[Federal Register Volume 88, Number 184 (Monday, September 25, 2023)]
[Notices]
[Pages 65772-65773]
[FR Doc No: 2023-20729]

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DEPARTMENT OF TRANSPORTATION

Pipeline and Hazardous Materials Safety Administration

Hazardous Materials: Notice of Actions on Special Permits

AGENCY: Pipeline and Hazardous Materials Safety Administration (PHMSA),
DOT.

ACTION: Notice of actions on special permit applications.

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SUMMARY: In accordance with the procedures governing the application
for, and the processing of, special permits from the Department of
Transportation's Hazardous Material Regulations, notice is hereby given
that the Office of Hazardous Materials Safety has received the
application described herein.

DATES: Comments must be received on or before October 25, 2023.

ADDRESSES: Record Center, Pipeline and Hazardous Materials Safety
Administration, U.S. Department of Transportation Washington, DC 20590.
    Comments should refer to the application number and be submitted in
triplicate. If confirmation of receipt of comments is desired, include
a self-addressed stamped postcard showing the special permit number.

FOR FURTHER INFORMATION CONTACT: Donald Burger, Chief, Office of
Hazardous Materials Safety General Approvals and Permits Branch,
Pipeline and Hazardous Materials Safety Administration, U.S. Department
of Transportation, East Building, PHH-13, 1200 New Jersey Avenue
Southeast, Washington, DC 20590-0001,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Copies of the applications are available for
inspection in the Records Center, East Building, PHH-13, 1200 New
Jersey Avenue Southeast, Washington DC.
    This notice of receipt of applications for special permit is
published in accordance with part 107 of the Federal hazardous
materials transportation law (49 U.S.C. 5117(b); 49 CFR 1.53(b)).

    Issued in Washington, DC, on September 11, 2023.
Donald P. Burger,
Chief, General Approvals and Permits Branch.

------------------------------------------------------------------------
                                                        Nature of the
 Application No.     Applicant      Regulation(s)      special permits
                                       affected            thereof
------------------------------------------------------------------------
                      Special Permits Data--Granted
------------------------------------------------------------------------
7835-M..........  Versum           172.301(c),      To modify the
                   Materials US,    177.848(d).      special permit to
                   LLC.                              authorize DOT-SP
                                                     15267 packagings.
14163-M.........  Air Liquide      173.301(g)(1)(i  To modify the
                   Electronics      i).              special permit to
                   U.S. LP.                          authorize an
                                                     additional
                                                     hazardous material.
14266-M.........  GTM              173.302(a)(1),   To modify the
                   Manufacturing,   173.304(a).      special permit to
                   LLC.                              authorize a service
                                                     life extension
                                                     program for the
                                                     cylinders.
15343-M.........  Desert Air       172.101(j),      To modify the
                   Transport, Inc.  173.242.         special permit to
                                                     authorize an
                                                     additional
                                                     packaging.
15963-M.........  Jack Harter      172.200,         To modify the
                   Helicopters,     175.75,          special permit to
                   Inc.             172.300,         authorize 14 CFR
                                    172.400,         Part 135 aircraft,
                                    173.27,          additional
                                    175.30,          hazardous
                                    175.33,          materials, and
                                    175.75, 175.1,   alternative
                                    175.3, 178.1.    packagings.
20356-M.........  Tesla, Inc.....  172.101(j).....  To modify the
                                                     special permit to
                                                     authorize an
                                                     additional cell
                                                     type.

20796-M.........  SodaStream USA   172.400,         To modify the
                   Inc..            172.200,         special permit to
                                    172.300,         authorize
                                    171.2(k),        additional outer
                                    172.700(a),      packagings.
                                    172.500.
20851-M.........  Call2recycle,    172.600,         To modify the
                   Inc.             172.200,         special permit to
                                    172.700(a).      authorize
                                                     transportation
                                                     other than that for
                                                     recycling.
21139-M.........  KULR Technology  172.600,         To modify the
                   Corporation.     172.200,         special permit to
                                    172.300,         authorize ferry and
                                    172.700(a),      cargo vessel, to
                                    172.400,         authorize
                                    172.500,         additional
                                    173.185(b).      hazardous
                                                     materials, and to
                                                     increase the gross
                                                     weight of the
                                                     package.
21433-N.........  Pyrotek Special  173.306(k).....  To authorize the
                   Effects Lititz.                   transportation of
                                                     used and partially
                                                     full 2Q cans of
                                                     flammable gas
                                                     (Salamander or G-
                                                     Flame cans) under
                                                     49 CFR Sec.
                                                     107.306(k).
21478-N.........  Fibre Drum       172.200,         To authorize the
                   Sales, Inc.      172.500.         transportation in
                                                     commerce of
                                                     intermediate bulk
                                                     containers (IBCs),
                                                     containing only a
                                                     residue of a
                                                     hazardous material,
                                                     in the manner
                                                     authorized for non-
                                                     bulk packagings in
                                                     49 CFR 173.29(c).
21491-N.........  Hanwha Cimarron  173.302(a).....  To authorize the
                   LLC.                              manufacture, mark,
                                                     sale, and use of a
                                                     non-DOT
                                                     specification fully
                                                     wrapped carbon
                                                     fiber reinforced
                                                     composite cylinder
                                                     with a non-load
                                                     sharing plastic
                                                     liner for the
                                                     purpose of
                                                     transporting
                                                     certain non-
                                                     liquefied
                                                     compressed gases in
                                                     commerce. This
                                                     cylinder meets all
                                                     of the requirements
                                                     of the ISO 11515
                                                     Standard.
21533-N.........  Samsung SDI      172.101(j).....  To authorize the
                   Co., Ltd.                         transportation in
                                                     commerce of lithium
                                                     ion batteries
                                                     exceeding 35 kg by
                                                     cargo-only
                                                     aircraft.
21549-N.........  Repligen         173.222(c)(2)(i  To authorize the
                   Corporation.     i).              transportation in
                                                     commerce aboard
                                                     aircraft of
                                                     dangerous goods in
                                                     apparatus
                                                     containing a total
                                                     net quantity of
                                                     liquid hazardous
                                                     material exceeding
                                                     0.5 L.
21578-N.........  Korean Air       172.101(j),      To authorize the
                   Lines Co., Ltd.  175.30(a)(1).    transportation in
                                                     commerce of certain
                                                     explosives that are
                                                     forbidden for
                                                     transportation
                                                     aboard cargo-only
                                                     aircraft.
21596-N.........  Federal          173.56(b)......  To authorize the
                   Cartridge                         transportation in
                   Company.                          commerce of wet
                                                     smokeless powder,
                                                     alone or with
                                                     combustible and non-
                                                     combustible waste.
21612-N.........  Apex Logistics   172.200,         To authorize the
                   International    172.300,         transportation of
                   Inc.             172.400,         lithium-ion
                                    173.185.         batteries for the
                                                     purposes of
                                                     repackaging.
21621-N.........  US Army Corps    171-180........  To authorize the
                   of Engineers.                     transportation in
                                                     commerce of diesel
                                                     fuel in bulk
                                                     packages in support
                                                     of Maui wildfire
                                                     recovery and relief
                                                     efforts.
21622-N.........  National Air     172.101(j)(1),   To authorize the
                   Cargo Group,     173.27(b)(2),    transportation in
                   Inc.             175.30(a)(1).    commerce aboard
                                                     cargo-only aircraft
                                                     of articles
                                                     containing toxic
                                                     gas, n.o.s.
                                                     (anhydrous ammonia)
                                                     contained within a
                                                     spacecraft
                                                     (satellite).
------------------------------------------------------------------------
                      Special Permits Data--Denied
------------------------------------------------------------------------
21613-N.........  Park Nicollet    107.107........  Park Nicollet
                   Methodist                         Methodist Hospital
                   Hospital.                         in accordance with
                                                     the Department of
                                                     Transportation
                                                     Hazardous Materials
                                                     Regulations in 49
                                                     CFR 107.107, is
                                                     requesting party
                                                     status to
                                                    DOT-SP 20255.
------------------------------------------------------------------------
                     Special Permits Data--Withdrawn
------------------------------------------------------------------------
21567-N.........  Spaceflight,     173.185(a)(1),   To authorize the
                   Inc.             173.185(b)(5).   transportation in
                                                     commerce of
                                                     prototype lithium
                                                     batteries
                                                     integrated into a
                                                     shipping container
                                                     intended to
                                                     transport
                                                     spacecraft.
------------------------------------------------------------------------

[FR Doc. 2023-20729 Filed 9-22-23; 8:45 am]
BILLING CODE 4910-60-P


			  UNITED STATES OF AMERICA

		        DEPARTMENT OF TRANSPORTATION

			  OFFICE OF THE SECRETARY

			          WASHINGTON, D.C.

