[Federal Register Volume 75, Number 141 (Friday, July 23, 2010)]
[Proposed Rules]
[Pages 43101-43103]
[FR Doc No: 2010-18024]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2010-0736; Directorate Identifier 2010-CE-035-AD]
RIN 2120-AA64

Airworthiness Directives; PIAGGIO AERO INDUSTRIES S.p.A Model
PIAGGIO P-180 Airplanes

AGENCY: Federal Aviation Administration (FAA), Department of
Transportation (DOT).

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: We propose to adopt a new airworthiness directive (AD) for the
products listed above. This proposed AD results from mandatory
continuing airworthiness information (MCAI) originated by an aviation
authority of another country to identify and correct an unsafe
condition on an aviation product. The MCAI describes the unsafe
condition as:

    A damaged fuel heater caused a fuel leakage in the engine
nacelle; investigation revealed that the damage to the fuel heater
was due to chafing with an oil cooling system hose.
    PIAGGIO AERO INDUSTIRES (PAI) issued Service Bulletin (SB) 80-
0175, which was applicable to all aeroplanes and contained
instructions for a repetitive inspection of the affected parts and,
if necessary, their replacement and/or for the repositioning of oil/
fuel tubing if minimum clearances were not found.

The proposed AD would require actions that are intended to address the
unsafe condition described in the MCAI.

DATES: We must receive comments on this proposed AD by September 7,
2010.

ADDRESSES: You may send comments by any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue, SE., Washington, DC 20590.
     Hand Delivery: U.S. Department of Transportation, Docket
Operations, M-30, 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.

Examining the AD Docket

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

FOR FURTHER INFORMATION CONTACT: S.M. Nagarajan, Aerospace Engineer,
FAA, Small Airplane Directorate, 901 Locust, Room 301, Kansas City,
Missouri 64106; telephone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to send any written relevant data, views, or
arguments about this proposed AD. Send your comments to an address
listed under the ADDRESSES section. Include ``Docket No. FAA-2010-0736;
Directorate Identifier 2010-CE-035-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this proposed AD. We
will consider all comments received by the closing date and may amend
this proposed AD because of those comments.
    We will post all comments we receive, without change, to http://www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact we
receive about this proposed AD.

Discussion

    The European Aviation Safety Agency (EASA), which is the Technical
Agent for the Member States of the European Community, has issued AD
No. 2010-0125, dated June 23, 2010 (referred to after this as ``the
MCAI''), to correct an unsafe condition for the specified products. The
MCAI states:

    A damaged fuel heater caused a fuel leakage in the engine
nacelle; investigation revealed that the damage to the fuel heater
was due to chafing with an oil cooling system hose.
    Piaggio Aero Industries (PAI) issued Service Bulletin (SB) 80-
0175, which was applicable to all aeroplanes and contained
instructions for a repetitive inspection of the affected parts and,
if necessary, their replacement and/or for the repositioning of oil/
fuel tubing if minimum clearances were not found.
    ENAC of Italy issued PA 2002-335 to require the accomplishment
of these corrective actions.

    Later on, PAI introduced a new Hose Assembly (P/N 80-337284-
001), which allows better clearances and removes the problem of
potential interference. PAI issued SB 80-0175 Revision 1, limiting
the applicability to aeroplanes with the old P/N installed only and
giving instructions for the replacement with the new Hose Assembly
P/N.
    This new AD, which supersedes ENAC Italy PA 2002-335, is issued
to grant the revised applicability and to include an optional
terminating action, which consists in replacing the Hose Assembly P/
N 80-337276-001 with the new P/N 80-337284-001.

You may obtain further information by examining the MCAI in the AD
docket.

Relevant Service Information

    PIAGGIO AERO INDUSTRIES S.p.A. has issued Service Bulletin
(Mandatory) N.: 80-0175, Rev. N. 1, dated May 14, 2010. The actions
described in this service information are intended to correct the
unsafe condition identified in the MCAI.

FAA's Determination and Requirements of the Proposed AD

    This product has been approved by the aviation authority of another
country, and is approved for operation in the United States. Pursuant
to our bilateral agreement with this State of Design Authority, they
have notified us of the unsafe condition described in the MCAI and
service information referenced above. We are proposing this AD because
we evaluated all information and determined the unsafe condition exists
and is likely to exist or develop on other products of the same type
design.

Differences Between This Proposed AD and the MCAI or Service
Information

    We have reviewed the MCAI and related service information and, in
general, agree with their substance. But we might have found it
necessary to use different words from those in the MCAI to ensure the
AD is clear for U.S. operators and is enforceable. In making these
changes, we do not intend to differ substantively from the information
provided in the MCAI and related service information.
    We might also have proposed different actions in this AD from those
in the MCAI in order to follow FAA policies. Any such differences are
highlighted in a Note within the proposed AD.

Costs of Compliance

    We estimate that this proposed AD will affect 99 products of U.S.
registry. We also estimate that it would take about 5 work-hours per
product to comply with the basic requirements of this proposed AD. The
average labor rate is $85 per work-hour.
    Based on these figures, we estimate the cost of the proposed AD on
U.S. operators to be $42,075, or $425 per product.
    In addition, we estimate that any necessary follow-on actions would
take about 32 work-hours and require parts costing $3,700, for a cost
of $6,420 per product. We have no way of determining the number of
products that may need these actions.

Authority for This Rulemaking

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

Regulatory Findings

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

List of Subjects in 14 CFR Part 39

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

The Proposed Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

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

Piaggio Aero Industries S.p.A: Docket No. FAA-2010-0736; Directorate
Identifier 2010-CE-035-AD.

Comments Due Date

    (a) We must receive comments by September 7, 2010.

Affected ADs

    (b) None.

Applicability

    (c) This AD applies to PIAGGIO AERO INDUSTRIES S.p.A. Model
PIAGGIO P-180 airplanes, all serial numbers, that are:
    (i) equipped with hose assembly, part number (P/N) 80-337276-
001; and
    (ii) certificated in any category.

Subject

    (d) Air Transport Association of America (ATA) Code 79: Engine
Oil.

Reason

    (e) The mandatory continuing airworthiness information (MCAI)
states:

    A damaged fuel heater caused a fuel leakage in the engine
nacelle; investigation revealed that the damage to the fuel heater
was due to chafing with an oil cooling system hose.
    Piaggio Aero Industries (PAI) issued Service Bulletin (SB) 80-
0175, which was applicable to all aeroplanes and contained
instructions for a repetitive inspection of the affected parts and,
if necessary, their replacement and/or for the repositioning of oil/
fuel tubing if minimum clearances were not found.
    ENAC of Italy issued PA 2002-335 to require the accomplishment
of these corrective actions.
    Later on, PAI introduced a new Hose Assembly (P/N 80-337284-
001), which allows better clearances and removes the problem of
potential interference. PAI issued SB 80-0175 Revision 1, limiting
the applicability to aeroplanes with the old P/N installed only and
giving instructions for the replacement with the new Hose Assembly
P/N.
    This new AD, which supersedes ENAC Italy PA 2002-335, is issued
to grant the

revised applicability and to include an optional terminating action,
which consists in replacing the Hose Assembly P/N 80-337276-001 with
the new P/N 80-337284-001.

