[Federal Register: July 2, 2008 (Volume 73, Number 128)]
[Notices]
[Page 37998-37999]
[DOCID:fr02jy08-116]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.

Extension: Form N-17D-1, SEC File No. 270-231, OMB Control No. 3235-
0229.

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit the
existing collection of information to the Office of Management and
Budget for extension and approval.
    Section 17(d) (15 U.S.C. 80a-17(d)) of the Investment Company Act
of 1940 (``Act'') authorizes the Commission to adopt rules that protect
funds and their security holders from overreaching by affiliated
persons when the fund and the affiliated person participate in any
joint enterprise or other joint arrangement or profit-sharing plan.
Rule 17d-1 under the Act (17 CFR 270.17d-1) prohibits funds and their
affiliated persons from participating in a joint enterprise, unless an
application regarding the transaction has been filed with and approved
by the Commission. Paragraph (d)(3) of the rule provides an exemption
from this requirement for any loan or advance of credit to, or
acquisition of securities or other property of, a small business
concern, or any agreement to do any of the foregoing (``investments'')
made by a small business investment company (``SBIC'') and an
affiliated bank, provided that reports about the investments are made
on forms the Commission may prescribe. Rule 17d-2 (17 CFR 270.17d-2)
designates Form N-17D-1 (17 CFR 274.00) (``form'') as the form for
reports required by rule 17d-1(3).
    SBICs and their affiliated banks use form N-17D-1 to report any
contemporaneous investments in a small business concern. The form
provides shareholders and persons seeking to make an informed decision
about investing in an SBIC an opportunity to learn about transactions
of the SBIC that have the potential for self dealing and other forms of
overreaching by affiliated persons at the expense of shareholders.
    Form N-17D-1 requires SBICs and their affiliated banks to report
identifying information about the small business concern and the
affiliated bank. The report must include, among other things, the
SBIC's and affiliated bank's outstanding investments in the small
business concern, the use of the proceeds of the investments made
during the reporting period, any changes in the nature and amount of
the affiliated bank's investment, the name of any affiliated person of
the SBIC or the affiliated bank (or any affiliated person of the
affiliated person of the SBIC or the affiliated bank) who has any
interest in the transactions, the basis of the affiliation, the nature
of the interest, and the consideration the affiliated person has
received or will receive.
    Up to five SBICs may file the form in any year.\1\ The Commission
estimates the burden of filling out the form is approximately one hour
per response and would likely be completed by an accountant or other
professional. Based on past filings, the Commission estimates that no
more than one SBIC is likely to use the form each year. Most of the
information requested on the form should be readily available to the
SBIC or the affiliated bank in records kept in the ordinary course of
business, or with respect to the SBIC, pursuant to the recordkeeping
requirements under the Act. Commission staff estimates that it should
take approximately one hour for an accountant or other professional to
complete the form.\2\ The estimated total annual burden of filling out
the form is 1 hour, at an estimated total annual cost of $185.\3\ The
Commission will not keep responses on Form N-17D-1 confidential.
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    \1\ As of May 22, 2008, five SBICs were registered with the
Commission.
    \2\ This estimate of hours is based on past conversations with
representatives of SBICs and accountants that have filed the form.
    \3\ Commission staff estimates that the annual burden would be
incurred by a senior accountant with an average hourly wage rate of
$185 per hour. See Securities Industry Association and Financial
Markets Association, Report on Management and Professional Earnings
in the Securities Industry--2007 (2007), modified to account for an
1800-hour work year and multiplied by 5.35 to account for bonuses,
firm size, employee benefits and overhead.
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    The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act, and is not derived from a
comprehensive or even a representative survey or study of the costs of
Commission rules. 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.
    Written comments are invited on: (a) Whether the collection of
information is necessary for the proper performance of the functions of
the Commission, including whether the information has practical
utility; (b) the accuracy of the Commission's estimate of the burden of
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.
    Please direct your written comments to R. Corey Booth, Director/
Chief Information Officer, Securities and Exchange Commission, c/o
Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312; or
send an e-mail to<EMAIL_ADDRESS>
    Dated: June 24, 2008.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-14985 Filed 7-1-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: May 12, 2008 (Volume 73, Number 92)]
[Notices]
[Page 27014-27015]
[DOCID:fr12my08-61]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-99-5578, FMCSA-99-6156, FMCSA-99-6480, FMCSA-01-
10578, FMCSA-01-11426, FMCSA-05-22727, FMCSA-05-23099, FMCSA-05-23238,
FMCSA-06-23773, FMCSA-06-24015]

Qualification of Drivers; Exemption Applications; Vision

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of renewal of exemptions; request for comments.