Issued by the Department of Transportation on August 5, 2005

NOTICE OF ACTION TAKEN -- DOCKET OST-2004-17388

________________________________________________________________________
________________________________________________________

This serves as notice to the public of the action described below, taken
by the Department official indicated (no additional confirming order
will be issued in this matter).

Applicant:  FlightExec Corp.						Date Filed: June 24, 2005

Relief requested:  Exemption from 49 U.S.C. § 41301 to engage in
charter foreign air transportation of persons, property and mail between
(1) Canada and the United States; (2) third countries and the United
States, via Canada, that make a stopover in Canada for at least two
consecutive nights; and (3) other charters to/from the United States in
accordance with 14 CFR Part 212, using small aircraft.

Date and citation of last action: FlightExec previously held the
authority described above; that authority expired by its terms on April
23, 2005 (see Notice of Action Taken, dated April 23, 2004, in this
docket)

Applicant representative:  Dina Regalado<PHONE_NUMBER>

DOT Analyst:  Shelita A. Smith<PHONE_NUMBER>

Responsive pleadings:  None filed

DISPOSITION

Action:  Approved							Action date:  August 5, 2005

Effective dates of exemption authority granted:  August 5, 2005 –
August 5, 2006

Basis for approval (bilateral agreement/reciprocity):  United
States-Canada Air Transport Agreement (Agreement)

Except to the extent exempted/waived, this authority is subject to the
terms, conditions, and limitations indicated:

  X    Standard exemption conditions (attached)                Foreign
air carrier permit   (Order            )

Special conditions/Partial grant/Denial basis/Remarks:  We found that
the applicant is operationally and financially qualified to conduct its
proposed operations and is substantially owned and effectively
controlled by citizens of its homeland.  Also, the FAA advised us that
it knows of not reason to withhold this authority.

In the conduct of the operations the carrier must adhere to all
applicable provisions of the Agreement, and may only use aircraft
designed to have a maximum passenger capacity of not more than 60 seats
and a maximum payload capacity of not more than 18,000 pounds.

Action taken by:  Paul L. Gretch, Director

		   Office of International Aviation

________________________________________________________________________
________________________________________________________

Under authority assigned by the Department in its regulations, 14 CFR
Part 385, we found that (1) the applicant is qualified to perform the
proposed operations; (2) our action was consistent with Department
policy; (3) grant of the authority was consistent with the public
interest; and (4) grant of the authority would not constitute a major
regulatory action under the Energy Policy and Conservation Act of 1975.
To the extent not granted/deferred/dismissed, we denied

all requests in the referenced Docket.  We may amend, modify, or revoke
the authority granted in this Notice at any time without hearing at our
discretion.

Persons entitled to petition the Department for review of the action set
forth in this Notice under the Department’s regulations, 14 CFR §
385.30, may file their petitions within seven (7) days after the date of
issuance of this Notice.  This action was effective when taken, and the
filing of a petition for review will not alter such effectiveness.

An electronic version of this document is available on the World Wide
Web at:

  HYPERLINK "http://dms.dot.gov//reports/reports_aviation.asp"
http://dms.dot.gov//reports/reports_aviation.asp

Foreign Carrier Exemption Conditions

In the conduct of the operations authorized, the foreign carrier
applicant(s) shall:

(1)  Not conduct any operations unless it holds a currently effective
authorization from its homeland for such operations, and it has filed a
copy of such authorization with the Department;

(2)  Comply with all applicable requirements of the Federal Aviation
Administration, including, but not limited to, 14 CFR Parts 129, 91, and
36, and with all applicable U.S. Government requirements concerning
security, including, but not limited to, 49 CFR Part 1546 or 1550, as
applicable.  To assure compliance with all applicable U.S. Government
requirements concerning security, the holder shall, before commencing
any new service (including charter flights) from a foreign airport that
would be the holder’s last point of departure for the United States,
contact its International Principal Security Inspector (IPSI) to advise
the IPSI of its plans and to find out whether the Transportation
Security Administration has determined that security is adequate to
allow such airport(s) to be served;

(3)  Comply with the requirements for minimum insurance coverage
contained in 14 CFR Part 205, and, prior to the commencement of any
operations under this authority, file evidence of such coverage, in the
form of a completed OST Form 6411, with the Federal Aviation
Administration’s Program Management Branch (AFS-260), Flight Standards
Service (any changes to, or termination of, insurance also shall be
filed with that office);

(4)  Not operate aircraft under this authority unless it complies with
operational safety requirements at least equivalent to Annex 6 of the
Chicago Convention;

(5)  Conform to the airworthiness and airman competency requirements of
its Government for international air services;

(6)  Except as specifically exempted or otherwise provided for in a
Department Order, comply with the requirements of 14 CFR Part 203,
concerning waiver of Warsaw Convention liability limits and defenses;

(7)  Agree that operations under this authority constitute a waiver of
sovereign immunity, for the purposes of 28 U.S.C. 1605(a), but only with
respect to those actions or proceedings instituted against it in any
court or other tribunal in the United States that are: (a)  based on its
operations in international air transportation that, according to the
contract of carriage, include a point in the United States as a point of
origin, point of destination, or agreed stopping place, or for which the
contract of carriage was purchased in the United States; or (b)  based
on a claim under any international agreement or treaty cognizable in any
court or other tribunal of the United States.  In this condition, the
term "international air transportation" means "international
transportation" as defined by the Warsaw Convention, except that all
States shall be considered to be High Contracting Parties for the
purpose of this definition;

(8)  Except as specifically authorized by the Department, originate or
terminate all flights to/from the United States in its homeland;

(9)  Comply with the requirements of 14 CFR Part 217, concerning the
reporting of scheduled, nonscheduled, and charter data;

(10) If charter operations are authorized, except as otherwise provided
in the applicable aviation agreement, comply with the Department's rules
governing charters (including 14 CFR Parts 212 and 380); and

(11) Comply with such other reasonable terms, conditions, and
limitations required by the public interest as may be prescribed by the
Department, with all applicable orders or regulations of other U.S.
agencies and courts, and with all applicable laws of the United States.

This authority shall not be effective during any period when the holder
is not in compliance with the conditions imposed above.  Moreover, this
authority cannot be sold or otherwise transferred without explicit
Department approval under Title 49 of the U.S. Code.

