[Federal Register Volume 81, Number 62 (Thursday, March 31, 2016)]
[Notices]
[Pages 18674-18679]
[FR Doc No: 2016-07193]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 32049; File No. 812-14384]

AMCAP Fund, et al.; Notice of Application

March 24, 2016.
AGENCY:  Securities and Exchange Commission (``Commission'').

ACTION:  Notice of an application for an order pursuant to section 6(c)
of the Investment Company Act of 1940 (``Act'') granting an exemption
from sections 18(f) and 21(b) of the Act; pursuant to section
12(d)(1)(J) of the Act granting an exemption from section 12(d)(1) of
the Act; pursuant to sections 6(c) and 17(b) of the Act granting an
exemption from sections 17(a)(1), 17(a)(2) and 17(a)(3) of the Act; and
pursuant to section 17(d) of the Act and rule 17d-1 under the Act to
permit certain joint arrangements.

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Summary of the Application: Applicants request an order that would
permit certain registered open-end management investment companies to
participate in a joint lending and borrowing facility.

Applicants:  AMCAP Fund; American Balanced Fund; American Funds College
Target Date Series; American Funds Corporate Bond Fund; American Funds
Developing World Growth and Income Fund; American Funds Emerging
Markets Bond Fund; American Funds Fundamental Investors; American Funds
Global Balanced Fund; American Funds Global High-Income Opportunities
Fund; The American Funds Income Series; American Funds Inflation Linked
Bond Fund; American Funds Insurance Series; American Funds Money Market
Fund; American Funds Mortgage Fund; American Funds Portfolio Series;
American Funds Retirement Income Portfolio Series; American Funds
Short-Term Tax-Exempt Bond Fund; American Funds Strategic Bond Fund;
American Funds Target Date Retirement Series; American Funds Tax-Exempt
Fund of New York; The American Funds Tax-Exempt Series I; The American
Funds Tax-Exempt Series II; American High-Income Municipal Bond Fund;
American High-Income Trust; American Mutual Fund; The Bond Fund of
America; Capital Group Emerging Markets Total Opportunities Fund;
Capital Group Private Client Services Funds; Capital Income Builder;
Capital World Bond Fund; Capital World Growth and Income Fund;
EuroPacific Growth Fund; The Growth Fund of America; The Income Fund of
America; Intermediate Bond Fund of America; International Growth and
Income Fund; The Investment Company of America; Limited Term Tax-Exempt
Bond Fund of America; The New Economy Fund; New Perspective Fund; New
World Fund, Inc.; Short-Term Bond Fund of America; SMALLCAP World Fund,
Inc.; The Tax-Exempt Bond Fund of America; Washington Mutual Investors
Fund (each, a ``Fund'' and together, the ``Funds''); Capital Research
and Management Company (``CRMC''); and Capital Guardian Trust Company
(``CGTC'').

Filing Dates:  The application was filed on October 30, 2014, and
amended on March 3, 2015, August 17, 2015, February 4, 2016, and March
22, 2016.

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 April 18, 2016, and should be accompanied by proof of service
on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0-5 under the Act, hearing
requests should state the nature of the writer's interest, any facts

bearing upon the desirability of a hearing on the matter, 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:  Brent J. Fields, Secretary, U.S. Securities and Exchange
Commission, 100 F Street NE., Washington, DC 20549-1090; Applicants:
Capital Research and Management Company, 333 South Hope Street, 33rd
Floor, Los Angeles, CA 90071.

FOR FURTHER INFORMATION CONTACT:  Laura J. Riegel, Senior Counsel, at
(202) 551-6873 or Mary Kay Frech, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Chief Counsel's Office).

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 for an
applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling<PHONE_NUMBER>.

Applicants' Representations

    1. Each Fund is organized as a Maryland corporation, Massachusetts
business trust or Delaware statutory trust and is registered with the
Commission as an open-end management investment company. Each Fund
consists of one or more multiple series and each such series is
included in the term ``Fund.'' American Funds Money Market Fund and
American Funds Insurance Series--Cash Management Fund each operate as a
money market fund in reliance on rule 2a-7 under the Act (together with
any future Fund that relies on rule 2a-7, the ``Money Market Funds'').
CRMC is a Delaware corporation and CGTC is a California corporation and
an indirect wholly-owned subsidiary of CRMC. CRMC and CGTC are each
registered as an investment adviser under the Investment Advisers Act
of 1940 (``Advisers Act'').\1\ CRMC or CGTC currently serves as the
investment adviser to the Funds.
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    \1\ Applicants request that the relief also apply to any
existing or future series of the Funds and to any other registered
open-end management investment company or series thereof advised by
CRMC, CGTC, or any entity controlling, controlled by, or under
common control with the CRMC or GCTC (each such entity, an
``Adviser'') that currently, or in the future, is part of the same
``group of investment companies'' as the Funds, as defined in
section 12(d)(1)(G)(ii) of the Act (included in the term ``Funds'').
All entities that currently intend to rely on the requested order
have been named as applicants. Any other entity that relies on the
requested order in the future will comply with the terms and
conditions set forth in the application. Any other Adviser will be
registered as an investment adviser under the Advisers Act. All
references to the term ``Adviser'' include successors-in-interest to
an Adviser. Successors-in-interest are limited to any entity
resulting from a reorganization of the Adviser into another
jurisdiction or a change in the type of business organization.
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    2. At any particular time, while some Funds enter into repurchase
agreements, or invest their cash balances in money market funds or
other short-term instruments, other Funds may need to borrow money for
temporary purposes to satisfy redemption requests, to cover
unanticipated cash shortfalls such as a trade ``fail'' in which cash
payment for a security sold by a Fund has been delayed, or for other
temporary purposes. Under existing custody agreements, each Fund's
custodian bank may advance money to the Fund which will be treated as a
loan payable upon demand and bear interest at a rate customarily
charged by the bank. These loans are available at the custodian bank's
discretion, in the amounts the custodian bank chooses to make available
at the time, because they are uncommitted.
    3. If a Fund borrows from its custodian bank, the Fund generally
would pay interest on the loan at a rate that is significantly higher
than the rate that is earned by other (non-borrowing) Funds on
investments in repurchase agreements, money market funds, and other
short-term instruments of the same maturity as the bank loan.
Applicants assert that this differential represents the profit earned
by the lender on loans and is not attributable to any material
difference in the credit quality or risk of such transactions.
    4. The Funds seek to enter into master interfund lending agreements
(``Interfund Lending Agreements'') with each other that would permit
each Fund to lend money directly to and borrow directly from other
Funds through a credit facility for temporary purposes (an ``Interfund
Loan''). The Money Market Funds will not participate as borrowers in
the interfund lending facility. Applicants state that the proposed
credit facility is expected to both reduce the Funds' potential
borrowing costs and enhance the ability of the lending Funds to earn
higher rates of interest on their short-term lendings. Although the
proposed credit facility would reduce the Funds' need to borrow from
banks, the Funds would be free to establish and maintain committed
lines of credit or other borrowing arrangements with unaffiliated
banks.
    5. Applicants anticipate that the proposed credit facility would
provide a borrowing Fund with savings at times when the cash position
of the borrowing Fund is insufficient to meet temporary cash
requirements. This situation could arise when shareholder redemptions
exceed anticipated volumes and certain Funds have insufficient cash on
hand to satisfy such redemptions. When the Funds liquidate portfolio
securities to meet redemption requests, they often do not receive
payment in settlement for up to three days (or longer for certain
foreign transactions). However, redemption requests normally are
effected immediately. The proposed credit facility would provide a
source of immediate, short-term liquidity pending settlement of the
sale of portfolio securities.
    6. Applicants also anticipate that a Fund could use the proposed
credit facility when a sale of securities ``fails'' due to
circumstances beyond the Fund's control, such as a delay in the
delivery of cash to the Fund's custodian or improper delivery
instructions by the broker effecting the transaction. ``Sales fails''
may present a cash shortfall if the Fund has undertaken to purchase a
security using the proceeds from securities sold. Alternatively, the
Fund could ``fail'' on its intended purchase due to lack of funds from
the previous sale, resulting in additional cost to the Fund. Use of the
proposed credit facility under these circumstances would enable the
Fund to have access to immediate short-term liquidity.
    7. While bank borrowings generally could supply needed cash to
cover unanticipated redemptions and sales fails, under the proposed
credit facility, a borrowing Fund would pay lower interest rates than
those that would be payable under short-term loans offered by banks. In
addition, Funds making short-term cash loans directly to other Funds
would earn interest at a rate higher than they otherwise could obtain
from investing their cash in repurchase agreements or money market
funds. Thus, applicants assert that the proposed credit facility would
benefit both borrowing and lending Funds.
    8. The interest rate to be charged to the Funds on any Interfund
Loan (the ``Interfund Loan Rate'') would be the average of the ``Repo
Rate'' and the ``Bank Loan Rate,'' both as defined below. The Repo Rate
for any day would be the highest or best (after giving effect to
factors such as the credit quality of the counterparty) rate available
to a lending Fund from investment in overnight repurchase agreements
with counterparties approved by the Fund or its Adviser. The Bank Loan
Rate for any