Actions and Compliance

    (f) Unless already done, do the following actions:
    (1) Within the next 150 hours time-in-service (TIS) after the
effective date of this AD and repetitively thereafter at intervals
not to exceed 165 hours TIS after the last inspection, inspect the
left-hand and the right-hand engine mounted fuel heater for wear
damage and minimum clearance. Do the inspections following Part A of
the Accomplishment Instructions in PIAGGIO AERO INDUSTRIES S.p.A.
Service Bulletin (Mandatory) N.: 80-0175, Rev. N. 1, dated May 14,
2010.
    (2) If any wear damage to the fuel heater or to the oil cooling
system hose is detected during any inspection required in paragraph
(f)(1) of this AD, before further flight after the inspection,
replace hose assembly P/N 80-337276-001 with a new hose assembly P/N
80-337284-001. Do the replacement following Part B of the
Accomplishment Instructions in PIAGGIO AERO INDUSTRIES S.p.A.
Service Bulletin (Mandatory) N.: 80-0175, Rev. N. 1, dated May 14,
2010. Installing hose assembly P/N 80-337284-001 terminates the
repetitive inspections required in paragraph (f)(1) of this AD.
    (3) If no wear damage to the fuel heater or to the oil cooling
system hose is detected, but insufficient clearance is found during
any inspection required in paragraph (f)(1) of this AD, within the
next 660 hours TIS after the inspection, replace hose assembly P/N
80-337276-001 with a new hose assembly P/N 80-337284-001. Do the
replacement following Part B of the Accomplishment Instructions in
PIAGGIO AERO INDUSTRIES S.p.A. Service Bulletin (Mandatory) N.: 80-
0175, Rev. N. 1, dated May 14, 2010. Installing hose assembly P/N
80-337284-001 terminates the repetitive inspections required in
paragraph (f)(1) of this AD.
    (4) You may terminate the repetitive inspections required in
paragraph (f)(1) of this AD by replacing hose assembly P/N 80-
337276-001 with a new hose assembly P/N 80-337284-001 at any time
after the initial inspection required in paragraph (f)(1) of this
AD, as long as no wear damage to the fuel heater or to the oil
cooling system hose is detected and sufficient clearance is found.

FAA AD Differences

    Note:  This AD differs from the MCAI and/or service information
as follows: No differences.

Other FAA AD Provisions

    (g) The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
Standards Office, FAA, has the authority to approve AMOCs for this
AD, if requested using the procedures found in 14 CFR 39.19. Send
information to ATTN: S.M. Nagarajan, Aerospace Engineer, FAA, Small
Airplane Directorate, 901 Locust, Room 301, Kansas City, Missouri
64106; telephone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>. Before using
any approved AMOC on any airplane to which the AMOC applies, notify
your appropriate principal inspector (PI) in the FAA Flight
Standards District Office (FSDO), or lacking a PI, your local FSDO.
    (2) Airworthy Product: For any requirement in this AD to obtain
corrective actions from a manufacturer or other source, use these
actions if they are FAA-approved. Corrective actions are considered
FAA-approved if they are approved by the State of Design Authority
(or their delegated agent). You are required to assure the product
is airworthy before it is returned to service.
    (3) Reporting Requirements: For any reporting requirement in
this AD, under the provisions of the Paperwork Reduction Act (44
U.S.C. 3501 et. seq.), the Office of Management and Budget (OMB) has
approved the information collection requirements and has assigned
OMB Control Number 2120-0056.

Related Information

    (h) Refer to MCAI European Aviation Safety Agency (EASA) AD No.
2010-0125, dated June 23, 2010; and PIAGGIO AERO INDUSTRIES S.p.A.
Service Bulletin (Mandatory) N.: 80-0175, Rev. N. 1, dated May 14,
2010, for related information.

    Issued in Kansas City, Missouri, on July 16, 2010.
Kim Smith,
Manager, Small Airplane Directorate, Aircraft Certification Service.
[FR Doc. 2010-18024 Filed 7-22-10; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 76, Number 149 (Wednesday, August 3, 2011)]
[Proposed Rules]
[Pages 46715-46716]
[FR Doc No: 2011-19545]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

44 CFR Part 67

[Docket ID FEMA-2010-0003; Internal Agency Docket No. FEMA-B-1101]

Proposed Flood Elevation Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Proposed rule; correction.

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SUMMARY: On May 25, 2010, FEMA published in the Federal Register a
proposed rule that contained an erroneous table. This notice provides
corrections to that table, to be used in lieu of the information
published at 75 FR 29290. The table provided here represents the
flooding sources, location of referenced elevations, effective and
modified elevations, and communities affected for Anne Arundel County,
Maryland, and Incorporated Areas. Specifically, it addresses the
following flooding sources: Cabin Branch, Franklin Branch, Hall Creek,
Little Patuxent River, Marley Creek, Midway Branch, Patapsco River,
Patuxent River, Sawmill Creek, and Severn Run.

DATES: Comments are to be submitted on or before November 1, 2011.

ADDRESSES: You may submit comments, identified by Docket No. FEMA-B-
1101, to Luis Rodriguez, Chief, Engineering Management Branch, Federal
Insurance and Mitigation Administration, Federal Emergency Management
Agency, 500 C Street, SW., Washington, DC 20472,<PHONE_NUMBER> or (e-
mail<EMAIL_ADDRESS>
FOR FURTHER INFORMATION CONTACT: Luis Rodriguez, Chief, Engineering
Management Branch, Federal Insurance and Mitigation Administration,
Federal Emergency Management Agency, 500 C Street SW., Washington, DC
20472,<PHONE_NUMBER> or (e-mail<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency
(FEMA) publishes proposed determinations of Base (1% annual-chance)
Flood Elevations (BFEs) and modified BFEs for communities participating
in the National Flood Insurance Program (NFIP), in accordance with
section 110 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4104, and 44 CFR 67.4(a).
    These proposed BFEs and modified BFEs, together with the floodplain
management criteria required by 44 CFR 60.3, are minimum requirements.
They should not be construed to mean that the community must change any
existing ordinances that are more stringent in their floodplain
management requirements. The community may at any time enact stricter
requirements of its own or pursuant to policies established by other
Federal, State, or regional entities. These proposed elevations are
used to meet the floodplain management requirements of the NFIP and
also are used to calculate the appropriate flood insurance premium
rates for new buildings built after these elevations are made final,
and for the contents in those buildings.

Corrections

    In the proposed rule published at 75 FR 29290, in the May 25, 2010,
issue of the Federal Register, FEMA published a table under the
authority of 44 CFR 67.4. The table, entitled ``Anne Arundel County,
Maryland, and Incorporated Areas'' addressed the following flooding
sources: Cabin Branch, Franklin Branch, Little Patuxent River, Marley
Creek, Midway Branch, Patapsco River, Patuxent River, Sawmill Creek,
and Severn Run. That table contained inaccurate information as to the
location of referenced elevation, effective and modified elevation in
feet, and/or communities affected for those flooding sources. In
addition, it did not include the flooding source Hall Creek. In this
notice, FEMA is publishing a table containing the accurate information,
to address these prior errors. The information provided below should be
used in lieu of that previously published.

----------------------------------------------------------------------------------------------------------------
                                                                  * Elevation in feet
                                                                 (NGVD) + Elevation in
                                                                 feet (NAVD)
                                       Location of referenced     Depth in feet above
         Flooding source(s)                 elevation**        ground [caret] Elevation    Communities affected
                                                                    in meters (MSL)
                                                              --------------------------
                                                                Effective     Modified
----------------------------------------------------------------------------------------------------------------
                              Anne Arundel County, Maryland, and Incorporated Areas
----------------------------------------------------------------------------------------------------------------
Cabin Branch........................  Approximately 122 feet            +8           +7  Unincorporated Areas of
                                       downstream of Chessie                              Anne Arundel County.
                                       System.
                                      Approximately 325 feet          +115         +118
                                       upstream of Andover
                                       Road.
Franklin Branch.....................  At the Midway Branch            None         +127  Unincorporated Areas of
                                       confluence.                                        Anne Arundel County.

