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BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-54580; File No. SR-ISE-2006-40] Self-Regulatory Organizations; International Securities Exchange, LLC; Order Approving Proposed Rule Change and Amendment No. 1 Thereto Relating to the Establishment of the Second Market October 6, 2006. I. Introduction On July 5, 2006, the International Securities Exchange, LLC (f/k/a the International Securities Exchange, Inc.) (“ISE” 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 proposal to establish a “Second Market” for the listing and trading of low-volume option classes.
On August 16, 2006, ISE filed Amendment No. 1 to the proposed rule change. 3 The proposed rule change, as amended, was published for comment in the **Federal Register** on August 29, 2006. 4 The Commission received no comments regarding the proposal. This order approves the proposed rule change, as amended. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 Amendment No. 1 replaced and superseded the original filing in its entirety. 4 *See* Securities Exchange Act Release No. 54340 (August 21, 2006), 71 FR 51240.
II. Description of the Proposal The ISE proposes to adopt rules for the listing and trading of low-volume option classes that qualify for listing under existing Exchange standards in a “Second Market.” Historically, the Exchange has elected to refrain from trading many option classes that qualify for trading on the ISE, but are characterized by low average daily trading volumes (“ADVs”) on the other option exchanges. A. Listing in the Second Market Under the proposal, the Exchange would be able to list in the Second Market equity option classes (excluding options on exchange traded funds) that trade on other option exchange(s) that are characterized by an ADV below 500 contracts over the previous six-month period.
The proposed rules would allow the Exchange to list equity option classes with an ADV of over 1,500 contracts only in the existing market (the “First Market”), and would trade such classes pursuant to existing ISE rules. The Exchange would be able to list option classes with an ADV between 500 and 1,500 contracts initially in either market. Starting one year after the Exchange initiates trading in the Second Market, the Exchange would review the market in which option classes are listed every three months, and option classes would be moved from the First to the Second Market when their ADV in the prior six-month period falls below 300 contracts, and moved from the Second to the First Market when their ADV in the prior six-month period exceeds 750 contracts.
B. Participation as Market Makers in the Second Market Under the proposal, all members approved to operate ISE market maker memberships would be eligible to be Competitive Market Makers in the Second Market (“SMCMMs”). In addition, members that are only approved as Electronic Access Members (“EAMs”) may also register as SMCMMs. 5 Only Primary Market Makers in the First Market may be Primary Market Makers in the Second Market (“SMPMMs”). 5 Under the proposed rules, members that are only EAMs that want to become SMCMMs would be required to complete the same market maker application and meet the same standards that are applied to Competitive Market Makers under the Exchange's existing rules.
Members that are only EAMs are not eligible to be SMPMMs. As in the First Market, a primary market maker would be appointed for each class traded in the Second Market. SMPMMs would be subject to all the same obligations in their appointed options as Primary Market Makers in the First Market, including, among other things, entering continuous quotations in each series of every option class to which they are appointed and satisfying requirements related to the Plan for Creating and Operating an Intermarket Option Linkage.
Similar to Primary Market Makers in the First Market, SMPMMs would be permitted to execute no more than 10% of their volume in Second Market option classes to which they are not assigned. For purposes of existing Exchange rules relating to market maker obligations, SMCMMs will be considered “appointed” to all option classes listed in the Second Market and will be able to choose whether to make markets in any option class listed in the Second Market on a daily basis. Unlike Competitive Market Makers in the First Market, SMCMMs would not be required to enter continuous quotations in a minimum number or percentage of assigned option classes.
An SMCMM will be required to continuously quote all of the series of any options class in which it chooses to make a market. If an SMCMM chooses to make markets in one or more options classes in the Second Market, it must participate in the opening rotation and make markets and enter into any resulting transactions on a continuous basis in all series of the options class until the close of trading that day. SMCMMs may not initiate quoting in an options class intraday. In addition, an SMCMM would undertake all the obligations that a Competitive Market Maker in the First Market assumes in appointed option classes for any option class(es) in which the SMCMM elects to make a market on a given day.
SMCMMs will be permitted to execute no more than 25% of their volume in Second Market option classes in which they are not contemporaneously making markets. C. Proposed Fees in the Second Market The Exchange proposes several changes to its fee schedule to accommodate introduction of the Second Market as follows:
(1)Members would be charged an execution fee of $.05 per contract for public customer orders;
(2)a $.10 per contract surcharge would be applied to transactions executed by market makers that do not own or lease an ISE market maker membership ( *i.e.* , EAMs that make markets in the Second Market);
(3)market makers would be excluded from the $0.65 per contract payment for order flow fee for Second Market options;
(4)all market makers in the Second Market would be charged a $2,000 per month access fee (there would be no additional access fee for EAMs to send orders to the Second Market); and
(5)firms that are only market makers in the Second Market ( *i.e.* , EAMs that make markets in the Second Market) would be charged the same $5,000 annual regulatory fee paid by Competitive Market Makers in the First Market. III. Discussion After careful consideration, 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 6 and, in particular, the requirements of Section 6 of the Act. 7 Specifically, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act, 8 which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices, 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. 6 In approving this proposed rule change, as amended, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 7 15 U.S.C. 78f. 8 15 U.S.C. 78f(b)(5). The Commission believes that the ISE proposed market maker obligations for SMPMMs and SMCMMs are consistent with the Act. Market Makers are accorded certain benefits under the securities laws and ISE rules. The Commission believes the obligations of Market Makers in the Second Market justify these benefits. The Commission also believes that the proposal is consistent with Section 6(b)(4) of the Act, 9 which requires that the rules of a national securities exchange provide for the equitable allocation of reasonable dues, fees, and other charges among the Exchange's members and issuers and other persons using its facilities. The Exchange currently assesses no execution fee for public customer order, but proposes to assess a $0.05 per contract execution fee for public customer orders executed in the Second Market. The Commission believes that this assessment is reasonable. The proposed rule change also appears to be reasonably designed to avoid duplicative charges to market makers already assessed certain fees, such as transaction and regulatory fees. The surcharge for Second Market transactions and the market maker regulatory fee will apply only to SMCMMs that are not also Market Makers in the First Market. 9 15 U.S.C. 78f(b)(4). IV. Conclusion *It is therefore ordered* , pursuant to Section 19(b)(2) of the Act, 10 that the proposed rule change (File No. SR-ISE-2006-40), as amended, is hereby approved. 10 15 U.S.C. 78s(b)(2). 11 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 11 Nancy M. Morris, Secretary. [FR Doc. E6-17083 Filed 10-13-06; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-54583; File No. SR-NASDAQ-2006-021] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval to Proposed Rule Change and Amendment No. 1 Thereto to Modify Certain of Nasdaq's Corporate Governance Standards, Including the Definition of Independent Director October 6, 2006. On July 28, 2006, The NASDAQ Stock Market LLC (“Nasdaq” or “the 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 to amend Nasdaq Rules 4200(a)(15), IM-4200, and 4350, which pertain to Nasdaq's corporate governance standards for listed companies. On August 7, 2006, Nasdaq filed Amendment No. 1 to the proposed rule change. The proposed rule change, as amended, was published for comment in the **Federal Register** on August 28, 2006. 3 The Commission received no comment letters on the proposal. This order approves the proposed rule change, as amended. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 *See* Securities Exchange Act Release No. 54333 (August 18, 2006), 71 FR 50955 (“Notice”). The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange, 4 and, in particular, Section 6(b)(5) of the Act. 5 The Commission believes that the proposed rule change would provide clarity and guidance to listed companies, particularly with respect to the determination of whether a director is independent. In particular, the proposed rule change would preclude a finding of independence if a director accepts any compensation from the company or its affiliates in excess of $60,000 during the prescribed time period. 6 This proposed change would align the Nasdaq rule with a corresponding rule of the New York Stock Exchange LLC (“NYSE”) relating to corporate governance standards of listed issuers. 7 The proposal also would revise various other provisions of Nasdaq's corporate governance standards, including by amending several provisions to conform more closely with the NYSE's corporate governance standards for its listed issuers. 