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Code · REGISTER · 2008-02-06 · The National Endowment for the Humanities · Notices

Notices. Notice of meeting

28,981 words·~132 min read·/register/2008/02/06/08-509

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BILLING CODE 4310-GG-P DEPARTMENT OF JUSTICE Drug Enforcement Administration Importer of Controlled Substances; Notice of Registration By Notice dated March 22, 2007 and published in the **Federal Register** on March 29, 2007, (72 FR 14832), Roche Diagnostics Operation, Inc., Attn: Regulatory Compliance, 9115 Hauge Road, Indianapolis, Indiana 46250, made application by renewal to the Drug Enforcement Administration
(DEA)to be registered as an importer of the basic classes of controlled substances listed in schedules I and II: Drug Schedule Lysergic acid diethylamide
(7315)I Alphamethadol
(9605)I Tetrahydrocannabinols
(7370)I Cocaine
(9041)II Ecgonine
(9180)II Methadone
(9250)II Morphine
(9300)II The company plans to import the listed controlled substances for the manufacture of diagnostic products for distribution to its customers. No comments or objections have been received. DEA has considered the factors in 21 U.S.C. 823(a) and 952(a) and determined that the registration of Roche Diagnostics Operations, Inc. to import the basic class of controlled substance is consistent with the public interest and with United States obligations under international treaties, conventions, or protocols in effect on May 1, 1971, at this time. DEA has investigated Roche Diagnostics Operations, Inc. to ensure that the company's registration is consistent with the public interest. The investigation has included inspection and testing of the company's physical security systems, verification of the company's compliance with state and local laws, and a review of the company's background and history. Therefore, pursuant to 21 U.S.C. 952(a) and 958(a), and in accordance with 21 CFR 1301.34, the above named company is granted registration as an importer of the basic class of controlled substances listed. Dated: January 30, 2008. Joseph T. Rannazzisi, Deputy Assistant Administrator, Office of Diversion Control, Drug Enforcement Administration. [FR Doc. E8-2141 Filed 2-5-08; 8:45 am] BILLING CODE 4410-09-P THE NATIONAL FOUNDATION ON THE ARTS AND THE HUMANITIES Meeting of National Council on the Humanities AGENCY: The National Endowment for the Humanities. ACTION: Notice of meeting. Pursuant to the provisions of the Federal Advisory Committee Act (Pub. L. 92-463, as amended) notice is hereby given the National Council on the Humanities will meet in Washington, DC on February 21-22, 2008. The purpose of the meeting is to advise the Chairman of the National Endowment for the Humanities with respect to policies, programs, and procedures for carrying out his functions, and to review applications for financial support from and gifts offered to the Endowment and to make recommendations thereon to the Chairman. The meeting will be held in the Old Post Office Building, 1100 Pennsylvania Avenue, NW., Washington, DC. A portion of the morning and afternoon sessions on February 21-22, 2008, will not be open to the public pursuant to subsections (c)(4), (c)(6) and (c)(9)(B) of section 552b of Title 5, United States Code because the Council will consider information that may disclose: trade secrets and commercial or financial information obtained from a person and privileged or confidential; information of a personal nature the disclosure of which would constitute a clearly unwarranted invasion of personal privacy; and information the premature disclosure of which would be likely to significantly frustrate implementation of proposed agency action. I have made this determination under the authority granted me by the Chairman's Delegation of Authority dated July 19, 1993. The agenda for the sessions on February 21, 2008 will be as follows: Committee Meetings (Open to the Public) Policy Discussion 9 a.m.-10:30 a.m. Education Programs—Room M-07. Federal/State Partnership—Room 510A. Preservation and Access & Digital Humanities Initiative—Room 415. Public Programs—Room 420. Research Programs—Room 315. (Closed to the Public) Discussion of Specific Grant Applications and Programs Before the Council 10:30 a.m. until Adjourned : Education Programs—Room M-07. Federal/State Partnership—Room 510A. Preservation and Access Digital Humanities Initiative—Room 415. Public Programs—Room 420. Research Programs—Room 315. The morning session of the meeting on February 22, 2008 will convene at 9 a.m., in the first floor Council Room M-09, and will be open to the public, as set out below. The agenda for the morning session will be as follows: A. Minutes of the Previous Meeting B. Reports 1. Introductory Remarks. 2. Staff Report. 3. Congressional Report. 4. Budget Report. 5. Reports on Policy and General Matters. a. Education Programs. b. Federal/State Partnership. c. Preservation and Access. d. Digital Humanities Initiative. e. Public Programs. f. Research Programs. The remainder of the proposed meeting will be given to the consideration of specific applications and will be closed to the public for the reasons stated above. Further information about this meeting can be obtained from Heather C. Gottry, Acting Advisory Committee Management Officer, National Endowment for the Humanities, 1100 Pennsylvania Avenue, NW., Washington, DC 20506, or by calling
(202)606-8322, TDD
(202)606-8282. Advance notice of any special needs or accommodations is appreciated. Heather C. Gottry, Acting Advisory Committee Management Officer. [FR Doc. E8-2138 Filed 2-5-08; 8:45 am] BILLING CODE 7536-01-P NATIONAL SCIENCE FOUNDATION National Science Board; Task Force on Sustainable Energy; Roundtable Discussion on Science and Engineering (S&E) Challenges Related to the Development of Sustainable Energy Date and Time: February 8, 2008; 8 a.m. to 3 p.m. Location: National Science Foundation, 4201 Wilson Blvd., Room 1235, Arlington, VA 22230. All visitors must report to the NSF visitor desk at the 9th and N. Stuart Streets entrance to receive a visitor's badge. This roundtable discussion will be open to the public. FOR FURTHER INFORMATION CONTACT: Tami Tamashiro, National Science Board Office, Tel:
(703)292-7853, E-mail: *ttamashi@nsf.gov* . Please refer to the National Science Board Web site ( *http://www.nsf.gov/nsb* ) for an updated agenda. Provisional Agenda 8 a.m. Welcoming Remarks • Dr. Steven C. Beering, Chairman, National Science Board. 8:05 a.m. Overview, Purpose, and Goals of the Roundtable Discussion • Dr. Dan E. Arvizu and Jon C. Strauss, Co-Chairmen, Task Force on Sustainable Energy. 8:15 a.m. Process and Logistics for Board Roundtable Discussions • Dr. Craig Robinson, Acting Executive Officer, National Science Board. 8:20 a.m. Introduction of Participants 8:30 a.m. Keynote Address ( *followed by Q&A* ) • Congressman Jay Inslee. 9:30 a.m. Presentation: TBD 9:50 a.m. Discussion Session 1: Role of Science and Engineering in the Development of Sustainable Energy Discussion Co-Moderators: Dr. Arvizu and Dr. Strauss. Focus Questions
(1)How can science and engineering advancements help address some of the key uncertainties in the development of sustainable energy, as well as, bring new technologies to the market?
(2)How must transformation take place in science and engineering throughout our education, research, and corporate infrastructure?
(3)Where are the next big breakthroughs likely to occur in sustainable energy? 11 a.m. Break 11:15 a.m. Presentation: Dr. Robert Corell 11:35 a.m. Lunch and Discussion Session 2: Role of NSF in a Nationally Coordinated S&E Research and Education Initiative Discussion Co-Moderators: Dr. Arvizu and Dr. Strauss. Focus Question
(1)How can NSF best support establishing and sustaining a nationally coordinated S&E research and education initiative on sustainable energy? 12:45 p.m. Break 1 p.m. Presentation: TBD 1:25 p.m. Discussion Session 3: Recommendations for a Nationally Coordinated S&E Research and Education Initiative on Sustainable Energy Discussion Co-Moderators: Dr. Arvizu and Dr. Strauss. Focus Questions
(1)How do we as a nation build the capability, the policy, and the regulatory environment to effect change in the energy sector sufficiently and rapidly?
(2)What specific actions are needed to establish and sustain a nationally coordinated S&E research and education initiative on sustainable energy?
(3)What is the potential role of the U.S. Government, private industry, and NGOs in addressing the science and engineering (S&E) challenges related to the development of sustainable energy described in the task force charge? 2:45 p.m. Summary and Next Steps for the Task Force • Dr. Arvizu and Dr. Strauss. Note: This roundtable discussion will not involve National Science Board deliberations and is not subject to 5 U.S.C. 552b. Russell Moy, Attorney-Advisor. [FR Doc. E8-2106 Filed 2-5-08; 8:45 am] BILLING CODE 7555-01-P NUCLEAR REGULATORY COMMISSION Independent External Review Panel To Identify Vulnerabilities in the U.S. Nuclear Regulatory Commission's Materials Licensing Program: Meeting Notice AGENCY: U.S. Nuclear Regulatory Commission. ACTION: Notice of meeting. SUMMARY: NRC will convene a meeting of the Independent External Review Panel To Identify Vulnerabilities in the U.S. Nuclear Regulatory Commission's
(NRC)Materials Licensing Program on February 19 through 21, 2008. A copy of the agenda for the meeting can be obtained by e-mailing Mr. Aaron T. McCraw at the contact information below. *Purpose:* To initiate the Panel's discussions and deliberations in developing their final report and to allow members of the public an opportunity to provide comments to the Panel on its draft report. The Panel's draft report will be publicly available no later than Monday, February 11, 2008, and will be located in the NRC's Agencywide Document Access and Management System (ADAMS) using Accession Number ML080230554. *Date and Time for Closed Sessions:* There will be no closed sessions during this meeting. *Date and Time for Open Session:* February 19, 2008, from 2 p.m. to 4:30 p.m; February 20, 2008, from 9 a.m. to 4:30 p.m.; and February 21, 2008, from 9 a.m. to 12 p.m. *Address for Public Meeting:* U.S. Nuclear Regulatory Commission, Two White Flint North Building, 11545 Rockville Pike, Rockville, Maryland 20852. Specific room locations will be indicated on the agenda. *Public Participation:* Any member of the public who wishes to participate in the meeting should contact Mr. McCraw using the information below. FOR FURTHER INFORMATION CONTACT: Aaron T. McCraw, e-mail: *atm@nrc.gov,* telephone:
(301)415-1277. Conduct of the Meeting Mr. Thomas E. Hill will chair the meeting. Mr. Hill will conduct the meeting in a manner that will facilitate the orderly conduct of business. The following procedures apply to public participation in the meeting: 1. Persons who wish to provide a written statement should submit an electronic copy to Mr. McCraw at the contact information listed above. All submittals must be received by February 15, 2008, and must pertain to the topics on the agenda for the meeting. 2. Questions and comments from members of the public will be permitted during the meeting, at the discretion of the Chairman. 3. The transcript and written comments will be available for inspection at the NRC Public Document Room, 11555 Rockville Pike, Rockville, Maryland 20852-2738, telephone
(800)397-4209, on or about June 1, 2008. 4. Persons who require special services, such as those for the hearing impaired, should notify Mr. McCraw of their planned attendance. This meeting will be held in accordance with the Atomic Energy Act of 1954, as amended (primarily Section 161a); the Federal Advisory Committee Act (5 U.S.C. App); and the Commission's regulations in Title 10, *U.S. Code of Federal Regulations,* Part 7. Dated: January 31, 2008. Andrew L. Bates, Advisory Committee Management Officer. [FR Doc. E8-2144 Filed 2-5-08; 8:45 am] BILLING CODE 7590-01-P PRESIDIO TRUST Notice of New Systems of Records SUMMARY: The Presidio Trust is providing notice of seven systems of records subject to the Privacy Act of 1974, as amended (5 U.S.C. 552a). The publication of these systems notices is required under 5 U.S.C. 552a(e)(4). DATES: This action will be effective without further notice on April 15, 2008, unless comments are received that would result in a contrary determination. ADDRESSES: Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052. FOR FURTHER INFORMATION CONTACT: Steven Carp (415.561.5300), The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052. SUPPLEMENTARY INFORMATION: As required by Privacy Act of 1974, the Presidio Trust has reviewed all systems of records and identified seven new systems of records. This notice identifies points of contact for inquiring about the systems, accessing the records, and requesting amendments to the records. *The categories of new systems are:* PT-1, Utility Billing Systems; PT-2, Rentals of Special Event Venues; PT-3, Billing and Accounts Receivable; PT-4, Non-Residential Tenant Database; PT-5, Residential Leasing Wait List Files; PT-6, Rejected Residential Leasing Applicant Files; and PT-7, Inactive Residential Leasing Files. In accordance with 5 U.S.C. 552a(r), a report concerning these record systems has been sent to the Committee on Government Operations of the House of Representatives, the Committee on Governmental Affairs of the Senate, and the Office of Management and Budget. Table of Contents PT-1 Utility Billing Systems. PT-2 Rentals of Special Event Venues. PT-3 Billing and Accounts Receivable. PT-4 Non-Residential Tenant Database. PT-5 Residential Leasing Wait List Files. PT-6 Rejected Residential Leasing Applicant Files. PT-7 Inactive Residential Leasing Files. PT-1 System name: Utility Billing Systems. System location: Presidio Trust Controller's Office, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052. Categories of individuals covered by the system: Presidio Trust residential and non-residential tenants who have contracted for utilities services (electric, gas, water, sewer, refuse and/or telecommunications). Categories of records in the system: Customer files may contain the individual's name, address, phone numbers and billable utility services. Invoice files may contain the individual's name, address and amounts due for services. Authority for maintenance of the system: Title I, Omnibus Parks Public Lands Act of 1996, Public Law 104-333, 110 Stat. 4097. Purpose(s): To manage the Presidio Trust's Billing/Accounts Receivable system(s) to issue invoices and collect payments. Name and addresses are needed to mail invoices and customer correspondence. Phone numbers are needed for customer service and past due collections. Routine uses of records maintained in the system, including categories of users and the purposes of such uses: In addition to those disclosures generally permitted under 5 U.S.C. 552a(b), all or a portion of the records or information contained in this system may be disclosed outside the Presidio Trust as a routine use pursuant to 5 U.S.C. 552a(b)(3) as follows: to administer and facilitate leasing and utilization of the Presidio; to administer and facilitate accounts relating to the Presidio Trust; to administer and facilitate service contracts relating to the Presidio Trust; to an agency, organization, or individual for the purposes of performing audit or oversight operations as authorized by law; to the U.S. Department of Justice and to legal counsel when related to litigation or anticipated litigation; to a court, magistrate, or administrative tribunal in the course of presenting evidence, including disclosures to opposing counsel or witnesses in the course of civil discovery, litigation, or settlement negotiations, or in response to a subpoena, or in connection with criminal law proceedings; to a Congressional office, for the record of an individual in response to an inquiry from that Congressional office made at the request of the individual to whom the record pertains; or to Federal, State, or local agencies where necessary to obtain information relevant to the hiring or retention of an employee, or the issuance of a security clearance, contract, license, grant or other benefit. See also 36 CFR 1008.9. Disclosure to consumer reporting agencies: As permitted by 5 U.S.C. 552a(b)(12), and in accordance with section 3(d) of the Federal Claims Collection Act of 1966, as amended (31 U.S.C. 3711(f)), all or a portion of the records or information contained in this system may be disclosed to consumer reporting agencies. Policies and practices for storing, retrieving, accessing, retaining and disposing of records in the system: Storage: Paper and automated (computerized) records. Retrievability: By name of individual or address. Safeguards: Access to records is limited to the custodian of the records or by persons responsible for servicing the records in the performance of their official duties. Records and computer workstations are stored in locked cabinets or supervised office areas. Access to computerized data is controlled by password. Retention and disposal: Paper records are destroyed six years and three months after period covered by the account. Electronic records are retained indefinitely. System manager(s) and address: Presidio Trust Controller, Presidio Trust Controller's Office, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052. Notification procedure: All inquiries about this system of records shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.11, .16. Record access procedures: Requests for access to a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.13-.14, .16-.17. Contesting record procedures: Requests to amend a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.18-.19, .22, .24. Record source categories: Individual to whom the record pertains and Presidio Trust property management companies. PT-2 System name: Rentals of Special Event Venues. System location: Presidio Trust Special Events Office, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052. Categories of individuals covered by the system: Presidio Trust clients who have contracted for special events permits or rentals of event venues. Categories of records in the system: Client files may contain the individual's name, address, phone numbers and Social Security number. Event files include details of the event and deposit and refund amounts. Authority for maintenance of the system: Title I, Omnibus Parks Public Lands Act of 1996, Public Law 104-333, 110 Stat. 4097. Purpose(s): To manage the Presidio Trust's special events bookings. Names, addresses and phone numbers are used to coordinate the event with the client. Deposit and refund information is used to manage the client's billing. Social Security numbers are required to issue a refund from remaining deposit amounts. Routine uses of records maintained in the system, including categories of users and the purposes of such uses: In addition to those disclosures generally permitted under 5 U.S.C. 552a(b), all or a portion of the records or information contained in this system may be disclosed outside the Presidio Trust as a routine use pursuant to 5 U.S.C. 552a(b)(3) as follows: to administer and facilitate leasing and utilization of the Presidio; to administer and facilitate accounts relating to the Presidio Trust; to administer and facilitate service contracts relating to the Presidio Trust; to an agency, organization, or individual for the purposes of performing audit or oversight operations as authorized by law; to the U.S. Department of Justice and to legal counsel when related to litigation or anticipated litigation; to a court, magistrate, or administrative tribunal in the course of presenting evidence, including disclosures to opposing counsel or witnesses in the course of civil discovery, litigation, or settlement negotiations, or in response to a subpoena, or in connection with criminal law proceedings; to a Congressional office, for the record of an individual in response to an inquiry from that Congressional office made at the request of the individual to whom the record pertains; or to Federal, State, or local agencies where necessary to obtain information relevant to the hiring or retention of an employee, or the issuance of a security clearance, contract, license, grant or other benefit. See also 36 CFR 1008.9. Disclosure to consumer reporting agencies: As permitted by 5 U.S.C. 552a(b)(12), and in accordance with section 3(d) of the Federal Claims Collection Act of 1966, as amended (31 U.S.C. 3711(f)), all or a portion of the records or information contained in this system may be disclosed to consumer reporting agencies. Policies and practices for storing, retrieving, accessing, retaining, and disposing of records in the system: Storage: Paper and automated (computerized) records. Retrievability: By name of individual or address. Safeguards: Access to records is limited to the custodian of the records or by persons responsible for servicing the records in the performance of their official duties. Records and computer workstations are stored in locked cabinets or supervised office areas. Access to computerized data is controlled by password. Retention and disposal: Paper records are destroyed six years and three months after period covered by the account. Electronic records are retained indefinitely. System manager(s) and address: Presidio Trust Special Events Manager, Presidio Trust Special Events Office, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052. Notification procedure: All inquiries about this system of records shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.11, .16. Record access procedures: Requests for access to a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.13-.14, .16-.17. Contesting record procedures: Requests to amend a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.18-.19, .22, .24. Record source categories: Individual to whom the record pertains, Special Events Coordinator. PT-3 System name: Billing and Accounts Receivable. System location: Presidio Trust Controller's Office, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052. Categories of individuals covered by the system: Presidio Trust residential and non-residential tenants who have contracted for utilities services (electric, gas, water, sewer, refuse and/or telecommunications). Presidio Trust customers for other services such as rental of special event venues, and other miscellaneous services. Presidio Trust tenants with past due amounts deemed uncollectible by the Presidio Trust's property management companies (for rent, utilities and/or damages to the property). Categories of records in the system: Customer files may contain the individual's name, Social Security number, address and phone numbers. For past due debts, these files may also contain past due notices, including a final Treasury demand letter. Invoice files may contain the individual's name, address and amounts due for services. Authority for maintenance of the system: Title I, Omnibus Parks Public Lands Act of 1996, Public Law 104-333, 110 Stat. 4097. Purpose(s): To manage the Presidio Trust's Billing/Accounts Receivable systems to issue invoices and collect payments. Names and addresses are needed to mail invoices and customer correspondence. Phone numbers are needed for customer service and past due collections. Social Security numbers are required to assist in the collection of past due amounts. Routine uses of records maintained in the system, including categories of users and the purposes of such uses: In addition to those disclosures generally permitted under 5 U.S.C. 552a(b), all or a portion of the records or information contained in this system may be disclosed outside the Presidio Trust as a routine use pursuant to 5 U.S.C. 552a(b)(3) as follows: to administer and facilitate leasing and utilization of the Presidio; to administer and facilitate accounts relating to the Presidio Trust; to administer and facilitate service contracts relating to the Presidio Trust; to an agency, organization, or individual for the purposes of performing audit or oversight operations as authorized by law; to the U.S. Department of Justice and to legal counsel when related to litigation or anticipated litigation; to a court, magistrate, or administrative tribunal in the course of presenting evidence, including disclosures to opposing counsel or witnesses in the course of civil discovery, litigation, or settlement negotiations, or in response to a subpoena, or in connection with criminal law proceedings; to a Congressional office, for the record of an individual in response to an inquiry from that Congressional office made at the request of the individual to whom the record pertains; or to Federal, State, or local agencies where necessary to obtain information relevant to the hiring or retention of an employee, or the issuance of a security clearance, contract, license, grant or other benefit. See also 36 CFR 1008.9. Disclosure to consumer reporting agencies: As permitted by 5 U.S.C. 552a(b)(12), and in accordance with section 3(d) of the Federal Claims Collection Act of 1966, as amended (31 U.S.C. 3711(f)), all or a portion of the records or information contained in this system may be disclosed to consumer reporting agencies. Policies and practices for storing, retrieving, accessing, retaining, and disposing of records in the system: Storage: Paper and automated (computerized) records. Retrievability: By name of individual or address. Safeguards: Access to records is limited to the custodian of the records or by persons responsible for servicing the records in the performance of their official duties. Records and computer workstations are stored in locked cabinets or supervised office areas. Access to computerized data is controlled by password. Retention and disposal: Paper records are destroyed six years and three months after period covered by the account. Electronic records are retained indefinitely. System manager(s) and address: Presidio Trust Controller, Presidio Trust Controller's Office, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052. Notification procedure: All inquiries about this system of records shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.11, .16. Record access procedures: Requests for access to a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.13-.14, .16-.17. Contesting record procedures: Requests to amend a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.18-.19, .22, .24. Record source categories: Individual to whom the record pertains, Presidio Trust property management companies, Special Events Coordinator. PT-4 System name: Non-Residential Tenant Database. System location: CB Richard Ellis Management Office, P.O. Box 29546, 103 Montgomery Street, San Francisco, CA 94129. Categories of individuals covered by the system: Presidio Trust non-residential tenants who lease Presidio buildings. Categories of records in the system: Information pertaining to tenant leases, which may include tenant name, Social Security number (for individuals), address, phone numbers, type of business, rental rates, contact and security deposit information. Authority for maintenance of the system: Title I, Omnibus Parks Public Lands Act of 1996, Public Law 104-333, 110 Stat. 4097. Purpose(s): To assist in the property management of Presidio Trust non-residential buildings. Routine uses of records maintained in the system, including categories of users and the purposes of such uses: In addition to those disclosures generally permitted under 5 U.S.C. 552a(b), all or a portion of the records or information contained in this system may be disclosed outside the Presidio Trust as a routine use pursuant to 5 U.S.C. 552a(b)(3) as follows: to administer and facilitate leasing and utilization of the Presidio; to administer and facilitate accounts relating to the Presidio Trust; to administer and facilitate service contracts relating to the Presidio Trust; to officers and employees of CB Richard Ellis who have a need for the records or information in the performance of their duties for the purposes described above; to an agency, organization, or individual for the purposes of performing audit or oversight operations as authorized by law; to the U.S. Department of Justice and to legal counsel when related to litigation or anticipated litigation; to a court, magistrate, or administrative tribunal in the course of presenting evidence, including disclosures to opposing counsel or witnesses in the course of civil discovery, litigation, or settlement negotiations, or in response to a subpoena, or in connection with criminal law proceedings; to a Congressional office, for the record of an individual in response to an inquiry from that Congressional office made at the request of the individual to whom the record pertains; or to Federal, State, or local agencies where necessary to obtain information relevant to the hiring or retention of an employee, or the issuance of a security clearance, contract, license, grant or other benefit. See also 36 CFR 1008.9. Disclosure to consumer reporting agencies: As permitted by 5 U.S.C. 552a(b)(12), and in accordance with section 3(d) of the Federal Claims Collection Act of 1966, as amended (31 U.S.C. 3711(f)), all or a portion of the records or information contained in this system may be disclosed to consumer reporting agencies. Policies and practices for storing, retrieving, accessing, retaining, and disposing of records in the system: Storage: Computerized records. Retrievability: By name of individual, tenant or address. Safeguards: Access to records is limited to the custodian of the records and persons who require use of the records in the performance of their official duties. Computer workstations are stored in supervised office areas. Access to computerized data is controlled by password. Retention and disposal: Paper records are destroyed six years and three months after period covered by the account. Electronic records are retained indefinitely. System manager(s) and address: CB Richard Ellis Management Office, P.O. Box 29546, 103 Montgomery Street, San Francisco, CA 94129. Notification procedure: All inquiries about this system of records shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.11, .16. Record access procedures: Requests for access to a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.13-.14, .16-.17. Contesting record procedures: Requests to amend a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.18-.19, .22, .24. Record source categories: Individual or entity to whom the record pertains. PT-5 System name: Residential Leasing Wait List Files. System location: 558 Presidio Boulevard, San Francisco, CA 94129. 1504 Pershing Drive, Suite E, San Francisco, CA 94129. Categories of individuals covered by the system: Persons applying to become Presidio Trust residential tenants who would lease Presidio Trust buildings. Prospective applicants for Presidio Trust residential leases. Categories of records in the system: Information regarding applicants and prospective applicants, including name, address, phone number, desired location, desired date of move and contact history. Authority for maintenance of the system: Title I, Omnibus Parks Public Lands Act of 1996, Public Law 104-333, 110 Stat. 4097. Purpose(s): To locate and contact persons interested in Presidio Trust residential leases. Routine uses of records maintained in the system, including categories of users and the purposes of such uses: In addition to those disclosures generally permitted under 5 U.S.C. 552a(b), all or a portion of the records or information contained in this system may be disclosed outside the Presidio Trust as a routine use pursuant to 5 U.S.C. 552a(b)(3) as follows: to administer and facilitate leasing and utilization of the Presidio; to administer and facilitate accounts relating to the Presidio Trust; to administer and facilitate service contracts relating to the Presidio Trust; to officers and employees of John Stewart Co. who have a need for the records or information in the performance of their duties for the purposes described above; to an agency, organization, or individual for the purposes of performing audit or oversight operations as authorized by law; to the U.S. Department of Justice and to legal counsel when related to litigation or anticipated litigation; to a court, magistrate, or administrative tribunal in the course of presenting evidence, including disclosures to opposing counsel or witnesses in the course of civil discovery, litigation, or settlement negotiations, or in response to a subpoena, or in connection with criminal law proceedings; to a Congressional office, for the record of an individual in response to an inquiry from that Congressional office made at the request of the individual to whom the record pertains; or to Federal, State, or local agencies where necessary to obtain information relevant to the hiring or retention of an employee, or the issuance of a security clearance, contract, license, grant or other benefit. See also 36 CFR 1008.9. Disclosure to consumer reporting agencies: As permitted by 5 U.S.C. 552a(b)(12), and in accordance with section 3(d) of the Federal Claims Collection Act of 1966, as amended (31 U.S.C. 3711(f)), all or a portion of the records or information contained in this system may be disclosed to consumer reporting agencies. Policies and practices for storing, retrieving, accessing, retaining, and disposing of records in the system: Storage: Paper and automated (computerized) records. Retrievability: By name of individual. Safeguards: Access to records is limited to the custodian of the records and persons who require use of the records in the performance of their official duties. Paper records are stored in file cabinets in supervised office areas or in locked storage areas. Computer workstations are stored in supervised office areas. Access to computerized data is controlled by password. Retention and disposal: Records are retained indefinitely. System manager(s) and address: John Stewart Co., 558 Presidio Boulevard, San Francisco, CA 94129. John Stewart Co., 1504 Pershing Drive, Suite E, San Francisco, CA 94129. Notification procedure: All inquiries about this system of records shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.11, .16. Record access procedures: Requests for access to a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.13-.14, .16-.17. Contesting record procedures: Requests to amend a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.18-.19, .22, .24. Record source categories: Individual to whom the record pertains. PT-6 System name: Rejected Residential Leasing Applicant Files. System location: 558 Presidio Boulevard, San Francisco, CA 94129. 1504 Pershing Drive, Suite E, San Francisco, CA 94129. Categories of individuals covered by the system: Individuals who were denied Presidio Trust residential leases. Categories of records in the system: Applicant name, current and prior addresses, Social Security number, income, prior landlords, verifications for landlord and employer reference, consumer credit check, civil background report and criminal background report. Applications for housing in the Baker Beach, South Baker Beach, North Fort Scott and West Washington neighborhoods are located at 1504 Pershing Drive, Suite E. Applications for the remainder of the neighborhoods are located at 558 Presidio Boulevard. Authority for maintenance of the system: Title I, Omnibus Parks Public Lands Act of 1996, Public Law 104-333, 110 Stat. 4097. Purpose(s): To document why an applicant for a Presidio Trust residential lease was rejected or why an applicant declined a Presidio Trust residential lease. Routine uses of records maintained in the system, including categories of users and the purposes of such uses: In addition to those disclosures generally permitted under 5 U.S.C. 552a(b), all or a portion of the records or information contained in this system may be disclosed outside the Presidio Trust as a routine use pursuant to 5 U.S.C. 552a(b)(3) as follows: to administer and facilitate leasing and utilization of the Presidio; to administer and facilitate accounts relating to the Presidio Trust; to administer and facilitate service contracts relating to the Presidio Trust; to officers and employees of John Stewart Co. who have a need for the records or information in the performance of their duties for the purposes described above; to an agency, organization, or individual for the purposes of performing audit or oversight operations as authorized by law; to the U.S. Department of Justice and to legal counsel when related to litigation or anticipated litigation; to a court, magistrate, or administrative tribunal in the course of presenting evidence, including disclosures to opposing counsel or witnesses in the course of civil discovery, litigation, or settlement negotiations, or in response to a subpoena, or in connection with criminal law proceedings; to a Congressional office, for the record of an individual in response to an inquiry from that Congressional office made at the request of the individual to whom the record pertains; or to Federal, State, or local agencies where necessary to obtain information relevant to the hiring or retention of an employee, or the issuance of a security clearance, contract, license, grant or other benefit. See also 36 CFR 1008.9. Disclosure to consumer reporting agencies: As permitted by 5 U.S.C. 552a(b)(12), and in accordance with section 3(d) of the Federal Claims Collection Act of 1966, as amended (31 U.S.C. 3711(f)), all or a portion of the records or information contained in this system may be disclosed to consumer reporting agencies. Policies and practices for storing, retrieving, accessing, retaining, and disposing of records in the system: Storage: Paper records. Retrievability: By name of individual. Safeguards: Access to records is limited to the custodian of the records and persons who require use of the records in the performance of their official duties. Records are stored in file cabinets in supervised office areas or in locked storage areas. Retention and disposal: Records are retained indefinitely. System manager(s) and address: John Stewart Co., 558 Presidio Boulevard, San Francisco, CA 94129. John Stewart Co., 1504 Pershing Drive, Suite E, San Francisco, CA 94129. Notification procedure: All inquiries about this system of records shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.11, .16. Record access procedures: Requests for access to a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.13-.14, .16-.17. Contesting record procedures: Requests to amend a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.18-.19, .22, .24. Record source categories: Individual to whom the record pertains, credit reporting agencies, county records, current or former landlords. PT-7 System name: Inactive Residential Leasing Files. System location: 558 Presidio Boulevard, San Francisco, CA 94129. 1504 Pershing Drive, Suite E, San Francisco, CA 94129. Categories of individuals covered by the system: Former Presidio Trust residential leaseholders. Categories of records in the system: Former tenant files containing tenant name, address, lease documents, correspondence, applications for housing, consumer credit reports, criminal background reports, civil background reports, Social Security numbers, income and landlord references, employer information, accounting records, parking agreements, rules and regulations, move-in and move-out records, etc. Authority for maintenance of the system: Title I, Omnibus Parks Public Lands Act of 1996, Public Law 104-333, 110 Stat. 4097. Purpose(s): To retain documentation for former residential tenants. Routine uses of records maintained in the system, including categories of users and the purposes of such uses: In addition to those disclosures generally permitted under 5 U.S.C. 552a(b), all or a portion of the records or information contained in this system may be disclosed outside the Presidio Trust as a routine use pursuant to 5 U.S.C. 552a(b)(3) as follows: to administer and facilitate leasing and utilization of the Presidio; to administer and facilitate accounts relating to the Presidio Trust; to administer and facilitate service contracts relating to the Presidio Trust; to officers and employees of John Stewart Co. who have a need for the records or information in the performance of their duties for the purposes described above; to an agency, organization, or individual for the purposes of performing audit or oversight operations as authorized by law; to the U.S. Department of Justice and to legal counsel when related to litigation or anticipated litigation; to a court, magistrate, or administrative tribunal in the course of presenting evidence, including disclosures to opposing counsel or witnesses in the course of civil discovery, litigation, or settlement negotiations, or in response to a subpoena, or in connection with criminal law proceedings; to a Congressional office, for the record of an individual in response to an inquiry from that Congressional office made at the request of the individual to whom the record pertains; or to Federal, State, or local agencies where necessary to obtain information relevant to the hiring or retention of an employee, or the issuance of a security clearance, contract, license, grant or other benefit. See also 36 CFR 1008.9. Disclosure to consumer reporting agencies: As permitted by 5 U.S.C. 552a(b)(12), and in accordance with section 3(d) of the Federal Claims Collection Act of 1966, as amended (31 U.S.C. 3711(f)), all or a portion of the records or information contained in this system may be disclosed to consumer reporting agencies. Policies and practices for storing, retrieving, accessing, retaining, and disposing of records in the system: Storage: Paper records. Retrievability: By name of individual or address. Safeguards: Access to records is limited to the custodian of the records and persons who require use of the records in the performance of their official duties. Records are stored in file cabinets in supervised office areas or in locked storage areas. Retention and disposal: Records are retained indefinitely. System manager(s) and address: John Stewart Co., 558 Presidio Boulevard, San Francisco, CA 94129. John Stewart Co., 1504 Pershing Drive, Suite E, San Francisco, CA 94129. Notification procedure: All inquiries about this system of records shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.11, .16. Record access procedures: Requests for access to a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.13-.14, .16-.17. Contesting record procedures: Requests to amend a record shall be addressed to Privacy Act Officer, The Presidio Trust, 34 Graham St., P.O. Box 29052, San Francisco, CA 94129-0052, as provided in 36 CFR 1008.18-.19, .22, .24. Record source categories: Individual to whom the record pertains, credit reporting agencies, county records, current or former landlords, officers and employees of John Stewart Co. Dated: January 31, 2008. Karen A. Cook, General Counsel. [FR Doc. E8-2128 Filed 2-5-08; 8:45 am] BILLING CODE 4310-4R-P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 28139; 812-13436] MLIG Variable Insurance Trust and Roszel Advisors, LLC; Notice of Application January 31, 2008. AGENCY: Securities and Exchange Commission (“Commission”). ACTION: Notice of application for an order under section 12(d)(1)(J) of the Investment Company Act of 1940 (“Act”) for an exemption from sections 12(d)(1)(A) and
