Notices. Notice

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BILLING CODE 3210-01-M OFFICE OF PERSONNEL MANAGEMENT Proposed Collection; Comment Request for Review of an Existing Information Collection: Court Orders Affecting Retirement Benefits, 5 CFR 838.221, 838.421, and 838.721 AGENCY: Office of Personnel Management. ACTION: Notice. SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (Pub. L. 104-13, May 22, 1995), this notice announces that the Office of Personnel Management

(OPM)intends to submit to the Office of Management and Budget

(OMB)a request for review of an existing information collection. The regulations describe how former spouses give us written notice of a court order requiring us to pay benefits to the former spouse. Specific information is needed before OPM can make court-ordered benefit payments. *Comments are particularly invited on:* Whether this collection of information is necessary for the proper performance of functions of the Office of Personnel Management, and whether it will have practical utility; whether our estimate of the public burden of this collection of information is accurate, and based on valid assumptions and methodology; and ways in which we can minimize the burden of the collection of information on those who are to respond, through the use of appropriate technological collection techniques or other forms of information technology. Approximately 19,000 former spouses apply for benefits based on court orders annually. We estimate it takes approximately 30 minutes to collect the information. The annual burden is 9,500 hours. For copies of this proposal, contact Mary Beth Smith-Toomey on

(202)606-8358, FAX

(202)418-3251 or via E-mail to *MaryBeth.Smith-Toomey@opm.gov* . Please include a mailing address with your request. DATES: Comments on this proposal should be received within 60 calendar days from the date of this publication. ADDRESSES: Send or deliver comments to—Ronald W. Melton, Deputy Assistant Director, Retirement Services Program, Center for Retirement and Insurance Services, U.S. Office of Personnel Management, 1900 E Street, NW., Room 3305, Washington, DC 20415-3500. *For Information Regarding Administrative Coordination—Contact:* Cyrus S. Benson, Team Leader, Publications Team, RIS Support Services/Support Group,

(202)606-0623. U.S. Office of Personnel Management. Howard Weizmann, Deputy Director. [FR Doc. E8-4107 Filed 3-3-08; 8:45 am] BILLING CODE 6325-38-P OFFICE OF PERSONNEL MANAGEMENT Excepted Service AGENCY: U.S. Office of Personnel Management (OPM). ACTION: Notice. SUMMARY: This gives notice of OPM decisions granting authority to make appointments under Schedules A, B, and C in the excepted service as required by 5 CFR 6.6 and 213.103. FOR FURTHER INFORMATION CONTACT: C. Penn, Group Manager, Executive Resources Services Group, Center for Human Resources, Division for Human Capital Leadership and Merit System Accountability, 202-606-2246. SUPPLEMENTARY INFORMATION: Appearing in the listing below are the individual authorities established under Schedules A, B, and C between January 1, 2008, and January 31, 2008. Future notices will be published on the fourth Tuesday of each month, or as soon as possible thereafter. A consolidated listing of all authorities as of June 30 is published each year. Schedule A No Schedule A appointments were approved for January 2008. Schedule B No Schedule B appointments were approved for January 2008. Schedule C The following Schedule C appointments were approved during January 2008. Section 213.3303 Executive Office of the President Office of Science and Technology Policy TSGS80001 Policy Assistant to the Chief of Staff and General Counsel. Effective January 03, 2008. Office of National Drug Control Policy QQGS80003 Confidential Assistant to the Director to the Deputy Chief of Staff. Effective January 09, 2008. QQGS80004 Policy Analyst to the Chief of Staff. Effective January 25, 2008. Office of the United States Trade Representative TNGS80001 Speechwriter to the Assistant U.S. Trade Representative for Public/Media Affairs. Effective January 18, 2008. Section 213.3304 Department of State DSGS60990 Senior Advisor to the Assistant Secretary for Near Eastern and South Asian Affairs. Effective January 08, 2008. DSGS61277 Senior Advisor to the Deputy Assistant Secretary, Bureau of Near Eastern and South Asian Affairs. Effective January 15, 2008. DSGS61278 Special Assistant to the Deputy Assistant Secretary, Bureau of Near Eastern and South Asian Affairs. Effective January 15, 2008. DSGS61274 Special Assistant to the Chief of Protocol. Effective January 16, 2008. DSGS61273 Public Affairs Specialist to the Assistant Secretary for Near Eastern and South Asian Affairs. Effective January 17, 2008. DSGS61251 Staff Assistant to the Director, Policy Planning Staff. Effective January 23, 2008. DSGS61051 Staff Assistant to the Senior Advisor to the Secretary and White House Liaison. Effective January 24, 2008. DSGS62176 Foreign Affairs Officer to the Assistant Secretary for International Organizational Affairs. Effective January 25, 2008. Section 213.3305 Department of the Treasury DYGS00457 Policy Advisor to the Chief of Staff. Effective January 30, 2008. DYGS00486 Special Assistant to the Director of Operations. Effective January 30, 2008. Section 213.3306 Department of Defense DDGS17123 Special Assistant to the Deputy Executive Secretary for Legislative Affairs. Effective January 02, 2008. DDGS17128 Staff Assistant to the Assistant Secretary of Defense (International Security Affairs). Effective January 16, 2008. Section 213.3309 Department of the Air Force DFGS60016 Special Counsel and Special Assistant to the General Counsel. Effective January 22, 2008. Section 213.3310 Department of Justice DJGS00365 Special Assistant to the Attorney General to the Chief of Staff. Effective January 07, 2008. DJGS00183 Counsel to the Chief of Staff. Effective January 08, 2008. DJGS00089 Senior Advisor to the Associate Attorney General. Effective January 18, 2008. DJGS00339 Special Assistant to the Attorney General. Effective January 30, 2008. Section 213.3311 Department of Homeland Security DMGS00730 Counselor to the Deputy Secretary of the Department of Homeland Security. Effective January 02, 2008. DMGS00737 Confidential Assistant to the Counselor to the Deputy Secretary. Effective January 08, 2008. DMGS00738 Deputy Director of Advance and Travel to the Director of Scheduling and Advance. Effective January 09, 2008. DMGS00731 Special Assistant to the Under Secretary for Intelligence and Analysis. Effective January 10, 2008. DMGS00742 Deputy Secretary Briefing Book Coordinator to the Executive Director for Operations and Administration. Effective January 29, 2008. Section 213.3312 Department of the Interior DIGS00115 Special Assistant (Communications and Legislation) to the Deputy Commissioner (Director of External and Intergovernmental Affairs). Effective January 15, 2008. Section 213.3313 Department of Agriculture DAGS00925 Senior Advisor to the Under Secretary for Farm and Foreign Agricultural Services. Effective January 02, 2008. DAGS00930 Senior Advisor to the Under Secretary for Farm and Foreign Agricultural Services. Effective January 25, 2008. DAGS00923 Associate Administrator, Special Nutrition Programs to the Administrator, Food and Nutrition Service. Effective January 04, 2008. Section 213.3314 Department of Commerce DCGS00495 Special Assistant to the Chief of Staff. Effective January 07, 2008. DCGS00452 Confidential Assistant to the Chief of Staff. Effective January 08, 2008. DCGS00575 Confidential Assistant to the Director Office of White House Liaison. Effective January 08, 2008. DCGS00237 Senior Advisor to the Under Secretary for International Trade. Effective January 22, 2008. DCGS00526 Confidential Assistant to the Under Secretary for International Trade. Effective January 29, 2008. DCGS00391 Special Assistant to the Under Secretary for Economic Affairs. Effective January 30, 2008. Section 213.3315 Department of Labor DLGS60119 Staff Assistant to the Associate Counselor to the Secretary. Effective January 03, 2008. DLGS60130 Legislative Assistant to the Assistant Secretary for Congressional and Intergovernmental Affairs. Effective January 03, 2008. DLGS60247 Legislative Assistant to the Assistant Secretary for Congressional and Intergovernmental Affairs. Effective January 11, 2008. DLGS60092 Senior Attorney Adviser to the Solicitor of Labor. Effective January 14, 2008. DLGS60079 Staff Assistant to the Assistant Secretary for Policy. Effective January 18, 2008. DLGS60097 Special Assistant to the Assistant Secretary for Administration and Management. Effective January 18, 2008. Section 213.3316 Department of Health and Human Services DHGS60070 Special Assistant to the Assistant Secretary for Planning and Evaluation. Effective January 17, 2008. DHGS60071 Special Assistant to the Assistant Secretary for Planning and Evaluation. Effective January 23, 2008. DHGS60072 Confidential Assistant to the Assistant Secretary for Planning and Evaluation. Effective January 23, 2008. Section 213.3317 Department of Education DBGS00462 Special Assistant to the Assistant Secretary, Office of Communications and Outreach. Effective January 04, 2008. DBGS00306 Deputy Assistant Secretary to the Assistant Secretary for Legislation and Congressional Affairs. Effective January 09, 2008. DBGS00554 Confidential Assistant to the Deputy Chief of Staff for Policy and Programs. Effective January 09, 2008. DBGS00217 Chief of Staff to the Assistant Secretary for Planning, Evaluation, and Policy Development. Effective January 29, 2008. DBGS00379 Confidential Assistant to the Assistant Secretary for Postsecondary Education. Effective January 30, 2008. Section 213.3318 Environmental Protection Agency EPGS07027 Strategic Scheduler to the Deputy Chief of Staff (Operations). Effective January 11, 2008. EPGS08001 Press Assistant to the Associate Administrator for Public Affairs. Effective January 25, 2008. EPGS08002 Deputy Associate Administrator to the Associate Administrator for Public Affairs. Effective January 25, 2008. Section 213.3325 United States Tax Court JCGS60075 Trial Clerk to the Chief Judge. Effective January 24, 2008. Section 213.3331 Department of Energy DEGS00630 Senior Advisor for Communications to the Director, Office of Technology Advancement and Outreach. Effective January 04, 2008. DEGS00627 Special Assistant for Communications to the Assistant Secretary (Electricity Delivery and Energy Reliability). Effective January 03, 2008. DEGS00628 Assistant Press Secretary to the Director, Public Affairs. Effective January 03, 2008. DEGS00631 Special Assistant to the Assistant Secretary for Congressional and Intergovernmental Affairs. Effective January 18, 2008. DEGS00632 Special Assistant to the Chief of Staff. Effective January 18, 2008. DEGS00634 Special Assistant to the White House Liaison. Effective January 18, 2008. DEGS00633 Press Secretary to the Director, Public Affairs. Effective January 23, 2008. DEGS00636 Special Assistant to the Director, Public Affairs. Effective January 30, 2008. Section 213.3332 Small Business Administration SBGS02645 Senior Advisor to the Administrator. Effective January 18, 2008. SBGS02646 Senior Advisor to the Associate Administrator for Entrepreneurial Development. Effective January 18, 2008. SBGS00641 Director, Office of Strategic Alliance to the Associate Administrator for Communications and Public Liaison. Effective January 22, 2008. SBGS00642 Assistant Administrator for Intergovernmental Affairs to the Chief of Staff. Effective January 22, 2008. SBGS00643 Deputy Associate Administrator for Field Operations to the Associate Administrator for Field Operations. Effective January 22, 2008. SBGS00648 White House Liaison to the Administrator. Effective January 29, 2008. Section 213.3346 Selective Service System SSGS03359 Executive Officer/Chief of Staff to the Director Selective Service System. Effective January 28, 2008. Section 213.3356 Commission on Civil Rights CCGS60029 Special Assistant to the Commissioner. Effective January 24, 2008. Section 213.3357 National Credit Union Administration CUOT00025 Staff Assistant to a Board Member. Effective January 07, 2008. Section 213.3379 Commodity Futures Trading Commission CTOT00094 Attorney Advisor (General) to the Chairperson. Effective January 18, 2008. Section 213.3382 National Endowment for the Humanities NHGS60075 Director of Communications to the Deputy Chairman. Effective January 09, 2008. Section 213.3384 Department of Housing and Urban Development DUGS60276 Staff Assistant to the Assistant Secretary for Housing, Federal Housing Commissioner. Effective January 03, 2008. DUGS60357 Staff Assistant to the Chief of Staff. Effective January 10, 2008. DUGS60270 Staff Assistant to the Chief of Staff. Effective January 25, 2008. DUGS60427 Staff Assistant to the Assistant Secretary for Administration/Chief Human Capital Officer. Effective January 25, 2008. Section 213.3394 Department of Transportation DTGS60383 Assistant to the Secretary for Policy to the Chief of Staff. Effective January 03, 2008. DTGS60243 Speechwriter to the Associate Director for Speechwriting. Effective January 09, 2008. DTGS60055 Associate Director for Governmental Affairs to the Assistant Secretary for Governmental Affairs. Effective January 16, 2008 DTGS60341 Associate Director for Governmental Affairs to the Deputy Assistant Secretary for Governmental Affairs. Effective January 23, 2008. DTGS60287 Special Assistant for Scheduling and Advance to the Director for Scheduling and Advance. Effective January 29, 2008. DTGS60375 White House Liaison to the Chief of Staff. Effective January 29, 2008. Authority: 5 U.S.C. 3301 and 3302; E.O. 10577, 3 CFR 1954-1958 Comp., p. 218. Office of Personnel Management. Howard C. Weizmann, Deputy Director. [FR Doc. E8-4088 Filed 3-3-08; 8:45 am] BILLING CODE 6325-39-P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94-409, that the Securities and Exchange Commission will hold an Open Meeting on Tuesday, March 4, 2008 at 10 a.m., in Room L-002, the Auditorium. The subject matter of the Open Meeting scheduled for March 4, 2008 will be: 1. The Commission will consider whether to propose two new rules under the Investment Company Act concerning exchange-traded funds (“ETFs”). Proposed Rule 6c-11 would provide exemptions from restrictions of the Act, to permit ETFs to operate without the need to obtain individual exemptive orders from the Commission. The Commission also will consider related disclosure amendments, and rule revisions concerning fund of funds restrictions of that Act. 2. The Commission will consider whether to propose a rule directed at misrepresentations in connection with a seller's ability or intent to deliver securities by settlement date. 3. The Commission will consider a recommendation to propose amendments to Regulation S-P, which governs the privacy of consumer financial information. The amendments would address the Rule's provisions related to the safeguarding and disposal of financial information, and would specify information that may be transferred when employees of broker-dealers or investment advisers change firms. Commissioner Casey, as duty officer, determined that no earlier notice of the Open Meeting was possible. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at