day would be calculated by the Interfund Lending Committee, as defined
below, each day an Interfund Loan is made according to a formula
established by each Fund's board of directors or trustees, as
applicable (the ``Trustees'') intended to approximate the lowest
interest rate at which bank short-term loans would be available to the
Funds. The formula would be based upon a publicly available rate (e.g.,
Federal funds plus 25 basis points) and would vary with this rate so as
to reflect changing bank loan rates. The initial formula and any
subsequent modifications to the formula would be subject to the
approval of each Fund's Trustees. In addition, each Fund's Trustees
would periodically review the continuing appropriateness of using the
formula to determine the Bank Loan Rate, as well as the relationship
between the Bank Loan Rate and current bank loan rates that would be
available to the Funds.
    9. Certain members of the relevant Adviser's fund administration
personnel and portfolio managers of the Money Market Funds (the ``Money
Market portfolio managers'' and together with certain members of the
Adviser's fund administration personnel, the ``Interfund Lending
Committee'') will administer the credit facility. No portfolio manager
of any Fund (other than a Money Market portfolio manager) will serve as
a member of the Interfund Lending Committee. On any day on which a Fund
intends to borrow money, the Interfund Lending Committee would make an
Interfund Loan from a lending Fund to a borrowing Fund only if the
Interfund Loan Rate is: (i) More favorable to the lending Fund than the
Repo Rate and, if applicable, the yield of any money market fund in
which the lending Fund could otherwise invest, and (ii) more favorable
to the borrowing Fund than the Bank Loan Rate.
    10. Under the proposed credit facility, the principal investment
officer(s) (the ``PIO(s)'') for each participating Fund could provide
standing instructions to participate daily as a borrower or lender;
alternatively, the PIO(s) could provide instructions from time to time
as to when the Fund wishes to participate as a borrower or lender. The
Interfund Lending Committee on each business day would collect data on
the uninvested cash and borrowing requirements of all participating
Funds. Once it had determined the aggregate amount of cash available
for loans and borrowing demand, the Interfund Lending Committee would
allocate loans among borrowing Funds without any further communication
from the portfolio managers of the Funds (other than a Money Market
portfolio manager acting in his or her capacity as a member of the
Interfund Lending Committee). All allocations made by the Interfund
Lending Committee will require the approval of at least one member of
the Interfund Lending Committee who has the title of Vice President or
higher in any business unit of the relevant Adviser and is not a Money
Market portfolio manager. Applicants anticipate that there typically
will be far more available uninvested cash each day than borrowing
demand. Therefore, after the Interfund Lending Committee has allocated
cash for Interfund Loans, the Interfund Lending Committee will invest
any remaining cash in accordance with the standing instructions of the
portfolio managers or such remaining amounts will be invested directly
by the portfolio managers of the Funds.
    11. The Interfund Lending Committee would allocate borrowing demand
and cash available for lending among the Funds on what the Interfund
Lending Committee believes to be an equitable basis, subject to certain
administrative procedures applicable to all Funds, such as the time of
filing requests to participate, minimum loan lot sizes, and the need to
minimize the number of transactions and associated administrative
costs. To reduce transaction costs, each loan normally would be
allocated in a manner intended to minimize the number of participants
necessary to complete the loan transaction. The method of allocation
and related administrative procedures would be approved by each Fund's
Trustees, including a majority of Trustees who are not ``interested
persons'' of the Fund, as that term is defined in section 2(a)(19) of
the Act (``Independent Trustees''), to ensure that both borrowing and
lending Funds participate on an equitable basis.
    12. The relevant Adviser would: (i) Monitor the Interfund Loan Rate
and the other terms and conditions of the loans; (ii) limit the
borrowings and loans entered into by each Fund to ensure that they
comply with the Fund's investment policies and limitations; (iii)
ensure equitable treatment of each Fund; and (iv) make quarterly
reports to the Trustees concerning any transactions by the Funds under
the proposed credit facility and the Interfund Loan Rate charged.
    13. The relevant Adviser, through the Interfund Lending Committee,
would administer the proposed credit facility as a disinterested
fiduciary as part of its duties under the investment management
contract with each Fund and would receive no additional fee as
compensation for its services in connection with the administration of
the proposed credit facility. The relevant Adviser may collect standard
pricing, record keeping, bookkeeping and accounting fees associated
with the transfer of cash and/or securities in connection with
repurchase and lending transactions generally, including transactions
effected through the proposed credit facility. Such fees would be no
higher than those applicable for comparable bank loan transactions.
    14. No Fund may participate in the proposed credit facility unless:
(i) The Fund has obtained shareholder approval for its participation,
if such approval is required by law; (ii) the Fund has fully disclosed
all material information concerning the credit facility in its
prospectus and/or statement of additional information; and (iii) the
Fund's participation in the credit facility is consistent with its
investment objectives and limitations and organizational documents.
    15. As part of the Trustees' review of the continuing
appropriateness of a Fund's participation in the proposed credit
facility as required by condition 14, the Trustees of the Fund,
including a majority of the Independent Trustees, also will review the
process in place to appropriately assess: (i) If the Fund participates
as a lender, any effect its participation may have on the Fund's
liquidity risk; and (ii) if the Fund participates as a borrower,
whether the Fund's portfolio liquidity is sufficient to satisfy its
obligations under the facility along with its other liquidity needs.
    16. In connection with the credit facility, applicants request an
order under section 6(c) of the Act exempting them from the provisions
of sections 18(f) and 21(b) of the Act; under section 12(d)(1)(J) of
the Act exempting them from section 12(d)(1) of the Act; under sections
6(c) and 17(b) of the Act exempting them from sections 17(a)(1),
17(a)(2), and 17(a)(3) of the Act; and under section 17(d) of the Act
and rule 17d-1 under the Act to permit certain joint arrangements.

Applicants' Legal Analysis

    1. Section 17(a)(3) of the Act generally prohibits any affiliated
person of a registered investment company, or affiliated person of an
affiliated person, from borrowing money or other property from the
registered investment company. Section 21(b) of the Act generally
prohibits any registered management company from lending money or other
property to any person, directly or indirectly, if that person controls
or is under common control

