspect the bolts installed in the LPT support assembly, HPT bearing
support assembly, and HPT air seal sleeve before accumulating 4,500
engine cycles since the last shop visit.
    Paragraph (e) was also modified to clarify that the type of
inspection required is a visual inspection. The NPRM only stated to
``inspect.''
    Paragraph (e) was also modified by removing the reporting
requirement, because that requirement is not necessary to correct the
unsafe condition.

Conclusion

    We reviewed the available data and determined that air safety and
the public interest require adopting the AD with the changes described
previously. We determined that these changes will not increase the
economic burden on any operator or increase the scope of the AD.

Costs of Compliance

    We estimate that this AD affects about six engines installed on
airplanes of U.S. registry. We also estimate that it will take about 2
hours per engine to comply with this AD. The average labor rate is $85
per hour. Required parts will cost about $860 per engine. Based on
these figures, we estimate the cost of the AD on U.S. operators to be
$6,180.

Authority for This Rulemaking

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

Regulatory Findings

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

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov; or in person at the Docket Operations office
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. The AD docket contains this AD, the regulatory evaluation,
any comments received, and other information. The street address for
the Docket Operations office (phone:<PHONE_NUMBER>) is provided in the
ADDRESSES section. Comments will be available in the AD docket shortly
after receipt.

List of Subjects in 14 CFR Part 39

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

Adoption of the Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new AD:

2013-05-20 Rolls-Royce Deutschland Ltd & Co KG (formerly Rolls-Royce
Deutschland GmbH, formerly Rolls-Royce plc): Amendment 39-17392;
Docket No. FAA-2012-1006; Directorate Identifier 2012-NE-28-AD.

(a) Effective Date

    This airworthiness directive (AD) becomes effective April 24,
2013.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to Rolls-Royce Deutschland Ltd & Co KG (RRD)
Spey 511-8 turbojet engines, serial numbers 8847, 8853, 8879, 8989,
8994, and 9817, with a date of the last shop visit before November
15, 2007.

(d) Reason

    This AD was prompted by a recent quality review determination
that bolts with reduced material properties may have been installed
in some engines. We are issuing this AD to prevent uncontained
turbine disc fracture and damage to the airplane.

(e) Actions and Compliance

    Unless already done, do the following actions for engines with a
date of the last shop visit before November 15, 2007:
    (1) If engine cycles accumulated since the last engine shop
visit are 4,400 cycles or more on the effective date of this AD,
visually inspect the bolts installed in the low-pressure turbine
(LPT) support assembly, high-pressure turbine (HPT) bearing support
assembly, and HPT air seal sleeve within 100 engine cycles-in-
service.
    (2) If engine cycles accumulated since the last engine shop
visit are fewer than 4,400 cycles on the effective date of this AD,
visually inspect the bolts installed in the LPT support assembly,
HPT bearing support assembly, and HPT air seal sleeve before
accumulating 4,500 engine cycles since the last shop visit.
    (3) If you identify any broken bolt, brown bolt, or bolt with a
rough oxidized surface, replace all bolts of the inspected engine
flange with new bolts before further flight.
    (4) If you find any broken bolt in the LPT support assembly,
visually inspect the LPT stage 2 disc for damage before further
flight.
    (5) If you find any broken bolt in the HPT shaft air seal
sleeve, visually inspect the HPT stage 1 disc for damage before
further flight.

(f) Installation Prohibition

    After the effective date of this AD, do not install any LPT
support assembly, HPT bearing support assembly, or HPT air seal
sleeve into any engine, or any engine onto an airplane, unless the
affected bolts have been inspected and replaced if necessary, and
the LPT stage 2 disc and HPT stage 1 disc have been inspected if
necessary, as specified in paragraph (e) of this AD.

(g) Definition

    For the purpose of this AD, a shop visit is when the engine is
inducted into the shop for any maintenance involving the separation
of pairs of major mating engine flanges (lettered flanges). However,
the separation of engine flanges solely for the purposes of
transporting the engine without subsequent engine maintenance is not
an engine shop visit.