(202)551-5400. Dated: February 27, 2008. Florence E. Harmon, Deputy Secretary. [FR Doc. E8-4083 Filed 3-3-08; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 28175; 812-13473] Advisors Series Trust, et al.; Notice of Application February 27, 2008. AGENCY: Securities and Exchange Commission (“Commission”). ACTION: Notice of an application for an order under section 6(c) of the Investment Company Act of 1940 (“Act”) for an exemption from section 15(a) of the Act and rule 18f-2 under the Act, as well as from certain disclosure requirements. Summary of the Application: Applicants request an order that would permit them to enter into and materially amend subadvisory agreements without shareholder approval and would grant relief from certain disclosure requirements. *Applicants:* Advisors Series Trust (the “Trust”) and FundQuest Incorporated (the “Adviser”). Filing Dates: The application was filed on December 31, 2007, and amended on January 28, 2008. 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 March 24, 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 by writing to the Commission's Secretary. ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. Applicants, c/o Julie Allecta, Esq., Paul Hastings, Janofsky and Walker, 55 Second Street, 24th Floor, San Francisco, CA 94105. FOR FURTHER INFORMATION CONTACT: Lewis B. Reich, Senior Counsel, at

(202)551-6919, or Nadya B. 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 Branch, 100 F Street, NE., Washington, DC 20549-1520 (telephone

(202)551-5850). Applicants' Representations 1. The Trust, a Delaware statutory trust organized as a series investment company, is registered under the Act as an open-end management investment company and currently offers thirty-three series, ten of which are advised by the Adviser (“Funds”). 1 The Adviser, a Delaware corporation and a wholly-owned subsidiary of Paribas North America, is registered as an investment adviser under the Investment Advisers Act of 1940 (“Advisers Act”), and will serve as investment adviser to the Funds under an investment advisory agreement with the Trust (“Advisory Agreement”) that will have been approved by each respective Fund's shareholders and the Trust's Board of Trustees (“Board”), including a majority of the trustees who are not “interested persons,” as defined in section 2(a)(19) of the Act, of either the Trust or the Adviser (“Independent Trustees”). 1 Applicants request relief with respect to any existing and any future series of the Trust that:

(a)*Is* advised by the Adviser or a person controlling, controlled by, or under common control with the Adviser;

(b)uses the management structure described in the application; and

(c)complies with the terms and conditions of the requested order (included in the term “Funds”). The only existing registered open-end management investment company that currently intends to rely on the requested order is named as an applicant. If the name of any Fund contains the name of a Subadviser (as defined below), the name of the Adviser will precede the name of the Subadviser. 2. Under the terms of the Advisory Agreement, the Adviser will provide each Fund with overall management services and continuously review, supervise and administer each Fund's investment program, subject to the supervision of, and policies established by, the Board. For the investment management services it will provide to each Fund, the Adviser will receive the fee specified in the Advisory Agreement from such Fund. The Advisory Agreement will also permit the Adviser, subject to the approval of the Board and Fund shareholders, to enter into investment subadvisory agreements (“Subadvisory Agreements”) with one or more subadvisers (“Subadvisers”). The Adviser has entered into Subadvisory Agreements with various Subadvisers to provide investment advisory services to the Funds. Each Subadviser is, and every future Subadviser will be, registered as an investment adviser under the Advisers Act. The Adviser will monitor and evaluate the Subadvisers and recommend to the Board their hiring, retention or termination. Subadvisers recommended to the Board by the Adviser will be selected and approved by the Board, including a majority of the Independent Trustees. Each Subadviser will have discretionary authority to invest the assets or a portion of the assets of a particular Fund. The Adviser will compensate each Subadviser out of the fees paid to the Adviser under the Advisory Agreement. 3. Applicants request an order to permit the Adviser, subject to Board approval, to enter into and materially amend Subadvisory Agreements without obtaining shareholder approval. The requested relief will not extend to any Subadviser that is an affiliated person, as defined in section 2(a)(3) of the Act, of the Trust or of the Adviser, other than by reason of serving as a subadviser to one or more of the Funds (“Affiliated Subadviser”). 4. Applicants also request an exemption from the various disclosure provisions described below that may require a Fund to disclose fees paid by the Adviser to each Subadviser. An exemption is requested to permit the Trust to disclose for each Fund (as both a dollar amount and as a percentage of each Fund's net assets):

(a)The aggregate fees paid to the Adviser and any Affiliated Subadvisers; and

(b)the aggregate fees paid to Subadvisers other than Affiliated Subadvisers (“Aggregate Fee Disclosure”). Any Fund that employs an Affiliated Subadviser will provide separate disclosure of any fees paid to the Affiliated Subadviser. Applicants' Legal Analysis 1. Section 15(a) of the Act provides, in relevant part, that is unlawful for any person to act as an investment adviser to a registered investment company except pursuant to a written contract that has been approved by a vote of a majority of the company's outstanding voting securities. Rule 18f-2 under the Act provides that each series or class of stock in a series investment company affected by a matter must approve that matter if the Act requires shareholder approval. 2. Form N-1A is the registration statement used by open-end investment companies. Item 14(a)(3) of Form N-1A requires disclosure of the method and amount of the investment adviser's compensation. 3. Rule 20a-1 under the Act requires proxies solicited with respect to an investment company to comply with Schedule 14A under the Securities Exchange Act of 1934 (“1934 Act”). Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A, taken together, require a proxy statement for a shareholder meeting at which the advisory contract will be voted upon to include the “rate of compensation of the investment adviser,” the “aggregate amount of the investment adviser's fees,” a description of the “terms of the contract to be acted upon,” and, if a change in the advisory fee is proposed, the existing and proposed fees and the difference between the two fees. 4. Form N-SAR is the semi-annual report filed with the Commission by registered investment companies. Item 48 of Form N-SAR requires investment companies to disclose the rate schedule for fees paid to their investment advisers, including the Subadvisers. 5. Regulation S-X sets forth the requirements for financial statements required to be included as part of investment company registration statements and shareholder reports filed with the Commission. Sections 6-07(2)(a), (b), and