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SUMMARY: FMCSA announces its decision to renew the exemptions from the
vision requirement in the Federal Motor Carrier Safety Regulations for
24 individuals. FMCSA has statutory authority to exempt individuals
from the vision requirement if the exemptions granted will not
compromise safety. The Agency has concluded that granting these
exemption renewals will provide a level of safety that is equivalent
to, or greater than, the level of safety maintained without the
exemptions for these commercial motor vehicle (CMV) drivers.

DATES: This decision is effective May 25, 2008. Comments must be
received on or before June 11, 2008.

ADDRESSES: You may submit comments bearing the Federal Docket
Management System (FDMS) Docket ID FMCSA-99-5578, FMCSA-99-6156, FMCSA-
99-6480, FMCSA-01-10578, FMCSA-01-11426, FMCSA-05-22727, FMCSA-05-
23099, FMCSA-05-23238, FMCSA-06-23773, FMCSA-06-24015, using any of the
following methods.
     Federal eRulemaking Portal: Go to http://
www.regulations.gov. Follow the on-line instructions for submitting
comments.
     Mail: Docket Management Facility; U.S. Department of
Transportation, 1200 New Jersey Avenue, SE., West Building Ground
Floor, Room W12-140, Washington, DC 20590-0001.
     Hand Delivery or Courier: West Building Ground Floor, Room
W12-140, 1200 New Jersey Avenue, SE., Washington, DC, between 9 a.m.
and 5 p.m., Monday through Friday, except Federal Holidays.
     Fax: 1-202-493-2251.
    Each submission must include the Agency name and the docket number
for this Notice. Note that DOT posts all comments received without
change to http://www.regulations.gov, including any personal
information included in a comment. Please see the Privacy Act heading
below.
    Docket: For access to the docket to read background documents or
comments, go to http://www.regulations.gov at any time or Room W12-140
on the ground level of the West Building, 1200 New Jersey Avenue, SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. The FDMS is available 24 hours each day, 365
days each year. If you want acknowledgment that we received your
comments, please include a self-addressed, stamped envelope or postcard
or print the acknowledgement page that appears after submitting
comments on-line.
    Privacy Act: Anyone may search the electronic form of all comments
received into any of our dockets by the name of the individual
submitting the comment (or of the person signing the comment, if
submitted on behalf of an association, business, labor union, etc.).
You may review the DOT's complete Privacy Act Statement in the Federal
Register published on April 11, 2000 (65 FR 19476). This information is
also available at http://DocketInfo.dot.gov.

FOR FURTHER INFORMATION CONTACT: Dr. Mary D. Gunnels, Director, Medical
Programs,<PHONE_NUMBER><EMAIL_ADDRESS>FMCSA, Department of
Transportation, 1200 New Jersey Avenue, SE., Room W64-224, Washington,
DC 20590-0001. Office hours are from 8:30 a.m. to 5 p.m. Monday through
Friday, except Federal holidays.

SUPPLEMENTARY INFORMATION:

Background

    Under 49 U.S.C. 31136(e) and 31315, FMCSA may renew an exemption
from the vision requirements in 49 CFR 391.41(b)(10), which applies to
drivers of CMVs in interstate commerce, for a two-year period if it
finds ``such exemption would likely achieve a level of safety that is
equivalent to, or greater than, the level that would be achieved absent
such exemption.'' The procedures for requesting an exemption (including
renewals) are set out in 49 CFR part 381.