with that company. Section 2(a)(3)(C) of the Act defines an
``affiliated person'' of another person, in part, to be any person
directly or indirectly controlling, controlled by, or under common
control with, such other person. Section 2(a)(9) of the Act defines
``control'' as the ``power to exercise a controlling influence over the
management or policies of a company,'' but excludes circumstances in
which ``such power is solely the result of an official position with
such company.'' Applicants state that the Funds may be under common
control by virtue of sharing a common investment adviser or by having
an investment adviser that is under common control with those of the
other Funds.
    2. Section 6(c) of the Act provides that an exemptive order may be
granted where an 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 17(b) of the Act authorizes the Commission to exempt a proposed
transaction from section 17(a) provided that the terms of the
transaction, including the consideration to be paid or received, are
fair and reasonable and do not involve overreaching on the part of any
person concerned, and the transaction is consistent with the policy of
the investment company as recited in its registration statement and
with the general purposes of the Act. Applicants believe that the
proposed arrangements satisfy these standards for the reasons discussed
below.
    3. Applicants assert that sections 17(a)(3) and 21(b) of the Act
were intended to prevent a party with strong potential adverse
interests to, and some influence over the investment decisions of, a
registered investment company from causing or inducing the investment
company to engage in lending transactions that unfairly inure to the
benefit of such party and that are detrimental to the best interests of
the investment company and its shareholders. Applicants assert that the
proposed credit facility transactions do not raise these concerns
because: (i) The relevant Adviser, through the Interfund Lending
Committee, would administer the program as a disinterested fiduciary as
part of its duties under the investment management contract with the
applicable Fund; (ii) all Interfund Loans would consist only of
uninvested cash reserves that the lending Fund otherwise would invest
in short-term repurchase agreements or other short-term instruments
either directly or through a money market fund; (iii) the Interfund
Loans would not involve a significantly greater risk than such other
investments; (iv) the lending Fund would receive interest at a rate
higher than it could otherwise obtain through such other investments;
and (v) the borrowing Fund would pay interest at a rate lower than
otherwise available to it under its bank loan agreements and avoid some
up-front commitment fees associated with committed lines of credit.
Moreover, applicants assert that the other terms and conditions that
applicants propose also would effectively preclude the possibility of
any Fund obtaining an undue advantage over any other Fund.
    4. Section 17(a)(1) of the Act generally prohibits an affiliated
person of a registered investment company, or any affiliated person of
such a person, from selling securities or other property to the
investment company. Section 17(a)(2) of the Act generally prohibits an
affiliated person of a registered investment company, or any affiliated
person of such a person, from purchasing securities or other property
from the investment company. Section 12(d)(1) of the Act generally
prohibits a registered investment company from purchasing or otherwise
acquiring any security issued by any other investment company except in
accordance with the limitations set forth in that section.
    5. Applicants state that the obligation of a borrowing Fund to
repay an Interfund Loan could be deemed to constitute a security for
the purposes of sections 17(a)(1) and 12(d)(1). Applicants also state
that any pledge of assets in connection with an Interfund Loan could be
construed as a purchase of the borrowing Fund's securities or other
property for purposes of section 17(a)(2) of the Act. Section
12(d)(1)(J) of the Act provides that the Commission may exempt persons
or transactions from any provision of section 12(d)(1) if and to the
extent that such exemption is consistent with the public interest and
the protection of investors. Applicants submit that the requested
exemptions from sections 17(a)(1), 17(a)(2) and 12(d)(1) are
appropriate in the public interest, and consistent with the protection
of investors and policies and purposes of the Act for all the reasons
set forth above in support of their request for relief from sections
17(a)(3) and 21(b). Applicants also state that the requested relief
from section 17(a)(2) of the Act meets the standards of section 6(c)
and 17(b) because any collateral pledged to secure an Interfund Loan
would be subject to the same conditions imposed by any other lender to
a Fund that imposes conditions on the quality of or access to
collateral for a borrowing (if the lender is another Fund) or the same
or better conditions (in any other circumstance).
    6. Applicants state that section 12(d)(1) was intended to prevent
the pyramiding of investment companies in order to avoid imposing on
investors additional and duplicative costs and fees attendant upon
multiple layers of investments. Applicants submit that the proposed
credit facility does not involve these abuses. Applicants note that
there will be no duplicative costs or fees to the Funds or their
shareholders, and that the Adviser will receive no additional
compensation for its services in administering the credit facility.
Applicants also note that the purpose of the proposed credit facility
is to provide economic benefits for all the participating Funds and
their shareholders.
    7. Section 18(f)(1) of the Act prohibits open-end investment
companies from issuing any senior security except that a company is
permitted to borrow from any bank, provided, that immediately after the
borrowing, there is asset coverage of at least 300 per centum for all
borrowings of the company. Under section 18(g) of the Act, the term
``senior security'' generally includes any bond, debenture, note or
similar obligation or instrument constituting a security and evidencing
indebtedness. Applicants request exemptive relief under section 6(c)
from section 18(f)(1) only to the limited extent necessary to permit a
Fund to lend to or borrow directly from other Funds. The Funds would
remain subject to the requirement of section 18(f)(1) that all
borrowings of a Fund, including combined interfund and bank borrowings,
have at least 300% asset coverage. Based on the conditions and
safeguards described in the application, applicants submit that to
allow the Funds to borrow directly from other Funds pursuant to the
proposed credit facility is consistent with the purposes and policies
of section 18(f)(1).
    8. Section 17(d) of the Act and rule 17d-1 under the Act generally
prohibit an affiliated person of a registered investment company, or
any affiliated person of such a person, when acting as principal, from
effecting any joint transaction in which the investment company
participates, unless, upon application, the transaction has been
approved by the Commission. Rule 17d-1(b) under the Act provides that
in passing upon an application filed under the rule, the Commission
will consider whether the participation of the registered investment
company in a joint enterprise on the basis proposed is consistent with
the provisions, policies and purposes of the Act and the extent

to which such participation is on a basis different from or less
advantageous than that of the other participants.
    9. Applicants assert that the purpose of section 17(d) is to avoid
overreaching by and unfair advantage to insiders. Applicants assert
that the proposed credit facility is consistent with the provisions,
policies and purposes of the Act in that it offers both reduced
borrowing costs and enhanced returns on loaned funds to all
participating Funds and their shareholders. Applicants note that each
Fund would have an equal opportunity to borrow and lend on equal terms
consistent with its investment policies and fundamental investment
limitations. Applicants assert that each Fund's participation in the
proposed credit facility would be on terms that are no different from
or less advantageous than that of other participating Funds.

Applicants' Conditions

    Applicants agree that any order granting the requested relief will
be subject to the following conditions:
    1. The Interfund Loan Rate will be the average of the Repo Rate and
the Bank Loan Rate.
    2. On each business day, when an Interfund Loan is to be made, the
Interfund Lending Committee will compare the Bank Loan Rate with the
Repo Rate and will make cash available for Interfund Loans only if the
Interfund Loan Rate is: (a) More favorable to the lending Fund than the
Repo Rate and, if applicable, the yield of any money market fund in
which the lending Fund could otherwise invest; and (b) more favorable
to the borrowing Fund than the Bank Loan Rate.
    3. If a Fund has outstanding bank borrowings, any Interfund Loans
to the Fund: (a) Will be at an interest rate equal to or lower than the
interest rate of any outstanding bank loan to the Fund; (b) will be
secured at least on an equal priority basis with at least an equivalent
percentage of collateral to loan value as any outstanding bank loan to
the Fund that requires collateral; (c) will have a maturity no longer
than any outstanding bank loan to the Fund (and in any event not over
seven days); and (d) will provide that, if an event of default by the
Fund occurs under any agreement evidencing an outstanding bank loan to
the Fund, that event of default will automatically (without need for
action or notice by the lending Fund) constitute an immediate event of
default under the Interfund Lending Agreement entitling the lending
Fund to call the Interfund Loan (and exercise all rights with respect
to any collateral) and that such call will be made if the lending bank
exercises its right to call its loan under its agreement with the
borrowing Fund.
    4. A Fund may make an unsecured borrowing through the proposed
credit facility if its outstanding borrowings from all sources
immediately after the interfund borrowing total 10% or less of its
total assets, provided that if the Fund has a secured loan outstanding
from any other lender, including but not limited to another Fund, the
Fund's interfund borrowing will be secured on at least an equal
priority basis with at least an equivalent percentage of collateral to
loan value as any outstanding loan that requires collateral. If a
Fund's total outstanding borrowings immediately after an interfund
borrowing would be greater than 10% of its total assets, the Fund may
borrow through the proposed credit facility only on a secured basis. A
Fund may not borrow through the proposed credit facility or from any
other source if its total outstanding borrowings immediately after such
borrowing would be more than 33\1/3\% of its total assets.
    5. Before any Fund that has outstanding interfund borrowings may,
through additional borrowings, cause its outstanding borrowings from
all sources to exceed 10% of its total assets, the Fund must first
secure each outstanding Interfund Loan by the pledge of segregated
collateral with a market value at least equal to 102% of the
outstanding principal value of the loan. If the total outstanding
borrowings of a Fund with outstanding Interfund Loans exceed 10% of its
total assets for any other reason (such as a decline in net asset value
or because of shareholder redemptions), the Fund will within one
business day thereafter: (a) Repay all of its outstanding Interfund
Loans; (b) reduce its outstanding indebtedness to 10% or less of its
total assets; or (c) secure each outstanding Interfund Loan by the
pledge of segregated collateral with a market value at least equal to
102% of the outstanding principal value of the loan until the Fund's
total outstanding borrowings cease to exceed 10% of its total assets,
at which time the collateral called for by this condition 5 shall no
longer be required. Until each Interfund Loan that is outstanding at
any time that a Fund's total outstanding borrowings exceed 10% is
repaid or the Fund's total outstanding borrowings cease to exceed 10%
of its total assets, the Fund will mark the value of the collateral to
market each day and will pledge such additional collateral as is
necessary to maintain the market value of the collateral that secures
each outstanding Interfund Loan at least equal to 102% of the
outstanding principal value of the Interfund Loan.
    6. No Fund may lend to another Fund through the proposed credit
facility if the loan would cause the lending Fund's aggregate
outstanding loans through the proposed credit facility to exceed 15% of
the lending Fund's current net assets at the time of the loan.
    7. A Fund's Interfund Loans to any one Fund shall not exceed 5% of
the lending Fund's net assets.
    8. The duration of Interfund Loans will be limited to the time
required to obtain cash sufficient to repay such Interfund Loan,
through either the sale of portfolio securities or the net sales of the
Fund's shares, but in no event more than seven days. Loans effected
within seven days of each other will be treated as separate loan
transactions for purposes of this condition.
    9. A Fund's borrowings through the proposed credit facility, as
measured on the day when the most recent loan was made, will not exceed
the greater of 125% of the Fund's total net cash redemptions for the
preceding seven calendar days or 102% of the Fund's sales fails for the
preceding seven calendar days.
    10. Each Interfund Loan may be called on one business day's notice
by a lending Fund and may be repaid on any day by a borrowing Fund.
    11. A Fund's participation in the proposed credit facility must be
consistent with its investment objectives and limitations and
organizational documents.
    12. The Interfund Lending Committee will calculate total Fund
borrowing and lending demand through the proposed credit facility, and
allocate loans on an equitable basis among the Funds, without the
intervention of any portfolio manager of the Funds (other than a Money
Market portfolio manager acting in his or her capacity as a member of
the Interfund Lending Committee). All allocations made by the Interfund
Lending Committee will require the approval of at least one member of
the Interfund Lending Committee who has the title of Vice President or
higher in any business unit of the relevant Adviser and is not a Money
Market portfolio manager. The Interfund Lending Committee will not
solicit cash for the proposed credit facility from any Fund or
prospectively publish or disseminate loan demand data to portfolio
managers (except to the extent that a Money Market portfolio manager on
the Interfund Lending Committee has access to loan demand data). The
Interfund Lending Committee will invest any amounts remaining after
satisfaction of borrowing demand in