05/2004


[Federal Register Volume 79, Number 65 (Friday, April 4, 2014)]
[Notices]
[Page 18907]
[FR Doc No: 2014-07493]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 14575-000]

Archon Energy 1, Inc.; Notice of Preliminary Permit Application
Accepted for Filing and Soliciting Comments, Motions To Intervene, and
Competing Applications

    On January 6, 2014, Archon Energy 1, Inc. filed an application for
a preliminary permit, pursuant to section 4(f) of the Federal Power Act
(FPA), proposing to study the feasibility of the Black Butte Afterbay
Hydropower Project (Black Butte Project or project) to be located on
Stony Creek, near the city of Orland, Glenn County, California. The
sole purpose of a preliminary permit, if issued, is to grant the permit
holder priority to file a license application during the permit term. A
preliminary permit does not authorize the permit holder to perform any
land-disturbing activities or otherwise enter upon lands or waters
owned by others without the owners' express permission.
    The project would be located at the U.S. Army Corps of
Engineering's Black Butte dam and would utilize existing infrastructure
and afterbay of the dam. The proposed project would consist of the
following: (1) A bypass intake in the afterbay of Black Butte
reservoir; (2) two 2,800-foot-long pressurized, reinforced concrete
pipes creating approximately 20 feet of head; (3) a powerhouse,
containing two low-head, 2.5-megawatt Kaplan turbine-generators; and
(4) an undefined interconnection point to the grid within several
hundred feet of the proposed powerhouse. The estimated annual
generation of the Black Butte Project would be 22,000 megawatt-hours.
    Applicant Contact: Mr. Paul Grist, President, Archon Energy 1,
Inc., 101 E. Kennedy Blvd., Suite 2800, Tampa, Florida 33602; phone:
(415) 377-2460.
    FERC Contact: Adam Beeco; phone:<PHONE_NUMBER>.
    Deadline for filing comments, motions to intervene, competing
applications (without notices of intent), or notices of intent to file
competing applications: 60 days from the issuance of this notice.
Competing applications and notices of intent must meet the requirements
of 18 CFR 4.36.
    The Commission strongly encourages electronic filing. Please file
comments, motions to intervene, notices of intent, and competing
applications using the Commission's eFiling system at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit brief
comments up to 6,000 characters, without prior registration, using the
eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You
must include your name and contact information at the end of your
comments. For assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>(866) 208-3676 (toll free), or (202) 502-
8659 (TTY). In lieu of electronic filing, please send a paper copy to:
Secretary, Federal Energy Regulatory Commission, 888 First Street NE.,
Washington, DC 20426. The first page of any filing should include
docket number P-14575-000.
    More information about this project, including a copy of the
application, can be viewed or printed on the ``eLibrary'' link of
Commission's Web site at http://www.ferc.gov/docs-filing/elibrary.asp.
Enter the docket number (P-14575) in the docket number field to access
the document. For assistance, contact FERC Online Support.

    Dated: March 26, 2014.
 Kimberly D. Bose,
Secretary.
[FR Doc. 2014-07493 Filed 4-3-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: September 25, 2008 (Volume 73, Number 187)]
[Notices]
[Page 55520-55521]
[DOCID:fr25se08-58]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[FEMA-1789-DR]

Alabama; Amendment No. 1 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of Alabama (FEMA-1789-DR),

dated September 10, 2008, and related determinations.

DATES: Effective Date: September 3, 2008.

FOR FURTHER INFORMATION CONTACT: Peggy Miller, Disaster Assistance
Directorate, 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 disaster is closed effective September 3, 2008.

(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.)

R. David Paulison,
Administrator, Federal Emergency Management Agency.
[FR Doc. E8-22562 Filed 9-24-08; 8:45 am]

BILLING CODE 9110-10-P


[Federal Register: May 19, 2006 (Volume 71, Number 97)]
[Notices]
[Page 29206-29209]
[DOCID:fr19my06-97]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53794; File No. SR-OCC-2005-23]

Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing of a Proposed Rule Change Relating to the Use of
Margin Deposit in the Event of a Clearing Member Liquidation

May 11, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 16, 2004, The
Options Clearing Corporation (``OCC'') 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
primarily by OCC. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The proposed rule change would have two complementary purposes. It
would (1) eliminate certain unnecessary restrictions on the use of
margin in the liquidation of a suspended Clearing Member under Chapter
XI of the Rules and (2) ensure that other restrictions on the use of
margin that are appropriately imposed in the By-Laws are properly
reflected in Chapter XI of the Rules.

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

    In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A),
(B),

and (C) below, of the most significant aspects of such statements.\2\
---------------------------------------------------------------------------

    \2\ The Commission has modified parts of these statements.
---------------------------------------------------------------------------

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

    Provisions in OCC's By-Laws relating to the potential use of
securities and other margin assets in the event of a Clearing Member's
liquidation currently restrict the use of such assets in ways not
required under applicable laws and regulations. In addition, certain
provisions of OCC's Rules applicable to Clearing Member liquidations do
not fully or clearly reflect limitations imposed by the By-Laws.
    OCC is proposing to amend Chapter XI of the Rules to more precisely
reflect appropriate limitations on the use of Clearing Member margin
deposits and is proposing to amend provisions of the By-Laws to allow
OCC to make use of those margin deposits to the fullest extent
consistent with (i) applicable customer protection provisions and (ii)
the ability of OCC and Clearing Member systems to identify margin
assets subject to those provisions.
    Article VI, Section 3 of the By-Laws sets out a number of different
types of accounts that a Clearing Member may establish and maintain on
OCC's books. These accounts include firm accounts, separate market-
maker's accounts, combined market-makers' accounts, customers'
accounts, and others. For each of these account types, Section 3
provides that OCC shall have a lien on property in the account and
specifies the extent of the obligations secured by the lien. For
example, in the case of the firm lien account, Section 3(a) of Article
VI states that ``the Corporation shall have a lien on all positions and
on all other securities, margin and other funds in such account as
security for all of the Clearing Member's obligations to the
Corporation * * *.'' This language permits all of the Clearing Member's
assets on deposit with OCC with respect to the firm account to be
applied to any obligation of the Clearing Member to OCC regardless of
whether that obligation arises from the firm account or any other
account. This is appropriate in that, generally speaking, the Clearing
Member may deposit with respect to the firm account only those assets
that it is permitted under applicable law to treat as its own. Such
assets include all cash not required by Rule 15c3-3\3\ to be deposited
in a special reserve bank account for the benefit of customers and any
securities that belong to the Clearing Member and not to its customers
as that term is defined in Rules 15c2-1 and 8c-1 (``hypothecation
rules'').\4\
---------------------------------------------------------------------------

    \3\ 17 CFR 240.15c3-3.
    \4\ 17 CFR 240.15c2-1 and 240.8c-1.
---------------------------------------------------------------------------

    The lien language applicable to assets in other types of accounts,
however, restricts the application of margin assets to obligations of
the Clearing Member arising from that particular account. For example,
in the case of a combined market-makers' account other than a
proprietary combined market-makers' account, Section 3(c) of Article VI
states that ``the Corporation shall have a lien on all long positions,
securities, margin and other funds in such combined Market-Maker's
account with the Clearing Member as security for the Clearing Member's
obligations to the Corporation in respect of all Exchange transactions
effected through such account, short positions maintained in such
account, and exercise notices assigned to such account * * *.'' Under
this language, OCC's lien on margin assets deposited with respect to a
combined market-makers' account does not secure any obligations of the
Clearing Member other than those arising from this account.\5\
---------------------------------------------------------------------------

    \5\ In some cases, however, multiple accounts of the same
account type are treated as a single account as provided in
Interpretation .02 following Article VI, Section 3 of the By-Laws.
Thus, for example, if a clearing member maintains more than one
combined market makers' account for associated market makers, those
accounts would be treated as a single account for liquidation
purposes. Similarly, multiple securities customers' accounts would
be treated as a single securities customers' account for liquidation
purposes.
---------------------------------------------------------------------------