8 4 In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 5 15 U.S.C. 78f(b)(5). 6 Under current Nasdaq Rule 4200(a)(15)(B), a director of a listed company would not be considered independent if the director or a family member of the director has accepted more than $60,000 in payments from the company or its parent or subsidiary during the time period set forth in the rule. The proposed rule change would amend the rule to refer to compensation in excess of $60,000 from the company, rather than payments. Nasdaq believes that, based on its experience, a revised rule based on compensation rather than payments more directly bears upon a director's independence. 7 *See* Section 303A.02(b)(ii) of the NYSE Listed Company Manual. Proposed changes to Nasdaq's IM-4200 would provide examples of non-compensatory payments, such as interest related to banking services, insurance proceeds, and non-preferential loans from financial institutions. At the same time, the proposed changes to IM-4200 would make clear that payments made by the company for the benefit of the director—such as political contributions to the campaign of a director or a family member and loans to a director or family member that are on terms not generally available to the public—could be considered indirect compensation so as to preclude a finding that the director was independent. 8 *See* Notice, *supra* note 3. These other changes relate to: status of independent directors who served as interim officers for a maximum one-year period; the definition of “non-executive employee;” inclusion of parent and subsidiary within the meaning of “company;” and an exception in Nasdaq's standards relating to audit committees for certain issuers that have a listed parent, consistent with a similar exception contained in Rule 10A-3 under the Act, 17 CFR 240.10A-3. *It is therefore ordered* , pursuant to Section 19(b)(2) of the Act, 9 that the proposed rule change (File No. SR-NASDAQ-2006-021), as amended, be, and hereby is, approved. 10 9 15 U.S.C. 78s(b)(2). 10 Nasdaq advised that it will implement the proposed rule change immediately upon approval by the Commission. Nasdaq represented that, to facilitate the transition to the new rules, any director that would be considered independent under the existing rules prior to the rule change, but that no longer would be considered independent under the new rules, would be permitted to continue to serve on the issuer's Board of Directors as an independent director until no later than 90 days after the approval of this rule filing. The Commission notes that this transition period does not affect an issuer's obligation to comply with the requirements of Rule 10A-3 under the Act relating to audit committees. 11 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 11 Jill M. Peterson Assistant Secretary. [FR Doc. E6-17080 Filed 10-13-06; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-54581; File No. SR-NASDAQ-2006-039] Self-Regulatory Organizations; NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Reporting Required When Nasdaq Lists the Security of an Affiliate October 6, 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 September 28, 2006, the NASDAQ Stock Market LLC (“Nasdaq” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by Nasdaq. Pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b-4(f)(6) thereunder, 4 Nasdaq has designated this proposal as “non-controversial,” which renders the proposed rule change 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 the Substance of the Proposed Rule Change Nasdaq is proposing a proposed rule change to modify the reporting required when Nasdaq lists the security of an affiliate. The text of the proposed rule change is available on Nasdaq's Web site ( *http://www.nasdaq.com* ), at Nasdaq'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, Nasdaq 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. Nasdaq 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 Nasdaq is proposing to revise Rule 4370 to file on a quarterly basis, rather than on a monthly basis, the report detailing Nasdaq's monitoring of
(1)the Nasdaq Affiliate's compliance with the provisions of Rule 4200, 4300 and 4400 Series (which include quantitative and qualitative listing requirements) and
(2)the trading of the Affiliate Security, including summaries of all related surveillance alerts, complaints, regulatory referrals, busted or adjusted trades, investigations, examinations, formal and informal disciplinary actions, exception reports and trading data. The proposed rule change is similar to a recent New York Stock Exchange rule filing. 5 Additionally, Nasdaq notes that providing these reports on a quarterly rather than monthly basis will not affect the compliance monitoring done by Nasdaq and NASD, but will make the reporting less burdensome. 6 Further, by adopting a quarterly reporting cycle, the reports will be more closely aligned with the issuer's financial reporting cycle and NASD's review and surveillance cycle. 5 *See* Securities Exchange Act Release No. 53382 (February 27, 2006), 71 FR 11270 (March 6, 2006) (SR-NYSE-2005-77), adopting NYSE Rule 497. 6 The NASD performs regulatory services on behalf of Nasdaq pursuant to a regulatory services contract. Telephone conversation between Jonathan Cayne, Associate General Counsel, Nasdaq, and Rebekah Liu, Special Counsel, Division of Market Regulation, Commission, on October 6, 2006. In addition, the proposed rule change would permit Nasdaq to file a report with the Commission within five business days of providing notice to the Nasdaq Affiliate of its non-compliance with Nasdaq's listing requirements rather than at the same time that Nasdaq notifies the Nasdaq Affiliate. This proposed change is also similar to language in the recent New York Stock Exchange rule filing referenced above. Finally, the proposed rule change would clarify that the applicable provisions of the Rule 4200, 4300, and 4400 Series that are the subject of Nasdaq's reports are those related to the listing requirements. Nasdaq will implement the proposed rule change 30 days after filing. 2. Statutory Basis Nasdaq believes that the proposed rule change is consistent with the provisions of Section 6 of the Act 7 in general, and with Section 6(b)(5) of the Act 8 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, remove impediments to a free and open market and a national market system, and, in general, to protect investors and the public interest. 7 15 U.S.C. 78f. 8 15 U.S.C. 78f(b)(5). B. Self-Regulatory Organization's Statement on Burden on Competition Nasdaq does not believe that the proposed rule change will result in 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 Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action This proposed rule change is filed pursuant to paragraph
(A)of Section 19(b)(3) of the Act 9 and Rule 19b-4(f)(6) 10 thereunder. The proposed rule change does not significantly affect the protection of investors or the public interest, does not impose any significant burden on competition, and, by its terms, does not become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate. Nasdaq provided the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing the proposed rule change. 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. 11 9 15 U.S.C. 78s(b)(3)(A). 10 17 CFR 240.19b-4(f)(6). 11 *See* 15 U.S.C. 78(b)(3)(C). 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-NASDAQ-2006-039 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-NASDAQ-2006-039. 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 Nasdaq. 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-NASDAQ-2006-039 and should be submitted on or before November 6, 2006 12 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 12 Jill M. Peterson, Assistant Secretary. [FR Doc. E6-17081 Filed 10-13-06; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-54566; File No. SR-NASD-2006-066] Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing of Proposed Rule Change To Allow Certain Institutional Customers To Elect Not To Receive Account Statements October 3, 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 23, 2006, the National Association of Securities Dealers, Inc. (“NASD”) filed with the Securities and Exchange Commission (“SEC” or “Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by NASD. On August 17, 2006, NASD filed Amendment No. 1 to the proposed rule change. 3 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 In Amendment No. 1, NASD proposed additional changes to the text of proposed amended Rule 2340, which are incorporated in the proposed rule text below. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change NASD is proposing to amend NASD Rule 2340 to relieve members from the requirement to send quarterly account statements to customer accounts that are carried solely for the purpose of execution on a delivery versus payment and receive versus payment (“DVP/RVP”) basis, provided certain conditions are met. 4 Below is the text of the proposed rule change. 5 Proposed new language is in *italic* ; proposed deletions are in [brackets]. 6 4 The proposed rule change is similar to a rule change proposed by the New York Stock Exchange, Inc. (now known as New York Stock Exchange LLC). *See* Securities Exchange Act Release No. 53826 (May 18, 2006), 71 FR 30211 (May 25, 2006). 5 The text includes minor technical changes to proposed paragraph (b)(4) pursuant to a telephone conversation between Shirley Weiss, Associate General Counsel, NASD, and Brice Prince, Special Counsel, Division of Market Regulation, Commission, on October 3, 2006. 6 The changes to Rule 2340 proposed in this rule filing are marked to the current version of the rule text as recently amended in SR-NASD-2004-171. *See* Securities Exchange Act Release No. 54411 (Sept. 7, 2006), 71 FR 54105 (Sept. 13, 2006). 2300. TRANSACTIONS WITH CUSTOMERS 2340. Customer Account Statements
(a)General
(1)*Except as otherwise provided by paragraph (b),* [E] *e* ach general securities member shall, with a frequency of not less than once every calendar quarter, send a statement of account (“account statement”) containing a description of any securities positions, money balances, or account activity to each customer whose account had a security position, money balance, or account activity during the period since the last such statement was sent to the customer.