Exemption Decision

    This notice addresses 24 individuals who have requested a renewal
of their exemption in accordance with FMCSA procedures. FMCSA has
evaluated these 24 applications for renewal on their merits and decided
to extend each exemption for a renewable two-year period. They are:

Juan D. Adame
Louis N. Adams
Paul D. Crouch
Thomas G. Danclovic
John M. Doney
Curtis N. Fulbright
Joshua G. Hansen
Daniel W. Henderson
Edward W. Hosier
Burt A. Hughes
Craig T. Jorgensen
Jose A. Lopez
Earl E. Martin
Bobby L. Mashburn
Brian E. Monaghan
William P. Murphy
Roy J. Oltman
Albert L. Remsburg, III
Willard L. Riggle
Robert H. Rogers
George L. Silvia
Darwin J. Thomas
Kenneth E. Walker
Frankie A. Wilborn

    These exemptions are extended subject to the following conditions:
(1) That each individual have a physical examination every year (a) by
an ophthalmologist or optometrist who attests that the vision in the
better eye continues to meet the standard in 49 CFR 391.41(b)(10), and
(b) by a medical examiner who attests that the individual is otherwise
physically qualified under 49 CFR 391.41; (2) that each individual
provide a copy of the ophthalmologist's or optometrist's report to the
medical examiner at the time of the annual medical examination; and (3)
that each individual provide a copy of the annual medical certification
to the employer for retention in the driver's qualification file and
retain a copy of the certification on his/her person while driving for
presentation to a duly authorized Federal, State, or local enforcement
official. Each exemption will be valid for two years unless rescinded
earlier by FMCSA. The exemption will be rescinded if: (1) The person
fails to comply with the terms and conditions of the exemption; (2) the
exemption has resulted in a lower level of safety than was maintained
before it was granted; or (3) continuation of the exemption would not
be consistent with the goals and objectives of 49 U.S.C. 31136(e) and
31315.

Basis for Renewing Exemptions

    Under 49 U.S.C. 31315(b)(1), an exemption may be granted for no
longer than two years from its approval date and may be renewed upon
application for additional two year periods. In accordance with 49
U.S.C. 31136(e) and 31315, each of the 24 applicants has satisfied the
entry conditions for obtaining an exemption from the vision
requirements (64 FR 27027; 64 FR

51568; 64 FR 54948; 65 FR 159; 66 FR 66969; 68 FR 69432; 71 FR 644; 67
FR 10475; 69 FR 8260; 71 FR 19604; 64 FR 68195; 65 FR 20251; 67 FR
17102; 69 FR 17267; 71 FR 16410; 66 FR 53826; 66 FR 66966; 67 FR 10471;
67 FR 19798; 69 FR 19611; 70 FR 71884; 71 FR 4632; 71 FR 4194; 71 FR
13450; 71 FR 5105; 71 FR 19600; 71 FR 6826; 71 FR 19602; 71 FR 14566;
71 FR 30227). Each of these 24 applicants has requested renewal of the
exemption and has submitted evidence showing that the vision in the
better eye continues to meet the standard specified at 49 CFR
391.41(b)(10) and that the vision impairment is stable. In addition, a
review of each record of safety while driving with the respective
vision deficiencies over the past two years indicates each applicant
continues to meet the vision exemption standards. These factors provide
an adequate basis for predicting each driver's ability to continue to
drive safely in interstate commerce. Therefore, FMCSA concludes that
extending the exemption for each renewal applicant for a period of two
years is likely to achieve a level of safety equal to that existing
without the exemption.