    These limitations on the use of assets in an account to obligations
arising from the same account were adopted in order to avoid violation
by Clearing Members of the hypothecation rules cited above.\6\ The
rules containing these limitations, which rules are substantially
identical to one another, provide in pertinent part that a broker or
dealer may not permit securities carried for the account of any
customer to be commingled with securities ``carried for any person
other than a bona fide customer under a lien for a loan made to such
broker or dealer.''\7\ Although it is not at all clear that this
language should apply to OCC's lien, which is not a ``lien for a loan''
in the ordinary sense, OCC has historically taken the conservative view
that it does apply and does not propose now to do otherwise.
---------------------------------------------------------------------------

    \6\ The limitation is actually more restrictive than would be
required under the hypothecation rules because OCC could lawfully
apply assets in the account to obligations arising from the
customers' account and any other accounts in which positions of
securities customers as defined in the hypothecation rules are
carried. Similarly, assets in the public customers' account could be
applied to obligations arising from a market-maker account. As a
matter of policy, however, OCC has maintained the separation
continued here.
    \7\ 17 CFR 240.15c2-1(a)(2) and 240.8c-1(a)(2). The term
customer is defined in paragraph (b)(1) of these rules not to
include partners, officers, or directors of the broker-dealer or a
participant in a joint account with a broker-dealer. Unlike Rule
15c3-3, however, the hypothecation rules do not exclude broker-
dealers from the definition of customer. Accordingly, market-makers
that do not have any of these specified relationships with their
clearing broker must be treated as customers for purposes of the
hypothecation rules.
---------------------------------------------------------------------------

    Nevertheless, it is clear that the hypothecation rules apply only
to ``securities carried for the account of any customer.'' Assets other
than securities are not subject to the rule. Thus, a Clearing Member is
not required to segregate cash received by a Clearing Member from any
securities customer from other cash deposited by the Clearing Member
with OCC as margin. Subject to the requirement to fund its special
reserve bank account under Rule 15c3-3(e) and to fund a special reserve
bank account for any proprietary account of an introducing broker
dealer (``PAIB'') account that the broker-dealer has agreed to
maintain, a broker-dealer may treat cash received from securities
customers as its own. Therefore, a Clearing Member is permitted to
deposit cash (other than cash received from commodity customers, which
is required to be segregated under provisions of the Commodity Exchange
Act [''CEA'']), as margin for any of its accounts at OCC without regard
to the source of the cash. Accordingly, the lien language applicable to
combined market-makers' accounts and certain other account types is
overly restrictive as applied to cash and any other non-securities
assets that might be deposited as margin in an account.\8\ OCC's lien
could lawfully be applied to such non-securities assets to secure any
obligation of the Clearing Member to the same extent as if the cash had
been deposited with respect to the Clearing Member's firm lien account.
---------------------------------------------------------------------------

    \8\ At present, the only other non-securities assets that may be
deposited as margin are letters of credit (``LOCs''). LOCs are
subject to special OCC rules in that an LOC may be secured by
customer securities pledged by the broker-dealer to the issuer of
the LOC. In such a situation, the LOC would be subject to the
restrictions applicable to the securities. The broker-dealer may
comply with those restrictions under OCC's Rules by designating the
LOC as a ``restricted'' LOC and by specifying which account type is
secured by the LOC.
---------------------------------------------------------------------------

    It is also true that when securities other than customer securities
are deposited with OCC as margin with respect to a customer account
(other than a commodity customer account where securities must be
segregated pursuant to provisions of the CEA),

those securities would not for that reason alone have to be treated as
securities carried for the account of any customer, and OCC's lien
could lawfully apply. However, there are no systems in place that allow
OCC to distinguish between customer and non-customer securities when
they are deposited as margin for a customer account, including a
market-maker account. Accordingly, OCC will continue to treat all
securities deposited as margin for any securities account other than a
proprietary account as if the securities were customer securities for
purposes of the hypothecation rules.
    In order to address the discrepancies described above, OCC is
proposing to amend Article I, Section 1 of the By-Laws to define two
different types of liens: a ``general lien'' and a ``restricted lien.''
Assets subject to a general lien would serve as security for all
obligations of the Clearing Member to OCC regardless of the origin or
nature of those obligations. The proposed rule change would also define
a ``general lien account'' as one in which OCC has a general lien over
all assets in the account. Thus, the firm account and any other
proprietary account, such as a proprietary market-maker's account,
would be a general lien account, and all general lien accounts would be
treated as a single firm lien account in a liquidation of the Clearing
Member. This is precisely the same result as under the present rules.
    The definition of a restricted lien would provide that assets in an
account that are specified as subject to a restricted lien serve as
security only for obligations arising from that particular account or
from a specified group of accounts to which that account belongs.\9\ A
restricted lien account would be defined as an account in which
specified assets are subject to a restricted lien. All accounts other
than the various types of proprietary accounts would be restricted lien
accounts. However, not all assets in those accounts would be subject to
a restricted lien. Cash and any other non-securities assets in a
restricted lien account, because they are not subject to the
restrictions of the hypothecation rules, would be subject to a general
lien. However, an exception would be made for the securities customers'
account and the customer lien account where all assets, including cash,
would be subject only to a restricted lien. The reason for this
exception is that, although these non-securities assets are not subject
to the hypothecation rules, the provisions of Rule 15c3-3(e) and in
particular the reserve formula used in calculating the amount of funds
a Clearing Member is required to deposit in the special reserve bank
account for the exclusive benefit of customers provide a debit (i.e., a
reduction in the required deposit) reflecting ``[m]argin required and
on deposit with [OCC] for all option contracts written or purchased in
customer accounts.'' Given this debit in the reserve formula, it would
appear to be inconsistent to use funds in the account as collateral for
obligations other than those arising in such accounts. This limitation
is reflected in the proposed rule change.
---------------------------------------------------------------------------

    \9\ The reference to groups of accounts is necessary because,
for example, a clearing member may have multiple combined market
makers' accounts that would be liquidated as if they were a single
account. The same would be true if a clearing member had more than
one securities customers' account. These account groupings are
addressed in existing Interpretation .02 following Article VI,
Section 3 of the By-Laws.
---------------------------------------------------------------------------

    In order to eliminate unnecessary restrictions on the use of non-
securities assets in certain accounts as described above, OCC proposes
to modify the lien language appearing in the following paragraphs of
Article VI, Section 3: paragraph (a), to the extent applicable to firm
non-lien accounts; paragraph (b) to the extent applicable to separate
market-maker accounts other than proprietary market-maker accounts;
paragraph (c), to the extent applicable to combined market-makers'
accounts other than proprietary combined market-makers' accounts; and
paragraph (h) applicable to JBO Participants' accounts. The
modification necessary in each case is to provide that margin assets
deposited with respect to the applicable account and consisting of cash
and other non-securities collateral may be applied to any obligation of
the Clearing Member rather than only to obligations arising from that
account. This is accomplished by subjecting securities assets in the
accounts to a restricted lien while non-securities assets in certain of
the account are subject to a general lien. Other changes in Article VI,
Section 3 are non-substantive changes intended to make use of the newly
defined terms, to improve consistency, to eliminate repetition, and to
clarify ambiguities.\10\
---------------------------------------------------------------------------

    \10\ No changes of substance are proposed to be made with
respect to futures accounts subject to segregation requirements
under the CEA.
---------------------------------------------------------------------------