(2)No change in text.
(b)*Delivery Versus Payment/Receive Versus Payment (DVP/RVP) Accounts* *Quarterly account statements need not be sent to a customer pursuant to paragraph
(a)of this Rule if:* *(1) the customer's account is carried solely for the purpose of execution on a DVP/RVP basis;* *(2) all transactions effected for the account are done on a DVP/RVP basis in conformity with Rule 11860;* *(3) the account does not show security or money positions at the end of the quarter (provided, however that positions of a temporary nature, such as those arising from fails to receive or deliver, errors, questioned trades, dividend or bond interest entries and other similar transactions, shall not be deemed security or money positions for the purpose of this paragraph (b));* *(4) the customer consents to the suspension of such statements in writing, and the member maintains such consents in a manner consistent with Rule 3110 and SEC Rule 17a-4;* *(5) the member undertakes to provide any particular statement or statements to the customer promptly upon request; and* *(6) the member undertakes to promptly reinstate the delivery of such statements to the customer upon request.* *Nothing in this Rule shall be seen to qualify or condition the obligations of a member under SEC Rule 15c3-2 concerning quarterly notices of free credit balances on statements.* [(b)] *(c)* No change in text. [(c)] *(d)* Definitions For purposes of this Rule, the following terms will have the stated meanings: (1)-(5) No change in text. *(6) a “DVP/RVP account” is an arrangement whereby payment for securities purchased is made to the selling customer's agent and/or delivery of securities sold is made to the buying customer's agent in exchange for payment at time of settlement, usually in the form of cash.* [(d)] *(e)* Exemptions Pursuant to this Rule 9600 Series, [the Association] *NASD* may exempt any member from the provisions of this Rule for good cause shown. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In filing the proposed rule change and Amendment No. 1 with the Commission, NASD included statements concerning the purpose of, and basis for, the proposed rule change, as amended. The text of these statements may be examined at the places specified in Item IV below. NASD 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 NASD Rule 2340 requires any member that conducts a general securities business and also carries customer accounts or holds customer funds or securities, at least once each calendar quarter, to send a statement of account containing a description of any securities positions, money balances, or account activity to each customer whose account had a security position, money balance, or account activity during the time since the last statement was sent. In a DVP/RVP arrangement, payment for securities purchased is made to the selling customer's agent and/or delivery of securities sold is made to the buying customer's agent in exchange for payment at time of settlement, usually in the form of cash. Because transactions in DVP/RVP accounts (chiefly institutional accounts) are settled directly with the agent on a transaction-by-transaction basis, account statements sent by general securities firms to customers with DVP/RVP accounts generally do not reflect any cash balance or security position at the end of a quarter. Rather than using the information provided in quarterly statements, DVP/RVP customers generally rely on trade runs or customer confirmations issued pursuant to Rule 10b-10 under the Act for transaction-related information. The proposed rule change to Rule 2340 would relieve members from the obligation to send quarterly statements to customers with DVP/RVP accounts if:
(1)The customer's account is carried solely for the purpose of execution on a DVP/RVP basis;
(2)all transactions in the account are handled on a DVP/RVP basis in conformity with Rule 11860; 7
(3)there are no securities or cash positions in the account at the end of the quarter (other than positions of a temporary nature, such as those arising from fails to receive or deliver, errors, questioned trades, dividend or bond interest entries and other similar transactions);
(4)the customer consents to the suspension in writing;
(5)the member undertakes to provide any particular statement or statements to the customer promptly upon request; and
(6)the member undertakes to promptly reinstate the delivery of such statements to the customer upon request. The proposed rule change specifies that Rule 2340 does not qualify or condition the obligations of a member under SEC Rule 15c3-2 concerning quarterly notices of free credit balances on statements. The proposed rule change would also define “DVP/RVP account” for purposes of Rule 2340. 8 7 Prior to accepting an order in a DVP/RVP account, a member must comply with Rule 11860, which requires, among other things, that the member obtain certain information from the customer, including the name and address of the agent and the account number of the customer on file with the agent. 8 Proposed Rule 2340(d)(6) would define a “DVP/RVP account” as “an arrangement whereby payment for securities purchased is made to the selling customer's agent and/or delivery of securities sold is made to the buying customer's agent in exchange for payment at time of settlement, usually in the form of cash.” By requiring the customer's affirmative consent, the customer's ability to receive quarterly statements is preserved, and the member is precluded from unilaterally terminating delivery of customer statements. In addition, customers would be able to promptly receive particular account statements upon request, and promptly reinstate the delivery of account statements upon request. The proposed rule change also includes a technical amendment that would replace the reference to “the Association” in paragraph
(e)of Rule 2340 with “NASD,” because NASD no longer refers to itself using its full corporate name, “the Association,” or “the NASD.” Instead, NASD uses “NASD” unless otherwise appropriate for corporate or regulatory reasons. 2. Statutory Basis NASD believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act, which requires, among other things, that NASD rules must be designed 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, and, in general, to protect investors and the public interest. NASD believes that the proposed rule change is designed to facilitate transactions in securities and to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to transactions in securities by giving members a mechanism to allow certain customers that utilize alternative sources of information to keep track of their trading to opt out of receiving unwanted account statements. NASD also believes that the conditions of the proposed amended rule are designed to promote just and equitable principles of trade and, in general, to protect investors and the public interest by requiring that consents to the suspension of account statements under the amended rule be in writing, and by requiring members to undertake to promptly provide any particular account statement upon request and to promptly reinstate delivery of account statements upon request. B. Self-Regulatory Organization's Statement on Burden on Competition NASD does not believe that the proposed rule change will result in 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 NASD neither solicited nor received written comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 days of the date of publication of this notice in the **Federal Register** or within such longer period
(i)as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or
(ii)as to which the self-regulatory organization consents, the Commission will:
(a)By order approve such proposed rule change, or
(b)institute proceedings to determine whether the proposed rule change should be disapproved. NASD will announce the effective date of the proposed rule change in a *Notice to Members* to be published no later than 60 days following Commission approval. The effective date of the proposed rule change will be 30 days following publication of the *Notice to Members* announcing Commission approval. IV. 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-NASD-2006-066 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-NASD-2006-066. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Section, 100 F Street, NE., Washington, DC 20549. Copies of such filing also will be available for inspection and copying at the principal office of NASD. 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-NASD-2006-066 and should be submitted on or before November 6, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 9 9 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E6-17064 Filed 10-13-06; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-54579; File No. SR-NYSE-2006-30] Self-Regulatory Organizations; New York Stock Exchange, Inc. (a/k/a New York Stock Exchange LLC); Notice of Filing of Proposed Rule Change and Amendments No. 1 & 2 Thereto Relating to the Treasury Share Exception in NYSE Listed Company Manual Section 312.03, Section 312.04 and Section 703.01(A) October 5, 2006. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934, (the “Act”) 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on May 5, 2006, the New York Stock Exchange, LLC (the “Exchange” or “NYSE”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in items I, II, and III below, which items have been prepared by the Exchange. On August 11, 2006, the Exchange filed Amendment No. 1 to the proposed rule change. 3 On September 25, 2006, the Exchange filed Amendment No. 2 to the proposed rule change. 4 The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 The substance of Amendment No. 1 was changed in Amendment No. 2. *See infra* note 4. In Amendment No. 1, the Exchange had