                                      Approximately 780 feet          None         +214
                                       upstream of Clark Road.
Hall Creek..........................  At the most downstream           +43          +40  Unincorporated Areas of
                                       Calvert County                                     Anne Arundel County.
                                       boundary.
                                      At the most upstream             +54          +52
                                       Calvert County
                                       boundary.
Little Patuxent River...............  Approximately 600 feet           +43          +46  Unincorporated Areas of
                                       upstream of the                                    Anne Arundel County.
                                       Patuxent River
                                       confluence.
                                      Approximately 1,456             +130         +132
                                       feet upstream of Brock
                                       Bridge Road.
Marley Creek........................  Approximately 485 feet            +8           +7  Unincorporated Areas of
                                       upstream of Arundel                                Anne Arundel County.
                                       Expressway.
                                      Approximately 165 feet           +28          +26
                                       upstream of Elevation
                                       Road.
Midway Branch.......................  At the Little Patuxent           +76          +85  Unincorporated Areas of
                                       River confluence.                                  Anne Arundel County.
                                      Approximately 0.58 mile         None         +211
                                       upstream of Clark Road.
Patapsco River......................  Approximately 0.77 mile           +9          +12  Unincorporated Areas of
                                       downstream of the                                  Anne Arundel County.
                                       Harbor Tunnel Thruway.
                                      Approximately 200 feet           +25          +26
                                       upstream of I-195.
Patuxent River......................  Approximately 0.56 mile           +9           +8  Unincorporated Areas of
                                       downstream of Southern                             Anne Arundel County.
                                       Maryland Boulevard.
                                      Approximately 0.57 mile         +139         +140
                                       upstream of Laurel
                                       Fort Meade Road.
Sawmill Creek.......................  At the upstream side of           +8          +10  Unincorporated Areas of
                                       Crain Highway.                                     Anne Arundel County.
                                      Approximately 400 feet          None         +105
                                       upstream of Washington
                                       Baltimore and
                                       Annapolis Road.
Severn Run..........................  Approximately 0.43 mile           +6           +7  Unincorporated Areas of
                                       downstream of Veterans                             Anne Arundel County.
                                       Highway.
Approximately 0.5 mile upstream of    +97....................          +98
 Telegraph Road.
----------------------------------------------------------------------------------------------------------------
* National Geodetic Vertical Datum.
+ North American Vertical Datum.
 Depth in feet above ground.
[caret] Mean Sea Level, rounded to the nearest 0.1 meter.
** BFEs to be changed include the listed downstream and upstream BFEs, and include BFEs located on the stream
 reach between the referenced locations above. Please refer to the revised Flood Insurance Rate Map located at
 the community map repository (see below) for exact locations of all BFEs to be changed.

Send comments to Luis Rodriguez, Chief, Engineering Management Branch, Mitigation Directorate, Federal Emergency
 Management Agency, 500 C Street, SW., Washington, DC 20472.

                                                    ADDRESSES
                                   Unincorporated Areas of Anne Arundel County
Maps are available for inspection at the Anne Arundel County Permit Application Center, 2664 Riva Road,
 Annapolis, MD 21401.
----------------------------------------------------------------------------------------------------------------

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

    Dated: July 24, 2011.
Sandra K. Knight,
Deputy Federal Insurance and Mitigation Administrator, Mitigation,
Department of Homeland Security, Federal Emergency Management Agency.
[FR Doc. 2011-19545 Filed 8-2-11; 8:45 am]
BILLING CODE 9110-12-P


[Federal Register Volume 86, Number 193 (Friday, October 8, 2021)]
[Proposed Rules]
[Pages 56227-56229]
[FR Doc No: 2021-21937]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2021-0218; Project Identifier MCAI-2020-01519-A]
RIN 2120-AA64

Airworthiness Directives; Pilatus Aircraft Ltd. Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: The FAA proposes to adopt a new airworthiness directive (AD)
for certain Pilatus Aircraft Ltd. (Pilatus) Model PC-24 airplanes. This
proposed AD results from mandatory continuing airworthiness information
(MCAI) originated by an aviation authority of another country to
identify and correct an unsafe condition on an aviation product. The
MCAI describes the unsafe condition as insufficient performance of the
fuel drain system that could lead to fire and damage of the airplane.
This proposed AD would require modifying the fuel drain pipe routing
and installing a drain mast. The FAA is proposing this AD to address
the unsafe condition on these products.

DATES: The FAA must receive comments on this proposed AD by November
22, 2021.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to https://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12 140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
     For service information identified in this NPRM, contact
Pilatus Aircraft Ltd., CH-6371, Stans, Switzerland; phone: +41 848 24 7
exception occurred on : 2021-21937.htm
exception occurred on : 2021-21937.htm
365; email: aircraft.com">[email protected]aircraft.com; website: https://
www.pilatus-aircraft.com. You may view this service information at the
FAA, Airworthiness Products Section, Operational Safety Branch, 901
Locust, Kansas City, MO 64106. For information on the availability of
this material at the FAA, call<PHONE_NUMBER>.

Examining the AD Docket

    You may examine the AD docket at https://www.regulations.gov by
searching for and locating Docket No. FAA-2021-0218; or in person at
Docket Operations between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. The AD docket contains this NPRM, the MCAI,
any comments received, and other information. The street address for
Docket Operations is listed above.

FOR FURTHER INFORMATION CONTACT: Doug Rudolph, Aviation Safety
Engineer, FAA, General Aviation & Rotorcraft Section, International
Validation Branch, 901 Locust, Room 301, Kansas City, MO 64106; phone:
(816) 329-4059; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comments Invited

    The FAA invites you to send any written relevant data, views, or
arguments about this proposal. Send your comments to an address listed
under the ADDRESSES section. Include ``Docket No. FAA-2021-0218;
Project Identifier MCAI-2020-01519-A'' at the beginning of your
comments. The most helpful comments reference a specific portion of the
proposal, explain the reason for any recommended change, and include
supporting data. The FAA will consider all comments received by the
closing date and may amend this NPRM because of those comments.
    Except for Confidential Business Information (CBI) as described in
the following paragraph, and other information as described in 14 CFR
11.35, the FAA will post all comments received, without change, to
https://www.regulations.gov, including any personal information you
provide. The agency will also post a report summarizing each
substantive verbal contact received about this NPRM.

Confidential Business Information

    CBI is commercial or financial information that is both customarily
and actually treated as private by its owner. Under the Freedom of
Information Act (FOIA) (5 U.S.C. 552), CBI is exempt from public
disclosure. If your comments responsive to this NPRM contain commercial
or financial information that is customarily treated as private, that
you actually treat as private, and that is relevant or responsive to
this NPRM, it is important that you clearly designate the submitted
comments as CBI. Please mark each page of your submission containing
CBI as ``PROPIN.'' The FAA will treat such marked submissions as
confidential

under the FOIA, and they will not be placed in the public docket of
this AD. Submissions containing CBI should be sent to Doug Rudolph,
Aviation Safety Engineer, FAA, General Aviation & Rotorcraft Section,
International Validation Branch, 901 Locust, Room 301, Kansas City, MO
64106. Any commentary that the FAA receives which is not specifically
designated as CBI will be placed in the public docket for this
rulemaking.

Background

    The European Union Aviation Safety Agency (EASA), which is the
Technical Agent for the Member States of the European Union, has issued
EASA AD 2020-0252, dated November 12, 2020 (referred to after this as
``the MCAI''), to address the unsafe condition on these products. The
MCAI states:

    An occurrence was reported where an insufficient performance of
the fuel drain system was detected on certain PC-24 aeroplanes.
    This condition, if not corrected, could lead, in case of a fuel
leak, to contamination of the inboard rear fuselage, creating a fuel
vapour which, in combination with an ignition source, could possibly
result in a fire and consequent damage to the aeroplane.
    To address this potential unsafe condition, Pilatus Aircraft
issued the [service bulletin] SB providing instructions to modify
the fuel drain pipe routing and to install a drain mast.
    For the reason described above, this [EASA] AD requires
modification of the fuel drain system.

    You may examine the MCAI at https://www.regulations.gov by
searching for and locating Docket No. FAA-2021-0218.

Related Service Information Under 1 CFR Part 51

    The FAA reviewed Pilatus PC-24 Service Bulletin No. 28-003,
Revision 1, dated January 23, 2020 (Pilatus SB 28-003R1). This service
information specifies procedures for modifying the fuel drain pipe
routing and installing a drain mast.
    This service information is reasonably available because the
interested parties have access to it through their normal course of
business or by the means identified in the ADDRESSES section.

FAA's Determination

    This product has been approved by the aviation authority of another
country, and is approved for operation in the United States. Pursuant
to the FAA's bilateral agreement with this State of Design Authority,
it has notified us of the unsafe condition described in the MCAI and
service information referenced above. The FAA is issuing this NPRM
after determining that the unsafe condition described previously is
likely to exist or develop on other products of the same type design.

Proposed AD Requirements in This NPRM

    This proposed AD would require accomplishing the actions described
in the service information previously.