(B)of the Act, and under sections 6(c) and 17(b) of the Act for an exemption from section 17(a) of the Act. Summary of the Application: Applicants request an order that would permit certain registered open-end management investment companies to acquire shares of other registered open-end management investment companies and unit investment trusts that are within and outside the same group of investment companies. *Applicants:* MLIG Variable Insurance Trust (the “Trust”) and Roszel Advisors, LLC (“Roszel Advisors”) (together, the “Applicants”). *Filing Dates:* The application was filed on October 9, 2007. Applicants have agreed to file an amendment during the notice period, the substance of which is reflected in this notice. *Hearing or Notification of Hearing:* An order granting the application will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission's Secretary and serving applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on February 25, 2008, and should be accompanied by proof of service on applicants in the form of an affidavit or, for lawyers, a certificate of service. Hearing requests should state the nature of the writer's interest, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Commission's Secretary. ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090; Applicants: c/o Barry G. Skolnick, Secretary, MLIG Variable Insurance Trust, 1700 Merrill Lynch Drive, Pennington, NJ 08534. FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, at
(202)551-6876, or Nadya Roytblat, Assistant Director, at
(202)551-6821 (Office of Investment Company Regulation, Division of Investment Management). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained for a fee at the Commission's Public Reference Desk, 100 F Street, NE., Washington, DC 20549-0102 (telephone
(202)551-5850). Applicants' Representations 1. The Trust, organized as a Delaware statutory trust, is registered under the Act as an open-end management investment company. The Trust is currently comprised of twenty-four separate Portfolios (as defined below), each of which pursues a distinct investment objective(s). 1 The shares of the Portfolios currently are offered and sold through registered separate accounts (“Registered Separate Accounts”) of Merrill Lynch Life Insurance Company and ML Life Insurance Company of New York, both insurance companies that are unaffiliated with Roszel Advisors. In the future, shares of the Portfolios may be offered and sold through Registered Separate Accounts of insurance companies that are affiliates of Roszel Advisors and may be offered and sold through unregistered separate accounts of insurance companies that either are or are not affiliates of Roszel Advisors (“Unregistered Separate Accounts,” and together with the Registered Separate Accounts, the “Separate Accounts”). 1 Applicants request that the order also extend to any future series of the Trust, and any other existing or future registered open-end management investment companies and any series thereof that are part of the same group of investment companies, as defined in section 12(d)(1)(G)(ii) of the Act, as the Trust and are, or may in the future be, advised by Roszel Advisors or any other investment adviser controlling, controlled by, or under common control with Roszel Advisors (together with the existing series of the Trust, the “Portfolios”). The Trust is the only registered investment company that currently intends to rely on the requested order. Any other entity that relies on the order in the future will comply with the terms and conditions of the application. 2. Roszel Advisors is a Delaware limited liability company that is registered as an investment adviser under the Investment Advisers Act of 1940 (“Advisers Act”). Roszel Advisors is a wholly-owned indirect subsidiary of Merrill Lynch & Co., Inc. Pursuant to an investment management agreement and subject to the authority of the Trust's board of trustees, Roszel Advisors serves as the Trusts' investment adviser and conducts the business and affairs of the Trust. Roszel Advisors has engaged at least one subadviser for each Portfolio (each a “Subadviser”) to act as that Portfolio's investment adviser to provide day-to-day portfolio management. Each Subadviser is and any future Subadviser will be registered under the Advisers Act. 2 2 Any investment adviser to the Portfolios that meets the definition of section 2(a)(20)(A) of the Act is referred to as Roszel Advisors. Any investment adviser to the Portfolios that meets the definition in section 2(a)(20)(B) of the Act is referred to as the Subadviser. 3. Applicants request relief to permit:
(a)The Portfolios to acquire shares of registered open-end management investment companies that are not part of the same group of investment companies, as defined in Section 12(A)(i)(G)(ii) of the Act, as the Portfolios (the “Unaffiliated Underlying Funds”);
(b)the Portfolios to acquire shares of unit investment trusts (“UITs”) that are not part of the same group of investment companies as the Portfolios (“Unaffiliated Underlying Trusts”);
(c)the Unaffiliated Underlying Funds and Trusts (collectively, the “Unaffiliated Funds”) to sell their shares to the Portfolios;
(d)the Portfolios to acquire shares of other registered open-end investment companies in the same group of investment companies as the Portfolios (the “Affiliated Funds,” and together with the Unaffiliated Funds, the “Underlying Funds”) and
(e)the Affiliated Funds to sell their shares to the Portfolios. Unaffiliated Underlying Trusts or Unaffiliated Underlying Funds may be registered under the Act as either UITs or open-end management investment companies and that have obtained exemptions from the Commission necessary to permit their shares to be listed and traded on a national securities exchange at negotiated prices (“ETFs”). Currently, the Portfolios invest in various types of securities that are not issued by registered investment companies and other financial instruments. Applicants are seeking to provide the Portfolios with the ability to invest in Underlying Funds for broader diversification and the ability to gain exposure to types of securities in which they would otherwise be unable to invest because of inadequate trade size or lack of liquidity. Applicants' Legal Analysis A. Section 12(d)(1) 1. Section 12(d)(1)(A) of the Act prohibits a registered investment company from acquiring shares of an investment company if the securities represent more than 3% of the total outstanding voting stock of the acquired company, more than 5% of the total assets of the acquiring company, or, together with the securities of any other investment companies, more than 10% of the total assets of the acquiring company. Section 12(d)(1)(B) of the Act prohibits a registered open-end investment company, its principal underwriter and any broker or dealer from selling the shares of the investment company to another investment company if the sale will cause the acquiring company to own more than 3% of the acquired company's voting stock, or if the sale will cause more than 10% of the acquired company's voting stock to be owned by investment companies generally. 2. Section 12(d)(1)(J) of the Act provides that the Commission may exempt any person, security, or transaction, or any class or classes of persons, securities or transactions, from any provision of section 12(d)(1) if the exemption is consistent with the public interest and the protection of investors. Applicants seek an exemption under section 12(d)(1)(J) of the Act from the limitations of sections 12(d)(1)(A) and
(B)to the extent necessary to permit the Portfolios to acquire shares of the Underlying Funds in excess of the limits set forth in section 12(d)(1)(A) of the Act and to permit the Underlying Funds, their principal underwriters and any broker or dealer to sell their shares to the Portfolios in excess of the limits set forth in section 12(d)(1)(B) of the Act. 3. Applicants state that the proposed arrangement will not give rise to the policy concerns underlying sections 12(d)(1)(A) and
(B)which include concerns about undue influence by a fund of funds or its affiliated persons over underlying funds, excessive layering of fees, and overly complex fund structures. Accordingly, Applicants believe that the requested exemptions are consistent with the public interest and the protection of investors. 4. Applicants state that the proposed arrangement will not result in undue influence by the Portfolios or their affiliated persons over the Underlying Funds. The concern about undue influence does not arise in connection with the Portfolios' investment in the Affiliated Funds, since they are part of the same group of investment companies. Applicants further propose condition 1 which provides that:
(a)Roszel Advisors and any person controlling, controlled by or under common control with Roszel Advisors, any investment company and any issuer that would be an investment company but for section 3(c)(1) or section 3(c)(7) of the Act advised or sponsored by Roszel Advisors or any person controlling, controlled by or under common control with Roszel Advisors (collectively, the “Group”), and
(b)any Subadviser to the Portfolios and any person controlling, controlled by or under common control with the Subadviser, and any investment company or issuer that would be an investment company but for section 3(c)(1) or 3(c)(7) of the Act (or portion of such investment company or issuer) advised by the Subadviser or any person and any person controlling, controlled by or under common control with the Subadviser (collectively, the “Subadviser Group”) will not control (individually or in the aggregate) an Unaffiliated Fund within the meaning of section 2(a)(9) of the Act. 5. Applicants further state that condition 2 precludes the Portfolios or Roszel Advisors, any Subadviser, promoter or principal underwriter of the Portfolios, as well as any person controlling, controlled by or under common control with any of those entities (each, a “Portfolio Affiliate”) from taking advantage of an Unaffiliated Fund, with respect to transactions between the Portfolios or a Portfolio Affiliate and the Unaffiliated Fund or the Unaffiliated Fund's investment adviser(s), sponsor, promoter, and principal underwriter and any person controlling, controlled by or under common control with any of those entities (each, an “Unaffiliated Fund Affiliate”). No Portfolio or Portfolio Affiliate (except to the extent it is acting in its capacity as an investment adviser to an Unaffiliated Underlying Fund or sponsor to an Unaffiliated Underlying Trust) will cause an Unaffiliated Fund to purchase a security in an offering of securities during the existence of any underwriting or selling syndicate of which a principal underwriter is an officer, director, trustee, advisory board member, investment adviser, Subadviser, or employee of the Portfolio, or a person of which any such officer, director, trustee, investment adviser, Subadviser, member of an advisory board, or employee is an affiliated person (each, an “Underwriting Affiliate,” except any person whose relationship to the Unaffiliated Fund is covered by section 10(f) of the Act is not an Underwriting Affiliate). An offering of securities during the existence of any underwriting or selling syndicate of which a principal underwriter is an Underwriting Affiliate is an “Affiliated Underwriting.” 6. To further assure that an Unaffiliated Underlying Fund understands the implications of an investment by a Portfolio under the requested order, prior to the Portfolios' investment in the shares of an Unaffiliated Underlying Fund in excess of the limit in section 12(d)(1)(A)(i) of the Act, the Portfolio and the Unaffiliated Underlying Fund will execute an agreement stating, without limitation, that their boards of directors or trustees (“Boards”) and their investment advisers understand the terms and conditions of the order and agree to fulfill their responsibilities under the order (“Participation Agreement”). Applicants note that an Unaffiliated Fund (other than an ETF whose shares are purchased by a Portfolio in the secondary market) will retain its right at all times to reject any investment by the Portfolio. 3 3 An Unaffiliated Fund, including an ETF, would retain its right to reject any initial investment by a Portfolio in excess of the limit in section 12(d)(1)(A)(i) of the Act by declining to execute the Participation Agreement with the Portfolio. 7. Applicants do not believe that the proposed arrangement will involve excessive layering of fees. To assure that the investment advisory or management fees are not duplicative, Applicants state that, prior to the approval of any investment advisory or management contract under section 15 of the Act, the Board of each Portfolio, including a majority of the Disinterested Trustees will find that the management or advisory fees charged under the Portfolio's advisory contract are based on services provided that are in addition to, rather than duplicative of, services provided pursuant to any Underlying Fund's advisory contract(s). Applicants further state that Roszel Advisors will waive fees otherwise payable to them by a Portfolio in an amount at least equal to any compensation (including fees received pursuant to any plan adopted by an Unaffiliated Underlying Fund pursuant to rule 12b-1 under the Act) received from an Unaffiliated Fund by Roszel Advisors, or an affiliated person of Roszel Advisors, other than any advisory fees paid to Roszel Advisors or an affiliated person of Roszel Advisors by the Unaffiliated Fund, in connection with the investment by the Portfolio in the Unaffiliated Fund. 8. Applicants state that with respect to Registered Separate Accounts that invest in the Portfolios, no sales load will be charged at the Portfolios' level or at the Underlying Fund level. Other sales charges and service fees, as defined in Rule 2830 of the Conduct Rules of the NASD (“NASD Conduct Rule 2830”), will only be charged at the Portfolio level or at the Underlying Fund level, not both. 4 With respect to other investments in the Portfolios, any sales charges and/or service fees charged with respect to shares of the Portfolios will not exceed the limits applicable to a fund of funds set forth in NASD Conduct Rule 2830. 4 Applicants represent that each Portfolio will represent in the Participation Agreement that no insurance company sponsoring a Registered Separate Account funding variable insurance contracts will be permitted to invest in the Portfolio unless the insurance company has certified to the Portfolio that the aggregate of all fees and charges associated with each contract that invests in the Portfolio, including fees and charges at the separate account, Portfolio, and Underlying Fund levels, will be reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the insurance company. 9. Applicants state that the proposed arrangement will not create an overly complex fund structure because no Underlying Fund will acquire securities of any other investment company or company relying on section 3(c)(1) or 3(c)(7) of the Act in excess of the limits contained in section 12(d)(1)(A) of the Act, except to the extent that such Underlying Fund:
(a)Receives securities of another investment company as a dividend or as a result of a plan of reorganization of a company (other than a plan devised for the purpose of evading section 12(d)(1) of the Act); or
(b)acquires (or is deemed to have acquired) securities of another investment company pursuant to exemptive relief from the Commission permitting such Underlying Fund to:
(i)Acquire securities of one or more affiliated investment companies for short-term cash management purposes, or
(ii)engage in interfund borrowing and lending transactions. Applicants also represent that the Portfolios' prospectus and sales literature will contain clear, concise, “plain English” disclosure designed to inform investors about the unique characteristics of the proposed arrangement, including, but not limited to, the expense structure and the additional expenses of investing in Underlying Funds. B. Section 17(a) 1. Section 17(a) of the Act generally prohibits sales or purchases of securities between a registered investment company and any affiliated persons of the company. Section 2(a)(3) of the Act defines an “affiliated person” of another person to include
(a)any person directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of the other person;
(b)any person 5% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote by the other person; and
(c)any person directly or indirectly controlling, controlled by, or under common control with the other person. 2. Applicants state that the Portfolios and the Affiliated Funds might be deemed to be under common control of Roszel Advisors and therefore affiliated persons of one another. Applicants also state that the Portfolios and the Underlying Funds might be deemed affiliated persons of one another if the Portfolios acquire 5% or more of an Underlying Fund's outstanding voting securities. In light of these possible affiliations, section 17(a) could prevent an Underlying Fund from selling shares to and redeeming shares from the Portfolios. 3. Section 17(b) of the Act authorizes the Commission to grant an order permitting a transaction otherwise prohibited by section 17(a) if it finds that
(a)the terms of the proposed transaction are fair and reasonable and do not involve overreaching on the part of any person concerned;
(b)the proposed transaction is consistent with the policies of each registered investment company involved; and
(c)the proposed transaction is consistent with the general purposes of the Act. Section 6(c) of the Act permits the Commission to exempt any person or transactions from any provision of the Act if such exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the Act. 4. Applicants believe that the proposed transactions satisfy the requirements for relief under sections 17(b) and 6(c) of the Act, as the terms are fair and reasonable and do not involve overreaching. 5 Applicants state that the terms upon which an Underlying Fund will sell its shares to or purchase its shares from the Portfolios will be based on the net asset value of each Underlying Fund. 6 Applicants also state that the proposed transactions will be consistent with the policies of the Portfolios and Underlying Fund, and with the general purposes of the Act. 5 Applicants acknowledge that receipt of compensation by
(a)an affiliated person of the Portfolios, or an affiliated person of such person, for the purchase by the Portfolios of shares of an Underlying Fund or