(1)modified the proposed rule change to state that if a company has executed a binding contract prior to August 15, 2006 with respect to the issuance of common stock, the existing treasury share exception will continue to be available for the transaction; and
(2)revised the definition of “market value.” 4 In Amendment No. 2, which replaced and superseded Amendment No. 1 in its entirety, the Exchange
(1)revised the example provided with respect to the proposed definition of “market value” to make it clearer; and
(2)amended the transition period proposed so that the existing treasury share exception would continue to be available for companies that have entered into a binding contract with respect to the issuance of common stock prior to the date that is five business days after the Commission publishes notice of the proposed rule change in the **Federal Register** . I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule filing reflects amendments to the current NYSE Listed Company Manual shareholder approval requirements for certain transactions. The text of this proposed rule change is available on the Exchange's Web site at *http://apps.nyse.com/commdata/pub19b4.nsf/docs/89637D57B29A9E63852571F40076E765/$FILE/NYSE-2006-30%20A-2pdf* , at the Exchange's principal office, and in 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 NYSE included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Section 312.03 of the Listed Company Manual has for many years required that companies obtain shareholder approval before issuing stock in certain situations or in significantly large amounts. 5 The precise terms have changed somewhat over the years, but the rule has historically not been applied to any issuance by a company of shares from the treasury, that is, a reissuance of shares once issued but then reacquired by the company. 5 The section provides that shareholder approval is a “prerequisite to listing” additional shares by a listed company in several situations. To paraphrase, they are an issuance of more than 1% of the current outstanding common stock to an insider (an officer or director, or an entity affiliated with an officer or director), more than 5% of the current outstanding to a 5% or greater shareholder or an affiliate thereof, or more than 20% of the current outstanding in any transaction other than a public offering or “ *bona fide* private financing” (as defined in Section 312.04(f)). Approval is also required when an issuance will result in a “change of control of the issuer.” These provisions apply in the same way to offerings of securities that are convertible into common stock, and the percentages in each case apply either to outstanding common equity or common voting power. The Commission notes that shareholder approval is also required for equity compensation plans. *See* NYSE Listed Company Manual Sections 312.03(a) and 303A.08. The “treasury shares exception” results from the way the rule is written, making shareholder approval a “prerequisite to listing.” The Exchange takes the view that once listed, shares remain listed even if they are repurchased by the company and taken back into “treasury.” 6 Accordingly, when treasury shares are re-issued, we do not require that they be “re-listed.” Since no listing application is required, Section 312.03 is not triggered. 6 This approach is also reflected by the fact that, pursuant to Section 902.02 of the NYSE Listed Company Manual, listed companies are charged annual fees calculated for each class of security listed based on the number of shares issued and outstanding, including treasury stock and restricted stock. Note that prior to 2003, the Exchange's rule requiring shareholder approval of stock option plans resided in Section 312.03 as well, and the treasury share exception was also applied in that context. The rule regarding such plans was significantly revised in 2003, and codified in a different section of the Listed Company Manual, Section 303A.08. At this time, the “treasury share exception” was specifically made unavailable for equity compensation plans, so that shareholder approval would be required regardless of whether a plan was funded in whole or in part through the use of treasury shares. 7 7 *See* Securities Exchange Act Release No. 48108 (June 30, 2003), 68 FR 39995, 40002 (July 3, 2003). The treasury share exception has been criticized because it potentially allows companies to store up large reserves of stock against a future issuance of shares in transactions that could significantly dilute existing shareholders without their approval. In light of this criticism, on December 30, 2005, the Exchange solicited comment from listed companies and investors on whether or not the treasury stock exception should be eliminated. We received 19 comment letters or e-mails in response. Fourteen of the commenters, primarily institutional investors, supported the elimination of the exception. These commenters generally criticized the current exception as detrimental to shareholders, providing the potential for significant dilution without shareholder approval. Several noted that the historic rationale for the exception was outdated and that the need for shareholder approval should be governed by the substance of the transaction, not the technical status of the shares used. Five commenters, primarily listed companies, advocated maintenance of the status quo. Several of these commenters expressed the view that the exception provides companies with important flexibility in structuring and negotiating transactions in a manner consistent with shareholders' interests. The Exchange agrees that there is a legitimate concern that the exception could result in an unacceptable level of dilution without shareholder input. Accordingly, the Exchange proposes to amend Section 312.03 to eliminate the treasury stock exception. The Exchange is also proposing to provide companies a limited transition period with respect to the proposed elimination of the treasury stock exception. The Exchange stated that it is sensitive to companies' need for certainty when planning a transaction involving the issuance of shares. Accordingly, the Exchange has proposed a limited transition period for companies that execute a binding contract with respect to the issuance of common stock prior to the date that is five business days after the date that the Commission publishes notice of this filing in the **Federal Register** , so that the existing treasury share exception would continue to be available for the transaction even though the transaction does not close until after the date of Commission approval of this proposed rule change. The Exchange is also proposing related amendments to Section 312.04, a section that amplifies and interprets the operative provisions of Section 312.03. As initially filed with the Commission, one of these proposed amendments codified the guidance the Exchange historically provided to issuers on the time frame allowed where an issuer chose to establish the market value of the securities to be issued based on an averaged price. The Exchange allowed issuers to define market value in the context of Section 312.03 as either the last reported sale price on the trading date prior to the date that the issuer enters into a definitive agreement to issue the securities or with reference to average price over a period of time that can not exceed ten trading days prior to the date of issuance. In this amendment, the Exchange is revising its original proposal so that the term “market value” means the official closing price on the Exchange as reported to the Consolidated Tape immediately preceding the entering into of a binding agreement to issue the securities. For example, if the transaction is entered into on a Tuesday after the close of the regular session at 4 p.m. Eastern Standard Time, then Tuesday's official closing price is used. If the transaction is entered into at any time between the close of the regular session on Monday and the close of the regular session on Tuesday, then Monday's official closing price is used. This change will result in issuers no longer having the ability to establish market value based on an averaged price. It will also bring this aspect of the rule in line with the similar Nasdaq Stock Market rule. The Exchange is also proposing to amend Section 312.03(b) to specify that it covers issuances that are part of a “series of related transactions”. This proposed change parallels the language used in Section 312.03(c) relating to the issuance of 20% or more of a company's voting common securities. In addition, the Exchange proposes to amend Section 703.01(A) to require that companies issuing shares from treasury in a transaction or series of related transactions notify the Exchange in writing in advance of the issuance, indicating whether shareholder approval is required pursuant to Section 312.03 and, if required, the date such shareholder approval was obtained. The Exchange also proposes to amend Sections 703.01(A) and 903.02 to require that companies indicate in the Subsequent Listing Application whether shareholder approval is required with respect to the issuance being listed pursuant to Sections 303A.08 or 312.03 and, if required, the date such shareholder approval was obtained. 2. Statutory Basis The Exchange believes that its proposed rule change, as amended, is consistent with Section 6(b) of the Act 8 in general, and furthers the objectives of Section 6(b)(5) of the Act 9 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanism of a free and open market and, in general, to protect investors and the public interest. 8 15 U.S.C. 78f(b). 9 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 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 Exchange requested comment from listed companies and investors on whether or not the treasury stock exception should be eliminated and received 19 comments in response. These comments are described in more detail above. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 days of the date of publication of this notice in the **Federal Register** or within such longer period