(h) Alternative Methods of Compliance (AMOCs)

    The Manager, Engine Certification Office, FAA, may approve AMOCs
to this AD. Use the procedures found in 14 CFR 39.19 to make your
request.

(i) Related Information

    (1) For more information about this AD, contact Frederick Zink,
Aerospace Engineer, Engine Certification Office, FAA, Engine &
Propeller Directorate, 12 New England Executive Park, Burlington, MA
01803; phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>    (2) Refer to European Aviation Safety Agency AD 2012-0158, dated
August 22, 2012, and RRD Alert Service Bulletin Sp72-A1068, for
related information.
    (3) For service information identified in this AD, contact
Rolls-Royce Deutschland Ltd & Co KG, Eschenweg 11, Dahlewitz, 15827
Blankenfelde-Mahlow, Germany; phone: 49 0 33-7086-1200 (direct
1016); fax: 49 0 33-7086-1212. You may view this service information
at the FAA, Engine & Propeller Directorate, 12 New England Executive
Park, Burlington, MA. For information on the availability of this
material at the FAA, call<PHONE_NUMBER>.

(j) Material Incorporated by Reference

    None.

    Issued in Burlington, Massachusetts, on March 7, 2013.
Colleen M. D'Alessandro,
Assistant Manager, Engine & Propeller Directorate, Aircraft
Certification Service.
[FR Doc. 2013-06174 Filed 3-19-13; 8:45 am]
BILLING CODE 4910-13-P


6145 Federal Register / Vol. 68, No. 25 / Thursday, February 6, 2003 / Notices credit solutions and implementation. Speakers include representatives of clearing providers and other experts who will discuss the issues in depth, as well as FERC and CFTC staff. All interested parties are invited to attend. There is no registration fee. Interested parties wishing to file comments may do so under this Docket Number by February 26, 2003. Filings will be placed in the Federal Energy Regulatory Record Information System ( FERRIS) data base which is accessible to everyone through the FERC Web site. As previously announced, Capitol Connection will cover this meeting live over the Internet, as well as via telephone and satellite. For a fee, you can receive these meetings in your office, at home, or anywhere in the world. To find out more about Capitol Connection's live Internet, phone bridge, or satellite coverage, contact David Reininger or Julia Morelli at ( 703) 993   3100, or visit http:// www. capitolconnection. gmu. edu. Also, the conference will be transcribed. Those interested in obtaining transcripts of the conference need to contact Ace Federal Reporters at ( 202) 347   3700 or ( 800) 336   6646. Transcripts will be available to view electronically under this docket number seven days after the conference. Anyone interested in purchasing videotapes of the meeting should call VISCOM at ( 703) 715   7999. For additional information, please contact Saida Shaalan of FERC's Office of Market Oversight & Investigations at 202   502   8278 or by e mail, Saida. Shaalan@ ferc. gov.

Magalie R. Salas, Secretary.

Commodity Futures Trading Commission Credit Issues in Energy Markets Clearing & Other Solutions February 5, 2003.