accordance with the standing instructions of the portfolio managers or
such remaining amounts will be invested directly by the portfolio
managers of the Funds.
    13. The Interfund Lending Committee will monitor the Interfund Loan
Rate and the other terms and conditions of the Interfund Loans and will
make a quarterly report to the Trustees of each Fund concerning the
participation of the Funds in the proposed credit facility and the
terms and other conditions of any extensions of credit under the credit
facility.
    14. The Trustees of each Fund, including a majority of the
Independent Trustees, will:
    (a) Review, no less frequently than quarterly, the Fund's
participation in the proposed credit facility during the preceding
quarter for compliance with the conditions of any order permitting such
transactions;
    (b) establish the Bank Loan Rate formula used to determine the
interest rate on Interfund Loans and review, no less frequently than
annually, the continuing appropriateness of the Bank Loan Rate formula;
and
    (c) review, no less frequently than annually, the continuing
appropriateness of the Fund's participation in the proposed credit
facility.
    15. If an Interfund Loan is not paid according to its terms and
such default is not cured within two business days from its maturity or
from the time the lending Fund makes a demand for payment under the
provisions of the Interfund Lending Agreement, the Adviser will
promptly refer such loan for arbitration to an independent arbitrator
selected by the Trustees of each Fund involved in the loan who will
serve as arbitrator of disputes concerning Interfund Loans.\2\ The
arbitrator will resolve any problem promptly, and the arbitrator's
decision will be binding on both Funds. The arbitrator will submit, at
least annually, a written report to the Trustees setting forth a
description of the nature of any dispute and the actions taken by the
Funds to resolve the dispute.
---------------------------------------------------------------------------

    \2\ If the dispute involves Funds with different Trustees, the
respective Trustees of each Fund will select an independent
arbitrator that is satisfactory to each Fund.
---------------------------------------------------------------------------

    16. Each Fund will maintain and preserve for a period of not less
than six years from the end of the fiscal year in which any transaction
by it under the proposed credit facility occurred, the first two years
in an easily accessible place, written records of all such transactions
setting forth a description of the terms of the transactions by the
Fund, including the amount, the maturity and the Interfund Loan Rate,
the rate of interest available at the time each Interfund Loan is made
on overnight repurchase agreements and commercial bank borrowings, the
yield of any money market fund in which the lending Fund could
otherwise invest, and such other information presented to the Fund
Trustees in connection with the review required by conditions 13 and
14.
    17. The relevant Adviser will prepare and submit to the Trustees
for review an initial report describing the operations of the proposed
credit facility and the procedures to be implemented to ensure that all
Funds are treated fairly. After the commencement of the proposed credit
facility, the relevant Adviser will report on the operations of the
proposed credit facility at each of the Trustees' quarterly meetings.
    Each Fund's chief compliance officer, as defined in rule 38a-
1(a)(4) under the Act, shall prepare an annual report for its Trustees
each year that the Fund participates in the proposed credit facility,
that evaluates the Fund's compliance with the terms and conditions of
the application and the procedures established to achieve such
compliance. Each Fund's chief compliance officer will also annually
file a certification pursuant to Item 77Q3 of Form N-SAR as such Form
may be revised, amended or superseded from time to time, for each year
that the Fund participates in the proposed credit facility, that
certifies that the Fund and its Adviser have established procedures
reasonably designed to achieve compliance with the terms and conditions
of the order. In particular, such certification will address procedures
designed to achieve the following objectives:
    (a) That the Interfund Loan Rate will be higher than the Repo Rate
and, if applicable, the yield of the money market funds, but lower than
the Bank Loan Rate;
    (b) compliance with the collateral requirements as set forth in the
application;
    (c) compliance with the percentage limitations on interfund
borrowing and lending;
    (d) allocation of interfund borrowing and lending demand in an
equitable manner and in accordance with procedures established by the
Trustees; and
    (e) that the Interfund Loan Rate does not exceed the interest rate
on any third party borrowings of a borrowing Fund at the time of the
Interfund Loan.
    Additionally, each Fund's independent public accountants, in
connection with their audit examination of the Fund, will review the
operation of the proposed credit facility for compliance with the
conditions of the application and their review will form the basis, in
part, of the auditor's report on internal accounting controls in Form
N-SAR.
    18. No Fund will participate in the proposed credit facility upon
receipt of requisite regulatory approval unless it has fully disclosed
in its prospectus and/or statement of additional information all
material facts about its intended participation.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Brent J. Fields,
Secretary.
[FR Doc. 2016-07193 Filed 3-30-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 126 (Monday, July 3, 2017)]
[Notices]
[Pages 30853-30854]
[FR Doc No: 2017-13953]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2891-017]

City of Tallahassee; Notice of Application for Surrender of
License, Soliciting Comments, Motions to Intervene, and Protests

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Type of Proceeding: Application for surrender of license.
    b. Project No.: 2891-017.
    c. Date Filed: June 5, 2017.
    d. Licensee: City of Tallahassee.
    e. Name of Project: Jackson Bluff Hydroelectric Project.
    f. Location: The project is located on the Ochlockonee River in
Leon, Liberty, and Gadsden Counties, Florida.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791a-825r.
    h. Licensee Contact: Mr. Robert McGarrah, General Manager, City of