    In order to conform to the changes made in provisions of Article
VI, Section 3(a) relating to firm non-lien accounts and in Section 3(e)
relating to the securities customers' account, OCC is proposing to
delete the specific lien language applicable to unsegregated long
positions currently set forth in Rule 611. The extent of these liens
would be set forth in the cited provisions of Article VI, Section 3.
    Notwithstanding the limitations of the existing lien language
described above applicable to accounts other than proprietary accounts,
these limitations are not fully reflected in the provisions of OCC's
Rule 1104(a), which governs the creation of a liquidating settlement
account and payments from that account in a Clearing Member
liquidation. Rule 1104(a) presently provides, in effect, that proceeds
from restricted letters of credit,\11\ unsegregated long positions, and
variation payments resulting from positions in security futures in a
public customers' account, may not be applied to obligations other than
those arising from the public customers' account. It does not similarly
restrict the use of proceeds of securities deposited directly as margin
for that account even though the application of such securities to
obligations arising out of other accounts would arguably be in
violation of the hypothecation rules and even though such use would be
inconsistent with OCC's restricted lien on those securities. In the
event of a Clearing Member liquidation prior to the approval of this
rule change, OCC would observe the limitations of the hypothecation
rules and the lien language as it presently exists in OCC's By-Laws
notwithstanding that those limitations are not fully reflected in Rule
1104(a). Those limitations are fully consistent with OCC's risk
management system in that OCC has never set margin or clearing fund
requirements with the expectation that it would have excess collateral
in one account that could be applied against obligations arising in
other accounts. OCC determines its risk margin requirements on each
Clearing Member account independently.
---------------------------------------------------------------------------

    \11\ OCC is proposing to amend the definition of restricted
letter of credit in Rule 101 in order to make it more generic. In
current practice, restricted letters of credit are used not only for
the securities customers' account but may also be used in a
segregated futures account. The letter of credit must indicate on
its face the purpose or purposes to which it may be applied.
---------------------------------------------------------------------------

    Nevertheless, if in liquidating any Clearing Member account a
shortfall occurred, it would obviously be in the interest of OCC, its
Clearing Members, and the integrity of the clearing system if OCC were
able to apply the margin assets that it holds to the fullest extent
practicable without violating applicable law. In addition, the intended
restrictions on the use of proceeds of positions and securities in the
securities customers' account as well as in market-maker accounts and
other restricted lien accounts as OCC is now proposing to

refer to them generically should be clearly stated. By making use of
the newly defined terms general lien and restricted lien and by relying
on the provisions of Article VI, Section 3 as proposed to be amended,
only relatively minor amendments to the provisions of Rule 1104(a) are
required to effectuate the dual purposes of this proposed rule change.
Other proposed changes in Rule 1104 are intended for clarification only
and are not substantive.
    OCC believes that the proposed rule change is consistent with the
purposes and requirements of Section 17A of the Act because it will
promote the prompt and accurate clearance and settlement of securities
transactions, remove impediments to the mechanisms of a national system
for the prompt and accurate clearance and settlement of securities
transactions, and assure the safeguarding of securities and funds in
the custody or control of OCC by clarifying limitations on the use of
certain customer property in the event of a Clearing Member insolvency
while protecting the clearing system by permitting broader use of other
collateral deposited by Clearing Members.

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

    OCC does not believe that the proposed rule change would impose any
burden on competition.

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

    Written comments were not and are not intended to be solicited with
respect to the proposed rule change, and none have been received.

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

    Within thirty five 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 ninety 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 self-regulatory organization consents,
the Commission will:
    (a) By order approve the proposed rule change or
    (b) Institute proceedings to determine whether the proposed rule
change should be disapproved.

VI. 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-OCC-2005-23 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-OCC-2005-23. 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 Section, 100 F Street,
NE., Washington, DC 20549. Copies of such filing also will be available
for inspection and copying at the principal office of OCC and on OCC's
Web site at http://www.optionsclearing.com.

    All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-OCC-2005-23
and should be submitted on or before June 9, 2006.

    For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

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

Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-7624 Filed 5-18-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 76, Number 133 (Tuesday, July 12, 2011)]
[Notices]
[Pages 40946-40948]
[FR Doc No: 2011-17430]

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

[Investment Company Act Release No. 29715; 812-13885]

WNC Tax Credits 40, LLC, WNC Tax Credits 41, LLC, WNC Housing Tax
Credits Manager 2, LLC, WNC National Partners, LLC and WNC &
Associates, Inc.; Notice of Application

July 6, 2011.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application for an order under sections 6(c) and
6(e) of the Investment Company Act of 1940 (the ``Act'') granting
relief from all provisions of the Act, except sections 37 through 53 of
the Act and the rules and regulations under those sections other than
rule 38a-1 under the Act.

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

    Applicants: WNC Tax Credits 40, LLC (``Fund 40'') and WNC Tax
Credits 41, LLC (``Fund 41'') (each a ``Fund,'' and collectively, the
``Funds''), WNC Housing Tax Credits Manager 2, LLC (the ``Manager''),
WNC National Partners, LLC (``WNC National Partners'') and WNC &
Associates, Inc. (``WNC & Associates'').
    Summary of the Application: Applicants request an order to permit
each Fund to invest in limited liability companies that engage in the
ownership and operation of apartment complexes for low and moderate
income persons (``Apartment Complexes'').

DATES: Filing Date: The application was filed on April 4, 2011.
    Hearing or Notification of Hearing: An order granting the
application will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on August 1, 2011, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-1090. Applicants, 17782 Sky Park
Circle, Irvine, CA 92614.

FOR FURTHER INFORMATION CONTACT: Emerson S. Davis, Sr., Senior Counsel,
(202) 551-6868, or Daniele Marchesani, Branch Chief,<PHONE_NUMBER>
(Division of Investment Management, Office of Investment Company
Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or an applicant
by using the Company name box, at http://www.sec.gov/search/search.htm
or by calling<PHONE_NUMBER>.

Applicants' Representations

    1. Fund 40 and Fund 41 each was formed as a California limited
company in 2011. Each Fund will operate as a ``two-tier'' partnership,
i.e., each Fund will invest as a limited partner or member in other
limited partnerships or limited liability companies that are
characterized as partnerships for Federal income tax purposes (``Local
Limited Partnerships''). The Local Limited Partnerships in turn will
engage in the ownership and operation of Apartment Complexes expected
to be qualified for the low income housing tax credit under the
Internal Revenue Code of 1986, as amended. The Manager is a California
limited liability company whose sole member is WNC National Partners.
WNC National Partners is a California limited liability company whose
sole member is WNC & Associates, a California corporation. The
objectives of each Fund are to provide current tax benefits in the form
of (a) A predictable stream of low income housing credits which
investors may use to offset their Federal income tax liabilities, and
(b) tax losses.