Request for Comments

    FMCSA will review comments received at any time concerning a
particular driver's safety record and determine if the continuation of
the exemption is consistent with the requirements at 49 U.S.C. 31136(e)
and 31315. However, FMCSA requests that interested parties with
specific data concerning the safety records of these drivers submit
comments by June 11, 2008.
    FMCSA believes that the requirements for a renewal of an exemption
under 49 U.S.C. 31136(e) and 31315 can be satisfied by initially
granting the renewal and then requesting and evaluating, if needed,
subsequent comments submitted by interested parties. As indicated
above, the Agency previously published notices of final disposition
announcing its decision to exempt these 24 individuals from the vision
requirement in 49 CFR 391.41(b)(10). The final decision to grant an
exemption to each of these individuals was based on the merits of each
case and only after careful consideration of the comments received to
its notices of applications. The notices of applications stated in
detail the qualifications, experience, and medical condition of each
applicant for an exemption from the vision requirements. That
information is available by consulting the above cited Federal Register
publications.
    Interested parties or organizations possessing information that
would otherwise show that any, or all of these drivers, are not
currently achieving the statutory level of safety should immediately
notify FMCSA. The Agency will evaluate any adverse evidence submitted
and, if safety is being compromised or if continuation of the exemption
would not be consistent with the goals and objectives of 49 U.S.C.
31136(e) and 31315, FMCSA will take immediate steps to revoke the
exemption of a driver.

    Issued on: May 2, 2008.
Larry W. Minor,
Associate Administrator for Policy and Program Development.
[FR Doc. E8-10523 Filed 5-9-08; 8:45 am]

BILLING CODE 4910-EX-P


[Federal Register: March 16, 2009 (Volume 74, Number 49)]
[Notices]
[Page 11147-11149]
[DOCID:fr16mr09-106]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59548; File No. SR-ISE-2009-10]

Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Amend the Exchange's Obvious Error Rules

March 10, 2009.
    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 February 25, 2009, the International Securities Exchange, LLC
(``ISE'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the self-
regulatory organization. The Exchange

filed the proposed rule change as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6) thereunder,\4\ which renders the proposal effective upon filing
with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The ISE proposes to amend its Rule 720 regarding obvious errors.
The text of the proposed rule change is as follows, with deletions in
[brackets] and additions in italics:

Rule 720. Obvious Errors

* * * * *

Supplementary Material to Rule 720

    .01-.04 No Change.
    .05 Buyers of options with a zero bid [and $.05 offer (i.e., a
Theoretical Price of $.05)] may request that their execution be
busted if at least the [three] two strikes below (for calls) or
above (for puts) in the same options class were quoted with a zero
bid [and $.05 offer] at the time of the execution. Such buyers must
follow the procedures of paragraph (b)(1) above.
    .06-.08 No Change.
* * * * *

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

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

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

1. Purpose
    The purpose of this proposed rule change is to amend ISE Rule 720
regarding obvious errors. Under the current rule, transactions in
options series quoted no bid at a nickel, i.e., $0.05 offer, may be
nullified provided at least three strikes below (for calls) or above
(for puts) in the same options class was quoted zero bid at a nickel at
the time of execution. A ``no bid'' or ``zero bid'' option refers to an
option where the bid price is $0.00. Series of options quoted no bid
are usually deep out-of-the-money series that are perceived as having
little if any chance of expiring in-the-money. For this reason,
relatively few transactions occur in these series and those that do are
usually the result of a momentary pricing error.
    The proposed rule change would eliminate the portion of the current
rule that requires quotes to have a nickel offer and instead only
require that the option series be quoted no bid.\5\ The proposed rule
change would also reduce from three to two the number of strikes above
or below the options series in question in which there also must be no
bid.\6\ The reason for this change is that options that are priced at
no bid, regardless of the offer, are usually deep-out-of-the-money
series that are perceived as having little if any chance of expiring
in-the-money. This is especially the case when multiple series below
(for calls) or above (for puts) in the same option class are quoted no
bid. In this regard, the offer price is irrelevant. Therefore,
transactions in series that are quoted no bid at a dime, for example,
are just as likely to be the result of an obvious error as are
transactions in series that are quoted no bid at a nickel when multiple
series below (for calls) or above (for puts) in the same option class
are quoted no bid.
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    \5\ The Exchange notes that this proposed change is similar to
the ``no bid'' provision in NYSE Arca Rule 6.87 Commentary .04.
    \6\ The Exchange notes that this proposed change differs from
NYSE Arca Rule 6.87 Commentary .04 in that it proposes to look to
two strikes above or below the options series in question in which
there also must be no bid whereas the NYSE Arca rule looks to only
one strike above or below the options series in question in which
there also must be no bid.
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    As is currently required, buyers must notify ISE's market
operations group within the designated timeframe to seek relief.
2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (``Exchange
Act'') for this proposed rule change is the requirement under Section
6(b)(5) that an exchange have rules that are designed to promote just
and equitable principles of trade, and to remove impediments to and
perfect the mechanism for a free and open market and a national market
system, and in general, to protect investors and the public interest.
In particular, the proposed rule change provides for the nullification
of certain trades that result from an inaccurate pricing anomaly.