Tallahassee Electric Department, 2602 Jackson Bluff Road, Tallahassee,
FL 32304.
    i. FERC Contact: Ms. Diana Shannon,<PHONE_NUMBER>,
<EMAIL_ADDRESS>    j. Deadline for filing comments, interventions, and protests is 30
days from the issuance date of this notice by the Commission. The
Commission strongly encourages electronic filing. Please file motions
to intervene, protests and comments 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-2891-017.
    k. Description of Request: The licensee proposes to surrender the
project. No ground disturbance is associated with the proposed
surrender and project features will remain in place. To maintain lake
levels, releases will be through the spillway gates and not through the
powerhouse. The licensee has determined that a combination of a lower
cost of competing renewable resources and the cost of obtaining a new
license make it uneconomical to continue operating the project. The
current license expires on June 30, 2022.
    l. This filing may be viewed on the Commission's Web site at http://www.ferc.gov/docs-filing/elibrary.asp. Enter the docket number
excluding the last three digits in the docket number field to access
the document. You may also register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filings and
issuances related to this or other pending projects. For assistance,
call 1-866-208-3676 or email<EMAIL_ADDRESS>for TTY, call
(202) 502-8659. A copy is also available for inspection and
reproduction in the Commission's Public Reference Room located at 888
First Street NE., Room 2A, Washington, DC 20426, or by calling (202)
502-8371.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions to Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.212 and .214. In determining the appropriate action to take, the
Commission will consider all protests or other comments filed, but only
those who file a motion to intervene in accordance with the
Commission's Rules may become a party to the proceeding. Any comments,
protests, or motions to intervene must be received on or before the
specified comment date for the particular application.
    o. Filing and Service of Responsive Documents: Any filing must (1)
bear in all capital letters the title COMMENTS, PROTEST, or MOTION TO
INTERVENE as applicable; (2) set forth in the heading the name of the
applicant and the project number of the application to which the filing
responds; (3) furnish the name, address, and telephone number of the
person protesting or intervening; and (4) otherwise comply with the
requirements of 18 CFR 385.2001 through 385.2005. All comments, motions
to intervene, or protests must set forth their evidentiary basis and
otherwise comply with the requirements of 18 CFR 4.34(b). All comments,
motions to intervene, or protests should relate the temporary variance
that is the subject of this notice. Agencies may obtain copies of the
application directly from the applicant. A copy of any protest or
motion to intervene must be served upon each representative of the
applicant specified in the particular application. If an intervener
files comments or documents with the Commission relating to the merits
of an issue that may affect the responsibilities of a particular
resource agency, they must also serve a copy of the document on that
resource agency. A copy of all other filings in reference to this
application must be accompanied by proof of service on all persons
listed in the service list prepared by the Commission in this
proceeding, in accordance with 18 CFR 4.34(b) and 385.2010.

    Dated: June 27, 2017.
Kimberly D. Bose,
Secretary.
[FR Doc. 2017-13953 Filed 6-30-17; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 77, Number 37 (Friday, February 24, 2012)]
[Notices]
[Pages 11134-11135]
[FR Doc No: 2012-4288]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2008-D-0610]

Guidance for Industry on Postmarketing Adverse Event Reporting
for Medical Products and Dietary Supplements During an Influenza
Pandemic; Availability

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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

SUMMARY: The Food and Drug Administration (FDA) is announcing the
availability of a guidance for industry entitled ``Postmarketing
Adverse Event Reporting for Medical Products and Dietary Supplements
During an Influenza Pandemic.'' The guidance discusses FDA's intended
approach to enforcement of adverse event reporting requirements for
drugs, biologics, medical devices, and dietary supplements during an
influenza pandemic. The Agency makes recommendations to industry for
focusing limited resources on reports related to products indicated for
the prevention and treatment of influenza and other specific types of
reports indicated in the guidance.

DATES: Submit either electronic or written comments on Agency guidances
at any time.

ADDRESSES: Submit written requests for single copies of this guidance
to the Division of Drug Information, Center for Drug Evaluation and
Research, Food and Drug Administration, 10903 New Hampshire Ave., Bldg.
51, Rm. 2201, Silver Spring, MD 20993-0002. Send one self-addressed
adhesive label to assist that office in processing your requests. See
the SUPPLEMENTARY INFORMATION section for electronic access to the
guidance document.
    Submit electronic comments on the guidance to http://www.regulations.gov. Submit written comments to the Division of Dockets
Management (HFA-305), Food and Drug Administration, 5630 Fishers Lane,
Rm. 1061, Rockville, MD 20852.

FOR FURTHER INFORMATION CONTACT:
    Regarding pandemic influenza: Carmen Maher, Office of
Counterterrorism and Emerging Threats, Food and Drug Administration,
10903 New Hampshire Ave., Bldg. 32, Rm. 4146, Silver Spring, MD 20993-
0002,<PHONE_NUMBER>.
    Regarding human drug products: Toni Piazza-Hepp, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Ave., Bldg. 22, Rm. 4480, Silver Spring, MD 20993-0002, 301-
796-0520.
    Regarding human biological products: Stephen Ripley, Center for
Biologics Evaluation and Research (HFM-17), Food and Drug
Administration, 1401 Rockville Pike, Rockville, MD 20852-1448, 301-827-
6210.
    Regarding medical device products: Deborah Moore, Center for
Devices and Radiological Health, Food and Drug Administration, 10903
New Hampshire Ave., Bldg. 66, Rm. 3230, Silver Spring, MD 20993-0002,
301-796-6106.
    Regarding dietary supplements: John Sheehan, Center for Food Safety
and Applied Nutrition (HFS-315), Food and Drug Administration, 5100
Paint Branch Pkwy., College Park, MD 20740,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Background

    FDA is announcing the availability of a guidance for industry
entitled ``Postmarketing Adverse Event Reporting for Medical Products
and Dietary Supplements During an Influenza Pandemic.'' FDA anticipates
that during an influenza pandemic, industry and FDA workforces may be
reduced while reporting of adverse events related to widespread use of
medical products indicated for the treatment and prevention of
influenza may increase, although the extent of these possible changes
is unknown. The guidance discusses FDA's intended approach to
enforcement of adverse event reporting requirements for drugs,
biologics, medical devices, and dietary supplements during an influenza
pandemic.
    The guidance provides recommendations for planning, notification,
and documentation for firms that report postmarketing adverse events.
The guidance recommends that each firm's pandemic influenza continuity
of operations plan include instructions for reporting adverse events
and a plan for the submission of stored reports that were not submitted
within regulatory timeframes. The guidance recommends that firms that
are unable to fulfill normal adverse event reporting requirements
during an influenza pandemic do the following:
     Document the conditions that prevent them from meeting
normal reporting requirements,
     Notify the appropriate FDA organizational unit responsible
for adverse event reporting compliance when these conditions exist and
when the reporting process is restored, and
     Maintain records to identify what reports have been
stored.
    This guidance does not address monitoring and reporting of adverse
events that might be imposed as a condition of authorization for
products authorized for emergency use under section 564 of the Federal
Food, Drug, and Cosmetic Act (the FD&C Act) (21 U.S.C. 360bbb-3). This
guidance also does not address monitoring and reporting of adverse
events as required by regulations establishing the conditions for
investigational use of drugs, biologics, and devices. (See 21 CFR parts
312 and 812.)
    This guidance is being issued consistent with FDA's good guidance
practices regulation (21 CFR 10.115). The guidance represents the
Agency's current thinking on postmarketing adverse event reporting for
medical products and dietary supplements during pandemic influenza. It
does not

create or confer any rights for or on any person and does not operate
to bind FDA or the public. An alternative approach may be used if such
approach satisfies the requirements of the applicable statutes and
regulations.

II. Comments

    Interested persons may submit to the Division of Dockets Management
(see ADDRESSES) either electronic or written comments regarding this
document. It is only necessary to send one set of comments. Identify
comments with the docket number found in brackets in the heading of
this document. Received comments may be seen in the Division of Dockets
Management between 9 a.m. and 4 p.m., Monday through Friday.

III. The Paperwork Reduction Act of 1995

    This guidance contains information collection provisions that are
subject to review by the Office of Management and Budget (OMB) under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520). The
collection of information in this guidance was approved under OMB
control number 0910-0701.
    The guidance also refers to previously approved collections of
information found in FDA's adverse event reporting requirements in 21
CFR 310.305, 314.80, 314.98, 600.80, 606.170, 640.73, 1271.350, and 21
CFR part 803. These regulations contain collections of information that
are subject to review by OMB under the Paperwork Reduction Act of 1995
(44 U.S.C. 3501-3520) and are approved under OMB control numbers 0910-
0116, 0910-0291, 0910-0230, 0910-0308, 0910-0437, and 0910-0543. In
addition, the guidance also refers to adverse event reports for
nonprescription human drug products marketed without an approved
application and dietary supplements required under sections 760 and 761
of the FD&C Act (21 U.S.C. 379aa and 379aa-1), which include
collections of information approved under OMB control numbers 0910-0636
and 0910-0635.

