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Code · REGISTER · 2006-05-31 · Pension Benefit Guaranty Corporation · Notices

Notices. Notice of intention to request extension of OMB approval

12,658 words·~58 min read·/register/2006/05/31/06-5023·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

BILLING CODE 3110-01-P PENSION BENEFIT GUARANTY CORPORATION Proposed Submission of Information Collection for OMB Review; Comment Request; Disclosure to Participants AGENCY: Pension Benefit Guaranty Corporation. ACTION: Notice of intention to request extension of OMB approval. SUMMARY: The Pension Benefit Guaranty Corporation (“PBGC”) intends to request that the Office of Management and Budget (“OMB”) extend approval, under the Paperwork Reduction Act, of the collection of information under its regulation on Disclosure to Participants, 29 CFR part 4011 (OMB control number 1212-0050; expires December 31, 2006).
This notice informs the public of the PBGC's intent and solicits public comment on the collection of information. DATES: Comments should be submitted by July 31, 2006. ADDRESSES: Comments may be mailed to the Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-4026, or delivered to that address during normal business hours. Comments also may be submitted by e-mail to *paperwork.comments@pbgc.gov* , or by fax to 202-326-4224.
The PBGC will make all comments available on its Web site at *http://www.pbgc.gov* . Copies of the collection of information may also be obtained without charge by writing to the Disclosure Division of the Office of the General Counsel of PBGC at the above address or by visiting the Disclosure Division or calling 202-326-4040 during normal business hours. (TTY and TDD users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4040.
) The Disclosure to Participants regulation may be accessed on the PBGC's Web site at *http://www.pbgc.gov* . FOR FURTHER INFORMATION CONTACT: Catherine B. Klion, Attorney, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-4024. (For TTY and TDD, call 800-877-8339 and request connection to 202-326-4024). SUPPLEMENTARY INFORMATION: Section 4011 of the Employee Retirement Income Security Act of 1974 requires plan administrators of certain underfunded single-employer pension plans to provide an annual notice to plan participants and beneficiaries of the plan's funding status and the limits on the PBGC's guarantee.
The PBGC's regulation implementing this provision (29 CFR part 4011) prescribes which plans are subject to the notice requirement, who is entitled to receive the notice, and the time, form, and manner of issuance of the notice. The notice provides recipients with meaningful, understandable, and timely information that will help them become better informed about their plans and assist them in their financial planning. The collection of information under the regulation has been approved by OMB under control number 1212-0050 through December 31, 2006.
The PBGC intends to request that OMB extend its approval for another three years. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. The PBGC estimates that an average of 4,702 plans per year will respond to this collection of information. The PBGC further estimates that the average annual burden of this collection of information is 2.51 hours and $690 per plan, with an average total annual burden of 11,800 hours and $3,244,863.
The PBGC is soliciting public comments to— Evaluate whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; Evaluate the accuracy of the agency's estimate of the burden of the collection of information, including the validity of the methodology and assumptions used; enhance the quality, utility, and clarity of the information to be collected; and minimize the burden of the collection of information on those who are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, *e.g.* , permitting electronic submission of responses.
Issued in Washington, DC, this 24th day of May 2006. Cris Birch, Acting Chief Technology Officer, Pension Benefit Guaranty Corporation. [FR Doc. E6-8316 Filed 5-30-06; 8:45 am] BILLING CODE 7708-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-53851; International Series Release No. 1296; File No. 600-29] Clearstream Banking, S.A.; Notice of Filing of Application To Continue an Existing Exemption From Clearing Agency Registration May 23, 2006. I. Introduction On April 12, 2005, Clearstream Banking, S.A.
(“Clearstream”), successor in name to Cedel Bank, societe anonyme, Luxembourg (“Cedel”), filed with the Securities and Exchange Commission (“Commission”) pursuant to section 17A of the Securities Exchange Act of 1934 (“Act”) 1 and Rule 17Ab2-1 thereunder 2 and on March 15, 2006 amended, an amendment to its Form CA-1 to reflect changes in its ownership structure that resulted from the acquisition of Clearstream's parent company, Cedel International, S.A. (“Cedel International”), by Deutsche Brse AG (“DBAG”).
The purpose of the amendment is to seek Commission approval to continue Clearstream's current exemption from clearing agency registration pursuant to which Clearstream provides, subject to certain conditions, clearance and settlement services for U.S. government securities for its U.S. participants. The Commission is publishing this notice to solicit comment from interested persons as to whether Clearstream continues to satisfy the requirements of its exemption from clearing agency registration. 1 15 U.S.C. 78q-1. 2 17 CFR 240.17Ab2-1.
II. Background A. The 1997 Exemptive Order On February 24, 1997, the Commission granted Cedel a conditional exemption from registration as a clearing agency to enable Cedel to perform certain functions of a clearing agency with respect to transactions involving U.S. government securities and its U.S. participants (“1997 Exemptive Order”). 3 Specifically, the 1997 Exemptive Order permitted Cedel to provide clearance, settlement, and collateral management services to U.S. and non-U.S. entities for transactions in the following U.S. government securities: 4
(1)Fedwire-eligible U.S. government securities 5 and
(2)mortgage-backed pass-through securities that are guaranteed by the Government National Mortgage Association (collectively, “Eligible U.S. Government Securities”). 6 3 Securities Exchange Act Release No. 38328 (February 24, 1997), 62 FR 9225 (February 28, 1997). 4 “Government securities” is defined in section 3(a)(42) of the Act, 15 U.S.C. 78c(a)(42). 5 Fedwire is a large-value transfer system operated by the Board of Governors of the Federal Reserve System that supports the electronic transfer of funds and the electronic transfer of book-entry securities. 1997 Exemptive Order at 62 FR 9231 n.58. 6 1997 Exemptive Order at 62 FR 9231. The 1997 Exemptive Order also imposed two conditions on Cedel's ability to provide clearance and settlement services for Eligible U.S. Government Securities. 7 First, the average daily volume of Eligible U.S. Government Securities processed at Cedel for U.S. participants was limited to five percent of the total average daily dollar value of the aggregate volume in eligible U.S. government securities. 8 Second, the 1997 Exemptive Order required Cedel to provide the Commission access to a variety of information related to Cedel's clearance and settlement operations. 9 7 The conditions in the 1997 Exemptive Order reflected the Commission's determination to take a gradual approach toward permitting an international non-registered clearing agency such as Clearsteam to provide securities processing services in U.S. government securities to U.S. market participants. 1997 Exemptive Order at 62 FR 9231. 8 The scope of the 1997 Exemptive Order is limited to Eligible U.S. Government Securities and does not apply to other debt or equity securities. For a more complete description of the volume limit, refer to Section III.C.2. of the 1997 Exemptive Order at 62 FR 9232. 9 For a more complete description of the Commission's access to information, refer to Section III.C.3. of the 1997 Exemptive Order at 62 FR 9232. B. Acquisition by DBAG When the Commission issued the 1997 Exemptive Order, Cedel was a wholly-owned subsidiary of Cedel International, a privately owned entity. Between 1999 and 2002, Clearstream International was created, 10 Cedel was renamed to Clearstream, 11 and DBAG acquired Cedel International. 12 As a result of this acquisition, DBAG indirectly owns Clearstream through its ownership of Clearstream International. 13 Throughout all these mergers, acquisitions, and name changes, Clearstream has remained functionally and legally the same entity as was Cedel. 14 10 Clearstream International is the successor to New Cedel International, a company formed in 1999 in connection with DBAG's initial investment in Cedel International. 