Costs of Compliance

    The FAA estimates that this AD, if adopted as proposed, would
affect 36 airplanes of U.S. registry. The FAA also estimates that it
would take about 12 work-hours per airplane to do the modification and
installation of this proposed AD. The average labor rate is $85 per
work-hour. Required parts would cost about $1,950 per product.
    Based on these figures, the FAA estimates the cost of the proposed
AD on U.S. operators would be $106,920 or $2,970 per airplane.
    The FAA has included all known costs in its cost estimate.
According to the manufacturer, however, some of the costs of this
proposed AD may be covered under warranty, thereby reducing the cost
impact on affected operators.

Authority for This Rulemaking

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

Regulatory Findings

    The FAA determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Would not be a ``significant regulatory action'' under
Executive Order 12866,
    (2) Would not affect intrastate aviation in Alaska, and
    (3) Would not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

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

The Proposed Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

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

Pilatus Aircraft Ltd.: Docket No. FAA-2021-0218; Project Identifier
MCAI-2020-01519-A.

(a) Comments Due Date

    The FAA must receive comments on this airworthiness directive
(AD) by November 22, 2021.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to Pilatus Aircraft Ltd. Model PC-24 airplanes,
serial numbers 101 through 184, certificated in any category.

(d) Subject

    Joint Aircraft System Component (JASC) Code 2830, Fuel Dump
System.

(e) Reason

    This AD was prompted by mandatory continuing airworthiness
information (MCAI) originated by an aviation authority of another
country to identify and correct an unsafe condition on an aviation
product. The MCAI describes the unsafe condition as insufficient
performance of the fuel drain system that could lead to fire and
damage of the airplane. The FAA is issuing this AD to prevent fuel
contamination of the inboard rear fuselage. If not addressed, this
unsafe condition, in combination with an ignition source, could
result in fire and loss of control of the airplane.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Required Actions

    Within 5 months after the effective date of this AD, modify the
fuel drain pipe routing and install the drain mast by following
paragraphs A. and B. of the Accomplishment Instructions in Pilatus
PC-24 Service Bulletin No. 28-003, Revision 1, dated January 23,
2020.

(h) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, International Validation Branch, FAA, has the
authority to approve AMOCs for this AD, if requested using the
procedures found in 14 CFR 39.19. In accordance with 14 CFR 39.19,
send your request to your principal inspector or local Flight
Standards District Office, as appropriate. If sending information
directly to the manager of the certification office, send it to the
attention of the person identified in paragraph (i)(1) of this AD or
email<EMAIL_ADDRESS>    (2) Before using any approved AMOC, notify your appropriate
principal inspector, or lacking a principal inspector, the manager
of the local flight standards district office/certificate holding
district office.

(i) Related Information

    (1) For more information about this AD, contact Doug Rudolph,
Aviation Safety Engineer, General Aviation & Rotorcraft Section,
FAA, General Aviation & Rotorcraft Section, International Validation
Branch, 901 Locust, Room 301, Kansas City, MO 64106; phone: (816)
329-4059; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>    (2) Refer to MCAI European Union Aviation Safety Agency AD 2020-
0252, dated November 12, 2020, for related information. You may
examine the MCAI at https://www.regulations.gov by searching for and
locating Docket No. FAA-2021-0218.
    (3) For service information related to this AD, contact Pilatus
Aircraft Ltd., Customer Support General Aviation, CH-6371 Stans,
exception occurred on : 2021-21937.htm
exception occurred on : 2021-21937.htm
Switzerland; phone: +41 848 24 7 365; email: aircraft.com">[email protected]aircraft.com; website: https://www.pilatus-aircraft.com. You may
review this referenced service information at the FAA, Airworthiness
Products Section, Operational Safety Branch, 901 Locust, Kansas
City, MO 64106. For information on the availability of this material
at the FAA, call<PHONE_NUMBER>.

    Issued on September 30, 2021.
Lance T. Gant,
Director, Compliance & Airworthiness Division, Aircraft Certification
Service.
[FR Doc. 2021-21937 Filed 10-7-21; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 85, Number 180 (Wednesday, September 16, 2020)]
[Rules and Regulations]
[Pages 57666-57668]
[FR Doc No: 2020-20337]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2020-0494; Project Identifier AD-2020-00324-E;
Amendment 39-21235; AD 2020-18-14]
RIN 2120-AA64

Airworthiness Directives; General Electric Company Turbofan
Engines

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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

SUMMARY: The FAA is adopting a new airworthiness directive (AD) for all
General Electric Company (GE) GE90-110B1 and GE90-115B model turbofan
engines with a certain high-pressure turbine (HPT) rotor stage 2 disk
installed. This AD was prompted by a report from the manufacturer that
a subsurface anomaly was found on a HPT rotor stage 2 disk. This AD
requires an ultrasonic inspection (USI) of the HPT rotor stage 2 disk
and, depending on the result of the inspection, replacement of the HPT
rotor stage 2 disk with a part eligible for installation. The FAA is
issuing this AD to address the unsafe condition on these products.

DATES: This AD is effective October 21, 2020.
    The Director of the Federal Register approved the incorporation by
reference of a certain publication listed in this AD as of October 21,
2020.

ADDRESSES: For service information identified in this final rule,
contact General Electric Company, 1 Neumann Way, Cincinnati, OH 45215;
phone:<PHONE_NUMBER>; email<EMAIL_ADDRESS>You may
view this service information at the FAA, Airworthiness Products
Section, Operational Safety Branch, 1200 District Avenue, Burlington,
MA 01803. For information on the availability of this material at the
FAA, call<PHONE_NUMBER>. It is also available on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-2020-
0494.

Examining the AD Docket

    You may examine the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-2020-
0494; or in person at Docket Operations between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays. The AD docket contains
this final rule, any comments received, and other information. The
address for Docket Operations is U.S. Department of Transportation,
Docket Operations, M-30, West Building Ground Floor, Room W12-140, 1200
New Jersey Avenue SE, Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT: Stephen Elwin, Aerospace Engineer, ECO
Branch, FAA, 1200 District Avenue, Burlington, MA 01803; phone: 781-
238-7236; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Background

    The FAA issued a notice of proposed rulemaking (NPRM) to amend 14
CFR part 39 by adding an AD that would apply to all GE GE90-110B1 and
GE90-115B model turbofan engines with a certain HPT rotor stage 2 disk
installed. The NPRM published in the Federal Register on May 18, 2020
(85 FR 29676). The NPRM was prompted by a report from the manufacturer
that a subsurface anomaly was found on a HPT rotor stage 2 disk. The
NPRM proposed to require a USI of the HPT rotor stage 2 disk and,
depending on the result of the inspection, replacement of the HPT rotor
stage 2 disk with a part eligible for installation. The FAA is issuing
this AD to address the unsafe condition on these products.

Comments

    The FAA gave the public the opportunity to participate in
developing this final rule. The FAA has considered the comments
received. The Boeing Company, FedEx Express, United Airlines, and the
Air Line Pilots Association, International, supported the NPRM.

Conclusion

    The FAA reviewed the relevant data, considered the comments
received, and

determined that air safety and the public interest require adopting
this final rule as proposed except for minor editorial changes. The FAA
has determined that these minor changes:
     Are consistent with the intent that was proposed in the
NPRM for addressing the unsafe condition; and
     Do not add any additional burden upon the public than was
already proposed in the NPRM.

Service Information Incorporated by Reference under 1 CFR part 51

    The FAA reviewed GE GE90-100 Service Bulletin (SB) 72-0838, dated
January 31, 2020. The SB describes procedures for performing an USI of
the HPT rotor stage 2 disk. This service information is reasonably
available because the interested parties have access to it through
their normal course of business or by the means identified in the
ADDRESSES section.