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

    The proposed rule change does not 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 not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.

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

    This proposed rule change does not significantly affect the
protection of investors or the public interest, does not impose any
significant burden on competition, and, by its terms, does not become
operative for 30 days after the date of the filing, or such shorter
time as the Commission may designate if consistent with the protection
of investors and the public interest. The Exchange provided the
Commission with written notice of its intent to file the proposed rule
change, along with a brief description and text of the proposed rule
change, at least five business days prior to the date of filing the
proposed rule change as required by Rule 19b-4(f)(6).\7\ The proposed
rule change will permit the Exchange to nullify certain trades that
result from an inaccurate pricing anomaly. Further, the proposed rule
change is similar to the rules of NYSE Arca currently in effect. For
the foregoing reasons, this rule filing qualifies for immediate
effectiveness as a ``non-controversial'' rule change under paragraph
(f)(6) of Rule 19b-4 of the Act, as it does not raise any new, unique
or substantive issues, and is beneficial for competitive purposes and
to promote a free and open market for the benefit of investors.
---------------------------------------------------------------------------

    \7\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

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

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing,

including whether the proposed rule change is consistent with the Act.
Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-ISE-2009-10 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ISE-2009-10. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of 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; 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-ISE-2009-10 and should be
submitted on or before April 6, 2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E9-5593 Filed 3-13-09; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 112 (Friday, June 10, 2011)]
[Notices]
[Page 34085]
[FR Doc No: 2011-14409]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2010-N-0418]

Agency Information Collection Activities; Announcement of Office
of Management and Budget Approval; Institutional Review Boards

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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SUMMARY: The Food and Drug Administration (FDA) is announcing that a
collection of information entitled ``Institutional Review Boards'' has
been approved by the Office of Management and Budget (OMB) under the
Paperwork Reduction Act of 1995.

FOR FURTHER INFORMATION CONTACT: Elizabeth Berbakos, Office of
Information Management, Food and Drug Administration, 1350 Piccard Dr.,
PI50-400B, Rockville, MD 20850,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In the Federal Register of December 15, 2010
(75 FR 78252), the Agency announced that the proposed information
collection had been submitted to OMB for review and clearance under 44
U.S.C. 3507. 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. OMB has now approved the
information collection and has assigned OMB control number 0910-0130.
The approval expires on April 30, 2014. A copy of the supporting
statement for this information collection is available on the Internet
at http://www.reginfo.gov/public/do/PRAMain.

    Dated: June 1, 2011.
Leslie Kux,
Acting Assistant Commissioner for Policy.
[FR Doc. 2011-14409 Filed 6-9-11; 8:45 am]
BILLING CODE 4160-01-P


lack of these data will limit the flexibility the Agency and registrants
have in coming into compliance with the Endangered Species Act and could
result in use restrictions for tribufos that are unnecessarily severe.

 PAGE

- PAGE   5  of   NUMPAGES  52 -

- PAGE   1  of   NUMPAGES  52 -

Ingestion

Birds / Amphibians

Wet/dry deposition

Root uptake

Long-range atmospheric transport

Dermal uptake/Ingestion

Ingestion

Ingestion

Ingestion

Ingestion

Soil

Exposure

Media

Mammals

Runoff

Terrestrial/riparian plants

grasses/forbs, fruit, seeds (trees, shrubs)

Habitat integrity

Reduction in primary productivity

Reduced cover

Community change

Food chain

Reduction in prey

Individual organisms

Reduced survival

Reduced growth

Reduced reproduction

Terrestrial

insects

Birds / Terrestrial-phase amphibians / reptiles / mammals

Juvenile

Adult

Spray drift

Direct

application

Tribufos applied to use site (cotton)