(c)of Regulation S-X require that investment companies include in their financial statements information about investment advisory fees. 6. Section 6(c) 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 provisions of the Act, or from any rule thereunder, 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. Applicants state that their requested relief meets this standard for the reasons discussed below. 7. Applicants assert that the shareholders rely on the Adviser's experience to select one or more Subadvisers best suited to achieve a Fund's investment objectives. Applicants assert that, from the perspective of the investor, the role of the Subadvisers is comparable to that of the individual portfolio managers employed by traditional investment company advisory firms. Applicants state that requiring shareholder approval of each Subadvisory Agreement would impose costs and unnecessary delays on the Funds, and may preclude the Adviser from acting promptly in a manner considered advisable by the Board. Applicants note that the Advisory Agreement and any Subadvisory Agreement with an Affiliated Subadviser will remain subject to section 15(a) of the Act and rule 18f-2 under the Act. 8. Applicants assert that some Subadvisers use a “posted” rate schedule to set their fees. Applicants state that while Subadvisers are willing to negotiate fees that are lower than those posted on the schedule, they are reluctant to do so where the fees are disclosed to other prospective and existing customers. Applicants submit that the requested relief will encourage potential Subadvisers to negotiate lower subadvisory fees with the Adviser. Applicants' Conditions Applicants agree that any order granting the requested relief will be subject to the following conditions: 1. Before a Fund may rely on the order requested in the application, the operation of the Fund in the manner described in the application will be approved by a majority of the Fund's outstanding voting securities, as defined in the Act, or, in the case of a Fund whose public shareholders purchase shares on the basis of a prospectus containing the disclosure contemplated by condition 2 below, by the sole initial shareholder before offering the Fund's shares to the public. 2. The prospectus for each Fund will disclose the existence, substance, and effect of any order granted pursuant to the application. Each Fund will hold itself out to the public as employing the management structure described in the application. The prospectus will prominently disclose that the Adviser has ultimate responsibility (subject to oversight by the Board) to oversee the Subadvisers and recommend their hiring, termination, and replacement. 3. Within 90 days of the hiring of any new Subadviser, the affected Fund shareholders will be furnished all information about the new Subadviser that would be included in a proxy statement, except as modified to permit Aggregate Fee Disclosure. This information will include Aggregate Fee Disclosure and any change in that disclosure caused by the addition of the new Subadviser. To meet this obligation, the Fund will provide shareholders within 90 days of the hiring of a new Subadviser with an information statement meeting the requirements of Regulation 14C, Schedule 14C, and Item 22 of Schedule 14A under the 1934 Act, except as modified by the order to permit Aggregate Fee Disclosure. 4. The Adviser will not enter into a Subadvisory Agreement with any Affiliated Subadviser without that agreement, including the compensation to be paid thereunder, being approved by the shareholders of the applicable Fund. 5. At all times, at least a majority of the Board will be Independent Trustees, and the nomination of new or additional Independent Trustees will be placed within the discretion of the then-existing Independent Trustees. 6. When a Subadviser change is proposed for a Fund with an Affiliated Subadviser, the Board, including a majority of the Independent Trustees, will make a separate finding, reflected in the applicable Board minutes, that such change is in the best interests of the Fund and its shareholders and does not involve a conflict of interest from which the Adviser or the Affiliated Subadviser would derive an inappropriate advantage. 7. Independent legal counsel, as defined in rule 0-1(a)(6) under the Act, will be engaged to represent the Independent Trustees. The selection of such counsel will be within the discretion of the then existing Independent Trustees. 8. The Adviser will provide the Board, no less frequently than quarterly, with information about the profitability of the Adviser on a per-Fund basis. The information will reflect the impact on profitability of the hiring or termination of any Subadviser during the applicable quarter. 9. Whenever a Subadviser is hired or terminated, the Adviser will provide the Board with information showing the expected impact on the profitability of the Adviser. 10. The Adviser will provide general management services to each Fund, including overall supervisory responsibility for the general management and investment of the Fund's assets and, subject to review and approval of the Board, will

(i)set each Fund's overall investment strategies;

(ii)evaluate, select and recommend Subadvisers to manage all or part of a Fund's assets;

(iii)when appropriate, allocate and reallocate a Fund's assets among multiple Subadvisers;

(iv)monitor and evaluate the performance of Subadvisers; and

(v)implement procedures reasonably designed to ensure that the Subadvisers comply with each Fund's investment objective, policies and restrictions. 11. No director or officer of the Trust, or director or officer of the Adviser, will own directly or indirectly (other than through a pooled investment vehicle that is not controlled by such person) any interest in a Subadviser, except for

(a)ownership of interests in the Adviser or any entity that controls, is controlled by, or is under common control with the Adviser; or

(b)ownership of less than 1% of the outstanding securities of any class of equity or debt of a publicly traded company that is either a Subadviser or an entity that controls, is controlled by, or is under common control with a Subadviser. 12. Each Fund will disclose in its registration statement the Aggregate Fee Disclosure. 13. The requested order will expire on the effective date of Rule 15a-5 under the Act, if adopted. For the Commission, by the Division of Investment Management, under delegated authority. Florence E. Harmon, Deputy Secretary. [FR Doc. E8-4081 Filed 3-3-08; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57384; File No. SR-Amex-2007-95] Self-Regulatory Organizations; American Stock Exchange, LLC; Order Granting Approval of a Proposed Rule Change Relating to the Execution of NDX and RUT Combination Orders February 26, 2008. On August 20, 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, a proposed rule change regarding the definitions and the execution procedure for NDX and RUT combination orders. 2 The proposed rule change was published for comment in the **Federal Register** on September 7, 2007, for a 15-day comment period. 3 The Commission received no comments regarding the proposal. This order approves the proposed rule change. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 *See* Securities Exchange Act Release No. 56343 (August 30, 2007), 72 FR 51481. The Exchange proposes to adopt Commentary .01 to Amex Rule 950-ANTE(e) to add the definitions pertaining to NDX and RUT combination orders. 4 Pursuant to proposed Commentary .01(a) to Amex Rule 950-ANTE(e), a “NDX Combination” is a long (short) NDX call and a short

(long)NDX put having the same expiration date and strike price. An “RUT Combination” is a long (short) RUT call and a short

(long)RUT put having the same expiration date and strike price. As defined in proposed Commentary .01(c) to Amex Rule 950-ANTE(e), a “NDX combination order” is an order to purchase or sell NDX options and the offsetting number of NDX Combinations defined by the delta. Further, an “RUT combination order” is an order to purchase or sell RUT options and the offsetting number of RUT Combinations defined by the delta. The “delta” is defined in proposed Commentary .01(b) to Amex Rule 950-ANTE(e) as the positive (negative) number of NDX or RUT combinations that must be sold (bought) to establish a market neutral hedge with the corresponding NDX or RUT option position. 4 NDX is the NASDAQ-100 Index; RUT is the Russell 2000 Index. The Exchange further proposes to adopt execution procedures regarding NDX and RUT combination orders. The proposed Amex Rule 953-ANTE(c) would enable an member holding a NDX or RUT combination order, and bidding or offering in a multiple of the minimum price variation on the basis of a total debit or credit for the order, to execute the NDX or RUT combination order even if the member has determined that the combination order may not otherwise be executable ( *e.g.* , the bids and offers displayed in the Amex limit order book or in the trading crowd will not satisfy the net debit or credit price of the combination order). Pursuant to proposed Amex Rule 953-ANTE(c)(i), a member may execute an NDX or RUT combination order at the best net debit or credit price, so long as no leg of the order would trade at a price outside the currently displayed bids or offers in the trading crowd or bids or offers in the limit order book, and at least one leg of the order would trade at a price that is better than the corresponding bid or offer in the Amex limit order book. Further, the Exchange proposes that if an NDX or RUT combination order is not executed immediately, that same order may be executed and printed at the price originally quoted for each component option series within two

(2)hours after the original quote, provided the prices originally quoted satisfied the requirements of proposed Amex Rule 953-ANTE(c)(i), and, at the time of execution, no individual leg of such order trades ahead of the corresponding bid or offer in the NDX or RUT limit order book. Amex will report to the trading floor, and the Options Price Reporting Authority, component legs of an NDX or RUT combination order executed in such manner using a sold sale indicator to notify the public that the reported prices are part of an out-of-range combination trade. The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange. 5 In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act, 6 which requires that the rules of exchange be designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national securities system, and, in general, to protect investors and the public interest. 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). 6 15 U.S.C. 78f(b)(5). According to Amex, it may be difficult in a volatile market to complete trades on options tied to an NDX Combination or an RUT Combination, because the originally quoted price for a component leg may be out-of-range by the time market participants are prepared to complete the transaction. By permitting execution and printing of NDX and RUT combination orders two hours from the original quote, the proposed rule change may help market participants complete such trades. The Commission notes that the proposed rule change takes into account the protection of public customer orders by providing that no individual leg of the NDX or RUT combination order may trade ahead of the corresponding bid or offer in the NDX or RUT limit order book. Further, the Commission notes that Amex will issue a regulatory circular reminding its members that the adoption of Amex Rule 953-ANTE(c) does not minimize the best execution obligations for customer orders. The Commission also notes that Amex will report to the trading floor, and the Options Price Reporting Authority, component legs of out-of-range NDX or RUT combination orders with a sold sale indicator. The Commission believes that the indicator should help to avoid investor confusion regarding such trades and minimize any negative impact on price discovery. In addition, the indicator should help the Exchange monitor the trading of NDX and RUT combination orders. The Commission expects the Exchange to monitor compliance with the proposal. In particular, the Commission expects the Exchange to monitor compliance with the requirement in proposed Amex Rule 953-ANTE(c)(ii) that at time of the execution no individual leg of NDX or RUT combination order trades ahead of the corresponding bid or offer in the NDX or RUT limit order book. *It is therefore ordered* , pursuant to Section 19(b)(2) of the Act, 7 that the proposed rule change (SR-Amex-2007-95) be, and it hereby is, approved. 7 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 8 8 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E8-4079 Filed 3-3-08; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57376; File No. SR-CBOE-2007-104] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To List and Trade Range Options and Designating Range Options as Standardized Options Pursuant to Rule 9b-1 of the Exchange Act February 25, 2008. I. Introduction On September 6, 2007, the Chicago Board Options Exchange, Incorporated (“CBOE” 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 list and trade range options. CBOE filed Amendment No. 1 to the proposal on December 3, 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 comment letters regarding the proposed rule change. This order approves the proposed rule change, as modified by Amendment No. 1 and designates Range Options as standardized options pursuant to Rule 9b-1 of the Act. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 Amendment No. 1 replaced the original filing in its entirety. The purpose of Amendment No. 1 was to:

(i)*Revise* the proposed changes to CBOE Rule 12.3, *Margin Requirements* , to specify initial and/or maintenance margin requirements for margin and cash accounts and to conform the proposed rule text to existing rule text for other products;

(ii)revise the proposed definitions of “Range Interval,” “Low Range and Low Range Exercise Value,” “High Range and High Range Exercise Value,” “Exercise Settlement Amount,” and to add a new proposed definition of “exercise price;”

(iii)revise proposed CBOE Rule 20.3 to state specifically that Range Options are a separate class from other options overlying the same index;

(iv)revise proposed CBOE Rules 20.6, *Position Limits* , and 20.7, *Reports Related Position Limits and Liquidation of Positions* , to provide that Range Options will be aggregated with other option contracts on the same underlying index, including other classes of Range Options overlying the same index, for position limit purposes;

(v)revise proposed CBOE Rule 20.11 to reference certain rules of The Options Clearing Corporation (“OCC”);

(vi)add new proposed CBOE Rule 20.12 to provide that, for purposes of Range Options, reference in the Exchange Rules to the “appropriate committee” shall be read to be the “Exchange;”

(vii)provide additional information regarding FLEX options;

(viii)delete footnote 2 from the original proposed rule change, because the proposal referenced therein, SR-CBOE-2006-99, is now effective ( *See* Securities Exchange Act Release No. 56792 (November 15, 2007), 72 FR 65776 (November 23, 2007)); and

(ix)make conforming changes, clarifications and corrections in the “Purpose” section of the filing. 4 *See* Securities Exchange Act Release No. 56993 (December 19, 2007), 72 FR 73913. II. Description of the Proposal CBOE proposes to list and trade cash-settled, European-style Range Options that overlie any index eligible for options trading on the Exchange. Range Options will have a positive payout if the settlement value of the underlying index falls within the specified Range Length at expiration. Range Options will be based on the same framework as existing options that are traded on the Exchange. However, the maximum payout amount will be capped (as specified by the Exchange at listing) and the specific exercise settlement amount may vary based on where on the Range Length the settlement value of the underlying index value falls. The Payout Structure of Range Options The universe of possible payout amounts for Range Options resembles the shape of an isosceles trapezoid spread over a range of index values or the “Range Length.” The Range Length, or the bottom parallel (and longer) line of the trapezoid, defines the entire length of index values for which the option pays a positive amount if the settlement value of the underlying index falls within the specific Range Length. In other words, the Range Length equals the total span between two underlying index values, as set by the Exchange at listing, that is used to determine whether a Range Option is in or out of the money at expiration. The Range Length is comprised of three segments that are defined by the “Range Interval,” which is a value that the Exchange will specify at listing and the minimum Range Interval will be at least 5 index points. Using the isosceles trapezoid diagram below, the “Range Interval,” defines congruent triangles on opposite sides of the trapezoid, which have base angles of equal degrees and equal base lengths. The first triangle at the start of the Range Length defines the “Low Range” for the Range Option and if the settlement value of the underlying index value falls in the Low Range (the “Low Range Exercise Value”), the option will pay an amount that *increases* as the index value increases within the Low Range. To determine the exercise settlement amount if the settlement value of the index falls within the Low Range, the Low Range Exercise Value will be multiplied by the contract multiplier, set by the Exchange at listing. The second triangle at the end of the Range Length defines the “High Range” for the Range Option and if the settlement value of the underlying index falls in the High Range, the option will pay an amount that decreases as the index value increases within the High Range (“High Range Exercise Value”). To determine the exercise settlement amount if the settlement value of index falls within the High Range, the High Range Exercise Value will be multiplied by the contract multiplier, set by the Exchange at listing. Lastly, the Low Range and High Range are segments of equal lengths at opposite ends on the Range Length and if the settlement value of the underlying index falls at the starting value of the Low Range, at the ending value of the High Range or outside of either the Low Range or the High Range, the option will pay $0. EN04MR08.012 The third segment of the Range Option is defined as the “Middle Range,” and its length is equal to the Range Length minus twice the Range Interval, or as illustrated in the above diagram, its length is equal to the length of the top parallel (and shorter) line of the trapezoid. If the settlement value of the underlying index falls anywhere within the Middle Range at expiration, the payout is a fixed amount (set by the Exchange at listing) and does not vary depending on where in the Middle Range the index value falls. Also, if the index value falls in the Middle Range, this will be the highest amount that can be paid out for a Range Option and is defined as the “Maximum Range Exercise Value.” To determine the exercise settlement amount if the settlement value of the index falls anywhere within the Middle Range, the Maximum Range Exercise Value will be multiplied by the contract multiplier, set by the Exchange at listing. Unlike other options, Range Options will only be of a single type, and there will not be traditional calls and puts. Also, the exercise or “strike” price for Range Options will be the Range Length that, akin to a regular strike price, will be used to determine if the Range Option is in or out of the money. When applicable, the “strike price” for a Range Option ( *i.e.* , the Range Length) will be used to determine the degree that the option is in-the-money (capped at the Maximum Range Exercise Value) if the settlement value of the underlying index falls within either the High or Low Range of the Range Length. Benefits of Range Options The Exchange believes that the introduction of Range Options will provide advantages to the investing public that are not provided for by other index options. First, the Exchange believes that Range Options offer investors a relatively low risk security where the risk reduction results from knowing the maximum risk exposure when the contract is written. While there may be variations in the exercise settlement amount, the maximum exercise settlement amount is set at listing and the maximum risk therefore is limited and known at listing. Second, Range Options are structured similar to two-sided European-style binary options that provide additional flexibility because the option pays a reduced amount if the underlying index settles outside the main range covered by the option. Proposed New Rules To accommodate the introduction of Range Options, the Exchange proposes to adopt new Chapter XX to its rules and to make amendments to existing CBOE Rules 6.1, *Days and Hours of Business* , and 12.3, *Margin Requirements* . An introductory paragraph to Chapter XX will explain that the proposed rules in the proposed Chapter are applicable only to Range Options. Trading in Range Options also will be subject to the rules in Chapter I through XIX, XXIV, XXIVA and XXIVB, in some cases supplemented by the proposed rules in the Chapter, except for existing rules that will be replaced by the proposed rules in the Chapter and except where the context otherwise requires. As proposed, the majority of the rules governing index options will equally apply to Range Options. Those new proposed rules and those proposed amendments to existing rules pertaining to Range Options are described below.

(a)Definitions (CBOE Rule 20.1) New Chapter XX, *Range Option Contracts* , includes new definitions applicable to Range Options in CBOE Rule 20.1. In particular, the terms “Range Option,” “settlement value,” “Range Length,” “Range Interval,” “Low Range and Low Range Exercise Value,” “High Range and High Range Exercise Value,” “Middle Range and Maximum Range Exercise Value,” “contract multiplier,” “exercise settlement amount,” and “exercise price” will be defined.

(b)Days and Hours of Business (CBOE Rule 20.2 and Amendment to CBOE Rule 6.1) CBOE Rule 20.2 and an amendment to CBOE Rule 6.1, *Days and Hours of Business Days and Hours of Business* , provides that transactions in Range Options may be effected during normal Exchange option trading hours for other options on the same index.

(c)Designation of Range Option Contracts and Maintenance Listing Standards (CBOE Rules 20.3 and 20.4) CBOE Rule 20.3 provides that the Exchange may from time to time approve for listing and trading on the Exchange Range Option contracts that overlie any index that is eligible for options trading on the Exchange. Range Options will be a separate class from other options overlying the same index. The Exchange may add new series of Range Options of the same class ( *i.e.* , overlying the same index) as provided for by the rules governing options on the same underlying index. Additional series of Range Options may be opened for trading on the Exchange when the Exchange deems it necessary to maintain an orderly market or to meet customer demand. The opening of a new series of Range Options on the Exchange will not affect any other series of options of the same class previously opened. CBOE Rule 20.4 provides that the maintenance listing standards with respect to options on indexes set forth in CBOE Rule 24.2 and the Interpretations and Policies thereunder will be applicable to Range Options on indexes. CBOE Rule 24.2, *Designation of the Index* , sets forth initial and maintenance listing criteria for index options.

(d)*Limitation of Liability of Exchange and of Reporting Authority (CBOE Rule 20.5)* CBOE Rule 20.5 provides that CBOE Rule 6.7, *Exchange Liability* , will be applicable in respect of any class of Range Options and that CBOE Rule 24.14, *Disclaimers* , will be applicable in respect of any reporting authority that is the source of values of any index underlying any class of Range Options.