Costs of Compliance

    The FAA estimates that this AD affects 28 engines installed on
airplanes of U.S. registry. Based on updated information from the
manufacturer, the FAA revised the number of engines installed on
airplanes of U.S. registry from 12 in the NPRM to 28 in this final
rule.
    The FAA estimates the following costs to comply with this AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per       Cost on U.S.
               Action                        Labor cost           Parts cost        product         operators
----------------------------------------------------------------------------------------------------------------
USI of HPT rotor stage 2 disk.......  8 work-hours x $85 per               $0             $680          $19,040
                                       hour = $680.
----------------------------------------------------------------------------------------------------------------

    The FAA estimates the following costs to do any necessary
replacements that would be required based on the results of the
inspection. The FAA has no way of determining the number of engines
that might need this replacement:

                                               On-Condition Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per
                            Action                                Labor cost       Parts cost        product
----------------------------------------------------------------------------------------------------------------
Remove and replace HPT rotor stage 2 disk....................  2 work-hours x         $565,600         $565,770
                                                               $85 per hour =
                                                                         $170
----------------------------------------------------------------------------------------------------------------

Authority for this Rulemaking

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

Regulatory Findings

    This AD will not have federalism implications under Executive Order
13132. This AD will not have a substantial direct effect on the States,
on the relationship between the national Government and the States, or
on the distribution of power and responsibilities among the various
levels of government.
    For the reasons discussed above, I certify that this AD:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Would not affect intrastate aviation in Alaska, and
    (3) Would not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

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

The Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13   [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive (AD):

2020-18-14 General Electric Company: Amendment 39-21235; Docket No.
FAA-2020-0494; Project Identifier AD-2020-00324-E.

(a) Effective Date

    This AD is effective October 21, 2020.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to all General Electric Company (GE) GE90-110B1
and GE90-115B model turbofan engines with a high-pressure turbine
(HPT) rotor stage 2 disk, part number 2505M73P03, and with a serial
number listed in Appendix--A, Table 1, of GE GE90-100 Service
Bulletin (SB) 72-0838, dated January 31, 2020.

(d) Subject

    Joint Aircraft System Component (JASC) Code 7250, Turbine
Section.

(e) Unsafe Condition

    This AD was prompted by a report from the manufacturer that a
subsurface anomaly was found on a HPT rotor stage 2 disk. The FAA is
issuing this AD to prevent failure of the HPT rotor stage 2 disk.
The unsafe condition, if not addressed, could result in uncontained
HPT rotor stage 2 disk release,

damage to the engine, and damage to the airplane.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Required Action

    (1) At the next piece-part exposure after the effective date of
this AD, perform an ultrasonic inspection (USI) of the HPT rotor
stage 2 disk in accordance with the Accomplishment Instructions,
paragraph 3.B.(1)(a), of GE GE90-100 SB 72-0838, dated January 31,
2020.
    (2) If, during the USI required by paragraph (g)(1) of this AD,
a rejectable indication is found, remove the HPT rotor stage 2 disk
from service before further flight and replace it with a part
eligible for installation.

(h) Definition

    For the purpose of this AD, ``piece-part exposure'' is when the
HPT rotor stage 2 disk is removed from the engine and completely
disassembled.

(i) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, ECO Branch, FAA, has the authority to approve
AMOCs for this AD, if requested using the procedures found in 14 CFR
39.19. In accordance with 14 CFR 39.19, send your request to your
principal inspector or local Flight Standards District Office, as
appropriate. If sending information directly to the manager of the
certification office, send it to the attention of the person
identified in paragraph (j) of this AD. You may email your request
to<EMAIL_ADDRESS>    (2) Before using any approved AMOC, notify your appropriate
principal inspector, or lacking a principal inspector, the manager
of the local flight standards district office/certificate holding
district office.

(j) Related Information

    For more information about this AD, contact Stephen Elwin,
Aerospace Engineer, ECO Branch, FAA, 1200 District Avenue,
Burlington, MA 01803; phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>
(k) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference (IBR) of the service information listed
in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless the AD specifies otherwise.
    (i) General Electric Company (GE) GE90-100 Service Bulletin 72-
0838, dated January 31, 2020.
    (ii) [Reserved]
    (3) For GE service information identified in this AD, contact
General Electric Company, 1 Neumann Way, Cincinnati, OH 45215;
phone:<PHONE_NUMBER>; email<EMAIL_ADDRESS>    (4) You may view this service information at FAA, Airworthiness
Products Section, Operational Safety Branch, 1200 District Avenue,
Burlington, MA 01803. For information on the availability of this
material at the FAA, call<PHONE_NUMBER>.
    (5) You may view this service information that is incorporated
by reference at the National Archives and Records Administration
(NARA). For information on the availability of this material at
NARA, email<EMAIL_ADDRESS>or go to: https://www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued on August 26, 2020.
Gaetano A. Sciortino,
Deputy Director for Strategic Initiatives, Compliance & Airworthiness
Division, Aircraft Certification Service.
[FR Doc. 2020-20337 Filed 9-15-20; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 76, Number 109 (Tuesday, June 7, 2011)]
[Proposed Rules]
[Page 32880]
[FR Doc No: 2011-13976]

=======================================================================
-----------------------------------------------------------------------

COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 1

RIN 3038-AD46

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 240

[Release No. 33-9204A; 34-64372A; File No. S7-16-11]
RIN 3235-AK65

Further Definition of ``Swap,'' ``Security-Based Swap,'' and
``Security-Based Swap Agreement''; Mixed Swaps; Security-Based Swap
Agreement Recordkeeping

AGENCY: Commodity Futures Trading Commission; Securities and Exchange
Commission.

ACTION: Joint proposed rules; proposed interpretations; correction.

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

SUMMARY: The Commodity Futures Trading Commission and the Securities
and Exchange Commission published a document in the Federal Register of
May 23, 2011 that referenced an incorrect RIN and an incorrect cite in
an authority citation. This correction is being published to correct
both the RIN and the authority citation.

FOR FURTHER INFORMATION CONTACT: CFTC: Julian E. Hammar, Assistant
General Counsel, at<PHONE_NUMBER><EMAIL_ADDRESS>Mark Fajfar,
Assistant General Counsel, at 202-418- 6636<EMAIL_ADDRESS>or David
E. Aron, Counsel, at<PHONE_NUMBER><EMAIL_ADDRESS>Office of General
Counsel, Commodity Futures Trading Commission, Three Lafayette Centre,
1155 21st Street, NW., Washington, DC 20581; SEC: Matthew A. Daigler,
Senior Special Counsel, at<PHONE_NUMBER>, Cristie L. March, Attorney-
Adviser, at<PHONE_NUMBER>, or Leah M. Drennan, Attorney-Adviser, at 202-
551-5507, Division of Trading and Markets, or Michael J. Reedich,
Special Counsel, or Tamara Brightwell, Senior Special Counsel to the
Director, at 202-551- 3500, Division of Corporation Finance, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-7010.

Correction

    In the Federal Register of May 23, 2011, in FR Doc. 2011-11008, on
page 29818, in the 10th line of the first column, the Security and
Exchange Commission's RIN is corrected to read as noted above.
    In the Federal Register of May 23, 2011, in FR Doc. 2011-11008, on
page 29888, the authority citation in the second column reads as
follows:

    Authority:  7 U.S.C. 1a, 2, 5, 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g,
6h, 6i, 6j, 6k, 6l, 6m, 6n, 6o, 6p, 6r, 7, 7a, 7b, 8, 9, 10, 12,
12a, 12c, 13a, 13a-1, 16, 16a, 21, 23, and 24.

Commodity Futures Trading Commission.
David A. Stawick,
Secretary. Securities and Exchange Commission.
    Dated: June 1, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-13976 Filed 6-6-11; 8:45 am]
BILLING CODE 6351-01-P; 8011-01-P


Registration Review Decision Document: Work Group Recommendations July 20, 2005 Document Design o Keep it Brief o Address different audiences o High level overview o Should be flexible enough to handle easy off and ones with risk concerns o Provide both links and references o Free standing document when printed Elements o Reference to previous regulatory document o Description of use o Changed since last comprehensive assessment o Summary of new data o Describe risks of concern, mitigation and decision o Describe any new DCI and reasoning o No tolerance discussion unless dietary risk of concern Other Considerations o Fact sheet may be useful o When possible, identify significant policy changes and their impact o As appropriate describe any upcoming activities that may affect ( E. g.; new data requirement)


[Federal Register: August 29, 2006 (Volume 71, Number 167)]
[Notices]
[Page 51260-51264]
[DOCID:fr29au06-98]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54344; File No. SR-NYSE-2005-68]

Self-Regulatory Organizations; New York Stock Exchange, Inc. (n/
k/a New York Stock Exchange LLC); Order Approving Proposed Rule Change
and Amendment No. 1 Thereto, and Notice of Filing and Order Granting
Accelerated Approval to Amendment No. 3, Relating to Annual Financial
Statement Distribution Requirements and Listed Company Manual Sections
103.00, 202.05, 203.00, 203.01, 203.02, 203.03, 204.00 Through .33,
303A.14, 313.00, 401.04, and 703.09

August 21, 2006.