11 Clearstream is a wholly owned subsidiary of Clearstream International. 12 The regulatory bodies in Germany, Luxembourg, and the United Kingdom did not object to the acquisition of Cedel International by DBAG. 13 Although DBAG exercises voting control over Clearstream International and Clearstream, certain protections have been implemented in order to allow Clearstream's participants to maintain influence over Clearstream's policies and procedures. 14 For example, Clearstream's clearance and settlement activities are the same as those provided by Cedel, and Clearstream's regulator, the Institut Monetaire Luxembourgeois, is the same as it was for Cedel. III. Continued Compliance With the Exemptive Order The 1997 Exemptive Order provides that the Commission may modify by order the terms, scope, or conditions of the exemption from registration as a clearing agency if the Commission determines that such modification is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. 15 The Commission may also limit, suspend, or revoke this exemption if the Commission finds that Clearstream has violated or is unable to comply with any of the provisions set forth in the 1997 Exemptive Order if such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act for the protection of investors and the public interest. 15 1997 Exemptive Order at 62 FR 9233. The 1997 Exemptive Order was based upon representations and facts contained in Cedel's Form CA-1 and other information known to the Commission regarding the substantive aspects of Cedel's application, including the ownership structure and corporate governance. As a result, changes in the representations and facts as then existed and were presented to the Commission require a modification to the 1997 Exemptive Order. Specifically, where Cedel was user-owned and its participants had direct representation on the board of directors, Clearstream is essentially owned by a single entity ( *i.e.* , DBAG) that facilitates user participation through board advisory committees. The Commission believes that it is now appropriate to seek comment on whether continuation of Clearstream's existing exemption from clearing agency registration is appropriate. 16 16 Prior to DBAG's acquisition of Cedel International, Clearstream notified the Commission as required by the terms of the 1997 Exemptive Order. Because Clearstream was the same legal entity with Cedel with just a change of name, the 1997 Exemptive Order was not amended prior to changes in ownership structure. In contrast, when Euroclear Bank replaced Morgan Guaranty Trust Company as the operator of the Euroclear System a new legal entity was formed. In that situation, Euroclear's order granting it an exemption from clearing agency registration was modified prior to the change in ownership structure. Securities Exchange Act Release No. 39643 (February 11, 1998), 63 FR 8232 (February 18, 1998), *modified in* Securities Exchange Act Release No. 43775 (December 28, 2000), 66 FR 819 (January 4, 2001) (“Modified Euroclear Exemptive Order”). Clearstream's operating structure is the same as Cedel's. Clearstream has represented that it uses substantially the same personnel, operating systems, procedures, and risk management as did Cedel. 17 Clearstream has represented that it will continue to substantially satisfy, as Cedel represented, each of the conditions for registration set forth in section 17A(b)(3) of the Act that relate to the “safe and sound clearance and settlement” in the U.S., which the Commission identified in the 1997 Exemptive Order as the fundamental goal of Section 17A. 18 Accordingly, Clearstream requests the Commission continue the terms and conditions granted to Cedel in the 1997 Exemptive Order. Clearstream does not seek to have any changes made to the “Scope of the Exemption,” as set forth in Section III.C. of the 1997 Exemptive Order with respect to the conditions and limitations of the 1997 Exemptive Order. 17 For example, the collateral management service discussed in the 1997 Exemptive Order was known as Global Credit Support Service (“GCSS”). GCSS was updated in 1998 and was renamed Tripartite Collateral Management Service (“TCMS”). Like GCSS, TCMS is a book-entry, real-time collateral management service for cross-border securities collateralization. 18 1997 Exemptive Order at 62 FR 9231. Clearstream's governance and management structures have been revised to reflect the acquisition by DBAG. 19 Prior to DBAG's acquisition, Cedel and Cedel International were privately owned by their shareholders and shared the same boards of directors. As structured today, Clearstream's four directors are also directors of Clearstream International, which has twenty-one directors on its board. DBAG nominates and elects all directors. 19 Clearstream International and Clearstream have delegated management to a single management group known as Group Executive Management (“GEM”). The GEM is composed of four individuals who currently serve as Clearstream's board of directors, as well as one additional person. Clearstream's governance structure includes two advisory groups. The User Advisory Group and Credit Advisory Group are both populated by participants, financial institutions, and service providers and provide Clearstream users with a forum to discuss changes to Clearstream's products, services, credit standards, and controls. 20 These two groups are designed to ensure that a broad range of Clearstream's users are given a voice in the governance of Clearstream. 20 The interests represented in these groups include issuers, securities information providers, trading firms, financial institutions, and entities providing clearing, settlement, and custody services. Section 17A(b)(3)(C) of the Act requires that the rules of a clearing agency provide for fair representation of the clearing agency's shareholders or members and participants in the selection of the clearing agency's directors and administration of the clearing agency's affairs. 21 That section contemplates that users of a clearing agency will have a significant voice in the direction of the affairs of the clearing agency. Clearstream believes that the current governance and management structure, though different from Cedel's, satisfies the requirements of section 17A(b)(3)(C) because Clearstream provides for participant participation in management through the two advisory groups. 21 15 U.S.C. 78q-1(b)(3)(C). Section 17A(b)(1) of the Act authorizes the Commission to exempt applicants from some or all of the requirements of section 17A if it finds such exemptions are consistent with the public interest, the protection of investors, and the purposes of section 17A, including the prompt and accurate clearance and settlement of securities transactions and the safeguarding of securities and funds. 22 Therefore, the Commission invites commenters to address whether continuing the 1997 Exemptive Order as requested by Clearstream and as described above, subject to the continuation of the conditions and limitations set forth in that order, would further the goals of and would remain consistent with section 17A. In particular, the Commission seeks comment on whether the revised governance structure, including the addition of advisory committees, such as the User Advisory Group and the Credit Advisory Group, in lieu of directors elected by system participants, continues to meet the requirements of fair representation under section 17A(b)(3)(C) of the Act. Additionally, the Commission invites comments on amending the 1997 Exemptive Order to permit Clearstream to file volume information on a quarterly basis with the Commission rather than on a monthly basis. 23 22 15 U.S.C. 78q-1(b)(1). 23 The 1997 Exemptive Order directs Clearstream to file monthly volume information with the Commission. The Commission is considering amending the 1997 Exemptive Order to permit Clearstream to file volume reports on a quarterly basis. *See* Modified Euroclear Exemptive Order (directing Euroclear Bank to file quarterly volume reports with the Commission). IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the application 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 *rule-comments@sec.gov.* Please include File Number 600-29 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number 600-29. 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 application that are filed with the Commission, and all written communications relating to the application between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Section, 100 F Street, NE., Washington, DC 20549. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number 600-29 and should be submitted on or before June 21, 2006. For the Commission by the Division of Market Regulation, pursuant to delegated authority. 