(e)*Position Limits, Reporting Relating to Position Limits and Liquidation of Positions and Exercise Limits (CBOE Rules 20.6-20.8) * CBOE Rule 20.6 provides that in determining compliance with CBOE Rules 4.11, *Position Limits* , 24.4, *Position Limits for Broad-Based Index Options* , 24.4A, *Position Limits for Industry Index Options* , and 24.4B, *Position Limits for Options on Micro Narrow-Based Indexes as Defined Under Rule 24.2(d)* , cash-settled Range Options will have position limits equal to the position limits for options on the same underlying index. In determining compliance with the applicable position limits, Range Options must be aggregated with other option contracts on the same underlying index, including other classes of Range Options overlying the same index. CBOE Rule 20.7 provides that Range Options will be subject to the same reporting and other requirements triggered for options on the same underlying index. In computing reportable Range Options, Range Options will be aggregated with other option contracts on the same underlying index, including other classes of Range Options overlying the same index. CBOE Rule 20.8 provides that exercise limits for Range Options will be the same as those exercise limits for other options on the same underlying index. To illustrate, CBOE Rule 24.4 provides that the standard position limit for options on the CBOE Russell 2000 Volatility Index (“RVX”) is 50,000 contracts, and the near-term position limit is 30,000 contracts. Therefore, the standard position limit for Range Options overlying the RVX also will be 50,000 contracts, and the near-term position limit would be 30,000 contracts. The 30,000 contract near-term position limit will also be the applicable exercise limit for Range Options on the RVX. 5 5 *See* CBOE Rule 24.5, *Exercise Limits* , which provides, *inter alia* , that in determining compliance with CBOE Rule 4.12, exercise limits for index option contracts shall be applicable to the position limits prescribed for option contracts with the nearest expiration date in CBOE Rules 24.4 or 24.4A. For the purpose of determining compliance with the above limits, Range Options on the RVX will be aggregated with all other options on the RVX, including all series of Range Options on the RVX. This same aggregation will also be utilized to calculate the reporting requirements set forth in CBOE Rule 4.13, *Reports Related to Position Limits* . 6 6 CBOE Rule 4.13 sets forth the general reporting requirement for customer accounts that maintain a position in excess of 200 contracts (long or short) in any single class of option contracts.

(f)*Determination of Settlement Value of the Underlying Index (CBOE Rule 20.9)* CBOE Rule 20.9 provides that Range Options that are “in-the-money,” or “out-of-the-money” will be a function of the settlement value of the underlying index and whether at expiration the settlement values will fall within or outside of the Range Length.

(g)*Premium Bids and Offers; Minimum Increments (CBOE Rule 20.10)* CBOE Rule 20.10 provides that all bids or offers made for Range Option contracts will be deemed to be for one contract unless a specific number of option contracts is expressed in the bid or offer. A bid or offer for more than one option contract, which is not made all-or-none, will be deemed to be for that amount or any lesser number of option contracts. An all-or-none bid or offer will be deemed to be made only for the amount stated. CBOE Rule 20.10 also will provide that all bids or offers made for Range Option contracts would be governed by the CBOE Rule 24.8, *Meaning of Premium Bids and Offers* , as that rule applies to index options.

(h)*Exercise of Range Options (CBOE Rule 20.11)* CBOE Rule 20.11 provides that Range Options will be exercised at expiration if the settlement value of the underlying index falls within the Range Length, and that Range Options will be subject to the exercise by exception processing procedures set forth in OCC Rules 805 and 1804. OCC Rules 805 and 1804 contain provisions that, *inter alia* , permit option holders to give instructions to not exercise an option contract.

(i)*Exchange Authority (CBOE Rule 20.12)* CBOE Rule 20.12 provides that for purposes of Range Options, references in the Exchange's Rules to the appropriate committee shall be read to be the Exchange. 7 The Exchange proposed this provision because it may determine to assign the applicable authorities with respect to Range Options to committees and/or Exchange staff. This provision will provide the Exchange with the flexibility to delegate the authorities under the rules with respect to Range Options to an appropriate committee or appropriate Exchange staff and will not have to make a rule change merely to accommodate the reassignment of such authority. For example, the Exchange may determine to delegate the authority to determine the applicable opening parameter settings to the Office of the Chairman. 7 Thus, for example, references to determinations regarding the applicable opening parameter settings established by the “appropriate Procedure Committee” in CBOE Rule 6.2B, *Hybrid Opening System (“HOSS”)* , shall be read to be by the “Exchange.” *See* *e.g.* , Securities Exchange Act Release No. 55919 (June 18, 2007), 72 FR 34495 (June 22, 2007) (rule change providing, *inter alia* , that for purposes of Credit Options, references in the Exchange Rules to the appropriate committee shall be read to be the Exchange.).

(j)*FLEX Trading (CBOE Rule 20.13)* CBOE Rule 20.13 provides that Range Options will be eligible for trading as Flexible Exchange Options, as provided for in Chapter XXIVA and XXIVB. 8 For purposes of CBOE Rules 24A.4 and 24B.4, the parties will designate the Range Length, Range Interval and Maximum Exercise Value. CBOE Rules 24A.9 and 24B.9, regarding the minimum quote width, will not apply to Range Options. 8 FLexible EXchange® Options (FLEX Options) are customized equity or index option contracts that provide investors with the ability to customize key contract terms, like exercise prices, exercise styles and expiration dates.

(k)Margin (Amendment to CBOE Rule 12.3) The Exchange proposes to amend CBOE Rule 12.3, *Margin Requirements* , to include requirements applicable to Range Options. 9 Under the proposed requirements, for a margin account, no Range Option carried for a customer will be considered of any value for purposes of computing the margin requirement in the account of such customer and each Range Option carried for a customer will be margined separately. The initial and maintenance margin required on any Range Option carried long in a customer's account will be 100% of the purchase price of such Range Option. The initial and maintenance margin required on any Range Option carried short in a customer's account will be the Maximum Range Exercise Value times the contract multiplier. 9 The Exchange proposes the addition of new subparagraph

(n)to CBOE Rule 12.3 for Range Options and proposes to reserve subparagraph

(m)of this rule. The Exchange will reserve subparagraph

(m)because it previously proposed to use that paragraph to codify margin requirements for a product that is the subject of another rule filing. *See* SR-CBOE-2006-105 (proposal to list and trade binary options on broad based indexes). For a cash account, a Range Option carried short in a customer's account will be deemed a covered position, and eligible for the cash account if either one of the following is held in the account at the time the option is written or is received into the account promptly thereafter:

(i)Cash or cash equivalents equal to 100% of the Maximum Range Exercise Value times the contract multiplier; or

(ii)an escrow agreement. The escrow agreement must certify that the bank holds for the account of the customer as security for the agreement:

(A)Cash,

(B)cash equivalents,

(C)one or more qualified equity securities, or

(D)a combination thereof having an aggregate market value of not less than 100% of the Maximum Range Exercise Value times the contract multiplier and that the bank will promptly pay the member organization the cash settlement amount in the event the account is assigned an exercise notice. The Exchange believes that these proposed levels are appropriate because risk exposure will be limited with Range Options and the proposed customer initial and maintenance margin will be equal to the maximum risk exposure. 10 10 In accordance with CBOE Rule 12.10, *Margin Required is Minimum* , the Exchange has the ability to determine at any time to impose higher margin requirements than those described above in respect of any Range Option position when it deems such higher margin requirements are appropriate.

(l)Options Disclosure Document It is expected that OCC will seek a revision to the Options Disclosure Document (“ODD”) to incorporate Range Options.

(m)Systems Capacity The Exchange represents that it believes the Exchange and the Options Price Reporting Authority have the necessary systems capacity to handle the additional traffic associated with the listing and trading of Range Options. The Exchange does not anticipate that there will be any additional quote mitigation strategy necessary to accommodate the trading of Range Options.

(n)Surveillance Program The Exchange represents that it will have in place adequate surveillance procedures to monitor trading in Range Options prior to listing and trading such options, thereby helping to ensure the maintenance of a fair and orderly market for trading in Range Options. III. Discussion The Commission finds that the proposed rule change, as modified by Amendment No. 1, is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange. 11 Specifically, the Commission finds that the proposal is consistent with Section 6(b)(5) of the Act, 12 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. The Commission believes that Range Options would provide investors with a potentially useful investment choice. The Commission notes that investors now can replicate the features and structure of Range Options through the use of currently available options traded on the Exchange. 13 11 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). 12 15 U.S.C. 78f(b)(5). 13 The payout structure of a Range Option can be replicated by purchasing four calls or puts with varying strike prices. Range Options will enable investors to obtain the same payout structure by purchasing one option, with the potential of significantly reducing investors' transaction costs. Therefore, the Commission is designating Range Options as standardized options for purposes of the options disclosure framework established under Rule 9b-1 of the Act. *See* Securities Exchange Act Release Nos. 31910 (February 23, 1993), 58 FR 12056 (March 2, 1993) and 34925 (November 1, 1994), 59 FR 55720 (November 8, 1994). The Commission notes that it previously approved rules relating to the listing and trading of FLEX Options on CBOE, which give investors and other market participants the ability to individually tailor, within specified limits, certain terms of those options. 14 The current proposal incorporates Range Options that trade as FLEX Options into these existing rules and regulatory framework. The Commission finds that the Exchange's proposal to allow Range Options to be eligible for trading as FLEX Options is consistent with the Act. 14 *See* Securities Exchange Act Release No. 31910 (February 23, 1993), 58 FR 12056 (March 2, 1993). The Commission believes that the proposed position limits and margin rules for Range Options are reasonable and consistent with the Act. Setting position and exercise limits on Range Options that are equal to those limits on options on the same underlying index appears to reasonably balance the promotion of a free and open market for these securities with minimization of incentives for market manipulation. In addition, the proposed margin rules appear reasonably designed to deter a member or its customer from assuming an imprudent position in Range Options. In support of its proposal, CBOE made the following representations: • CBOE has in place an adequate surveillance program to monitor trading in Range Options and intends to largely apply its existing surveillance program for options to the trading of Range Options; and • CBOE has the necessary systems capacity to support the new options series that would result from the introduction of Range Options. This approval order is based on CBOE's representations. III. Conclusion *It is therefore ordered* , pursuant to Section 19(b)(2) of the Act, that the proposed rule change (SR-CBOE-2007-104), as modified by Amendment No. 1, is hereby approved. *It is further ordered* , pursuant to Rule 9b-1(a)(4) under the Act, 15 that Range Options are designated as standardized options. 15 17 CFR 240.9b-1(a)(4). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 16 16 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E8-4104 Filed 3-3-08; 8:45 am] BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57386; File No. SR-Phlx-2008-02] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Order Granting Approval of Proposed Rule Change To Amend By-Law Article XIV, Section 14-5 and Phlx Rule 50 February 27, 2008. On January 8, 2008, the Philadelphia Stock Exchange, Inc. (“Phlx” 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:

(i)Modify the timeframes within which monies owed to the Exchange would become reportable to the Board of Governors (“Board”) for further action;

(ii)eliminate references to the monetary threshold of $10,000;

(iii)conform By-Law language to indicate that Members, Member Organizations, participants, and participant organizations would be subject to being terminated for failure to pay; and

(iv)make other clarifying amendments. The proposed rule change was published for comment in the **Federal Register** on January 23, 2008. 3 The Commission received no 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* Securities Exchange Act Release No. 57155 (January 15, 2008), 73 FR 4038. The Exchange proposes to modify the timeframes within which monies owed to the Exchange would become reportable to the Board, and by which Members, Member Organizations, participants, and participant organizations would be subject to a suspension or termination. Specifically, a Member, or Member Organization, participant, or participant organization or employee thereof shall be referred directly to the Board for failure to:

(i)Pay fines and/or other monetary sanctions within 30 days after notice thereof; or

(ii)pay dues, foreign currency options users' fees, fees, other charges, and/or other monies due, including late charges, within 90 days from the date of the original invoice. The proposed rule change would eliminate the references to the monetary threshold of $10,000 from both By-Law Article XIV, section 14-5 and Rule 50, so that all past due amounts are reportable to the Board within the specified proposed new timeframes. In addition, the proposed change to By-Law Article XIV, section 14-5 clarifies that the Board also has the power to terminate, not just suspend, any permit or rights and privileges of a foreign currency options participation of any Member, foreign currency options participant, Member Organization or participant organization or employee thereof for failure to pay monies owed to the Exchange. 4 4 The Commission notes that By-Law Article XIV, Section 14-1 already gives the Board the power to terminate a permit or participation for failure to pay any fees, dues, or charges owed to the Exchange. The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange. 5 In particular, the Commission believes that the proposed rule change is consistent with section 6(b)(5) of the Act, 6 in that it is 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 Commission believes that the modified timeframes within which past due fines, dues, fees, and other charges owed to the Exchange would become reportable to the Board appear reasonable and continue to allow appropriate notice to the affected parties of any arrearages. In addition, the proposed change will allow the Board to handle collection matters directly without regard to the amount, which should enhance the Exchange's collection efforts. 5 In approving this rule, the Commission notes that it has considered the proposed rule's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). 6 15 U.S.C. 78f(b)(5). *It is therefore ordered* , pursuant to section 19(b)(2) of the Act, 7 that the proposed rule change (SR-Phlx-2008-02) be, and it hereby is, approved. 7 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 8 8 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E8-4080 Filed 3-3-08; 8:45 am] BILLING CODE 8011-01-P SMALL BUSINESS ADMINISTRATION National Federal Regulatory Enforcement Fairness Hearing; Region III Regulatory Fairness Board Pursuant to the Federal Advisory Committee Act, 5 U.S.C. Appendix 2, notice is hereby given that the U.S. Small Business Administration

(SBA)Region III Regulatory Fairness Board and the SBA Office of the National Ombudsman will hold a National Regulatory Fairness Hearing on Wednesday, March 12, 2008, at 10 a.m. The forum is open to the public and will take place at the EPA East Building, Ceremonial Hearing Room, 1201 Constitution Avenue, NW., Room 1153, Washington, DC 20460. The purpose of the meeting is for Business Organizations, Trade Associations, Chambers of Commerce and related organizations serving small business concerns to report experiences regarding unfair or excessive Federal regulatory enforcement issues affecting America's small business. For further information, please contact Christina Marinos, Special Assistant, Office of the National Ombudsman, 409 3rd Street, Suite 7125, Washington, DC 20416, phone

(202)401-8254 and fax

(202)292-3423, e-mail: *Christina.marinos@sba.gov.* For more information, see our Web site at *http://www.sba.gov/ombudsman.* Cherylyn LeBon, Assistant Administrator for Intergovernmental Affairs, SBA Committee Management Officer. [FR Doc. E8-4101 Filed 3-3-08; 8:45 am] BILLING CODE 8025-01-P DEPARTMENT OF TRANSPORTATION Office of the Secretary [Docket No. FHWA-2008-0025] Agency Information Collection Activities: Notice of Request for Renewal of a Previously Approved Information Collection AGENCY: Office of the Secretary (OST), 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 an 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 April 3, 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, or e-mail at *oira submission@omb.eop.gov,* 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-2008-0025. FOR FURTHER INFORMATION CONTACT: David Walterscheid, 720-963-3073, Office of Real Estate Services, Federal Highway Administration, 12300 West Dakota Ave., Room 175, Lakewood, CO 80228, between 7:30 a.m. to 4:30 p.m., Monday through Friday, except Federal holidays. SUPPLEMENTARY INFORMATION: *Title:* Relocation Assistance and Real Property Acquisition Regulations for Federal and Federally Assisted Programs. *OMB Control #:* 2105-0508 *Background:* This program implements 42 U.S.C. 4602, concerning acquisition of real property and relocation assistance for displaced persons for Federal and federally-assisted programs. It prohibits the provision of relocation assistance and payments to persons not legally in the United States (with certain exceptions). The information collected consists of a certification of residency status from affected persons to establish eligibility for relocation assistance and payments. Displacing agencies will require each person who is to be displaced by a Federal or federally-assisted project, as a condition of eligibility for relocation payments or advisory assistance, to certify that he or she is lawfully present in the United States. *Respondents:* Federal agencies, State highway agencies, local government highway agencies, and airport sponsors receiving financial assistance for expenditures of Federal funds on acquisition and relocation payments and required services to displaced persons. *Estimated Number of Respondents:* 1,460 for file maintenance and 52 state highway agencies for statistical reports. *Estimated Average Burden per Response:* The average burden per response is 16.5 hours. *Estimated Total Annual Burden Hours:* 25,000 hours. *Electronic Access:* Internet users may access all comments received by the U.S. DOT Dockets, Room PL-401, by using the universal resource locator (URL): *http://dms.dot.gov,* 24 hours each day, 365 days each year. Please follow the instructions online for more information and help. Authority: The Paperwork Reduction Act of 1995; 44 U.S.C. Chapter 35, as amended; and 49 CFR 1.48. Issued on: February 28, 2008. James R. Kabel, Chief, Management Programs and Analysis Division. [FR Doc. E8-4151 Filed 3-3-08; 8:45 am] BILLING CODE 4910-22-P DEPARTMENT OF TRANSPORTATION Federal Highway Administration Notice of Final Federal Agency Actions on Southtowns Connector/Buffalo Outer Harbor (STC/BOH) City of Buffalo, Erie County, NY AGENCY: Federal Highway Administration (FHWA), DOT. ACTION: Notice of Limitation on claims for judicial review of actions by FHWA and other federal agencies. SUMMARY: This notice announces actions taken by the FHWA and other Federal agencies that are final within the meaning of 23 U.S.C. 139(l)(1). The actions relate to a proposed highway project, that includes a series of transportation access improvements centered around the New York Route 5 corridor along the Lake Erie waterfront in the City of Buffalo, City of Lackawanna, and Town of Hamburg in the State of New York, that is commonly referred to as the Southtowns Connector/Buffalo Outer Harbor (STC/BOH) project. Those actions grant licenses, permits, and approvals for the project. DATES: By this notice, the FHWA is advising the public of final agency actions subject to 23 U.S.C. 139(l)(1). A claim seeking judicial review of the Federal agency actions on the highway project will be barred unless the claim is filed on or before September 2, 2008. If the Federal law that authorizes judicial review of a claim provides a time period of less than 180 days for filing such claim, then that shorter time period still applies. FOR FURTHER INFORMATION CONTACT: Jeffrey W. Kolb, P.E., Division Administrator, Federal Highway Administration, New York Division, Leo W. O'Brien Federal Building, 7th Floor, Clinton Avenue and North Pearl Street, Albany, New York 12207, Telephone:

(518)431-4127 or Alan E. Taylor, P.E., Regional Director, NYSDOT Region 5; 100 Seneca Street, Buffalo NY 14203, Telephone:

(716)847-3238. SUPPLEMENTARY INFORMATION: Notice is hereby given that the FHWA, and other Federal agencies have taken final agency actions subject to 23 U.S.C. 139(l)(1) by issuing licenses, permits, and approvals for the following highway project in the State of New York: Southtowns Connector/Buffalo Outer Harbor (STC/BOH) project in the City of Buffalo, City of Lackawanna, and Town of Hamburg, Erie County. The project will reconstruct/rehabilitate NY Route 5 and Fuhrmann Boulevard (while maintaining them as separate transportation facilities), reconstruct Ohio Street into a landscaped arterial, construct a new arterial called Tifft Street Arterial connecting I-190 with an improved interchange in the Seneca/Elk/Bailey area and traversing south to Tifft Street, east of the existing CSX railroad corridor and through the former LTV/Republic Steel site. The project will also include the construction of various sidewalks, and multi-use paths, and other landscape and aesthetic enhancements within the project limits. The actions by the Federal agencies, and the laws under which such actions were taken, are described in the Final Environmental Impact Statement