Attribute

Change

Receptors

Source

Stressor

Riparian plant terrestrial exposure pathways see Figure 3

Uptake/cell,

roots, leaves

Aquatic Plants

Non-vascular

Vascular

Uptake/gills

or integument

Ground water

Soil

Wet/dry deposition

Long-range atmospheric transport

Ingestion

Ingestion

Uptake/gills

or integument

Exposure

Media

Aquatic Animals

Invertebrates

Vertebrates

Runoff

Surface water/

Sediment

Habitat integrity

Reduction in primary productivity

Reduced cover

Community change

Food chain

Reduction in algae

Reduction in prey

Individual organisms

Reduced survival

Reduced growth

Reduced reproduction

Fish/aquatic-phase amphibians

Eggs

Larvae

Juveniles / Adults

Spray drift

Tribufos applied to use site (cotton)

Attribute

Change

Receptors

Source

Stressor


[Federal Register Volume 78, Number 171 (Wednesday, September 4, 2013)]
[Notices]
[Pages 54504-54507]
[FR Doc No: 2013-21411]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70278; File No. SR-Phlx-2013-87]

Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the
Commentary to Rule 1080 To Add a New PIXL ISO Order Type

August 28, 2013.
    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 August 21, 2013, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') 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 the
Substance of the Proposed Rule Change