Agenda for Technical Conference Welcoming Remarks: 9   9: 30 a. m. Pat Wood III, Chairman of the Federal Energy Regulatory Commission ( FERC) James E. Newsome, Chairman of the Commodity Futures Trading Commission ( CFTC) Overview: Bill Hederman, Director of the Office of Market Oversight and Investigations ( OMOI)   FERC Jane Kang Thorpe, Director of Division of Clearing & Intermediary Oversight ( DCIO)   CFTC Panel I: Clearing Fundamentals & Oversight 9: 30   11: 30 am Moderator: Jane Kang Thorpe, Director of Division of Clearing & Intermediary Oversight ( DCIO) This panel will focus on issues such as the benefits of centralized clearing, the process of clearing and how derivatives clearing organizations are regulated by the CFTC. John Davidson, Managing Director, Morgan Stanley Ananda Radhakrishnan, Special Counsel, CFTC   DCIO John Lawton, Deputy Director, CFTC   DCIO Lunch 11: 30 a. m 12: 30 p. m. Panel II: Clearing Models in the Energy Markets 12: 30   2: 30 p. m. Moderator: Jane Kang Thorpe, Director of Division of Clearing & Intermediary Oversight ( DCIO) This panel will discuss their clearing models and the protections they provide. Neal Wolkoff, Chief Operating Officer and Executive Vice President, New York Mercantile Exchange ( NYMEX) Andrew Lamb, Deputy Chief Executive and Managing Director of Risk, The London Clearing House, Ltd. Dennis Dutterer, President and Chief Executive Officer, Board of Trade Clearing Corporation Dennis Earle, President, EnergyClear Corporation David Goone, Senior Vice President, InterContinental Exchange ( ICE) Robert Stewart, President, Merchant's Exchange Break 2: 30   2: 45 p. m. Panel III: Other Credit Solutions & Implementation2: 45   4: 30 p. m. This panel will explore different industry proposed solutions to mitigate credit risk. Steven Bunkin, Vice President and Associate General Counsel, Goldman Sachs/ J. Aron, and Co Chair of ISDA's North American Energy & Developing Products Committee Harold Loomis, Credit Manager, PJM Interconnection, L. L. C. Vincent Kaminski, Managing Director, Citadel Investment Group Robert Stibolt, Senior Vice President, Risk Management & Trade Coordination, Tractebel North America, and Co Chair of Credit Committee, Committee of Chief Risk Officers ( CCRO) Edward Comer, Vice President and General Counsel, Edison Electric Institute ( EEI) Carol St. Clair, Director and Senior Counsel, UBS Warburg Energy, L. L. C. Craig Goodman, President, National Energy Marketers Association [ FR Doc. 03   2871 Filed 2   5   03; 8: 45 am]

BILLING CODE 6717   01   P ENVIRONMENTAL PROTECTION AGENCY [ Docket ID Number 2002   0011; FRL   7448   5]

Agency Information Collection Activities; Submission of EPA ICR Number 1156.09 ( OMB Control Number 2060   0059) to OMB for Review and Approval; Comment Request AGENCY: Environmental Protection Agency ( EPA). ACTION: Notice.

SUMMARY: In compliance with the Paperwork Reduction Act ( 44 U. S. C. 3501 et seq.), this document announces that the following Information Collection Request ( ICR) has been forwarded to the Office of Management and Budget ( OMB) for review and approval: NSPS for Synthetic Fiber Production Facilities ( 40 CFR part 60, subpart HHH) ( OMB Control Number 2060   0059 and EPA ICR Number 1156.09). 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 March 10, 2003. ADDRESSES: Follow the detailed instructions in the SUPPLEMENTARY INFORMATION section. FOR FURTHER INFORMATION CONTACT: Mari ´ a Malave ´ , Compliance Assessment and Media Program Division ( Mail Code 2223A), Office of Compliance, United States Environmental Protection Agency, 1200 Pennsylvania Avenue, NW., Washington, DC 20460; telephone number: ( 202) 564   7027; fax number: ( 202) 564   0050; e mail address: malave. maria@ epa. gov.