    2. Each Fund intends to conduct a private placement of its units of
limited liability company member interest (the ``Units'') on a
commencement date to be determined by the Manager. Each Fund's
placement will be conducted as described in, and by means of a private
placement memorandum, to be supplemented periodically with updated
information for each Fund's placement (the ``Memorandum''). Purchasers
of Units in a Fund will be admitted as limited liability company
members (``Members'') of the issuing Fund. The Units will be offered
pursuant to the exemption from the registration requirements of the
Securities Act of 1933 (the ``Securities Act''), provided by Rule 506
of Regulation D under the Securities Act. Each Member will be required,
as condition to acceptance of a subscription, to qualify as an
``accredited investor,'' as that term is defined in Rule 501(a) of
Regulation D (an ``Accredited Investor''). Each Fund intends to offer
its Units at a price to be determined by the Manager prior to
commencement of the Fund's placement. The minimum investment per
Accredited Investor will be determined prior to commencement of the
offerings. Each Fund will establish its minimum and maximum
capitalization, and will disclose it by supplement to its Memorandum
and deliver the supplement to all prospective Accredited Investors
prior to subscription.
    3. Each Fund will not accept any subscriptions for Units until the
requested exemptive order is granted or the Fund receives an opinion of
counsel that it is exempt from registration under the Act.
Subscriptions for Units must be approved by the Manager. The Accredited
Investor will execute representations confirming suitability and the
basis for such suitability. In addition, transfers of Units will be
permitted only if the transferee meets the same suitability standards
as had been imposed on the transferor Member.
    4. Although a Fund's direct control over the management of each
Apartment Complex will be limited, the Fund's ownership of interests in
Local Limited Partnerships will, in an economic sense, be the
substantial equivalent of direct ownership of the Apartment Complexes
themselves. A Fund normally will acquire at least a 90% interest in the
profits, losses, and tax credits of the Local Limited Partnerships.
However, in certain cases, at the discretion of the Manager, the Fund
may acquire a lesser interest in a Local Limited Partnership.
    5. Each Fund will have certain voting rights with respect to each
Local Limited Partnership. The voting rights will include the right to
dismiss and replace the local general partner on the basis of
performance, to approve or disapprove a sale or refinancing of the
Apartment Complex owned by such Local Limited Partnership, to approve
or disapprove the dissolution of the Local Limited Partnership, and to
approve or disapprove amendments to the Local Limited Partnership
agreement materially and adversely affecting the Fund's investment.
    6. Each Fund will be controlled by the Manager, pursuant to an
operating agreement (the ``Operating Agreement''). The Members of each
Fund, consistent with their limited liability status, will not be
entitled to participate in the control of the Fund's business
operations. However, a majority-in-interest of the Members will have
the right to amend the Operating Agreement of their Fund (subject to
certain limitations) with the consent of the Manager, which shall not
be unreasonably withheld, to dissolve the Fund with the consent of the
Manager, which shall not be unreasonably withheld, and to remove any
Manager and elect a replacement. In addition, under the Operating
Agreement, each Member is entitled to review all books and records of
the Member's Fund at any and all reasonable times.
    7. Applicants state that the Operating Agreement and Memorandum of
the Funds contain provisions to ensure fair dealing by the Manager with
the Members. Applicants also state that all compensation to be paid to
the Manager and its affiliates by a Fund is specified in the Operating
Agreement and Memorandum, and no compensation will be payable to the
Manager or any of its affiliates by the Fund unless so specified.
Applicants believe that the fees and other forms of compensation that
will be paid by each Fund to the Manager and its affiliates are fair
and on terms no less favorable to the Fund than would be the case if
such arrangements had been made with independent third parties.
    8. During the offering and organizational phase, WNC Capital
Corporation, an affiliate of the Manager, will receive a dealer-manager
fee from each Fund for its services in managing a group of independent
broker-dealers who will sell the Units. The Manager or an affiliate
will also receive from each Fund a nonaccountable organizational and
offering expense allowance. In exchange for this allowance, the Manager
has agreed to pay all organizational and offering expenses of each Fund
(excluding retail selling commissions, the dealer-manager fee, and the
nonaccountable organizational and offering expense allowance). During
its acquisition phase, each Fund will pay to the Manager or its
affiliates an acquisition fee for analyzing and evaluating potential
investments in Local Limited Partnerships and for various other
services. The Manager or its affiliates will receive from each Fund a
nonaccountable acquisition expense allowance in consideration of which
the Manager or its affiliates will pay all acquisition expenses of each
Fund. All fees and expenses paid to all persons in connection with the
organization of each Fund, the offering of Units and the acquisition of
Local Limited Partnership interests will not exceed an amount equal to
22% of the Fund's gross offering proceeds.
    9. During the operating phase, the Manager will receive a yearly
asset management fee from each Fund in an amount equal to 0.75% of the
Fund's invested assets for services rendered by the Manager in
connection with the administration of the affairs of the Fund and the
management of the Fund's assets. During the liquidation phase, each
Fund will pay the Manager or its affiliates a disposition fee in an
amount of up to 3% of the gross sales price of an Apartment Complex or
a Local Limited Partnership interest.
    10. All proceeds of the private placement of a Fund's Units
initially will be placed in an escrow account with U.S. Bank, National
Association (``Escrow Agent''). Pending release of offering proceeds to
the Fund, the Escrow Agent will deposit escrowed funds in accordance
with instructions from time to time received from the Manager in short-
term United States Government securities, securities issued or
guaranteed by the United States Government, and certificates of deposit
or time or demand deposits in commercial banks. Upon receipt of a
prescribed minimum amount of gross operating proceeds for a Fund, funds
in escrow will be released to the Fund and held by it pending
investment in Local Limited Partnerships. Any of a Fund's offering
proceeds available for investment in Local Limited Partnership
interests that the Fund has not either invested or committed to invest
within 24 months following the termination of its offering of Units
will be distributed to investors pro rata as a return of capital.
    11. If more than one entity that the General Partner or its
affiliates advises or manages may invest in a particular investment
opportunity, the decision as to the entity that will be allocated the
investment will be based upon such factors as the effect of the
acquisition on

diversification of each entity's portfolio, the estimated income tax
effects of the purchase on each entity, the amount of funds of each
entity available for investment, and the length of time such funds have
been available for investment.

Applicants' Legal Analysis

    1. Applicants believe that the Funds will not be ``investment
companies'' under sections 3(a)(1)(A) or 3(a)(1)(C) of the Act. If the
Funds are deemed to be investment companies, however, applicants
request an exemption under section 6(c) and 6(e) of the Act from all
provisions of the Act, except sections 37 through 53 of the Act and the
rules and regulations under those sections, except rule 38a-1
thereunder.
    2. Section 3(a)(1)(A) of the Act provides that an issuer is an
``investment company'' if it is or holds itself out as being engaged
primarily, or proposes to engage primarily, in the business of
investing, reinvesting, or trading in securities. Applicants believe
that the Funds will not be investment companies under section
3(a)(1)(A) because each Fund will be in the business of investing in
and being a beneficial owner of Apartment Complexes, not securities.
    3. Section 3(a)(1)(C) of the Act provides that an issuer is an
``investment company'' if it is engaged or proposes to engage in the
business of investing, reinvesting, owning, holding, or trading in
securities, and owns or proposes to acquire ``investment securities''
having a value exceeding 40% of the value of such issuer's total assets
(exclusive of Government securities and cash items). Applicants state
that although the Local Limited Partnership interests may be deemed
``investment securities,'' they are not readily marketable, cannot be
sold without severe adverse tax consequences, and have no value apart
from the value of the Apartment Complexes owned by the Local Limited
Partnerships.
    4. Applicants believe that the two-tier structure is consistent
with the purposes and criteria set forth in the Commission's release
concerning two-tier real estate partnerships (the ``Release'').\1\ The
Release states that investment companies that are two-tier real estate
partnerships that invest in limited partnerships engaged in the
development and operation of housing for low and moderate income
persons may qualify for an exemption from the Act pursuant to section
6(c). Section 6(c) provides that the Commission may exempt any person
from any provision of the Act and any rule thereunder, if, and to the
extent that, such exemption is necessary or appropriate in the public
interest and consistent with the protection of investors and the
purposes fairly intended by the policy and provisions of the Act.
Section 6(e) permits the Commission to require companies exempted from
the registration requirements of the Act to comply with certain
specified provisions of the Act as though the company were a registered
investment company.
---------------------------------------------------------------------------

    \1\ Investment Company Act Release No. 8456 (Aug. 9, 1974).
---------------------------------------------------------------------------

    5. The Release lists two conditions, designed for the protection of
investors, which must be satisfied by two-tier partnerships to qualify
for the exemption under section 6(c). First, interests in the issuer
should be sold only to persons for whom investments in limited profit,
essentially tax shelter, investments would not be unsuitable. Second,
requirements for fair dealing by the general partner of the issuer with
the limited partners of the issuer should be included in the basic
organizational documents of the company.
    6. Applicants represent that Units will be sold only to persons for
whom investment in limited profit, essentially tax shelter, investments
would be suitable. Applicants further state that the requirements for
fair dealing by the Manager with the Members are included in the basic
organizational documents of each Fund. Applicants assert, among other
things, that the suitability standards set forth in the application,
the requirements for fair dealing provided by the Operating Agreement,
and pertinent governmental regulations imposed on each Local Limited
Partnership by various Federal, state, and local agencies provide
protection to Accredited Investors in Units. In addition, applicants
assert that the requested exemption is both necessary and appropriate
in the public interest.