(b)an affiliated person of an Underlying Fund, or an affiliated person of such person, for the sale by the Underlying Fund of its shares to the Portfolios is subject to section 17(e)(1) of the Act. The Participation Agreement also will include this acknowledgement. 6 Applicants note that the Portfolios generally would purchase and sell shares of an Underlying Fund that operates as an ETF through secondary market transactions at market prices rather than through principal transactions with the Underlying Fund at net asset value. Applicants would not rely on the requested relief from section 17(a) for such secondary market transactions. The Portfolios could seek to transact in “Creation Units” directly with an ETF pursuant to the requested section 17(a) relief. Applicants' Conditions Applicants agree that the order granting the requested relief shall be subject to the following conditions: 1. The members of the Group will not control (individually or in the aggregate) an Unaffiliated Fund within the meaning of section 2(a)(9) of the Act. The members of the Subadviser Group will not control (individually or in the aggregate) an Unaffiliated Fund within the meaning of section 2(a)(9) of the Act. If, as a result of a decrease in the outstanding voting securities of an Unaffiliated Fund, the Group or a Subadviser Group, each in the aggregate, becomes a holder of more than 25% of the outstanding voting securities of the Unaffiliated Fund, then the Group or the Subadviser Group (except for any member of the Group or the Subadviser Group that is a Separate Account) will vote its shares of the Unaffiliated Fund in the same proportion as the vote of all other holders of the Unaffiliated Fund's shares. This Condition 1 will not apply to a Subadviser Group with respect to an Unaffiliated Fund for which the Subadviser or a person controlling, controlled by, or under common control with the Subadviser acts as the investment adviser within the meaning section 2(a)(20)(A) of the Act (in the case of an Unaffiliated Underlying Fund) or as the sponsor (in the case of an Unaffiliated Trust). A Registered Separate Account will seek voting instructions from its contract holders and will vote its shares of an Unaffiliated Fund in accordance with the instructions received and will vote those shares for which no instructions were received in the same proportion as the shares for which instructions were received. An Unregistered Separate Account will either:
(i)Vote its shares of the Unaffiliated Fund in the same proportion as the vote of all other holders of the Unaffiliated Fund's shares; or
(ii)seek voting instructions from its contract holders and vote its shares in accordance with the instructions received and vote those shares for which no instructions were received in the same proportion as the shares for which instructions were received. 2. No Portfolio or Portfolio Affiliate will cause any existing or potential investment by the Portfolio in an Unaffiliated Fund to influence the terms of any services or transactions between the Portfolio or a Portfolio Affiliate and the Unaffiliated Fund or an Unaffiliated Fund Affiliate. 3. The Board of each Portfolio, including a majority of the Disinterested Trustees, will adopt procedures reasonably designed to assure that Roszel Advisors and any Subadviser are conducting the investment program of the Portfolio without taking into account any consideration received by the Portfolio or Portfolio Affiliate from an Unaffiliated Fund or an Unaffiliated Fund Affiliate in connection with any services or transactions. 4. Once an investment by a Portfolio in the securities of an Unaffiliated Underlying Fund exceeds the limit of section 12(d)(1)(A)(i) of the Act, the Board of the Unaffiliated Underlying Fund, including a majority of the Disinterested Trustees, will determine that any consideration paid by the Unaffiliated Underlying Fund to the Portfolio or a Portfolio Affiliate in connection with any services or transactions:
(a)Is fair and reasonable in relation to the nature and quality of the services and benefits received by the Unaffiliated Underlying Fund;
(b)is within the range of consideration that the Unaffiliated Underlying Fund would be required to pay to another unaffiliated entity in connection with the same services or transactions; and
(c)does not involve overreaching on the part of any person concerned. This condition does not apply with respect to any services or transactions between an Unaffiliated Underlying Fund and its investment adviser(s), or any person controlling, controlled by, or under common control with such investment adviser(s). 5. No Portfolio or Portfolio Affiliate (except to the extent it is acting in its capacity as an investment adviser to an Unaffiliated Underlying Fund or sponsor to an Unaffiliated Underlying Trust) will cause an Unaffiliated Fund to purchase a security in any Affiliated Underwriting. 6. The Board of an Unaffiliated Underlying Fund, including a majority of the Disinterested Trustees, will adopt procedures reasonably designed to monitor any purchases of securities by the Unaffiliated Underlying Fund in an Affiliated Underwriting once an investment by a Portfolio in the securities of the Unaffiliated Underlying Fund exceeds the limit of section 12(d)(1)(A)(i) of the Act, including any purchases made directly from an Underwriting Affiliate. The Board of the Unaffiliated Underlying Fund will review these purchases periodically, but no less frequently than annually, to determine whether or not the purchases were influenced by the investment by the Portfolio in the Unaffiliated Underlying Fund. The Board of the Unaffiliated Underlying Fund will consider, among other things:
(a)Whether or not the purchases were consistent with the investment objectives and policies of the Unaffiliated Underlying Fund;
(b)how the performance of securities purchased in an Affiliated Underwriting compares to the performance of comparable securities purchased during a comparable period of time in underwritings other than Affiliated Underwritings or to a benchmark such as a comparable market index; and
(c)whether or not the amount of securities purchased by the Unaffiliated Underlying Fund in Affiliated Underwritings and the amount purchased directly from an Underwriting Affiliate have changed significantly from prior years. The Board of an Unaffiliated Underlying Fund will take any appropriate actions based on its review, including, if appropriate, the institution of procedures designed to assure that purchases of securities in Affiliated Underwritings are in the best interests of shareholders. 7. Each Unaffiliated Underlying Fund will maintain and preserve permanently in an easily accessible place a written copy of the procedures described in the preceding condition, and any modifications to such procedures, and will maintain and preserve for a period of not less than six years from the end of the fiscal year in which any purchase from an Affiliated Underwriting occurred, the first two years in an easily accessible place, a written record of each purchase of securities in an Affiliated Underwriting once an investment by a Portfolio in the securities of an Unaffiliated Underlying Fund exceeds the limit of section 12(d)(1)(A)(i) of the Act, setting forth the:
(a)Party from whom the securities were acquired,
(b)identity of the underwriting syndicate's members,
(c)terms of the purchase, and
(d)information or materials upon which the determinations of the Board of the Unaffiliated Underlying Fund were made. 8. Prior to its investment in shares of an Unaffiliated Underlying Fund in excess of the limit in section 12(d)(1)(A)(i) of the Act, the Portfolio and the Unaffiliated Underlying Fund will execute a Participation Agreement stating, without limitation, that their Boards and their investment advisers understand the terms and conditions of the order and agree to fulfill their responsibilities under the order. At the time of its investment in shares of an Unaffiliated Underlying Fund in excess of the limit in section 12(d)(1)(A)(i), the Portfolio will notify the Unaffiliated Underlying Fund of the investment. At such time, the Portfolio will also transmit to the Unaffiliated Underlying Fund a list of the names of each Portfolio Affiliate and Underwriting Affiliate. The Portfolio will notify the Unaffiliated Underlying Fund of any changes to the list as soon as reasonably practicable after a change occurs. The Unaffiliated Underlying Fund and the Portfolio will maintain and preserve a copy of the order, the Participation Agreement, and the list with any updated information for the duration of the investment and for a period of not less than six years thereafter, the first two years in an easily accessible place. 9. Before approving any advisory contract under section 15 of the Act, the Board of each Portfolio, including a majority of the Disinterested Trustees, shall find that the advisory fees charged under the advisory contract are based on services provided that are in addition to, rather than duplicative of, services provided under the advisory contract(s) of any Underlying Fund in which the Portfolio may invest. Such finding, and the basis upon which the finding was made, will be recorded fully in the minute books of the appropriate Portfolio. 10. Roszel Advisors will waive fees otherwise payable to it by a Portfolio in an amount at least equal to any compensation (including fees received pursuant to any plan adopted by an Unaffiliated Underlying Fund pursuant to rule 12b-1 under the Act) received from an Unaffiliated Fund by Roszel Advisors, or an affiliated person of Roszel Advisors, other than any advisory fees paid to Roszel Advisors or its affiliated person by the Unaffiliated Fund, in connection with the investment by the Portfolio in the Unaffiliated Fund. Any Subadviser will waive fees otherwise payable to the Subadviser, directly or indirectly, by the Portfolio in an amount at least equal to any compensation received by the Subadviser, or an affiliated person of the Subadviser, from an Unaffiliated Fund, other than any advisory fees paid to the Subadviser or its affiliated person by the Unaffiliated Underlying Fund, in connection with the investment by the Portfolio in the Unaffiliated Underlying Fund made at the direction of the Subadviser. In the event that the Subadviser waives fees, the benefit of the waiver will be passed through to the Portfolio. 11. With respect to Registered Separate Accounts that invest in a Portfolio, no sales load will be charged at the Portfolio level or at the Underlying Fund level. Other sales charges and service fees, as defined in NASD Conduct Rule 2830, if any, will only be charged at the Portfolio level or at the Underlying Fund level, not both. With respect to other investment in a Portfolio, any sales charges and/or service fees charged with respect to shares of the Portfolio will not exceed the limits applicable to a funds of funds set forth in NASD Conduct Rule 2830. 12. No Underlying Fund will acquire securities of any other investment company or company relying on section 3(c)(1) or 3(c)(7) of the Act in excess of the limits contained in section 12(d)(1)(A) of the Act, except to the extent that such Underlying Fund:
(a)Receives securities of another investment company as a dividend or as a result of a plan of reorganization of a company (other than a plan devised for the purpose of evading section 12(d)(1) of the Act); or
(b)acquires (or is deemed to have acquired) securities of another investment company pursuant to exemptive relief from the Commission permitting such Underlying Fund to:
(i)Acquire securities of one or more affiliated investment companies for short-term cash management purposes, or
(ii)engage in interfund borrowing and lending transactions. For the Commission, by the Division of Investment Management, pursuant to delegated authority. Florence E. Harmon, Deputy Secretary. [FR Doc. E8-2120 Filed 2-5-08; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57248; File No. SR-Amex-2007-25] Self-Regulatory Organizations; American Stock Exchange, LLC; Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, to Allow Register Options Traders to Submit Electronic Quotations and Orders From Off the Amex's Trading Floor on a Limited Basis January 31, 2008. I. Introduction On February 27, 2007, the American Stock Exchange LLC (“Amex” 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 amend its rules to allow registered options traders to submit electronic quotations and orders from off the Amex's trading floor on a limited basis. The Amex filed Amendment No. 1 to the proposal on December 13, 2007. 3 The proposed rule change, as modified by Amendment No. 1, was published for comment in the **Federal Register** on December 28, 2007. 4 The Commission received no comments regarding the proposed rule change, as amended. This order approves the proposed rule change, as modified by Amendment No. 1. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 Amendment No. 1 supersedes and replaces the original filing in its entirety. 4 *See* Securities Exchange Act Release No. 57011 (December 20, 2007), 72 FR 73910. II. Description of the Proposal The Amex proposes to amend Amex Rule 958-ANTE, “Options Transactions of Registered Options Traders and Supplemental Registered Options Traders and Remote Registered Options Traders,” to allow registered options traders to submit electronic quotations and orders from off the Amex's trading floor on a temporary basis for a maximum of 20 days during a calendar year. 5 According to the Amex, the proposal is designed to accommodate registered options traders when they are temporarily unable to be present on the Amex's physical trading floor. For purposes of the “in-person” requirements set forth in Amex Rule 958-ANTE, a registered options trader's transactions through this limited remote quoting program will be deemed to occur on the floor. 5 *See* Amex Rule 958-ANTE, Commentary .01(c). Under the proposal, quoting and submitting orders from off the trading floor for less than an entire day would qualify as one day. A registered options trader must notify the Amex's Division of Regulation and Compliance immediately following the day or days during which he or she submits quotes from off the floor. 6 The Amex notes that it has an independent means to monitor when a register options trader is off the floor because all members must scan in. 6 *See* Amex Rule 958-ANTE, Commentary .01(c). The Amex states that it will use its existing surveillance procedures to monitor registered options traders' temporary off-floor trading. In addition, the Amex represents that it will be able to monitor for compliance with the Amex's trading rules and the federal securities laws and the rules and regulations thereunder. III. Discussion 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. 7 In particular, the Commission finds that the proposal 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. 7 In approving the proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). 8 15 U.S.C. 78f(b)(5). The Commission believes that the proposal is designed to provide registered options traders with the flexibility to trade from off the Amex's floor on a limited basis when they are temporarily unable to be present on the floor. The Commission notes that the Amex has stated that it will use its existing surveillance procedures to monitor the off-floor trading permitted under the proposal, and that the Amex has represented that it will be able to monitor for compliance with the Amex's trading rules and the federal securities laws and the rules and regulations thereunder. IV. Conclusion *It is therefore ordered,* pursuant to section 19(b)(2) of the Act, 9 that the proposed rule change (SR-Amex-2007-25), as modified by Amendment No. 1, is approved. 9 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 10 10 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E8-2139 Filed 2-5-08; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57228; File No. SR-FINRA-2007-040] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Granting Approval of Proposed Rule Change to Delay Implementation of Certain FINRA Rule Changes Approved in SR-NASD-2004-183 January 29, 2008. I. Introduction On December 21, 2007, the Financial Industry Regulatory Authority, Inc. (“FINRA”) (f/k/a National Association of Securities Dealers, Inc. (“NASD”)) 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 delay the effective date of paragraph
(c)of NASD Rule 2821 until August 4, 2008. The Commission published the proposed rule change for comment in the **Federal Register** on January 3, 2008. 3 The Commission received fourteen comments on the proposed rule change. This order approves the proposed rule change. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 *See* Exchange Act Release No. 57050 (Dec. 27, 2007); 73 FR 0531 (Jan. 3, 2008) (SR-FINRA-2007-040). II. Description of the Proposal The Commission approved NASD Rule 2821 on September 7, 2007. 4 Rule 2821 created recommendation requirements (including a suitability obligation), principal review and approval requirements, and supervisory and training requirements tailored specifically to transactions in deferred variable annuities. 4 *See* Order Approving FINRA's NASD Rule 2821 Regarding Members' Responsibilities for Deferred Variable Annuities (“Approval Order”), Securities Exchange Act Release No. 56375 (Sept. 7, 2007), 72 FR 52403 (Sept. 13, 2007) (SR-NASD-2004-183); Corrective Order, Securities Exchange Act Release No. 56375A (September 14, 2007), 72 FR 53612 (Sept. 19, 2007) (SR-NASD-2004-183) (correcting the rule's effective date). On November 6, 2007, FINRA published *Regulatory Notice* 07-52, which announced the Commission's approval of Rule 2821 and established May 5, 2008 as the effective date of the rule. FINRA is proposing to delay the effective date of paragraph (c), which addresses principal review and approval, until August 4, 2008. According to FINRA, several firms requested that the effective date of the rule be delayed to allow firms additional time to make necessary systems changes. Firms also raised various concerns regarding paragraph
(c)of the rule. With respect to the timing of principal review, firms stated that seven business days beginning from the time when the customer signs the application may not allow for a thorough principal review in all cases. These firms have asked that a different timing mechanism be used. Firms also questioned whether broker-dealers that do not make any recommendations to customers should be subject to paragraph
(c)of the Rule. And finally, firms asked FINRA to reconsider its statement in Regulatory Notice 07-53 that Rule 2821(c) does not permit the depositing of a customer's funds in an account at the insurance company prior to completion of principal review. FINRA staff believes it is prudent to give further consideration to paragraph
(c)of Rule 2821 and the interpretation addressed in the *Regulatory Notice* to determine whether certain unintended and harmful consequences might ensue upon the currently scheduled effective date of May 5, 2008. If, based on this review, FINRA concludes that further rulemaking is warranted, it stated that it will file a separate rule change with the Commission. III. Summary of Comments The Commission received fourteen comments on the proposed rule change. All commenters supported FINRA's proposal to extend the effective date of the principal review and approval requirements contained in paragraph