24 24 17 CFR 200.30-3(a)(16). Jill M. Peterson, Assistant Secretary. [FR Doc. E6-8320 Filed 5-30-06; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-53853; File No. SR-Amex-2006-46] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval to a Proposed Rule Change and Amendment No. 1 Thereto Relating to the Elimination of the Prohibition on Computer Generated Orders May 23, 2006. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”), 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on May 9, 2006, the American Stock Exchange LLC (“Amex” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by Amex. On May 11, 2006, Amex filed Amendment No. 1 to the proposed rule change. 3 The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons, and is approving the proposal on an accelerated basis. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 Amendment No. 1 supersedes and replaces the original rule filing in its entirety. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to eliminate Amex Rules 934(b) and 934-ANTE(b) relating to the prohibition of computer generated orders. The text of the proposed rule change is available on the Amex's Web site ( *http://www.amex.com* ), at the Amex's Office of the Secretary, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Amex included statements concerning the purpose of, and basis for, the proposed rule change, as amended, and discussed any comments it received on the proposed rule change, as amended. The text of these statements may be examined at the places specified in Item III below. The Amex has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes that the amendment to the Amex Rules pursuant to this proposal be effective on May 8, 2006. The Exchange proposes to eliminate the prohibition on computer generated orders set forth in Amex Rules 934(b) and 934-ANTE(b). Originally, Amex Rules 934(b) and 934-ANTE(b) were adopted to protect registered options traders (“ROTs”) because, at the time, allowing electronic entry directly into the Exchange's order routing system could give customers and broker-dealers with order-generating systems a significant advantage over Amex ROTs. Since the adoption of Amex Rules 934(b) and 934-ANTE(b), the Exchange has implemented ANTE as well as other electronic trading enhancements minimizing the concerns raised by the rules. For example, ANTE permits specialists and ROTs to submit proprietary quotes electronically, 4 which reduces the risk of multiple executions of orders delivered in rapid succession before the specialist or ROT is able to revise its quotation. In addition, the Exchange recently received Commission approval for an ANTE enhancement known as the “Quote Risk Manager.” The Quote Risk Manager is a risk management tool allowing specialists and ROTs to automatically adjust their quotes if a certain number of trades are executed within a certain period of time. 5 Therefore, specialists and ROTs now have the ability to manage their exposure more quickly and efficiently, thereby obviating the need for both Amex Rules 934(b) and 934-ANTE(b). The Exchange also believes that the removal of the prohibition on computer generated orders should enhance access to the Exchange and therefore provide additional liquidity. 4 *See* Securities Exchange Act Release No. 49747 (May 20, 2004), 69 FR 30344 (May 27, 2004) (SR-Amex-2003-89). 5 *See* Securities Exchange Act Release No. 53148 (January 19, 2006), 71 FR 4386 (January 26, 2006) (SR-Amex-2005-131). 2. Statutory Basis The Exchange believes that the proposed rule change, as amended, is consistent with the provisions of section 6(b) of the Act, 6 in general, and with section 6(b)(5) of the Act, 7 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest; and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers, or to regulate by virtue of any authority conferred by the Act matters not related to the purpose of the Act or the administration of the Exchange. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change, as amended, will impose any burden on competition. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comment were solicited or received with respect to the proposed rule change. III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, as amended, 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 ­ *rule-comments@sec.gov* . Please include File Number SR-Amex-2006-46 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-Amex-2006-46. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-Amex-2006-46 and should be submitted on or before June 21, 2006. IV. Commission's Findings and Order Granting Accelerated Approval of a Proposed Rule Change After careful consideration, the Commission finds that the proposed rule change, as amended, is consistent with the Act and the rules and regulations thereunder applicable to a national securities exchange. 8 In particular, the Commission believes that the proposal is consistent with section 6(b)(5) of the Act, 9 which requires that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and in general, to protect investors and the public interest; and are not designed to permit unfair discrimination between customers, issuers brokers, or dealers, or to regulate by virtue of any authority conferred by the Act matters not related to the purposes of the Act or the administration of the Exchange. Specifically, the Commission believes that the proposal is designed to permit increased access to the Exchange, and therefore should help provide additional liquidity for orders executed on the Exchange. 8 In approving this proposal, the Commission has considered its impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). 9 15 U.S.C. 78f(b)(5). Under section 19(b)(2) of the Act, 10 the Commission may not approve any proposed rule change prior to the thirtieth day after the date of publication of the notice of filing thereof, unless the Commission finds good cause for so doing. The Commission hereby finds good cause for approving the proposed rule change, as amended, prior to the thirtieth day after publishing notice of filing thereof in the **Federal Register** . The Commission does not believe that the proposal would significantly affect the protection of investors or the public interest, and would not impose any significant burden on competition. 10 15 U.S.C. 78s(b)(2). The Commission notes that it has recently approved the deletion of the Chicago Board Options Exchange (“CBOE”) Rule 6.8A 11 and the Philadelphia Stock Exchange (“Phlx”) Rule 1080(i). 12 Both of these rules had prohibited the entry of electronically generated orders. The Commission believes that the proposed rule change, as amended, raises no new regulatory issues and that a full notice and comment period is not necessary. 11 *See* Securities Exchange Act Release No. 51030 (January 12, 2005), 70 FR 3404 (January 24, 2005) (SR-CBOE-2004-91). 12 *See* Securities Exchange Act Release No. 48648 (October 16, 2003), 68 FR 60762 (October 23, 2003) (SR-Phlx-2003-37). For the reasons set forth above, the Commission finds good cause to accelerate approval of the proposed rule change, as amended, pursuant to section 19(b)(2) of the Act. V. Conclusion *It is therefore ordered,* pursuant to section 19(b)(2) of the Act, that the proposed rule change (SR-Amex-2006-46), as amended, is hereby approved on an accelerated basis. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 13 13 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E6-8321 Filed 5-30-06; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-53855; File No. SR-BSE-2006-19] Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend Until June 5, 2007, a Pilot Program for Listing Options on Selected Stocks Trading Below $20 at One-Point Intervals May 24, 2006. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on May 22, 2006, the Boston Stock Exchange, Inc. (“BSE” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the BSE. The BSE filed the proposal pursuant to section 19(b)(3)(A) of the Act, 3 and Rule 19b-4(f)(6) thereunder, 4 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. . 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b-4(f)(6). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The BSE proposes to amend Supplementary Material .02 to Chapter IV, Section 6, “Series of Options Contracts Open for Trading,” of the rules of the Boston Options Exchange (“BOX”) to extend until June 5, 2007, the pilot program for listing options series on selected stocks trading below $20 at one-point intervals (“Pilot Program”). The text of the proposed rule change is available on the BSE's Web site ( *http://www.bostonstock.com* ), at the BSE's principal office, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the BSE included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The BSE has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to extend the Pilot Program 5 under the BOX Rules for an additional year, until June 5, 2007. The Pilot Program allows the Boston Options Exchange Regulation, LLC (“BOXR”), the wholly owned subsidiary of the BSE with the delegated regulatory authority over BOX, to list options on a pilot basis on up to five selected underlying equities trading below $20 at $1 strike price intervals, as provided under the terms of the Pilot Program. The Pilot Program also allows BOX to list $1 strike prices on any equity option included in the $1 strike price pilot program of any other options exchange until June 5, 2006. The proposed rule change retains the text of Supplementary Material .02 to Section 6 of Chapter IV of the BOX Rules, as currently established on a pilot basis, and seeks to extend the operation of the Pilot Program for another year. 5 The BSE implemented the Pilot Program in February 2004 and extended it twice through June 5, 2006. *See* Securities Exchange Act Release Nos. 49292 (February 20, 2004), 69 FR 8993 (February 26, 2004) (notice of filing and immediate effectiveness of File No. SR-BSE-2004-01) (establishing the Pilot Program); 49806 (June 4, 2004), 69 FR 32640 (June 10, 2004) (notice of filing and immediate effectiveness of File No. SR-BSE-2004-22) (extending the Pilot Program through June 5, 2005); and 51778 (June 2, 2005), 70 FR 33562 (June 8, 2005) (notice of filing and immediate effectiveness of File No. SR-BSE-2005-18) (extending the Pilot Program through June 5, 2006). Chapter IV, Section 6 of the Box Rules establishes guidelines regarding the addition of options series for trading on BOX. Under the Pilot Program, to be eligible for selection into the Pilot Program, the underlying stock must close below $20 on its primary market on the previous trading day. If selected for the Pilot Program, BOX may list strike prices at $1 intervals from $3 to $20, but no $1 strike price may be listed that is greater than $5 from the underlying stock's closing price on its primary market on the previous day. BOX also may list $1 strikes on any other options class designated by another options exchange that employs a similar pilot program under its rules. BOX may not list long-term option series (“LEAPS”®) at $1 strike price intervals for any class selected for the Pilot Program. BOX also is restricted from listing any series that would result in strike prices being $0.50 apart. The Pilot Program initially was proposed in reaction to the general decrease in stock prices and the proliferation of stocks trading below $20, including some of the most widely held and actively traded equity securities listed on the New York Stock Exchange, the American Stock Exchange, and Nasdaq. The BSE notes that many of these stocks are still trading below $20, including, for example, Oracle, Micron Technology, EMC Corp, and Motorola. When a stock underlying an option trades at a lower price, it requires a larger percentage gain in the price of the stock for an option to become in-the-money. For example, if a stock trades at $10, an investor that wants to purchase a slightly out-of-the-money call option would have to buy the $12.50 call. At these levels, the stock price would need to increase by 25% to reach in-the-money status. The BSE notes that a 25% or higher gain in the price of the underlying stock is especially large given the lessened degree of volatility that recently has accompanied many stocks and options. According to the BSE, listing additional strike prices on these classes has allowed BOX Participants to provide their customers with greater trading flexibility in achieving their investment strategies. In further support of this proposed rule change, the Exchange submitted to the Commission a Pilot Program Report, attached as Exhibit 3, offering detailed data from and analysis of the Pilot Program. 2. Statutory Basis The Exchange believes that the data demonstrates that there is sufficient investor interest and demand to extend the Pilot Program for another year, without adversely effecting systems capacity. The proposed rule change is designed to provide investors with greater trading opportunities, and the flexibility and ability to more closely tailor their investment strategies and decisions to the movement of the underlying security. Accordingly, the Exchange believes that the proposal is consistent with the requirements of section 6(b) of the Act, 6 in general, and of section 6(b)(5) of the Act, 7 in particular, in that it is designed to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). B. Self-Regulatory Organization's Statement on Burden on Competition The BSE does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in the furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The BSE has neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The BSE has filed the proposed rule change pursuant to section 19(b)(3)(A) of the Act 8 and subparagraph (f)(6) of Rule 19b-4 thereunder. 9 Because the foregoing proposed rule change:
(1)Does not significantly affect the protection of investors or the public interest;
(2)does not impose any significant burden on competition; and
(3)by its terms does not become operative for 30 days after the date of this filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder. As required under Rule 19b-4(f)(6)(iii), the BSE provided the Commission with written notice of its intention to file the proposed rule change at least five business days prior to filing the proposal with the Commission or such shorter period as designated by the Commission. 8 15 U.S.C. 78s(b)(3)(A). 9 17 CFR 240.19b-4(f)(6). A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative for 30 days after the date of filing. However, Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The BSE has asked the Commission to waive the 30-day operative delay to allow the Pilot Program to continue to operate without interruption. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because it will allow the Pilot Program to continue without interruption through June 5, 2007. 10 For this reason, the Commission designates that the proposal become operative on June 5, 2006. 11 10 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 11 In the event that the BSE proposes to:
(1)Extend the Pilot Program beyond June 5, 2007;
(2)expand the number of options eligible for inclusion in the Pilot Program; or
(3)seek permanent approval of the Pilot Program, the BSE will submit a Pilot Program report to the Commission along with the filing of its proposal to extend, expand, or seek permanent approval of the Pilot Program. The BSE will file any such proposal and the Pilot Program report with the Commission at least 60 days prior to the expiration of the Pilot Program. The Pilot Program report will cover the entire time the Pilot Program was in effect and will include:
(1)Data and written analysis on the open interest and trading volume for options (at all strike price intervals) selected for the Pilot Program;
(2)delisted options series (for all strike price intervals) for all options selected for the Pilot Program;
(3)an assessment of the appropriateness of $1 strike price intervals for the options the BSE selected for the Pilot Program;
(4)an assessment of the impact of the Pilot Program on the capacity of the BSE's, the Options Price Reporting Authority's, and vendors' automated systems;
(5)any capacity problems or other problems that arose during the operation of the Pilot Program and how the BSE addressed them;
(6)any complaints that the BSE received during the operation of the Pilot Program and how the BSE addressed them; and