    For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
 Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-17430 Filed 7-11-11; 8:45 am]
BILLING CODE 8011-01-P


Comment Info: =================

General Comment:A 75 day Time frame is insufficient time to review the proposed regulations. I am requestion that the time period be extended to 180 days.


[Federal Register Volume 82, Number 112 (Tuesday, June 13, 2017)]
[Notices]
[Pages 27060-27061]
[FR Doc No: 2017-12223]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #2

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

    Docket Numbers: EC17-119-000.
    Applicants: Drift Sand Wind Project, LLC.
    Description: Amendment to May 18, 2017 Application Under Section
203 of the Federal Power Act and Request for Shortened Notice Period of
Drift Sand Wind Project, LLC.
    Filed Date: 5/22/17.
    Accession Number: 20170522-5192.
    Comments Due: 5 p.m. ET 6/8/17.

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

    Docket Numbers: ER12-540-007; ER10-1346-006; ER10-1348-006; ER12-
539-007.
    Applicants: APDC, Inc., Atlantic Power Energy Services (US) LLC,
ManChief Power Company LLC, Frederickson Power L.P.
    Description: Supplement to December 21, 2016 Triennial market power
update for Northwest region of APDC, Inc., et. al.
    Filed Date: 6/7/17.
    Accession Number: 20170607-5118.
    Comments Due: 5 p.m. ET 6/28/17.

    Docket Numbers: ER10-2124-016.
    Applicants: Spring Canyon Energy LLC.
    Description: Second Supplement to December 23, 2016 Triennial
Report of Spring Canyon Energy LLC.
    Filed Date: 6/7/17.
    Accession Number: 20170607-5086.
    Comments Due: 5 p.m. ET 6/28/17.

    Docket Numbers: ER10-2135-012.
    Applicants: Spindle Hill Energy LLC.
    Description: Second Supplement to December 23, 2016 Triennial
Report of Spindle Hill Energy LLC.
    Filed Date: 6/7/17.
    Accession Number: 20170607-5084.
    Comments Due: 5 p.m. ET 6/28/17.

    Docket Numbers: ER16-1720-002.
    Applicants: Invenergy Energy Management LLC.
    Description: Third Supplement to December 23, 2016 Triennial Report
for the Northwest Region of Invenergy Energy Management LLC.
    Filed Date: 6/7/17.
    Accession Number: 20170607-5087.
    Comments Due: 5 p.m. ET 6/28/17.

    Docket Numbers: ER17-1770-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Tariff Cancellation: Notice of Cancellation of 1st
Revised Service Agreement No. 4633, Queue #AB1-026 to be effective 5/
24/2017.
    Filed Date: 6/7/17.
    Accession Number: 20170607-5074.
    Comments Due: 5 p.m. ET 6/28/17.

    Take notice that the Commission received the following PURPA
210(m)(3) filings:

    Docket Numbers: QM17-4-000.
    Applicants: Big Rivers Electric Corporation.
    Description: Big Rivers Electric Corporation's Application to
Terminate Purchase Obligation for QFs Greater Than 20 MW.
    Filed Date: 6/7/17.
    Accession Number: 20170607-5104.
    Comments Due: 5 p.m. ET 7/5/17.

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

    Dated: June 7, 2017.
Kimberly D. Bose,
Secretary.
[FR Doc. 2017-12223 Filed 6-12-17; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 87, Number 168 (Wednesday, August 31, 2022)]
[Rules and Regulations]
[Pages 53377-53380]
[FR Doc No: 2022-18823]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2018-0682]
RIN 1625-AA00

Safety Zone; North Hero-Grand Isle Bridge, Lake Champlain, VT

AGENCY: Coast Guard, DHS.

ACTION: Temporary interim rule and request for comments.

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SUMMARY: The Coast Guard is extending the effective period of the
temporary safety zone for the navigable waters within a 50 yard radius
from the center of the North Hero-Grand Isle Bridge, on Lake Champlain,
VT. This rules extends the effective period of the existing safety zone
for an additional two years. The safety zone will now end on September
1, 2024. When enforced, this regulation will continue to prohibit entry
of vessels or persons into the safety zone unless authorized by Captain
of the Port for Sector Northern New England or a designated
representative. The safety zone is necessary to protect personnel,
vessels, and marine environment from potential hazards created by the
demolition, subsequent removal, and replacement of the North Hero-Grand
Isle Bridge.

DATES: This rule is effective from September 2, 2022, through September
1, 2024.
    Comments and related material must be received by the Coast Guard
on or before October 31, 2022.

ADDRESSES: You may submit comments identified by docket number USCG-
2018-0682 using the Federal Decision Making Portal at https://www.regulations.gov. See the ``Public Participation and Request for
Comments'' portion of the SUPPLEMENTARY INFORMATION section for further
instructions on submitting comments.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Chief Marine Science Technician Zachary Wetzel, Waterways
Management Division, Sector Northern New England, U.S. Coast Guard,
telephone<PHONE_NUMBER>, email [email protected].

SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
COTP Captain of the Port Sector Northern New England
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
Sec.  Section
TIR Temporary Interim Rule
U.S.C. United States Code

II. Background Information and Regulatory History

    On October 9, 2018, the Coast Guard published a temporary interim
rule (TIR) establishing a safety zone on the navigable waters within a
50 yard radius from the center of the North Hero-Grand Isle Bridge, on
Lake Champlain, VT for the North Hero-Grand Isle Bridge replacement
project (83 FR 50503). We received no comments on the published TIR. No
public meeting was requested and none was held. Construction on the
North Hero-Grand Isle Bridge began in October 2018.
    The Coast Guard originally published this rule to be effective, and
enforceable, through September 1, 2022, but is extending it to
September 1, 2024, to complete all remaining contract operations in and
over Lake Champlain, including, but not limited to steel erection,
concrete bridge deck placements, installations of navigation lighting,
and removal of the original North Hero-Grand Isle Bridge. This rule
extends the effective period of the safety zone for two years until
September 1, 2024, due to delays of the North Hero-Grand Isle Bridge
replacement project.
    The Captain of the Port Sector Northern New England (COTP) has
determined that the potential hazards associated with the bridge
replacement project will be a safety concern for anyone within a 50
yard radius from the center of the North Hero-Grand Isle Bridge, on
Lake Champlain, VT. No