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 June 20, 2002 ( 67 FR 41981), EPA sought comments on this ICR pursuant to 5 CFR 1320.8( d). EPA received no comments. EPA has established a public docket for this ICR under Docket ID Number OECA   2002   0011, which is available for public viewing at the Enforcement and Compliance Docket Information Center ( ECDIC), in the EPA Docket Center ( EPA/ DC), EPA West, Room B102, 1301 Constitution Avenue, NW., Washington, DC. The EPA Docket Center 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 ( 202) 566   1744, and the telephone number for the ECDIC VerDate Jan< 31> 2003 18: 51 Feb 05, 2003 Jkt 200001 PO 00000 Frm 00037 Fmt 4703 Sfmt 4703 E:\ FR\ FM\ 06FEN1. SGM 06FEN1 6146 Federal Register / Vol. 68, No. 25 / Thursday, February 6, 2003 / Notices Docket is ( 202) 566   1514. An electronic version of the public docket is available through EPA Dockets ( EDOCKET) at http:// www. epa. gov/ edocket. Use EDOCKET to submit or view public comments, access the index listing of the contents of the public docket, and to access those documents in the public docket that are available electronically. Once in the system, select `` search,'' then key in the docket ID number identified above. Any comments related to this ICR should be submitted to EPA and OMB within 30 days of this notice, and according to the following detailed instructions: ( 1) Submit your comments to EPA online using EDOCKET ( our preferred method), by e mail to docket. oeca@ epa. gov, or by mail to: EPA Docket Center, Environmental Protection Agency, Mailcode: 2201T, 1200 Pennsylvania Avenue, NW., Washington, DC 20460, and ( 2) Mail your comments to OMB at: Office of Information and Regulatory Affairs, Office of Management and Budget ( OMB), Attention: Desk Officer for EPA, 725 17th Street, NW., Washington, DC 20503. EPA's policy is that public comments, whether submitted electronically or in paper, will be made available for public viewing in EDOCKET as EPA receives them and without change, unless the comment contains copyrighted material, CBI, or other information whose public disclosure is restricted by statute. When EPA identifies a comment containing copyrighted material, EPA will provide a reference to that material in the version of the comment that is placed in EDOCKET. The entire printed comment, including the copyrighted material, will be available in the public docket. Although identified as an item in the official docket, information claimed as CBI, or whose disclosure is otherwise restricted by statute, is not included in the official public docket, and will not be available for public viewing in EDOCKET. For further information about the electronic docket, see EPA's Federal Register notice describing the electronic docket at 67 FR 38102 ( May 31, 2002), or go to http:// www. epa. gov/ edocket. Title: NSPS for Synthetic Fiber Production Facilities ( 40 CFR part 60, subpart HHH) ( OMB Control Number 2060   0059 and EPA ICR Number 1156.09). This is a request to renew an existing approved collection that is scheduled to expire on January 31, 2003. Under the OMB regulations, the Agency may continue to conduct or sponsor the collection of information while this submission is pending at OMB. Abstract: The NSPS for Synthetic Fiber Production Facilities, published at 40 CFR part 60, subpart HHH, were proposed on November 23, 1982, and promulgated on April 5, 1984. These standards apply to affected facilities at synthetic fiber production facilities including: each solvent spun synthetic fiber process that produces more than 500 megagrams of fiber per year and that commenced construction or reconstruction after November 23, 1982. The provisions of this subpart do not apply to any facility that uses the reaction spinning process to produce spandex fiber or the viscose process to produce rayon fiber, nor to facilities that commence modification but not reconstruction after November 23, 1982. Volatile organic compounds ( VOCs) are the pollutants regulated under this subpart. This information is being collected to assure compliance with 40 CFR part 60, subpart HHH. Owners or operators of the affected facilities described must make one timeonly initial notifications and report on the results of the initial performance test. Owners or operators also are required to maintain records of the occurrence and duration of any startup, shutdown, or malfunction in the operation of an affected facility, or any period during which the monitoring system is inoperative. Monitoring requirements specific to synthetic fiber production facilities provide information on VOC emissions. Owners or operators of affected facilities are required to install, calibrate, maintain, and operate a continuous monitoring system for the measurement of makeup solvent and solvent feed. These values shall be used in calculating monthly VOC emissions. Section 60.603( b)( 1) provides three options for determining solvent feed. Each owner or operator calculates VOC emissions every month from the amount of solvent feed and makeup solvent used in each affected facility. These values are used to calculate compliance with the emission limitations on a six month rolling average basis. Also required are semiannual reports, and quarterly reports of instances of excess emissions. The owner or operator subject to the provisions of this part shall maintain a file of these measurements, and retain the file for at least two years following the date of such measurements. Responses to this collection of information are mandatory and are being collected to assure compliance with 40 CFR part 60, subpart HHH. All reports are sent to the delegated State or Local authority. In the event that there is no such delegated authority, the reports are sent directly to the EPA Regional Office. These notifications, reports, and records are essential in determining compliance. 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 are listed in 40 CFR part 9 and 48 CFR chapter 15, and are identified on the form and/ or instrument, if applicable. Burden Statement: The annual public reporting and recordkeeping burden for this collection of information is estimated to average approximately 29 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; 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: Synthetic fiber production facilities. Estimated Number of Respondents: 25. Frequency of Response: Initial, quarterly and semiannual. Estimated Total Annual Hour Burden: 1,838. Estimated Total Annualized Cost: $ 293,000 of which $ 188,000 are O& M annual costs. There is a decrease of 848 hours in the total estimated burden currently identified in the OMB Inventory of Approved ICR Burdens. This is due to a decrease in the number of sources and the assumption that no new sources will become subject to the standard. The estimate on the number of sources was based on the most recent data on major sources subject to the NSPS program for the corresponding SIC codes subject to this rule available on the EPA AFS database.