(i)as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding, or
(ii)as to which the NYSE consents, the Commission will: A. By order approve such proposed rule change; or B. Institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change, 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 e-mail to *rule-comments@sec.gov* . Please include File Number SR-NYSE-2006-30 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-NYSE-2006-30. 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 number SR-NYSE-2006-30 and should be submitted by November 6, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 10 10 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E6-17067 Filed 10-13-06; 8:45 am] BILLING CODE 8011-01-P SOCIAL SECURITY ADMINISTRATION [Docket No. SSA 2006-0081] Privacy Act of 1974 as Amended; Computer Matching Program (SSA/States, SDX-BENDEX-SVES Files—Matches 6001, 6002 and 6004) AGENCY: Social Security Administration (SSA). ACTION: Notice of an amended computer matching program. SUMMARY: In accordance with the provisions of the Privacy Act, as amended, this notice announces amendments to an existing computer matching program that SSA conducts with the States. DATES: SSA will file a report of the subject matching program with the Committee on Homeland Security and Governmental Affairs of the Senate; the Committee on Government Reform of the House of Representatives; and the Office of Information and Regulatory Affairs, Office of Management and Budget (OMB). The matching program will be effective as indicated below. ADDRESSES: Interested parties may comment on this notice by either telefaxing to
(410)965-8582 or writing to the Associate Commissioner for Income Security Programs, 245 Altmeyer Building, 640l Security Boulevard, Baltimore, MD 21235-6401. All comments received will be available for public inspection at this address. FOR FURTHER INFORMATION CONTACT: The Associate Commissioner for Income Security Programs as shown above. SUPPLEMENTARY INFORMATION: A. General The Computer Matching and Privacy Protection Act of 1988 (Public Law (Pub. L.) 100-503), amended the Privacy Act (5 U.S.C. 552a) by establishing the conditions under which computer matching involving the Federal government could be performed and adding certain protections for individuals applying for, and receiving Federal benefits. Section 7201 of the Omnibus Budget Reconciliation Act of 1990 (Pub. L. 101-508) further amended the Privacy Act regarding protections for such individuals. The Privacy Act, as amended, regulates the use of computer matching by Federal agencies when records in a system of records are matched with other Federal, State, or local government records. It requires Federal agencies involved in computer matching programs to:
(1)Negotiate written agreements with the other agency or agencies participating in the matching programs;
(2)Obtain the Data Integrity Boards' approval of the match agreements;
(3)Publish notice of the computer matching programs in the **Federal Register** ;
(4)Furnish detailed reports about matching programs to Congress and OMB;
(5)Notify applicants and beneficiaries that their records are subject to matching; and
(6)Verify match findings before reducing, suspending, terminating or denying an individual's benefits or payments. B. SSA Computer Matches Subject to the Privacy Act We have taken action to ensure that all of SSA's computer matching programs comply with the requirements of the Privacy Act, as amended. Dated: September 29, 2006. Martin H. Gerry, Deputy Commissioner for Disability and Income Security Programs. Notice Of Computer Matching Program, Social Security Administration
(SSA)With The States A. Participating Agencies SSA and the States. B. Purpose of the Matching Program Section 1137 of the Social Security Act requires individual States to have in effect an income and eligibility verification system meeting certain requirements in order to administer certain State-administered income, food assistance, and medical assistance programs. The agreements have been amended to add legal authority for disclosures to non-1137 programs that meet SSA's compatibility requirement and language has been added to address the use of tax data. A chief purpose of this matching program is to facilitate administration of this provision. Individual agreements with the States will describe the conditions under which SSA agrees to disclose information to the States relating to the eligibility for, and payment of, Social Security, Supplemental Security Income, and Special Veterans Benefits, including certain tax return information disclosed by SSA, in accordance with applicable provisions of the Internal Revenue Code, as well as quarters of coverage, prisoner, and death information. The matching program will also be used to implement provisions of Pub. L. 104-193, the Personal Responsibility and Work Reconciliation Act of 1996, involving the significance of Social Security coverage information to the eligibility of certain aliens for some Federal and State public benefits. Under this matching program, SSA will disclose certain Social Security coverage information on specific persons to States administering appropriate benefit programs. C. Authority for Conducting the Matching Program Sections 1106 and 1137 of the Social Security Act; sections 402, 412, 421 and 435 of Pub. L. 104-193; section 202(x)(3)(B)(iv) of the Social Security Act; section 205(r)(3) of the Social Security Act; and section 6103(p)(4) of Title 26 of the Internal Revenue Code; 5 U.S.C. 552a(b)(3); 5 U.S.C. 552a(a)(7); and 20 CFR 401.150. D. Categories of Records and Individuals Covered by the Matching Program States will provide SSA with names and other identifying information of appropriate benefit applicants or recipients. Specific information from participating States will be matched, as provided in the agreement for the specific programs, with the following systems of records maintained by SSA: 1. SDX—Supplemental Security Record/Special Veteran's Benefits (SSR/SVB) System, SSA/ODSSIS (60-0103); 2. BENDEX—Master Beneficiary Record (MBR), SSA/ORSIS (60-0090) and the Earnings Recording and Self-Employment Income System, SSA/OEEAS (60-0059); 3. EVS—Master Files of Social Security Number
(SSN)Holders and SSN Applications, SSA/OEEAS (60-0058); 4. SVES—SSR/SVB, SSA/ODSSIS (60-0103); MBR, SSA/ORSIS (60-0090); the Earnings Recording and Self-Employment Income System, SSA/OEEAS (60-0059); the Master Files of SSN Holders and SSN Applications, SSA/OEEAS (60-0058); and the Prisoner Update Processing System (PUPS), SSA/OEEAS (60-0269); 5. Quarters of Coverage Query—the Earnings Recording and Self-Employment Income System, SSA/OEEAS (60-0059) and the Master Files of SSN Holders and SSN Applications, SSA/OEEAS (60-0058); 6. Prisoner Query—PUPS, SSA/OEEAS (60-0269); and 7. Death Query—Master Files of SSN Holders and SSN Applications, SSA/OEEAS (60-0058)—subsection referred to as the NUMIDENT. SSA and the States will exchange information through the File Transfer Management System
(FTMS)or online through the Interstate Connection Network. Cartridge or magnetic tape will be used in the event FTMS is inoperable. E. Inclusive Dates of the Matching Program The matching program will become effective no sooner than 40 days after notice of the matching program is sent to Congress and OMB, or 30 days after publication of this notice in the **Federal Register** , whichever is later. Individual State matching agreements under the program may also become effective upon the signing of the agreements by the parties to the agreements. The agreements will expire on June 30, 2007. [FR Doc. E6-17084 Filed 10-13-06; 8:45 am] BILLING CODE 4191-02-P OFFICE OF SPECIAL COUNSEL Agency Information Collection Activities; Request for Comment AGENCY: Office of Special Counsel. ACTION: Second Notice. SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. Chapter 35), and implementing regulations at 5 CFR part 1320, the U.S. Office of Special Counsel (OSC), plans to request approval from the Office of Management and Budget
(OMB)for use of four previously approved information collections consisting of complaint forms. These collections are listed below in the paragraph called “Title of Collections.” The current OMB approval for Form OSC-11 expires 11/06. We are submitting the other three forms for approval even though their expiration dates may or may not coincide with Form OSC-11. Current and former Federal employees, employee representatives, other Federal agencies, state and local government employees, and the general public are invited to comment on this information collection for a second time. The first notification, sent out on February 15 th , 2006, received no replies. Comments are invited on:
(a)whether the proposed collection of information is necessary for the proper performance of OSC functions, including whether the information will have practical utility;
(b)the accuracy of OSC's estimate of the burden of the proposed collections of information;
(c)ways to enhance the quality, utility, and clarity of the information to be collected; and