(FEIS)for the project, approved on May 10, 2006 and in the FHWA Record of Decision

(ROD)issued on January 31, 2007. The FEIS, ROD, and other project records are available by contacting the FHWA or the New York State Department of Transportation at the addresses provided above. This notice applies to all Federal agency decisions related to the Southtowns Connector/Buffalo Outer Harbor (STC/BOH) project as of the issuance date of this notice and all laws under which such actions were taken, including but not limited to: 1. National Environmental Policy Act [42 U.S.C. 4321-4351]. 2. Federal-Aid Highway Act [23 U.S.C. 109 and 23 U.S.C. 128]. 3. Clean Air Act [42 U.S.C. 7401-7671(q)]. 4. Section 4(f) of the Department of Transportation Act of 1966 [49 U.S.C. 303]. 5. Endangered Species Act [16 U.S.C. 1531-1544 and Section 1536]. 6. Fish and Wildlife Coordination Act [16 U.S.C. 661-667(d)]. 7. Migratory Bird Treaty Act [16 U.S.C. 703-712]. 8. Section 106 of the National Historic Preservation Act of 1966, as amended [16 U.S.C. 470(f) *et seq.* ]. 9. Civil Rights Act of 1964 [42 U.S.C. 2000(d)-2000(d)(1)] 10. Farmland Protection Policy Act [7 U.S.C. 4201-4209]. 11. Wetlands and Water Resources: Clean Water Act (Section 404, Section 401, Section 319) [33 U.S.C. 1251-1377] 12. Land and Water Conservation Fund [16 U.S.C. 4601-4604]. 13. Rivers and Harbors Act of 1899 [33 U.S.C. 401-406]. 14. Executive Order 11990 Protection of Wetlands. 15. Executive Order 11988 Floodplain Management. 16. Executive Order 12898, Federal Actions to Address Environmental Justice in Minority Populations and Low Income Populations. (Catalog of Federal Domestic Assistance Program Number 20.205, Highway Planning and Construction. The regulations implementing Executive Order 12372 regarding intergovernmental consultation on Federal programs and activities apply to this program.) Authority: 23 U.S.C. 139(l)(1). Issued on: February 26, 2008. Jeffrey W. Kolb, Division Administrator, Federal Highway Administration, Albany, New York. [FR Doc. E8-4090 Filed 3-3-08; 8:45 am] BILLING CODE 4910-RY-P DEPARTMENT OF TRANSPORTATION Pipeline and Hazardous Materials Safety Administration Office of Hazardous Materials Safety; Notice of Delays in Processing of Special Permits Applications AGENCY: Pipeline and Hazardous Materials Safety Administration (PHMSA), DOT. ACTION: List of applications delayed more than 180 days. SUMMARY: In accordance with the requirements of 49 U.S.C. 5117( c), PHMSA is publishing the following list of special permit applications that have been in process for 180 days or more. The reason(s) for delay and the expected completion date for action on each application is provided in association with each identified application. FOR FURTHER INFORMATION CONTACT: Delmer F. Billings, Director, Office of Hazardous Materials Special Permits and Approvals, Pipeline and Hazardous Materials Safety Administration, U.S. Department of Transportation, East Building, PHH-30, 1200 New Jersey Avenue, Southeast, Washington, DC 20590-0001,

(202)366-4535. Key to “Reason for Delay” 1. Awaiting additional information from applicant. 2. Extensive public comment under review. 3. Application is technically complex and is of significant impact or precedent-setting and requires extensive analysis. 4. Staff review delayed by other priority issues or volume of special permit applications. Meaning of Application Number Suffixes N—New application. M—Modification request. PM—Party to application with modification request. Issued in Washington, DC, on February 27, 2008. Delmer F. Billings, Director, Office of Hazardous Materials, Special Permits and Approvals. Application No. Applicant Reason for delay of completion Estimated date Modification to Special Permits 11579-M Austin Powder Company, Cleveland, OR 3, 4 03-31-2008 10964-M Kidde Aerospace & Defense, Wilson, NC 4 03-31-2008 13173-M Dynetek Industries Ltd., Calgary Alberta, Canada 1 03-31-2008 New Special Permit Applications 14385-N Kansas City Southern Railway Company, Kansas City, MO 4 03-31-2008 14566-N Nantong CIMCTank Equipment Co. Ltd., Nantong City 3 03-31-2008 14576-N Structural Composites Industries(SCI), Pomona, CA 1 03-31-2008 14572-N WEW Westerwaelder Eisenwerk, Weitefeld Germany 3 03-31-2008 14549-N Greif, Inc., Delaware, OR 3,4 03-31-2008 14402-N Lincoln Composites, Lincoln, NE 3,4 03-31-2008 [FR Doc. E8-4111 Filed 3-3-08; 8:45 am] BILLING CODE 4910-60-P DEPARTMENT OF TRANSPORTATION Pipeline and Hazardous Materials Safety Administration [Docket No. PHMSA-RSPA-2004-19856] Pipeline Safety: Issues Related to Mechanical Couplings Used in Natural Gas Distribution Systems AGENCY: Pipeline and Hazardous Materials Safety Administration (PHMSA), DOT. ACTION: Notice; issuance of advisory bulletin. SUMMARY: Recent events concerning failures of mechanical couplings and related appurtenances have raised concerns about safety in natural gas distribution systems. This notice updates information provided in Advisory Bulletin ADB-86-02 and advises owners and operators of gas pipelines to consider the potential failure modes for mechanical couplings used for joining and pressure sealing two pipes together. Failures can occur when there is inadequate restraint for the potential stresses on the two pipes, when the couplings are incorrectly installed or supported, or when the coupling components such as elastomers degrade over time. In addition, inadequate leak surveys which fail to identify leaks requiring immediate repair can lead to more serious incidents. This notice urges operators to review their procedures for using mechanical couplings and ensure coupling design, installation procedures, leak survey procedures, and personnel qualifications meet Federal requirements. Operators should work with Federal and State pipeline safety representatives, manufacturers, and industry partners to determine how best to resolve potential issues in their respective state or region. Documented repair or replacement programs may prove beneficial to all stakeholders involved. FOR FURTHER INFORMATION CONTACT: Richard Sanders at

(405)954-7214, or by e-mail at *richard.sanders@dot.gov;* or Max Kieba at

(202)493-0595, or by e-mail at *max.kieba@dot.gov.* SUPPLEMENTARY INFORMATION: I. Background Mechanical couplings are fittings used for joining and pressure sealing two pipes together. Other methods of joining pipe include welding for steel and heat fusion for plastic. There have been improvements in materials and manufacturing methods over the years, but the basic design concept has not changed. Most couplings rely on elastomers and compression as sealing mechanisms. Couplings appear in a variety of configurations: Straight or inline couplings, elbows (45 or 90 degree), tees, reducing couplings (for joining pipes of different diameters), and couplings integrated with risers. A variety of gaskets and sleeves also exist. Properly installed and supported, couplings successfully connect steel, cast iron, copper, and plastic pipes. However, there is also a history of significant incidents related to coupling failures. Advisory Bulletin ADB-86-02, issued February 26, 1986, informed natural gas pipeline operators to review procedures for using mechanical couplings and ensure coupling design, procedures, and personnel qualifications meet 49 CFR part 192 requirements. ADB-86-02 is posted on PHMSA's Web site and in Docket ID PHMSA-RSPA-2004-19856. The bulletin discussed pipeline failures that had been attributed to temperature-related contraction of the plastic pipe and the inadequate restraint capabilities of mechanical couplings. Additionally, the National Transportation Safety Board

(NTSB)issued a Pipeline Accident Report titled “National Fuel Gas Company, Natural Gas Explosion and Fire, Sharpsville, Pennsylvania, February 22, 1985” (NTSB/PAR-85/02). The factors involved in the Sharpsville incident were similar to those of several other incidents reported to PHMSA's Office of Pipeline Safety. As documented in the NTSB report, the cyclic effects of temperature-related contraction and expansion on plastic pipe in an improperly designed mechanical joint can be cumulative and lead to a failure even after several years of satisfactory service. A number of incidents have occurred since issuance of ADB-86-02. PHMSA searched 3,417 gas distribution incident reports submitted to the agency since 1984, and identified 274 incidents that could potentially include coupling or fitting failures. After closer examination of the incident detail, PHMSA determined 148 of those incidents more reliably appear to be coupling or fitting failures on steel or plastic pipe. Although this accounts for only four to eight percent of all distribution incidents reported to PHMSA, the significant incidents within that data, as well as the potential for additional significant incidents, should not be ignored. Significant incidents include the following: a failure in Buffalo, Minnesota on February 19, 2004 that resulted in significant property damage; a failure in Ramsey, Minnesota on December 28, 2004 that resulted in three fatalities and one serious injury; and, a failure in Wylie, Texas on October 16, 2006 that resulted in two fatalities. It is important to note that this data only includes incidents that were reportable to PHMSA. These numbers could be much greater if they included incidents that were reported at the State level. In addition to these incidents, a number of other issues have been cited: • In 1993, the New York State Public Service Commission (NY PSC) concluded an investigation concerning the increased incidence of leaks attributed to gaskets and gas quality in a coupled steel natural gas distribution system on Long Island. • In 2005, Washington Gas Company issued a report on the increased incidence of natural gas leaks attributed to gaskets and gas quality on mechanically coupled steel pipe in a major portion of its distribution system. • In 2005, the Public Utilities Commission of Ohio