    The Exchange proposes to amend the Commentary to Rule 1080 to add a
new PIXL ISO order type.
    The text of the proposed rule change is available on the Exchange's
Web site at http://www.nasdaqtrader.com/micro.aspx?id=PHLXRulefilings,
at the principal office of the Exchange, and at the Commission's Public
Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant 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 Exchange proposes to amend the Commentary to Rule 1080 to add a
new PIXL ISO order type.
PIXL
    The price-improving electronic auction (``PIXL'') is a process
whereby Exchange members electronically submit orders they represent as
agent against principal interest or other interest that they represent
as agent.\3\ The submitted orders are stopped at a price and are
subsequently entered into an auction seeking price improvement.
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    \3\ Rule 1080(n).
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    An Exchange member (``Initiating Member'') may initiate a PIXL
auction provided that it meets certain requirements depending on the
size of the order, whether or not the order is for the account of a
public customer and whether or not it is a Complex Order.\4\ These
requirements are as follows.
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    \4\ For purposes of the electronic trading of Complex Orders
pursuant to Rule 1080.08 only, a Complex Order is an order involving
the simultaneous purchase and/or sale of two or more different
options series in the same underlying security, priced as a net
debit or credit based on the relative prices of the individual
components, for the same account, for the purpose of executing a
particular investment strategy. See Commentary .08(a)(i) to Rule
1080.
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    1. If the PIXL Order \5\ is for the account of a public customer
and is for a size of 50 contracts or more, the Initiating Member must
stop the entire PIXL Order at a price that is equal to or better than
the National Best Bid/Offer (``NBBO'') on the opposite side of the
market from the PIXL Order, provided that such price must be at least
one minimum price improvement increment (as determined by the Exchange
but not smaller than one cent) better than any limit order on the limit
order book on the same side of the market as the PIXL Order.\6\
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    \5\ A member may electronically submit for execution an order it
represents as agent on behalf of a public customer, broker dealer,
or any other entity (``PIXL Order'') against principal interest or
against any other order (other than in the final two seconds of a
trading session) it represents as agent provided it submits the PIXL
Order for electronic execution into the PIXL auction. See Rule
1080(n).
    \6\ Rule 1080(n)(i)(A)(1).
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    2. If the PIXL Order is for the account of a public customer and is
for a size of less than 50 contracts, the Initiating Member must stop
the entire PIXL Order at a price that is the better of: (i) the
Exchange's Best Bid or Offer (``PBBO'') price on the opposite side of
the market from the PIXL Order improved by at least one minimum price
improvement increment, or (ii) the PIXL Order's limit price (if the
order is a limit order), provided in either case that such price is at
or better than the NBBO, and at least one minimum price improvement
increment better than any limit order on the book on the same side of
the market as the PIXL Order.\7\
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    \7\ Rule 1080(n)(i)(A)(2). This component of the PIXL system is
effective for a pilot period scheduled to expire July 18, 2014.
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    3. If the PIXL Order is not for the account of a public customer
and is for a size of 50 contracts or more, the Initiating Member must
stop the entire PIXL Order at a price that is the better of: (i) the
PBBO price improved by at least one minimum price improvement increment
on the same side of the market as the PIXL Order, or (ii) the PIXL
Order's limit price (if the order is a limit order), provided in either
case that such price is at or better than the NBBO.\8\
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    \8\ Rule 1080(n)(i)(B)(1).
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    4. If the PIXL Order is not for the account of a public customer
and is for a size of less than 50 contracts, the Initiating Member must
stop the entire PIXL Order at a price that is the better of: (i) the
PBBO price improved by at least one minimum price improvement increment
on the same side of the market as the PIXL Order, or (ii) the PIXL
Order's limit price (if the order is a limit order), provided in either
case that such price is at or better than the NBBO and at least one
minimum improvement increment better than the PBBO on the opposite side
of the market from the PIXL Order.\9\
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    \9\ Rule 1080(n)(i)(B)(2). This component of the PIXL system is
effective for a pilot period scheduled to expire July 18, 2014.
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    5. If the PIXL Order is a Complex Order and of a conforming
ratio,\10\ the Initiating Member must stop the entire PIXL order at a
price that is better than the best net price (debit or credit) (i)
available on the Complex Order book regardless of the Complex Order
book size; and (ii) achievable from the best Phlx bids and offers for
the individual options, provided in either case that such price is
equal to or better than the PIXL Order's limit price.\11\
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    \10\ The term ``conforming ratio'' is where the ratio between
the sizes of the options components of a Complex Order is equal to
or greater than one-to-three (.333) and less than or equal to three-
to-one (3.00). For example, a one-to-two (.5) ratio, a two-to-three
(.667) ratio, or a two-to-one (2.00) ratio is a conforming ratio,
whereas a one-to-four (.25) ratio or a four-to-one (4.0) ratio is
not; where one component of the Complex Order is the underlying
security, the ratio between any options component and the underlying
security component must be less than or equal to eight contracts to
100 shares of the underlying security. See Commentary .08(a)(ix) to
Rule 1080.
    \11\ Rule 1080(n)(i)(C). Where applied to Complex Orders where
the smallest leg is less than 50 contracts in size, this component
of the PIXL system shall be effective for a pilot period scheduled
to expire July 18, 2014.
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ISO
    An intermarket sweep order (``ISO'') is defined in Rule 1066(i)
\12\ as a limit order that is designated as an ISO in the manner
prescribed by the Exchange and is executed within the system by
participants at multiple price levels without respect to Protected
Quotations of other Eligible Exchanges as defined in