(d)ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. DATES: Comments should be received by November 4, 2006. ADDRESSES: Roderick Anderson, Director of Management and Budget, U.S. Office of Special Counsel, 1730 M Street, NW., Suite 218, Washington, DC 20036-4505. FOR FURTHER INFORMATION CONTACT: Roderick Anderson, Director of Management and Budget at the address shown above; by facsimile at
(202)254-3715. The complaint forms for the collection of information are available for review on OSC's Web site, at *http://www.osc.gov/forms.htm.* SUPPLEMENTARY INFORMATION: OSC is an independent agency responsible for, among other things,
(1)investigation of allegations of prohibited personnel practices defined by law at 5 U.S.C. 2302(b), protection of whistleblowers, and certain other illegal employment practices under titles 5 and 38 of the U.S. Code, affecting current or former Federal employees or applicants for employment, and covered state and local government employees; and
(2)the interpretation and enforcement of Hatch Act provisions on political activity in chapters 15 and 73 of title 5 of the U.S. Code. *Title of Collections:*
(1)Form OSC-11, (Complaint of Possible Prohibited Personnel Practice of Other Prohibited Activity;
(2)Form OSC-12 (Information about filing a Whistleblower Disclosure with the Office of Special Counsel);
(3)Form OSC-13 (Complaint of Possible Prohibited Political Activity (Violation of the Hatch Act));
(4)Form OSC-14 Complaint of Possible Violation of the Uniformed Services Employment and Reemployment Rights Act (USERRA). *Type of Information Collection Request:* Approval of a previously approved collection of information, of which OSC-11 expires on 11/06 and form OSC-12 expires on 11/06. *Affected public:* Current and former Federal employees, applicants for Federal employment, state and local government employees, and their representatives, and the general public. *Respondent's Obligation:* Voluntary. *Estimated Annual Number of Respondents:* 2,700. *Frequency:* Daily. *Estimated Average Amount of Time for a Person to Respond:* 64 minutes. *Estimated Annual Burden:* 2,899 hours. *Abstract:* This form is used by current and former Federal employees and applicants for Federal employment to submit allegations of possible prohibited personnel practices or other prohibited activity for investigation and possible prosecution by OSC. Dated: October 3, 2006. Scott J. Bloch, Special Counsel. [FR Doc. E6-17130 Filed 10-13-06; 8:45 am] BILLING CODE 7405-01-S DEPARTMENT OF TRANSPORTATION Federal Aviation Administration [Summary Notice No. PE-2006-33] Petitions for Exemption; Summary of Petitions Received; Reopening of Comment Period AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice of petitions for exemption received; reopening of comment period. SUMMARY: This action reopens the comment period for a petition for exemption that was published on September 6, 2006. Pursuant to FAA's rulemaking provisions governing the application, processing, and disposition of petitions for exemption part 11 of Title 14, Code of Federal Regulations (14 CFR), this notice contains a summary of certain petitions seeking relief from specified requirements of 14 CFR. The purpose of this notice is to improve the public's awareness of, and participation in, this aspect of FAA's regulatory activities. Neither publication of this notice nor the inclusion or omission of information in the summary is intended to affect the legal status of any petition or its final disposition. DATE: Comments on petitions received must identify the petition docket number involved and must be received on or before November 6, 2006. ADDRESSES: You may submit comments [identified by Docket Number FAA-2006-25466] using any of the following methods: • Web site: *http://dms.dot.gov* . Follow the instructions for submitting comments on the DOT electronic docket site. • Fax: 1-202-493-2251. • Mail: Docket Management Facility; U.S. Department of Transportation, 400 Seventh Street, SW., Nassif Building, Room PL-401, Washington, DC 20590-001. • Hand Delivery: Room PL-401 on the plaza level of the Nassif Building, 400 Seventh Street, SW., Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal Holidays. *Docket:* For access to the docket to read background documents or comments received, go to *http://dms.dot.gov* at any time or to Room PL-401 on the plaza level of the Nassif Building, 400 Seventh Street, SW., Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal Holidays. FOR FURTHER INFORMATION CONTACT: Tim Adams
(202)267-8033, Sandy Buchanan-Sumter
(202)267-7271, Susan Lender
(202)267-8029, or Frances Shaver
(202)267-9681, Office of Rulemaking (ARM-1), Federal Aviation Administration, 800 Independence Avenue, SW., Washington, DC 20591. This notice is published pursuant to 14 CFR 11.85 and 11.91. Issued in Washington, DC, on October 10, 2006. Brenda D. Courtney, Acting Director, Office of Rulemaking. Petition for Exemption *Docket No.:* FAA-2006-25466. *Petitioner:* Southwest Airlines Company. *Section of 14 CFR Affected:* 14 CFR 121.391(a) and 121.393 (b). *Description of Relief Sought:* To permit the Southwest Airlines Company to reduce the number of required flight attendants onboard during the boarding and deplaning of passengers at intermediate stops. During the boarding processes at intermediate stops, the petitioner is requesting to substitute a pilot qualified in emergency evacuation procedures for the forward flight attendant. During the deplaning process at intermediate stops, the petitioner is requesting to allow a reduced number
(one)of flight attendants in the cabin. [FR Doc. E6-17095 Filed 10-13-06; 8:45 am] BILLING CODE 4910-13-P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration [Summary Notice No. PE-2006-35] Petitions for Exemption; Summary of Petitions Received AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice of petitions for exemption received. SUMMARY: Pursuant to FAA's rulemaking provisions governing the application, processing, and disposition of petitions for exemption part 11 of Title 14, Code of Federal Regulations (14 CFR), this notice contains a summary of certain petitions seeking relief from specified requirements of 14 CFR. The purpose of this notice is to improve the public's awareness of, and participation in, this aspect of FAA's regulatory activities. Neither publication of this notice nor the inclusion or omission of information in the summary is intended to affect the legal status of any petition or its final disposition. DATES: Comments on petitions received must identify the petition docket number involved and must be received on or before November 6, 2006. ADDRESSES: You may submit comments [identified by DOT DMS Docket Number FAA-2006-25780 by any of the following methods: • *Web site: http://dms.dot.gov.* Follow the instructions for submitting comments on the DOT electronic docket site. • *Fax:* 1-202-493-2251. • Mail: Docket Management Facility; U.S. Department of Transportation, 400 Seventh Street, SW., Nassif Building, Room PL-401, Washington, DC 20590-001. • Hand Delivery: Room PL-401 on the plaza level of the Nassif Building, 400 Seventh Street, SW., Washington, DC, between 9 am and 5 pm, Monday through Friday, except Federal Holidays. *Docket:* For access to the docket to read background documents or comments received, go to *http://dms.dot.gov* at any time or to Room PL-401 on the plaza level of the Nassif Building, 400 Seventh Street, SW., Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal Holidays. FOR FURTHER INFORMATION CONTACT: Tim Adams
(202)267-8033, Tyneka L. Thomas
(202)267-7626, or Frances Shaver
(202)267-9681, Office of Rulemaking (ARM-1), Federal Aviation Administration, 800 Independence Avenue, SW., Washington, DC 20591. This notice is published pursuant to 14 CFR 11.85 and 11.91. Issued in Washington, DC, on October 10, 2006. Brenda D. Courtney Acting Director, Office of Rulemaking Petitions for Exemption *Docket No.:* FAA-2004-25780 *Petitioner:* Delta Airlines, Inc. *Section of 14 CFR Affected:* 14 CFR 121.434. *Description of Relief Sought:* Delta is requesting relief from § 121.434(a) to allow a pilot serving as second-in command and who is receiving operating experience, to remain serving as second-in command while the check pilot is away from the flight deck. [FR Doc. E6-17096 Filed 10-13-06; 8:45 am] BILLING CODE 4910-13-P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration [Docket No. FAA-2005-22842] Notice of Opportunity To Participate, Criteria Requirements and Application Procedure for Participation in the Military Airport Program
(MAP)AGENCY: Federal Aviation Administration (FAA), Department of Transportation (DOT). ACTION: Notice of criteria and application procedures for designation or redesignation, for the fiscal year 2006 MAP. SUMMARY: This notice announces the criteria, application procedures, and schedule to be applied by the Secretary of Transportation in designating or redesignating, and funding capital development annually for up to 15 current (joint-use) or former military airports seeking designation or redesignation to participate in the Military Airport Program (MAP). The MAP allows the Secretary to designate current (joint-use) or former military airports to receive grants from the Airport Improvement Program (AIP). The Secretary is authorized to designate an airport (other than an airport designated before August 24, 1994) only if:
(1)The airport is a former military installation closed or realigned under the Title 10 U.S.C. 2687 (announcement of closures of large Department of Defense installations after September 30, 1977), or under Section 201 or 2905 of the Defense Authorization Amendments and Base Closure and Realignment Acts; or