I. Introduction

    On September 30, 2005, the New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change relating to the Exchange's annual financial
statement distribution requirements and Listed Company Manual Sections
103.00, 202.05, 203.00, 203.01, 203.02, 203.03, 204.00 through .33,
303A.14, 313.00, 401.04, and 703.09. On June 9, 2006, the Exchange
submitted Amendment No. 1 to the proposed rule change.\3\ The proposed
rule change, as amended, was published for comment in the Federal
Register on June 29, 2006.\4\ The Commission received five comments
regarding the proposal.\5\ On August 10, 2006, the

Exchange filed Amendment No. 3 to the proposed rule change.\6\ On
August 11, 2006, the Exchange submitted a letter to the Commission
responding to the comments.\7\ This order approves the proposed rule
change, as amended by Amendments Nos. 1 and 3, provides notice of
Amendment No. 3, solicits comments from interested persons on Amendment
No. 3, and grants accelerated approval of Amendment No. 3.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Amendment No. 1 dated June 9, 2006 (``Amendment No.
1''). In Amendment No. 1, the Exchange eliminated from the present
filing other proposed rule changes to Section 103 and 302 of the
Listed Company Manual, and clarified certain details of its
proposal.
    \4\ See Securities Exchange Act Release No. 54029 (June 21,
2006), 71 FR 37147 (June 29, 2006) (``Notice'').
    \5\ See Letter from Richard J. Daly, Group Co-President, ADP
Brokerage Services Group (``ADP''), to Nancy M. Morris, Secretary,
Commission, dated July 20, 2006 (``ADP Letter''); Letter from
Dorothy M. Donohue, Associate Counsel, Investment Company Institute,
to Nancy M. Morris, Secretary, Commission, dated July 20, 2006
(``ICI Letter''); Letter from David P. Cosper, Chief Financial
Officer, Executive Vice President, Sonic Automotive, Inc., to Nancy
M. Morris, Secretary, Commission, dated July 6, 2006 (``Sonic
Letter''); Letter from Philip Broadley, Chair, The Hundred Group of
Finance Directors, and Mark Harding, Chair, General Counsel 100
Group, to Nancy M. Morris, Secretary, Commission, dated June 19,
2006 (``Hundred Group Letter''); Letter from Scott Lamb, Vice
President, Investor Relations, Coeur d'Alene Mines Corporation, to
Jonathan G. Katz, Secretary, Commission, dated October 18, 2005
(``Coeur Letter'').
    \6\ See Amendment No. 3 dated August 10, 2006 (``Amendment No.
3''). In Amendment No. 3, the Exchange modified the proposed rule
language in Section 303A.14 in response to the ICI Letter. ICI
recommended that the Exchange modify the proposed rule change to
make it clear that investment companies that do not have their own
Web sites can use a related Web Site. See infra Part III. In
Amendment No. 3, the Exchange also modified the proposed rule change
to require that when a listed company issues a press release
announcing the filing of its annual report with the Commission, that
this press release also state the Web site where shareholders may
access the annual report. The Exchange submitted Amendment No. 2 to
the Commission on August 4, 2006 and withdrew Amendment No. 2 on
August 10, 2006.
    \7\ See Letter from Mary Yeager, Assistant Secretary, NYSE, to
Nancy M. Morris, Secretary, Commission, dated August 11, 2006
(``NYSE Response Letter'').
---------------------------------------------------------------------------

II. Description of the Proposal

    The Exchange proposes to amend Section 203.01 of the Listed Company
Manual to allow a listed company to satisfy NYSE's annual financial
statement distribution requirement by making the company's annual
report on Form 10-K, 20-F, 40-F or N-CSR available on or by a link
through its corporate Web site. In Amendment No. 3, the Exchange
modified the proposal to provide that in the case of a listed company
that is a closed-end fund, if the company does not maintain its own Web
site, the company may utilize a Web site that the company is allowed to
use to satisfy the Web site posting requirement in Rule 16a-3(k) of the
Act.\8\ Included with this link or posting, the listed company must
also include a prominent undertaking in English that it would deliver a
paper copy of the company's complete audited financial statements free
of charge to any shareholder who requests it. The Exchange would also
require a listed company to issue a press release simultaneously with
its Web site posting stating that its annual report has been filed with
the Commission. This press release must also specify the company's Web
site address \9\ and indicate that shareholders have the ability to
receive a hard copy of the company's complete audited financial
statements free of charge upon request within a reasonable period of
time.
---------------------------------------------------------------------------

    \8\ 17 CFR 240.16a-3(k) states, in pertinent part, that: ``In
the case of an issuer that is an investment company that does not
maintain its own Web site; if any of the issuer's investment
advisor, sponsor, depositor, trustee, administrator, principal
underwriter, or any affiliated person of the investment company
maintains a Web site that includes the name of the issuer, the
issuer shall comply with the posting requirements by posting the
forms on one such Web site.'' See also Amendment No. 3, supra note
6.
    \9\ See Amendment No. 3, supra note 6.
---------------------------------------------------------------------------

    The Exchange also proposes to amend Section 203.01 of the Listed
Company Manual to eliminate the following provisions: (i) That a
company inform the NYSE if it is unable to file its annual report with
the Commission in a timely manner; (ii) that a company notify the NYSE
prior to the filing deadline if it will not file its annual report with
the Commission on time, as well as the language setting out the date by
which a company must distribute its annual report once the late annual
report has been filed with the Commission; (iii) the Exchange's
requirements regarding the content of annual reports and annual
financial statements; and (iv) requirements regarding the publication
and distribution of annual financial statements.\10\
    The Exchange also proposes to amend Section 203.02 of the Listed
Company Manual to consolidate and summarize the Exchange's reporting
requirements for interim financial statements and to eliminate those
provisions of Section 203.02 of the Listed Company Manual that are no
longer applicable or that do not contain actual listing
requirements.\11\
---------------------------------------------------------------------------

    \10\ See Notice at 37148-49.
    \11\ See id. at 37149-50.
---------------------------------------------------------------------------

    The Exchange also proposes to amend Section 103.00 of the Listed
Company Manual to eliminate the requirement that foreign private
issuers distribute to shareholders at least a summary annual report
that includes summary financial information reconciled to U.S.
generally accepted accounting principles and provide a full annual
report to shareholders upon request, as well the requirement that a
company that proposes to distribute a summary annual report contact an
Exchange representative to determine whether the proposed use of the
summary annual report meets the Exchange's requirements. NYSE also
proposes to eliminate language from the first and sixth paragraphs of
Section 103.00 of the Listed Company Manual to the extent that such
language does not set forth actual listing requirements.\12\
---------------------------------------------------------------------------

    \12\ See id. at 37147-48.
---------------------------------------------------------------------------

    The Exchange also proposes conforming amendments to Sections
202.05, 203.03, 204.00 through .33 and 313.00 of the Listed Company
Manual.\13\ These amendments include renumbering of sections and the
elimination of references to annual report obligations throughout the
Listed Company Manual, including with respect to procedures relating to
the distribution of annual reports.
---------------------------------------------------------------------------

    \13\See id. at 37148, 37150-51.
---------------------------------------------------------------------------

    The Exchange also proposes to amend Section 204.00 of the Listed
Company Manual to consolidate the requirements for companies to provide
notice to and file certain documents with the Exchange.\14\ In
particular, the Exchange proposes to limit the need for companies to
provide information to the Exchange that is available via the
Commission's Electronic Data Gathering Analysis and Retrieval (EDGAR)
system. The Exchange also proposes to eliminate certain explanatory
language from Section 204.00 of the Listed Company Manual that the
Exchange represented to be superfluous as a result of the proposed
changes.
---------------------------------------------------------------------------

    \14\ See id. at 37150-51.
---------------------------------------------------------------------------