Rule 1083.\13\ ISOs are immediately executable within the Exchange's
options trading system or cancelled, and shall not be eligible for
routing as set out in Rule 1080. Simultaneously with the routing of an
ISO to the Exchange's options trading system, one or more additional
limit orders, as necessary, are routed by the entering party to execute
against the full displayed size of any Protected Bid or Protected Offer
in the case of a limit order to sell or buy with a price that is
superior to the limit price of the limit order identified as an ISO.
These additional routed orders must be identified as ISOs.
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    \12\ In September 2013, the Exchange plans to begin
implementation of enhancements to the Options Floor Broker
Management System, with a trial period of two to four weeks, to be
determined by the Exchange. As part of these enhancements, the
definition of ISO will be moved to the Commentary to Rule 1080. See
Securities Exchange Act Release No. 69471 (April 29, 2013), 78 FR
26096 (May 3, 2013) (SR-Phlx-2013-09).
    \13\ Under Rule 1083, a ``Protected Quotation'' includes a
Protected Bid or Protected Offer. A ``Protected Bid'' or ``Protected
Offer'' means a Bid or Offer in an options series, respectively,
that: (i) is disseminated pursuant to the OPRA Plan; and (ii) is the
Best Bid or Best Offer, respectively, displayed by an Eligible
Exchange. ``Bid'' or ``Offer'' means the bid price or the offer
price communicated by a member of an Eligible Exchange to any broker
or dealer, or to any customer, at which it is willing to buy or
sell, as either principal or agent, but shall not include
indications of interest. The ``OPRA Plan'' means the plan filed with
the SEC pursuant to Section 11Aa(1)(C)(iii) of the Act, approved by
the SEC and declared effective as of January 22, 1976, as from time
to time amended. ``Best Bid'' and ``Best Offer'' mean the highest
priced Bid and the lowest priced Offer. Finally, ``Eligible
Exchange'' means a national securities exchange registered with the
SEC in accordance with Section 6(a) of the Act that: (i) Is a
Participant Exchange in The Options Clearing Corporation (``OCC'')
(as that term is defined in Section VII of the OCC by-laws); (ii) is
a party to the OPRA Plan; and (iii) if the national securities
exchange is not a party to the OPRA Plan, is a participant in
another plan approved by the Commission providing for comparable
trade-through and locked and crossed market protection.
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PIXL ISO Order Type
    The Exchange proposes to implement a new PIXL ISO order type
(``PIXL ISO'') that will allow the submission of an ISO into PIXL.
Specifically, a PIXL ISO is the transmission of two orders for crossing
pursuant to Rule 1080(n) without regard for better priced Protected
Bids or Protected Offers because the participant transmitting the PIXL
ISO to the Exchange has, simultaneously with the routing of the PIXL
ISO, routed one or more ISOs, as necessary, to execute against the full
displayed size of any Protected Bid or Protected Offer that is superior
to the starting PIXL auction price and has swept all interest in the
Exchange's book priced better than the proposed auction starting price.
Any execution(s) resulting from such sweeps shall accrue to the PIXL
Order, meaning that any execution(s) obtained from the away side will
be given to the agency side of the order.
    The Exchange will accept a PIXL ISO provided the order adheres to
the current PIXL Order acceptance requirements, which are outlined
above, but without regard to the NBBO. The Exchange will execute the
PIXL ISO in the same manner that it currently executes PIXL Orders,
except that it will not protect prices away. Instead, order flow
providers will bear the responsibility to clear all better priced
interest away simultaneously with submitting the PIXL ISO order. There
is no other impact to PIXL functionality. Specifically, liquidity
present at the end of the PIXL auction will continue to be included in
the PIXL auction as it is with PIXL Orders not marked as ISOs.
    The Exchange will announce the implementation of this order type by
Options Trader Alert.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\14\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\15\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest. The proposal promotes just and equitable principles of trade
and removes impediments to a free and open market in that it promotes
competition, as described further below. Specifically, the proposal
allows the Exchange to offer its members an order type that is already
offered by another exchange.\16\ In addition, the proposal benefits
traders and investors because it adds a new order type for seeking
price improvement through the PIXL mechanism. Finally, the proposal
does not unfairly discriminate among members because all members are
eligible to submit a PIXL ISO order.
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    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
    \16\ See CBOE Rule 6.53(q).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. Instead, the proposal is pro-
competitive. First, it will enable the Exchange to provide market
participants with an additional method of seeking price improvement
through PIXL. Second, the proposal will allow the Exchange to compete
against other markets that already allow an ISO order type in their
price improvement mechanisms.\17\
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    \17\ Id.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(ii) [sic] of the Act \18\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\19\
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    \18\ 15 U.S.C. 78s(b)(3)(A)(ii) [sic].
    \19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or 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 email to<EMAIL_ADDRESS>Please include
File Number SR-Phlx-2013-87 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-Phlx-2013-87. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet 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 Web site 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 offices of the Exchange.
All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-Phlx-2013-87,
and should be submitted on or before September 25, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-21411 Filed 9-3-13; 8:45 am]
BILLING CODE 8011-01-P