(PUCO)opened a statewide investigation due to a series of natural gas incidents reported to PUCO by local distribution companies involving risers, the vertical portions of the service lines that connect the distribution systems to customers' meters. In addition to four reportable incidents, a number of “non-incident” riser failures were also reported to the staff. The PUCO opened a case to examine riser types, reviewing installation and overall performance because of the potential risk posed by risers as links between the gas distribution service lines and meters, located near or within a customer's premises. • In addition to the 2004 incidents in Minnesota already discussed, two other incidents occurred in the State. After the first incident, Minnesota's Office of Pipeline Safety began to review the couplings installed in the system in question. The second incident occurred while the study was being conducted. Between 1980 and 2007, seven incidents occurred in Texas. These are outlined in a February 2008 Railroad Commission of Texas report titled “Study Report on Compression Type Couplings.” ( *http://www.rrc.state.tx.us/divisions/gs/pls/TXcouplingrpt.pdf* ) These incidents involve a variety of types and sections of couplings or risers. For example, the issues surrounding the Ohio couplings were slightly different than the Texas couplings. Both were related to risers, but the Ohio issues involved the compression mechanisms located aboveground on the risers that connect meter settings to underground service lines. The couplings in Texas have been located on the ends of service risers where service lines connect to risers. While some incidents in question were reportable to PHMSA and investigated by PHMSA, those that were not were investigated by the relevant State pipeline safety agency. This notice does not focus on a particular State, operator, or type of coupling. Rather, it intends to provide generally applicable advice on incidents affecting multiple stakeholders and systems throughout the country. Although a number of variables exist, the safety problem appears to involve two predominant failure modes. First, in the cases involving pullout of pipe, often plastic, from compression couplings, an additional and perhaps unique factor produced the pullout forces. These additional factors could include cyclic fatigue from changing of the seasons (especially in northern climates), or soil shifting by other means (ground movement from earthquakes or after heavy rains). Improper installation (most couplings currently come with product warnings) or old age (parts of the coupling deteriorating) could also have contributed to the pullout. Some studies found couplings that were installed with components that differed from the original manufacturer specifications, modified prior to installation, or missing parts entirely. As another example of incorrect application, the coupling involved in the Ramsey, Minnesota incident was designed to be used on steel pipe, not plastic, and had a service tee welded to it contrary to manufacturer's recommendations. The common factor in all incidents involving pullout is that the compression fitting did not have adequate restraint to assure safety under service conditions. In some cases, the coupling failed after many years of successful service. The second failure mode involves leakage through the sealing surface between the coupling and the pipe. This occurred when the integrity of long-term viscous and elastic effects of the seals degraded which eventually caused a leak path to develop. In some cases, a change in the gas quality in the distribution system may have contributed to the failure. Other contributing factors can also lead to incidents. These factors include leak surveys conducted in conditions that prevent gas from properly migrating to the surface, such as after heavy rains or certain soil and surface features. Some incidents indicated leak surveys involving equipment not calibrated properly or not appropriate for the intended use, or personnel not sufficiently trained. If an operator is doing proper leak surveys at regular intervals, an operator can usually detect a leak early, fix the source of the leak, and prevent an incident. There have, however, been cases where a leak survey, using properly calibrated equipment showing no problems, was followed by an incident involving sudden pullout only weeks later. Follow-up has already occurred with some of the incidents mentioned in this bulletin: • The NY PSC and the operator agreed to a replacement program involving approximately 45,000 natural gas service lines equipped with couplings. • In Ohio, nearly 500,000 risers were identified by the PUCO's study as prone to failure. Currently, the PUCO is working with the operators who have these risers and the Ohio Consumers' Counsel to set up replacement schedules and address costs. • In May 2005, Minnesota's Office of Pipeline Safety issued a compliance order to an operator to replace service lines installed prior to January 1, 1984, or visually inspect the entire service line to verify it contains only mechanical fittings that comply with 49 CFR 192.283(b). Any mechanical fittings identified that did not meet the requirements were required to be replaced. • The Railroad Commission of Texas has required operators to replace, within a 2-year period, 97,000 remaining old mechanical couplings that have been in service for some 28 to 30 years. In addition, the Railroad Commission of Texas has adopted mandatory replacement programs in an effort to remove compression couplings found leaking on both steel and plastic pipe that are susceptible to pullout. A number of other studies, tests, and repair or replacement programs, some of them voluntary, have been conducted in other States. II. Advisory Bulletin (ADB-08-02) *To:* All Gas Distribution Operators. *Subject:* Identifying Issues with Mechanical Coupling That Could Lead to Failure. *Advisory:* Due to variables related to age of couplings, specific procedures and installation practices, and conditions specific to certain regions of the country, it is difficult to cite common criteria affecting all failures that operators should address. However, PHMSA advises operators of gas distribution pipelines using mechanical couplings to do the following to ensure compliance with 49 CFR part 192:

(1)Review procedures for using mechanical couplings, including the coupling design and installation and ensure that they meet manufacturer's recommendations;

(2)Review leak survey procedures to ensure that leak surveys are properly conducted, taking into account other contributing factors (i.e., weather conditions, calibration); and,

(3)Review personnel qualifications to ensure they address leak surveys sufficiently. PHMSA also advises operators of gas distribution pipelines using mechanical couplings to consider taking the following measures to reduce the risk of failures of mechanical couplings:

(4)Use Category 1 fittings only if mechanical couplings are used on pipe sizes 1/2 ′ CTS (Copper Tube Size) to 2′ IPS (Iron Pipe Size). Per ASTM D2513-99 titled “Standard Specification for Thermoplastic Gas Pressure Pipe, Tubing and Fittings,” Category 1 is a mechanical joint design that provides a seal plus a resistance to a force on the pipe end equal to or greater than that which will cause a permanent deformation of the pipe. At this time there is insufficient data to indicate there are issues involving fittings for larger diameter pipe. PHMSA will revisit if such issues do arise with larger diameter pipe.

(5)Improve recordkeeping on specific couplings that exist, i.e., their type, installation date, maintenance schedule, and any failures encountered, to help identify a trend of problems that may occur with a specific coupling or type of installation.

(6)Consider whether to adopt a full replacement program if there are too many unknowns related to couplings in service.

(7)Work with Federal and State pipeline safety representatives, manufacturers, and industry partners to determine how best to resolve potential issues in their respective state or region. Documented repair and replacement programs may prove beneficial to all stakeholders involved. If operators are unsure of the appropriate representative, contact the individual(s) listed in this advisory bulletin for further information. Issued in Washington, DC, on February 28, 2008. Jeffrey D. Wiese, Associate Administrator for Pipeline Safety. [FR Doc. E8-4155 Filed 3-3-08; 8:45 am] BILLING CODE 4910-60-P DEPARTMENT OF THE TREASURY Office of Foreign Assets Control Additional Designations of Entities Pursuant to Executive Order 13448 AGENCY: Office of Foreign Assets Control, Treasury. ACTION: Notice. SUMMARY: The Treasury Department's Office of Foreign Assets Control (“OFAC”) is publishing the names of two newly-designated entities whose property and interests in property are blocked pursuant to Executive Order 13448 of October 18, 2007, “Blocking Property and Prohibiting Certain Transactions Related to Burma.” DATES: The designation by the Director of OFAC of two entities identified in this notice, pursuant to Executive Orders 13448, is effective February 25, 2008. FOR FURTHER INFORMATION CONTACT: Assistant Director, Compliance Outreach & Implementation, Office of Foreign Assets Control, Department of the Treasury, 1500 Pennsylvania Avenue NW., (Treasury Annex), Washington, DC 20220, Tel.: 202/622-2490. SUPPLEMENTARY INFORMATION: Electronic and Facsimile Availability Information about these designations and additional information concerning OFAC are available from OFAC's Web site ( *http://www.treas.gov.ofac* ) or via facsimile through a 24-hour fax-on-demand service, Tel.: 202/622-0077. Background On October 18, 2007, the President signed Executive Order 13448 (the “Order”) pursuant to, *inter alia,* the International Emergency Economic Powers Act (50 U.S.C. 1701 *et seq.* ). In the Order, the President took additional steps with respect to, and expanded, the national emergency declared in Executive Order 13047 of May 20, 1997, to address the Government of Burma's continued repression of the democratic opposition. The President identified twelve individuals and entities as subject to the economic sanctions in the Annex to the Order. Section 1 of the Order blocks, with certain exceptions, all property and interests in property that are in, or hereafter come within, the United States, or with the possession or control of United States persons, of the persons listed in the Annex, as well as those persons determined by the Secretary of the Treasury, after consultation with the Secretary of State, to satisfy any of the criteria set forth in subparagraphs (b)(i)-(b)(vi) of section 1. On February 25, 2008, the Director of OFAC exercised the Secretary of the Treasury's authority to designate, pursuant to one or more of the criteria set forth in section 1, subparagraphs (b)(i)-(b)(vi) of the Order, the following two entities, whose names have been added to the list of Specially Designated Nationals and whose property and interests in property are blocked pursuant to Executive Order 13448: 1. AUREUM PALACE HOTELS AND RESORTS (a.k.a. AUREUEM PALACE HOTEL AND RESPORT (BAGAN); a.k.a. AUREUEM PALACE HOTEL AND RESORT (NGAPALI); a.k.a. AUREUM PALACE HOTEL AND RESORT (NGWE SAUNG); a.k.a. AUREUM PALACE HOTEL AND RESORT GROUP CO. LTD.; a.k.a. AUREUM PALACE HOTEL RESORT; a.k.a. AUREUM PALACE RESORTS; a.k.a. AUREUM PALACE RESORTS AND SPA), No. 41 Shwe Taung Gyar Street, Bahan Township, Yangon, Burma; Thandwe, Rakhine, Burma [BURMA] 2. MYANMAR TREASURE RESORTS (a.k.a. MYANMAR TREASURE BEACH RESORT; a.k.a. MYANMAR TREASURE BEACH RESORTS; a.k.a. MYANMAR TREASURE RESORT (BAGAN); a.k.a., MYANMAR TREASURE RESORT (PATHEIN); a.k.a. “MYANMAR TREASURE RESORT II”), No. 41 Shwe Taung Gyar Street, Bahan Township, Yangon, Burma; No 56 Shwe Taung Gyar Road, Golden Valley, Bahan Township, Yangon, Burma [BURMA] Dated: February 25, 2008. Adam J. Szubin, Director, Office of Foreign Assets Control. [FR Doc. 08-891 Filed 3-3-08; 8:45 am]

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