IV. Electronic Access

    Persons with access to the Internet may obtain the document at
either http://www.fda.gov/Drugs/GuidanceComplianceRegulatoryInformation/Guidances/default.htm, http://www.fda.gov/BiologicsBloodVaccines/GuidanceComplianceRegulatoryInformation/Guidances/default.htm, http://www.fda.gov/MedicalDevices/DeviceRegulationandGuidance/GuidanceDocuments/default.htm, http://www.fda.gov/Food/GuidanceComplianceRegulatoryInformation/GuidanceDocuments/default.htm,
or http://www.regulations.gov.

    Dated: February 17, 2012.
Leslie Kux,
Acting Assistant Commissioner for Policy.
[FR Doc. 2012-4288 Filed 2-23-12; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register: October 31, 2008 (Volume 73, Number 212)]
[Rules and Regulations]
[Page 64881-64883]
[DOCID:fr31oc08-8]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2007-28391; Airspace Docket No. 07-AAL-10]

Modification to the Norton Sound Low, Woody Island Low, Control
1234L and Control 1487L Offshore Airspace Areas; AK

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action amends the following four Offshore Airspace Areas
in Alaska: Norton Sound Low, Woody Island Low, Control 1234L and
Control 1487L. This action lowers the airspace floors to provide
additional controlled airspace for aircraft instrument flight rule
(IFR) operations at Alaska airports.

DATES: Effective Date: 0901 UTC, January 15, 2009. The Director of the
Federal Register approves this incorporation by reference action under
1 CFR part 51, subject to the annual revision of FAA Order 7400.9 and
publication of conforming amendments.

FOR FURTHER INFORMATION CONTACT: Ken McElroy, Airspace and Rules Group,
Office of System Operations Airspace and AIM, Federal Aviation
Administration, 800 Independence Avenue, SW., Washington, DC 20591;
telephone:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

History

    On Wednesday July 30, 2008, the FAA published in the Federal
Register a notice of proposed rulemaking to modify four Alaskan
Offshore Airspace Areas: Norton Sound Low, Woody Island Low, Control
1234L and Control 1487L (73 FR 44201). Interested parties were invited
to participate in this rulemaking effort by submitting written comments
on the proposal. No comments were received. A review of the airspace
description revealed that it contained two items that were unnecessary.
The Norton Sound Low 1,200 foot description for Selawik, AK, is not
required. Similarly, the 1,200 ft. description for Control 1234L had
duplicate references to Eareckson Air Force Station. These two items
are addressed in the airspace descriptions below. With the exception of
editorial changes, this amendment is the same as that proposed in the
NPRM.
    These airspace areas are published in paragraph 6007 of FAA Order
7400.9R, signed August 15, 2007, and effective September 15, 2007,
which is incorporated by reference in 14 CFR 71.1. The Offshore
Airspace Areas listed in this document will be published subsequently
in the order.

The Rule

    This action amends Title 14 Code of Federal Regulations (14 CFR)
part 71 modifying the Norton Sound Low, Woody Island Low, Control
1234L, and Control 1487L Offshore Airspace Areas, AK. The Norton Sound
Low Offshore Airspace Area is being modified by lowering the offshore
airspace floor to 1,200 feet mean sea level (MSL) at the following
airports: within 78 miles of Buckland; within 73 miles of Chevak;
within 74 miles of Kotzebue; within 73 miles of Noatak; and within 73
miles of Port Heiden. In addition, the Norton Sound Low Offshore
Airspace area is being lowered to 700 feet MSL at Port Heiden Airport.
    The Woody Island Low Offshore Airspace Area is being modified in
the vicinity of the Kodiak, Middleton Island and Port Heiden Airports
by lowering the offshore airspace floor to 1,200 feet MSL within 73
miles of Kodiak and Port Heiden Airports, and within 42 miles of
Middleton Island Airport.
    Additionally, the Control 1234L Offshore Airspace area is being
modified by lowering the offshore airspace floor to 700 feet above the
surface within 6.3 miles, and 1,200 feet above the surface within 45
miles, of Nikolski Airport; and within 1,200 feet above the surface
within 73 miles of Port Heiden Airport.
    Finally, this action modifies the Control 1487L Offshore Airspace
Area by lowering the offshore airspace floor to 1,200 feet MSL within
73 miles of Kodiak Airport, and corrects an error in one coordinate
adjoining the Woody Island Low Control Area. This correction will align
the adjoining airspaces.
    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are

necessary to keep them operationally current. Therefore, this
regulation: (1) Is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under
Department of Transportation (DOT) Regulatory Policies and Procedures
(44 FR 11034; February 26, 1979); and (3) does not warrant preparation
of a regulatory evaluation as the anticipated impact is so minimal.
Since this is a routine matter that will only affect air traffic
procedures and air navigation, it is certified that this rule, when
promulgated, will not have a significant economic impact on a
substantial number of small entities under the criteria of the
Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, section 106
describes the authority of the FAA Administratior. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority.
    This rulemaking is promulgated under the authority described in
Subtitle VII, Part A, Subpart I, section 40103. Under that section, the
FAA is charged with prescribing regulations to assign the use of the
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is with the scope of that authority as
it provides additional controlled airspace for aircraft IFR operations
at Alaska airports.

ICAO Considerations

    As part of this action relates to navigable airspace outside the
United States, this notice is submitted in accordance with the
International Civil Aviation Organization (ICAO) International
Standards and Recommended Practices.
    The application of International Standards and Recommended
Practices by the FAA, Office of System Operations Airspace and AIM,
Airspace & Rules, in areas outside the United States domestic airspace,
is governed by the Convention on International Civil Aviation.
Specifically, the FAA is governed by Article 12 and Annex 11, which
pertain to the establishment of necessary air navigational facilities
and services to promote the safe, orderly, and expeditious flow of
civil air traffic. The purpose of Article 12 and Annex 11 is to ensure
that civil aircraft operations on international air routes are
performed under uniform conditions.
    The International Standards and Recommended Practices in Annex 11
apply to airspace under the jurisdiction of a contracting state,
derived from ICAO. Annex 11 provisions apply when air traffic services
are provided and a contracting state accepts the responsibility of
providing air traffic services over high seas or in airspace of
undetermined sovereignty.
    A contracting state accepting this responsibility may apply the
International Standards and Recommended Practices that are consistent
with standards and practices utilized in its domestic jurisdiction.
    In accordance with Article 3 of the Convention, state-owned
aircraft are exempt from the Standards and Recommended Practices of
Annex 11. The United States is a contracting state to the Convention.
Article 3(d) of the Convention provides that participating state
aircraft will be operated in international airspace with due regard for
the safety of civil aircraft. Since this action involves, in part, the
designation of navigable airspace outside the United States, the
Administrator has been reviewed by the Secretary of State and the
Secretary of Defense in accordance with the provisions of Executive
Order 10854.

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with FAA Order 1050.1E, Policies and Procedures for Considering
Environmental Impacts. This airspace action is not expected to cause
any potentially significant environmental impacts, and no extraordinary
circumstances exist that warrant preparation of an environmental
assessment.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

0
In consideration of the foregoing, the Federal Aviation Administration
amends 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for part 71 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40103, 40113, 40120; E.O. 10854, 24
FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order 7400.9R,
Airspace Designations and Reporting Points, signed August 15, 2007, and
effective September 15, 2007 is amended as follows:

Paragraph 6007 Offshore Airspace Areas.