(7)any additional information that would help to assess the operation of the Pilot Program. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments: • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov* . Please include File No. SR-BSE-2006-19 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File No. SR-BSE-2006-19. 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 BSE. 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-BSE-2006-19 and should be submitted on or before June 21, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 12 12 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E6-8322 Filed 5-30-06; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-53854; File No. SR-BSE-2006-23] Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating To Decreasing the Exposure Period for Crossing Orders Under Chapter V, Section 17, Supplementary Material .02 and .03 May 24, 2006. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”), 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on May 11, 2006, the Boston Stock Exchange, Inc. (“BSE”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the BSE. The BSE filed the proposed rule change as a “non-controversial” rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b-4(f)(6) thereunder, 4 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b-4(f)(6). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The BSE proposes to decrease the exposure period for crossing orders under Chapter V, Section 17, Supplementary Material .02 and .03 of the Boston Options Exchange (“BOX”) rules from 30 seconds to 3 seconds. The text of the proposed rule amendment is provided below. (Additions are *italicized;* deletions are [bracketed], unless otherwise indicated) Rules of the Boston Options Exchange Facility CHAPTER V. DOING BUSINESS ON BOX Sec. 17 Customer Orders and Order Flow Providers
(a)through
(c)No Change. Supplementary Material to Section 17 .01 No Change. .02 If an Options Participant fails to expose its Customer Order[s] 5 on BOX, it will be a violation of this Section 17 for an Options Participant to cause the execution of an order it represents as agent on BOX through the use of orders it solicited from Options Participants and/or non-Participant broker-dealers to transact with such orders, whether such solicited orders are entered into the BOX market directly by the Options Participant or by the solicited party (either directly or through another Participant), unless the agency order is first exposed to the BOX Book for at least [thirty (30)] *three (3)* seconds. 5 The “s” and surrounding brackets appear in the current rule text, and are not intended to be deletions under the proposed rule change. .03 An OFP may not execute as principal an order it represents as agent unless,
(i)the agency order is first exposed to the BOX Book for at least [thirty (30)] *three (3)* seconds, or
(ii)the OFP has been bidding or offering on BOX for a least [thirty (30)] *three (3)* seconds prior to receiving an agency order that is executable against such bid or offer; or
(iii)the OFP sends the agency order to the Price Improvement Period process pursuant to Section 18 of this Chapter V. .04 No Change. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the BSE included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The BSE has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose An Options Participant (“Participant”) may not execute an order it represents as agent with a facilitation or a solicited order (referred to herein as “crossing orders”) unless it complies with the order exposure requirements contained in Chapter V, Section 17, Supplementary Material .03 and .02 respectively. Specifically, when a Participant is not submitting an order to the Price Improvement Period process, it may not execute a facilitation cross unless
(i)the agency order is first exposed to the BOX Book for at least 30 seconds; or
(ii)the Participant has been bidding or offering on BOX for at least 30 seconds prior to receiving the agency order that is executable against such bid or offer. Similarly, a Participant may not execute a solicitation cross unless the agency order is first exposed to the BOX Book for 30 seconds. The BSE proposes to shorten the duration of the exposure period contained in the rules governing such transactions from 30 seconds to 3 seconds. This shortened exposure period is fully consistent with the electronic nature of the BOX's market. Market participants on the BOX market have implemented systems that monitor any updates to the BOX market, including any changes resulting from orders being entered into the market, and can automatically respond based on pre-set parameters. Thus, an exposure period of 3 seconds will permit exposure of orders on BOX in a manner consistent with its electronic market. By reducing the exposure time to 3 seconds, the BSE believes that Participants will be able to provide liquidity to their customers' orders on a timelier basis, thus providing investors with more speedy executions. Timely and accurate executions are consistent with the principles under which the BOX's electronic market was developed. 2. Statutory Basis The BSE believes that the proposal is consistent with the requirements of section 6(b) of the Act, 6 in general, and Section 6(b)(5) of the Act, 7 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. In particular, the proposal will permit members to provide liquidity to customer orders on a timelier basis, thus providing investors with more speedy executions. At the same time, it will preserve a reasonable period for orders to interact in the auction market. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). B. Self-Regulatory Organization's Statement on Burden on Competition The BSE does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The BSE has neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not:
(i)Significantly affect the protection of investors or the public interest;
(ii)impose any significant burden on competition; and
(iii)become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to section 19(b)(3)(A) of the Act 8 and Rule 19b-4(f)(6) thereunder. 9 8 15 U.S.C. 78s(b)(3)(A). 9 17 CFR 240.19b-4(f)(6). At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. A proposed rule change filed under Rule 19b-4(f)(6) normally may not become operative prior to 30 days after the date of filing. 10 However, Rule 19b-4(f)(6)(iii) 11 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The BSE provided the Commission with written notice of its intent to file this proposed rule change at least five business days prior to the date of filing of the proposed rule change. In addition, the BSE has requested that the Commission waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because the proposed rule change is based on rules recently approved by the Commission for two other exchanges. 12 For this reason, the Commission designates the proposal to be effective and operative upon filing with the Commission. 13 10 17 CFR 240.19b-4(f)(6)(iii). 11 *Id.* 12 *See* Securities Exchange Act Release Nos. 53567 (March 29, 2006), 71 FR 17529 (April 6, 2006) (SR-CBOE-2006-09) and 53609 (April 6, 2006), 71 FR 19224 (April 13, 2006) (SR-NYSEArca-2006-01). 13 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov.* Please include File Number SR-BSE-2006-23 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-BSE-2006-23. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room. Copies of such filing also will be available for inspection and copying at the principal office of the BSE. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BSE-2006-23 and should be submitted on or before June 21, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 14 14 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E6-8357 Filed 5-30-06; 8:45 am] BILLING CODE 8010-01-P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #10322 and #10323] Texas Disaster Number TX-00097 AGENCY: U.S. Small Business Administration. ACTION: Amendment 10. SUMMARY: This is an amendment of the Presidential declaration of a major disaster for the State of Texas (FEMA—1624—DR), dated 1/11/2006. *Incident:* Extreme Wildfire Threat. *Incident Period:* 11/27/2005 through 5/14/2006. *Effective Date:* 5/17/2006. *Physical Loan Application Deadline Date:* 5/30/2006. *EIDL Loan Application Deadline Date:* 10/11/2006. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, National Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the Presidential disaster declaration for the State of Texas, dated 1/11/2006 is hereby amended to include the following areas as adversely affected by the disaster: Primary Counties: Johnson Contiguous Counties: Texas Hill All other information in the original declaration remains unchanged. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) Roger B. Garland, Acting Associate Administrator for Disaster Assistance. [FR Doc. E6-8344 Filed 5-30-06; 8:45 am] BILLING CODE 8025-01-P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #10476] Washington Disaster # WA-00004 AGENCY: U.S. Small Business Administration ACTION: Notice. SUMMARY: This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the State of Washington (FEMA—1641—DR), dated 5/17/2006. *Incident:* Severe storms, flooding, tidal surge, landslides, and mudslides *Incident Period:* 1/27/2006 through 2/4/2006. *Effective Date:* 5/17/2006. *Physical Loan Application Deadline Date:* 7/17/2006. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, National Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President's major disaster declaration on 05/17/2006, applications for Private Non-Profit organizations that provide essential services of a governmental nature may file disaster loan applications at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Counties: Clallam Grays Harbor Island Jefferson Kitsap Mason Pacific Pend Oreille San Juan Snohomish Wahkiakum The Interest Rates are: *Other (Including Non-Profit Organizations) With Credit Available Elsewhere:* 5.000. *Businesses And Non-Profit Organizations Without Credit Available Elsewhere:* 4.000. The number assigned to this disaster for physical damage is 10476. (Catalog of Federal Domestic Assistance Number 59008) Cheri L. Cannon, Acting Associate Administrator for Disaster Assistance. [FR Doc. E6-8345 Filed 5-30-06; 8:45 am] BILLING CODE 8025-01-P DEPARTMENT OF STATE [Public Notice 5423] Notice Convening an Accountability Review Board To Examine the Circumstances of the Death of Mr. David E. Foy and Mr. Iftikhar Ahmed in March 2006 Pursuant to section 301 of the Omnibus Diplomatic Security and Antiterrorism Act of 1986, as amended (22 U.S.C. 4831 *et seq.* ), the Secretary of State has determined that a recent attack on an official motorcade in Karachi, Pakistan involved loss of life that was at or related to a U.S. mission abroad. Therefore, the Secretary has convened an Accountability Review Board to examine the facts and the circumstances of the attacks and to report to me such findings and recommendations as it deems appropriate, in keeping with the attached mandate. The Secretary has appointed David C. Fields, a retired U.S. Ambassador, as Chair of the Board. He will be assisted by Carolee Heileman, William Pope, Melvin Harrison, John Weber and the Executive Secretary to the Board, Hugo Carl Gettinger. They bring to their deliberations distinguished backgrounds in government service and/or in the private sector. The Board will submit its conclusions and recommendations to Secretary Rice within 60 days of its first meeting, unless the Chair determines a need for additional time. Appropriate action will be taken and reports submitted to Congress on any recommendations made by the Board. Anyone with information relevant to the Board's examination of these incidents should contact the Board promptly at
(202)647-5204 or send a fax to
(202)647-3282. This notice shall be published in the **Federal Register** . Dated: May 23, 2006. Henrietta H. Fore, Under Secretary for Management, Department of State. [FR Doc. E6-8366 Filed 5-30-06; 8:45 am] BILLING CODE 4710-35-P DEPARTMENT OF TRANSPORTATION Federal Railroad Administration Petition for Waiver of Compliance In accordance with part 211 of title 49 Code of Federal Regulations (CFR), notice is hereby given that the Federal Railroad Administration
(FRA)received a request for a waiver of compliance with certain requirements of its safety standards. The individual petition is described below, including the party seeking relief, the regulatory provisions involved, the nature of the relief being requested, and the petitioner's arguments in favour of relief. Burlington Northern Sante Fe Corporation [Docket Number FRA-2006-24812] The Burlington Northern Sante Fe Corporation (BNSF), seeks a temporary waiver of compliance from certain provisions of 49 CFR part 232, *Brake System Safety Standards for Freight and Other Non-Passenger Trains and Equipment.* Specifically, the mileage and inspection requirements contained in § 232.213, *Extended Haul Trains.* BNSF would like to perform the 1500 mile extended haul inspection for thirteen select trains at points which slightly exceed the 1500 mile point for inbound and outbound inspections for a period of six months. BNSF does not believe that this increase will in any way compromise the safety of BNSF's operations. BNSF claims this request is critical given the increased rate of demand for coal by the utility industry. BNSF believes that granting this waiver for a period of six months will significantly improve their ability to transport coal without any degradation to the safe operation of the following train sets: E-PAMATM, E-PAMBAM, E-PAMBTM, E-PAMNAM, E-PAMSBM, E-PAMEBM, E-MHSATM, E-MHSBKM, E-MHSCAM, E-MHSEBM, E-MHSJRM, E-MHSNAM, E-MHSRWM. BNSF states that mechanical and operating forces would be provided the list of trains allowed to operate past the 1500 mile threshold. Additionally, BNSF would keep records of any defects discovered during the inspections, as required, to include any defective cars set out enroute. Interested parties are invited to participate in these proceedings by submitting written views, data, or comments. FRA does not anticipate scheduling a public hearing in connection with these proceedings since the facts do not appear to warrant a hearing. If any interested party desires an opportunity for oral comment, they should notify FRA, in writing, before the end of the comment period and specify the basis for their request. All communications concerning these proceedings should identify the appropriate docket number ( *e.g.* , Waiver Petition Docket Number FRA-2006-24812 ) and must be submitted in triplicate to the Docket Clerk, DOT Central Docket Management Facility, Room Pl-401, Washington, DC 20590-0001. Note: Any request for a public hearing must be made within 15 days of the date of this notice. Written communications received within 30 days of the date of this notice will be considered by FRA before final action is taken. Comments received after that date will be considered as far as practicable. All written communications concerning these proceedings are available for examination during regular business hours (9 a.m.-5 p.m.) at DOT Central Docket Management Facility, Room Pl-401 (Plaza Level), 400 Seventh Street, SW., Washington. All documents in the public docket are also available for inspection and copying on the Internet at the docket facility's Web site at *http://dms.dot.gov.* Anyone is able to search the electronic form of all comments received into any of our dockets by the name of the individual submitting the comment (or signing the comment, if submitted on behalf of an association, business, labor union, etc.). You may review DOT's complete Privacy Act Statement in the **Federal Register** published on April 11, 2000 (Volume 65, Number 70; Pages 19377-78). The statement may also be found at *http://dms.dot.gov.* Issued in Washington, DC on May 24, 2006. Grady C. Cothen, Jr., Deputy Associate Administrator, for Safety Standards and Program Development. [FR Doc. E6-8315 Filed 5-30-06; 8:45 am] BILLING CODE 4910-06-P DEPARTMENT OF TRANSPORTATION Surface Transportation Board [STB Finance Docket No. 34875] V&S Railway, LLC—Acquisition and Operation Exemption—The Hutchinson and Northern Railway Company V&S Railway, LLC (VSR), a Class III rail carrier, has filed a verified notice of exemption under 49 CFR 1150.41 to acquire from The Hutchinson and Northern Railway Company (HN), also a Class III rail carrier, 1 and to operate approximately 5.14 miles of rail line from milepost 0.0 to milepost 5.14 in Hutchinson, Reno County, KS. VSR certifies that its projected annual revenues as a result of this transaction will not result in the creation of a Class II or Class I rail carrier, and further certifies that its projected annual revenues will not exceed $5 million. 1 Pacific Western Railroad, a noncarrier holding company, owns all of the issued and outstanding shares of capital stock of HN. The transaction was scheduled to be consummated on May 11, 2006. If the notice contains false or misleading information, the exemption is void *ab initio.* Petitions to revoke the exemption under 49 U.S.C. 10502(d) may be filed at any time. The filing of a petition to revoke will not automatically stay the transaction. An original and 10 copies of all pleadings, referring to STB Finance Docket No. 34875, must be filed with the Surface Transportation Board, 1925 K Street, NW., Washington, DC 20423-0001. In addition, one copy of each pleading must be served on Fritz R. Kahn, Fritz R. Kahn P.C., 1920 N Street, NW., 8th floor, Washington, DC 20036-1601. Board decisions and notices are available on our Web site at *http://www.stb.dot.gov.* Decided: May 23, 2006. By the Board, David M. Konschnik, Director, Office of Proceedings. Vernon A. Williams, Secretary. [FR Doc. E6-8259 Filed 5-30-06; 8:45 am] BILLING CODE 4915-01-P DEPARTMENT OF TRANSPORTATION Surface Transportation Board [STB Docket No. AB-33 (Sub-No. 222X)] Union Pacific Railroad Company—Abandonment Exemption—in Ouachita County, AR Union Pacific Railroad Company
(UP)has filed a verified notice of exemption under 49 CFR part 1152 subpart F— *Exempt Abandonments* to abandon a 3.6-mile line of railroad on the El Dorado Subdivision, extending from milepost 457.0 near Gilcrest to milepost 460.6 near El Dorado Junction, in Quachita County, AR. The line traverses United States Postal Service Zip Codes 71701 and 71711. UP has certified that:
(1)No local traffic has moved over the line for at least 2 years;
(2)there is no overhead traffic on the line;
(3)no formal complaint filed by a user of rail service on the line (or by a state or local government entity acting on behalf of such user) regarding cessation of service over the line either is pending with the Surface Transportation Board or with any U.S. District Court or has been decided in favor of complainant within the 2-year period; and
(4)the requirements at 49 CFR 1105.7 (environmental reports), 49 CFR 1105.8 (historic reports), 49 CFR 1105.11 (transmittal letter), 49 CFR 1105.12 (newspaper publication), and 49 CFR 1152.50(d)(1) (notice to governmental agencies) have been met. As a condition to this exemption, any employee adversely affected by the abandonment shall be protected under *Oregon Short Line R. Co.—Abandonment—Goshen,* 360 I.C.C. 91 (1979). To address whether this condition adequately protects affected employees, a petition for partial revocation under 49 U.S.C. 10502(d) must be filed. Provided no formal expression of intent to file an offer of financial assistance
(OFA)has been received, this exemption will be effective on June 30, 2006, unless stayed pending reconsideration. Petitions to stay that do not involve environmental issues, 1 formal expressions of intent to file an OFA under 49 CFR 1152.27(c)(2), 2 and trail use/rail banking requests under 49 CFR 1152.29 must be filed by June 12, 2006. Petitions to reopen or requests for public use conditions under 49 CFR 1152.28 must be filed by June 20, 2006, with the Surface Transportation Board, 1925 K Street, NW., Washington, DC 20423-0001. 1 The Board will grant a stay if an informed decision on environmental issues (whether raised by a party or by the Board's Section of Environmental Analysis
(SEA)in its independent investigation) cannot be made before the exemption's effective date. *See Exemption of Out-of-Service Rail Lines,* 5 I.C.C. 2d 377 (1989). Any request for a stay should be filed as soon as possible so that the Board may take appropriate action before the exemption's effective date. 2 Each OFA must be accompanied by the filing fee, which was increased to $1,300 effective on April 19, 2006. *See Regulations Governing Fees for Services Performed in Connection with Licensing and Related Services—2006 Update,* STB Ex Parte No. 542 (Sub-No. 13) (STB served Mar. 20, 2006). A copy of any petition filed with the Board should be sent to UP's representative: Mack H. Shumate, Jr., Senior General Attorney, 101 North Wacker Drive, Room 1920, Chicago, IL 60606. If the verified notice contains false or misleading information, the exemption is void *ab initio.* UP has filed a combined environmental report and historic report which addresses the effects, if any, of the abandonment on the environment and historic resources. SEA will issue an environmental assessment
(EA)by June 5, 2006. Interested persons may obtain a copy of the EA by writing to SEA (Room 500, Surface Transportation Board, Washington, DC 20423-0001) or by calling SEA, at
(202)565-1539. [Assistance for the hearing impaired is available through the Federal Information Relay Service
(FIRS)at 1-800-877-8339.] Comments on environmental and historic preservation matters must be filed within 15 days after the EA becomes available to the public. Environmental, historic preservation, public use, or trail use/rail banking conditions will be imposed, where appropriate, in a subsequent decision. Pursuant to the provisions of 49 CFR 1152.29(e)(2), UP shall file a notice of consummation with the Board to signify that it has exercised the authority granted and fully abandoned the line. If consummation has not been effected by UP's filing of a notice of consummation by May 31, 2007, and there are no legal or regulatory barriers to consummation, the authority to abandon will automatically expire. Board decisions and notices are available on our Web site at *http://www.stb.dot.gov.* Decided: May 23, 2006. By the Board, David M. Konschnik, Director, Office of Proceedings. Vernon A. Williams, Secretary. [FR Doc. E6-8258 Filed 5-30-06; 8:45 am] BILLING CODE 4915-01-P DEPARTMENT OF THE TREASURY Submission for OMB Review; Comment Request May 16, 2006. The Department of Treasury has submitted the following public information collection requirement(s) to OMB for review and clearance under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of the submission(s) may be obtained by calling the Treasury Bureau Clearance Officer listed. Comments regarding this information collection should be addressed to the OMB reviewer listed and to the Treasury Department Clearance Officer, Department of the Treasury, Room 11000, 1750 Pennsylvania Avenue, NW., Washington, DC 20220. DATES: *Dates:* Written comments should be received on or before June 30, 2006 to be assured of consideration. Internal Revenue Service
(IRS)*OMB Number:* 1545-0233. *Type of Review:* Extension. *Title:* Application for Automatic Extension of Time to File Corporation Income Tax Return. *Form:* IRS 7004. *Description:* Form 7004 is used by corporations and certain non-profit institutions to request an automatic 6-month extension of time to file their income tax returns. The information is needed by IRS to determine whether Form 704 was timely filed so as not to impose a late filing penalty in error and also to insure that the proper amount of tax was computed and deposited. *Respondents:* Business or other for-profit; Not-for-profit institution. *Estimated Total Burden Hours:* 18,508,162 hours. *OMB Number:* 1545-0865. *Type of Review:* Extension. *Title:* Application for Registration of a Tax Shelter. *Form:* Form 8264. *Description:* Organizers of certain tax shelters are required to register them with the IRS using Form 8264. Other persons may have to register the tax shelter if the organizer doesn't. We use the information to give the tax shelter a registration number. Sellers of interests in the tax shelter furnish the number to investors who report the number on their tax returns. *Respondents:* Individuals or households; Business or other for-profit. *Estimated Total Burden Hours:* 14,382 hours. *OMB Number:* 1545-1800. *Type of Review:* Extension. *Title:* Reportable Transaction Disclosure Statement. *Form:* Form 8886. *Description:* Regulation section 1.6011-4 requires certain taxpayers to disclose reportable transactions in which they directly or indirectly participated. *Respondents:* Individuals or household; Business or other for-profit. *Estimated Total Burden Hours:* 6,180 hours. *OMB Number:* 1545-1099. *Type of Review:* Extension. *Title:* Information Return for Real Estate Mortgage Investment Conduits (REMICs) and Issuers of Collateralized Debt Obligations. *Form:* Form 8811. *Description:* Form 8811 is used to collect the name, address, and phone number of a representative of a REMIC who can provide brokers with the correct income amounts that the broker's clients must report on their income tax returns. The form allows the IRS to provide the REMIC industry the information necessary to issue correct information returns to investors. *Respondents:* Business or other for-profit. *Estimated Total Burden Hours:* 4,380 hours. *OMB Number:* 1545-1251. *Type of Review:* Extension. *Title:* PS-5-91 (Final) Limitations of Percentage Depletion in the Case of Oil and Gas Wells. *Description:* Section 1.613A-3(e)(6)(i) of the regulations requires each partner to separately keep records of the partner's share of the adjusted basis of partnership oil and gas property. *Respondents:* Business or other for-profit. *Estimated Total Burden Hours:* 49,950 hours. *OMB Number:* 1545-1997. *Type of Review:* Extension. *Title:* Relief from Certain Low-Income Housing Requirements Due to Hurricane Rita. *Form:* Notice 2006-11. *Description:* The Internal Revenue Service is suspending certain income limitations requirements under section 42 of the Internal Revenue Code for certain low-income housing credit properties as a result of the devastation caused by Hurricane Rita. This relief is being granted pursuant to the Service's authority under section 42(n) and section 1.42-13 of the Income tax Regulations. *Respondents:* Individuals or households; Business or other for-profit; State, Local or Tribal Government. *Estimated Total Burden Hours:* 1,250 hours. *Clearance Officer:* Glenn P. Kirkland, Internal Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224.
(202)622-3428. *OMB Reviewer:* Alexander T. Hunt, Office of Management and Budget, Room 10235, New Executive Office Building, Washington, DC 20503.