(c)of Rule 2821 until August 4, 2008. 5 Commenters agreed that additional time is needed to consider the impact those requirements will have on member firms and for FINRA to consider suggested alternatives. 6 5 *See* , *e.g.* , Letters from Darrell Braman and Sarah McCafferty, T. Rowe Prince Investment Services, Inc. (Jan. 23, 2008) (“T. Rowe Price Letter”); Michael P. DeGeorge, General Counsel NAVA (Jan. 24, 2008) (“NAVA Letter”); Cifford Kirsch and Eric Arnold, Partners, Sutherland Asbill & Brennan LLP on behalf of the Committee of Annuity Insurers (Jan. 24, 2008) (“Comm. Annuity Insurers Letter”); Stuart Kaswell, Partner, Dechert LLP on behalf of TIAA-CREF (Jan. 24, 2008) (“Dechert Letter”); Heidi Stam, Managing Director and General Counsel, Vanguard (Jan. 24, 2008) (“Vanguard Letter”); David E. Stone, Vice President and Associate General Counsel, Charles Schwab & Co., Inc. (Jan. 24, 2008) (“Schwab Letter”); Heather Traeger, Assistant Counsel, Investment Company Institute (Jan. 24, 2008) (“ICI Letter”); Dale E. Brown, President and Chief Executive Officer, Financial Services Institute (Jan. 25, 2008) (“FSI Letter”); Carl B. Wilkerson, Vice President, American Council of Life Insurers (Jan. 28, 2008) (“ACLI Letter”); Amal Aly, Managing Director and Associate General Counsel, Securities Industry and Financial Markets Association (Jan. 29, 2008) (“SIFMA Letter”). One commenter stated, however, that waiting until August to determine the principal review and approval standard could cost the industry millions of dollars in unnecessary expenditures if FINRA revises the rule. *See* Letter from Douglas A. Wright, CCO, The Investment Center, Inc. (Jan. 14, 2008). This commenter believed a delay in enacting Rule 2821(c) would be welcomed by most firms to allow for systems upgrades, but firms do not want to begin paying for one system only to have FINRA alter the rule. *Id* . Another commenter addressed his broker-dealer's individual situation regarding net capital obligations. *See* Letter from Jeremiah O'Connell (Jan. 4, 2008). 6 *See* , *e.g.* , Comm. Annuity Insurers Letter; Dechert Letter; FSI Letter; SIFMA Letter; Vanguard Letter. In addition to supporting the extended effective date of paragraph (c), commenters also expressed concerns and proposed alternatives with respect to three aspects of the principal review and approval requirements of paragraph (c). Some commenters suggested that FINRA eliminate the principal review requirement for non-recommended transactions. 7 According to commenters, some broker-dealers do not solicit purchases of deferred variable annuities and do not recommend any transactions. 8 For broker-dealers with this type of business model, commenters believed principal review and approval is unnecessary and does not further the purposes of the rule. 9 One commenter stated that an exemption from the principal review requirements only for those broker-dealers that do not make any recommendations to customers would disadvantage broker-dealers who have various business models, some models allowing recommendations and others that do not. 10 This commenter suggested that FINRA require a broker-dealer that offers recommendations to some customers and not to others to institute policies and procedures ensuring that the broker-dealer perform a principal review for recommended transactions. 11 7 *See* ACLI Letter; Dechert Letter; ICI Letter; NAVA Letter; SIFMA Letter; Vanguard Letter. 8 *See* Dechert Letter; ICI Letter; NAVA Letter; T. Rowe Price Letter; Vanguard Letter. 9 *See* Dechert Letter; ICI Letter; NAVA Letter; Vanguard Letter. Some commenters emphasized that under these types of business models, firms do not pay commissions. *See* Dechert Letter; Vanguard Letter. One commenter also noted that its policies and procedures prohibit registered representatives from recommending any transactions. Vanguard Letter. 10 *See* Dechert Letter 11 *Id.* Six commenters also believed that FINRA should allow broker-dealers to forward customer checks to the issuing insurance company and allow the issuing insurance company to deposit customer funds into a suspense account prior to the completion of principal review. 12 Commenters stated customer funds could be held in these accounts and would not result in the issuance of a contract until principal review has been completed. 13 Some commenters also stated that customer funds could be refunded in the event a contract is not issued. 14 12 *See* Letter from MaryAnn Lamendola, Chief Compliance Officer, Chase Investment Services Corporation (Jan. 24, 2008) (“Chase Letter”); ACLI Letter; Comm. of Annuity Insurers Letter; Dechert Letter; NAVA Letter; SIFMA Letter. One of these commenters believes that both the broker-dealer and the issuing insurance company should be allowed to negotiate checks upon receipt. *See* Dechert Letter. This commenter noted that customers may send back an application and one check to cover a variable annuity and other investment options, including mutual funds. *Id* . In this situation, the commenter stated there is a conflict between NASD Rule 2830(m), which requires the prompt purchase of mutual fund shares, and Rule 2821(c), which requires the broker-dealer to hold the customer's check pending principal review. *Id* . 13 *See* ACLI Letter; Comm. of Annuity Insurers Letter; Dechert Letter. One commenter noted this could be accomplished by the broker-dealer developing controls to ensure that a variable annuity is not issued until after the completion of principal review. Chase Letter. 14 *Id* . Eight commenters suggested that FINRA revise the timing of principal review requirement. 15 Paragraph
(c)requires a registered principal to review a transaction and determine whether he or she approves of it prior to transmitting the customer's application to the issuing insurance company for processing, but no later than seven business days after the customer signs the application. 16 Commenters stated that beginning the seven business day review period from the time when the customer signs the application is problematic because often the customer signs and mails the application, leaving the broker-dealer no control over the timing. 17 Commenters also stated that they have no control over which means a customer uses to mail an application and how long it takes for that application to arrive at the broker-dealer. 18 Some commenters suggested that the principal review process be required to be completed seven business days after the broker-dealer has received an application “in good order.” 19 Other commenters suggested that the seven-day period should begin when the broker-dealer receives the application and the broker-dealer reasonably deems the application is complete. 20 15 *See* Letter from Barbara Gill, Deputy Director of Regulatory Affairs, Stifel, Nicolaus & Company, Inc. (Jan. 22, 2008) (“Stifel Letter”); Comm. of Annuity Insurers Letter; Dechert Letter; FSI Letter; ICI Letter; NAVA Letter; SIFMA Letter; Schwab Letter. 16 *See* NASD Rule 2821(c). 17 *See* , *e.g.* , Comm. of Annuity Insurers Letter; Dechert Letter; SIFMA Letter; Stifel Letter. 18 *Id* . 19 *See* , *e.g.* , ACLI Letter; ICI Letter; T. Rowe Price Letter. 20 *See* Comm. of Annuity Insurers Letter; Dechert Letter; FSI Letter; NAVA Letter; Schwab Letter. Three commenters also specified that the seven days should not begin to run until a complete application is specifically received by the broker-dealer's Office of Supervisory Jurisdiction. *See* Comm. of Annuity Insurers Letter; Dechert Letter; SIFMA Letter. Two commenters requested that FINRA propose a single implementation date for the entire rule. 21 These commenters stated that establishing two different compliance dates would create confusion when implementing the proposed rule as well unnecessary and redundant system design costs. 22 Paragraph
(d)requires members to establish supervisory procedures reasonably designed to achieve compliance with the rule and paragraph
(e)require members to develop training policies and programs to ensure compliance with the rule. One of these commenters believed imposing two separate compliance dates would require broker-dealers to provide duplicate sets of supervisory procedures to account for what the rule requires on May 5, 2008 and for what it requires on August 4, 2008. 23 It also stated broker-dealers would have to implement one training program for the part of rule becoming effective on May 5, 2008 and another training program for principal review starting on August 4, 2008. 24 21 *See* ACLI Letter; Dechert Letter. 22 *Id* . 23 *See* Dechert Letter. 24 *Id* . IV. Discussion and Commission Findings The Commission has reviewed carefully the proposed rule change and the comments, and 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 association. In particular, the Commission finds that the proposed rule change is consistent with section 15A(b)(6) of the Act, which requires, among other things, that the rules of a national securities association be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. 25 25 15 U.S.C. 78o-3(b)(6). The proposed rule change does not change any of the substantive provisions of Rule 2821. It allows broker-dealers additional time to comply with one portion of the rule and provides FINRA with additional time to further consider its members' concerns. It is consistent with the requirements of the Act for FINRA to further consider paragraph
(c)of Rule 2821 and its related Regulatory Notice to determine whether any unintended or harmful consequences might ensue upon the current effective date. V. Conclusion *It is therefore ordered,* pursuant to section 19(b)(2) of the Act, 26 that the proposed rule change (SR-FINRA 2007-040) be, and it hereby is, approved. 26 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 27 27 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E8-2074 Filed 2-5-08; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57247; File No. SR-FINRA-2008-002] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Reflect That the NASD/NYSE Trade Reporting Facility Does Not Support the Three-Party Trade Report Functionality January 31, 2008. 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 January 28, 2008, the Financial Industry Regulatory Authority, Inc. (“FINRA”) (f/k/a the National Association of Securities Dealers, Inc. (“NASD”)) 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 substantially by FINRA. FINRA has filed this proposal pursuant to section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b-4(f)(6) thereunder, 4 which renders the proposal effective upon filing with the Commission. 5 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)(iii). 4 4 17 CFR 240.19b-4(f)(6). 5 FINRA has asked the Commission to waive the 30-day operative delay provided in Rule 19b-4(f)(6)(iii). 17 CFR 240.19b-4(f)(6)(iii). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change FINRA proposes to amend the rules governing the NASD/NYSE Trade Reporting Facility (“NASD/NYSE TRF”) to delete NASD Rule 4632E(d), relating to three-party trade reports, because the NASD/NYSE TRF currently does not support the three-party trade report functionality. In addition, FINRA proposes to modify NASD Rule 4632E(c), relating to two-party trade reports, to conform NASD Rule 4632E(c) to the two-party trade report rules of FINRA's other Trade Reporting Facilities (“TRFs”). 6 6 Effective July 30, 2007, FINRA was formed through the consolidation of NASD and the member regulatory functions of NYSE Regulation. Accordingly, the NASD/NYSE TRF is now doing business as the FINRA/NYSE TRF. In addition to the NASD/NYSE TRF, there are two other TRFs in operation: The NASD/Nasdaq Trade Reporting Facility (the “NASD/Nasdaq TRF”) and the NASD/NSX Trade Reporting Facility (the “NASD/NSX TRF”). The formal name change of each TRF is pending and, once completed, FINRA will file a separate proposed rule change to reflect those changes in the Manual. The text of the proposed rule change is available at *http://www.finra.org* , the principal office of FINRA, and 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, FINRA 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. FINRA 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 TRFs, including the NASD/NYSE TRF, provide FINRA members with mechanisms for reporting trades in NMS stocks, as defined in Rule 600(b)(47) of Regulation NMS under the Act, 7 executed otherwise than on an exchange. When the NASD/NYSE TRF was established, it was contemplated that members would be able to report trades to the NASD/NYSE TRF using either two- or three-party trade reports. 8 A three-party trade report is a single trade report that denotes one Reporting Member ( *i.e.* , the member with the obligation to report the trade under FINRA's rules) and two contra parties. 7 17 CFR 242.600(b)(47). 8 *See* NASD Rules 4632E(c) and 4632E(d), respectively. Current NASD Rules 4632E(c) and
(d)are substantially similar to the reporting requirements relating to two- and three-party trade reports for FINRA's Alternative Display Facility (the “ADF”). *See* NASD Rules 4632A(c) and (d). However, the NASD/NYSE TRF has not implemented the three-party trade report functionality and members currently are able to submit reports to the NASD/NYSE TRF only in the two-party trade report format. 9 Accordingly, for its rules to accurately reflect the functionality of the NASD/NYSE TRF, FINRA proposes to delete NASD Rule 4632E(d) relating to three-party trade reports. In addition, FINRA proposes to replace the two-party trade report provisions currently found in paragraph
(c)of NASD Rule 4632E with a new paragraph (c), which is identical to the two-party trade report provisions of the NASD/Nasdaq TRF and the NASD/NSX TRF. According to FINRA, this will conform, to the extent practicable, the rules relating to the three TRFs. 10 Finally, FINRA proposes technical changes to paragraphs (c), (d), and
(h)of NASD Rule 6130E to reflect the deletion of NASD Rule 4632E(d) and the resulting renumbering of paragraphs in NASD Rule 4632E. 9 The NASD/NYSE TRF may implement this functionality at a later date, in which case FINRA would submit a proposed rule change to amend its rules accordingly. 10 Neither the NASD/Nasdaq TRF nor the NASD/NSX TRF supports three-party trade reports. Accordingly, members may submit trades to a TRF only in the two-party trade report format. Members may submit trades in the three-party trade report format to the ADF. FINRA has asked the Commission to waive the 30-day operative delay and to make the proposed rule change operative on the date of filing. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of section 15A(b)(6) of the Act, 11 which requires, among other things, that FINRA's rules be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. FINRA believes that by deleting rules that apply to a functionality that is not currently supported by the NASD/NYSE TRF, the proposed rule change will prevent member confusion and trade reporting errors. 11 15 U.S.C. 78o-3(b)(6). B. Self-Regulatory Organization's Statement on Burden on Competition FINRA 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 FINRA has designated the proposed rule change as one that:
(i)Does not significantly affect the protection of investors or the public interest;
(ii)does not impose any significant burden on competition; and
(iii)does not become operative for 30 days from the date of filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest. In addition, as required under Rule 19b-4(f)(6)(iii), 12 FINRA provided the Commission with written notice of its intention to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to filing the proposal with the Commission. Therefore, the foregoing rule change has become effective pursuant to section 19(b)(3)(A) of the Act 13 and Rule 19b-4(f)(6) thereunder. 14 12 17 CFR 240.19b-4(f)(6)(iii). 13 15 U.S.C. 78s(b)(3)(A). 14 17 CFR 240.19b-4(f)(6). Pursuant to Rule 19b-4(f)(6)(iii) under the Act, a proposal does not become operative for 30 days after the date of its filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest. FINRA has asked the Commission to waive the 30-day operative delay to expedite the deletion of rules relating to the three-party trade report functionality, which currently is not supported by the NASD/NYSE TRF, and the adoption of conforming changes to the NASD/NYSE TRF's two-party trade report provisions. FINRA believes that these changes will prevent potential member confusion and trade reporting errors. FINRA notes, in addition, that the proposal amends the NASD/NYSE TRF's trade reporting rules to accurately reflect the current functionality of the NASD/NYSE TRF, but does not affect members' reporting obligations or current capability. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because the deletion of the three-party trade report provisions is designed to ensure that the rules governing the NASD/NYSE TRF accurately reflect the operation of the NASD/NYSE TRF, which currently does not support the three-party trade report functionality. 15 Similarly, the proposed changes to conform the NASD/NYSE TRF's two-party trade report rules to the two-party trade report rules of the NASD/Nasdaq TRF and the NASD/NSX TRF 16 will provide consistency among the rules of the TRFs and does not raise new regulatory issues. Accordingly, the Commission waives the 30-day operative delay and designates the proposal to be operative upon filing with the Commission. 15 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposal's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). 16 *See* NASD Rules 4632(c) and 4632C(c). 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 Number SR-FINRA-2008-002 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File No. SR-FINRA-2008-002. 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 the filing also will be available for inspection and copying at the principal office of FINRA. 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-FINRA-2008-002 and should be submitted on or before February 27, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 17 Florence E. Harmon, Deputy Secretary. 17 17 CFR 200.30-3(a)(12). [FR Doc. E8-2134 Filed 2-5-08; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57237; File No. SR-ISE-2007-124] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to Equity Fees January 30, 2008. 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 December 31, 2007, the International Securities Exchange, LLC (“ISE” 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 substantially prepared by ISE. On January 28, 2007, ISE submitted Amendment No. 1 to the proposed rule change. 3 ISE filed the proposal pursuant to section 19(b)(3)(A)(ii) of the Act 4 and Rule 19b-4(f)(2) 5 thereunder, as establishing or changing a due, fee, or other charges applicable to a member, 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, as amended, from interested persons. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 In Amendment No. 1, the Exchange made clarifying changes to the purpose section of the filing. 4 15 U.S.C. 78s(b)(3)(A)(ii). 5 17 CFR 240.19b-4(f)(2). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change ISE is proposing to amend its Schedule of Fees with respect to equity transactions. The text of the proposed rule change is available at ISE, *http://www.ise.com,* and 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 Exchange 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 The Exchange proposes to amend its Schedule of Fees to:
(1)Distinguish between transaction fees related to equity orders and equity orders submitted on an order delivery basis;
(2)to increase the rebate for equity orders that add liquidity for securities that trade at or above $1.00 from $0.0025 to $0.0032;
(3)to increase the rebate for equity orders submitted on an order delivery basis that add liquidity for securities that trade at or above $1.00 from $0.0025 to $0.0027 (these orders are submitted by Order Delivery Equity Electronic Access Members (“Order Delivery Equity EAMs”)); and