* * * * *

Norton Sound Low, AK [Amended]

    That airspace extending upward from 14,500 feet MSL within an
area bounded by a line beginning at lat. 56[deg]42[min]59[sec] N.,
long. 160[deg]00[min]00[sec] W., north by a line 12 miles from and
parallel to the U.S. coastline to the intersection with
164[deg]00[min]00[sec] W., longitude near the outlet to Kotzebue
Sound, then north to the intersection with a point 12 miles from the
U.S. coastline, then north by a line 12 miles from and parallel to
the shoreline to lat. 68[deg]00[min]00[sec] N., to lat.
68[deg]00[min]00[sec] N., long. 168[deg]58[min]23[sec] W., to lat.
65[deg]00[min]00[sec] N., long. 168[deg]58[min]23[sec] W., to lat.
62[deg]35[min]00[sec] N., long. 175[deg]00[min]00[sec] W., to lat.
59[deg]59[min]57[sec] N., long. 168[deg]00[min]08[sec] W., to lat.
57[deg]45[min]57[sec] N., long. 161[deg]46[min]08[sec] W., to lat.
58[deg]06[min]57[sec] N., long. 160[deg]00[min]00[sec] W., to the
point of beginning; and that airspace extending upward from 1,200
feet MSL north of the Alaska Peninsula and east of 160[deg] W.
longitude within 73 miles of the Port Heiden NDB/DME, AK, and north
of the Alaska Peninsula and east of 160[deg] W. longitude within an
81.2-mile radius of Perryville Airport, AK, and north of the Alaska
Peninsula and east of 160[deg] W. longitude within a 72.8-mile
radius of Chignik Airport, AK, and within a 35-mile radius of lat.
60[deg]21[min]17[sec] N., long. 165[deg]04[min]01[sec] W., and
within a 73-mile radius of the Chevak Airport, AK, and within a 45-
mile radius of Hooper Bay Airport, AK, and within a 73-mile radius
of St. Michael Airport, AK, and within a 77.4-mile radius of the
Nome VORTAC, AK, and within a 30-mile radius of lat.
66[deg]09[min]58[sec] N., long. 166[deg]30[min]03[sec] W., and
within a 30-mile radius of lat. 66[deg]19[min]55[sec] N., long.
165[deg]40[min]32[sec] W., and within a 74-mile radius of the
Kotzebue VOR/DME, AK, and within a 73-mile radius of the Noatak
Airport, AK; and within a 71NM radius of New Stuyahok Airport, AK;
and that airspace extending upward from 700 feet MSL within 8 miles
west and 4 miles east of the 339[deg] bearing from the Port Heiden
NDB/DME, AK, extending from the Port Heiden NDB/DME, AK, to 20 miles
north of the Port Heiden NDB/DME, AK, and within a 25-mile radius of
Nome Airport, AK.
* * * * *

Woody Island Low, AK [Amended]

    That airspace extending upward from 14,500 feet MSL within the
area bounded by a line beginning at lat. 53[deg]30'00'' N., long.
160[deg]00'00'' W., to lat. 56[deg]00'00'' N., long. 153[deg]00'00''
W., to lat. 56[deg]45'42'' N., long. 151[deg]45'00'' W., to lat.
58[deg]19'58'' N., long. 148[deg]55'07'' W., to lat. 59[deg]08'34''
N., long. 147[deg]16'06'' W., then clockwise via the 149.5-mile
radius from the Anchorage, VOR/DME, AK, to the intersection with a
point 12 miles from and parallel to the U.S. coastline, then
southwest by a line 12 miles from and parallel to the U.S. coastline
to the intersection with 160[deg]00'00'' W. longitude, to the point
of beginning; and that airspace extending upward from 1,200 feet
MSL, within 73 miles of the Kodiak Airport, AK, and that airspace
extending south and east of the Alaska Peninsula within a 72.8-mile
radius of Chignik Airport, AK, and outside

(south) of the 149.5-mile radius of the Anchorage VOR/DME, AK,
within a 73-mile radius of Homer Airport, AK, and within a 42-mile
radius of the Middleton Island VOR/DME, AK, and south and east of
the Alaska Peninsula within an 81.2-mile radius of Perryville
Airport, AK, and south of the Alaska Peninsula within a 73-mile
radius of the Port Heiden NDB/DME, AK.
* * * * *

Control 1234L [Amended]

    That airspace extending upward from 2,000 feet above the surface
within an area bounded by a line beginning at lat. 58[deg]06'57''
N., long. 160[deg]00'00'' W., then south along 160[deg]00'00'' W.
longitude, until it intersects the Anchorage Air Route Traffic
Control Center (ARTCC) boundary; then southwest, northwest, north,
and northeast along the Anchorage ARTCC boundary to lat.
62[deg]35'00'' N., long. 175[deg]00'00'' W., to lat. 59[deg]59'57''
N., long. 168[deg]00'08'' W., to lat. 57[deg]45'57'' N., long.
161[deg]46'08'' W., to the point of beginning; and that airspace
extending upward from 1,200 feet above the surface within a 26.2-
mile radius of Eareckson Air Station, AK, within an 11-mile radius
of Adak Airport, AK, and within 16 miles of Adak Airport, AK,
extending clockwise from the 033[deg] bearing to the 081[deg]
bearing from the Mount Moffett NDB, AK, and within a 10-mile radius
of Atka Airport, AK, and within a 10.6-mile radius from Cold Bay
Airport, AK, and within 9 miles east and 4.3 miles west of the
321[deg] bearing from Cold Bay Airport, AK, extending from the 10.6-
mile radius to 20 miles northwest of Cold Bay Airport, AK, and 4
miles each side of the 070[deg] bearing from Cold Bay Airport, AK,
extending from the 10.6-mile radius to 13.6 miles northeast of Cold
Bay Airport, AK, and west of 160[deg] W. longitude within an 81.2-
mile radius of Perryville Airport, AK, and within a 45-mile radius
of the Nikolski Airport, AK, and west of 160[deg] W. longitude
within a 73-mile radius of the Port Heiden NDB/DME, AK, and within a
10-mile radius of St. George Airport, AK, and within a 73-mile
radius of St. Paul Island Airport, AK, and within a 20-mile radius
of Unalaska Airport, AK, extending clockwise from the 305[deg]
bearing from the Dutch Harbor NDB, AK, to the 075[deg] bearing from
the Dutch Harbor NDB, AK, and west of 160[deg] W. longitude within a
25-mile radius of the Borland NDB/DME, AK, and west of 160[deg] W.
longitude within a 72.8-mile radius of Chignik Airport, AK; and that
airspace extending upward from 700 feet above the surface within a
6.9-mile radius of Eareckson Air Station, AK, and within a 7-mile
radius of Adak Airport, AK, and within 5.2 miles northwest and 4.2
miles southeast of the 061[deg] bearing from the Mount Moffett NDB,
AK, extending from the 7-mile radius of Adak Airport, AK, to 11.5
miles northeast of Adak Airport, AK and within a 6.5-mile radius of
King Cove Airport, and extending 1.2 miles either side of the
103[deg] bearing from King Cove Airport from the 6.5-mile radius out
to 8.8 miles, and within a 6.4-mile radius of the Atka Airport, AK,
and within a 6.3-mile radius of Nelson Lagoon Airport, AK, and
within a 6.3-mile radius of the Nikolski Airport, AK, and within a
6.4-mile radius of Sand Point Airport, AK, and within 3 miles each
side of the 172[deg] bearing from the Borland NDB/DME, AK, extending
from the 6.4-mile radius of Sand Point Airport, AK, to 13.9 miles
south of Sand Point Airport, AK, and within 5 miles either side of
the 318[deg] bearing from the Borland NDB/DME, AK, extending from
the 6.4-mile radius of Sand Point Airport, AK, to 17 miles northwest
of Sand Point Airport, AK, and within 5 miles either side of the
324[deg] bearing from the Borland NDB/DME, AK, extending from the
6.4-mile radius of Sand Point Airport, AK, to 17 miles northwest of
the Sand Point Airport, AK, and within a 6.6-mile radius of St.
George Airport, AK, and within an 8-mile radius of St. Paul Island
Airport, AK, and 8 miles west and 6 miles east of the 360[deg]
bearing from St. Paul Island Airport, AK, to 14 miles north of St.
Paul Island Airport, AK, and within 6 miles west and 8 miles east of
the 172[deg] bearing from St. Paul Island Airport, AK, to 15 miles
south of St. Paul Island Airport, AK, and within a 6.4-mile radius
of Unalaska Airport, AK, and within 2.9 miles each side of the
360[deg] bearing from the Dutch Harbor NDB, AK, extending from the
6.4-mile radius of Unalaska Airport, AK, to 9.5 miles north of
Unalaska Airport, AK; and that airspace extending upward from the
surface within a 4.6-mile radius of Cold Bay Airport, AK, and within
1.7 miles each side of the 150[deg] bearing from Cold Bay Airport,
AK, extending from the 4.6-mile radius to 7.7 miles southeast of
Cold Bay Airport, AK, and within 3 miles west and 4 miles east of
the 335[deg] bearing from Cold Bay Airport, AK, extending from the
4.6-mile radius to 12.2 miles northwest of Cold Bay Airport, AK.
* * * * *