(2)The airport is a military installation with both military and civil aircraft operations. The Secretary shall consider for designation only those current or former military airports, at least partly converted to civilian airports as part of the national air transportation system, that will reduce delays at airports with more than 20,000 hours of annual delays in commercial passenger aircraft takeoffs and landings, or will enhance airport and air traffic control system capacity in metropolitan areas or reduce current and projected flight delays (49 U.S.C. 47118(c)). DATES: Applications must be received on or before November 27, 2006. ADDRESSES: Submit an original and two copies of *Standard Form
(SF)424,* “Application for Federal Assistance,” Prescribed by the Office of Management and Budget Circular A-102, available at *http://www.faa.gov/arp/ace/forms/sf424.doc,* along with any supporting and justifying documentation. Applicant should specifically request to be considered for designation or redesignation to participate in the fiscal year 2006 MAP. Submission should be sent to the Regional FAA Airports Division or Airports District Office that serves the airport. Applicants may find the proper office on the *FAA Web* site *http://www.faa.gov/arp/regions.cfm?nav=regions* or may contact the office below. FOR FURTHER INFORMATION CONTACT: Mr. Ball ( *Kendall.Ball@faa.gov* ), Airports Financial Assistance Divsion (APP-500), Office of Airport Planning and Programming, Federal Aviation Administration (FAA), 800 Independence Avenue, SW., Washington, DC 20591,
(202)267-7436. SUPPLEMENTARY INFORMATION: General Description of the Program The MAP provides capital development assistance to civil airport sponsors of designated current (joint-use) military airfields or former military airports that are included in the FAA's National Plan of Integrated Airport Systems (IAS). Airports designated to the MAP may obtain funds from a set-aside (currently four percent) of AIP discretionary funds for airport development, including certain projects not otherwise eligible for AIP assistance. These airports may also be eligible to receive grants from other categories of AIP funding. Number of Airports A maximum of 15 airports per fiscal year
(FY)may participate in the MAP. There are 6 slots available for designation or redesignation in FY 2006. There are no general aviation slots available. Term of Designation The maximum term is five fiscal years following designation. The FAA can designate airports for a period of less than five years. The FAA will evaluate the conversion needs of the airport in its capital development plan to determine the appropriate length of designation. Redesignation Previously designated airports may apply for redesignation of an additional term not to exceed five years. Those airports must meet current eligibility requirements in 49 U.S.C. 47118
(a)at the beginning of each grant period and have MAP eligible projects. The FAA will evaluate applications for redesignation primarily in terms of warranted projects fundable only under the MAP as these candidates tend to have fewer conversion needs than new candidates. The FAA wants MAP airports to graduate to regular AIP participation. Eligible Projects In addition to eligible AIP projects, MAP can fund fuel farms, utility systems, surface automobile parking lots, hangars, and air cargo terminals up to 50,000 square feet. Designated or redesignated military airports can receive not more than $7,000,000 for each fiscal year after 2005 for projects to construct, improve, or repair terminal building facilities. Designated or redesignated military airports can receive not more than $7,000,000 for each fiscal year after 2005 for MAP eligible projects that include hangars, cargo facilities, fuel farms, automobile surface parking, and utility work. Designation Considerations In making designations of new candidate airports, the Secretary of transportation may only designate an airport (other than an airport so designated before August 24, 1994) if it meets the following general requirements:
(1)The airport is a former military installation closed or realigned under:
(A)Section 2687 of Title 10;
(B)Section 201 of the Defense Authorization Amendments and Base Closure and Realignment Act
(BRAC)(10 U.S.C. 2687 note); or
(C)Section 2905 of the Defense Base Closure and Realignment Act of 1990 (10 U.S.C. 2687 note);
(2)The airport is a military installation with both military and civil aircraft operations; and
(3)The airport is classified as a commercial service or reliever airport in the NPIAS. (See 49 U.S.c. 47105(b)(2) and 47118(c)(1)). One of the designated airports, if included in the NPIAS, may be a general aviation
(GA)airport (public airport other than an air carrier airport, 49 U.S.C. 47102(1), (20)) that was a former military installation closed or realigned under BRAC, as amended, or 10 U.S.C. 2687. (See 49 U.S.C. 47118(g)). A general aviation airport must qualify under
(1)above. In designating new candidate airports, the Secretary shall consider if a grant would:
(1)Reduce delays at an airport with more than 20,000 hours of annual delays in commercial passenger aircraft takeoffs and landings; or
(2)Enhance airport and air traffic control system capacity in a metropolitan area or reduce current and projected flight delays. The application for new designations will be evaluated in terms of how the proposed projects would contribute to reducing delays and/or how the airport would enhance air traffic or airport system capacity and provide adequate user services. Project Evaluation Recently realigned or closed military airports, as well as active military airfields with new joint-use agreements, have the greatest need of funding to convert to, or to incorporate, civil airport operations. Newly converted airports and new joint-use locations frequently have minimal capital development resources and will therefore receive priority consideration for designation and MAP funding. The FAA will evaluate the need for eligible projects based upon information in the candidate airport's five-year Airport Capital Improvement Plan (ACIP). These projects need to be related to development of that airport and/or the air traffic control system. 1. The FAA will evaluate candidate airports and/or the airports such candidate airports would relieve based on the following specific factors: • Computability of airport roles and the ability of the airport to provide an adequate airport facility; • The capability of the candidate airport and its airside and landside complex to serve aircraft that otherwise must use the relieved airport; • Landside surface access; • Airport operational capability, including peak hour and annual capacities of the candidate airport; • Potential of other metropolitan area airports to relieve the congested airport; • Ability to satisfy, relieve, or meet air cargo demand within the metropolitan area; • Forecasted aircraft and passenger levels, type of commercial service anticipated, *i.e.,* scheduled or charter commercial service; • Type and capacity of aircraft projected to serve the airport and level of operations at the relieved airport and the candidate airport; • The potential for the candidate airport to be served by aircraft or users, including the airlines, serving the congested airport; • Ability to replace an existing commercial service or reliever airport serving the area; and • Any other documentation to support the FAA designation of the candidate airport. 2. The FAA will evaluate the development needs that, if funded, would make the airport a viable civil airport that will enhance system capacity or reduce delays. Application Procedures and Required Documentation Airport sponsors applying for designation or redesignation must complete and submit an SF 424, Application for Federal Assistance, and provide supporting documentation to the appropriate FAA Airports regional or district office serving that airport. *Standard Form 424:* Sponsors may obtain this fillable form at *http://www.faa.gov/arp.ace/forms/sf424.doc.* Applicants should fill this form out completely, including the following: • Mark Item 1, Type of Submission as a “pre-application” and indicate it is for “construction”. • Mark item 8, Type of Application as “new”, and in “other”, fill in “Military Airport Program”. • Fill in Item 11, Descriptive Title of Applicants Project. “Designation (or redesignation) to the Military Airport Program”. • In Item 15a, Estimated Funding, indicate the total amount of funding requested from the MAP during the entire term for which you are applying. Supporting Documentation
(A)Identification as a Current or Former Military Airport. The application must identify the airport as either a current or former military airport and indicate whether it was:
(i)Closed or realigned under Section 201 of the Defense Authorization Amendments and Base Closure and Realignment Act, and/or Section 2905 of the Defense Base Closure and Realignment Act of 1990 (Installations Approved for Closure by the Defense Base Realignment and Closure Commissions), or
(2)Closed or realigned pursuant to 10 U.S.C. 2687 as excess property (bases announced for closure by Department of Defense
(DOD)pursuant to this title after September 30, 1977 (this is the date of announcement for closure and not the date the property was deeded to the airport sponsor)), or
(3)A military installation with both military and civil aircraft operations. A general aviation airport applying for the MAP may be joint-use but must also qualify under
(1)and
(2)above.