vessel or person will be permitted to enter the safety zone without
obtaining permission from the COTP or a designated representative. If
the project is completed prior to September 1, 2024, enforcement of the
safety zone will be suspended and notice given via Broadcast Notice to
Mariners, Local Notice to Mariners, or both.
    The Coast Guard is issuing this temporary interim rule without
prior notice and opportunity to comment pursuant to authority under
section 4(a) of the Administrative Procedure Act (APA) (5 U.S.C.
553(b)). This provision authorizes an agency to issue a rule without
prior notice and opportunity to comment when the agency for good cause
finds that those procedures are ``impracticable, unnecessary, or
contrary to the public interest.'' Under 5 U.S.C. 553(b)(B), the Coast
Guard finds that good cause exists for not publishing a NPRM with
respect to this rule because doing so would be impracticable and
contrary to the public interest. The Coast Guard will consider comments
in issuing a subsequent temporary interim rule or temporary final rule.
    The notice allowing the construction project to proceed and
providing updated timelines for the project was only recently finalized
and provided to the Coast Guard, which did not give the Coast Guard
enough time to publish a NPRM, take public comments, and issue a final
rule before the existing regulation expires. Timely action is needed to
respond to the potential safety hazards associated with removal of the
original bridge and construction of a new replacement bridge. It would
be impracticable and contrary to the public interest to publish a NPRM
because we must extend the effective period of the safety zone as soon
as possible to protect the safety of the waterway users, construction
crew, and other personnel associated with the bridge project. A delay
of the project to accommodate a full notice and comment period would
delay necessary operations, result in increased costs, and delay the
completion date of the bridge project and subsequent reopening of the
North Hero-Grand Island Bridge for normal operations.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this rule effective less than 30 days after
publication in the Federal Register. Delaying the effective date of
this rule would be impracticable and contrary to the public interest
because timely action is needed to respond to the potential safety
hazards associated with the removal of the original bridge and
construction of a new replacement bridge. It would be impracticable and
contrary to the public interest to publish to delay effectiveness
because we must protect the safety of the waterway users, construction
crew, and other personnel associated with the bridge project.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority in 46 U.S.C.
70034 (previously 33 U.S.C. 1231). The COTP has determined that
potential hazards associated with this bridge construction, and removal
project that has already commenced, and will continue through September
1, 2024, will be a safety concern for anyone within the work zone. The
construction and removal of the bridge continues to be extremely
complex and presents many safety hazards including overhead crane
operations, overhead cutting operations, potential falling debris, and
barges positioned along the length of the bridge. In order to mitigate
the inherent risks involved with the removal of a bridge, and
installation of the new bridge, it is necessary to control vessel
movement through the area. The purpose of this TIR is to ensure the
safety of the waterway users, the public, and construction workers for
the duration of the new bridge construction and demolition. Heavy-lift
operations are sensitive to water movement, and wake from passing
vessels could pose significant risk of injury or death to construction
workers. In order to minimize such unexpected or uncontrolled movement
of water, any expeditous passage. No vessel may stop, moor, anchor, or
loiter within the safety zone at any time unless they are working on
the bridge construction operations. The rule is needed to protect
personnel, vessels, and the marine environment in the navigable waters
within the safety zone during the bridge construction project.

IV. Discussion of the Rule

    This rule extends the effective period of the temporary interim
rule for the navigable waters of Lake Champlain, VT, surrounding the
North Hero-Grand Isle bridge for two additional years until September
1, 2024. There are no other changes to the regulatory text of this rule
as cited in 33 CFR 165.T01-0682. This rule will continue to prohibit
all persons and vessel traffic from the safety zone unless exceptions
are authorized by the COTP or a designated representative.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive orders, and we
discuss First Amendment rights of protestors.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. This rule has not been designated a ``significant
regulatory action,'' under Executive Order 12866. Accordingly, this
rule has not been reviewed by the Office of Management and Budget
(OMB).
    This regulatory action determination is based on the following
reasons: (1) The safety zone only impacts a small designated area of
Lake Champlain, (2) the safety zone will only be enforced when work
equipment is present in the navigable channel as a result of bridge
removal and replacement operations or if there is an emergency, (3)
persons or vessels desiring to enter the safety zone may do so with
permission from the COTP or a designated representative. The Coast
Guard will notify the public of the enforcement of this rule via
appropriate means, such as via Local Notice to Mariners and Broadcast
Notice to Mariners via marine channel 16 (VHF-FM).

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as
amended, requires Federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard certifies under 5 U.S.C. 605(b) that this rule
will not have a significant economic impact on a substantial number of
small entities.
    While some owners or operators of vessels intending to transit the
safety zone may be small entities, for the reasons stated in section
V.A above, this proposed rule will not have a significant economic
impact on any vessel owner or operator.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this proposed rule. If the proposed rule
would affect your small business, organization, or governmental
jurisdiction and you have questions concerning its provisions or
options for compliance, please call or email the

person listed in the FOR FURTHER INFORMATION CONTACT section.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Governments

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the National Government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes. If
you believe this rule has implications for federalism or Indian tribes,
please contact the person listed in the FOR FURTHER INFORMATION CONTACT
section.

E. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

F. Environment

    We have analyzed this rule under Department of Homeland Security
Directive 023-01, Rev. 1, associated implementing instructions, and
Environmental Planning COMDTINST 5090.1 (series), which guide the Coast
Guard in complying with the National Environmental Policy Act of 1969
(42 U.S.C. 4321-4370f), and have determined that this action is one of
a category of actions that do not individually or cumulatively have a
significant effect on the human environment. This rule involves
involves a temporary safety zone that will prohibit entry within a 50
yard radius from the center of the North Hero-Grand Isle Bridge during
its removal and replacement. It is categorically excluded from further
review under paragraph L60(a) of Appendix A, Table 1 of DHS Instruction
Manual 023-01-001-01, Rev. 1. A preliminary Record of Environmental
Consideration supporting this determination is available in the docket.
For instructions on locating the docket, see the ADDRESSES section of
this preamble. We seek any comments or information that may lead to the
discovery of a significant environmental impact from this proposed
rule. A Record of Environmental Consideration supporting this
determination is available in the docket. For instructions on locationg
the docket, see the ADDRESSES section of this preamble.

G. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to call or email the person listed in the FOR
FURTHER INFORMATION CONTACT section to coordinate protest activities so
that your message can be received without jeopardizing the safety or
security of people, places or vessels.

VI. Public Participation and Request for Comments

    We view public participation as essential to effective rulemaking,
and will consider all comments and material received during the comment
period. Your comment can help shape the outcome of this rulemaking. If
you submit a comment, please include the docket number for this
rulemaking, indicate the specific section of this document to which
each comment applies, and provide a reason for each suggestion or
recommendation.
    Submitting comments. We encourage you to submit comments through
the Federal Decision Making Portal at https://www.regulations.gov. To
do so, go to https://www.regulations.gov, type USCG-2018-0682 in the
search box and click ``Search.'' Next, look for this document in the
Search Results column, and click on it. Then click on the Comment
option. If you cannot submit your material by using https://www.regulations.gov, call or email the person in the FOR FURTHER
INFORMATION CONTACT section of this proposed rule for alternate
instructions.
    Viewing material in docket. To view documents mentioned in this
proposed rule as being available in the docket, find the docket as
described in the previous paragraph, and then select ``Supporting &
Related Material'' in the Document Type column. Public comments will
also be placed in our online docket and can be viewed by following
instructions on the https://www.regulations.gov Frequently Asked
Questions web page. We review all comments received, but we will only
post comments that address the topic of the proposed rule. We may
choose not to post off-topic, inappropriate, or duplicate comments that
we receive.
    Personal information. We accept anonymous comments. Comments we
post to https://www.regulations.gov will include any personal
information you have provided. For more about privacy and submissions
to the docket in response to this document, see DHS's eRulemaking
System of Records notice (85 FR 14226, March 11, 2020).

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority: 46 U.S.C. 70034, 70051; 33 CFR 1.05-1, 6.04-1, 6.04-
6, and 160.5; Department of Homeland Security Delegation No.
00170.1, Revision No. 01.2.

0
2. Amend Sec.  165.T01-0682 by revising paragraph (c) to read as
follows:

Sec.  165.T01-0682   Safety Zone; North Hero-Grand Isle Bridge, Lake
Champlain, VT.

* * * * *
    (c) Effective and enforcement period. This section is effective
from September 2, 2022, through September 1, 2024, and

subject to enforcement 24 hours a day. When enforced, as deemed
necessary by the COTP, vessels and persons will be prohibited from
entering the safety zone unless granted permission from the COTP or the
COTP's designated representative.
* * * * *

    Dated: August 26, 2022.
A.E. Florentino,
Captain, U.S. Coast Guard, Captain of the Port Northern New England.
[FR Doc. 2022-18823 Filed 8-30-22; 8:45 am]
BILLING CODE 9110-04-P