    The Exchange also proposes to add a new Section 303A.14 to the
Listed Company Manual that specifically requires listed companies to
have and maintain a Web site.\15\ This proposed section also includes
the information required under Section 303A of the Listed Company
Manual that listed companies must post to their Web sites, including
committee charters, corporate governance guidelines and their code of
business conduct and ethics. In Amendment No. 3, the Exchange modified
the proposal to provide that in the case of a listed company that is a
closed-end fund, if the company does not maintain its own Web site, the
company may utilize a Web site that the company is allowed to use to
satisfy the Web site posting requirement in Rule 16a-3(k) of the
Act.\16\
---------------------------------------------------------------------------

    \15\ See id. at 37150-51.
    \16\ See id. at 37151.
---------------------------------------------------------------------------

    The Exchange also proposes to eliminate Section 401.04 of the
Listed Company Manual which provides guidance regarding the interval
between

the end of a listed company's fiscal year and its annual meeting of
shareholders.\17\ Lastly, the Exchange proposes to amend Section 703.09
of the Listed Company Manual to eliminate requirements relating to the
disclosure of options, stock purchase and other remuneration plans.\18\
---------------------------------------------------------------------------

    \17\ See id. at 37152.
    \18\ See id.
---------------------------------------------------------------------------

III. Comments

    The Commission received five comment letters regarding the
proposal.\19\ Four comment letters supported the Exchange's proposed
rule change. The ICI stated that the Exchange's proposal was ``highly
appropriate'' given the tremendous growth in the Internet and its
importance to investors as an information source.\20\ The ICI also
stated that internet access provides a more efficient way to access the
reports, as well the ability to search in the reports for information
of particular interest to investors. Finally, the ICI recommended that
in the case of an investment company that does not maintain its own Web
site, the investment company make its annual report available on, or by
a link through, a Web site maintained, for example, by the company's
investment adviser.\21\
---------------------------------------------------------------------------

    \19\ See Supra note 5.
    \20\ ICI Letter, supra note 5.
    \21\ Id.; see also Amendment No. 3, Supra note 6.
---------------------------------------------------------------------------

    Another commenter, Sonic Automotive, an NYSE-listed company,
commented that it was sensible to deliver information in the most
expeditious and efficient manner in a day and age of instant
communications.\22\ Coeur d'Alene Mines Corporation, also an NYSE-
listed company, expressed support for the proposal, citing its own
experience that most investors prefer the immediacy and ease of access
associated with electronic delivery, and that the rule change would
permit it to materially reduce costs associated with distributing the
annual report.\23\ This commenter also noted that the company's annual
report and other Commission filings are already routinely available on
or through the company's Web site, and on other sites such as EDGAR,
long before they are available through mass mailings or individual
mailings. In this regard, the commenter noted that each year's newly
published annual report is already ``old news'' by the time it arrives
in an investor's mailbox. Another commenter expressed the view that
shareholders prefer immediately available electronic information, and
that hard copies provided later are of limited use.\24\ Moreover, this
commenter stated that these benefits would be achieved while allowing
for a ``significant'' cost reduction for foreign private issuers listed
on the Exchange.
---------------------------------------------------------------------------

    \22\ Sonic Automotive Letter, supra note 5.
    \23\ Coeur Letter, supra note 5.
    \24\ Hundred Group Letter, supra note 5. This commenter also
noted that its clientele, many publicly traded United Kingdom
companies, must incur the costs of distributing two annual reports
to shareholders, one consisting of the annual report and accounts
required under the relevant U.K. laws, and the other containing
financial statements reconciled to U.S. GAAP.
---------------------------------------------------------------------------

    One commenter, ADP, opposed the proposed rule change.\25\ ADP
argued that the Exchange's proposal to eliminate the annual financial
statement distribution requirement in Section 203.01 of the Listed
Company Manual could have adverse affects on U.S. holders of securities
of NYSE-listed foreign private issuers. ADP expressed a broad concern
regarding the ``access equals delivery'' model upon which the proposed
amendments are based, and stated that the Exchange has proposed making
the change to Section 203.01 in the absence of any meaningful data
supporting its underlying premise. ADP disagrees with the Exchange's
belief that the vast majority of people in this country that review
company financials access them online--either through the company's own
Web site, EDGAR, or some other service provider. In particular, ADP
asserted that (i) fewer shareholders would have access to annual
financial statements, (ii) fewer shareholders would look at annual
financial statements, (iii) more votes being cast without the benefit
of financial statement review, and (iv) costs would be shifted to
shareholders.\26\
---------------------------------------------------------------------------

    \25\ ADP Letter, supra note 5.
    \26\ Id.
---------------------------------------------------------------------------

    The Exchange responded by stating that the Commission did not
receive any negative comment letters from a retail or institutional
investor with respect to the proposed rule change.\27\ The Exchange
also noted that the proposed rule change would not confine investors to
online access. Rather, the Exchange explained that the proposed rule
requires listed companies to issue a press release to inform investors
that the annual report filed with the Commission is available on the
listed company's Web site, and that the Exchange will also require that
shareholders have the ability to receive a hard copy of the complete
audited financial statements free of charge upon request within a
reasonable period of time. Finally, the NYSE noted that the proposed
rule change simply provides listed companies with an alternative to
physical delivery, and that a listed company may continue to physically
distribute an annual report if it wishes to do so.
---------------------------------------------------------------------------

    \27\ See NYSE Response Letter, supra note 7.
---------------------------------------------------------------------------

IV. Discussion

    After careful consideration of the proposal and the comments
received, the Commission finds that the proposed rule change, as
amended, is consistent with the requirements of the Act and the rules
and regulations thereunder applicable to a national securities
exchange.\28\ Specifically, the Commission finds that the proposal, as
amended, is consistent with Section 6(b)(5) of the Act,\29\ which
requires, among other things, that the rules of a national securities
exchange be designed to promote just and equitable principles of trade,
to remove impediments to and perfect the mechanism of a free and open
market and a national market system and, in general, to protect
investors and the public interest.
---------------------------------------------------------------------------

    \28\ In approving this proposal, the Commission has considered
its impact on efficiency, competition and capital formation. 15
U.S.C. 78c(f).
    \29\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    With respect to the Exchange's proposal to amend Section 203.01 of
its Listed Company Manual to allow companies to satisfy the Exchange's
annual financial distribution requirement by making the company's
annual report on Form 10-K, 20-F, 40-F or N-CSR available on its
corporate Web site, the Exchange and several of the commenters have
stated that the new rule will be a more efficient way for listed
companies to deliver, and shareholders to utilize, annual financial
statements.\30\ The Commission believes that electronic delivery may
offer shareholders immediate access to financial information and
greater ability to search such information. The Commission also
believes that the proposed rule change may lead to significant cost
savings for listed companies, savings that will ultimately accrue to
those companies' shareholders.
---------------------------------------------------------------------------

    \30\ The Commission notes that because U.S. companies listed on
the Exchange must still distribute annual financial information as
required by the Commission's proxy solicitation rules, the
Exchange's proposed rule change will currently have minimal impact
on U.S. issuers. See 17 CFR 240.14a-3. For foreign private issuers
listed on the Exchange, however, the proposed rule change will
eliminate the only mandated physical distribution requirement for
annual financial statements.
---------------------------------------------------------------------------

    The Commission also notes the concern raised by ADP that such an
approach may have the unintended effect of preventing certain
shareholders

from obtaining annual financial information from listed companies.\31\
The Commission believes, however, that this risk is minimized by virtue
of the fact that the proposed rule change requires the listed company
to issue a press release simultaneously with the posting of the annual
report stating that the annual report is available, listing the Web
site where the annual report may be accessed, and requiring the listed
company to send paper copies to those shareholders that request one
within a reasonable time at no charge. The Commission believes that it
is reasonable to assume that individual shareholders will follow the
public announcements of those companies in which they own stock, and
that these shareholders will either be able to access the Web site with
the annual report or request a free paper copy if they wish. Further,
as noted by one commenter on the proposal,\32\ because of existing
Internet and EDGAR access to annual reports, the information received
in hard copy can be ``old news.'' Indeed, information in the annual
report can already be incorporated into the market price of the listed
company's stock by the time investors receive the hard copy.\33\
---------------------------------------------------------------------------