(B)Qualifications for MAP: Submit documents for
(1)through
(7)below:
(1)Documentation that the airport meets the definition of a “public airport” as defined in 49 U.S.C. Sec. 47102(20).
(2)Documentation indicating the required environmental review for civil reuse or joint-use of the military airfield has been completed. This environmental review need not include review of the individual projects to be funded by the MAP. Rather, the documentation should reflect that the environmental review necessary to convey the property, enter into a long-term lease, or finalize a joint-use agreement has been completed. The military department conveying or leasing the property, or entering into a joint-use agreement, has the lead responsibility for this environmental review. To meet AIP requirements the environmental review and approvals must indicate that the operator or owner of the airport has good title, satisfactory to the Secretary, or assures that good title will be acquired.
(3)For a former military airport, documentation that the eligible airport sponsor holds or will hold satisfactory title, a long-term lease in furtherance of conveyance of property for airport purposes, or a long-term interim lease for 25 years or longer to the property on which the civil airport is being located. Documentation that an application for surplus or BRAC airport property has been accepted by the Federal Government is sufficient to indicate the eligible airport sponsor holds or will hold satisfactory title or a long-term lease.
(4)For a current military airport, documentation that the airport sponsor has an existing joint-use agreement with the military department having jurisdiction over the airport. This is necessary so the FAA can legally issue grants to the sponsor. Here and in
(3)directly above, the airport must possess the necessary property rights in order to accept a grant for its proposed projects during FY 2006.
(5)Documentation that the airport is classified as a “commercial service airport” or a “reliever airport” as defined in 49 U.S.C. 47102(7) and 47102(22), unless the airport is applying for the general aviation slot.
(6)Documentation that the airport owner is an eligible airport “sponsor” as defined in 49 U.S.C. 47102(24).
(7)Documentation that the airport has an FAA approved airport layout lan
(ALP)and a five-year airport capital improvement plan
(ACIP)indicating all eligible grant projects proposed to be funded either from the MAP or other portions of the AIP.
(c)Evaluation Factors: Submit information on the items below to assist in our evaluation:
(1)Information identifying the existing and potential levels of visual or instrument operations and aeronautical activity at the current or former military airport and, if applicable, the relieved airport. Also, if applicable, information on how the airport contributes to air traffic system or airport system capacity. If served by commercial air carriers, the revenue passenger and cargo levels should be provided.
(2)A description of the airport's projected civil role and development needs for transitioning from use as a military airfield to a civil airport. Include how development projects would serve to reduce delays at an airport with more than 20,000 hours of annual delays in commercial passenger aircraft takeoffs and landings; or enhance capacity in a metropolitan area or reduced current and projected flight delays.
(3)A description of the existing airspace capacity. Describe how anticipated new operations would affect the surrounding airspace and air traffic flow patterns in the metropolitan area in or near the airport. Include a discussion of whether operations at this airport create airspace conflicts that may cause congestion or whether air traffic works into the flow of other air traffic in the area.
(4)A description of the airport's five-year airport capital improvement plan (ACIP), including a discussion of major projects, their priorities, projected schedule for project accomplishment, and estimated costs. The ACIP must specifically identify the safety, capacity, and conversion related projects, associated costs, and projected five-year schedule of project construction, including those requested for consideration for MAP funding.
(5)A description of those projects that are consistent with the role of the airport and effectively contribute to the joint-use or conversion of the airfield to a civil airport. The projects can be related to various improvement categories depending on what is needed to convert from military to civil airport use, to meet required civil airport standards, and/or to provide capacity to the airport and/or airport system. The projects selected ( *e.g.* , safety-related, conversion-related, and/or capacity-related), must be identified and fully explained based on the airport's planned use. Those projects that may be eligible under MAP, if needed for conversion or capacity-related purposes, must be clearly indicated, and include the following information: Airside • Modification of airport or military airfield for safety purposes, including airport pavement modifications ( *e.g.* , widening), marking, lighting, strengthening, drainage or modifying other structures or features in the airport environs to meet civil standards for airport imaginary surfaces as described in *14 CFR part 77.* • Construction of facilities or support facilities such as passenger terminal gates, aprons for passenger terminals, taxiways to new terminal facilities, aircraft parking, and cargo facilities to accommodate civil use. • Modification of airport or military utilities (electrical distribution systems, communications lines, water, sewer, storm drainage) to meet civil standards. Also, modifications that allow utilities on the civil airport to operate independently, where other portions of the base are conveyed to entities other than the airport sponsor or retained by the Government. • Purchase, rehabilitation, or modifications of airports and airport support facilities and equipment, including snow removal, aircraft rescue, fire fighting buildings and equipment, airport security, lighting vaults, and reconfiguration or relocation of eligible buildings for more efficient civil airport operations. • Modifications of airport or military airfield fuel systems and fuel farms to accommodate civil aviation use. • Acquisition of additional land for runway protection zones, other approached protection, or airport development. • Cargo facility requirements. • Modifications which will permit the airfield to accommodate general aviation users. Landside • Construction of surface parking areas and access roads to accommodate automobiles in the airport terminal and air cargo areas and provide an adequate level of access to the airport. • Construction or relocation of access roads to provide efficient and convenient movement of vehicular traffic to, on, and from the airport, including access to passenger, air cargo, fixed based operations, and aircraft maintenance areas. • Modifications or construction of facilities such as passenger terminals, surface automobile parking lots, hangars, air cargo terminal buildings, and access roads to cargo facilities to accommodate civil use.
(6)An evaluation of the ability of surface transportation facilities (road, rail, high-speed rail, maritime) to provide intermodal connections.
(7)A description of the type and level of aviation and community interest in the civil use of a current or former military airport.
(8)One copy of the FAA-approved ALP for each copy of the application. The ALP or supporting information should clearly show capacity and conversion related projects. Other information such as project costs, schedule, project justification, other maps and drawings showing the project locations, and any other supporting documentation that would make the application easier to understand should also be included. You may also provide photos, which would further describe the airport, projects, and otherwise clarify certain aspects of this application. These maps and ALP's should be cross-referenced with the project costs and project descriptions. Redesignation of Airports Previously Designated and Applying for up to an Additional Five Years in the Program Airports applying for redesignation to the Military Airport Program must submit the same information required by new candidate airports applying for a new designation. On the SF 424, Application for Federal Assistance, prescribed by the Office of Management and Budget Circular A-102, airports must indicate their application is for redesignation to the MAP. In addition to the above information, they must explain:
(1)Why a redesignation and additional MAP eligible project funding is needed to accomplish the conversion to meet the civil role of the airport and the preferred time period for redesignation not to exceed five years;
(2)Why funding of eligible work under other categories of ALP or other sources of funding would not accomplish the development needs of the airport; and
(3)Why, based on the previously funded MAP projects, the projects and/or funding level were insufficient to accomplish the airport conversion needs and development goals. This notice is issued pursuant to Title 49 U.S.C. 47118. Issued at Washington, DC on October 11, 2006. Benito DeLeon, Deputy Director, Office of Airport Planning and Programming. [FR Doc. 06-8686 Filed 10-13-06; 8:45 am]
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U.S. Code
- Registration, responsibilities, and oversight of self-regulatory organizations§ 78s
- Definitions and application§ 78c
- National securities exchanges§ 78f
- Public information; agency rules, opinions, orders, records, and proceedings§ 552
- Records maintained on individuals§ 552a
- Prohibited personnel practices§ 2302
- Base closures and realignments§ 2687
- Designating current and former military airports§ 47118
- Project grant applications§ 47105
- Definitions§ 47102
7 references not yet in our index
- 17 CFR 240.19
- 17 CFR 240.10
- 15 USC 78(b)(3)(C)
- Pub. L. 101-508
- Pub. L. 104-193
- 5 CFR 1320
- 14 CFR 77
Citation graph
cites case law
Notices
Notice of an amended computer matching program
Cite17 CFR 240.19
Cite17 CFR 240.10
Cite15 USC 78(b)(3)(C)
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