(4)to cease sharing market data revenues except with respect to orders submitted on an order delivery basis. The Exchange proposes to implement these changes on January 2, 2008. The Exchange proposes to restructure its Schedule of Fees and allocation of market data rebates to provide Equity Electronic Access Members (“Equity EAMs”) that submit equity orders an efficient method of calculating the exact cost of trading on the ISE Stock Exchange. Specifically, rather than providing these Equity EAMs with a lump sum market data rebate every quarter, the Exchange proposes to increase the rebate for execution of equity orders that provide liquidity from $0.0025 to $0.0032 for securities that trade at or above $1.00. This change will allow Equity EAMs to perform a precise cost benefit analysis in determining where to route their order flow. The Exchange proposes to increase the rebate for the execution of equity orders submitted on an order delivery basis that provide liquidity from $0.0025 to $0.0027 for securities that trade at or above $1.00, but to leave the allocation of market data rebates the same for these orders. The Exchange has determined that increasing the maker rebate, discussed above, and continuing to rebate 50% of its quote and trade revenue to Order Delivery Equity EAMs is necessary for competitive reasons, particularly in light of the fact that other markets have similar maker rebates and provisions in their market data revenue rebate program. 6 6 *See* Securities Exchange Act Release No. 56890 (December 4, 2007), 72 FR 70360 (December 11, 2007) (SR-NSX-2007-13). The Exchange believes that these fee changes will not impair its ability to carry out its regulatory responsibilities. Furthermore, the Exchange intends that this rule change will not have an overall effect on the amounts rebated to Equity EAMs, except that payments will occur on a monthly instead of quarterly basis. The monies rebated to Order Delivery Equity EAMs on a quarterly basis remain unchanged. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of section 6(b) of the Act, 7 in general, and furthers the objectives of section 6(b)(4), 8 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities. 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(4). B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes that the proposed rule change does not 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 has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change has become effective upon filing with the Commission pursuant to section 19(b)(3)(A)(ii) of the Act 9 and Rule 19b-4(f)(2) 10 thereunder, because it establishes or changes a due, fee, or other charge applicable only to a member. 9 15 U.S.C. 78s(b)(3)(A)(ii). 10 17 CFR 240.19b-4(f)(2). 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 Number SR-ISE-2007-124 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-ISE-2007-124. 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, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of ISE. 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-ISE-2007-124 and should be submitted on or before February 27, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 11 Florence E. Harmon, Deputy Secretary. 11 17 CFR 200.30-3(a)(12). [FR Doc. E8-2124 Filed 2-5-08; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57239; File No. SR-NYSE-2007-98] Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Reduce From Six Months to Three Months the Period for Which a Company's Average Global Market Capitalization Must Exceed the Levels Established by the Exchange's Pure Valuation/Revenue Test January 30, 2008. I. Introduction On October 29, 2007, the New York Stock Exchange LLC (“NYSE” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 1 and Rule 19b-4 thereunder, 2 a proposed rule change to reduce from six months to three months the period for which the average global market capitalization of companies seeking to list on the Exchange must exceed the levels established by the Exchange's “pure valuation/revenue” test contained in Section 102.01C of the Exchange's Listed Company Manual (the “Manual”). On December 14, 2007, the Exchange filed Amendment No. 1 to the proposed rule change. The proposed rule change, as modified by Amendment No. 1, was published for comment in the **Federal Register** on December 26, 2007. 3 The Commission received no comments 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. 56976 (December 17, 2007), 72 FR 73055. II. Description of the Proposal Section 102.01C of the Exchange's Manual requires companies listing under the Exchange's “pure valuation/revenue” test to have a global market capitalization of $750 million. In the case of companies listing other than in connection with an initial public offering or a spin-off or upon emergence from bankruptcy, Section 102.01C provides that the market capitalization valuation will be determined on the basis of a six-month average. The Exchange now proposes to reduce from six months to three months the period over which prospective companies seeking to list on the Exchange must have had an average global market capitalization that meets the required level of $750 million. In addition, the Exchange proposes to amend the rule to specify that in considering the suitability for listing of a company pursuant to this standard, the Exchange will consider whether the company's business prospects and operating results indicate that the company's market capitalization value is likely to be sustained or increase over time. III. Discussion After careful review, 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 and, in particular, with Section 6(b)(5) of the Act, 4 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. 5 4 15 U.S.C. 78f(b)(5). 5 In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). The Commission notes that the proposed rule change does not change the quantitative global market capitalization requirement under the Exchange's “pure valuation/revenue” test. This requirement will remain at $750 million global market capitalization. Rather, the Exchange is shortening the time period over which the average global market capitalization of a prospective listed company must meet this level. The Commission notes that the proposed rule change requires the Exchange to look not only at the average three month market capitalization of the company but to also consider whether the company's market capitalization is likely to be sustained or increase over time based on the company's business prospects and operation results. The Commission therefore believes that the proposed rule change may allow the earlier listing of companies, but at the same time, it is designed to ensure that the Exchange does not list companies on the basis of a market capitalization valuation that is unlikely to be sustained. In this regard, the Commission expects that the Exchange will scrutinize companies to ensure that it will only list companies that should be able to continue to meet the market capitalization standard. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 6 that the proposed rule change (SR-NYSE-2007-98), as modified by Amendment No. 1, be, and hereby is, approved. 6 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 7 7 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E8-2073 Filed 2-5-08; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57236; File No. SR-NYSE-2008-03] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change to Rescind Rule 97 (Limitation on Member's Trading Because of Block Positioning) January 30, 2008. 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 January 11, 2008, the New York Stock Exchange LLC (“NYSE” 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 substantially prepared by the Exchange. 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. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change NYSE proposes to rescind NYSE Rule 97 (Limitation on Member's Trading Because of Block Positioning). The text of the proposed rule change is available at NYSE, the Commission's Public Reference Room, and *http://www.nyse.com* . II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, NYSE included statements concerning the purpose of, and basis for, 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 Through this filing, the Exchange seeks to rescind Exchange Rule 97. Exchange Rule 97 prevents a member organization that holds a long position in a security that resulted from a block transaction with a customer from effecting, within twenty minutes of the close of trading on the Exchange, a purchase on a “plus” tick in that security at a price higher than the lowest price at which any block was acquired in a previous transaction on that day, if the person responsible for the entry of such order to purchase the security had knowledge of the block position. The Exchange has from time to time reviewed the applicability of the rule and made amendments in an attempt to maintain the rule's relevance as the nature of trading has significantly evolved over the years. Notwithstanding those efforts, the Exchange believes that the practical application of the rule in today's market no longer addresses the concerns that prompted its implementation. The Exchange therefore proposes to rescind Exchange Rule 97 in its entirety. Background Exchange Rule 97 focuses on the trading of member organizations while they hold positions in a security as a result of a block transaction with customer(s). The rule was originally adopted to address concerns that a member organization might engage in manipulative practices by attempting to “mark-up” the price of a stock to enable the position acquired in the course of block positioning to be liquidated at a profit, or to maintain the market at the price at which the position was acquired. In 2002, the rule was amended to narrow the scope of the prohibitions solely to transactions executed within the last twenty minutes of the trading day, and to provide exceptions to the rule for member organizations that establish information barriers and for certain hedging transactions. 3 The rationale behind the rule change was to limit the rule's “tick” restriction to the most sensitive part of the trading day (where it was thought that manipulation was most likely to occur so that the member firm could unwind its position at the opening of trading the next day). 3 *See* Securities Exchange Act Release No. 46566 (September 27, 2002), 67 FR 62278 (October 4, 2002) (SR-NYSE-2001-24). The implementation of Regulation NMS in March 2007 necessitated an additional amendment to the rule in July 2007 to create an exemption to resolve a conflict between compliance with Rule 97 and Regulation NMS. 4 Specifically, if during the last 20 minutes of trading a member organization facilitates a customer order that trades through protected bids or offers, and in compliance with Rules 600(b)(30)(ii) and 611(b)(6) of Regulation NMS, 5 the member organization simultaneously routes proprietary intermarket sweep orders to execute against the full displayed size of any protected quotation in that security (“ISO facilitation”), the ISO facilitation could violate Rule 97 if the ISO orders would trade on a plus tick, at a price above the lowest facilitation price. In essence, the implementation of Regulation NMS required firms to choose between violating Regulation NMS or violating Rule 97. The exemption to Rule 97 was added so that when facilitating a customer order that would otherwise require a member organization to either violate Rule 97 or trade through protected quotations, member organizations can comply with their Regulation NMS obligations without also violating Rule 97. 6 4 *See* Securities Exchange Act Release No. 56024 (July 6, 2007), 72 FR 38643 (July 13, 2007) (SR-NYSE-2007-61). 5 17 CFR 242.600(b)(30)(ii) and 17 CFR 242.611(b)(6). 6 This exemption would be available only when:
(1)The firm has acquired a proprietary position as a result of a previous block facilitation for a customer;
(2)the facilitation trade during the last 20 minutes of trading would cause the firm to trade through a better priced offer on another market, such that the firm is obligated by Regulation NMS Rule 611 to send proprietary ISOs when it facilitates the customer's order;
(3)the customer has declined better-priced ISO executions; and
(4)the better-priced offers in away markets are such that NYSE Rule 97 would prohibit the firm from sending a proprietary buy order. *See* NYSE Information Memo 07-67 (July 6, 2007). Rescision of Rule 97 NYSE states that this proposed rescision of the rule highlights the extent to which trading has changed and how the operation of Rule 97 hinders the ability of member organizations to legitimately conduct their business and facilitate their customers' orders. Today, compliance with Regulation NMS means that the liquidation of a block position typically occurs on many different market centers. Additionally, the Exchange believes that, in active and volatile market conditions, incremental movements of a penny or more occur almost instantaneously, lessening the ability to influence the closing price of a security. Rule 97 was established at a time when the majority of block transactions were executed on the Exchange. However, in the present competitive trading environment, there are now many other venues available for market participants to effect block position transactions without the strictures of such a rule. The Exchange believes that, in order to encourage consistency throughout the industry with respect to the execution of block positions and to encourage market participants to continue to effect their block transactions on the Exchange, Rule 97 should be rescinded. NYSE represents that NYSE Regulation, Inc. will continue to surveil in NYSE-listed securities for possible manipulative activity, including marking the close, which could be in violation of federal securities laws or Exchange Rules, including Rule 10b-5 under the Act, 7 section 9(a) of the Act, 8 and Exchange Rules 476(a) and 435. 9 7 17 CFR 240.10b-5. 8 15. U.S.C. 78i(a). 9 *See* e-mail from Gillian Rowe, Senior Counsel, NYSE, to Jennifer Dodd, Special Counsel, Division of Trading and Markets, Commission, dated January 29, 2008. 2. Statutory Basis NYSE believes that the proposed rule change is consistent with Section 6(b) of the Act, 10 in general, and the requirement in Section 6(b)(5) of the Act, 11 in particular, that the rules of an exchange are, among other things, designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. NYSE asserts that the proposed rule change also is designed to support the principles of section 11A(a)(1) 12 in that it seeks to assure economically efficient execution of securities transactions, and make it practicable for brokers to execute investors' orders in the best market. 10 15 U.S.C. 78f(b). 11 15 U.S.C. 78f(b)(5). 12 15 U.S.C. 78k-1(a)(1). 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 has 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 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 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-NYSE-2008-03 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-2008-03. 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, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal offices 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-NYSE-2008-03 and should be submitted on or before February 27, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 13 13 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E8-2075 Filed 2-5-08; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57249; File No. SR-NYSE-2008-10] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Rule 36 (Communication Between Exchange and Exchange Members' Offices) January 31, 2008. 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 January 30, 2008, the New York Stock Exchange LLC (“NYSE” or the “Exchange”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the Exchange. The Exchange filed the proposed 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 Exchange seeks to extend its current portable phone pilot (the “Pilot”) operating pursuant to Exchange Rule 36 from its scheduled January 31, 2008 expiration date to April 30, 2008. 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 Exchange included statements concerning the purpose of, and basis for, 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 The Exchange seeks to extend the Pilot operating pursuant to Exchange Rule 36 from the Pilot's scheduled January 31, 2008 expiration date to April 30, 2008. Pursuant to the Pilot, Floor brokers and Registered Competitive Market Makers (“RCMM”) are permitted to use an Exchange authorized and provided portable telephone on the Exchange Floor provided certain conditions are met. Background The Commission originally approved the Pilot to be implemented for a six-month period 5 beginning no later than June 23, 2003. 6 Since the inception of the Pilot, the Exchange has extended the Pilot eight times, with the current Pilot expiring on January 31, 2008. 7 Exchange Rule 36 governs the establishment of telephone or electronic communications between the Exchange Floor and any other location. Prior to the Pilot, Exchange Rule 36 prohibited the use of portable telephone communication between the Exchange Floor and any off-Floor location. 5 *See* Securities Exchange Act Release No. 47671 (April 11, 2003), 68 FR 19048 (April 17, 2003) (SR-NYSE-2002-11) (“Original Order”). 6 *See* Securities Exchange Act Release No. 47992 (June 5, 2003), 68 FR 35047 (June 11, 2003) (SR-NYSE-2003-19) (delaying the implementation date for portable phones from on or about May 1, 2003 to no later than June 23, 2003). 7 *See* Securities Exchange Act Release Nos. 48919 (December 12, 2003), 68 FR 70853 (December 19, 2003) (SR-NYSE-2003-38) (extending the Pilot for an additional six months ending on June 16, 2004); 49954 (July 1, 2004), 69 FR 41323 (July 8, 2004) (SR-NYSE-2004-30) (extending the Pilot for an additional five months ending on November 30, 2004); 50777 (December 1, 2004), 69 FR 71090 (December 8, 2004) (SR-NYSE-2004-67) (extending the Pilot for an additional four months ending March 31, 2005); 51464 (March 31, 2005), 70 FR 17746 (April 7, 2005) (SR-NYSE-2005-20) (extending the Pilot for additional four months ending July 31, 2005); 52188 (August 1, 2005), 70 FR 46252 (August 9, 2005) (SR-NYSE-2005-53) (extending the Pilot for an additional four months ending January 31, 2006); 53277 (February 13, 2006), 71 FR 8877 (February 21, 2006) (SR-NYSE-2006-03) (extending the Pilot for an additional six months ending July 31, 2006); 54276 (August 4, 2006), 71 FR 45885 (August 10, 2006) (SR-NYSE-2006-55) (extending the Pilot for an additional six months ending January 31, 2007); and 55218 (January 31, 2007), 72 FR 6025 (February 8, 2007) (SR-NYSE-2007-05) (extending the Pilot for an additional twelve months ending January 31, 2008). Also, the Exchange has incorporated RCMMs into the Pilot and subsequently amended the Pilot to allow RCMMs to use an Exchange authorized and provided portable telephone on the Exchange Floor to call to and receive calls from their upstairs offices, the upstairs offices of their clearing firm, and their booth locations on the Exchange Floor. *See* Securities Exchange Act Release Nos. 53213 (February 2, 2006), 71 FR 7103 (February 10, 2006) (SR-NYSE-2005-80), and 54215 (July 26, 2006), 71 FR 43551 (August 1, 2006) (SR-NYSE-2006-51). During the operation of the Pilot, Floor brokers and RCMMs may use Exchange authorized and issued portable telephones on the Exchange Floor. Floor brokers are permitted to engage in direct voice communication from the point of sale to an off-Floor location, such as a member firm's trading desk or the office of one of the broker's customers. Such communications permit the broker to accept orders consistent with Exchange rules governing the entry of orders on the Exchange Floor; 8 provide status and oral execution reports as to orders previously received, as well as “market look” observations as have historically been routinely transmitted from a broker's booth location. 8 Floor brokers receiving orders from the public over portable phones must be properly qualified to engage in such “direct access” business under Exchange Rules 342 and 345, among others. *See also* note 10 *infra* . Both incoming and outgoing calls are allowed, provided the requirements of all other Exchange rules have been met. A Floor broker is not permitted to represent and execute any order received as a result of such voice communication unless the order is first properly recorded by the member and entered into the Exchange's Front End Systemic Capture