    \31\ See ADP Letter, supra note 5.
    \32\ Coeur Letter, supra note 5.
    \33\ The Commission also notes that in its response letter, the
NYSE stated that all of the comment letters, with the exception of
ADP's comment letter, were positive, that there were no negative
comments from individual or institutional investors, and that the
proposed rule change provides listed companies with an alternative
to physical delivery, but that listed companies may continue to
physically distribute annual reports if they so wish.
---------------------------------------------------------------------------

    ADP also expressed concern that the proposed rule change is based
upon an ``access equals delivery'' model of disclosure.\34\ The
Commission notes that it considered the NYSE's elimination of its
annual report distribution requirement for listed companies under
Section 19(b) of the Act.\35\ The Commission's determination of what
constitutes an appropriate SRO rule under Section 19(b) of the Act is
distinct from the Commission's consideration of rulemaking under the
Act, and will not have any impact on the Commission's consideration of
the proposal concerning amendments to the proxy rules.\36\
---------------------------------------------------------------------------

    \34\ ADP Letter, supra note 5.
    \35\ Section 19(b)(2) of the Act states, in pertinent part,
that: ``The Commission shall approve a proposed rule change of a
self-regulatory organization if it finds that such proposed rule
change is consistent with the requirements of this title and the
rules and regulations thereunder applicable to such organization.''
15 U.S.C. 78s(b)(2).
    \36\ See Securities Exchange Act Release No. 52926 (December 8,
2005), 70 FR 74598 (December 15, 2005) (proposing amendments to the
proxy rules that would provide an alternative method for issuers and
other persons to furnish proxy materials to shareholders by posting
them on an Internet Web site and providing shareholders with notice
of the availability of the proxy materials with copies being made
available to shareholders on request, at no cost).
---------------------------------------------------------------------------

    In connection with the Exchange's proposed amendments to the annual
financial distribution requirements in Section 203.01 of the Listed
Company Manual, the Commission notes that the Exchange has proposed
conforming amendments to Section 203.01 and other sections of the
Listed Company Manual. For example, the Exchange's proposal would also
eliminate the requirements currently contained in Section 203.01 that
detail the procedures for physical distribution of the annual financial
statements as well as the notice requirement that companies have
followed if they could not meet these physical distribution
requirements.\37\ Additionally, the Exchange proposes to eliminate
provisions in Section 203.01 of the Listed Company Manual that detail
the form and substance of the annual financial statements.\38\ The
Commission notes that the Exchange has represented that the notice
requirement for companies that fail to distribute annual financial
statements is no longer necessary because the Exchange monitors listed
companies for timely filing of their Commission reports on an ongoing
basis.\39\ Given this monitoring, and the Exchange's representation
that it monitors listed companies for timely filing on an ongoing
basis, the Commission believes this aspect of the proposed rule change
is reasonable. The Commission believes that the Exchange's deletion of
the provisions of Section 203.01 of the Listed Company Manual regarding
the form and substance of the annual financial statements eliminates
duplicative, and potentially confusing, disclosure requirements for
companies that are fully described in the Act.\40\
---------------------------------------------------------------------------

    \37\ See Notice at 37148.
    \38\ Id.
    \39\ See Notice at 37153 (stating that the Exchange monitors
listed companies for timely filing of their Commission reports on an
ongoing basis).
    \40\ See, e.g., 17 CFR 210.1-01 et seq.
---------------------------------------------------------------------------

    The Exchange also proposes to amend Section 103.00 of the Listed
Company Manual to eliminate the requirement that foreign private
issuers distribute at least summary annual reports to shareholders. The
elimination of this requirement is consistent with the Exchange's
proposal in Section 203.01 of the Listed Company Manual because the
Exchange is no longer requiring companies to physically distribute
annual financial information to shareholders. The Commission notes that
the Exchange's proposal would still require foreign private issuers to
send hard copies of the annual financial statements to shareholders,
free of charge, upon request, within a reasonable period of time.
    The Exchange also proposes to delete Section 401.04 from the Listed
Company Manual. In approving this portion of the proposed rule change,
the Commission notes that the Exchange has specifically stated that it
is not disavowing that best practice is for a listed company to hold
its annual meeting within a reasonable time after the close of the
company's fiscal year.\41\ While the Commission also agrees that best
practice is for a listed company to hold its annual meeting within a
reasonable time after the close of its fiscal year, the Commission
believes that it is not unreasonable for the Exchange to eliminate from
the Listed Company Manual language that is, by its express terms, not
an enforceable requirement, both to prevent confusion amongst listed
companies and to reduce the Listed Company Manual to a codification of
mandatory requirements for listed companies.
---------------------------------------------------------------------------

    \41\ See Notice, 71 FR at 37154 (stating that the Exchange is
not disavowing that best practice is to hold the annual meeting
within a reasonable interval after the close of the fiscal year).
---------------------------------------------------------------------------

    Lastly, the Exchange proposes to eliminate certain provisions of
Section 703.09 of the Listed Company Manual regarding disclosure of
options, stock purchase and other remuneration plans. The Commission
believes the Exchange's deletion of these provisions from Section
703.09 of the Listed Company Manual is consistent with the Act since it
eliminates duplicative, and potentially confusing, disclosure
requirements for companies that are already more fully described in the
Act.\42\
---------------------------------------------------------------------------

    \42\ See, e.g., 17 CFR 229.201(d) and 17 CFR 229.402.
---------------------------------------------------------------------------

Notice of Filing of and Order Granting Accelerated Approval to
Amendment No. 3 to the Proposed Rule Change

    In Amendment No. 3, the Exchange modified the proposal to provide
that in the case of a listed company that is a closed-end fund, if the
company does not maintain its own Web site, the company may utilize a
Web site that the company is allowed to use to satisfy the Web site
posting requirement in Rule 16a-3(k) of the Act.\43\ The Exchange also
added a requirement that when a company issues the press release

announcing that its annual report has been filed, it must also specify
in the press release the Web site address where shareholders may access
the annual report.\44\
---------------------------------------------------------------------------

    \43\ 17 CFR 240.16a-3(k); see also Amendment No. 3, supra note
6.
    \44\ See Amendment No. 3, supra note 6.
---------------------------------------------------------------------------

    The changes proposed by the Exchange in Amendment No. 3 respond to
a concern raised by the ICI and are designed to ensure that the
proposed rule change works as intended with respect to investment
companies.\45\ The proposed change also improves the press release
proposal by requiring that the Web site address where financial
statement can be accessed be included in the press release. The
Commission believes that these proposed changes strengthen the proposed
rule change and do not raise any new regulatory issues beyond those
raised by the original proposal. Therefore, the Commission finds good
cause, consistent with Sections 19(b) and 6(b)(5) of the Act, to
approve Amendment No. 3 to the proposed rule change prior to the 30th
day after the amendment is published for comment in the Federal
Register.
---------------------------------------------------------------------------

    \45\ The Commission notes that in its comment letter, the ICI's
proposed modifications to Section 303A.14 referred to ``investment
companies,'' whereas the Exchange's proposed rule text contained in
Amendment No. 3 refers to ``closed-end funds.'' See ICI Letter,
supra note 5; see also Amendment No. 3, supra note 6. The Exchange
has represented that the reason that it made this change to the
ICI's suggested language is because under the Exchange's rules, the
only listed ``investment companies'' to which the proposed rule
change can apply are closed-end funds. See Telephone Conference
between Annmarie Tierney, Assistant General Counsel, NYSE, and
Raymond Lombardo, Special Counsel, Division of Market Regulation,
Commission, on August 14, 2006.
---------------------------------------------------------------------------

V. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning Amendment No. 3, including whether Amendment No. 3
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 No. SR-NYSE-2005-68 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 No. SR-NYSE-2005-68. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments, all

written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room. Copies of such
filing will also be available for inspection and copying at the
principal office of the NYSE. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File No. SR-NYSE-2005-68 and should be submitted on or before September
19, 2006.

VI. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\46\ that the proposed rule change (SR-NYSE-2005-68), as amended,
is approved.
---------------------------------------------------------------------------

    \46\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\47\
---------------------------------------------------------------------------

    \47\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. E6-14276 Filed 8-28-06; 8:45 am]

BILLING CODE 8010-01-P