Control 1487L [Amended]

    That airspace extending upward from 8,000 feet MSL within 149.5
miles of the Anchorage VOR/DME clockwise from the 090[deg] radial to
the 185[deg] radial of the Anchorage VOR/DME, AK; and that airspace
extending upward from 5,500 feet MSL within the area bounded by a
line beginning at lat. 58[deg]19'58'' N., long. 148[deg]55'07'' W.;
to lat. 59[deg]08'34'' N., long. 147[deg]16'06'' W.; thence
counterclockwise via the 149.5-mile radius of the Anchorage VOR/DME,
AK, to the intersection with a point 12 miles from and parallel to
the U.S. coastline; thence southeast 12 miles from and parallel to
the U.S. coastline to a point 12 miles offshore on the Vancouver FIR
boundary; to lat. 54[deg]32'57'' N., long. 133[deg]11'29'' W.; to
lat. 54[deg]00'00'' N., long. 136[deg]00'00'' W.; to lat.
52[deg]43'00'' N., long. 135[deg]00'00'' W.; to lat. 56[deg]45'42''
N., long. 151[deg]45'00'' W.; to the point of beginning; and that
airspace extending upward from 1,200 feet MSL within the area
bounded by a line beginning at lat. 59[deg]33'25'' N., long.
141[deg]03'22'' W.; thence southeast 12 miles from and parallel to
the U.S. coastline to lat. 58[deg]56'18'' N., long. 138[deg]45'19''
W.; to lat. 58[deg]40'00'' N., long. 139[deg]30'00'' W.; to lat.
59[deg]00'00'' N., long. 141[deg]10'00'' W.; to the point of
beginning, and within an 85-mile radius of the Biorka Island VORTAC,
AK, and within a 42-mile radius of the Middleton Island VOR/DME, AK,
and within a 30-mile radius of the Glacier River NDB, AK, and within
a 149.5-mile radius of the Anchorage VOR/DME, AK, and within a 73-
mile radius of Homer Airport, AK, and within a 73-mile radius of the
Kodiak Airport, AK; and that airspace extending upward from 700 feet
MSL within 14 miles of the Biorka Island VORTAC, AK, and within 4
miles west and 8 miles east of the Biorka Island VORTAC 209[deg]
radial extending to 16 miles southwest of the Biorka Island VORTAC,
AK.
* * * * *

    Issued in Washington, DC, on October 22, 2008.
Edith V. Parish,
Manager, Airspace and Rules Group.
[FR Doc. E8-25941 Filed 10-30-08; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register Volume 77, Number 177 (Wednesday, September 12, 2012)]
[Rules and Regulations]
[Page 56115]
[FR Doc No: 2012-22485]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2012-0815]

Drawbridge Operation Regulations; Fort Point Channel, Boston, MA

AGENCY: Coast Guard, DHS.

ACTION: Notice of temporary deviation from regulations.

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SUMMARY: The Commander, First Coast Guard District, has issued a
temporary deviation from the regulation governing the operation of the
Northern Avenue Bridge, mile 0.1, across the Fort Point Channel, at
Boston, Massachusetts. Under this temporary deviation a six-hour
advance notice for bridge opening shall be required at the bridge to
facilitate bridge repairs.

DATES: This deviation is effective from 11 p.m. on September 16, 2012
through 9 a.m. on September 20, 2012.

ADDRESSES: Documents mentioned in this preamble as being available in
the docket are part of docket USCG-2012-0815 and are available online
at www.regulations.gov, inserting USCG-2012-0815 in the ``Keyword'' and
then clicking ``Search''. They are also available for inspection or
copying at the Docket Management Facility (M-30), U.S. Department of
Transportation, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Mr. John McDonald<EMAIL_ADDRESS>Project
Officer, First Coast Guard District, telephone<PHONE_NUMBER>. If you
have questions on viewing the docket, call Renee V. Wright, Program
Manager, Docket Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The Northern Avenue Bridge, across the Fort
Point Channel, mile 0.1, has a vertical clearance in the closed
position of 7 feet at mean high water and 17 feet at mean low water.
The existing drawbridge operation regulations are listed at 33 CFR
117.599.
    The waterway has seasonal recreational vessels of various sizes.
    The owner of the bridge, the City of Boston, requested a temporary
deviation to facilitate the replacement of deck support. The bridge
cannot open while the stringers are unsecured. A six-hour advance
notice for bridge openings was requested to allow sufficient time to
safely open the bridge.
    Under this temporary deviation the Northern Avenue Bridge, mile
0.1, across the Fort Point Channel may require a six-hour advance
notice for bridge openings between 11 p.m. and 9 a.m. from September
16, 2012 through September 20, 2012. Vessels that can pass under the
bridge without a bridge opening may do so at all times. There are no
alternate routes available for navigation. The bridge cannot open for
an emergency while any steel remains unsecured.
    In accordance with 33 CFR 117.35(e), the bridge must return to its
regular operating schedule immediately at the end of the designated
time period. This deviation from the operating regulations is
authorized under 33 CFR 117.35.

    Dated: August 31, 2012.
Gary Kassof,
Bridge Program Manager, First Coast Guard District.
[FR Doc. 2012-22485 Filed 9-11-12; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 86, Number 166 (Tuesday, August 31, 2021)]
[Notices]
[Page 48781]
[FR Doc No: 2021-18671]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92749; File No. SR-FICC-2021-004]

Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Designation of Longer Period for Commission Action on
Proposed Rule Change Relating to Confidential Information, Market
Disruption Events, Systems Disconnect, and Other Changes

August 25, 2021.

I. Introduction

    On June 25, 2021, Fixed Income Clearing Corporation (``FICC'')
filed with the Securities and Exchange Commission (``Commission'')
proposed rule change SR-FICC-2021-004 (the ``Proposed Rule Change'')
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder \2\ to amend FICC's rules
relating to confidentiality requirements, market disruption events,
systems disconnect, and other changes. The Proposed Rule Change was
published for comment in the Federal Register on July 13, 2021,\3\ and
the Commission received a comment, which addresses issues that also
appear in this Proposed Rule Change.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 92341 (June 25, 2021),
86 FR 36799 (July 13, 2021) (File No. SR-FICC-2021-004) (``Notice of
Filing'').
    \4\ Specifically, the Commission received a comment letter on a
proposed rule change filed by FICC's affiliate, the Depository Trust
Company (``DTC''), regarding parallel changes to DTC's Rules. See
Securities Exchange Act Release No. 92342 (June 25, 2021), 86 FR
36833 (July 13, 2021) (File No. SR-DTC-2021-011). The comment letter
is available on the Commission's website at https://www.sec.gov/comments/sr-dtc-2021-011/srdtc2021011.htm. Because the comment
addresses issues that also appear in this Proposed Rule Change, the
Commission will consider it in connection with FICC's proposal as
well.
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    Section 19(b)(2) of the Act \5\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the notice for the Proposed Rule Change
is effectively Friday, August 27, 2021.
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    \5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission is extending the 45-day review period for Commission
action on the Proposed Rule Change. In order to provide the Commission
with sufficient time to consider the Proposed Rule Change, the
Commission finds that it is appropriate to designate a longer period
within which to take action on the Proposed Rule Change.
    Accordingly, pursuant to Section 19(b)(2) of the Act \6\ and for
the reasons stated above, the Commission designates Friday, October 8,
2021, as the date by which the Commission shall either approve,
disapprove, or institute proceedings to determine whether to disapprove
the Proposed Rule Change (File No. SR-FICC-2021-004).
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    \6\ Id.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-18671 Filed 8-30-21; 8:45 am]
BILLING CODE 8011-01-P