(FESC)electronic database (Exchange Rule 123(e)). 9 In addition, Exchange rules require that any Floor broker receiving orders from the public over portable phones must be properly qualified to engage in such direct access business under Exchange Rules 342 and 345, among others. 10 9 *See* Securities Exchange Act Release No. 43689 (December 7, 2000), 65 FR 79145 (December 18, 2000) (SR-NYSE-98-25). *See also* Securities Exchange Act Release No. 44943 (October 16, 2001), 66 FR 53820 (October 24, 2001) (SR-NYSE-2001-39) (discussing certain exceptions to FESC, such as orders to offset an error, or a bona fide arbitrage, which may be entered within 60 seconds after a trade is executed). 10 For more information regarding Exchange requirements for conducting a public business on the Exchange Floor, *see* Information Memos 01-41 (November 21, 2001), 01-18 (July 11, 2001) (available on *www.nyse.com/regulation/* ) and 91-25 (July 8, 1991). The Pilot also allows RCMMs to use an Exchange authorized portable phone solely to call and receive calls from their booths on the Exchange Floor, to communicate with their or their member organizations' off-Floor office, and to communicate with the off-Floor office of their clearing member organization to enter off-Floor orders and to discuss matters related to the clearance and settlement of transactions, provided the off-Floor office uses a wired telephone line for these discussions. RCMMs, who trade for their own accounts on the Exchange Floor subject to the requirements of Exchange Rule 107A, are currently not allowed to use a portable phone to conduct any agency business. 11 For both RCMMs and Floor brokers, use of a portable telephone on the Exchange Floor other than one authorized and issued by the Exchange is prohibited. 11 Allowing RCMMs acting as Floor brokers to use portable phones would involve further discussions with the Commission and would be the subject of a separate filing with the Commission. Specialists are subject to separate restrictions in Exchange Rule 36 on their ability to engage in voice communications from the specialist post to an off-Floor location. 12 The Pilot does not apply to specialists, who would continue to be prohibited from speaking from the post to upstairs trading desks or customers. 13 12 *See* Securities Exchange Act Release No. 46560 (September 26, 2002), 67 FR 62088 (October 3, 2002) (SR-NYSE-00-31) (discussing restrictions on specialists' communications from the post). 13 Exchange Rule 36.30 provides that, with the approval of the Exchange, a specialist unit may maintain a telephone line at its stock trading post location to the off-Floor offices of the specialist unit or the unit's clearing firm. Such telephone connection shall not be used for the purpose of transmitting to the Exchange Floor orders for the purchase or sale of securities but may be used to enter options or futures hedging orders through the unit's off-Floor office or the unit's clearing firm or through a member (on the Exchange Floor) of an options or futures exchange. Pilot Program Results Currently, there are approximately 400 portable phone subscribers. 14 For a sample week of October 15 through October 19, 2007, an average of 2,518 calls/day was outgoing calls from portable phones issued to Floor brokers and RCMMs. An average of 960 calls/day was incoming calls to the portable phones. Of the outgoing calls from portable phones, an average of 1,026 calls/day was internal calls to the booth by Floor brokers and RCMMs, and 1,492 calls/day was external calls by RCMMs to the upstairs offices of their member organization and their clearing member organization and external calls of Floor brokers. Thus, approximately 47% of the outgoing calls from portable phones were internal calls to the booth by Floor brokers and RCMMs. 14 This data includes both Floor brokers and RCMMs. Of the 960 average incoming calls/day received, an average of 337 calls/day was external calls to RCMMs from the upstairs offices of their member organization and their clearing member organization and external calls to Floor brokers. An average of 623 calls/day was internal calls received from the booth. Thus, approximately 65% of all incoming calls received were from the booth and the remaining 35% of incoming calls received were external calls to RCMMs from the upstairs offices of their member organization and their clearing member organization and external calls to Floor brokers. 15 15 The Exchange has received records of incoming and outgoing telephone calls from January 31, 2007 through December 31, 2007 for Floor brokers and RCMMs and will continue to receive records of such telephone calls on a monthly basis. The Exchange believes that the Pilot is operating successfully in that there is a reasonable degree of usage of portable phones. During the period of January 31, 2007 through January 31, 2008, there have been no significant regulatory concerns identified with their usage. 16 Moreover, there have been no administrative or technical problems, other than routine telephone maintenance issues, that have resulted from the operation of the Pilot over the past few months. 16 With respect to regulatory actions concerning the Pilot, in October 2007, there were two matters concerning the receipt of a phone call from an unauthorized number by RCMMs that were each investigated and closed with no action by NYSE Regulation, Inc. Conclusion The Exchange proposes to extend the operation of the current Pilot for an additional three months to April 30, 2008. The Exchange believes that the approval of the Pilot's continuation for an additional three months will enable the Exchange to continue to provide more direct, efficient access to its trading crowds and customers, increase the speed of transmittal of orders and the execution of trades, and provide an enhanced level of service to customers in an increasingly competitive environment. 17 Therefore the Exchange believes it is appropriate to extend the Pilot for an additional three months, expiring on April 30, 2008. 17 *See* Securities Exchange Act Release No. 43493 (October 30, 2000), 65 FR 67022 (November 8, 2000) (SR-CBOE-00-04), cited by Securities Exchange Act Release No. 43836 (January 11, 2001), 66 FR 6727 (January 22, 2001) (discussing and approving the Chicago Board Options Exchange's and the Pacific Exchange's proposals to remove current prohibitions against Floor brokers' use of cellular or cordless phones to make calls to persons located off the trading floor). 2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under section 6(b)(5) 18 that an Exchange have rules that are designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. The amendment to Exchange Rule 36 supports the mechanism of free and open markets by providing for increased means by which communications to and from the Exchange Floor may take place. 18 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 has 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 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 if consistent with the protection of investors and the public interest, it has become effective pursuant to section 19(b)(3)(A) of the Act 19 and Rule 19b-4(f)(6) thereunder. 20 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. 19 15 U.S.C. 78s(b)(3)(A). 20 17 CFR 240.19b-4(f)(6). The Exchange requests that the Commission waive the 30-day operative period under Rule 19b-4(f)(6)(iii) of the Act. 21 The Exchange believes that the continuation of the Pilot is in the public interest as it will avoid inconvenience and interruption to the public. The Commission believes that it is consistent with the protection of investors and the public interest to waive the 30-day operative delay and make this proposed rule change immediately effective. 22 The Commission believes that the waiver of the 30-day operative delay will allow the Exchange to continue, without interruption, the existing operation of its Pilot until April 30, 2008. 21 17 CFR 240.19b-4(f)(6)(iii). 22 For purposes only of waiving the 30-day operative delay of this proposal, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). The Exchange provided the Commission written notice of its intent to file the proposed rule change at least five business days prior to filing. The Commission notes that proper surveillance is an essential component of any telephone access policy to an exchange trading floor. Surveillance procedures should help to ensure that Floor brokers and RCMMs use portable phones as authorized by Exchange Rule 36 and that orders are being handled in compliance with Exchange rules. 23 The Commission expects the Exchange to actively review these procedures and address any potential concerns that have arisen during the Pilot. In this regard, the Commission notes that the Exchange should address whether telephone records are adequate for surveillance purposes. 23 *See* note 10 *supra* and accompanying text for other NYSE requirements that Floor brokers be properly qualified before doing public customer business. The Commission also requests that the Exchange report any problems, surveillance, or enforcement matters associated with the Floor brokers' and RCMMs' use of an Exchange authorized and provided portable telephone on the Exchange Floor. As stated in the Original Order, NYSE should also address whether additional surveillance would be needed because of the derivative nature of the ETFs. Furthermore, in any future additional filings on the Pilot, the Commission would expect that NYSE submit information documenting the usage of the phones, any problems that have occurred, including, among other things, any regulatory actions or concerns, and any advantages or disadvantages that have resulted. 24 24 In any request for a permanent approval of the Pilot, the Commission would expect the information to distinguish between Floor brokers' and RCMMs' usage of the phones. 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-NYSE-2008-10 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-2008-10. 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, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of 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-2008-10 and should be submitted on or before February 27, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 25 25 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E8-2140 Filed 2-5-08; 8:45 am] BILLING CODE 8011-01-P SMALL BUSINESS ADMINISTRATION Data Collection Available for Public Comments and Recommendations ACTION: Notice and request for comments. SUMMARY: In accordance with the Paperwork Reduction Act of 1995, this notice announces the Small Business Administration's intentions to request approval on a new and/or currently approved information collection. DATES: Submit comments on or before April 7, 2008. ADDRESSES: Send all comments regarding whether this information collection is necessary for the proper performance of the function of the agency, whether the burden estimates are accurate, and if there are ways to minimize the estimated burden and enhance the quality of the collection, to Rachel Newman-Karton, Program Analyst, Office of Small Business Development Centers, Small Business Administration, 409 3rd Street SW., 6th Floor, Wash., DC 20416. FOR FURTHER INFORMATION CONTACT: Rachel Newman-Karton, Program Analyst, Office of Small Business Development Centers, 202-619-1816 *rachel.newman-karton@sba.gov* or Curtis B. Rich, Management Analyst, 202-205-7030 *curtis.rich@sba.gov.* SUPPLEMENTARY INFORMATION: *Title:* “Quarterly Reports filed by Grantees of the Drug Free Workplace Program”. *Description of Respondents:* Eligible Intermediaries who have received a Drug Free Workplace Program grant. *Form No:* N/A. *Annual Responses:* 52. *Annual Burden:* 1,344. Jacqueline White, Chief, Administrative Information Branch. [FR Doc. E8-2102 Filed 2-5-08; 8:45 am] BILLING CODE 8025-01-P SMALL BUSINESS ADMINISTRATION Reporting and Recordkeeping Requirements Under OMB Review AGENCY: Small Business Administration. ACTION: Notice of Reporting Requirements Submitted for OMB Review. SUMMARY: Under the provisions of the Paperwork Reduction Act (44 U.S.C. Chapter 35), agencies are required to submit proposed reporting and recordkeeping requirements to OMB for review and approval, and to publish a notice in the **Federal Register** notifying the public that the agency has made such a submission. DATES: Submit comments on or before March 7, 2008. If you intend to comment but cannot prepare comments promptly, please advise the OMB Reviewer and the Agency Clearance Officer before the deadline. *Copies:* Request for clearance (OMB 83-1), supporting statement, and other documents submitted to OMB for review may be obtained from the Agency Clearance Officer. ADDRESSES: Address all comments concerning this notice to: *Agency Clearance Officer,* Jacqueline White, Small Business Administration, 409 3rd Street, SW., 5th Floor, Washington, DC 20416; and *OMB Reviewer,* Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503. FOR FURTHER INFORMATION CONTACT: Jacqueline White, Agency Clearance Officer,
(202)205-7044. SUPPLEMENTARY INFORMATION: *Title:* Personal Financial Statement *No:* 413 *Frequency:* On occasion *Description of Respondents:* Applicants for SBA Loan *Responses:* 148,788 *Annual Burden:* 223,182 *Title:* Secondary Participation Guaranty Agreement *No's:* 1502, 1086 *Frequency:* On occasion *Description of Respondents:* SBA Participating Lenders *Responses:* 14,000 *Annual Burden:* 42,000 Jacqueline White, Chief, Administrative Information Branch. [FR Doc. E8-2103 Filed 2-5-08; 8:45 am] BILLING CODE 8025-01-P SMALL BUSINESS ADMINISTRATION [Disaster Declaration # 11160 and # 11161] Indiana Disaster # IN-00017 AGENCY: U.S. Small Business Administration. ACTION: Notice. SUMMARY: This is a Notice of the Presidential declaration of a major disaster for the State of INDIANA (FEMA-1740-DR), dated 01/30/2008. *Incident:* Severe Storms and Flooding. *Incident Period:* 01/07/2008 and continuing. EFFECTIVE DATE: 01/30/2008. *Physical Loan Application Deadline Date:* 03/31/2008. *Economic Injury
(EIDL)Loan Application Deadline Date:* 10/30/2008. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, 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 01/30/2008, applications for disaster loans may be filed 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 (Physical Damage and Economic Injury Loans):* Carroll, Cass, Elkhart, Fulton, Jasper, Marshall, Pulaski, Tippecanoe, White. *Contiguous Counties (Economic Injury Loans Only):* Indiana Benton, Clinton, Fountain, Howard, Kosciusko, Lagrange, Lake, Laporte, Miami, Montgomery, Newton, Noble, Porter, St. Joseph, Starke, Wabash, Warren. Michigan Cass, St. Joseph. The Interest Rates are: For Physical Damage Homeowners With Credit Available Elsewhere: 5.875. Homeowners Without Credit Available Elsewhere: 2.937. Businesses With Credit Available Elsewhere: 8.000. Other (Including Non-Profit Organizations) With Credit Available Elsewhere: 5.250. Businesses And Non-Profit Organizations Without Credit Available Elsewhere: 4.000. For Economic Injury Businesses & Small Agricultural Cooperatives Without Credit Available Elsewhere: 4.000. The number assigned to this disaster for physical damage is 11160B and for economic injury is 111610. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) Herbert L. Mitchell, Associate Administrator for Disaster Assistance. [FR Doc. E8-2152 Filed 2-5-08; 8:45 am] BILLING CODE 8025-01-P DEPARTMENT OF STATE [Public Notice 6091] Culturally Significant Objects Imported for Exhibition Determinations: “Terra Cotta Warriors: Guardians of the First Emperor” SUMMARY: Notice is hereby given of the following determinations: Pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, *et seq.* ; 22 U.S.C. 6501 note, *et seq.* ), Delegation of Authority No. 234 of October 1, 1999, Delegation of Authority No. 236 of October 19, 1999, as amended, and Delegation of Authority No. 257 of April 15, 2003 [68 FR 19875], I hereby determine that the objects to be included in the exhibition “Terra Cotta Warriors: Guardians of the First Emperor”, imported from abroad for temporary exhibition within the United States, are of cultural significance. The objects are imported pursuant to loan agreements with the foreign owners or custodians. I also determine that the exhibition or display of the exhibit objects at the Bowers Museum, Santa Ana, California, from on or about May 18, 2008, until on or about October 12, 2008; at the High Museum of Art, Atlanta, Georgia, from on or about November 15, 2008, until on or about April 26, 2009; at the Houston Museum of Natural Sciences, Houston, Texas, from on or about May 18, 2009, until on or about September 27, 2009; and at the National Geographic Society, Washington, DC, from on or about November 19, 2009, until on or about March 31, 2010; and at possible additional exhibitions or venues yet to be determined, is in the national interest. Public Notice of these Determinations is ordered to be published in the **Federal Register** . FOR FURTHER INFORMATION CONTACT: For further information, including a list of the exhibit objects, contact Richard Lahne, Attorney-Adviser, Office of the Legal Adviser, U.S. Department of State (telephone: 202/453-8058). The address is U.S. Department of State, SA-44, 301 4th Street, SW., Room 700, Washington, DC 20547-0001. Dated: January 30, 2008. C. Miller Crouch, Principal Deputy Assistant Secretary for Educational and Cultural Affairs, Department of State. [FR Doc. E8-2159 Filed 2-5-08; 8:45 am] BILLING CODE 4710-05-P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration [Summary Notice No. PE-2008-01] Petition for Exemption; Summary of Petition Received AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice of petition for exemption received. SUMMARY: This notice contains a summary of a petition 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 the petition or its final disposition. DATES: Comments on this petition must identify the petition docket number involved and must be received on or before February 26, 2008. ADDRESSES: You may send comments identified by Docket Number FAA-2007-0105 using any of the following methods: • *Government-wide rulemaking Web site:* Go to *http://www.regulations.gov* and follow the instructions for sending your comments electronically. • *Mail:* Send comments to the Docket Management Facility; U.S. Department of Transportation, 1200 New Jersey Avenue, SE., West Building Ground Floor, Room W12-140, Washington, DC 20590. • *Fax:* Fax comments to the Docket Management Facility at 202-493-2251. • *Hand Delivery:* Bring comments to the Docket Management Facility in Room W12-140 of the West Building Ground Floor at 1200 New Jersey Avenue, SE., Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. *Privacy:* We will post all comments we receive, without change, to *http://www.regulations.gov,* including any personal information you provide. Using the search function of our docket Web site, anyone can find and read the comments received into any of our dockets, including the name of the individual sending the comment (or signing the comment for an association, business, labor union, etc.). You may review DOT's complete Privacy Act Statement in the **Federal Register** published on April 11, 2000 (65 FR 19477-78). *Docket:* To read background documents or comments received, go to *http://www.regulations.gov* at any time or to the Docket Management Facility in Room W12-140 of the West Building Ground Floor at 1200 New Jersey Avenue, SE., Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. FOR FURTHER INFORMATION CONTACT: Pat Nininger
(816)329-4129, FAA Central Regional Office, 901 Locust St. Kansas City, MO 64106 or Frances Shaver
(202)267-9681, Office of Rulemaking, Federal Aviation Administration, 800 Independence Avenue, SW., Washington, DC 20591. This notice is published pursuant to 14 CFR 11.85. Issued in Washington, DC, on January 30, 2008. Pamela Hamilton-Powell, Director, Office of Rulemaking. Petition for Exemption *Docket No.:* FAA-2007-0105. *Petitioner:* Cessna Aircraft Company. *Section of 14 CFR Affected:* § 23.855(c)(2). *Description of Relief Sought:* The petitioner requests relief from the requirements of § 23.855(c)(2) for a smoke or fire detector in the baggage compartments of the Cessna Model 525C aircraft. If granted, the petitioner would be allowed to obtain a type certificate for the Cessna Model 525C without a smoke or fire detector in the forward or aft baggage compartments. [FR Doc. E8-2098 Filed 2-5-08; 8:45 am] BILLING CODE 4910-13-P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration [Summary Notice No. PE-2008-03] Petitions for Exemption; Summary of Petitions Received AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice of petitions for exemption received. SUMMARY: 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 February 11, 2008. ADDRESSES: You may send comments identified by Docket Number FAA-2008-0146 using any of the following methods: • *DOT Docket Web site:* Go to *http://dms.dot.gov* and follow the instructions for sending your comments electronically. • *Government-wide rulemaking Web site:* Go to *http://www.regulations.gov* and follow the instructions for sending your comments electronically. • *Mail:* Send comments to the Docket Management Facility; U.S. Department of Transportation, 1200 New Jersey Avenue, SE., West Building Ground Floor, Room W12-140, Washington, DC 20590. • *Fax:* Fax comments to the Docket Management Facility at 202-493-2251. • *Hand Delivery:* Bring comments to the Docket Management Facility in Room W12-140 of the West Building Ground Floor at 1200 New Jersey Avenue, SE., Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. • *Docket:* To read background documents or comments received, go to *http://dms.dot.gov* at any time or to the Docket Management Facility in Room W12-140 of the West Building Ground Floor at 1200 New Jersey Avenue, SE., Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. SUPPLEMENTARY INFORMATION: We will post all comments we receive, without change, to *http://dms.dot.gov* , including any personal information you provide. Using the search function of our docket Web site, anyone can find and read the comments received into any of our dockets, including the name of the individual sending the comment (or signing the comment for an association, business, labor union, etc.). You may review DOT's complete Privacy Act Statement in the **Federal Register** published on April 11, 2000 (65 FR 19477-78). FOR FURTHER INFORMATION CONTACT: Tyneka Thomas
(202)267-7626 or Frances Shaver