Dated: January 29, 2003. Doreen Sterling, Acting Director, Collection Strategies Division. [ FR Doc. 03   2937 Filed 2   5   03; 8: 45 am]

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[Federal Register: September 3, 2010 (Volume 75, Number 171)]
[Rules and Regulations]
[Page 54016-54017]
[DOCID:fr03se10-2]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

21 CFR Part 510

[Docket No. FDA-2010-N-0002]

New Animal Drugs; Change of Sponsor's Name and Address

AGENCY:  Food and Drug Administration, HHS.

ACTION:  Final rule.

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

SUMMARY:  The Food and Drug Administration (FDA) is amending the animal
drug regulations to reflect a change of sponsor's name from Alpharma,
Inc., to Alpharma LLC. The sponsor's mailing address will also be
changed.

DATES:  This rule is effective September 3, 2010.

FOR FURTHER INFORMATION CONTACT:  David R. Newkirk, Center for
Veterinary Medicine (HFV-100), Food and Drug Administration, 7500
Standish Pl., Rockville, MD 20855,<PHONE_NUMBER>, email:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Alpharma, Inc., 440 Rte. 22, Bridgewater, NJ
08807 has informed FDA that it has changed its name and address to
Alpharma LLC, 400 Crossing Blvd., Bridgewater, NJ 08807. Accordingly,
the agency is amending the regulations in 21 CFR 510.600(c) to reflect
this change.
    This rule does not meet the definition of ``rule'' in 5 U.S.C.
804(3)(A) because it is a rule of ``particular applicability.''
Therefore, it is not subject to the congressional review requirements
in 5 U.S.C. 801-808.

List of Subjects in 21 CFR Part 510

    Administrative practice and procedure, Animal drugs, Labeling,
Reporting and recordkeeping requirements.

0
Therefore, under the Federal Food, Drug, and Cosmetic Act and under
authority delegated to the Commissioner of Food and Drugs and
redelegated to the Center for Veterinary Medicine, 21 CFR part 510 is
amended as follows:

PART 510--NEW ANIMAL DRUGS

0
1. The authority citation for 21 CFR part 510 continues to read as
follows:

    Authority: 21 U.S.C. 321, 331, 351, 352, 353, 360b, 371, 379e.

0
2. In Sec.  510.600, in the table in paragraph (c)(1), revise the entry
for ``Alpharma Inc.''; and in the table in paragraph (c)(2), revise the
entry for ``046573'' to read as follows:

Sec.  510.600  Names, addresses, and drug labeler codes of sponsors of
approved applications.

* * * * *
    (c) * * *
    (1) * * *

------------------------------------------------------------------------
            Firm name and address                  Drug labeler code
------------------------------------------------------------------------

                                * * * * *
Alpharma LLC, 400 Crossing Blvd.,             046573
 Bridgewater, NJ 08807.

                                * * * * *
------------------------------------------------------------------------

    (2) * * *

------------------------------------------------------------------------
     Drug labeler code                  Firm name and address
------------------------------------------------------------------------

                                * * * * *
046573.....................  Alpharma LLC, 400 Crossing Blvd.,
                              Bridgewater, NJ 08807.

                                * * * * *
------------------------------------------------------------------------

    Dated: August 31, 2010.
Elizabeth Rettie,
Deputy Director, Office of New Animal Drug Evaluation, Center for
Veterinary Medicine.
[FR Doc. 2010-22044 Filed 9-2-10; 8:45 am]
BILLING CODE 4160-01-S