(202)395-7316. Robert Dahl, Treasury PRA Clearance Officer. [FR Doc. E6-8361 Filed 5-30-06; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Submission for OMB Review; Comment Request May 19, 2006. The Department of Treasury has submitted the following public information collection requirement(s) to OMB for review and clearance under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of the submission(s) may be obtained by calling the Treasury Bureau Clearance Officer listed. Comments regarding this information collection should be addressed to the OMB reviewer listed and to the Treasury Department Clearance Officer, Department of the Treasury, Room 11000, 1750 Pennsylvania Avenue, NW., Washington, DC 20220. *Dates:* Written comments should be received on or before June 30, 2006 to be assured of consideration. Internal Revenue Service
(IRS)*OMB Number:* 1545-0022. *Type of Review:* Extension. *Title:* Life Insurance Statement. *Form:* IRS 712. *Description:* Form 712 is used to establish the value of all life insurance policies for estate and gift tax purposes. The tax is based on the value of these policies. The form is completed by life insurance companies. *Respondents:* Business or other for-profit institutions. *Estimated Total Burden Hours:* 1,120,200 hours. *OMB Number:* 1545-0190. *Type of Review:* Extension. *Title:* Election to be Treated as an Interest Charge DISC. *Form:* Form 4876-A. *Description:* A domestic corporation and its shareholders must elect to be an interest charge domestic international sales corporation (IC-DISC). Form 4876-A is used to make the election. IRS uses the information to determine if the corporation qualifies to be an IC-DISC. *Respondents:* Business or other for-profit institutions. *Estimated Total Burden Hours:* 6,360 hours. *OMB Number:* 1545-1841. *Type of Review:* Extension. *Title:* REG-157302-02 (FINAL), TD 9142 Deemed IRAs in Qualified Retirement Plans. *Form:* REG-157302-02 (FINAL), TD 9142. *Description:* Section 408(q), added to the Internal Revenue Code by section 602 of the Economic Growth and Tax Relief Reconciliation Act of 2001, provides that separate accounts and annuities may be added to qualified employer plans and deemed to be individual retirement accounts and individual retirement annuities if certain requirements are met. Section 1.408(q)-1(f)(2) provides that these deemed IRAs must be held in a trust or annuity contract separate from the trust or annuity contract of the qualified employer plan. This collection of information is required to ensure that the separate requirements of qualified employer plans and IRAs are met. *Respondents:* Business or other for-profit and not-for-profit institutions, state, local, and tribal governments. *Estimated Total Burden Hours:* 40,000 hours. *OMB Number:* 1545-1344. *Type of Review:* Extension. *Title:* CO-30-92 (FINAL) Consolidated Returns—Stock Basis and Excess Loss Accounts, Earnings and Profits, Absorption of Deductions and Losses, Joining and Leaving Consolidated Groups, Worthless Stock Loss, Non-applicability of Section 357(c). *Description:* The reporting requirements affect consolidated taxpayers who will be making elections (if made) to treat certain loss carryovers as expiring and an election (if made) allocating items between returns. The information will facilitate enforcement of consolidated return regulations. *Respondents:* Business or other for-profit. *Estimated Total Burden Hours:* 18,600 hours. *OMB Number:* 1545-1545. *Type of Review:* Extension. *Title:* REG-107644-97 (FINAL) Permitted Elimination of Pre-Retirement Optional Forms of Benefit (TD 8769). *Description:* The regulation permits an amendment to a qualified plan that eliminates certain forms of benefit. *Respondents:* Business or other for-profit and non-profit institutions. *Estimated Total Burden Hours:* 48,000 hours. *OMB Number:* 1545-1984. *Type of Review:* Extension. *Title:* Domestic Production and Activities Deduction. *Form:* Form 8903. *Description:* Taxpayers use Form 8903 and related instructions to calculate the domestic production activities deduction. *Respondents:* Business and other for-profit, individuals or households, and farms. *Estimated Total Burden Hours:* 359,934,974 hours. *OMB Number:* 1545-1988. *Type of Review:* Extension. *Title:* Credit for New Qualified Motor Vehicles (Advanced Lean Burn Technology Motor Vehicles and Qualified Hybrid Motor Vehicles). *Form:* NOT-161190-50 (Notice 2006-9). *Description:* This notice sets forth a process that allows taxpayers who purchase passenger automobiles or light trucks to rely on the domestic manufacturer's certification that both a particular make, model, and year of a vehicle qualifies as an advanced lean burn technology motor vehicle under Section 30B(a)(2) and
(c)of the Internal Revenue Code or a qualified hybrid motor vehicle under Section 30B(a)(3) and (d), and the amount of the credit allowable with respect to the vehicle. *Respondents:* Individuals or households. *Estimated Total Burden Hours:* 280 hours. *Clearance Officer:* Glenn P. Kirkland,
(202)622-3428, Internal Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224. *OMB Reviewer:* Alexander T. Hunt,
(202)395-7316, Office of Management and Budget, Room 10235, New Executive Office Building, Washington, DC 20503. Robert Dahl, Treasury PRA Clearance Officer. [FR Doc. E6-8362 Filed 5-30-06; 8:45 am] BILLING CODE 4830-01-P 71 104 Wednesday, May 31, 2006 Presidential Documents Title 3— The President Proclamation 8025 of May 25, 2006 Black Music Month, 2006 By the President of the United States of America A Proclamation African-American musicians have added to the rich culture of our country and of countries around the world. During Black Music Month, we recognize the African-American artists who have enhanced our lives and created some of our Nation's most treasured art forms. Throughout history, African-American artists have produced music with the power to change hearts and shape our national conscience. From gospel to blues, from jazz to rock and roll, the songs of America's black musicians have defined our times and enriched our culture. Performers such as Count Basie and Dizzy Gillespie and vocalists such as Lizzie Miles and gospel singer Mahalia Jackson have made their mark as great American musicians, strengthening our Nation's diversity and lifting the human spirit. In 2005, Americans witnessed the power of music to help bring our country together. Following the devastation of the Gulf Coast by Hurricane Katrina, the musicians of that great region sought to preserve their unique musical style and culture and share it with the rest of the Nation. The soulful music of New Orleans and the Gulf Coast remains one of our national treasures, a symbol of creativity and hope. Black Music Month recognizes some of the brightest lights of American creativity and honors the African-American men and women whose art entertains and inspires us. The incredible talents of black musicians continue to speak to every heart, reflecting the beauty and pride of our great Nation. NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States of America, by virtue of the authority vested in me by the Constitution and laws of the United States, do hereby proclaim June 2006 as Black Music Month. I encourage all Americans to learn more about the history of black music and to enjoy the great contributions of African-American musicians. IN WITNESS WHEREOF, I have hereunto set my hand this twenty-fifth day of May, in the year of our Lord two thousand six, and of the Independence of the United States of America the two hundred and thirtieth. B [FR Doc. 06-5023 Filed 5-30-06; 8:45 am]
Connectionstraces to 8
18 references not yet in our index
  • 29 CFR 4011
  • 17 CFR 240.17
  • 17 CFR 240.19
  • 49 CFR 232
  • 49 CFR 1150.41
  • 49 CFR 1152
  • 49 CFR 1105.7
  • 49 CFR 1105.8
  • 49 CFR 1105.11
  • 49 CFR 1105.12
  • 49 CFR 1152.50(d)(1)
  • 49 CFR 1152.27(c)(2)
  • 49 CFR 1152.29
  • 49 CFR 1152.28
  • 49 CFR 1152.29(e)(2)
  • Pub. L. 104-13
  • T.D. 9142
  • T.D. 8769
Citation graph
cites case law
Notices
Notice of intention to request extension of OMB approval
U.S.C.§ 78q–1
U.S.C.§ 78c
U.S.C.§ 552
C.F.R.§ 200.30-3
U.S.C.§ 78s
U.S.C.§ 78f
U.S.C.§ 4831
U.S.C.§ 10502
Cite29 CFR 4011
Cite17 CFR 240.17
Cite17 CFR 240.19
Cite49 CFR 232
Cites 26 · showing 12Cited by 0 across 0 sources
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