(202)267-9681, Office of Rulemaking, Federal Aviation Administration, 800 Independence Avenue, SW., Washington, DC 20591. This notice is published pursuant to 14 CFR 11.85. Pamela Hamilton-Powell, Director, Office of Rulemaking. *Docket No.:* FAA-2008-0146. *Petitioner:* Iditarod Committee and Iditarod Air Force. *Section of 14 CFR Affected:* §§ 119.21(a)(1), 61.3(c), 61.23(a), and 61.113(a). *Description of Relief Sought:* The Iditarod Committee, Iditarod Air Force (IAF), and pilots request relief from §§ 61.3(c), 61.23(a), 61.113(a), and 119.21(a)(1) to the extent necessary to allow the petitioners to accept monetary and non-monetary compensation in return for transportation of people or property, and the use of fuel, food and equipment either purchased by the Committee/IAF or otherwise made by private donations. The compensation considered includes any money or donations made to or charged by the Committee/IAF to transport people or property associated with the operation of the Iditarod Race, and any fuel, insurance, housing, food or other support costs paid to individual pilot-aircraft owners. [FR Doc. E8-2261 Filed 2-5-08; 8:45 am] BILLING CODE 4910-13-P DEPARTMENT OF TRANSPORTATION Federal Highway Administration [Docket No. FHWA-2007-0008] Agency Information Collection Activities: Request for Comments for Change to and Extension of Currently Approved Information Collection AGENCY: Federal Highway Administration (FHWA), DOT. ACTION: Notice and request for comments. SUMMARY: The FHWA has forwarded the information collection request described in this notice to the Office of Management and Budget
(OMB)for approval of changes to and extension of a currently approved information collection. We published a **Federal Register** Notice with a 60-day public comment period on this information collection on October 23, 2007. We are required to publish this notice in the **Federal Register** by the Paperwork Reduction Act of 1995. DATES: Please submit comments by March 7, 2008. ADDRESSES: You may send comments within 30 days to the Office of Information and Regulatory Affairs, Office of Management and Budget, 725 17th Street, NW., Washington, DC 20503, Attention DOT Desk Officer. You are asked to comment on any aspect of this information collection, including:
(1)Whether the proposed collection is necessary for the FHWA's performance;
(2)the accuracy of the estimated burden;
(3)ways for the FHWA to enhance the quality, usefulness, and clarity of the collected information; and
(4)ways that the burden could be minimized, including the use of electronic technology, without reducing the quality of the collected information. All comments should include the Docket number FHWA-2007-0008. FOR FURTHER INFORMATION CONTACT: Gary Jensen, 202-366-2048, Office of Planning, Environment and Realty, HEP-2, Federal Highway Administration, Department of Transportation, 1200 New Jersey Avenue, SE., Washington, DC 20590. Office hours are from 7:30 a.m. to 4:30 p.m., Monday through Friday, except Federal holidays. SUPPLEMENTARY INFORMATION: *Title:* National Scenic Byway Program. *OMB Control #:* 2125-0611. *Form #:* FHWA-1569, FHWA-1570, FHWA-1577. *Background:* The National Scenic Byways Program was established under the Intermodal Surface Transportation Efficiency Act of 1991, and reauthorized in 1998 under the Transportation Equity Act for the 21st Century. Under the program, the U.S. Secretary of Transportation recognizes certain roads as National Scenic Byways or All-American Roads based on their archaeological, cultural, historic, natural, recreational, and scenic qualities. There are 126 such designated Byways in 44 states, which the FHWA promotes as the America's Byways. It is a voluntary, grassroots program that recognizes and supports outstanding roads while providing resources to help manage the intrinsic qualities within the broader Byway corridor to be treasured and shared. The vision of the FHWA's National Scenic Byways Program is “to create a distinctive collection of American roads, their stories, and treasured places.” The program's mission is to provide resources to the byway community in creating a unique travel experience and enhanced local quality of life through efforts to preserve, protect, interpret, and promote the intrinsic qualities of designated byways. Title 23, Section 162 of the United States Code describes the creation of the National Scenic Byways Program. This legislation was most recently amended in 2005 upon passage of the Public Law 109-59 Safe, Accountable, Flexible, and Efficient Transportation Equity Act—A Legacy for Users (SAFETEA-LU). The legislation includes provisions for review and dissemination of grant monies by the U.S. Secretary of Transportation. Grant applications are solicited on an annual basis. Eligible projects are on State designated byways, National Scenic Byways, All-American Roads, or Indian tribe scenic byways. Applications are completed by Federal, State, or local governmental agencies; Tribal governments; and non-profit organizations. The application information is collected electronically via the online Grant system ( *http://www.grants.gov* ) and is used to determine project eligibility. The legislation also includes information about the nomination of scenic byways to become one of America's Byways, a collection of distinct and diverse roads designated by the U.S. Secretary of Transportation. America's Byways include the National Scenic Byways and All-American Roads. Additional information on the National Scenic Byways Program, its grant program, and the nomination process is available at *http://www.bywaysonline.org.* The total number of burden hours for this collection has changed. The grants applications forms were decreased to include only those forms that were created specifically for www.grants.gov. Also, the nominations cycle burden hours have been added. Respondents *Grants Application Respondents:* In a typical grants cycle, it is estimated that 400 applications will be received. Respondents include: 50 State Departments of Transportation, the District of Columbia and Puerto Rico (Right-of-Way Department), Federal Land Management Agencies, State and local governments, non-profit agencies, and Tribal Governments. *Frequency:* Annual. *Estimated Average Burden per Response:* 16 hours. *Nomination Respondents:* Based on previous nomination cycles, it is estimated that a total of 75 nominations will be received, originating from any local government, including Indian tribal governments, or any private group or individual. Nominations may also originate from the U.S. Forest Service, the National Park Service, the Bureau of Land Management, or the Bureau of Indian Affairs. *Frequency:* Every 2-3 years. *Estimated Average Burden per Response:* 200 hours. *Estimated Total Annual Burden Hours:* 11,400 hours. *Electronic Access:* For access to the docket to read background documents or comments received, go to *http://www.regulations.gov.* Follow the online instructions for accessing the dockets. Authority: The Paperwork Reduction Act of 1995; 44 U.S.C. Chapter 35, as amended; and 49 CFR 1.48. Issued on: January 30, 2008. James R. Kabel, Chief, Management Programs and Analysis Division. [FR Doc. E8-2168 Filed 2-5-08; 8:45 am] BILLING CODE 4910-22-P DEPARTMENT OF TRANSPORTATION Federal Transit Administration [Docket No: FTA-2007-0012] National Transit Database: Strike Adjustments for Urbanized Area Apportionments AGENCY: Federal Transit Administration (FTA), DOT. ACTION: Final Strike Adjustment Policy for Urbanized Area Apportionments. SUMMARY: This notice announces the Federal Transit Administration's
(FTA)National Transit Database
(NTD)policy on strike adjustments. On March 12, 2007, FTA provided notice to NTD reporters that it was changing its policy on strikes, to permit transit agencies to request an adjustment to their NTD data that are used in the apportionment of Urbanized Area Formula Grants to offset the effect of strikes, retroactive to the 2005 Report Year. This policy was also announced in the **Federal Register** Notice of the Urbanized Area Formula Apportionments for Fiscal Year 2007, which was published on March 23, 2007. FTA then formally invited the public to comment on this policy change through a notice published in the **Federal Register** on November 21, 2007. FTA received one comment on this policy change, and is now formally adopting the new policy. DATES: *Effective Date:* February 6, 2008. FOR FURTHER INFORMATION CONTACT: For program issues, John D. Giorgis, Office of Budget and Policy,
(202)366-5430 (telephone);
(202)366-7989 (fax); or *john.giorgis@dot.gov* (e-mail). For legal issues, Richard Wong, Office of the Chief Counsel,
(202)366-0675 (telephone);
(202)366-3809 (fax); or *richard.wong@dot.gov* (e-mail). SUPPLEMENTARY INFORMATION: I. Background The National Transit Database
(NTD)is the Federal Transit Administration's (FTA's) primary database for statistics on the transit industry. Congress established the NTD to “help meet the needs of * * * the public for information on which to base public transportation service planning * * *” (49 U.S.C 5335). Currently, over 650 transit agencies in urbanized areas report to the NTD through an Internet-based reporting system. Each year, performance data from these submissions are used to apportion over $4 billion of FTA funds under the Urbanized Area Formula Grants Program. These data are also used in the annual National Transit Summaries and Trends report, the biennial Conditions and Performance Report to Congress, and in meeting FTA's obligations under the Government Performance and Results Act. For many years, it was FTA's policy to not adjust performance data submitted to the NTD to offset the effect of strikes. On March 12, 2007, FTA provided notice to NTD reporters that it was changing its policy on strikes, to permit transit agencies to request an adjustment to their NTD data that are used in the apportionment of Urbanized Area Formula Grants to offset the effect of strikes, retroactive to the 2005 Report Year. This policy was also announced in the **Federal Register** Notice of the Urbanized Area Formula Apportionments for Fiscal Year 2007, which was published on March 23, 2007. FTA invited the public to comment on this policy change through a notice published in the **Federal Register** on November 21, 2007. FTA proposes to allow urbanized area transit agencies to request that their NTD data submissions be adjusted to offset the effects of strikes for purposes of the apportionment of Urbanized Area Formula Program Grants. Requesting transit agencies must provide FTA with documentation for the duration of the strike. FTA will then use the transit agency's NTD submissions to project performance data for the time period in question. These projections would then be added to the transit agency's NTD submission in the data sets used by FTA for the calculation of the apportionments of Urbanized Area Formula Program Grants (Section 5307 and Section 5309 Grants). In all publicly-available data sets and data products, an agency's NTD data would remain unadjusted and would reflect the actual NTD submission for the agency. FTA proposes this policy change because the Section 5307 and Section 5309 Grant Programs are fundamentally designed to support the capital needs of transit agencies in urbanized areas. As such, various performance data are used to approximate the relative capital needs of the various urbanized areas. These capital needs are unaffected by strikes, even though strikes may produce a substantial decrease in the performance data for an urbanized area. Further, FTA proposes to make this policy retroactive to the FY 2005 Report Year, to allow urbanized areas that were negatively impacted by strikes in the 2005 and 2006 Report Years in the formula apportionment to avail themselves of this new policy. II. Comments and FTA Response to Comments FTA received one comment on this proposed policy change, inquiring as to how retroactive strike adjustments will be handled. *FTA Responds:* FTA has made its new strike adjustment policy retroactive to the FY 2005 Report Year. Transit agencies that experienced a reduction in service reported to the NTD due to a strike in FY 2005, FY 2006, or FY 2007 may request an offsetting adjustment in their service data for purposes of the FY 2009 Urbanized Area Formula Apportionment by May 1, 2008. (Service data for FY 2007 will be adjusted in these cases.) Transit agencies experiencing a strike-related service reduction in subsequent years must submit their request for an adjustment along with their original NTD submission. Issued in Washington, DC, this 1st day of February 2008. James S. Simpson, Administrator. [FR Doc. E8-2162 Filed 2-5-08; 8:45 am] BILLING CODE 4910-57-P DEPARTMENT OF TRANSPORTATION National Highway Traffic Safety Administration [Docket No. NHTSA-2008-0018; Notice 1] Nissan North America, Inc., Receipt of Petition for Decision of Inconsequential Noncompliance Nissan North America, Inc. (Nissan), has determined that certain vehicles that it manufactured during the period of April 5, 2007 to July 25, 2007, did not fully comply with paragraph S4.3(b) of 49 CFR 571.110 (Federal Motor Vehicle Safety Standards (FMVSS) No. 110 *Tire Selection and Rims for Motor Vehicles With a GVWR of 4,536 Kilograms (10,000 Pounds) or Less).* Nissan has filed an appropriate report pursuant to 49 CFR Part 573, *Defect and Noncompliance Responsibility and Reports.* Pursuant to 49 U.S.C. 30118(d) and 30120(h) (see implementing rule at 49 CFR part 556), Nissan has petitioned for an exemption from the notification and remedy requirements of 49 U.S.C. Chapter 301 on the basis that this noncompliance is inconsequential to motor vehicle safety. This notice of receipt of Nissan's petition is published under 49 U.S.C. 30118 and 30120 and does not represent any agency decision or other exercise of judgment concerning the merits of the petition. Affected are approximately 321 Model Year 2008 Nissan Titan E-Grade trucks manufactured from April 5 to July 25, 2007. Paragraph S4.3(b) of 49 CFR 571.110 requires in pertinent part that: S4.3 Placard. Each vehicle * * * shall show the information specified in S4.3
(a)through
(g)* * * on a placard permanently affixed to the driver's side B-pillar * * *
(b)Designated seated capacity (expressed in terms of total number of occupants and number of occupants for each front and rear seat location) Nissan explains that E-grade Titan trucks can be equipped with two front bucket seats as an option, which means it has two seats in the front and three in the back for a total of five seating positions. The space between the two front bucket seats is occupied by a hard plastic console with cup holders that cannot be used or mistaken for a seating position. The second row has 3 seating positions. On the subject vehicles, the tire information placard incorrectly states that the total vehicle seating capacity is 6, with 3 seats in the front row, and 3 seats in the second row. All other applicable requirements of FMVSS No. 110 are met. Nissan states that it believes the noncompliance is inconsequential to motor vehicle safety for the following reasons: 1. The front center console area of this vehicle cannot be mistaken for a seating position because the center console is low to the floor, has molded-in cup holders, has no padded/cushioned area, and has no provisions for seatbelts. It is apparent to any observer that there are only two front seating positions. Even if an occupant referenced the tire information placard to determine the vehicle's front seating capacity, it is readily apparent that the total capacity is five and not six and front row capacity is two and not three. 2. Because the subject vehicle cannot be occupied by more than five people, there is no risk of vehicle overloading. 3. The vehicle capacity weight (expressed as a total weight for passengers and cargo) on the placard is correct. The seating capacity error has no impact on the vehicle capacity weight. Nissan also states that there have been no customer complaints, injuries, or accidents related to the incorrect seating capacity of the subject tire information placard. Additionally, Nissan stated that it believes that because the noncompliance is inconsequential to motor vehicle safety that no corrective action is warranted. After receipt of the petition, Nissan also informed NHTSA that it has corrected the problem that caused these errors so that they will not be repeated in future production. NHTSA notes that the statutory provisions (49 U.S.C. 30118(d) and 30120(h)) that permit manufacturers to file petitions for a determination of inconsequentiality allow NHTSA to exempt manufacturers only from the duties found in sections 30118 and 30120, respectively, to notify owners, purchasers, and dealers of a defect or noncompliance and to remedy the defect or noncompliance. Interested persons are invited to submit written data, views, and arguments on this petition. Comments must refer to the docket and notice number cited at the beginning of this notice and be submitted by any of the following methods: a. *By mail addressed to:* U.S. Department of Transportation, Docket Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New Jersey Avenue, SE., Washington, DC 20590. b. *By hand delivery to:* U.S. Department of Transportation, Docket Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New Jersey Avenue, SE., Washington, DC 20590. The Docket Section is open on weekdays from 10 a.m. to 5 p.m. except Federal Holidays. c. *Electronically:* by logging onto the Federal Docket Management System
(FDMS)Web site at *http://www.regulations.gov/* . Follow the online instructions for submitting comments. Comments may also be faxed to 1-202-493-2251. The petition, supporting materials, and all comments received before the close of business on the closing date indicated below will be filed and will be considered. All comments and supporting materials received after the closing date will also be filed and will be considered to the extent possible. When the petition is granted or denied, notice of the decision will be published in the **Federal Register** pursuant to the authority indicated below. *Comment closing date:* March 7, 2008. Authority: (49 U.S.C. 30118, 30120: delegations of authority at CFR 1.50 and 501.8) Issued on: January 30, 2008. Claude H. Harris, Director, Office of Vehicle Safety Compliance. [FR Doc. E8-2099 Filed 2-5-08; 8:45 am] BILLING CODE 4910-59-P DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Schedule of Excess Risks AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial Management Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a continuing information collection. By this notice, the Financial Management Service solicits comments concerning the form “Schedule of Excess Risks.” DATES: Written comments should be received on or before April 7, 2008. ADDRESSES: Direct all written comments to Financial Management Service, 3700 East West Highway, Records and Information Management Branch, Room 135, Hyattsville, MD 20782. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form(s) and instructions should be directed to Rose Miller, Manager, Surety Bond Branch, 3700 East West Highway, Room 632F, Hyattsville, MD 20782,
(202)874-6850. SUPPLEMENTARY INFORMATION: Pursuant to the Paperwork Reduction Act of 1995, (44 U.S.C. 3506(c)(2)(A)), the Financial Management Service solicits comments on the collection of information described below: *Title:* Schedule of Excess Risk. *OMB Number:* 1510-0004. *Form Number:* FMS 285-A. *Abstract:* This information is collected to assist the Treasury Department in determining whether a certified or applicant company is solvent and able to carry out its contracts, and whether the company is in compliance with Treasury excess risk regulations for writing Federal surety bonds. *Current Actions:* Extension of currently approved collection. *Type of Review:* Regular. *Affected Public:* Business or other for-profit. *Estimated Number of Respondents:* 1,066 (with 30 apps). *Estimated Time per Respondent:* 20 hours. *Estimated Total Annual Burden Hours:* 5,780. *Comments:* Comments submitted in response to this notice will be summarized and/or included in the request for Office of Management and Budget approval. All comments will become a matter of public record. Comments are invited on:
(a)Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility;
(b)the accuracy of the agency's estimate of the burden of the collection of information;
(c)ways to enhance the quality, utility, and clarity of the information to be collected;
(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; and
(e)estimates of capital or start-up costs and costs of operation, maintenance and purchase of services to provide information. Dated: January 29, 2008. Scott H. Johnson, Assistant Commissioner, Management (CFO). [FR Doc. 08-509 Filed 2-5-08; 8:45 am]
Connectionstraces to 27
Traces to 27 documents
11 references not yet in our index
  • Pub. L. 92-463
  • Pub. L. 104-333
  • 110 Stat. 4097
  • 17 CFR 240.19
  • 17 CFR 240.10
  • 79 Stat. 985
  • Pub. L. 109-59
  • 49 CFR 1.48
  • 49 CFR 571.110
  • 49 CFR 573
  • 49 CFR 556
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cites case law
Notices
Notice of meeting
U.S.C.§ 823
U.S.C.§ 952
C.F.R.§ 1301.34
U.S.C.§ 552b
U.S.C.§ 552a
C.F.R.§ 1008.9
U.S.C.§ 3711
C.F.R.§ 1008.11
C.F.R.§ 1008.13
Pub. L.Pub. L. 92-463
Pub. L.Pub. L. 104-333
Stat.110 Stat. 4097
Cites 38 · showing 12Cited by 0 across 0 sources
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